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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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S&P 500 Breaks 5,000 Barrier as US Stocks Rally

US stocks continued their upward momentum on Friday, as the S&P 500 index closed above the 5,000 mark for the first time in history. The benchmark index gained 0.57% to end at 5,026.61, boosted by strong earnings from tech giants such as Amazon and Meta. The Nasdaq 100 also hit a new record high, rising 1.25% to 15,990.66.

The rally came amid signs of a cooling inflationary pressure and a robust economic recovery in the US. The latest data showed that the consumer price index (CPI) rose 3.9% year-over-year in January, down from 4.1% in December and below market expectations. The core CPI, which excludes food and energy, also eased to 3.6% from 3.8% over the same period.

The Fed has been closely monitoring the inflation situation, as it prepares to start tapering its massive bond-buying program and eventually raise interest rates. The central bank has signaled that it could hike rates as soon as March, depending on the economic data and the pandemic situation. However, some Fed officials have also expressed caution about tightening too quickly, given the uncertainty and risks posed by the Omicron variant and the supply chain disruptions.

Investors will be looking for more clues on the Fed’s policy outlook this week, as several Fed speakers are scheduled to appear, including Chair Jerome Powell, who will deliver his semi-annual testimony to Congress on Tuesday and Wednesday. The market will also pay attention to the retail sales and industrial production data for January, as well as the minutes of the Fed’s latest meeting.

Meanwhile, the earnings season is still in full swing, with more than 300 companies set to report their quarterly results this week. Some of the notable names include John Deere, Coca-Cola, Airbnb, Kraft Heinz, Walmart, and Nvidia. So far, about 80% of the S&P 500 companies that have reported have beaten analysts’ estimates, according to FactSet.

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