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Liberal Candidate Paul Chiang Steps Down Amid Controversy

Paul Chiang, a Liberal candidate in the Markham-Unionville riding, has announced his resignation following backlash over comments he made regarding a Conservative opponent, Joe Tay. Chiang suggested that individuals could claim a bounty offered by Hong Kong authorities by turning Tay over to the Chinese consulate. This statement, made during a press conference in January, sparked widespread criticism and raised concerns about foreign interference in Canadian politics. The Royal Canadian Mounted Police (RCMP) has since launched an investigation into the matter, citing potential threats to Canada's democratic processes. Chiang issued an apology, calling his remarks a "deplorable lapse in judgment," but the controversy persisted. Conservative leader Pierre Poilievre condemned the comments, stating that they endangered Tay's safety and sent a chilling message to the community. Chiang's resignation comes as Liberal leader Mark Carney faces mounting pressure to address ...
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Deloitte Canada predicts rate cuts by Bank of Canada in 2024

 

The Bank of Canada may soon begin to lower its benchmark interest rate, according to a new report by Deloitte Canada.

The consulting firm expects the central bank to start easing rates in the second quarter of 2024, as inflation pressures subside and the economy faces headwinds from higher borrowing costs.

Deloitte Canada forecasts that the overnight target rate will drop to 4.25 per cent by the end of the year, from the current level of 5 per cent.

However, the firm cautions that the Bank of Canada will not return to the ultra-low rates that prevailed before the pandemic, and that interest rates will still have a negative impact on spending and investment decisions in 2024.

The Bank of Canada has raised its key rate five times since the start of the pandemic, in response to surging inflation that reached 7.1 per cent in November 2023.

The central bank has signaled that it is done with hiking rates for now, and that it will monitor the evolution of inflation and economic activity.

Some market participants and economists expect the Bank of Canada to cut rates more aggressively than Deloitte Canada, with some predicting a 150-basis-point reduction by the end of 2024.

Deloitte Canada chief economist Dawn Desjardins said that the Bank of Canada will act cautiously and only cut rates when it is confident that inflation will return to its 2 per cent target.

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