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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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Bank of Canada Cuts Key Interest Rate to 4.5% Amid Economic Concerns

 

The Bank of Canada has reduced its benchmark interest rate by 25 basis points, bringing the overnight rate down to 4.5%. This marks the second consecutive rate cut by the central bank, a move widely anticipated by economists.

The decision comes in response to continued progress in reducing inflation and weakening economic conditions. Canada’s annual inflation rate fell to 2.7% in June, down from a temporary spike in May. The central bank aims to bring inflation closer to its 2% target while addressing the risks of economic slowdown.

Governor Tiff Macklem emphasized that the path to achieving the inflation target will not be straightforward and that future rate cuts will depend on the progression of inflation. The Bank of Canada is carefully monitoring the balance between easing price pressures and persistent inflation in certain sectors, such as housing and services.

The rate cut is expected to provide some relief to borrowers and stimulate economic activity, but it also reflects the central bank’s cautious approach to navigating the current economic landscape.


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