From Liberals losing key riding to Biden-Trump debate, this week’s top stories

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Canada's annual inflation rate ticked up to 2.9 per cent in May, and a company providing software for thousands of auto dealerships was hacked.

U.S. President Joe Biden and his challenger, the former president Donald Trump, faced off in a debate, the Liberal Party lost a key byelection battle with the Conservatives and Ottawa is mulling tariffs on electric vehicles made in China.faced off Thursday in their first debateCNN hosted the debate in Atlanta, offering a rare opportunity for both sides to try to gain momentum in a race that will likely be decided by a small fraction of voters in a handful of battleground states.

The Liberals lost a key byelection in what was once considered one of the safest Liberal seats in the country. The Conservatives won a surprise victory Monday night, swiping the Toronto-St. Paul’s seat from the Liberals for the first time in three decades.“The Liberal party isn’t about one person. It’s about the values it stands for and it’s about improving the lives of Canadians,” McKenna said in a statement to Global News Friday.

Inflation data is important for two big reasons. Firstly, it tells us where Canadians are feeling the pinch most in their household budgets — right now, that’s largely housing costs like rents and costly mortgages. Stephen Brown, an economist with Capital Economics, says some bumpiness on the path back to two per cent inflation won’t cause the Bank of Canada to change course from lowering the cost of borrowing.Elon Musk announces birth of 12th child, third with Neuralink executiveon how to tackle the “oversupply” of Chinese-made electric vehicles – including potential tariffs — in the global market, Finance Minister Chrystia Freeland said on Monday.

 

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