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Canada’s economic growth projected to be about 1% in the first half of 2024
Canada is a country with a thriving Jewish community and has traditionally offered the security of a strong economy for residents. The national economic outlook is naturally something that everyone in Canada’s Jewish community keeps track of – especially those involved in business in the various provinces.
With this in mind, the July 2023 Monetary Policy Report from the Bank of Canada made for interesting reading, projecting a moderate economic growth figure of around 1% for the first half of 2024. This is in line with growth figures that had been forecast for the second half of 2023, and sees the country’s economy remain on a stable footing.
Steady projected growth for first half of 2024
Although projected economic growth of around 1% in early 2024 is not as impressive as figures of around 3.4% in 2022 and 1.8% in 2023, it is certainly no cause for alarm. But what might be behind it?
Higher interest rates are one major factor to consider and have had a negative impact on household spending nationally. This has effectively seen people with less spending power and businesses in Canada generating less revenue as a result.
Interest rate rises have also hit business investments nationally, and less money is being channelled into this area to fuel Canada’s economic growth. When you also factor in how the weak foreign demand for Canadian goods and services has hit export growth lately, the projected GDP growth figure for early 2024 is understandable.
Growth in second half of 2024 expected
Although the above may make for interesting reading for early 2024, the Bank of Canada’s report does show that economic growth is expected to pick up in the second half of the year. This is projected to be due to the decreasing effect of high interest rates on the Canadian economy and a stronger foreign demand for the country’s exports.
Moving forward from this period, it is predicted that inflation will remain at around 3% as we head into 2025, and hit the Bank of Canada’s inflation target of 2% come the middle of 2025. All of this should help the country’s financial status remain stable and prove encouraging for business leaders in the Jewish community.
Canada’s economic growth mirrors iGaming’s rise
When you take a look at the previous growth figures Canada has seen and also consider the growth predicted for 2024 (especially in the second half of the year), it is clear that the country has a vibrant, thriving economy.
This economic growth is something that can be compared with iGaming’s recent rise as an industry around the country. In the same way as Canada has steadily built a strong economy over time, iGaming has transformed itself into a powerful, flourishing sector.
This becomes even clearer when you consider that Canadian iGaming has been a major contributor to the sustained growth seen in the country’s arts, entertainment and recreation industry, which rose by around 1.9% in Q2 of 2023. The healthy state of online casino play in Canada is also evidenced by how many customers the most popular casino platforms attract and how the user experience these operators offer has enabled iGaming in the country to take off.
This, of course, is also something that translates to the world stage, where global iGaming revenues in 2023 hit an estimated $95 billion. iGaming’s global market volume is also pegged to rise to around $130 billion by 2027. These kinds of figures represent a sharp jump for iGaming worldwide and show how the sector is on the ascent.
Future economic outlook for Canada in line with global expectations
When considering the Canadian economic outlook for 2024, it is often useful to look at how this compares with global financial predictions. In addition to the rude health of iGaming in Canada being reflected in global online casino gaming, the positive economic outlook for the country is also broadly in line with expectations for many global economies.
Global growth is also predicted to rise steadily in the second half of 2024 before becoming stronger in 2025. This should be driven by the weakening effects of high interest rates on worldwide economic prosperity. With rate cuts in Canada already expected after Feb 2024’s inflation report, this could happen in the near future.
The performance of the US economy is always of interest in Canada, as this is the country’s biggest trading partner. Positive US Q2 performances in 2023, powered by a strong labor market, good consumer spending levels and robust business investments, were therefore a cause for optimism. As a US economy that continues to grow is something that Canadian businesses welcome, this can only be a healthy sign.
Canada set for further growth in 2024
Local news around Canada can cover many topics but the economy is arguably one of the most popular. A projected GDP growth figure of around 1% for Canada’s economy shows that the financial state of the country is heading in the right direction. An improved financial outlook heading into the latter half of 2024/2025 would make for even better reading, and the national economy should become even stronger.
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Trump Cancels Envoys’ Pakistan Trip, in Blow to Hopes for Iran War Breakthrough
US President Donald Trump speaks on the day he honors reigning Major League Soccer (MLS) champion Inter Miami CF players and team officials with an event in the East Room of the White House in Washington, DC, US, March 5, 2026. Photo: REUTERS/Jonathan Ernst
President Donald Trump canceled a trip by two US envoys to Iran war mediator Pakistan on Saturday, dealing a new setback to peace prospects after Iran’s foreign minister departed Islamabad after speaking only to Pakistani officials.
While peace talks failed to materialize Saturday, Israeli Prime Minister Benjamin Netanyahu ordered his troops to “forcefully” attack Hezbollah targets in Lebanon, his office said, further testing a three-week ceasefire.
Trump told reporters in Florida that he decided to call off the planned visit by US envoys Steve Witkoff and Jared Kushner because the talks in Islamabad involved too much travel and expense, and Iran’s latest peace offer was not good enough for him.
Before boarding Air Force One on Saturday for a return flight to Washington, Trump said Iran had improved an offer to resolve the conflict after he canceled the visit, “but not enough.”
In a social media post, Trump also wrote there was “tremendous infighting and confusion” within Iran’s leadership.
“Nobody knows who is in charge, including them. Also, we have all the cards, they have none! If they want to talk, all they have to do is call!!!” he posted on Truth Social.
Iranian Foreign Minister Abbas Araqchi earlier left the Pakistani capital without any sign of a breakthrough in talks with Pakistani Prime Minister Shehbaz Sharif and other senior officials.
Araqchi later described his visit to Pakistan as “very fruitful,” adding in a social media post that he had “shared Iran’s position concerning (a) workable framework to permanently end the war on Iran. Have yet to see if the U.S. is truly serious about diplomacy”.
Iranian media reported that Araqchi had flown to Oman’s capital Muscat, saying he will meet with senior officials to “discuss and exchange views on bilateral relations and regional developments”.
Sharif wrote in a post on X that he spoke with Iranian President Masoud Pezeshkian about the regional security situation and told him that Pakistan was committed to serving “as an honest and sincere facilitator — working tirelessly to advance durable peace and lasting stability.”
Tehran has ruled out a new round of direct talks with the United States and an Iranian diplomatic source said his country would not accept Washington’s “maximalist demands.”
IRAN AND US AT AN IMPASSE
Washington and Tehran are at an impasse as Iran has largely closed the Strait of Hormuz, which normally carries one-fifth of global oil and liquefied natural gas shipments, while the US blocks Iran’s oil exports.
The conflict, in which a ceasefire is in force, began with US-Israeli airstrikes on Iran on February 28. Iran has since carried out strikes against Israel, US bases and Gulf states, and the war has pushed up energy prices to multi-year highs, stoking inflation and darkening global growth prospects.
Araqchi “explained our country’s principled positions regarding the latest developments related to the ceasefire and the complete end of the imposed war against Iran,” said a statement on the minister’s official Telegram account.
Asked about Tehran’s reservations over US positions in the talks, an Iranian diplomatic source in Islamabad told Reuters: “Principally, Iranian side will not accept maximalist demands.”
White House press secretary Karoline Leavitt had said the US had seen some progress from the Iranian side in recent days and hoped more would come over the weekend, while Vice President JD Vance was ready to travel to Pakistan as well.
Vance led a first round of unsuccessful talks with Iran in Islamabad earlier this month.
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Hezbollah Says Ceasefire ‘Meaningless’ as Fighting Continues in South
Israeli military vehicles and soldiers in a village in southern Lebanon as the Israeli army operates in it as seen from the Israeli side of the border, April 23, 2026. Photo: REUTERS/Ayal Margolin
Lebanon’s Hezbollah said a US-mediated ceasefire in the war with Israel was meaningless a day after it was extended for three weeks, as Lebanese authorities reported two people killed by an Israeli strike and Hezbollah downed an Israeli drone.
US President Donald Trump announced the three-week extension on Thursday after hosting Israeli and Lebanese ambassadors at the White House. The ceasefire agreement between the governments of Lebanon and Israel had been due to expire on Sunday.
While the ceasefire has led to a significant reduction in hostilities, Israel and Iran-backed Hezbollah have continued to trade blows in southern Lebanon, where Israel has kept soldiers in a self-declared “buffer zone.”
Responding to the extension, Hezbollah lawmaker Ali Fayyad said “it is essential to point out that the ceasefire is meaningless in light of Israel’s insistence on hostile acts, including assassinations, shelling, and gunfire” and its demolition of villages and towns in the south.
“Every Israeli attack… gives the resistance the right to a proportionate response,” he added.
Hezbollah is not a party to the ceasefire agreement, and has strongly objected to Lebanon’s face-to-face contacts with Israel.
BUFFER ZONE
The April 16 agreement does not require Israeli troops to withdraw from the belt of southern Lebanon seized during the war. The zone extends 5 to 10 km (3 to 6 miles) into Lebanon.
Israel says the buffer zone aims to protect northern Israel from attacks by Hezbollah, which fired hundreds of rockets at Israel during the war.
Hostilities between Hezbollah and Israel reignited on March 2, when the group opened fire in support of Iran in the regional war. The ceasefire in Lebanon emerged separately from Washington’s efforts to resolve its conflict with Tehran, though Iran had called for Lebanon to be included in any broader truce.
Nearly 2,500 people have been killed in Lebanon since March 2, the Lebanese health ministry says.
ISRAELI MILITARY WARNS RESIDENTS TO LEAVE TOWN
Lebanon’s health ministry said an Israeli airstrike killed two people in the southern village of Touline on Friday.
Hezbollah shot down an Israeli drone, the group and the Israeli military said. Hezbollah identified it as a Hermes 450 and said it had downed it with a surface-to-air missile.
An Israeli drone was heard circling above Beirut throughout the day on Friday, Reuters reporters said.
The Israeli military warned residents of the southern town of Deir Aames to leave their homes immediately, saying it planned to act against “Hezbollah activities” there.
Deir Aames is located north of the area occupied by Israeli forces, and it was the first time Israel had issued such a warning since the ceasefire came into force on April 16. Posted on social media, the Israeli warning gave no details of the activities it said Hezbollah was conducting in the town.
The Israeli military also said it had intercepted a drone prior to its crossing into Israeli territory, and that sirens were sounded in line with protocol.
WAR-WEARY RESIDENTS SEEK END TO FIGHTING
The continued fighting has angered war-weary Lebanese, who say they want to see a genuine ceasefire put a full halt to violence.
“What’s this? Is this called a ceasefire? Or is this mocking (people’s) intelligence?” said Naem Saleh, a 73-year-old owner of a newsstand in Beirut.
Residents of northern Israel had mostly returned to daily life, but expressed pessimism about the longevity of the ceasefire with Lebanon.
“I believe that the ceasefire is so fragile, and unfortunately it won’t stand long, in my opinion,” said Eliad Eini, a resident of Nahariya, which lies just 10 km (6 miles) from the border with Lebanon.
On Wednesday, Israeli strikes killed at least five people in the south, including a journalist.
Israel’s Ambassador to Washington Yechiel Leiter, in his opening remarks at Thursday’s talks, said “Lebanon should acknowledge the temporary presence of the IDF (Israel Defense Forces) and the right of Israel to defend itself from a hostile force that is firing on the population.”
Lebanon’s Ambassador to the United States Nada Moawad, in a written statement sent to Reuters, called for the ceasefire to be fully respected and said it would allow the necessary conditions for meaningful negotiations.
Lebanon has said it aims to secure the full withdrawal of Israeli troops from its territory in broader talks with Israel at a later stage.
Trump said on Thursday that he looked forward to hosting Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun in the near future, and said there was “a great chance” the two countries would reach a peace agreement this year.
Hezbollah attacks killed two civilians in Israel after March 2, while 15 Israeli soldiers have died in Lebanon since then, Israel says.
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Only Five Ships Pass Through Strait of Hormuz in 24 hours
FILE PHOTO: A map showing the Strait of Hormuz is seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
Only five ships, including one Iranian oil products tanker, have passed through the Strait of Hormuz in the past 24 hours, Friday shipping data showed, after Iran seized two container ships this week and the US continues to blockade Iranian ports.
Shipping traffic passing through the crucial waterway at the entrance to the Gulf during an uneasy ceasefire between Washington and Tehran represents a fraction of the average 140 daily passages before the Iran war began on February 28.
“For most shipping companies, they will need a stable ceasefire and assurances from both sides of the conflict that the Strait of Hormuz is safe to transit,” said Jakob Larsen, chief safety and security officer at shipping association BIMCO.
“In the meantime, shipping will be restricted to using routes close to Iran and Oman. Due to their confined nature, these routes cannot safely accommodate the normal volumes of shipping through the Strait of Hormuz,” Larsen added.
The Iranian-flagged oil products tanker Niki, which is subject to US sanctions, was among the few vessels that sailed out of the strait with no destination listed, Kpler analysis and tracking data on the MarineTraffic platform showed on Friday.
It was unclear what would happen if it continued to sail further east towards the blockade line imposed by the US Navy.
Nearly two months after the US and Israel launched strikes on Iran, there is little sign of peace talks resuming.
Container shipping group Hapag-Lloyd said on Friday that one of its ships has crossed the strait but did not provide any information on the circumstances or timing.
The Comoros-flagged supertanker Helga arrived at an offshore oil loading terminal in Iraq’s southern Basra port on Friday, the second vessel to reach Iraq since the strait’s closure.
Iran’s use of a swarm of small, fast boats to seize two container ships near the strait on Wednesday has heightened concerns among many shipping and oil companies.
“The latest seizures make clear, even an ‘open’ Strait of Hormuz is not a safe Strait of Hormuz for seafarers, ships and cargo,” Peter Sand, chief analyst with ocean and air freight intelligence platform Xeneta, said in a note.
Between April 22 and early April 23, seven vessels transited the strait, six of which were involved in Iran-related trade, analysis from Lloyd’s List Intelligence showed.
The closure of the strait has disrupted a fifth of the world’s oil and liquefied natural gas (LNG) supplies and triggered a global energy crisis.
Hundreds of ships and 20,000 seafarers remained stranded inside the Gulf with war risk insurers and oil companies watching for any sign that the risks may have eased so they can prepare to sail through.
