Pressheadliner

Author: Press Headliner

  • “I was up all night crying…” Pauly Shore on Richard Simmons’ reaction on his biopic

    “I was up all night crying…” Pauly Shore on Richard Simmons’ reaction on his biopic


    Washington [US], April 27 (ANI): American comedian and actor Pauly Shore shared that he “was up all night crying” due to Richard Simmons continuing to publicly distance himself from a biopic that would star Shore as the fitness guru, according to The Hollywood Reporter.

    “I just read that a man that I don’t know is writing my biopic starring Pauly Shore,” Simmons wrote on his verified Facebook page earlier this week. “I do not approve of this movie. I am in talks with major studios to create my biopic with some help. Wait for this movie.”Simmons earlier stated that he was not engaged with the biopic and had not given Shore “permission” for it, shortly after it was disclosed that a feature film on the fitness star, funded by the Wolper Organisation, was in the works.

    “You guys, I was up all night crying regarding Richard Simmons’ tweet,” Shore wrote on his Instagram Thursday. “Richard, how do you not approve of this movie? I mean, really, who’s better to play you in a movie than ME? Leonardo DiCaprio’s not gonna play you. Brad Pitt’s not gonna play you. I’m perfect. Everyone already thinks I’m you. We’re the same. Beautiful, inside and out. Hellll yea!”He continued, “Richard, you haven’t even heard the pitch. Why don’t you simply let me come over to your house, bring you some warm matzo ball soup and a pastrami sandwich with dark mustard from Canters, rub your feet, and we can listen to the writer, Jordan Allen-Dutton, pitch you our idea? … Richard, you’re going to love our movie. We’re going to make the most beautiful cinematic masterpiece that’s going to honour you in a way that you’ll drop to your knees and cry with joy and happiness.”Simmons has recently revealed on social media that he is in negotiations with studios about producing his own, distinct movie about his life.

    “I also heard the good news that you’re in talks with studios to do a biopic about yourself,” Shore said in response. “That’s amazing! The more movies about you, the better! You deserve it. There should be hundreds made.”The Encino Man actor added in his post, “But as you know, many biopics are made without the subject agreeing to be part of it: Elvis, Stephen Hawking, Marilyn Monroe, Steve Jobs and many, many more. Some of them turned out good, some of them turned out bad. Mine is going to turn out amaze-balls.”When Shore announced the project in January, he never claimed that Simmons was involved. After the former fitness motivator voiced his concerns at the time, the filmmakers also responded with their own statement.

    “While we would love to have him involved, we respect his desire to privacy and plan to produce a movie that honors him, celebrates him and tells a dramatic story,” The Wolper Organization wrote. “We know he is deeply private and we would never want to invade that, however he is an amazing person, that changed millions of people’s lives and the effect he has had on the world needs to be recognized,” as per The Hollywood Reporter. (ANI)

  • Prospera Energy Inc. Debt Settlement

    Prospera Energy Inc. Debt Settlement


    Published Apr 27, 2024  •  4 minute read

    CALGARY, Alberta, April 27, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. (”Prospera“ or the ”Corporation”) (PEI: TSX-V; OF6A:FRA) announced that it has agreed to settle claims from a former executive by the payment of $120,000 over a period of 6 months, and by the issuance of 2,181,818 common shares at a deemed price of $0.055 per share.

    This share issuance is subject to the approval of the TSX Venture Exchange. The shares, when issued, will be subject to trading restriction of four months and a day.

    Advertisement 2

    Article content

    Article content

    About Prospera

    Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF, FRA: OF6B) is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.

    The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas.

    Article content

    Advertisement 3

    Article content

    PEI continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com 
    Website: www.prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Advertisement 4

    Article content

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    Advertisement 5

    Article content

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

    Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.


    Article content

  • CM Dhami directs officials to contain wildfire in state

    CM Dhami directs officials to contain wildfire in state


    Haldwani (Uttarakhand) [India], April 27 (ANI): Uttarakhand Chief Minister Pushkar Singh Dhami held a review meeting to discuss the forest fire situation with the Kumaon Division officials on Saturday and issued directives to combat the wildfire in the region.

    According to an official release, “Chief Minister Dhami reviewed the efforts to prevent forest fire with the officials of Kumaon Division at the Forest Training Academy Haldwani and gave strict instructions to the officers to prevent the forest fires.”As per the Chief Minister’s instructions, concerned officers were directed to remain alert at all times and the forest officers were restricted from going on leaves.

    Additionally, instructions were also provided not to call the officers engaged in the forest fire efforts to visit Dehradun for the meeting until the forest fire is contained.

    CM Dhami said that other departments besides the forest department should also remain on alert mode while efforts are underway to prevent the forest fires.

    The Chief Minister also said that the information system should be strengthened to prevent incidents of forest fires and a quick response team should be minimized.

    Adding ahead, he said that people’s cooperation should be taken at the local level for effective prevention of forest fires.

    CM Dhami said that the army is also assisting the region in combatting the wildfire situation and mentioned strict instructions will be issued against those who are found guilty of setting fire in the forests.

    Earlier, the Chief Minister took stock of the situation by conducting an aerial survey of the areas affected by forest fire. He said that incidents of forest fire are being controlled with the joint efforts of the administration and concerned officials.

    MLA Sarita Arya, Commissioner Kumaon Deepak Rawat, District Magistrate Vandana along with senior officials of the Forest and Police Department and other public representatives were present in the meeting.

    In the last 24 hours, numerous incidents of forest fire were reported from various parts of Uttarakhand, destroying hectares of forest land.

    The Indian Army was pressed into service as forest fires continued to rage in Uttarakhand, with the Kumaon region being the worst hit.CM Dhami said on Saturday that the Indian Army and Air Force helicopters are assisting in controlling forest fires in the state that have reached Nainital after raging for over 36 hours and burning several hectares of green cover.

    The Chief Minister said that the fire poses a substantial challenge and that all necessary resources are being mobilized to address the situation.

    The Indian Air Force (IAF) deployed MI-17 helicopters to assist in the firefighting efforts. These helicopters are pulling water from Nainital Lake to douse the flames, resulting in a temporary halt to boating activities on the lake.

    The blaze already consumed several hectares of the forested terrain, with the leaping flames yet to be brought under complete control.

    Uttarakhand starts experiencing forest fires in mid-February when the trees shed dry leaves and the soil loses moisture due to a rise in temperature, and this continues till mid-June. (ANI)

  • Berkshire Hathaway’s real estate firm to pay $250 million to settle real estate commission lawsuits

    Berkshire Hathaway’s real estate firm to pay $250 million to settle real estate commission lawsuits


    The Associated Press

    Alex Veiga

    Published Apr 26, 2024  •  3 minute read

    FILE - A for sale sign is posted in front of a home in Sacramento, Calif., Thursday, March 3, 2022. HomeServices of America, a real estate company owned by Warren Buffett's Berkshire Hathaway, has agreed to pay $250 million to settle lawsuits nationwide claiming that longstanding practices by real estate brokerages forced U.S. homeowners to pay artificially inflated broker commissions when they sold their homes.
    FILE – A for sale sign is posted in front of a home in Sacramento, Calif., Thursday, March 3, 2022. HomeServices of America, a real estate company owned by Warren Buffett’s Berkshire Hathaway, has agreed to pay $250 million to settle lawsuits nationwide claiming that longstanding practices by real estate brokerages forced U.S. homeowners to pay artificially inflated broker commissions when they sold their homes. Photo by Rich Pedroncelli /THE ASSOCIATED PRESS

    LOS ANGELES (AP) — A real estate company owned by Warren Buffett’s Berkshire Hathaway has agreed to pay $250 million to settle lawsuits nationwide claiming that longstanding practices by real estate brokerages forced U.S. homeowners to pay artificially inflated broker commissions when they sold their homes.

    HomeServices of America said Friday that the proposed settlement would shield its 51 brands, nearly 70,000 real estate agents and over 300 franchisees from similar litigation.

    Advertisement 2

    Article content

    Article content

    The real estate company had been a major holdout after several other big brokerage operators, including Keller Williams Realty, Re/Max, Compass and Anywhere Real Estate, agreed to settle. Last month, the National Association of Realtors agreed to pay $418 million.

    “While we have always been confident in the legality and ethics of our business practices, the decision to settle was driven by a desire to eliminate the uncertainty brought by the protracted appellate and litigation process,” the company said in a statement.

    HomeServices said its proposed settlement payout represents a current after-tax accounting charge of about $140 million, though it will have four years to pay the full amount. The real estate company also noted that its parent company is not part of the settlement.

    Buffett said in February in his annual letter to shareholders that Berkshire had $167.6 billion cash on hand at the end of last year. That makes Berkshire, which is based in Omaha, Nebraska, an attractive target for litigation, but the company largely lets its subsidiaries run themselves and doesn’t directly intervene in litigation involving its many companies, which include Geico insurance, BNSF railroad and See’s Candy.

    Article content

    Advertisement 3

    Article content

    Including HomeServices’ proposed payout, the real estate industry has now agreed to pay more than $943 million to make the lawsuits go away.

    “This is another significant settlement for American home sellers who have been saddled with paying billions in unnecessary commission costs,” Benjamin Brown, managing partner at one of the law firms that represented plaintiffs in a case filed in Illinois, said in a statement.

    The lawsuits’ central claim is that the country’s biggest real estate brokerages and the NAR violated antitrust laws by engaging in business practices that required home sellers to pay the fees for the broker representing the buyer.

    Attorneys representing home sellers in multiple states argued that homeowners who listed a property for sale on real estate industry databases were required to include a compensation offer for an agent representing a buyer. And that not including such “cooperative compensation” offers might lead a buyer’s agent to steer their client away from any seller’s listing that didn’t include such an offer.

    In October, a federal jury in Missouri ordered that HomeServices, the National Association of Realtors and several other large real estate brokerages pay nearly $1.8 billion in damages. The defendants were facing potentially having to pay more than $5 billion, if treble damages were awarded.

    Advertisement 4

    Article content

    The verdict in that case, which was filed in 2019 on behalf of 500,000 home sellers in Missouri and elsewhere, led to multiple similar lawsuits being filed against the real estate brokerage industry.

    The major brokerages that have reached proposed settlements in these cases have also agreed to change their business practices to ensure homebuyers and sellers can more easily understand how brokers and agents are compensated for their services, and that brokers and agents who represent homebuyers must disclose right away any offer of compensation by the broker representing a seller.

    HomeServices said it also agreed to make “substantially similar new or amended business practice changes that have been included in the other corporate defendant settlement agreements,” said Chris Kelly, a HomeServices spokesperson.

    NAR also agreed to make several policy changes, including prohibiting brokers who list a home for sale on any of the databases affiliated with the NAR from including offers of compensation for a buyer’s representative. The new rules, which are set to go into effect in July, represent a major change to the way real estate agents have operated going back to the 1990s.

    While many housing market watchers say it’s too soon to tell how the policy changes will affect home sales, they could lead to home sellers paying lower commissions for their broker’s services. Buyers, in turn, may have to shoulder more upfront costs when they hire an agent to represent them.

    Article content

  • NHSRCL completes groundwork for Sabarmati rolling stock depot

    NHSRCL completes groundwork for Sabarmati rolling stock depot


    New Delhi [India], April 26 (ANI): The National High-Speed Rail Corporation Limited (NHSRCL) said on Friday that it has completed the earthwork for the Sabarmati Rolling Stock depot for the ambitious Mumbai-Ahmedabad bullet train project. It further said that the foundation works and reinforcement cement concrete (RCC) works for the administrative building are in progress.

    Designed to seamlessly integrate with the operational needs of the Bullet Train Project, the Sabarmati Rolling Stock Depot encompasses state-of-the-art facilities aimed at both light and heavy maintenance of train sets. Spread across an impressive 83 hectares, it is the largest of the three depots and is equipped with cutting-edge equipment including inspection bays, washing plants, workshops, sheds, and stabling lines, an official release said.

    According to the release, the Sabarmati depot which stands as a beacon of innovation, drawing inspiration from depots in Japan, features four inspection lines and 10 stabling lines, with plans for expansion to 8 inspection lines and 29 stabling lines in the future. Additionally, specialized facilities such as bogie exchange lines and general inspection lines have been incorporated to ensure comprehensive maintenance capabilities.

    Key highlights of the Sabarmati Rolling Stock Depot include a dedicated test track for post-overhaul testing of trainsets, ensuring optimal performance before deployment on the mainline; and industrial sheds of unprecedented scale, providing ample space for maintenance and overhaul activities. Besides, it also houses centralized control facilities for efficient train shunting operations and overall depot management, and from dining rooms and canteens to auditoriums and training facilities, the depot offers a holistic environment for staff and personnel, the release said.

    In line with sustainable practices, the Sabarmati Depot incorporates eco-friendly initiatives such as rainwater harvesting and wastewater recycling. Rooftop rainwater harvesting and bore well water will fulfil the depot’s water requirements, while modern sewage and effluent treatment plants ensure responsible management of waste, it said.

    Furthermore, the depot is equipped for the segregation, compaction, and proper handling of garbage generated both onboard trains and within the depot premises, underscoring its commitment to saving the environment. The depot sheds and buildings are being designed so that solar panels can be installed in future. The Sabarmati Depot alone will have the potential for solar power generation of around 14 MW.

    With a forward-looking approach, the Sabarmati Rolling Stock Depot is not just an example of technological prowess but also a blueprint for sustainable infrastructure development. As construction progresses, the depot to play a pivotal role in the success of the Mumbai Ahmedabad Bullet Train Project, setting new standards for efficiency, reliability, and environmental responsibility, the release added. (ANI)

  • Namibia inaugurates 400kV transmission line

    Namibia inaugurates 400kV transmission line


    WINDHOEK, April 26 (Xinhua) — Namibia inaugurated the 400kV Auas-Gerus transmission line on Friday, marking a significant step toward the country’s energy security and regional cooperation.

    Speaking at the inauguration ceremony, Minister of Mines and Energy Tom Alweendo underscored Namibia’s commitment to achieving energy self-sufficiency by 2030, in line with national goals outlined in Vision 2030.

    “The construction of the 400kV transmission line marks a significant milestone in our journey toward energy security and regional cooperation,” Alweendo said.

    The transmission line, funded by Namibia’s power utility, NamPower, to the tune of 873 million Namibian dollars (about 46 million U.S. dollars), is expected to facilitate increased regional trade and allow Namibia to export surplus energy to neighboring countries.

    “This backbone infrastructure will facilitate increased regional trade, allowing us to export surplus energy to neighboring countries. Furthermore, it will enhance the security of our energy supply, meeting the rising demands of industries and ensuring stability and reliability for investors,” he said.

    Alweendo emphasized the importance of skill transfer and retention, highlighting the impact of local participation on socio-economic development within the community.

    “The expansion of the Auas-Gerus Transmission line brings technological advancements that benefit all citizens. While increased access to data services, facilitated by NamPower’s fibre-optic network, will empower our Information and Communications Technology sector and foster regional connectivity, driving innovation and economic growth,” he said.

    The construction of the transmission line is part of NamPower’s investment in expanding its transmission system, which comprises a network of 66 kV to 400 kV overhead lines. The new line will extend the network by an additional 287 kilometers to the existing 11,700 kilometers.

  • The CORE closes review of complaint against Hugo Boss Canada Inc.

    The CORE closes review of complaint against Hugo Boss Canada Inc.


    Published Apr 25, 2024  •  2 minute read

    Hugo Boss Canada Inc. addressed the complaint through the CORE’s alternative dispute resolution process

    OTTAWA, April 25, 2024 (GLOBE NEWSWIRE) — A complaint filed with the Canada Ombudsperson for Responsible Enterprise (CORE) against Hugo Boss Canada Inc. has been closed.

    Article content

    The reasons for the termination are detailed in the CORE’s final report, which was published today.

    This report comes after the initial assessment report, published in August 2023, which launched an investigation into the company’s supply relationships in China, reputed to be using, or benefitting from, Uyghur forced labour. The investigation was paused when the parties agreed to engage in the CORE’s alternative dispute resolution process, which resulted in an amicable settlement. Hugo Boss Canada Inc. provided a satisfactory response to the allegations and the complaint was withdrawn by the complainants.

    Advertisement 2

    Article content

    The CORE recommends that Hugo Boss Canada Inc. continue to maintain its comprehensive approach to respecting human rights in line with the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises.

    “This report represents a second positive outcome from the CORE’s alternative dispute resolution process and serves as an example to other companies subject to a complaint with the CORE of what can be accomplished in protecting human rights by making reasonable efforts to engage in good faith,” said Sheri Meyerhoffer, the Ombudsperson.

    Media contact

    info@core-ocre.gc.ca

    Quick facts

    • The CORE is mandated to hold Canadian garment, mining, and oil and gas companies working outside of Canada accountable for possible human rights abuses that arise from their operations.
    • The CORE’s complaint process has 5 stages:
      • intake
      • initial assessment
      • mediation
      • investigation
      • recommendations and follow-up

    In line with its commitment to transparency, the CORE publishes initial assessment, final and follow-up reports.

    Related links

    Visit our news and events and follow us on Twitter, LinkedIn and Facebook.


    Article content

  • China science, technology news summary — April 25

    China science, technology news summary — April 25


    BEIJING, April 25 (Xinhua) — The following is a summary of published science and technology news of China.

    SHENZHOU-18 LAUNCH

    China on Thursday launched the Shenzhou-18 manned spaceship that will send three taikonauts to the orbiting Tiangong space station for a six-month mission.

    The spaceship, atop a Long March-2F carrier rocket, blasted off at 8:59 p.m. (Beijing Time) from the Jiuquan Satellite Launch Center in northwest China.

    About 10 minutes after the launch, the Shenzhou-18 spaceship separated from the rocket and entered its designated orbit. The crew members are in good shape and the launch is a “complete success,” the China Manned Space Agency (CMSA) announced.

    LUNAR LANDING MISSION

    China’s lunar landing mission is being carried out smoothly, as its component systems are under research and development as planned, announced a senior official with the China Manned Space Agency (CMSA) at a press conference on Wednesday.

    The project development of major flight products, such as the Long March-10 carrier rocket, the manned spacecraft Mengzhou, the lunar lander Lanyue and the lunar landing suit, has been completed, and their prototype production and tests are being carried out, said Lin Xiqiang, deputy director of the CMSA.

    INVENTION PATENTS

    Over 1,700 universities and research institutions in China have compiled an inventory of 914,000 patents to date, the country’s IP regulator said on Wednesday.

    Among these patents, 636,000 are invention patents, accounting for 60 percent of all effective invention patents held by universities and research institutions, Shen Changyu, head of the China National Intellectual Property Administration (CNIPA), said at a press conference.

  • Hong Kong, Shanghai to boost financial ties

    Hong Kong, Shanghai to boost financial ties


    HONG KONG, April 25 (Xinhua) — The Hong Kong Special Administrative Region (HKSAR) and Shanghai on Thursday agreed to further enhance cooperation to boost the financial strength of both cities.

    During a meeting in Hong Kong, representatives of the governments, financial regulators and exchanges of the two cities discussed issues of mutual concern, including the latest developments of financial services in the China (Shanghai) Pilot Free Trade Zone, cooperation in respect of cross-boundary Renminbi business, securities, futures, insurance, financial technology (fintech) and green finance as well as enhancing talent exchange.

    Both sides agreed to work on the continuous enhancement of the mutual market access programs, such as Shanghai-Hong Kong Stock Connect, Bond Connect and Swap Connect, collaborate closely to implement the newly announced measures and explore further deepening of cooperation between the securities markets of the two places.

    On insurance, both sides will facilitate exchange and cooperation in the industry on such development issues as risk management of Belt and Road projects, captive insurance and insurance-linked securities.

    They agreed to strengthen cooperation on product development, services and innovation relating to green finance and enhance exchange and cooperation among fintech enterprises of the two places.

    The Financial Services and the Treasury Bureau of the HKSAR government and the Shanghai office for advancing international financial center development also agreed to take the lead in holding regular meetings to enhance exchanges and financial cooperation between the two cities.

  • Why the Bank of Canada decided to hold interest rates in April

    Why the Bank of Canada decided to hold interest rates in April


    Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

    “Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

    Article content

    Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

    Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

    “Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

    In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

    Despite the “diversity of views” about when conditions will warrant cutting the interest rate, members of the governing council agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

    Article content

    They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

    The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

    Recommended from Editorial

    They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

    “The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

    • Email: bshecter@nationalpost.com

    Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

    Share this article in your social network