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ECB Seen Preparing More Aid as Virus Spread Derails Economy – Yahoo Canada Finance

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CBC

Pressing for inquiry, N.L. child advocate calls Wally Rich’s death a tragedy – but not unique

As renewed scrutiny grows around the death of 15-year-old Wally Rich, Newfoundland and Labrador’s child and youth advocate says the situation is a tragedy, and her office’s ability to investigate is held up in bureaucratic limbo.Rich, from Natuashish, died by suicide while at a group home in Labrador in May, nearly three years after the provincial government promised an inquiry into Innu children in care.Jackie Lake Kavanagh, the child and youth advocate, said any ability to do her own investigation into Rich’s death is on hold, as by law she cannot look at or investigate a matter until the Child Death Review Committee has completed its own review. She has yet to receive a file from that committee, she said, and added the awaited inquiry is also standing in the way.She wants to see if Rich’s case will be included in that inquiry, which will determine whether she can proceed with her own investigation. That’s one more reason she feels the years-long delay for the inquiry is unacceptable.”When you look at the sense of urgency, this should have been happening already, and Innu children are struggling in the system and this is a prime example of it,” she said. Kavanagh said it’s inexplicable to her how the province hasn’t moved ahead with the inquiry yet. “This inquiry was committed more than three years ago, and if you look back beyond that, the Innu people were demanding and asking for that inquiry before it was committed. So, it goes back much more than three years,” said Jackie Lake Kavanagh. “I think the piece that they want is, they want answers, they want accountability and they want reconciliation, and they’ve said that. And I think those are very reasonable requests to make.”Troubling statisticsAs of March, there were 165 Innu children in provincial care. It’s clear to Kavanagh that Rich is not the only one who encountered problems with the system.”It’s not unique which is really, really tragic,” she told CBC Radio’s St John’s Morning Show.Her office is seeing troubling statistics in the province.Legislative changes to the Child and Youth Advocate Act in 2018 meant her office has to be notified if a child is critically injured or dies while in care and custody, or within the last 12 months of care and custody.”Between April 1, 2019 and the end of September this year, we have had 75 reports, and 60 per cent of those have been around suicide attempts or suicide ideation,” Kavanagh said. “That’s really, really significant in this little province of ours.”Kavanagh said Indigenous children and their communities have been marginalized for a long time, and the impact of intergenerational trauma is working its way through younger generations. She said Rich’s death is heartbreaking, and it’s part of larger, systemic issues that are pervasive across Canada.”When you look at the situation across the country, in fact, between 10- and 24-year-olds suicide is the second leading cause of death, and that is really, really troubling,”  Kavanagh said.”I think all of us should be left with a whole sense of unrest about that.”Kavanagh said a lot more work needs to be done, particularly a plan dedicated to youth and children in the province’s suicide prevention strategy as well as services dedicated to Indigenous children based in their culture. Where to get help:Canada Suicide Prevention Service: 1-833-456-4566 (phone) | 45645 (text) | http://www.crisisservicescanada.ca/ (chat)In Quebec (French): Association québécoise de prévention du suicide: 1-866-APPELLE (1-866-277-3553)Kids Help Phone: 1-800-668-6868 (phone), Live Chat counselling at www.kidshelpphone.caCanadian Association for Suicide Prevention: Find a 24-hour crisisRead more articles from CBC Newfoundland and Labrador

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Economy

As economy struggles, Fed weighs boosting bond purchases – Investment Executive

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The Fed since June has been buying $120 billion in bonds each month to keep downward pressure on long-term interest rates as a way of giving the economy a boost as it struggles to emerge from a deep recession.

The purchases have included $80 billion a month in Treasury bonds and $40 billion in mortgage-backed securities.

With the economy showing signs of slowing in the face a resurgence in coronavirus cases and a return to shutdowns in some areas, there has been market speculation that the Fed could decide to boost the size of its monthly purchases.

The minutes show that while no decision was taken on what to do or when, Fed officials were keeping their options open. Some analysts believe the Fed will make an announcement on boosting the bond purchase program at its next meeting on Dec. 15-16, especially if there has been no movement by Congress to provide more economic relief to individuals and businesses.

The minutes said that many Fed officials “judged that asset purchases helped provide insurance against risks that might reemerge in financial markets in an environment of high uncertainty.”

Concern has been growing among economists that the economy is slowing after an initial rebound this summer and could even topple into a double-dip recession in the early part of 2021 if Congress does not replenish expiring support programs.

At the White House Wednesday, Peter Navarro, one of President Donald Trump’s economic advisers, told reporters that a “sober” reading of the economic recovery shows “we are facing … a chasm ahead for millions of Americans unless there can be a bipartisan” deal to provide further economic relief.

The minutes released Wednesday covered the Fed’s Nov. 4-5 meeting, held just after the November elections, and were released with the customary lag of three weeks.

At the meeting, the central bank kept its benchmark interest rate at a record low near zero and signalled that it was prepared to do more if needed to support the economy.

A multitrillion-dollar stimulus effort enacted in the spring has helped support millions of Americans who have been thrown out of work and provided further assistance to struggling individuals and businesses.

But many of those programs have expired and jobless benefits are due to run out for millions of Americans by the end of this year.

Federal Reserve Chairman Jerome Powell had said at a news conference following the two-day meeting that Fed officials had discussed whether and how a bond buying program might be altered to provide more economic support.

In addition to increasing the size of the program, the Fed could decide to alter the composition of the bonds purchases to focus on buying long-term securities as a way of putting added downward pressure on long-term rates.

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Economy

Mexico Economy Grows at Record Pace With Long Recovery Ahead – Yahoo Canada Finance

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GlobeNewswire

Chicco Black Friday & Cyber Monday Deals (2020): Best Nextfit Car Seat, Bravo Travel System & More Deals Reviewed by Saver Trends

Review of the latest Chicco deals for Black Friday & Cyber Monday, featuring offers on Keyfit 30 car seat, Bravo Travel System & more Here’s a comparison of the latest Chicco deals for Black Friday & Cyber Monday, including the best sales on convertible car seats, car seat and bases and more. Links to the top deals are listed below.Best Chicco Deals: * Save up to 43% on Chicco travel systems, carriers, sterilizers, and more at Walmart – see the latest discounts on a wide variety of Chicco infant car seats, strollers, food warmers, and modular sterilizers   * Save on Chicco travel systems, portable bassinets, hook-on chairs, and more at Amazon  – click the link to see live prices on top-rated baby safety car seats, travel gear, and more * Save on top-rated Chicco baby safety car seats, travel systems at buybuyBABY.com – check live prices on Chicco KeyFit 30 Infant Car Seat, Chicco Fit 4-in-1 Convertible Car Seat, and more      * Save up to 32% on top-rated Chicco travel systems at Walmart – check the latest deals on travel system models, including Chicco Mini Bravo, Chicco Activ3 Jogging, Chicco Bravo Trio, and more    * Save on best-selling Chicco KeyFit series car seats at Walmart – click the link for the latest deals on Chicco KeyFit series car seats, including the Onyx, Regatta, Q Collection, and more    * Save up to $90 on car seats from the Chicco NextFit series at Walmart – check the latest savings on top-rated Chicco NextFit convertible car seats    Best Baby Deals: * Save up to 40% off on a wide selection of baby gear at Walmart – find the latest deals on car seats, strollers, bassinets, activity centers, bouncers & rockers, carriers, playmats, and more   * Save up to 40% on Graco baby strollers, car seats & more baby gear at GracoBaby.com – click the link to see updated prices on best Pack ‘n Play® playards and other top-rated Graco cribs, strollers, and car seats * Save up to 49% on baby gear including car seats, strollers, clothing & essentials at Amazon – check live prices on clothing, bedding, baby care items and accessories   * Save up to $105 on baby strollers, car seats, cribs & more at buybuyBABY.com – including deals on Fisher Price, Carter’s and Disney    * Save on a wide range of Burt’s Bees baby items at BurtsBees.com – click the link for latest deals on baby ointment, lotion, creams, and bath bundles from Burt’s Bees    * Shop baby swings, bassinets, playards & more at 4moms.com – click the link to see the latest prices on baby stuff like the mamaRoo4, rockaRoo, mamaRoo sleep bassinet, and more   Searching for more deals? We recommend checking Walmart’s Black Friday & Cyber Monday sale and Amazon’s Black Friday & Cyber Monday deals for thousands more live discounts. Saver Trends earns commissions from purchases made using the links provided.About Saver Trends: Saver Trends research and share online sales news. As an Amazon Associate and affiliate Saver Trends earns from qualifying purchases.Contact: Andy Mathews (andy@nicelynetwork.com)

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Economy

Iran economy could rebound to 4.4% growth if U.S. sanctions lifted: IIF – TheChronicleHerald.ca

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By Davide Barbuscia

DUBAI (Reuters) – Iran’s economy could grow 4.4% next year if U.S. President-elect Joe Biden lifts sanctions that have contributed to a deep three-year recession, although the COVID-19 crisis could limit foreign investment, the Institute of International Finance (IIF) said.

Biden’s victory in the Nov. 3 U.S. election has raised chances that the United States could rejoin a deal Iran reached with world powers in 2015, under which sanctions were lifted in return for curbs on Iran’s nuclear programme.

This is unlikely to happen overnight, however, and the prospects remain uncertain as the adversaries would both want additional commitments.

Iran’s rial currency has lost about 50% of its value against the U.S. dollar in 2020, reflecting economic damage from sanctions and the coronavirus pandemic, although it strengthened in late October in anticipation Biden would unseat U.S. President Donald Trump.

Iran has the highest COVID-19 death toll in the Middle East.

Trump abandoned the nuclear deal in 2018, and Tehran responded by scaling down its compliance.

The IIF, a trade body for the global financial industry, said that if United States lifted most of the economic sanctions on Iran by the end of 2021, the economy could expand 4.4% next year after an expected 6.1% contraction in 2020.

It would then grow by 6.9% in 2022 and 6% in 2023, the IIF said, adding that if oil exports increase, Iran could see its foreign reserves rise to $109.4 billion by the end of 2023.

Tehran has spoken optimistically about the return of foreign companies under a new U.S. administration, but lack of financial transparency could still curb interest from firms who had made tentative moves to invest after the 2015 deal was struck.

Garbis Iradian, IIF’s chief economist for the MENA region, told Reuters foreign direct investment inflows would increase progressively from this year’s $890 million to over $6.4 billion in 2025.

Assuming most sanctions could be lifted by late next year, FDI is likely to remain below $2 billion in 2021, with most of the money coming from China, Iradian said, adding: “Moreover, the coronavirus pandemic will limit FDI inflows in 2021.”

The Iranian economy would remain fragile, though “not to the brink of collapse” if most of the sanctions remain in place, the IIF said.

Under such a “pessimistic” scenario, Iran would post 1.8% growth next year and its foreign reserves would steadily decrease from about $80 billion this year to $46.9 billion by the end of 2023.

About 90% of Iran’s official reserves are frozen abroad due to U.S. sanctions.

(Reporting by Davide Barbuscia; Editing by Catherine Evans)

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