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Rising Tensions Leave Ships Stranded in Key Oil Passage

Traffic through the Strait of Hormuz ⁠was closed for a fourth day on Tuesday, choking off a key artery accounting for about 20% of global oil and gas supply. Greece’s Minister of Maritime Affairs and Insular Policy, Vassilis Kikilias, has raised urgent concerns over an increasingly alarming situation in the Strait of Hormuz, where dozens of vessels remain stranded amid escalating conflict involving Iran. He emphasized the need to safeguard global shipping and protect seafarers as the strategic waterway—responsible for roughly 20% of global oil and gas flows—remains closed for a fourth consecutive day.  The closure has disrupted international trade routes and heightened anxiety across the maritime sector. Greek authorities have urged shipowners to exercise maximum caution and avoid high‑risk zones in the wider Persian Gulf region as tensions continue to rise. The prolonged shutdown underscores the vulnerability of global supply chains to geopolitical instability and highlights th...
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Canada’s Job Market Gains Momentum as Unemployment Drops to 6.5%

 

In October, Canada gained 66,600 jobs and the unemployment rate dropped 0.2 percentage points to 6.9 per cent. 

Canada’s labour market showed renewed strength in November, with the unemployment rate falling to 6.5% as the economy added 53,000 jobs. This marks a positive shift after months of slower employment growth, suggesting resilience despite global economic uncertainties.

Key Highlights:

  • Unemployment Rate: Down to 6.5%, the lowest in several months.
  • Job Creation: 53,000 new positions added, driven largely by full-time employment.
  • Sector Growth: Gains were seen in professional services, healthcare, and construction, reflecting strong demand across diverse industries.
  • Regional Trends: Ontario and British Columbia led the way in job creation, while some provinces experienced more modest growth.

Economic Context:

Analysts note that the increase in employment could ease concerns about consumer spending and economic slowdown. However, wage pressures and inflation remain challenges for policymakers. The Bank of Canada will likely weigh these labour market improvements when considering future interest rate decisions.

Overall, November’s data signals cautious optimism for Canada’s economy, with more Canadians finding work and unemployment trending downward.


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