By Canadian Press

In the news today: StatCan to release estimate for Q3 economic growth

Oct 31, 2024 | 2:17 AM

Here is a roundup of stories from The Canadian Press designed to bring you up to speed…

StatCan to release August GDP report, estimate for third quarter economic growth

Statistics Canada is set to publish its August gross domestic product report, which will include an early estimate for economic growth in the third quarter. The agency’s preliminary estimate for August suggested the economy did not grow that month. RBC says it expects the economy remained weak in September as well, dampening growth for the third quarter. The Bank of Canada projected in its latest monetary policy report that the economy grew at an annualized rate of 1.5 per cent in the third quarter. The central bank delivered a half-percentage point interest rate cut last week in response to rapidly plummeting inflation.

Israel envoy seeks hostages ‘at any cost,’ says Canada has strained ties during war

Israel’s ambassador to Canada says the war that started a year ago has profoundly changed Israelis’ views on peace in the Middle East. Iddo Moed says the conflict has strained his country’s longstanding ties with Canada. In an interview marking a year after the Hamas attack on Israel, the ambassador says the prospect of peace with the Palestinians seems impossible in the near term. He argues that Canada should propose offering de-radicalization programs when the war ends in Gaza, instead of focusing on Palestinian statehood. He says Israelis are disappointed that Canada has stopped voting against United Nations motions that are critical of Israel, and that Ottawa still supports a U-N agency that has fired a handful of staff for taking part in the Hamas attack.

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Here’s what else we’re watching…

Day 5 of Nova Scotia election: Housing and taxes

Taxes, health care and housing are today’s topics on the election campaign for Nova Scotia’s three main parties. Liberal Leader Zach Churchill will be at his party’s headquarters in Halifax to present a “plan to lower taxes.”Nova Scotia NDP Leader Claudia Chender will hold a news conference in the Halifax area on housing. And Progressive Conservative Leader Tim Houston is at Cape Breton University in Sydney, N.S., for a health-related announcement. At dissolution, the Progressive Conservatives held 34 seats in the 55-seat legislature, the Liberals held 14 seats, the NDP had six and there was one Independent. Election day is Nov. 26.

Tobacco company opposes proposed deal: court doc

One of three major tobacco companies involved in years of negotiations with creditors says it opposes the proposed multi-billion-dollar settlement announced in the case earlier this month. JTI-Macdonald Corp. has filed a document with an Ontario court indicating it does not support the proposal due to “critical outstanding issues.” The document was filed ahead of a hearing scheduled today to set the next step for the proposed plan of arrangement presented on Oct. 17. The proposal would see the three companies — JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. — pay $24 billion to provinces and territories and more than $4 billion to tens of thousands of Quebec smokers and their heirs.

Manitoba Tory leadership candidates square off

The two men running for the leadership of the Manitoba Progressive Conservatives made their pitches to party members last night. Obby Khan, a former cabinet minister backed by some high-profile Tories, said he is best prepared for the helm because he has a seat in the legislature and experience. Khan says he wants to build a big-tent party that can attract people of different political leanings. Wally Daudrich (DAWD’-rich), a longtime party board member and business owner, says the Tories can be more fiscally and socially conservative. He says he is pro-life, but would let party members set policies on that and other issues. The Tories are looking to replace former premier Heather Stefanson, who stepped down after the party lost last year’s election.

Room costs ‘out of control’ on Swift show nights

Taylor Swift fans with tickets to her concerts in Toronto and Vancouver are facing a huge rise in hotel and short-term rental costs on show weekends. Some accommodation costs during the November and December shows are 10 times more than other weekends, forcing some Swifties to cut potential losses and sell their coveted tickets. While fans have accused the hotel industry of price gouging, economist Thomas Davidoff says he doesn’t see a problem with surge pricing as it reflects demand and availability. Ken Whitehurst, the executive director of the Consumer Council of Canada, says dynamic pricing is often applied aggressively in the travel industry, since provisions about what constitutes price gouging aren’t well defined.

This report by The Canadian Press was first published Oct. 31, 2024.

The Canadian Press