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India Enters Recession as Virus Pummels No. 3 Asian Economy – Yahoo Canada Finance

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The Canadian Press

Iran scientist linked to military nuclear program killed

DUBAI, United Arab Emirates — An Iranian scientist named by the West as the leader of the Islamic Republic’s disbanded military nuclear program was killed Friday in an ambush on the outskirts of Tehran, authorities said.Iran’s foreign minister alleged the killing of Mohsen Fakhrizadeh bore “serious indications” of an Israeli role, but did not elaborate. Israel, long suspected of killing several Iranian nuclear scientists a decade ago, declined to immediately comment. Israeli Prime Minister Benjamin Netanyahu once told the public to “remember that name” when talking about Fakhrizadeh.The killing risks further raising tensions across the Mideast, nearly a year after Iran and the U.S. stood on the brink of war when an American drone strike killed a top Iranian general in Baghdad. It comes just as President-elect Joe Biden stands poised to be inaugurated in January and will likely complicate his efforts to return America to a pact aimed at ensuring Iran does not have enough highly enriched uranium to make a nuclear weapon.That deal, which saw Iran limit its uranium enrichment in exchange for the lifting of economic sanctions, has entirely unraveled after President Donald Trump withdrew from the accord in 2018.Trump himself retweeted a posting from Israeli journalist Yossi Melman, an expert on the Israeli Mossad intelligence service, about the killing. Melman’s tweet called the killing a “major psychological and professional blow for Iran.”Details about the slaying remained slim in the hours after the attack, which happened in Absard, a village just east of the capital that is a retreat for the Iranian elite. Iranian state television said an old truck with explosives hidden under a load of wood blew up near a sedan carrying Fakhrizadeh.As Fakhrizadeh’s sedan stopped, at least five gunmen emerged and raked the car with rapid fire, the semiofficial Tasnim news agency said.Fakhrizadeh died at a hospital after doctors and paramedics couldn’t revive him. Others wounded included Fakhrizadeh’s bodyguards. Photos and video shared online showed a Nissan sedan with bullet holes in the windshield and blood pooled on the road.While no one claimed responsibility for the attack, Iranian Foreign Minister Mohammad Javad Zarif pointed the finger at Israel, calling the killing an act of “state terror.”“Terrorists murdered an eminent Iranian scientist today. This cowardice — with serious indications of Israeli role — shows desperate warmongering of perpetrators,” Zarif wrote on Twitter.Hossein Dehghan, an adviser to Iran’s supreme leader and a presidential candidate in Iran’s 2021 election, also blamed Israel — and issued a warning.”In the last days of their gambling ally’s political life, the Zionists seek to intensify and increase pressure on Iran to wage a full-blown war,” Dehghan wrote, appearing to refer to Trump’s last days in office. “We will descend like lightning on the killers of this oppressed martyr and we will make them regret their actions!”Hours after the attack, the Pentagon announced it already had brought the USS Nimitz aircraft carrier back into the Middle East, an unusual move as the carrier already spent months in the region. It cited the drawdown of U.S. forces in Afghanistan and Iraq as the reason for the decision, saying “it was prudent to have additional defensive capabilities in the region to meet any contingency.”The attack comes just days before the 10-year anniversary of the killing of Iranian nuclear scientist Majid Shahriari that Tehran also blamed on Israel. That and other targeted killings happened at the time that the so-called Stuxnet virus, believed to be an Israeli and American creation, destroyed Iranian centrifuges.The area around Absard, which has a view of Mount Damavand, the country’s highest peak, is filled with vacation villas. Roads on Friday, part of the Iranian weekend, were emptier than normal due to a lockdown over the coronavirus pandemic, offering his attackers a chance to strike with fewer people around.Fakhrizadeh led Iran’s so-called AMAD program that Israel and the West have alleged was a military operation looking at the feasibility of building a nuclear weapon. Tehran long has maintained its nuclear program is only for civilian purposes.The International Atomic Energy Agency says Iran “carried out activities relevant to the development of a nuclear explosive device” in a “structured program” through the end of 2003. That was the AMAD program, which included work on the carefully timed high explosives needed to detonate an implosion-style nuclear bomb.Iran also “conducted computer modeling of a nuclear explosive device” before 2005 and between 2005 and 2009, the IAEA has said. The agency said, however, that those calculations were “incomplete and fragmented.”IAEA inspectors now monitor Iranian nuclear sites as part of the now-unraveling nuclear deal with world powers. Experts believe Iran has enough low-enriched uranium to make at least two nuclear weapons if it chose to pursue the bomb. Meanwhile, an advanced centrifuge assembly plant at Iran’s Natanz nuclear facility exploded in July in what Tehran now calls a sabotage attack.Fakhrizadeh, born in 1958, had been sanctioned by the U.N. Security Council and the U.S. for his work on AMAD. Iran always described him as a university physics professor. A member of the Revolutionary Guard, Fakhrizadeh had been seen in pictures in meetings attended by Iran’s Supreme Leader Ayatollah Ali Khamenei, a sign of his power.In recent years, U.S. sanctions lists name him as heading Iran’s Organization for Defensive Innovation and Research. The State Department described that organization last year as working on “dual-use research and development activities, of which aspects are potentially useful for nuclear weapons and nuclear weapons delivery systems.”Iran’s mission to the U.N., meanwhile, described Fakhrizadeh’s recent work as “development of the first indigenous COVID-19 test kit” and overseeing Tehran’s efforts at making a possible coronavirus vaccine.In 2018, Netanyahu gave a presentation in which he unveiled what he described as material stolen by Israel from an Iranian nuclear archive.“A key part of the plan was to form new organizations to continue the work,” Netanyahu alleged. “This is how Dr. Mohsen Fakhrizadeh, head of Project AMAD, put it. Remember that name, Fakhrizadeh.”___Associated Press writers Amir Vahdat and Mohammad Nasiri in Tehran, Iran, and Deb Riechmann in Washington contributed to this report.Jon Gambrell, The Associated Press

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Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

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Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

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The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

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

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Trump’s victory sparks concerns over ripple effect on Canadian economy

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As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

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

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