BREAKING
A Canadian former Olympic snowboarder is wanted and another suspect is in custody in connection with a double homicide in Ontario last year, United States law enforcement say.
Turkey's central bank delivered another massive interest rate cut Thursday despite eye-popping inflation above 80%, moving the opposite way from world economies that are raising rates to control prices as the lira sunk to record lows.
The Central Bank of the Republic of Turkey lowered the benchmark rate by 1 percentage point, to 12%. The lira was trading around 18.38 against the dollar, weakening further than the previous record low of 18.36 in December.
The depreciation of Turkey's currency is likely to intensify the financial worries of residents who have seen their purchasing power erode during a series of economic shocks in the country.
Turkey has followed President Recep Tayyip Erdogan's unorthodox belief that high interest rates cause high inflation, cutting borrowing costs despite consumer prices rising by 80.21% in August from a year earlier. Traditional economic thinking says raising interest rates fights inflation.
"Inflation is not a crippling economic threat," Erdogan said in an interview with PBS NewsHour this week. "There are currently countries threatened by inflation rates of 8% and 9%. This rate is 80% in our country."
He said Turkey would bring inflation under control after New Year's and that supermarkets were well stocked.
Central banks around the world are taking the reverse action from Turkey, aggressively raising rates to target soaring inflation.
The U.S. Federal Reserve hiked rates by a large three-quarters of a point for the third consecutive time Wednesday, followed Thursday by the Swiss National Bank's biggest hike ever to its key interest rate. The Bank of England enacted a smaller half-point hike as other banks from Europe to Canada move quickly to rein in rising prices.
Official Turkish statistics released this month showed annual inflation was the worst among the Group of 20 major economies, but independent experts say inflation is actually much higher.
Critics also say the independence of the central bank and the official statistical institute have been undermined under Turkey's presidency.
Last year, the currency kept hitting record lows as the central bank lowered interest rates from 19%. When it finally hit 18.36 against the dollar, Erdogan announced extraordinary measures that he claimed would safeguard the lira.
The government encouraged people to swap their dollars for the lira and place them in a deposit account that would give the interest rate plus any lira depreciation against the dollar. Though the lira rebounded after that announcement to a high of 11.09, it steadily declined this year.
A Canadian former Olympic snowboarder is wanted and another suspect is in custody in connection with a double homicide in Ontario last year, United States law enforcement say.
Federal cabinet ministers Filomena Tassi, Carla Qualtrough, and Dan Vandal announced Thursday they will not run for re-election. Senior government sources tell 麻豆影视 at least one other 鈥 Marie-Claude Bibeau 鈥 doesn't plan to run again, setting the stage for Justin Trudeau to shuffle his cabinet in the coming weeks.
One Direction pop star Liam Payne died of multiple traumas and internal bleeding after plunging from a hotel balcony in Buenos Aires, prosecutors said on Thursday, adding an initial search suggested the fall came after substance abuse.
Israel鈥檚 foreign minister has confirmed that Israeli troops in Gaza have killed Hamas鈥 top leader Yahya Sinwar, a chief architect of last year's attack on Israel that sparked the war.
The Ontario Hockey League (OHL) has released a statement in response to a recent CTV W5 investigation into an alleged sexual assault in 2014.
Police are investigating a fire at a home in Dorval owned by Emile Benamor, the owner of the two Old Montreal buildings that were allegedly set on fire in the past year, killing nine.
According to Google search data, the top Halloween costumes trending in Canada include everything from Taylor Swift for kids to the Joker and Harley Quinn for couples.
Shane Gross, a Canadian marine conservation photojournalist, has won the title of Wildlife Photographer of the Year.
A Montreal business owner will have to pay a hefty fine after he imported a luxury watch without declaring it to customs.
John Cantin vividly remembers opening day for his Victoria diner. Stress levels were high, tables were full, and one of the most popular menu items couldn鈥檛 be freed from the unyielding grip of the waffle maker.
A Manitoba professor is warning the public after a book on regional mushrooms that he suspects is AI-generated was delisted from Amazon.
A B.C. judge has issued a decision in a years-long dispute between neighbours that began with a noise complaint over barking dogs, crowing roosters and quacking ducks 鈥 awarding $15,000 in damages to the plaintiffs in the case.
An Ottawa man was arrested after taking a shower in a stranger's house, Ottawa police say.
S岣祑x瘫w煤7mesh 脷xwumixw (Squamish Nation) Chef Paul Natrall, the man behind Indigenous food truck Mr. Bannock, is bringing cooking classes on First Nations fare to schools and offices throughout Metro Vancouver.
The Celtic Colours Festival is taking place at venues around Cape Breton Island in Nova Scotia from Oct. 11 to 19.
Sometimes love is written in the stars, but for one couple, it鈥檚 written in the aurora borealis.
Canadian hip hop artist Dillan King says running 100 marathons in 100 days was not only the hardest thing he has ever done, but the 'proudest accomplishment' of his entire life.
James Taylor never expected to be walking home with a bag full of groceries he didn't buy.