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Bank of Canada holds interest rates steady – CBC.ca

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The Bank of Canada is staying the course on interest rates, holding the overnight rate steady at 1.75 per cent.

The bank rate is two per cent and the deposit rate is 1.5 per cent.

In a statement about the decision, the bank said “the global economy is showing signs of stabilization, and some recent trade developments have been positive.”

However, it also noted that geo-political issues have emerged “with tragic consequences,” referencing the crash of flight PS752 in Iran, which ended the lives of 57 Canadians and many others with ties to Canada.

The bank said the Canadian economy has been strong but with mixed indicators since it’s last major update with October’s Monetary Policy Report.

“The Bank now estimates growth of 0.3 percent in the fourth quarter of 2019 and 1.3 percent in the first quarter of 2020. Exports fell in late 2019, and business investment appears to have weakened after a strong third quarter.” 

While some of the slowdown late last year is being chalked up to a strike at CN Rail and an outage at the Keystone pipeline, the central bank says the weaker figures could also signal that global uncertainty is affecting Canada more than previously predicted.

‘Considerable uncertainty’

The picture the bank painted in its report Wednesday was a sharp contrast from its last look at the economy, when a degree of domestic resilience remained in spite of weaker data points outside Canada’s borders.

There is “considerable uncertainty” about how long household spending may stay soft, the report said, as households are expected to be more cautious with their spending decisions and save more in the face of high levels of debt — all this despite a federal tax cut that kicked in on Jan. 1 and growth in wages.

James Marple, senior economist at TD Economics, said in a written statement that the rate decision was expected, but the dovish tone was not, indicating that “the data could be signaling something more pernicious than its baseline forecasts assume.”

Marple’s statement said the bank’s announcement was consistent with TD’s expectations that there will be a 25 basis point cut in the overnight rate later this year. 

“A softening economic outlook alongside tighter financial conditions is a recipe for pushing the Canadian economy further below potential and weakening inflation, conditions the Bank of Canada will not ignore, as it made obvious today.”

The report said ratification of the new North American free trade deal — a top priority for the Trudeau Liberals now that the U.S. and Mexico have completed their processes — and a partial trade detente between the United States and China should help stoke economic fires in Canada.

Growth for 2021 is forecast at two per cent, up from the bank’s October forecast of 1.8 per cent.

The outlook for the economy could change if the Trump administration follows through on threats to slap tariffs on France, Brazil and Argentina.

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Trump chooses anti-vaccine activist Robert F. Kennedy Jr. as health secretary

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NEW YORK (AP) — President-elect Donald Trump says he will nominate anti-vaccine activist Robert F. Kennedy Jr. to lead the Department of Health and Human Services, putting him in charge of a massive agency that oversees everything from drug, vaccine and food safety to medical research and the social safety net programs Medicare and Medicaid.

“For too long, Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to Public Health,” Trump said in a post on his Truth Social site announcing the appointment. Kennedy, he said, would “Make America Great and Healthy Again!”

Kennedy, a former Democrat who ran as an independent in this year’s presidential race, abandoned his bid after striking a deal to give Trump his endorsement with a promise to have a role in health policy in the administration.

He and Trump have since become good friends, with Kennedy frequently receiving loud applause at Trump’s rallies.

The expected appointment was first reported by Politico Thursday.

A longtime vaccine skeptic, Kennedy is an attorney who has built a loyal following over several decades of people who admire his lawsuits against major pesticide and pharmaceutical companies. He has pushed for tighter regulations around the ingredients in foods.

With the Trump campaign, he worked to shore up support among young mothers in particular, with his message of making food healthier in the U.S., promising to model regulations imposed in Europe. In a nod to Trump’s original campaign slogan, he named the effort “Make America Healthy Again.”

It remains unclear how that will square with Trump’s history of deregulation of big industries, including food. Trump pushed for fewer inspections of the meat industry, for example.

Kennedy’s stance on vaccines has also made him a controversial figure among Democrats and some Republicans, raising question about his ability to get confirmed, even in a GOP-controlled Senate. Kennedy has espoused misinformation around the safety of vaccines, including pushing a totally discredited theory that childhood vaccines cause autism.

He also has said he would recommend removing fluoride from drinking water. The addition of the material has been cited as leading to improved dental health.

HHS has more than 80,000 employees across the country. It houses the Food and Drug Administration, the Centers for Disease Control and Prevention, the Medicare and Medicaid programs and the National Institutes of Health.

Kennedy’s anti-vaccine nonprofit group, Children’s Health Defense, currently has a lawsuit pending against a number of news organizations, among them The Associated Press, accusing them of violating antitrust laws by taking action to identify misinformation, including about COVID-19 and COVID-19 vaccines. Kennedy took leave from the group when he announced his run for president but is listed as one of its attorneys in the lawsuit.

__ Seitz reported from Washington.

The Canadian Press. All rights reserved.



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Abbotsford, B.C., man pleads guilty to trafficking in black bear paws

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PORT COQUITLAM, B.C. – British Columbia’s Conservation Officer Service says a man from Abbotsford, B.C., has pleaded guilty to two counts of trafficking in black bear paws.

A statement from the service says Hong Tao Yang entered his pleas in a Port Coquitlam, B.C., courtroom on Wednesday, where he was ordered to pay a penalty and victim surcharge worth a total of $8,625.

The service says it began an investigation into the illegal trafficking of wildlife parts after receiving a tip from the public about someone looking to buy bear paws.

It says Yang also pleaded guilty to a separate count of trafficking in wildlife, with the offences all taking place in Maple Ridge between October 2022 and October 2023.

The service says bear paws and other parts may be sought for medicinal purposes.

Depending on the species and the part of the animal, it says prices on the illicit market can vary from several hundred to several thousand dollars.

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.



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In Cyprus, Ukrainians learn how to dispose of landmines that kill and maim hundreds

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NICOSIA, Cyprus (AP) — In a Cypriot National Guard camp, Ukrainians are being trained on how to identify, locate and dispose of landmines and other unexploded munitions that litter huge swaths of their country, killing and maiming hundreds of people, including children.

Analysts say Ukraine is among the countries that are the most affected by landmines and discarded explosives, as a result of Russia’s ongoing war.

According to U.N. figures, some 399 people have been killed and 915 wounded from landmines and other munitions since Russia’s full-scale invasion of Ukraine on Feb. 24, 2022, equal to the number of casualties reported from 2014-2021. More than 1 in 10 of those casualties have been children.

The economic impact is costing billions to the Ukrainian economy. Landmines and other munitions are preventing the sowing of 5 million hectares, or 10%, of the country’s agricultural land.

Cyprus stepped up to offer its facilities as part of the European Union’s Military Assistance Mission to Ukraine. So far, almost 100 Ukrainian armed forces personnel have taken part in three training cycles over the last two years, said Cyprus Foreign Ministry spokesperson Theodoros Gotsis.

“We are committed to continuing this support for as long as it takes,” Gotsis told the Associated Press, adding that the Cyprus government has covered the 250,000 euro ($262,600) training cost.

Cyprus opted to offer such training owing to its own landmine issues dating back five decades when the island nation was ethnically divided when Turkey invaded following a coup that sought union with Greece. The United Nations has removed some 27,000 landmines from a buffer zone that cuts across the island, but minefields remain on either side. The Cypriot government says it has disposed of all anti-personnel mines in line with its obligations under an international treaty that bans the use of such munitions.

In Cyprus, Ukrainians undergo rigorous theoretical and practical training over a five-week Basic Demining and Clearance course that includes instruction on distinguishing and safely handling landmines and other explosive munitions, such as rockets, 155 mm artillery shells, rocket-propelled grenades and mortar shells.

Theoretical training uses inert munitions identical to the actual explosives.

Most of the course is comprised of hands-on training focusing on the on-site destruction of unexploded munitions using explosives, the chief training officer told the Associated Press. The officer spoke on condition of anonymity because he’s not authorized to disclose his identity for security reasons.

“They’re trained on ordnance disposal using real explosives,” the officer said. “That will be the trainees’ primary task when they return.”

Cypriot officials said the Ukrainian trainees did not want to be either interviewed or photographed.

Defusing discarded munitions or landmines in areas where explosive charges can’t be used — for instance, near a hospital — is not part of this course because that’s the task of highly trained teams of disposal experts whose training can last as long as eight months, the officer said.

Trainees, divided into groups of eight, are taught how to operate metal detectors and other tools for detecting munitions like prodders — long, thin rods which are used to gently probe beneath the ground’s surface in search of landmines and other explosive ordnance.

Another tool is a feeler, a rod that’s used to detect booby-trapped munitions. There are many ways to booby-trap such munitions, unlike landmines which require direct pressure to detonate.

“Booby-trapped munitions are a widespread phenomenon in Ukraine,” the chief training officer explained.

Training, primarily conducted by experts from other European Union countries, takes place both in forested and urban areas at different army camps and follows strict safety protocols.

The short, intense training period keeps the Ukrainians focused.

“You see the interest they show during instruction: they ask questions, they want to know what mistakes they’ve made and the correct way of doing it,” the officer said.

Humanitarian data and analysis group ACAPS said in a Jan. 2024 report that 174,000 sq. kilometers (67,182 sq. miles) or nearly 29% of Ukraine’s territory needs to be surveyed for landmines and other explosive ordnance.

More than 10 million people are said to live in areas where demining action is needed.

Since 2022, Russian forces have used at least 13 types of anti-personnel mines, which target people. Russia never signed the 1997 Ottawa Convention banning the use of anti-personnel mines, but the use of such mines is nonetheless considered a violation of its obligations under international law.

Russia also uses 13 types of anti-tank mines.

The International Campaign to Ban Landmines said in its 2023 Landmine Monitor report that Ukrainian government forces may have also used antipersonnel landmines in contravention of the Mine Ban Treaty in and around the city of Izium during 2022, when the city was under Russian control.



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