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Canadians less optimistic about finances amid worries about inflation, income: survey

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TORONTO – A new survey says Canadians are feeling less optimistic about their finances, with respondents worried about inflation, income levels and a potential recession at the midpoint of the year.

TransUnion’s Canada consumer pulse study for the second quarter of 2024 found 57 per cent of Canadian households said their incomes are not keeping up with the current inflation rate, while 38 per cent expect payments for bills and loans to increase over the next three months.

This has prompted shifts in saving patterns, with some respondents indicating they are saving more in their emergency fund, increasing usage of available credit or adjusting their retirement savings plans.

Forty-six per cent of Canadians say their household finances are worse than planned so far this year, up four percentage points from a year ago, according to the survey of 1,000 Canadian adult consumers conducted from May 1-10. That’s despite almost four in five reporting their income either stayed the same or increased in the last three months.

“I would say it’s deteriorated slightly from the last couple of quarters,” said Matthew Fabian, director of financial services research and consulting at TransUnion.

“As the high cost of living and high interest rates have continued, it’s kind of eroded some of their disposable income over time, and I think it’s starting to wear on them.”

Other findings of the survey include 58 per cent of respondents reporting they are not optimistic about the state of their household finances over the next 12 months, and nearly two-thirds indicating they feel Canada is currently in a recession or will enter one before the end of the year.

Around 86 per cent said inflation is in their top three household financial concerns over the next six months — the highest percentage since TransUnion began tracking it quarterly in 2022.

Last month, Statistics Canada said the annual inflation rate unexpectedly ticked higher in May to 2.9 per cent, compared with 2.7 per cent in April.

That included gasoline prices rising 5.6 per cent compared with a year ago and grocery prices increasing 1.5 per cent year-over-year.

Fabian said that while inflation has fallen over the past year, the rising cost of necessities such as groceries, gasoline and utilities is still “nagging” on many consumers.

Grocery inflation has slowed considerably in recent months, but food prices are 22.5 per cent higher than they were four years ago, Statistics Canada reported last month.

“The higher cost of those non-discretionary items creates a little bit more payment shock because it forces these consumers to make trade-off choices as to where their income is directed,” Fabian said.

“So are they going to pay for these things or are they going to pay down debt? It creates a little bit more stress.”

Around 27 per cent of Canadians plan to apply for new credit or refinance existing credit in the next year, up four percentage points from the previous quarter, according to the study.

This report by The Canadian Press was first published July 9,2024.

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France investigating disappearances of 2 Congolese Paralympic athletes

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PARIS (AP) — French judicial authorities are investigating the disappearance of two Paralympic athletes from Congo who recently competed in the Paris Games, the prosecutor’s office in the Paris suburb of Bobigny confirmed on Thursday.

Prosecutors opened the investigation on Sept. 7, after members of the athletes’ delegation warned authorities of their disappearance two days before.

Le Parisien newspaper reported that shot putter Mireille Nganga and Emmanuel Grace Mouambako, a visually impaired sprinter who was accompanied by a guide, went missing on Sept. 5, along with a third person.

The athletes’ suitcases were also gone but their passports remained with the Congolese delegation, according to an official with knowledge of the investigation, who asked to remain anonymous as they were not allowed to speak publicly about the case.

The Paralympic Committee of the Democratic Republic of Congo did not respond to requests for information from The Associated Press.

Nganga — who recorded no mark in the seated javelin and shot put competitions — and Mouambako were Congo’s flag bearers at the opening ceremony of the Paralympic Games, organizers said.

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A linebacker at West Virginia State is fatally shot on the eve of a game against his old school

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CHARLESTON, W.Va. (AP) — A linebacker at Division II West Virginia State was fatally shot during what the university said Thursday is being investigated by police as a home invasion.

The body of Jyilek Zyiare Harrington, 21, of Charlotte, North Carolina, was found inside an apartment Wednesday night in Charleston, police Lt. Tony Hazelett said in a statement.

Hazelett said several gunshots were fired during a disturbance in a hallway and inside the apartment. The statement said Harrington had multiple gunshot wounds and was pronounced dead at the scene. Police said they had no information on a possible suspect.

West Virginia State said counselors were available to students and faculty on campus.

“Our thoughts and prayers are with Jyilek’s family as they mourn the loss of this incredible young man,” West Virginia State President Ericke S. Cage said in a letter to students and faculty.

Harrington, a senior, had eight total tackles, including a sack, in a 27-24 win at Barton College last week.

“Jyilek truly embodied what it means to be a student-athlete and was a leader not only on campus but in the community,” West Virginia State Vice President of Intercollegiate Athletics Nate Burton said. “Jyilek was a young man that, during Christmas, would create a GoFundMe to help less fortunate families.”

Burton said donations to a fund established by the athletic department in Harrington’s memory will be distributed to an organization in Charlotte to continue his charity work.

West Virginia State’s home opener against Carson-Newman, originally scheduled for Thursday night, has been rescheduled to Friday, and a private vigil involving both teams was set for Thursday night. Harrington previously attended Carson-Newman, where he made seven tackles in six games last season. He began his college career at Division II Erskine College.

“Carson-Newman joins West Virginia State in mourning the untimely passing of former student-athlete Jyilek Harrington,” Carson-Newman Vice President of Athletics Matt Pope said in a statement. “The Harrington family and the Yellow Jackets’ campus community is in our prayers. News like this is sad to hear anytime, but today it feels worse with two teams who knew him coming together to play.”

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Hall of Famer Joe Schmidt, who helped Detroit Lions win 2 NFL titles, dies at 92

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DETROIT (AP) — Joe Schmidt, the Hall of Fame linebacker who helped the Detroit Lions win NFL championships in 1953 and 1957 and later coached the team, has died. He was 92.

The Lions said family informed the team Schmidt died Wednesday. A cause of death was not provided.

One of pro football’s first great middle linebackers, Schmidt played his entire NFL career with the Lions from 1953-65. An eight-time All-Pro, he was enshrined into the Pro Football Hall of Fame in 1973 and the college football version in 2000.

“Joe likes to say that at one point in his career, he was 6-3, but he had tackled so many fullbacks that it drove his neck into his shoulders and now he is 6-foot,” said the late Lions owner William Clay Ford, Schmidt’s presenter at his Hall of Fame induction in 1973. “At any rate, he was listed at 6-feet and as I say was marginal for that position. There are, however, qualities that certainly scouts or anybody who is drafting a ballplayer cannot measure.”

Born in Pittsburgh, Schmidt played college football in his hometown at Pitt, beginning his stint there as a fullback and guard before coach Len Casanova switched him to linebacker.

“Pitt provided me with the opportunity to do what I’ve wanted to do, and further myself through my athletic abilities,” Schmidt said. “Everything I have stemmed from that opportunity.”

Schmidt dealt with injuries throughout his college career and was drafted by the Lions in the seventh round in 1953. As defenses evolved in that era, Schmidt’s speed, savvy and tackling ability made him a valuable part of some of the franchise’s greatest teams.

Schmidt was elected to the Pro Bowl 10 straight years from 1955-64, and after his arrival, the Lions won the last two of their three NFL titles in the 1950s.

In a 1957 playoff game at San Francisco, the Lions trailed 27-7 in the third quarter before rallying to win 31-27. That was the NFL’s largest comeback in postseason history until Buffalo rallied from a 32-point deficit to beat Houston in 1993.

“We just decided to go after them, blitz them almost every down,” Schmidt recalled. “We had nothing to lose. When you’re up against it, you let both barrels fly.”

Schmidt became an assistant coach after wrapping up his career as a player. He was Detroit’s head coach from 1967-72, going 43-35-7.

Schmidt was part of the NFL’s All-Time Team revealed in 2019 to celebrate the league’s centennial season. Of course, he’d gone into the Hall of Fame 46 years earlier.

Not bad for an undersized seventh-round draft pick.

“It was a dream of mine to play football,” Schmidt told the Detroit Free Press in 2017. “I had so many people tell me that I was too small. That I couldn’t play. I had so many negative people say negative things about me … that it makes you feel good inside. I said, ‘OK, I’ll prove it to you.’”

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