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Powerful Earthquake Strikes Bangladesh, Leaving Casualties

Dhaka residents rushed out of their homes as buildings shook and some makeshift structures collapsed. A strong earthquake shook Bangladesh early Friday, causing widespread panic and damage across several districts. Authorities confirmed that at least five people lost their lives, while around 100 others sustained injuries in the tremor. The quake rattled buildings, forcing residents to rush outdoors in fear. Emergency services quickly mobilized to assist the injured and assess structural damage. Hospitals reported an influx of patients, many suffering from fractures and trauma. Officials are monitoring aftershocks and urging residents to remain cautious. Rescue teams continue to search affected areas, while engineers are evaluating the safety of critical infrastructure. This incident highlights the country’s vulnerability to seismic activity, underscoring the urgent need for improved disaster preparedness and resilient urban planning.
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Canada’s Unemployment Rate Rises, Fueling Speculation of July Rate Cut

 

Canada’s unemployment rate has climbed for the third time in four months, reaching 6.2%. While the country added 26,700 jobs in May, the rising jobless rate has prompted economists to consider the possibility of a rate cut by the Bank of Canada. Here are the key points:

  1. Job Market Trends:

    • Canada’s labor market saw modest growth, but the unemployment rate edged up by 0.1 percentage point.
    • The unemployment rate has risen by 1.1 percentage points since April last year.
    • The involuntary part-time rate increased, signaling potential weakness in the economy.

  2. Bank of Canada’s Stance:

    • Governor Tiff Macklem hinted at further rate cuts if inflation progress continues.
    • The central bank is “not close” to the limit of divergence from the Federal Reserve.
    • Markets have priced in about a 58% chance of another rate cut next month.

  3. Economic Outlook:

    • While there’s evidence supporting lower interest rates, the economy hasn’t plummeted.
    • Expect a gradual pace of interest rate reductions this year, with cuts likely at alternate meetings.

In summary, Canada’s rising unemployment rate has put pressure on the Bank of Canada to consider a rate cut in July. Economists are closely monitoring the situation, and the decision will have implications for the Canadian dollar and bond yields. Stay tuned for further updates as the economic landscape evolves.


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