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Recession fears are growing. Here’s how younger Canadians can prepare – Global News

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Experts say younger Canadians can prepare for a possible recession by assessing their financial capabilities and limitations.

Amid soaring inflation and the Bank of Canada increasing interest rates more aggressively relative to past tightening cycles, concerns about a possible recession are growing. A lacklustre stock market is adding fuel to the fire, as market declines tend to happen before a recession strikes.

“I’d be lying if I said a looming recession wasn’t worrying,” says Braveen Kumar, who is currently working on building his freelance business.

Kumar recently left his job in tech and even though he managed to save eight months’ worth of money for living expenses in order to make the career change, he is budgeting much more diligently now since he does not have a regular salary.

Read more:

Interest rates must still rise despite high debt, house prices: Bank of Canada

Camille Horrocks-Denis is a documentary media student, and while she is supported by provincial loans and grants, works two jobs and lives with her partner, the high cost of living in Toronto is making her day-to-day more challenging as she considers the potential impact a recession might have on someone like her.

“One thing for sure is that being in the arts industry, there is no guaranteed job (in my field) waiting for me after graduation, therefore a recession could potentially affect me deeply,” she says.

CIBC economist Katherine Judge is not sounding the alarm quite yet on a recession, but says if Canada does fall into one, it could be in late 2022 or in the first half of 2023. She doesn’t anticipate it being as bad as 2008, however.


Click to play video: 'Tips for your money amid higher interest rates'



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Tips for your money amid higher interest rates


Tips for your money amid higher interest rates

“The 2008 recession was atypically deep, and if we were to experience a recession this time, odds are it wouldn’t be as severe,” she says. “We expect the Bank of Canada to hike a bit less than the market is pricing in, thereby avoiding an outright recession if the (U.S.) Federal Reserve is also cautious about overdoing hikes.”

Nevertheless, personal finance experts say “recession-proofing” oneself right now is imperative.

For people in their 20s and early 30s, the COVID-19 pandemic has been the biggest global event they’ve had to navigate as working adults, and it has forced many to look at their finances more carefully and even re-examine their career paths, putting them in a position to keep the momentum of personal growth going.

READ MORE: Bank of Canada hikes key interest rate 50 basis points for 2nd time in a row

Personal finance educator Kelley Keehn believes a lot of “recession-proofing” is based around how young adults shape their career trajectory.

She says people should view themselves as a corporation.

“If you’re always thinking of everyone as a customer, always looking for opportunities because you’re thinking like a company, that’s really going to serve you well,” she says.

She also emphasizes the importance of broadening one’s skillset _ through certifications, courses, books, and even by following reliable social media channels and influencers _ so it becomes easier to pivot in the job market if necessary. Continuing to network is just as important if not more important, she adds.


Click to play video: 'Consumer Matters: Digital tools to bring financial relief'



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Consumer Matters: Digital tools to bring financial relief


Consumer Matters: Digital tools to bring financial relief

Marketing professional Ankit Mishra says he is “quite concerned” about a potential recession and is upskilling as a result, learning French and researching industries that could be resilient during an economic downturn. In his case, he’s exploring how technology could make life in cities better and learning about sustainability in the mining industry.

When it comes to saving and spending amid sky-high inflation and recession concerns, Keehn says it is important tothoughtfully consider whether or not certain activities or purchases will actually bring value or ultimately hurt one’s bank account. That’s especially true as the world reopens and spending opportunities increase.

She also urges young people to assess their financial capabilities and limitations thoroughly before investing in the stock market, even during bull market runs, which we saw after the March 2020 selloff and through 2021 _ a period that enticed many young people to jump in with the hope of seeing big gains.

She cites her own investing mistakes from when she was much younger, in particular, putting money into the market before she could really handle the implications and then being forced to pull it out when it was at a loss.

“You have to be clear on: can you actually be invested or do you just need to save money right now,” she says.

This report by The Canadian Press was first published June 9, 2022.

© 2022 The Canadian Press

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‘McGregor-Mayweather rematch in the making’

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Los Angeles, United States of America (USA)- Fighthype.com has reported that Conor McGregor and Floyd Mayweather are in discussions over holding a second bout.

Mayweather beat McGregor in their huge clash back in June 2017 but McGregor has hinted at a possible rematch in a post on his Instagram account.

The UFC superstar posted a cryptic post hinting at a second bout by sharing a picture of their 2017 clash and writing, “I accept.”

However, it’s uncertain as to whether a rematch between the pair would be another exhibition bout, or whether Mayweather would make it one more professional fight.

Meanwhile, YouTuber, Jake Paul, has repeatedly claimed that Mayweather still hasn’t paid him following last year’s exhibition bout. Their eight-round exhibition bout went to a draw as Mayweather was unable to knockout Paul, “Floyd Mayweather is broke. I have been saying it all the time. I think he probably spent it on the girls he pays to be around him. He’s hard to hit, but even harder to collect money from. Who should I fight next?”

However, Mayweather has since dismissed the accusations claiming that Paul has suggested that the pair should have a second exhibition bout.

“This is the guy who said he didn’t get paid, which we know is truly false, which is why I don’t entertain the bull*** a lot of the time. We know he got paid and if he didn’t get paid he wouldn’t be trying to get another payday. It is so crazy that Logan Paul wants to do an exhibition again but it is the same guy that said he didn’t get paid. It is what it is,” said Mayweather.

Mayweather was expected to earn US$64 million from the fight, with Logan receiving US$18.5 million of the purse.

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G7: Canada to elevate small Commonwealth nations' concerns – CTV News

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KIGALI, Rwanda –

Prime Minister Justin Trudeau headed to the G7 summit in Germany on Saturday without a consensus from the Commonwealth to condemn the Russian invasion of Ukraine, but with a chorus of countries calling for help to overcome the fallout of the war.

Trudeau and Foreign Affairs Minister Melanie Joly arrived in Kigali, the capital of Rwanda, on Wednesday for the Commonwealth Heads of Government meeting, which has been dominated by the concerns of nations that are suffering from food scarcity. Trudeau departed for the G7 talk slater in the day.

In the final communique from the Commonwealth summit, the 54 participating countries said they discussed the conflict in Ukraine, ” underscored the need to respect the territorial integrity and sovereignty of all states,” and ” emphasized that all countries must seek peaceful resolution to all disputes in accordance with international law.”

The countries stopped short of condemning Russia, as Trudeau and United Kingdom Prime Minister Boris Johnson have done throughout the summit.

“I can assure you that the topic of standing up for Ukraine was much discussed,” Trudeau said at a press conference following the conclusion of the summit, referencing “strong language” in the communique.

Most Commonwealth Nations condemned Russia’s actions at a United Nations vote in March, but 10 abstained. Among them was India, whose Prime Minister Narendra Modi opted not to attend the Commonwealth summit and instead spoke virtually with the leaders of Russia, China, Brazil and South Africa.

Trudeau said Russian President Vladimir Putin has run a disinformation campaign and has even been “telling outright lies,” including blaming the food security crisis on Western sanctions against Russia.

He said food shortage stems from Russia’s illegal actions, including blockade at key ports, as well as the deliberate targeting of Ukrainian grain storage facilities through cruise missile strikes.

“I was very clear with our friends and partners around the table, and not just clear on Russia’s responsibility, but on how Canada and the West are stepping up,” Trudeau said.

Canada will be raising the growing threat of famine at the G7 in Schloss Elmau Germany, Joly said.

She said Canada was in “listening mode” at the Commonwealth meetings, where leaders of smaller nations were able to speak without the dominating presence of the United States, Russia and China.

“What is clear to us is that Russia is weaponizing food and putting a toll on many countries around the world, and putting 50 million lives at risk,” Joly told reporters Friday in Rwanda.

Trudeau had attempted to meet with the chair of the African Union Commission, Moussa Faki Mahamat, for several days during the Commonwealth summit but the sit-down was repeatedly postponed and eventually cancelled.

Shortly after Trudeau arrived in Rwanda, the government announced Canada would dedicate a new ambassador to the African Union, which has suffered from the food shortages inflicted on the continent as a result of the warin Ukraine.

Both Ukraine President Volodymyr Zelenskyy and Putin have met with representatives of the African Union, with Russia blaming sanctions against its government for stopping the flow of grain.

At the conclusion of the Commonwealth summit, Trudeau announced $94 million in funding for various education initiatives and $120 million to support gender equality and women’s rights in Commonwealth countries.

Some of the other voices the prime minister has promised to centre at his international meetings, including the G7 summit,

belong to youth leaders who spoke at a Saturday-morning event focused on issues facing young people around the world.

Some of the delegates spoke about the devastating effects of climate change, particularly around remote island nations where infrastructure cannot withstand natural disasters and rebuilding efforts take years. The onslaught takes a toll on education and health services, one delegate told the forum.

This report by The Canadian Press was first published June 25, 2022.

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New federal task force to review Canada’s immigration, passport delays – Global News

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The federal government has created a special task force to help tackle the major delays with immigration applications and passport processing that have left Canadians frustrated.

In a statement announcing the new task force, Prime Minister Justin Trudeau said the federal government knows the delays are unacceptable, and will continue to do everything it can to improve the delivery of the services in an efficient and timely manner.

Read more:

Passport renewal wait times now online as Ottawa looks to address long lineups

Trudeau said the new task force will help guide the government to better meet the changing needs of Canadians, and continue to provide them with the high-quality services they need and deserve.

Ten cabinet members will spearhead the new committee, which will review how services are delivered, and identify gaps and areas for improvement.


Click to play video: 'New passport wait-time estimator shows system backlog'



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New passport wait-time estimator shows system backlog


New passport wait-time estimator shows system backlog – Jun 15, 2022

The committee will be expected to make recommendations outlining short- and longer-term solutions that would reduce wait times, clear out backlogs, and improve the overall quality of services provided.

Read more:

Canadian passport delays are frustrating travellers. What’s the fix?

In addition, the task force will monitor external issues, such as labour shortages around the world, which contribute to travel delays at home and abroad.

© 2022 The Canadian Press

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