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Veteran Canadian rider Hugo Houle has signed a two-year contract extension with the Israel-Premier Tech team that runs through 2026.

The 33-year-old from Sainte-Perpétue, Que., joined the team in 2022 and went on to record a Tour de France stage win that year.

“I feel at home in the team, it’s like a family, and I’m also really happy with the progress we have made in the team in the last two years,” Houle said in a statement. “I’ve had the best results of my career to date with this team and I think we have achieved quite a lot.

“I’m excited for the next two years especially as it will bring me to the World Championships in Montreal in 2026 and that’s a big objective for me.”

Houle, the first Canadian to claim a Tour de France stage since Steve Bauer in 1988, dedicated the Stage 16 win to younger brother Pierrick, who died in December 2012 after being hit by a drunk driver while jogging.

Bauer now serves as Israel-Premier Tech’s head sports director. And the team has plenty of other Canadian connections.

Canadian-Israeli entrepreneur Sylvan Adams is one of the owners. Canadians Jean Belanger, president and CEO of Premier Tech based in Rivière-du-Loup. Que., and Kevin Ham are also partners in the team.

Paulo Saldanha serves as the team’s performance director. Israel-Premier Tech is also home to Canadian riders Michael Woods, Derek Gee, Guillaume Boivin and Riley Pickrell.

Premier Tech GM Kjell Carlström welcomed Houle’s new contract.

“When I think of Hugo Houle, the first thing that comes to mind is his reliability,” Carlström said. “Whether it’s as a teammate or battling for his own result, Hugo is incredibly reliable and will always give it absolutely everything.

“We all remember his Tour de France stage win, an emotional and well-deserved moment in his career, but in addition to this, he has delivered consistent results such as third place at last year’s Maryland Cycling Classic, and some solid general classification results at stage races. Hugo brings a wealth of experience to the team and we’re looking forward to seeing what he can do in the coming two years.”

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This report by The Canadian Press was first published Sept. 4, 2024

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TORONTO – The Canada Pension Plan Investment Board has signed an agreement to acquire a stake in Asia Pacific data centre company AirTrunk.

The Canadian pension fund manager is investing alongside private equity firm Blackstone in a deal to buy the company from Macquarie Asset Management and other investors including the Public Sector Pension Investment Board.

Under the deal, CPP Investments has committed to buy a 12 per cent interest in AirTrunk, as part of the deal which values the business at an implied enterprise value of more than A$24 billion (C$21.9 billion).

AirTrunk was founded in 2015 and develops and operates data centres in the Asia Pacific region.

It has operations in Australia, Hong Kong, Japan, Malaysia and Singapore.

The deal is subject to approval from the Australian Foreign Investment Review Board.

This report by The Canadian Press was first published Sept. 4, 2024.

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OTTAWA – The Bank of Canada cut its key interest rate target by 25 basis points to 4.25 per cent on Wednesday. Here is the text of the central bank’s decision:

The Bank of Canada today reduced its target for the overnight rate to 4.25 per cent, with the Bank Rate at 4.50 per cent and the deposit rate at 4.25 per cent. The Bank is continuing its policy of balance sheet normalization.

The global economy expanded by about 2.5 per cent in the second quarter, consistent with projections in the Bank’s July Monetary Policy Report (MPR). In the United States, economic growth was stronger than expected, led by consumption, but the labour market has slowed. Euro-area growth has been boosted by tourism and other services, while manufacturing has been soft. Inflation in both regions continues to moderate. In China, weak domestic demand weighed on economic growth. Global financial conditions have eased further since July, with declines in bond yields. The Canadian dollar has appreciated modestly, largely reflecting a lower US dollar. Oil prices are lower than assumed in the July MPR.

In Canada, the economy grew by 2.1 per cent in the second quarter, led by government spending and business investment. This was slightly stronger than forecast in July, but preliminary indicators suggest that economic activity was soft through June and July. The labour market continues to slow, with little change in employment in recent months. Wage growth, however, remains elevated relative to productivity.

As expected, inflation slowed further to 2.5 per cent in July. The Bank’s preferred measures of core inflation averaged around 2.5 per cent and the share of components of the consumer price index growing above three per cent is roughly at its historical norm. High shelter price inflation is still the biggest contributor to total inflation but is starting to slow. Inflation also remains elevated in some other services.

With continued easing in broad inflationary pressures, Governing Council decided to reduce the policy interest rate by a further 25 basis points. Excess supply in the economy continues to put downward pressure on inflation, while price increases in shelter and some other services are holding inflation up. Governing Council is carefully assessing these opposing forces on inflation. Monetary policy decisions will be guided by incoming information and our assessment of their implications for the inflation outlook. The Bank remains resolute in its commitment to restoring price stability for Canadians.

This report by The Canadian Press was first published Sept. 4, 2024.

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