Skip to main content

Featured

Ottawa Wants to Raise Your Deposit Insurance to $250,000: What Changes (and What Doesn’t)

  For more than 20 years, the federal guarantee on your savings has been stuck at $100,000. In Thursday's budget, Ottawa proposed to raise it to $250,000. Here is what would change, what wouldn't, and why you shouldn't move a dollar yet. Today (unchanged since 2005) $100,000 per deposit category Proposed in Budget 2026 $250,000 per deposit category What Budget 2026 actually proposes The Canada Deposit Insurance Corporation (CDIC) protects your deposits if a member bank fails. The budget proposes amendments to the CDIC Act that would do four things: Raise the limit from $100,000 to $250,000 per deposit category, the first increase in more than two decades. Remove the limit entirely for eligible deposits held in registered and tax-free accounts. Today, the limit is $100,000 per account type at each institution. Add temporary high-balance coverage for life events such as selling a home. Require a review of the deposit insurance framework every 10 years. It isn't law yet. ...
Post a Comment
Read more

article

Labels

Ship Attacked by Yemen’s Houthi Rebels Sinks in Red Sea: First Vessel Lost in Conflict

 

On Saturday, March 2, 2024, the Belize-flagged ship Rubymar met a tragic fate in the Red Sea. After days of battling the relentless onslaught of water, it succumbed to its watery grave, becoming the first vessel fully destroyed in the ongoing conflict.

The Rubymar had been drifting northward, a mere shadow of its former self, after being struck by a Houthi anti-ship ballistic missile on February 18. The attack occurred in the Bab el-Mandeb Strait, a crucial waterway that links the Red Sea and the Gulf of Aden. Yemen’s internationally recognized government, along with a regional military official, confirmed the ship’s tragic fate.

The sinking of the Rubymar reverberates far beyond its steel hull. As ships navigate the Red Sea, a vital artery for cargo and energy shipments between Asia, the Middle East, and Europe, the Houthi attacks have already disrupted maritime traffic. Many vessels have rerouted to avoid the danger zone. Now, with the Rubymar’s demise, further detours and higher insurance rates may plague the waterway, potentially impacting global inflation and aid shipments to the region.

The Rubymar carried a cargo of fertilizer, and fuel leaked from its battered frame. The U.S. military’s Central Command had previously warned that this combination could cause ecological damage to the Red Sea. Yemen’s exiled government, backed by a Saudi-led coalition since 2015, lamented the ship’s sinking as an “unprecedented environmental disaster.” Prime Minister Ahmed Awad Bin Mubarak expressed his anguish, stating, “It’s a new disaster for our country and our people.”

Curiously, the Iran-backed Houthis, who had initially claimed the ship sank almost instantly after the attack, remained silent about the Rubymar’s final plunge. Their lack of acknowledgment adds to the mystery surrounding this maritime tragedy.

The Rubymar’s fate serves as a stark reminder of the human and environmental toll exacted by conflict. As the waves close over its wreckage, the Red Sea bears witness to yet another chapter in a long and troubled history.

Labels:

Comments

Post a Comment