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Immigration may help Canada lower interest rates

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On October 26, the Bank of Canada (BoC) increased the policy interest rate by 50 basis points, up to 3.75%.

2022 has been a year full of continual interest rate hikes, as the BoC has been increasing its policy interest rate throughout the year in an effort to  aggressively combat inflation in Canada. Initially, when first reported on January 26, the BoC’s policy interest rate started the year at 0.25%. Since then, the rate has increased by at least 25 basis points with every hike.

A policy interest rate is a reference point, set by the Bank of Canada, that informs the interest rates charged to consumers on mortgages and lines of credit by banks across the country.

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What this means for consumers will depend on if they are borrowing money from the bank (‘borrowers’) or if they are able to save their money (‘savers’) but the following will outline the impacts that Canada’s current interest rate circumstances are having on both these groups.

Savers: With the increase in interest rates, banks may now (although they are not obligated to) raise savings account interest rates proportionally to match borrowing interest rates, especially if competitive pressures are put on these institutions.

Borrowers: As an example, homeowners are potentially due to see a rise in debt or they may struggle to acquire a new loan due to rising interest rates. For instance, a homeowner set to renew their fixed-rate mortgage could face more expensive monthly payments. Similarly, variable-rate mortgage owners may see increased payments over time that mirror these new policy rates.

Why are interest rates rising?

Now that we’ve covered what is happening with interest rates in Canada, let’s talk about why.

Simply, interest rates are going up to eventually bring inflation down. Essentially, this is an effort to stabilize the economy because higher interest rates will discourage consumers from borrowing money since it will now cost them more money to do so. The purchasing of goods will decrease accordingly, as will demand in general. Subsequently, consumers will become more likely to save money as interest rates on savings products also rise. These measures will slow down and stabilize the economy, for the betterment of all Canadians in the long run.

For now, however, interest rates may continue to rise in the short-term for a little while longer – but potentially not for as long as once expected (but more on that later).

Are rising interest rates having a negative impact on Canadian immigration?

Considering the impact that rising interest rates can have on the Canadian population economically, it may seem reasonable to expect this kind of economic uncertainty to discourage immigrants from coming to Canada, or at least give them a reason to think a little harder about their other options. Fortunately for Canada’s economic and social prosperity, this is not the case.

After a period of slower immigration due to border closures and pandemic restrictions, Canada’s immigration numbers are starting to work their way back to normal. In fact, 2021 saw Canada welcome its highest-ever number of immigrants in a single year. The over 405,000 landed permanent residents cumulatively surpassed the previous record set in 1913.

In other words, Canadian immigration is not adversely impacted by rising interest rates, and things are looking bright for the country’s immigration future. This positive outlook is reaffirmed by Canada’s immigration targets over the next few years, which Immigration, Refugees and Citizenship Canada (IRCC) has laid out in the Immigration Levels Plan for 2022-2024.

As part of that plan, Canada is now looking to welcome over 430,000 immigrants annually between now and 2024.

2022 end-of-year immigration target: 431,645

2023 immigration target: 447,055

2024 immigration target: 451,000

Canada’s next Immigration Levels Plan, for 2023-2025, will be announced by November 1, 2022.

Note: The new Levels Plan may result in revisions being made to the immigration targets for 2023 and 2024, but the targets set by IRCC should remain high, as Canada looks to increase immigration to make up for low numbers during the pandemic and further brighten Canada’s economic and social future by welcoming newcomers to this country.

If rising interest rates aren’t hurting Canadian immigration, what do the two things have to do with one another?

Contrary to the negative connection that some may assume between interest rates and foreigners coming to Canada, economists such as Stephen Brown of Capital Economics allude to the idea that seeing more immigrants come to this country could greatly help Canada lower interest rates sooner than other countries around the world.

Research from Statistics Canada suggests that immigrants play a big part in addressing Canadian labour shortages. If fact, research published in June of 2022 indicates that 84% of growth in the Canadian labour force during the 2010s was accounted for by immigrants. Accordingly, a higher degree of immigration to Canada in the future could help continue to ease pressure on labour shortages across the country — one step, albeit a significant one, on Canada’s journey to eventually reducing interest rates.

Welcoming more immigrants is expected to help combat Canada’s high job vacancy rates and ease the burden of rising wages on the Canadian economy. Since newcomers to Canada would help weaken labour demand by reducing country-wide job vacancies, experts say that Canada can expect immigration to play a significant role in the eventual steadying of the economy because of reduced interest rates.

Additionally, Brown forecasts that more immigration will mean that “rental price inflation [will] likely … slow in 2023”. In other words, an increased number of property rentals — the expectation that comes with more immigrants coming to Canada — could help regulate overall pricing over time, adding more stability to the country’s housing market to the benefit of the economy.

Ultimately, what this all means is that Canada’s expected influx of immigration over the coming years could be advantageous for everyone that calls this country home — not only the immigrants coming to Canada in search of a better life but also the entire country from an economic viewpoint.

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Woodland with a 65 in Las Vegas is in contention for first time since brain surgery

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LAS VEGAS (AP) — Former U.S. Open champion Gary Woodland finished 54 holes of the wind-delayed Shriners Children’s Open knowing he’ll have his best chance at winning since brain surgery more than a year ago. Best of all Saturday was being finished.

Woodland had three birdies over his final six holes and extended his bogey-free streak to 28 holes in polishing off a 6-under 65 that gave him a share of the clubhouse lead with Las Vegas resident Kurt Kitayama, who also had a 65.

They trailed J.T. Poston and Doug Ghim by one shot when play was suspended by darkness. Thirty of the 66 players who made the cut earlier Saturday did not finish.

Poston had an eagle during his closing stretch of the second round for a 65, and his only sub-par hole in the third round was an eagle on the par-5 ninth. It put him at 15-under par through 13 holes. Also at 15 under was Ghim, who had four straight birdies and was facing a five-foot par putt on the 17th hole when it was too dark to continue.

Woodland had surgery in September 2023 to remove a lesion on his brain, situated on a tract that caused fear and anxiety. It’s been a long road back of making progress with his health, getting dialed in on the right medication and trying to get his game in order.

He also went back to Randy Smith, the PGA Hall of Fame swing coach in Dallas. Now Woodland is sensing the pieces coming back together.

“I feel a lot better for one,” Woodland said. “That’s a huge help. But I’ve seen some signs. I’ve been back with Randy Smith for a couple months now. I am starting to drive it better, iron play, controlling the golf ball like I haven’t in a long time, which is nice. Then putts start going in, start putting some good scores up.

“I’m excited and happy to be here — and really happy to finish tonight so I can get some sleep tomorrow.”

The third round was to resume at 8 a.m., and Woodland likely will start around 11 a.m. That beats getting up before dawn, which he already has had to do twice this week.

Next to be determined is where he stands.

Harris English and Alejandro Tosti of Argentina also were at 14 under with four holes to play, including the reachable par 4 and the easiest of the three par 5s. Six other players were at 13 under and still had holes to play.

Taylor Pendrith of Richmond Hill, Ont., only completed 13 holes on Saturday and sits two shots back of the leaders. Nick Taylor of Abbotsford, B.C., is tied for 44th at 5 under. Ben Silverman of Thornhill, Ont., is tied for 61st at 3 under.

The wind has calmed substantially from Friday, when gusts approached 50 miles per hour and led to a four-hour delay that caused the stop-and-start and the last two days being suspended because of darkness. A TPC Summerlin course that was all about hanging on is now back to being a test of who can make the most birdies.

“Conditions will be pretty easy. I think you saw that with some of the scores,” Poston said. “Guys are making birdies. So I think it’s just trying to stay aggressive but also stay patient if the putts don’t fall early because there is a lot of holes left.”

The second round didn’t end until about noon Saturday and the cut was at 3-under 139. Among those who missed was Tom Kim, the two-time defending champion who was trying to become the first player since Steve Stricker at the John Deere Classic (2009-11) to win the same PGA Tour event three straight years.

Also missing the cut were the three winners in the FedEx Cup Fall — Patton Kizzire, Kevin Yu and Matt McCarty.

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AP golf:

The Canadian Press. All rights reserved.

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Simple Plan latest Canadian act to get documentary treatment at Prime Video

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TORONTO – Simple Plan is getting the documentary treatment.

The Canadian pop-punk band will be the subject of a forthcoming documentary on Prime Video, which is slated to debut sometime next year.

Lead singer Pierre Bouvier announced the partnership on stage at the When We Were Young music festival in Las Vegas on Saturday.

The untitled film from director Didier Charette is currently in production with Sphere Media.

The movie will follow Simple Plan’s formation in Montreal in the late 1990s and the band’s early success, featuring never-before-seen archival footage and fresh interviews with the musicians and their contemporaries.

Simple Plan is the latest in a series of Canadian musicians to be profiled on Prime Video, after “I Am: Celine Dion” in June and “The Tragically Hip: No Dress Rehearsal,” which premièred at the Toronto International Film Festival in September.

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

The Canadian Press. All rights reserved.

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In Israeli footage of the last minutes of Hamas leader’s life, some see a symbol of defiance

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The world’s final glimpse of Hamas’ leader was rough and raw, showing him wounded and cornered as he sat in a bombed-out Palestinian home and faced down the Israeli drone filming him, hurling a stick at it.

For Israel, the scene was one of victory, showing Yahya Sinwar, the architect of Oct. 7, broken and defeated.

But many in the Arab and Muslim world — whether supporters of Hamas or not — saw something different in the grainy footage: a defiant martyr who died fighting to the end.

Clips from the released drone footage went viral on social media, accompanied by quotes from Sinwar’s speeches in which he declared that he would rather die on the battlefield. An oil painting of a masked Sinwar sitting proudly on an armchair was widely shared, apparently inspired by the last image of him alive.

“By broadcasting the last minutes of the life of Yahya Sinwar, the occupation made his life longer than the lives of his killers,” Osama Gaweesh, an Egyptian media personality and journalist, wrote on social media.

In Gaza, reactions to Sinwar’s death were mixed. Some mourned his killing, while others expressed relief and hope that it could bring an end to the devastating war triggered by the Oct. 7, 2023, Hamas attack on Israel that he is said to have directed. Across the Arab and Muslim world, and away from the devastation in Gaza, opinions varied.

One thing, though, was clear. The footage was hailed by supporters and even some critics as evidence of a man killed in confrontation who at least wasn’t hidden in a tunnel surrounded by hostages as Israel has said he was for much of the last year.

Three days after he was killed, Israel’s military dropped leaflets in south Gaza, showing another image of Sinwar lying dead on a chair, with his finger cut and blood running down his forehead. “Sinwar destroyed your lives. He hid in a dark hole and was liquidated while escaping fearfully,” the leaflet said.

“I don’t think there is a Palestinian leader of the first rank who died in a confrontation (like Sinwar), according to what the leaked Israeli version shows,” said Sadeq Abu Amer, head of the Palestinian Dialogue Group, an Istanbul-based think tank.

Sinwar’s demise was different

Unlike Hamas political leader Ismail Haniyeh, who was killed in his hotel room in Iran, or the leader of Lebanon’s Hezbollah group Hassan Nasrallah, bombed in an underground bunker by dozens of massive munitions, Sinwar was killed while apparently fighting Israeli forces, more than a year after the war began.

Iran, the Shiite powerhouse and a main backer of Hamas, went further. It contrasted Sinwar’s death with that of former Iraqi President Saddam Hussein, Tehran’s archenemy.

In a statement by Iran’s U.N. Mission, it said Saddam appeared disheveled out of an underground hole, dragged by U.S. forces while “he begged them not to kill him despite being armed.” Sinwar, on the other hand, was killed in the open while “facing the enemy,” Iran said.

In a strongly worded statement, the Cairo-based Al-Azhar, the highest seat of Sunni Muslim learning in the world, blasted Israel’s portrayal of Sinwar as a terrorist. Without naming Sinwar, the statement said that the “martyrs of the resistance” died defending their land and their cause.

In Israel, the army’s Arabic-speaking spokesperson, Avichay Adraee, described Sinwar as “defeated, outcast, and persecuted.” Many celebrated the news of the killing of the architect of the Oct. 7 attack.

Video posted online showed a lifeguard on a Tel Aviv beach announcing the news to applause, while Israeli media showed soldiers handing out sweets. Residents of Sderot, a town that was attacked by Hamas militants, were filmed dancing on the streets, some wrapped in Israeli flags. On Telegram, some shared pictures of a dead Sinwar, likening him to a rat.

But there were also protests from families of hostages and their supporters who want Israeli leaders to use the moment to bring the hostages home.

Some are energized, not demoralized

Susan Abulhawa, one of the most widely read Palestinian authors, said the images released by Israel were a source of pride. Israel “thought that publishing footage of Sinwar’s last moments would demoralize us, make us feel defeat,” she wrote on X. “In reality, the footage immortalizes Sinwar and galvanizes all of us to have courage and resolve until the last moment.”

In the Palestinian territories and Lebanon, some remembered him with respect, while others expressed anger.

“He died as a fighter, as a martyr,” said Somaia Mohtasib, a Palestinian displaced from Gaza City.

For Saleh Shonnar, a resident of north Gaza now displaced to the center, tens of thousands of Palestinians were killed. “Hundreds, tens of senior leaders were martyred and replaced with new leaders.”

In Khan Younis, Sinwar’s birthplace, mourners in a bombed-out mosque recited the funeral prayer for a Muslim when the body is missing. Israel has kept Sinwar’s body. Dozens of men and children took part in the prayers.

And in Wadi al-Zayne, a town in Lebanon’s Chouf region with a significant Palestinian population, Bilal Farhat said that Sinwar’s death made him a symbol of heroic resistance.

“He died fighting on the front line. It gives him some sort of mystical hero aura,” Farhat said.

Some Palestinians took to X to criticize Sinwar and dismiss his death in comparison to their own suffering. One speaker on a recorded discussion said there is no way of telling how he died. Another blamed him for 18 years of suffering, calling him a “crazy man” who started a war he couldn’t win. “If he is dear, we had many more dear ones killed,” one yelled.

In the long run, the think tank’s Abu Amer said that the effect of the support and empathy for Sinwar after his death is unlikely to change the Arab public’s view of Oct. 7 and what followed.

“Those who supported Oct. 7 will continue to, and those who opposed Oct. 7 — and they are many — will keep their opinions, even if they show sympathy or admiration for him. Most Palestinians are now focused on ending the war,” he said.

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Fatma Khaled reported from Cairo. Julia Frankel and Ibrahim Hazboun in Jerusalem, Edith M. Lederer at the United Nations, Amir Vahdat in Tehran, Iran, Sally Abou AlJoud in Beirut, and Wafaa Shurafa in Deir al-Balah, Gaza Strip, contributed to this report .

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