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NoneThe Trudeau government’s two-pronged announcement of a goods and services tax holiday on certain “essential” items and its pledge to dole out $250 to millions of people in the country have left economists scrambling to gauge the impact of Ottawa’s $6.3-billion, election-style splurge. With Canada’s economy facing several headwinds, the stimulus cheques and the sales tax break on items such as groceries, children’s clothing, beer and Christmas trees are expected to spur consumers to open their wallets, boosting economic growth in the near term. However, the sugar high could fade quickly, as shoppers simply shift around the timing of their purchases. And the jolt of spending – coming on top of recent hotter-than-expected inflation data – may help convince the Bank of Canada to slow its pace of interest-rate cuts. The new big-ticket spending proposals also raise questions about Ottawa’s ability to stay within its self-imposed deficit guardrails, especially if, as some economists think, Prime Minister Justin Trudeau decides to make the sales tax changes permanent as a way to placate angry voters. “Once politicians get the idea that, ‘Oh, playing with the GST, playing with things that are taxable or not,’ is a political winner, they’re never going to stop. And that is not good for the budget and it’s not good for tax policy,” said Stephen Gordon, an economics professor at Laval University. Coming in at around 0.2 per cent of gross domestic product, Ottawa’s package will ripple through the economy – but it’s hardly a game-changer. The economics team at Bank of Montreal boosted its GDP growth estimate for the first quarter of 2025 to 2.5 per cent from 1.7 per cent, but trimmed its GDP growth forecast for the third quarter, when the effect of the stimulus fades. Avery Shenfeld, chief economist at Canadian Imperial Bank of Commerce, said that the tax rebates could theoretically increase GDP by as much as a quarter-percentage-point next year, especially because fiscal stimulus has a bigger impact when there is slack in the economy, as is currently the case. “But that’s only if these cheques are permitted to raise the federal deficit,” Mr. Shenfeld wrote in a client note. “If Ottawa is merely shifting funds from what it otherwise would have spent elsewhere, in order to stick to a given deficit target, the impact could be negated.” It’s also unclear how much the stimulus cheques will increase consumer spending, with people potentially pocketing the money or using it to pay down debt, rather than going shopping Mr. Shenfeld said the overall package would likely have a “very marginal” impact on upcoming Bank of Canada interest-rate decisions. This view was shared by other Bay Street economists, although there was a broad agreement that Ottawa’s stimulus essentially seals the deal for a quarter-point rate cut at the next Bank of Canada meeting in December, rather than another half-point cut, as happened in October. “On its own, this probably doesn’t move the needle so significantly because of the fact that it’s not massive and it is temporary,” said Taylor Schleich, director of economics and strategy at National Bank Financial. However, complicating that is the fact the measures come at the same time as stimulus is rolling out from other levels of government, inflation has picked up and housing markets are potentially reaccelerating, he said. “If the Bank of Canada was on the fence about cutting 25 or 50 basis points, perhaps all of this data taken together leads them more towards a more gradual easing approach in the near term,” he said. Bank of Canada Governor Tiff Macklem said last month that the bank is less concerned than it was about government spending fuelling inflation and working at cross purposes to the bank’s still-restrictive monetary policy now that inflation is largely under control. “We’re no longer trying to get inflation down. Government spending is not pushing against us getting inflation down, we’ve got it down,” he told the Senate Banking Committee. It’s so far impossible to say how the two measures will impact the federal government’s bottom line, because Ottawa has yet to produce its final spending and revenue picture for the past fiscal year. However, in an Oct. 17 report , the Parliamentary Budget Officer, Canada’s budgetary watchdog, estimated the deficit for 2023-24 would come in at $46.8-billion, deeper than the $40-billion deficit laid out in the government’s 2024 budget. The government’s own fiscal guardrail aims to maintain the 2023-24 deficit at or below $40.1-billion. The stimulus cheques and GST changes will likely erode the government’s fiscal standing in the coming months, according to Derek Holt, head of capital markets economics at Bank of Nova Scotia, who speculated in a Friday note to clients that the planned two-month GST holiday “is very likely to turn permanent and blow through Ottawa’s finances.” In a separate report, Mr. Holt estimated if the GST changes were made permanent, along with the stimulus cheques, the changes would result in a $14-billion hit to federal finances in fiscal 2025-26 and $10-billion a year in subsequent years. Over a five-year horizon, if the GST changes remained permanent, “the cumulative deficit would balloon by about an extra $52-billion,” he wrote. Even if the changes remain temporary, economists tend to view these types of stimulus measures dimly, thinking of them as inefficient and poorly targeted. “If they wanted to beef up the income support at lower income levels then you either increase the GST rebates or the Canada Child Benefit, things like that. Just across the board $250 to everybody, that’s clearly electoral,” Prof. Gordon said. Luc Godbout, an economics professor at the Université de Sherbrooke, said the temporary nature of tax cuts will cause consumers to shift the timing of their consumption and complicate things for retailers. And higher-income individuals may also benefit disproportionately from the GST break on things such as restaurant meals. “These are not measures that were thought out from an economic perspective, but from a political perspective,” he said in an e-mail. Nor do the stimulus cheques or GST changes do anything to “impact our long-term growth trajectory or close the competitive gap we have with the U.S.” when it comes to attracting business investment, said Kevin Milligan, a professor of economics at the Vancouver School of Economics at the University of British Columbia. “When you’re in a world of being in deficit and there’s not a macroeconomic need for it, I don’t see these as economically defensible measures,” he said.k psep 。

A 9th telecoms firm has been hit by a massive Chinese espionage campaign, the White House says

PHOENIX — Devin Booker scored 27 points, Kevin Durant added 21 and the Phoenix Suns beat the Golden State Warriors 113-105 on Saturday night. Tyus Jones added 19 points and nine assists, making 7 of 9 shots, including 4 of 5 3-pointers. Grayson Allen added 17. The Suns made 18 of 35 (51.4%) shots from 3-point range. Golden State has lost four in a row. Stephen Curry led the Warriors with 23 points but shot just 8 of 20 from the field. Andrew Wiggins added 18 points while Draymond Green had 13 points. The Warriors trailed by 17 at halftime but cut the margin to 85-78 by the start of the fourth quarter after Curry poured in 15 points. Golden State went on a 9-0 run late in the fourth quarter to pull within 105-99 but Durant made a 3-pointer with 1:42 left to turn back the rally. The Suns led 66-49 at halftime after making 14 of 21 (66.7%) of their 3-pointers. Phoenix was playing without starters Bradley Beal (calf) and Jusuf Nurkic (quad). Beal has missed eight of 19 games this season because of various injuries. Takeaways Warriors: Golden State's in a bit of a funk these days after starting the season with a 12-3 record. Phoenix Suns guard Tyus Jones (21) drives past Golden State Warriors guard Brandin Podziemski during the first half of an NBA basketball game, Saturday, Nov. 30, 2024, in Phoenix. Credit: AP/Rick Scuteri Suns: It was a nice bounce-back win for the Suns, who were embarrassed on their home court by the Nets on Wednesday. Jones had a great shooting night, which helped offset Durant's 7 of 20 shooting night. Key moment Jones made a 3-pointer with 6:28 left to give the Suns a 99-86 lead. The Warriors turned the ball over on the next possession and Booker hit a short jumper for a 15-point advantage. Key stat Allen, Durant, Booker, Jones and Royce O'Neale all had at least three 3-pointers. Up next Warriors are on the road at the Nuggets on Tuesday night; Suns host the Spurs on Tuesday night.

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MASTERCHEF staff concerned about Gregg Wallace's behaviour were told to call a whistleblowing hotline three years ago, it is claimed. The TV chef, 60, stepped away from the BBC show while historical misconduct allegations against him are investigated. A probe has been launched into complaints against him spanning 17 years. He is alleged to have made sexual remarks to 13 colleagues , including ex Newsnight presenter Kirsty Wark. One witness claimed the former green grocer walked into the studio naked apart from a "sock over his penis" then did a dance. They also said he mimed a sex act as a worker knelt to clean his trousers. READ MORE ABOUT WALLACE A source has now said production crew were directed to a freephone number and website to report issues, including harassment and bullying . It was at a time when Wallace was allegedly behaving inappropriately. They told The Mirror : “Workers were told about a hotline which had been put in place by the production company to report problems. “It was never explicitly said it was because of Gregg but people were guided to it when raising concerns about him. Most read in TV "That came in three series ago... There’s a sense of relief from some of the staff on MasterChef now Gregg has gone.” The Film and TV Charity launched the bullying hotline in 2021 and it was mentioned on call sheets of shows owned by Banijay UK - which is behind MasterChef. The production company also then set up its own service called Speak Up! described as offering "safe arena for individuals to confidentially have their voice heard". It comes as The Sun revealed today BBC bosses let Wallace carry on working on MasterChef despite being warned by Nestlé about his behaviour while filming another programme. He is said to have infuriated staff there by joking about their weight while filming a segment on how chocolate bar Aero is made for BBC’s Inside The Factory. A source said: “He upset some of the female workers by joking along the lines of ‘working in a chocolate factory is the reason you’re fat’. It really upset them.” His comments early last year caused such upset that Nestlé told staff Inside the Factory would no longer be welcome on its premises. The company contacted the BBC and the series’ production company. Wallace quit the show in the wake of the controversy but still worked on MasterChef . Banijay UK yesterday said law firm Lewis Silkin would lead the investigation into Wallace’s alleged misconduct . The BBC said it would be inappropriate to comment on anything that could form part of Banijay’s investigation . READ MORE SUN STORIES The Sun previously revealed one former contestant even alleged the MasterChef judge groped her while she was cooking on the set of the show as the cameras rolled. Wallace thanked people for “showing their support” on a video posted to his Instagram on Thursday evening, and today shared a bizarre image of a gingerbread man dunked into whipped cream. Gregg Wallace has been a familiar face on TV for years now thanks to his role as a judge on MasterChef - but let's take a closer look at his career so far... Gregg Wallace left school at 15 and started his career working on a fruit and veg stall in London. In 1989, he started George Allan's Greengrocers, a company that grew to a turnover of £7.5 million. Gregg's experience in the world of fruit and veg lead to him co-hosting Veg Talk on BBC Radio 4 with Charlie Hicks for seven years. He then became the first host of Saturday Kitchen in 2002, a role he held for a year before being replaced by Antony Worrall Thompson in 2003. At the same time, Gregg presented a number of food-related TV specials, including Veg Out for the Discovery Channel. Gregg landed his most notable TV role as a co-presenter and judge on BBC's competitive cooking show MasterChef in 2005. He stars alongside John Torode . In 2010 Gregg pursued another life-long dream of opening a restaurant. He opened the establishment Wallace & Co. in Putney. Then, in 2012, he opened Gregg's Bar & Grill in a joint venture with the Bermondsey Square Hotel. Gregg then scored a hosting gig with the BBC, presenting the documentary Supermarket Secrets in August 2013. Unfortunately, times were tough for Gregg, and in the same month, it was reported that one of his companies, West Veg Limited, had folded, owing more than £500,000. In 2014, both of his restaurants folded, with Wallace & Co owing suppliers £150,000. However, his TV career continued to thrive, and in 2015 became the regularly host of the award-winning documentary food series Eat Well for Less? Gregg helmed the show for eight years before stepping away. He also competed on Strictly Come Dancing . Gregg then made Telly history again when he revived the BBC's historical game show Time Commanders. More recently, the celebrity chef has presented a number of travel programmes such as Big Weekends with Gregg Wallace, South Africa with Gregg Wallace, and the food mockumentary, Gregg Wallace: The British Miracle Meat .Nordstrom, the hundred-year-old retailer, will be going private in a $6.25 billion deal between the Nordstrom family and the Mexican retail conglomerate El Puerto de Liverpool. This reflects how things have not been very smooth for the departmental stores with challenges such as the competition between discount stores and online websites like Amazon and Walmart. Shareholders Will Get Cash Premium The cash will be paid out to shareholders at $24.25 per share, summing up to a total payout of about $4 billion. This is 42% more than the March 18 stock price for the company before rumors started circulating about the acquisition. The Nordstrom family and their partners will take over over $2 billion in debt as part of the deal. Private ownership will give the company the flexibility in strategy. As a private company, Nordstrom is likely to become more agile in the long-term strategy implementation as it will not be under pressure from the public market. Publicly traded competitors such as Macy’s and Kohl’s have had difficulties balancing investor expectations with the need to respond to low-cost retailers. According to Neil Saunders, an analyst at GlobalData, this transition has the following advantages: “A change in ownership does not automatically solve all operational issues, but it allows the family and their backers to take a long-term view and make necessary investments without short-term market scrutiny.” He further said, “The Nordstrom family and El Puerto de Liverpool have experience to manage the business better. It is a healthy step for the long term of the brand.” Revise Offer And Special Dividend The $24.25-a-share deal is superior to a earlier bid for $23-a-share put on the table by Nordstrom family, along with El Puerto de Liverpool in September. For the transaction, Nordstrom’s board also intends to approve up to a quarter of the per-share offering amount special dividend, should the acquisition go through. At closing of the deal, which is expected to happen in the first half of 2025, Nordstrom will exit public trading with the Nordstrom family holding a majority ownership stake. Erik Nordstrom, who serves as the company’s CEO, and Pete Nordstrom, the president of the firm, will lead the fourth-generation family-owned business. Founded in 1901 as a shoe store in Seattle, Nordstrom has evolved into a prominent name in retail, operating 381 Nordstrom and Nordstrom Rack stores across the U.S. The move to go private aligns with efforts to rejuvenate the brand amid declining department store sales. Despite the announcement, Nordstrom’s shares dipped slightly, falling 1.5% to $24.17 in Monday’s trading. This deal represents the increasing phenomenon of family-led buyouts that look to preserve heritage brands but also help them adapt to a rapidly shifting retail landscape. ALSO READ | Honda And Nissan Outline Ambitious Path To Merger In Industry Restructuring

The Tampa Bay Rays have had six of their 2025 regular-season games shifted to the early season due to weather issues from playing outside, Major League Baseball announced Monday. The Rays' usual home, domed Tropicana Field, was damaged by Hurricane Milton last month with almost all of its roof shredded and no possibility of playing there next year. As a result, the Rays moved their 2025 home games from St. Petersburg to the New York Yankees training complex at nearby Tampa, which has an 11,000-seat outdoor stadium. An April series scheduled against the Los Angeles Angels that had been set for California will instead be played April 8-10 in Florida. A series between the two which had been set for August in Florida will now be hosted by the Angels on August 4-6. A Rays series against the Minnesota Twins planned in Minneapolis from May 26-28 will instead be played on the same dates in Tampa while a series that had been set for Tampa on July 4-6 will now be played in Minnesota. Florida summers can bring extreme heat and rain. js/bspPublished 4:51 pm Monday, November 25, 2024 By Data Skrive Ranked teams are on the Tuesday college basketball schedule for four games, including the Arizona State Sun Devils playing the Kentucky Wildcats. Watch women’s college basketball, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up for a free trial. Catch tons of live women’s college basketball , plus original programming, with ESPN+ or the Disney Bundle.

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Brighton draws 0-0 with Brentford in lackluster Premier League encounterAmericaFest Poll: Majority Say Mike Johnson Should Not Remain Speaker of the House

Steelers WR George Pickens returns to practice, hopeful to play against Chiefs

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