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Bank of Canada hikes rates, shrugging of trade tensions
13 July 2018, 12:09 | Kelvin Horton
Bank Of Canada Raises Key Lending Rate To 1.5%. Here's What That Means For You
The central bank's rate decision arrives as Canada faces significant trade-related uncertainties, including stalled NAFTA talks, USA steel and aluminum tariffs and the threat of more duties on the automotive sector.
Analysts at Rabobank explained that the Bank of Canada raised the policy rate 25bp to 1.50% as was widely expected.
The Bank of Canada today increased its target for the overnight rate to 1 ½ per cent. In particular, the trade impacts were caused by the Trump administration's recent steel and aluminum tariffs on Canada and, in response, Ottawa's retaliatory duties on US imports. The tariff fight, the bank estimated, will shave almost 0.7 per cent from Canada's economic growth by the end of 2020.
With the economy operating close to full capacity, waiting too long to start raising the benchmark runs the risk the central bank would have to introduce increases more aggressively, Caranci said.
With two daughters off school over summer, finding affordable activities is key for Florence van Dijk, especially following news of yet another interest rate hike.
Canadian businesses must also contend with the uncertainty surrounding the hard renegotiation of the North American Free Trade Agreement, for which talks have stalled.
Trump has 'little gift' for N.Korean leader
Between 1996 and 2005, some 33 recovery operations were conducted in North Korea which saw 200 sets of remains returned. As the war was fought on Korean soil, however, only North Korea has remains to return.