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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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Hezbollah Pays Steep Price in Battle to Reverse Its Fortunes
Workers remove a coffin with a body from temporary graves and prepare for transport for a funeral ceremony of four Hezbollah fighters and two civilians, amid a temporary ceasefire between Lebanon and Israel, in Tyre, southern Lebanon, April 26, 2026. Photo: REUTERS/Marko Djurica/File Photo
Hezbollah has paid a heavy price for going to war with Israel on March 2: Israel has occupied a chunk of southern Lebanon, displaced hundreds of thousands of its Shi’ite Muslim constituents and killed as many as several thousand of its fighters, according to previously unreported casualty estimates from within the group.
The move has brought severe political consequences, too. In Beirut, opposition has hardened to its status as an armed group, which domestic rivals see as exposing Lebanon to repeated wars with Israel.
In April, Lebanon’s government held face-to-face talks with Israel for the first time in decades, a decision Hezbollah firmly opposed.
However, more than a dozen Hezbollah officials told Reuters they see a chance to reverse deteriorating fortunes by aligning with Tehran in its war with Israel and the United States. The group, founded by Iran’s Islamic Revolutionary Guard Corps in 1982, opened fire two days into the conflict, which began with U.S. and Israeli strikes on Iran on February 28.
The group’s calculations are based on the assessment that its participation would force Lebanon onto the agenda of U.S.-Iranian negotiations, and that Iranian pressure can secure a more robust ceasefire than one that took effect in November 2024 following a conflict sparked by the war in Gaza, the officials said.
Hezbollah was mauled in the last war, which killed its leader, Hassan Nasrallah, along with some 5,000 fighters, and weakened its long-dominant hold over the Lebanese state.
Rearmed with Iranian help, it has used new tactics and drones, surprising many with its capabilities after a fragile 15-month truce during which Hezbollah held fire, even as Israel continued to kill its members.
Hezbollah lawmaker Ibrahim al-Moussawi denied the group was acting on Iran’s behalf when it resumed hostilities, as alleged by opponents. He told Reuters Hezbollah saw a window to “break this vicious cycle … where the Israelis can target, assassinate, bombard, kill, without any revenge.”
He acknowledged losses and damage in southern Lebanon but said “you don’t go into making calculations of how many are going to be killed” when “pride and sovereignty and independence” are at stake.
Hezbollah’s media office said the figure of several thousand fighters killed in the present war was false.
While a US-mediated ceasefire that took effect on April 16 has led to a significant reduction in hostilities, Israel and Hezbollah have continued to trade blows in the south, where Israel maintains troops in a self-declared “buffer zone.”
Yezid Sayigh, a senior fellow at the Carnegie Middle East Center in Beirut, said Hezbollah had “shown more resilience than many thought possible, but that was not a strategic gain in itself.”
“The only thing that will contain Israel is a comprehensive US-Iran deal,” he said. “Without a deal, there’s going to be a lot of pain for everyone. At best, a hurting stalemate.”
GRAVES FRESHLY DUG, AND QUICKLY FILLED
More than 2,600 people have been killed since March 2, around a fifth of them women, children and medics, Lebanon’s health ministry has reported. Its toll does not distinguish between civilians and combatants.
Three sources, two of them Hezbollah officials, said the ministry’s figures do not include many of the group’s casualties. They said several thousand Hezbollah fighters have been killed, though the group does not have the full picture yet.
In a statement to Reuters, Hezbollah’s media office denied the figures cited by the sources, and that the numbers published by Lebanon’s health ministry included its members killed in Israeli strikes.
One source, a Hezbollah commander, said scores of fighters had gone to the frontline towns of Bint Jbeil and Khiyam intending to fight to the death. Their bodies have yet to be recovered.
In the Hezbollah-controlled southern suburbs of Beirut, more than two dozen freshly dug graves were quickly filled with fighters’ bodies in the days after the ceasefire took hold. Simple marble tombstones identify some as commanders, others as fighters.
In one southern village alone, Yater, the council recorded the deaths of 34 Hezbollah fighters.
Lebanon’s Shi’ite Muslim community has borne the brunt of Israel’s attacks, forced to flee into Christian, Druze and other areas, where many blame Hezbollah for starting the war.
Israel has been entrenching its hold over a security zone stretching as far as 10 km (6 miles) into Lebanon and demolishing villages, saying it aims to shield northern Israel from attacks by Hezbollah militants embedded in civilian areas.
An Israeli government official said Hezbollah had abrogated the November 2024 ceasefire by firing on Israeli citizens on March 2. The threat to northern Israel would be eradicated, the official said, adding thousands of Hezbollah militants had been killed, and Israel was steadily destroying the group’s infrastructure.
The Israeli military says Hezbollah has fired hundreds of rockets and drones at Israel since March 2. Israel has announced 17 soldiers killed in southern Lebanon, along with two civilians in northern Israel.
Citing ongoing Israeli strikes, Hezbollah has called the April ceasefire meaningless and continued to attack.
IRAN ‘WILL NOT SELL’ THEIR FRIENDS
A diplomat who has contact with Hezbollah described its decision to enter the war as a big gamble and a survival strategy, saying it felt it needed to be part of the problem so it could be part of an eventual regional solution.
It has yet to be seen if the gamble will pay off.
Tehran has demanded that Israel’s campaign against Hezbollah be included in any deal on the wider war. But US President Donald Trump said last month that any deal Washington reaches with Tehran “is in no way subject to Lebanon.”
A spokesperson for Pakistan’s Foreign Ministry, Tahir Andrabi, referred Reuters to an April 16 statement in which he said peace in Lebanon was essential to the talks it is mediating between the U.S. and Iran.
A Western official said they saw a possibility the US and Iran might eventually reach a settlement that does not address the war in Lebanon.
Asked about this, the US State Department, Iran’s mission to the United Nations in Geneva and Lebanon’s government did not immediately comment.
Hezbollah’s Moussawi said a ceasefire in Lebanon continues to be a top priority for Iran, adding Tehran shares Lebanon’s objectives, including that Israel halt attacks and withdraw from Lebanon. Hezbollah has “full trust in Iran – that the Iranians will not sell their own friends”, he said.
The State Department referred Reuters to an April 27 interview Secretary of State Marco Rubio did with Fox News, in which he said Israel had a right to defend itself against Hezbollah’s attacks, and that he didn’t think Israel wanted to maintain its buffer zone in Lebanon indefinitely.
The United States has urged Israel “to make sure their responses are proportional and targeted,” he said.
When the April 16 ceasefire was announced, Israeli Prime Minister Benjamin Netanyahu said Hezbollah’s disarmament would be a fundamental demand in peace talks with Lebanon.
Hezbollah has ruled out disarmament, saying the matter of its weapons is a topic for a national dialogue. Any move by Lebanon to disarm the group by force would risk igniting conflict in a country shattered by civil war from 1975 to 1990.
Lebanon’s President Joseph Aoun and Prime Minister Nawaf Salam have sought Hezbollah’s peaceful disarmament since last year. On March 2, the government banned the group’s military activities.
Hezbollah has demanded the government cancel that decision and end its direct talks with Israel.
Lebanese officials have told Reuters they believe direct talks with Israel under the auspices of the US are the best way to secure a lasting ceasefire and the withdrawal of Israeli troops, as only Washington has enough leverage with Israel to achieve those aims.
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US President Trump Tells Israeli Media: ‘I Studied Iran’s New Proposal, It Is Not Acceptable to Me’
US President Donald Trump arrives to award the medal of honor to Master Sgt. Roderick ‘Roddie’ W. Edmonds, Staff Sgt. Michael H. Ollis, and retired Command Sgt. Maj. Terry P. Richardson during a ceremony in the East Room of the White House in Washington, DC, USA, 02 March 2026.
US President Donald Trump said he has reviewed Iran’s latest proposal and described it as “unacceptable” in an interview with Israeli broadcaster Kan News on Sunday. Trump added that ongoing efforts related to the conflict are “progressing very well,” without providing further details. He also renewed his call for clemency for Israeli Prime Minister Benjamin Netanyahu, arguing that Israel needs a leader focused on wartime priorities rather than legal matters.
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Israel Court Extends Detention of Gaza Flotilla Activists
Activist Saif Abu Keshek, a member of the Global Sumud Flotilla detained by Israel, sits at a magistrate’s court for a detention extension hearing in Ashkelon, southern Israel, May 3, 2026. REUTERS/Amir Cohen
An Israeli court has extended by two days the detention of two activists arrested aboard a Gaza-bound flotilla that was intercepted by Israeli forces in international waters near Greece, their lawyer said on Sunday.
Saif Abu Keshek, a Spanish national, and Brazilian Thiago Avila were detained by Israeli authorities late on Wednesday and brought to Israel, while more than 100 other pro-Palestinian activists aboard the boats were taken to the Greek island of Crete.
A court spokesperson confirmed that their remand had been extended until May 5.
The governments of Spain and Brazil issued a joint statement on Friday calling their detention illegal.
The activists were part of a second Global Sumud flotilla, launched in an attempt to break Israel’s blockade of Gaza by delivering humanitarian assistance. The ships had set sail from Barcelona on April 12.
Israeli authorities requested a four-day extension of their arrest on suspicion of offenses that include assisting the enemy during wartime, contact with a foreign agent, membership in and providing services to a terrorist organization, and the transfer of property for a terrorist organization, said rights group Adalah, which is assisting in the activists’ defense.
Hadeel Abu Salih, the men’s attorney, said that the two deny the allegations. Their arrest was unlawful due to a lack of jurisdiction, she told Reuters at the Ashkelon Magistrate’s Court after the hearing, adding that the mission was meant to provide aid to civilians in Gaza, not to any militant group.
Abu Salih said that Abu Keshek and Avila were subjected to violence en route to Israel and kept handcuffed and blindfolded until Thursday morning.
Asked for comment, the Israeli military referred Reuters to the Israeli foreign ministry, which said that staff were compelled to act to stop what it described as violent physical obstruction by Abu Keshek and Avila. All measures taken were lawful, it said.
