Bank of Canada cuts key rate for first time in more than 4 years
The Bank of Canada has cut its overnight rate by 25 basis points, a move not seen since the beginning of the pandemic.
A failure in Bangladesh's national power grid plunged much of the country into a blackout on Tuesday, officials said.
In the capital, Dhaka, market vendors lit candles and diners at restaurants ate food prepared by candlelight.
Officials of the state-run Bangladesh Power Development Board said power transmission failed in the eastern part of the country.
All power plants tripped and electricity was cut in Dhaka and other big cities, said Shameem Hasan, a power department spokesman.
Engineers were trying to determine where and why the glitches happened and it could take hours to restore the system, he said.
Bangladesh's recent impressive economic growth has been threatened by power shortages since the government suspended operations of all diesel-run power plants to reduce costs for imports as prices have soared. The diesel-run power plants produced about 6% of Bangladesh's power generation, so their shutdowns cut output by up to 1500 megawatts.
Earlier this month, Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association, said that the situation is so serious that garment factories are without power now for around four to 10 hours a day. Bangladesh is the world's second largest garment exporter after China, and it earns more than 80% of its total foreign currency from exports of garment products each year.
Last month, the Asian Development Bank said in a report that Bangladesh's economic growth would slow to 6.6% from its previous forecast of 7.1% in the current fiscal year.
Weaker consumer spending due to sluggish export demand, domestic manufacturing constraints and other factors are behind the slowdown, it said.
The Bank of Canada has cut its overnight rate by 25 basis points, a move not seen since the beginning of the pandemic.
The Hospitals of Regina Foundation (HRF) issued an official apology on Wednesday following comedian Rob Schneider's set at a fundraising event on Saturday night.
If an Oilers fan in Edmonton has the spare time, they can not only potentially witness their hockey heroes win and take a step closer to claiming puck glory, they can brag that they journeyed the longest distance between two NHL markets to do it.
Air Canada is now offering free beer and wine on flights within Canada and the U.S. until the end of the year.
Billionaire Elon Musk is questioning diversity and inclusion hiring practices, using the social media platform he owns to criticize a job posting from the University of British Columbia.
Five people associated with the Hells Angels motorcycle gang are facing charges after police raided two homes and two unlicensed bars in Waterloo Region.
President Vladimir Putin warned Germany on Wednesday that the use of its weapons by Ukraine to strike targets inside Russia would mark a 'dangerous step.'
McMaster Children’s Hospital is pausing scheduled tonsil and adenoid surgeries for patients under the age of 18 after officials say two pediatric patients who underwent the procedure died shortly after being discharged.
It was Conservative Leader Pierre Poilievre’s birthday on Monday, but he could've probably done without the package that one of his more obscure backbenchers dropped on his doorstep, writes former NDP leader Tom Mulcair in his latest column for CTVNews.ca.
Marking a milestone, Lakeshore resident Olga White celebrated her 107th birthday in style Wednesday.
The municipality of Tantramar, N.B., is holding a sale to get rid of surplus items it acquired after the Town of Sackville amalgamated with smaller communities last year.
For several weeks, a mysterious social media user has apparently been leaving $50 bills hidden across Metro Vancouver.
A statue dedicated to the Royal Regina Rifles Regiment has been officially unveiled in France just ahead of the 80th anniversary of D-Day.
A Cape Breton is this year's recipient of the McEuen Scholarship, which gives him basically a full ride to the medical school at the University of St. Andrews in Scotland.
Mounties in Kelowna nabbed a would-be burglar with an apparent sweet tooth over the weekend.
When Alyssa Anklewich’s history teacher assigned her Westwood Collegiate class an essay about D-Day, the 15-year-old had other ideas.
Many people are familiar with the benefits of being in nature, but forest therapy goes a step further than a simple walk in the woods.
The Stanley Cup was passing through town Friday, and Lanny Legend took it upon himself to take it for a surprise visit.