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Europe Scorched by Record Heatwave: France and Italy Take Emergency Measures

As a blistering heatwave tightens its grip on Europe, countries are scrambling to protect citizens from soaring temperatures and mounting health risks. France has shuttered over 1,350 schools  and closed the top floor of the Eiffel Tower as temperatures surged past 40°C (104°F)  in several regions. Sixteen French departments are now under the highest heat alert, with authorities urging people to stay hydrated and indoors during peak hours. Meanwhile, Italy has imposed restrictions on outdoor work , particularly in agriculture and construction, during the hottest parts of the day. Cities like Rome, Milan, and Venice are under red alerts, with hospitals reporting a spike in heat-related illnesses. The Mediterranean Sea has also hit record highs, with waters in Spain’s Balearic Sea reaching 30°C , up to 6 degrees above average. Scientists warn that Europe—already warming at twice the global average —is facing increasingly frequent and intense heatwaves due to climate change. New ...
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Economists Predict Further Decline for the Canadian Dollar in 2025


As 2024 draws to a close, economists are sounding the alarm about the Canadian dollar, commonly known as the loonie, which could see further declines in 2025. The loonie has already dropped below 70 cents US, reaching its lowest level since March 2020. This downward trend is driven by several factors, including political uncertainty, economic divergence between Canada and the United States, and interest rate differentials.

Karl Schamotta, chief market strategist at Corpay, predicts a turbulent period ahead for the Canadian dollar. He attributes the loonie's weakness to the outperforming U.S. economy, which is attracting more investments south of the border. Additionally, the Bank of Canada's aggressive interest rate cuts to support the domestic economy have made the Canadian dollar less attractive to global investors.

The upcoming U.S. presidential term under Donald Trump adds another layer of uncertainty. Trump's proposed tariffs on Canadian imports could further weaken the loonie if implemented. However, there is a possibility of a modest rebound later in 2025 as the Bank of Canada's rate cuts may renew activity in the Canadian housing market and consumer spending.

While a weaker loonie can benefit Canadian exporters by making their goods cheaper abroad, it also increases the cost of imports and travel for Canadians. The balance between these factors will be crucial in determining the loonie's performance in the coming year.

Economists advise caution and suggest that businesses and consumers brace for potential volatility in the currency markets. The coming months will be critical in shaping the loonie's trajectory, and only time will tell if the Canadian dollar can regain its strength.


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