adplus-dvertising
Connect with us

News

Bank of Canada must be transparent to maintain trust, external deputy governor says

Published

 on

 

SHERBROOKE, Que. – A senior Bank of Canada official says the central bank must be rigorous and transparent in order to maintain the public’s trust.

In a speech in Sherbrooke, Que. explaining the bank’s rate-setting process, Nicolas Vincent, the bank’s external deputy governor and a professor at HEC Montreal, said communicating how interest rate decisions are reached is almost as important as the decision process itself.

He said when the bank cut its key interest rate in July, it said that downside risks to inflation were becoming increasingly important in the deliberations by the governing council, but the message was misunderstood by some.

“Some people interpreted this to mean that we believed downside risks had strengthened,” Vincent said in prepared remarks Thursday.

“What we intended to communicate, however, was that, with the two-per-cent target in sight, we gave increased consideration to the risk that inflation could fall below the target.”

He said the differences in interpretation can be very subtle, which makes choosing the right words all the more important.

The Bank of Canada cut its key interest rate earlier this month for the third time this year to bring it to 4.25 per cent.

The Bank of Canada’s governing council makes its interest rate decisions by consensus, unlike other central banks such as the U.S. Federal Reserve and Bank of England, where members vote.

Vincent said it’s normal that members of the Bank of Canada’s governing council have differences of opinion, but the diversity of experience helps the group have constructive discussions.

“I should also mention that reaching a consensus does not mean that all members of governing council share the same point of view on the economic outlook or the path for interest rates in the coming months,” he said.

“It means that members come to an agreement about the best decision to make at a particular moment in time.”

Vincent was appointed as an external, non-executive deputy governor for a two-year term last year in a bid to help bring diverse perspectives to the central bank’s consensus-based policy-making process.

The central bank’s next interest rate decision is scheduled for Oct. 23, when it will also release its updated economic forecasts in its monetary policy report.

This report by The Canadian Press was first published Sept. 19, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

News

People with diabetes in lower-income areas at higher risk for amputations: report

Published

 on

TORONTO – The Canadian Institute for Health Information says more than 7,000 people with diabetes undergo a leg, foot or toe amputation every year — and the majority of those procedures could have been prevented.

The report issued today says people with diabetes living in the lowest-income neighbourhoods are three times more likely to have an amputation than those living in the highest-income communities.

It also says people with diabetes living in remote communities are at higher risk of leg amputations than those living in urban centres.

Erin Pichora, CIHI’s program lead for population health, says lack of access to a primary-care provider to help people manage diabetes is one likely factor behind the inequalities.

She says disparities are also likely in access to specialists who can treat diabetic wounds on people’s feet — including podiatrists and chiropodists — before they worsen.

Diabetes Canada says the report shows the importance of ensuring people with diabetes have equitable access to the care and resources they need.

“People living with diabetes who undergo amputations face significant emotional and financial distress,” Laura O’Driscoll, senior manager of policy at Diabetes Canada, said in an emailed statement to The Canadian Press.

“We need to ensure that everyone with diabetes has affordable, timely access to the medications, devices, education, and care needed to manage their condition and prevent complications like amputation.”

The CIHI researchers reviewed hospital records from across Canada for fiscal years 2020-2021 and 2022-2023 and found about 7,720 “lower limb” amputations associated with diabetes per year among people 18 and older.

Each year there were about 3,080 hospitalizations for “above-ankle” leg amputations and 4,640 hospitalizations for “ankle-and-below” amputations, including feet and toes.

This report by The Canadian Press was first published Sept. 26, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Evacuation orders near Grand Forks, B.C., downgraded, but U.S. fire is still a threat

Published

 on

 

GRAND FORKS, B.C. – Wildfire officials say an evacuation order for the B.C. southern Interior town of Grand Forks, has been downgraded to an alert, even as an out-of-control wildfire in Washington state surges north and threatens to cross the border.

The Regional District of Kootenay Boundary says residents must be ready to leave at a moment’s notice since the Goosmus wildfire remains a risk to life and safety.

Emergency Info BC says the updated alert, posted late Wednesday, is in place for west of Highway 41 and south of Highway 3, as well as properties west of Highway 3 from Sleepy Hollow Rd to Phoenix Rd.

It is advising everyone under alert to review their emergency plans and stock a grab-and-go bag.

The district says that when necessary, residents should leave via Highway 3, go to the Jack Goddard Memorial Arena in Grand Forks, and wait in their vehicles until the reception centre opens.

The district says if you cannot evacuate at that time, you should call 911.

The BC Wildfire Service dashboard says the fire was discovered Wednesday and is about two square kilometres in size.

Mark Stephens, director of the district’s emergency operations centre, called it “a very fast-moving and developing situation.”

“We ask everyone to stay vigilant and to keep checking the (regional district’s) website for information,” he said in an online statement.

This report by The Canadian Press was first published Sept. 25, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

News

Calgary officers punched, Tasered man at hotel before he died: police watchdog

Published

 on

 

Calgary police fired stun guns at a man and punched him in the head before he was put in restraints and died, investigators with Alberta’s police watchdog said Wednesday.

The Alberta Serious Incident Response Team, or ASIRT, said in a release that police were called on Sept. 17 about a man loitering near the check-in desk of the Carriage House Hotel and Conference Centre.

The agency said the man appeared dazed when he was told to leave by an officer. The man tried to pick up items from the floor that weren’t there.

When the officer pointed a Taser at the man, ordering him again to leave, ASIRT said the man raised his hands and started to walk out. He told police: “I don’t want to die.”

“The lone officer tells the male to stop talking and continues to point the weapon at him,” the agency said.

It said two other officers began walking through the main doors toward the man, and he stopped and repeated that he didn’t want to die. The first officer put away his Taser and tried to grab the man.

“At no point during the interaction had the male been identified, nor was he ever told he was being detained or under arrest,” ASIRT said.

It said the man physically resisted the officer and was tackled to the ground by another officer, who then punched the man in the head. At this point, ASIRT said the three officers fought the man for 3 1/2 minutes with “various uses of force.”

The man was put in handcuffs and leg restraints, and a spit mask was placed on his mouth, said ASIRT.

“The male is noted to be bleeding from the mouth and vomits,” the agency said.

It said seven minutes later, the man was sedated by emergency crews and left lying face down. After three more minutes, he was found to be unresponsive.

“The male was then provided medical care but declared deceased at the scene.”

Calgary police said in a release that same day that officers were called to the hotel for a man “acting erratically” in the lobby who was refusing to leave. They said the man wasn’t co-operating and was still being combative after a Taser was pulled out.

Police said the man was pepper-sprayed and taken into custody and shortly after went into medical distress.

A police spokeswoman said Wednesday the three officers involved have been placed on a standard 30-day leave.

“We know there’s a family and a community grieving this loss and our thoughts are with them during this difficult time,” said a statement.

ASIRT, which looks into serious allegations of police misconduct, said its investigation will examine the use of force by the officers.

This report by The Canadian Press was first published Sept. 25, 2024.

— By Aaron Sousa in Edmonton

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending