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Gaza Truce and Hostage Deal Faces Last-Minute Crisis

  In a dramatic turn of events, Israeli Prime Minister Benjamin Netanyahu announced that a last-minute crisis with Hamas is delaying the approval of a highly anticipated ceasefire and hostage release agreement. The deal, which was set to be approved by the Israeli Cabinet, has been put on hold as Netanyahu accused Hamas of reneging on parts of the agreement in an attempt to gain further concessions. The ceasefire, brokered by U.S. President Joe Biden and key mediator Qatar, was expected to bring a temporary halt to the 15-month conflict in the Gaza Strip and facilitate the release of dozens of hostages held by Hamas. However, Netanyahu's office stated that the Cabinet would not convene to approve the agreement until Hamas backs down from its new demands. Hamas, on the other hand, has denied the allegations, with senior official Izzat al-Rishq asserting that the militant group remains committed to the ceasefire agreement. The delay has raised concerns about the implementation of the...
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Canadian Banks Brace for Economic Slowdown and Loan Losses


Canada’s major banks reported mixed results for the fourth quarter of 2021, but they all shared a common concern: the rising level of bad loans and the prospect of a shaky economy in 2022.

The six largest banks in Canada collectively set aside nearly C$4 billion ($3.0 billion) for credit losses in the quarter, the highest since the pandemic era. This reflects their expectation of more defaults and delinquencies in the coming months, especially in sectors such as residential mortgages, real estate and construction.

The banks also cited the possibility of the Bank of Canada (BOC) lowering interest rates next year, which could help consumers with mortgages at the time of renewal and help banks recover from a period of uncertainty. However, lower rates also mean lower margins and profitability for the banks.

Among the six banks, Royal Bank of Canada, CIBC and National Bank beat analysts’ estimates for adjusted earnings, while TD, Scotiabank and BMO missed. The banks also reported higher expenses as they cut nearly 10,000 jobs globally, resulting in one-time severance costs along with other tech investments and stock-based compensation.

The CEOs of the banks expressed caution about the economic outlook, citing signs of a slowing labour market, trade tensions, geopolitical risks and environmental challenges. They also said they were focusing on cost savings, efficiency and innovation to adapt to the changing environment and customer needs

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