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Gulf on Edge as UAE Oil Hub Blaze Fuels Iran–US Tensions

  Smoke rises in the Fujairah oil industry zone, caused by debris after interception of a drone by air defences. A surge in regional tensions has followed a major fire at a UAE oil hub, sparked by debris from intercepted drones, as Iran vows retaliation for a recent U.S. strike on its Kharg Island oil facilities. The incident has intensified fears of broader conflict across the Gulf, with Iran warning that parts of the UAE could be considered legitimate targets.  A significant fire erupted at a major oil hub in Fujairah, United Arab Emirates, after debris from intercepted drones fell onto the facility, disrupting operations and sending plumes of smoke across the region. The blaze occurred amid escalating hostilities following a U.S. strike on Iran’s Kharg Island—Tehran’s primary oil export terminal. Iran responded with sharp warnings, declaring that U.S. “hideouts” within the UAE could be targeted as legitimate military sites. The threat came as Iran continued missile and d...
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Canada's Unemployment Rate Hits 6.8% in November: Highest Since January 2017

Canada's unemployment rate surged to 6.8% in November, reaching its highest level since January 2017, excluding the COVID-19 pandemic period. This increase comes despite the addition of 51,000 jobs during the month.

Statistics Canada's November labour force survey revealed that the rise in unemployment was driven by a growing number of people entering the job market, which outpaced job creation. The labour force participation rate increased by 0.3 percentage points.

Economists are closely watching these developments as the Bank of Canada prepares for its upcoming interest rate decision. With high interest rates cooling the labour market over the past year, many unemployed Canadians have faced longer periods without work.

The report also highlighted that 46.3% of unemployed Canadians in November had not worked in the last year or had never worked, up from 39.5% a year ago. Meanwhile, average hourly wages were up 4.1% from a year ago, marking a slowdown in annual wage growth.

As the country grapples with these economic challenges, the Bank of Canada's decision on interest rates will be crucial in shaping the future of the job market.



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