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5 Things to Know Today: BoC Hike Odds Near 80%, Oil Tops US$100, Loonie Hits 5-Week High

  Canadian Money Brief  |  Saturday, October 24, 2026 The Bank of Canada is expected to raise rates on Wednesday, oil is back above US$100 and stocks slipped on AI worries. Here are the five things to know this Saturday, and what each one means for your wallet. 1 The Bank of Canada is widely expected to hike on Wednesday Markets are putting roughly an 80% chance on a quarter-point increase at the Bank of Canada’s Oct. 28 decision, which would lift the policy rate from 2.25% to 2.50%. A majority of economists polled by Reuters also expect a second hike by the end of March. The shift followed hawkish comments from Governor Tiff Macklem about a higher inflation outlook driven by oil. What it means for you Every 0.25-point increase adds about $250 a year (roughly $21 a month) for each $100,000 of prime-linked debt, such as a variable-rate mortgage or HELOC. Fixed-rate holders are not hit directly, but renewals are being priced off higher bond yields. Savers may see HISA and...
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Hong Kong Police Target Construction Firm After Deadly Wang Fuk Court Fire

Smoke rises from residential buildings as fires continue to burn at Wang Fuk Court in the Tai Po district of Hong Kong, China, on Thursday, Nov. 27, 2025.

Hong Kong police have raided the offices of a construction company linked to the catastrophic blaze at Wang Fuk Court in Tai Po, which has become the city’s deadliest fire in decades. The inferno, which erupted on November 26, tore through multiple high-rise towers, killing at least 55 people and leaving nearly 300 residents missing.

Authorities revealed that the company under investigation had been conducting maintenance work at the housing estate, including the installation of bamboo scaffolding and foam materials that may have accelerated the spread of the flames. Police have already arrested three men on suspicion of manslaughter, citing gross negligence in the use of unsafe construction materials.

The fire, which engulfed seven of the estate’s eight towers, displaced thousands of residents and overwhelmed emergency services. Survivors described chaotic evacuations, with many trapped on upper floors as thick smoke and intense heat blocked escape routes.

Hong Kong’s Chief Executive John Lee announced a HK$300 million relief fund to support victims and pledged a full investigation into construction safety standards across the city. Officials are also considering phasing out bamboo scaffolding in favor of metal alternatives to prevent similar tragedies.

The raid marks a critical step in holding those responsible accountable, as public anger mounts over the scale of the disaster and the apparent negligence that contributed to its deadly toll.

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