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Canadanewsmedia news today: COC pulls credentials from De Grasse coach, B.C. to monitor slide

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Here is a roundup of stories from Canadanewsmedia designed to bring you up to speed…

Canadian Olympic Committee pulls accreditation from De Grasse coach Rana Reider

The Canadian Olympic Committee says it has revoked accreditation from the coach of six-time Olympic medal-winning sprinter Andre De Grasse. The COC says “new information” has come to light about the appropriateness of accrediting Rana Reider. The organization says Reider was on probation with the U.S. Center for SafeSport until May of this year, and the decision to accredit him was based on the understanding that he had no other suspensions or sanctions against him. U.K. media outlets have reported the decision is tied to safeguarding concerns and allegations of sexual and emotional abuse, and court documents filed in Broward County, Florida, show three women filing suit against Reider there.

Modelling shows water from dam caused by B.C. slide to reach Fraser River Tuesday

The B.C. government says it’s keeping a close eye on river flows as a “big pulse” of debris and sediment-laden water is expected to work its way down to the Fraser River after a massive landslide dammed the Chilcotin River last week. Connie Chapman with the province’s water management branch says the pulse of water after the dam breached yesterday morning will make its way toward the Fraser River, and modelling shows it will reach the community of Hope sometime today. Chapman says some places will see river levels swell to levels comparable to the spring runoff, flowing down toward Lillooet, then Boston Bar and then onto Hope, which will see river levels increase about one metre.

Here’s what else we’re watching…

Trudeau visits Alberta after Jasper fire

Prime Minister Justin Trudeau visited Hinton, Alta., to get a briefing on the status of the Jasper wildfire, as well as meet with the province’s premier and evacuees who fled the blaze that destroyed a third of the town. Trudeau toured the mobile incident command centre in Hinton on Monday, but was not expected to tour the town of Jasper itself. More than 20,000 people were evacuated from the town and Jasper National Park nearly two weeks ago as a wildfire inched closer to the area. The national park and townsite remain under an evacuation order.

Potential China EV tariffs welcomed by GM Canada

The head of General Motors Canada is welcoming the potential for tariffs on Chinese electric vehicles, as major producer BYD looks to enter the market. G-M Canada president Kristian Aquilina says a fair playing field helps encourage company investment and employment. The federal government last week wrapped up consultations on whether to follow the U-S and European Union in imposing steep tariffs on Chinese production. In launching the consultations, the federal government said Canada’s auto sector faces unfair competition from China’s auto industry from state-directed non-market policies and practices.

Severe thunderstorm warning issued in Alberta

Environment Canada says a severe thunderstorm warning is in effect for parts of south-central Alberta. The weather agency warned late Monday night of powerful wind gusts, baseball-sized hail and torrential rain could move through places like Blackie, Arrowhead, Milo, Vulcan, Carmangay and Lomond overnight. Residents may also see intense lightning as well as tornadoes, which are possible with any thunderstorm that develops. Environment Canada is asking people to take precautions as very large hail can damage property, break windows, dent vehicles and cause serious injury.

Singapore housing: Realistic solution for Canada?

An urban planner from Singapore says the new BC housing program announced earlier this year is very much inspired by the Southeast Asian country. Louisa-May Khoo was a veteran of Singapore’s planning and development sector before arriving in Vancouver in 2018. Khoo says many Singaporean philosophies were instantly recognizable in the provincial program, right down to the exact percentage points in one instance. Premier David Eby unveiled the BC Builds housing program in February.

This report by The Canadian Press was first published August 6, 2024.

The Canadian Press. All rights reserved.

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One person dead, three injured and power knocked out in Winnipeg bus shelter crash

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WINNIPEG – Police in Winnipeg say one person has died and three more were injured after a pickup truck smashed into a bus shelter on Portage Avenue during the morning commute.

Police say those injured are in stable condition in hospital.

It began after a Ford F150 truck hit a pedestrian and bus shelter on Portage Avenue near Bedson Street before 8 a.m.

Another vehicle, a power pole and a gas station were also damaged before the truck came to a stop.

The crash forced commuters to be rerouted and knocked out power in the area for more than a thousand Manitoba Hydro customers.

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

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Kamloops, B.C., man charged with murder in the death of his mother: RCMP

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KAMLOOPS, B.C. – A 35-year-old man has been charged with second-degree murder after his mother’s body was found near her Kamloops, B.C., home a year ago.

Mounties say 57-year-old Jo-Anne Donovan was found dead about a week after she had been reported missing.

RCMP says its serious crime unit launched an investigation after the body was found.

Police say they arrested Brandon Donovan on Friday after the BC Prosecution Service approved the charge.

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S&P/TSX gains almost 100 points, U.S. markets also higher ahead of rate decision

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.

“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.

Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.

But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.

Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.

“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.

“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.

A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.

It would also be “counter to what they’ve signaled,” he said.

More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.

“That’s going to be more important than the size of the cut itself,” he said.

In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.

“Here, the labour situation is worse than what we see in the United States,” he said.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

— With files from The Associated Press

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

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.



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