Canada

The monthly plunge in economic output marks the worst damage stemming from the new coronavirus and sets the stage for a hefty drop in the second quarter that could take years to recoup.

Canada has become the first triple-A-rated sovereign entity to lose its rating because of the economic downturn and the extraordinary fiscal response triggered by the coronavirus pandemic.

The consumer-price index fell 0.4% in May, reinforcing concerns about deflationary pressure as the economy recovers from shutdowns caused by the coronavirus pandemic.

Canadian authorities warned nine years ago that Gabriel Wortman disliked the police and harbored thoughts of killing law-enforcement officers. Police say he was responsible for 22 deaths this past April.

Canadian economic output plunged by a near record 8.2% annualized rate in the first quarter, as household spending collapsed on coronavirus-induced shutdowns. Exports also fell markedly.

The Bank of Canada anticipates providing the economy with sizable stimulus for the foreseeable future to help the country rebuild from the damage caused by the pandemic, Governor Stephen Poloz said.

Canada’s annual inflation rate sank into negative territory in April, the first year-over-year price decline in over a decade, largely attributable to a sizable drop in gasoline.

A member of the Canadian air force’s acrobatic Snowbirds team was killed Sunday and a pilot injured after a plane crashed in western Canada while performing in support of front-line health-care workers.

Canada’s data-gathering agency suspended its practice of providing select senior government officials a sneak peek of its market-moving employment report after the April figures were leaked and published.

Canada said it would investigate how sensitive employment data for April were distributed before the official release Friday, triggering brief trading activity on foreign-exchange markets.

Job losses in Canada nearly doubled in April from the previous month to mark a new record, and over a third of the labor force were either unemployed or underutilized.

Tiff Macklem will become the Bank of Canada’s next governor, a surprise choice that will see the central bank’s former No. 2 official lead the institution during the biggest global economic downturn since the Great Depression.

The five missing Canadian air force and navy officers aboard a military helicopter that crashed off the coast of Greece following a training exercise are now presumed dead, bringing the toll to six.

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