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Recession prep: Should you apply for a balance transfer card now?

Published Mon, 24 Feb 2025 10:59:14 GMT

Holly D. Johnson | Bankrate.com (TNS)While rising interest rates have been a boon for savers who are now earning upwards of 5% with high-yield savings accounts and certificates of deposit (CDs), rising rates on loan products have historically played a role in slowing the economy down. But with recent rate increases from the Fed, most of us are starting to wonder where interest rates will go from here — and if a recession could be on the horizon in the coming months.Unfortunately, an economic slowdown could impact people who are already struggling with credit card debt at today’s exceptionally high rates. According to recent data, the average interest rate charged on credit card accounts was 20.71% as of Sept. 20, 2023.Credit expert John Ulzheimer, formerly at FICO and Equifax, says he believes banks and credit card issuers are better at predicting recessions and tough economic times than economists. Further, it’s not uncommon for banks to “clean up” their portfolios prior to economi...

House Speaker McCarthy is back to square one as the Senate pushes ahead to avert a federal shutdown

Published Mon, 24 Feb 2025 10:59:14 GMT

By LISA MASCARO and STEPHEN GROVES (Associated Press)WASHINGTON (AP) — As the Senate marches ahead with a bipartisan approach to prevent a government shutdown, House Speaker Kevin McCarthy is back to square one — asking his hard-right Republicans to do what they have said they would never do: approve their own temporary House measure to keep the government open.The Republican speaker laid out his strategy Wednesday behind closed doors, urging his unruly Republican majority to work together. He set up a test vote Friday, one day before Saturday’s shutdown deadline, on a far-right bill. It would slash federal spending by 8% from many agencies and toughen border security but has been rejected by President Joe Biden, Democrats and his own right-flank Republicans.“I want to solve the problem,” McCarthy told reporters afterward at the Capitol.But pressed on how he would pass a partisan Republican spending plan that even his own right flank doesn’t want,...

US secures the release of the soldier who crossed into North Korea 2 months ago

Published Mon, 24 Feb 2025 10:59:14 GMT

By MATTHEW LEE, KIM TONG-HYUNG and LOLITA C. BALDOR (Associated Press)WASHINGTON (AP) — The U.S. has secured the release of a U.S. soldier who sprinted across a heavily fortified border into North Korea more than two months ago, and he is on his way back to America, officials announced Wednesday. U.S. ally Sweden and rival China helped with the transfer.Left unanswered were questions of why Pyongyang—which has tense relations with Washington over the North’s nuclear program, support for Russia’s war in Ukraine and other issues—had agreed to turn him over and why the soldier had fled in the first place.North Korea had abruptly announced earlier Wednesday that it would expel Pvt. Travis King — though some had expected the North to drag out his detention in hopes of squeezing concessions from Washington at a time of high tensions between the two countries.“U.S. officials have secured the return of Private Travis King from the Democratic People&...

Fallout from applause for Nazi unit vet renews calls for war criminal records release

Published Mon, 24 Feb 2025 10:59:14 GMT

OTTAWA — Canada could revisit calls to declassify documents about the presence of Nazi war criminals in the country, Immigration Minister Marc Miller said Wednesday, as the fallout continued over Parliament’s recognition last week of a man who fought for the Nazis.Jewish advocacy organization B’nai Brith Canada has reiterated its long-standing call for the government to make all records about the admittance of former Nazi soldiers public. The call came after MPs gave a standing ovation to a 98-year-old veteran of the Second World War whom the House of Commons Speaker had invited to attend an address by Ukraine President Volodymyr Zelenskyy.Speaker Anthony Rota resigned Tuesday after calling the invitation a grave mistake. He is expected to officially step down later Wednesday. B’nai Brith Canada has said that while it was the right move for Rota to resign, Prime Minister Justin Trudeau must confront the country’s past decision to allow former Nazi soldiers in...

What happens next, now that Anthony Rota has resigned as Speaker?

Published Mon, 24 Feb 2025 10:59:14 GMT

OTTAWA — Members of Parliament are set to elect a new Speaker next week, following the resignation of Anthony Rota. Rota resigned on Tuesday after facing calls from all major parties to step down for inviting man who fought for the Nazis to attend an address to Parliament by Ukraine’s president last week and honouring him during the event.Here’s a look at what will happen next.When will there be a new Speaker?The House of Commons adopted a motion last night to hold an election for a new Speaker on Oct. 3.Such an election is held after each federal election, or whenever the position is vacated.Until then, Bloc Quebecois MP Louis Plamondon — the longest-serving member of Parliament — will be the interim Speaker and preside over the election. Plamondon is the first Bloc MP to serve in the role. Plamondon said in French on Wednesday that he finds it “a bit funny” that he — a Quebec sovereigntist — will be the Speaker of the House of Commons. What does the Speaker...

Tech community weighing how to balance AI’s risks and rewards at Elevate conference

Published Mon, 24 Feb 2025 10:59:14 GMT

TORONTO — Members of Canada’s tech community are concerned about how the country will rein in the risks of artificial intelligence without stifling innovation.As they gathered in Toronto for the annual Elevate tech conference, much of their chatter focused on the technology’s great promise, but many said they also feared over-regulating AI would put the nation behind its counterparts hurdling toward adoption without guardrails.“I’m a little bit afraid of just putting the brakes on because while we might want to put the brakes on, other places aren’t putting the brakes on and I feel that that’s going to create an adoption gap that we can’t afford to lose,” said Joel Semeniuk, chief strategy officer of Waterloo, Ont., tech hub Communitech at a breakfast adjacent to the conference.“I actually feel like we need to go all in but with all of the regulatory perceptions in place at the same time.”Semeniuk’s remarks came as the globe nears one year since the deb...

Ontario will not compensate Greenbelt developers, housing minister says

Published Mon, 24 Feb 2025 10:59:14 GMT

Ontario Housing Minister Paul Calandra says the province will not compensate developers whose lands are going back in the protected Greenbelt.Calandra says he has put that into draft legislation that is coming soon that will also “codify” the boundaries of the Greenbelt.The province removed land from the Greenbelt last year as part of its broader push to build 1.5 million homes by 2031.Premier Doug Ford apologized last week when he announced the province would return those lands to the protected area after damning reports from two legislative watchdogs that found the process was flawed and favoured certain developers.The auditor general found the developers stood to see their land value increase by $8.3 billion.The province is soon set to table legislation so future changes to the Greenbelt would have to be done through the legislature and not done by regulation, as the Ford government did last November.

CP NewsAlert: Driver sentenced to 12 years for killing Calgary police officer

Published Mon, 24 Feb 2025 10:59:14 GMT

CALGARY — A young man convicted in the hit-and-run death of a Calgary police officer has been sentenced to 12 years in prison.Sgt. Andrew Harnett died after he was dragged by an SUV and fell into the path of an oncoming car on Dec. 31, 2020. The driver of the SUV was days away from turning 18 and was charged as a youth with first-degree murder.A judge convicted him of manslaughter and ordered that he receive an adult sentence.The driver testified during his trial that he was scared when police approached the SUV during a traffic stop, and he saw Harnett put a hand on his gun. Court heard the SUV took off with the officer holding onto the wheel, trying to get the driver to stop.More coming.The Canadian Press

‘ET Canada’ cancelled by Corus Entertainment, blames ‘challenging’ advertising market

Published Mon, 24 Feb 2025 10:59:14 GMT

TORONTO — The studio lights are going dark at “ET Canada.”Corus Entertainment says it has decided to cease production on the long-running Canadian arts and entertainment news magazine after 18 seasons.The media company blames the cost of producing a daily show in “a challenging advertising environment.” Representatives did not immediately respond to requests for comment.“Entertainment Tonight Canada,” the name it used when it launched on Global Television in 2005, put a distinctly Canadian lens on the world of film, television and music. Over the years, its hosts have included former MuchMusic VJ Rick Campanelli and R&B singer Keshia Chanté. It is currently co-hosted by Sangita Patel and Cheryl Hickey, who has been with the show since its start.Global News, which is owned by Corus, reports the final air date will be Oct. 6, after which encore specials “celebrating the history and impact of ‘ET Canada'” will air in the same ti...

Company at centre of E. coli outbreak at Calgary daycares faces licensing charges

Published Mon, 24 Feb 2025 10:59:14 GMT

CALGARY — The company that runs a commercial kitchen at the centre of an E. coli outbreak that has infected hundreds at numerous Calgary daycares has been charged with operating without a business licence.The City of Calgary announced Wednesday that Fueling Minds Inc. and its two directors face a total of 12 charges under municipal business bylaws and face a total fine of up to $120,000.Meanwhile, Alberta chief medical officer Dr. Mark Joffe said the number of cases has plateaued at 351, and tests and interviews indicate the cause of the outbreak was meat loaf. He said there are also 37 confirmed secondary cases and four children remain in hospital.Fueling Minds provided meals to six of its own daycares that were affected by the outbreak, which was declared Sept. 4, but also to five separate daycares.The city alleges Fueling Minds did not have the proper licence to serve those other five.Joffe said the investigation into the cause of the outbreak has included interviews with hundred...