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Australia Strikes $408M Deal with Nauru to Deport Former Detainees Without Visas

                                            Australian government signs deal to deport former detainees to the tiny island country of Nauru. The Australian government has signed a controversial agreement with Nauru to deport former immigration detainees who lack valid visas, in a move that has sparked fierce criticism from refugee and human rights advocates. Under the memorandum of understanding, Australia will pay Nauru an upfront sum of 408 million Australian dollars (about $267 million USD) once the first group arrives, followed by annual payments of 70 million AUD for ongoing resettlement. The deal targets individuals released from detention after a 2023 High Court ruling ended the policy of indefinite detention for people who could not be deported to their home countries due to risks of persecution or harm. Home Affairs Minister Tony Burke said t...
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Canadian Dollar Soars as U.S. Tariffs Are Shelved

 

The Canadian dollar surged to a near five-week high against its U.S. counterpart on Monday as the threat of immediate U.S. trade tariffs diminished. The loonie was trading 1.1% higher at 1.4325 per U.S. dollar, or 69.81 U.S. cents, after touching its strongest intraday level since December 17 at 1.4262.

The relief rally came after newly inaugurated U.S. President Donald Trump announced he would not impose a 25% tariff on imports from Canada and Mexico on his first day in office. Instead, Trump directed federal agencies to evaluate U.S. trade relationships with these countries. This decision alleviated market concerns and boosted investor confidence.

Additionally, a Bank of Canada survey revealed that firms are beginning to anticipate improved economic activity, further supporting the loonie's rise. However, Canadian businesses remain cautious about the potential impact of future U.S. trade policies.

With inflation expectations normalizing, the Bank of Canada may consider lowering interest rates to stimulate economic growth and reduce unemployment.




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