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Myanmar Earthquake: Death Toll Climbs to 3,145 Amid Ongoing Rescue Efforts

The devastating earthquake that struck Myanmar nearly a week ago has claimed at least 3,145 lives, with search and rescue teams continuing to recover bodies from the rubble. The 7.7 magnitude quake, which had its epicenter near Mandalay, Myanmar's second-largest city, caused widespread destruction, including collapsed buildings, damaged roads, and destroyed bridges.  Humanitarian aid groups are working tirelessly to provide survivors with medical care and shelter, as thousands remain homeless and vulnerable to disease outbreaks. The United Nations estimates that over 17 million people have been affected by the disaster, with more than 9 million severely impacted.  In response to the crisis, Myanmar's military government has declared a temporary ceasefire to facilitate relief efforts. However, ongoing challenges, including communication blackouts and difficult-to-reach areas, have hindered the full assessment of the disaster's impact.  The coming days will be critical in d...
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Markets decline as Fed minutes fail to boost confidence



The stock markets in the U.S. and Canada started the new year with two consecutive sessions of losses, as investors remained cautious about the Federal Reserve’s plans to cut interest rates this year.

The Fed minutes from its December meeting, released on Wednesday, showed that policymakers were increasingly convinced that inflation was under control and that overly restrictive monetary policy could harm the economy. However, the minutes did not provide much clarity on when and how much the Fed would lower rates, disappointing some traders who had hoped for more guidance.

The S&P 500 index fell 0.8%, while the Nasdaq Composite dropped 1.18% and the Dow Jones Industrial Average slid 0.76%. The TSX composite index also ended down 0.3%, extending its pullback from a 19-month high.

Among the sectors, energy was the only bright spot, as oil prices rose sharply due to a disruption at Libya’s top oilfield. Suncor Energy was the top performer on the TSX, gaining 5.9%. On the other hand, materials, consumer discretionary and financials dragged the markets lower, as a stronger U.S. dollar weighed on gold and copper prices and rate-sensitive stocks.

Airline stocks also suffered, as higher oil prices raised concerns about fuel costs. The S&P 1500 passenger airlines index plunged 4%.

Some individual stocks also made headlines, such as First Quantum Minerals, which surged 11% after a report that Barrick Gold was exploring a possible bid for the company. Barrick’s shares, however, fell 2.9%. Citigroup also continued its rally, rising 1.1% to its highest level since mid-August 2022, after a positive analyst report from Wells Fargo.

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