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Power Vacuum in Tehran After Reported Death of Iran’s Supreme Leader

                                A man holds a portrait of Iran's Supreme Leader Ayatollah Ali Khamenei and the national flag. A senior Israeli official has stated that Iran’s Supreme Leader, Ayatollah Ali Khamenei, was killed in a series of U.S.–Israeli strikes targeting leadership sites in Tehran. Satellite imagery reportedly shows heavy damage and smoke rising from Khamenei’s compound following the attacks.  Multiple outlets, including Reuters and Al Arabiya, report that the strikes were part of a coordinated operation aimed at crippling Iran’s top leadership structure. U.S. President Donald Trump publicly confirmed Khamenei’s death, calling him “one of the most evil people in history” and framing the operation as a step toward ending what he described as a long‑standing security threat.  Iranian state media has since acknowledged Khamenei’s death, announcing a 40‑day mourning p...
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Canada's Economy Contracts Unpredictably: Central Bank's Cautionary Outlook


 Canada’s economy unexpectedly contracted in the second quarter of 2023 at an annualized rate of 0.2% . The growth was most likely flat in July. This result will probably allow the central bank to hold rates amid a possible recession . The second-quarter reading was far lower than the Bank of Canada’s (BoC’s) forecast for a 1.5% annualized GDP growth as well as the 1.2% gain expected by analysts . The quarterly slowdown was largely due to declines in housing investment and smaller inventory accumulation as well as slower international exports and household spending. In June, Canadian wildfires adversely impacted multiple industries, including mining and quarrying and rail transportation.

The figures “leave little doubt that the Bank of Canada will keep interest rates unchanged next week,” said Stephen Brown, deputy chief North American economist for Capital Economics. The central bank hiked its benchmark overnight rate to a 22-year-high of 5.0% in July, the tenth increase since March of last year. Since then, the bank has said its future moves would depend on its reading of the data, which have been mixed.

In conclusion, Canada’s economy has contracted unexpectedly in Q2 2023, and growth was most likely flat in July. This result will probably allow the central bank to hold rates amid a possible recession. The quarterly slowdown was largely due to declines in housing investment and smaller inventory accumulation as well as slower international exports and household spending. The Bank of Canada is expected to keep interest rates unchanged next week, given the recent economic data.

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