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Rent, mortgage interest helped drive inflation higher in April: Statistics Canada

Published Tue, 25 Feb 2025 18:08:41 GMT

OTTAWA — The first increase in annual inflation since its June 2022 peak was driven in part by higher mortgage interest costs and higher rent prices, Statistics Canada said Tuesday. Mortgage interest costs were up 28.5 per cent in April compared with a year ago as a result of the Bank of Canada raising interest rates at a breakneck pace over the past year. That’s up from 26.4 per cent in March and 23.9 per cent in February. Meanwhile, inflation for rent was 6.1 per cent year over year, up from 5.3 per cent in April. That’s despite overall shelter costs rising at a slower pace in April, at 4.9 per cent. The year-over-year increase in the homeowners’ replacement cost index also slowed for the 12th consecutive month, which Statistics Canada says reflects a general cooling of the housing market. A report by RBC Economics says shelter was the largest contributor to headline inflation in April, accounting for a third of the growth. The central bank’s interest-rate hikes ...

Man wanted for daytime sexual assault near Scarborough Bluffs trail

Published Tue, 25 Feb 2025 18:08:41 GMT

Toronto police are hoping to identify a man involved in a verbal altercation and subsequent sexual assault of a woman in Scarborough.Authorities said a woman was walking on the trails at the south end of Chine Drive near the Scarborough Bluffs just before 1:30 p.m. on Sunday, May 14.It’s alleged that a man emerged from the brush, had a verbal interaction with the woman, and then sexually assaulted her. The man was last seen running toward Brimley Road.Police said a day later, around 10:30 a.m., another woman was talking on the same trail when the same male suspect approached her and had a verbal interaction.The verbal interaction made the woman uncomfortable, and police said she fled the area.The man is described as 20-30s, white, with medium-length black hair, and unshaven. He was last seen wearing ripped light-coloured blue jeans and a red plaid shirt.

Rain-swollen rivers flood some towns in north Italy; Venice prepares to raise mobile dike in lagoon

Published Tue, 25 Feb 2025 18:08:41 GMT

ROME (AP) — Rivers swollen by days of downpours flooded some towns in northern Italy on Tuesday, while in Venice, authorities were preparing to activate a mobile barrier in the lagoon in hopes of sparing the city from high-tide flooding, which would be rare in May. In the tourist town of Ravenna in northeast Italy, authorities urged residents to move to upper stories of buildings to ride out the storm. In Riccione, a beach town on the Adriatic Sea, the mayor warned people to stay home as some took to rubber dinghies to navigate streets. In Venice, the barrier system, known by its acronym MOSES, and recalling the Biblical account of the Red Sea parting, will be lifted Tuesday night for the first time ever in May. It is nearly 20 years to the day when construction on the project, which is still not officially completed, began.Firefighters in Riccione, in the northern region of Emilia-Romagna, were deployed to rescue people from flooded homes and businesses. By Tuesday afternoon, firef...

Apple Music – Top Podcasts

Published Tue, 25 Feb 2025 18:08:41 GMT

Top New Shows (US):1. Pod Save the UK, Crooked Media2. The Official Love & Death Podcast, HBO Max3. Rise N’ Crime, OH NO MEDIA4. Drama, Darling with Amy Phillips, Amy Phillips5. Childproof, Betches6. Codependents, Ciara Miller & Mya Allen7. Believe in Magic, BBC Podcasts8. Turtle Time with Ramona & Avery, PodcastOne9. Over 50 & Flourishing with Dominique Sachse, Dominique Sachse & Studio7110. You Need to Hear This with Nedra Tawwab, iHeartPodcastsThe Associated Press

Alta. oilpatch once again shuts in some production as wildfires rage

Published Tue, 25 Feb 2025 18:08:41 GMT

CALGARY — Some oil and gas companies in Alberta are once again shutting in production as hot and dry conditions exacerbate the wildfire situation in the energy-producing province.Last week some companies in the affected areas were able to restart operations as cooler temperatures and rainfall brought relief in some areas of the province. But the situation this week has worsened due to shifting winds and hotter temperatures.Crescent Point Energy Corp. says it has once again shut in its entire 45,000 barrels of oil equivalent per day of production in the Kaybob Duvernay area, after previously reactivating a portion of this production last week.The company says no damage to its assets has been reported.There are currently 87 active wildfires in Alberta, 24 of which are out of control.This report by The Canadian Press was first published May 16, 2023.Companies in this story: (TSX:CPG)The Canadian Press

Stock market today: Wall Street dips as energy stocks, Home Depot weigh

Published Tue, 25 Feb 2025 18:08:41 GMT

NEW YORK (AP) — Stocks are ticking lower Tuesday after Home Depot warned of flagging sales, the latest discouraging signal for an economy under pressure.The S&P 500 was 0.3% lower in midday trading. The Dow Jones Industrial Average was down 207 points, or 0.6%, at 33,137, as of 11:15 a.m. Eastern time, while the Nasdaq composite was 0.1% higher.Energy producers were some of the heaviest weights on the market as Exxon Mobil dropped 2.6% and Chevron fell 2.2%. Home Depot was also down 1.3% after it said its revenue fell by more in the latest quarter than expected. It described broad-based pressures across its business following years of big growth, and it cut its forecast for sales this fiscal year given all the uncertainty going forward. The dour report helped cause other retailers to fall, including a 1.4% drop for Lowe’s. Other big retailers are scheduled to report their results later this week, including Target and Walmart.They’re under the microscope because resilient s...

S&P/TSX composite down more than 200 points in morning trading, U.S. markets mixed

Published Tue, 25 Feb 2025 18:08:41 GMT

TORONTO — Losses in the energy sector helped lead Canada’s main stock index down in late-morning trading on the heels of new data showing inflation ticked higher in April, while U.S. stock markets were mixed.The S&P/TSX composite index was down 212.39 points at 20,327.58.In New York, the Dow Jones industrial average was down 213.75 points at 33,134.85. The S&P 500 index was down 14.19 points at 4,122.09, while the Nasdaq composite was up 13.10 points at 12,378.31.The Canadian dollar traded for 74.31 cents US compared with 74.15 cents US on Monday.The June crude oil contract was down 42 cents at US$70.69 per barrel and the June natural gas contract was up six cents at US$2.44 per mmBTU.The June gold contract was down US$19.50 at US$2,003.20 an ounce and the July copper contract was down eight cents at US$3.67 a pound.This report by The Canadian Press was first published May 16, 2023. Companies in this story: (TSX:GSPTSE, TSX:CADUSD)The Canadian Press

Toronto Marathon founder apologizes to runners for poor race experience

Published Tue, 25 Feb 2025 18:08:41 GMT

The founder of the Toronto Marathon is apologizing to the event’s participants and supporters for the challenges they faced during the race earlier this month.Jay Glassman says event organizers received complaints about inadequate road closures and water stations and about “pandemonium” at the finish line that made it difficult for some participants to collect their medals or food and beverages.Glassman says barriers were knocked down and pushed aside, and some people walked out with cases of water and food, which reduced what was available for other participants.He says race organizers are still investigating what happened during the May 7 event by collecting more information and reviewing finish-area videos.Glassman says the event team sincerely apologizes to those who experienced challenges and will create a plan to avoid such issues, including installing more barriers and additional security.The Toronto Marathon is an annual event held on the first Sunday of Ma...

South Korea soccer player Son Jun-ho detained in China on suspicion of taking bribe

Published Tue, 25 Feb 2025 18:08:41 GMT

BEIJING (AP) — South Korea midfielder Son Jun-ho has been detained in the northeastern Chinese province of Liaoning on suspicion of accepting a bribe, China’s Foreign Ministry said Tuesday. Spokesperson Wang Wenbin said Son was placed in custody “recently” and was under investigation. The South Korean consulate in the provincial capital of Shenyang had been informed of Son’s detention and allowed access to the player as required by international treaty.Son had been playing for the Chinese Super League’s Shandong Taishan, and Hong Kong newspaper South China Morning Post said the bribery allegations concerned suspected match-fixing involving coach Hao Wei.Wang gave no details on the timing or conditions of Son’s detention, but the Post said he was detained at an airport with his family on Friday while preparing to leave the country.Lim Soo-suk, South Korea’s Foreign Ministry spokesperson, said his government was providing Son with “necessary consular assistance” through th...

Vikings finalize Za’Darius Smith trade, sign pair of Minnesota natives

Published Tue, 25 Feb 2025 18:08:41 GMT

Za’Darius Smith is officially no longer a member of the Vikings. The 30-year-old edge rusher passed a physical and the Vikings were able to finalize a trade that has been a long time coming.The announcement came via social media on Tuesday morning with the Vikings sending Smith to the Cleveland Browns in exchange for a fifth-round draft pick in 2024 and a fifth-round pick in 2025. In addition, the Vikings also parted ways with a sixth-round pick in 2025 and a seventh-round pick in 2025.This move will save the Vikings a good amount of money as Smith was set to make a $9.45 million base salary this season while carrying a $15.5 million cap hit. He reportedly has agreed to a restructured deal and it sounds like the Vikings will be picking up some of the money to help facilitate the transaction.As impressive as Smith was at times last season, his productivity plummeted late in the season as he battled through a host of injuries. He had 9 1/2 sacks from Week 1 to Week 10 last seaso...