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U.S. benchmark oil price tops US$90 a barrel for first time since November 2022

Published Wed, 26 Feb 2025 09:12:58 GMT

TORONTO — The U.S. benchmark price of oil has topped US$90 per barrel for the first time since late last year.The October futures contract for West Texas Intermediate (WTI) light sweet crude oil was up US$1.57 at US$90.09 in late-morning trading after going as high as US$90.26.The last time the U.S. benchmark oil price topped US$90 a barrel was in November of last year.Saudi Arabia and Russia agreed last week to extend their voluntary oil production cuts through the end of this year.The move keeps 1.3 million barrels per day of crude oil out of the global market.The rise in oil prices threatens to raise the price of gasoline for drivers and give a boost to inflation that central banks around the world have been working to bring under control.This report by The Canadian Press was first published Sept. 14, 2023.The Canadian Press

Spain’s women’s team is still in revolt one day before the new coach names her Nations League squad

Published Wed, 26 Feb 2025 09:12:58 GMT

BARCELONA, Spain (AP) — One day before Spain’s new women’s coach announces her first squad, the players who won the Women’s World Cup have yet to say if they are ready to come back to the team after rebelling against their disgraced former federation president.Spain’s women have had little chance to celebrate their greatest soccer achievement because Luis Rubiales caused an uproar when he kissed player Jenni Hermoso on the lips without her consent at the awards ceremony last month in Sydney.The 23 players, plus more than 50 others, responded to his subsequent refusal to step down in the days after the kiss by announcing that they would not play for their nation again until the federation underwent deep reforms and had new leadership.In the whirlwind of events since, the federation has been in upheaval. Rubiales was first suspended by soccer governing body FIFA, then his interim replacement fired the women’s national team coach that was unpopular with his players, and Rubiales himsel...

Jury deciding fate of 3 men in last trial tied to Michigan Gov. Gretchen Whitmer kidnapping plot

Published Wed, 26 Feb 2025 09:12:58 GMT

A jury hearing evidence against three men began deliberations Thursday in the last trial connected to a 2020 plan to kidnap Michigan’s governor and inspire a civil war among anti-government extremists.William Null, twin brother Michael Null and Eric Molitor are the last of 14 men to face charges in state or federal court.They’re charged with supporting leaders of the scheme by participating in military-style drills and traveling to see Gov. Gretchen Whitmer’s vacation home in northern Michigan. The key players, Adam Fox and Barry Croft Jr, were convicted of a kidnapping conspiracy last year in federal court.In the latest trial, the jury heard 14 days of testimony in Antrim County, which is the location of Whitmer’s second home, 185 miles (297 kilometers) north of the state Capitol.“Whatever decision it is will be respected by everybody,” Judge Charles Hamlyn told the courtroom moments after giving final instructions to the jury.Molitor, 39, and William Null, 41, testifie...

After days of heavy rain and flash flooding in New England, Hurricane Lee is up next

Published Wed, 26 Feb 2025 09:12:58 GMT

PORTLAND, Maine (AP) — Days of wild weather that produced torrential rain, flooding, sinkholes and a likely tornado in New England could be a prelude to something more dangerous lurking offshore — Hurricane Lee.Maine was under its first hurricane watch in 15 years as the region prepared for 20-foot (6-meter) waves and winds gusting to 70 mph (112 kph), along with more rain, officials said. A dangerous storm surge was projected for Friday evening for Massachusetts’ Cape Cod Bay and Nantucket Island, while the brunt of the storm was to arrive early Saturday.Although the Category 1 system did not contribute to the recent flooding, it threatened to exacerbate conditions in a region that is already much too wet.The Coast Guard and emergency management agencies warned New England residents to be prepared, and utility companies brought in reinforcements to deal with possible power outages. At Boothbay Harbor Marina in Maine, the community came together to remove boats from the water ...

‘This is love’: Defence to show different side of ‘Freedom Convoy’ social media posts

Published Wed, 26 Feb 2025 09:12:58 GMT

OTTAWA — Defence lawyers for two “Freedom Convoy” organizers are showing the court videos that show a more peaceful view of the protest as they cross-examine the officer assigned to social media evidence in the case.Chris Barber and Tamara Lich are on trial for their role on the protest that gridlocked Ottawa for three weeks in 2022.Barber’s defence lawyer is going through TikTok videos that show him calling for peaceful behaviour, talking about the loving nature of the crowd, and thanking police for ensuring public safety. That offers a contrast to the videos already shown by the Crown, which is trying to make the case that Lich and Barber exerted influence and control over a protest that was not peaceful.The videos were initially posted to Barber’s TikTok account and the “Freedom Convoy 2022” Facebook page.Sgt. Joanne Pilotte told the court she was directed to download certain videos by an Ottawa police detective as part of the investigation, an...

Laurentian Bank shares fall as it concludes review without deal to sell

Published Wed, 26 Feb 2025 09:12:58 GMT

MONTREAL — Shares of Laurentian Bank were down more than 10 per cent in morning trading after it announced it had completed its review of strategic options without a deal to sell the bank. The Montreal-based bank said Thursday it has decided that its best path forward to drive shareholder value is an accelerated evolution of its current plan with an increased focus on efficiency and simplification.A strategic review is often seen by investors as a prelude to a sale by a company. However, Laurentian said it will work on simplifying its organizational structure and focusing on allocating capital and resources to its highest grossing businesses and specialized products.“Having now completed this review of our strategic options, we are more confident than ever in Laurentian Bank’s strong positioning in the market and unique offering for our customers,” Laurentian chief executive Rania Llewellyn said in a statement.“As we continue to evolve our bank, our executive...

Talks between Serbia and Kosovo break down again. The EU says their hopes of joining are at risk

Published Wed, 26 Feb 2025 09:12:58 GMT

BRUSSELS (AP) — Kosovo and Serbia on Thursday failed yet again to make progress in talks aimed at improving their long-strained relations, and the European Union’s top diplomat warned that the lack of progress could hurt their hopes of joining the bloc.EU foreign policy chief Josep Borrell, who supervised the talks in Brussels, blamed the latest breakdown on Kosovo Prime Minister Albin Kurti’s insistence that Serbia should essentially recognize his country before progress can be made on enforcing an agreement they reached in February.Serbia and its former province of Kosovo have been at odds for decades. Their 1998-99 war left more than 10,000 people dead, mostly Kosovo Albanians. Kosovo unilaterally declared independence in 2008 but Belgrade has refused to recognize the move.“Unfortunately, after quite a long meeting, Prime Minister Kurti was not ready to move forward on … a credible process,” Borrell said. “He insisted instead on formalizing de-facto recognition as the first step....

Federal government removing GST on new rental builds, source says

Published Wed, 26 Feb 2025 09:12:58 GMT

Prime Minister Justin Trudeau will announce today that Ottawa is removing the GST on construction of new rental apartment buildings, according to a senior government source.The source spoke on the condition of anonymity to discuss matters that were not yet public.The change would lower the cost of labour and materials for homebuilders, and is one of the components of an affordability announcement Trudeau is set to make in the afternoon.The news will close out the Liberal caucus retreat in London, Ont., where MPs gathered to strategize their approach for the return of Parliament next week.Most of the party’s 158 MPs are at the three-day retreat, where Trudeau says his focus is hearing what constituents are telling members.The Liberals have seen slumping poll numbers that suggest Canadians believe the Conservatives would do a better job dealing with affordability and housing concerns.

S&P/TSX composite up more than 200 points, U.S. stock markets also rally

Published Wed, 26 Feb 2025 09:12:58 GMT

TORONTO — Canada’s main stock index was up more than 200 points as strength in base metal stocks helped lead in a broad-based rally and the price of oil reached US$90 per barrel, while U.S. stock markets also pushed higher.The S&P/TSX composite index was up 202.44 points at 20,481.38.In New York, the Dow Jones industrial average was up 230.03 points at 34,805.56. The S&P 500 index was up 31.12 points at 4,498.56, while the Nasdaq composite was up 109.64 points at 13,923.23.The Canadian dollar traded for 74.01 cents US compared with 73.80 cents US on Wednesday.The October crude contract was up US$1.60 at US$90.12 per barrel. The October natural gas contract was up four cents at US$2.72 per mmBTU.The December gold contract was down US$2.30 at US$1,930.20 an ounce and the December copper contract was up three cents at US$3.82 a pound.This report by The Canadian Press was first published Sept. 14, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)The Canadian Press

No. 2 House Republican Steve Scalise returns to the Capitol after his blood cancer diagnosis

Published Wed, 26 Feb 2025 09:12:58 GMT

WASHINGTON (AP) — Rep. Steve Scalise, the No. 2 House Republican, returned to the U.S. Capitol on Thursday for the first time since being diagnosed with a blood cancer known as multiple myeloma and told reporters his chemotherapy treatment is underway. “It’s kind of a few months process. They don’t know yet how long it’s going to be — four months, six months — but they want to continue to evaluate and say, ‘OK, how’s he doing? How’s the treatment?’ The treatments are going well so far,” said Scalise, who was taking precautions to protect his immune system and wore a face mask and stood back from reporters as he entered the Capitol building.The Louisiana congressman, 57, said he would be able to receive some of the chemotherapy treatment in Washington and continue his work in Congress, where he was limiting his in-person interactions. Scalise’s cancer diagnosis comes at a fraught moment for House Republicans, who are trying to avert a g...