Bank of Canada raises benchmark interest rate to 1.25%

(FILES)The Bank of Canada building is viewed in Ottawa on April 12, 2011. The Bank of Canada raised its benchmark interest rate by 25 basis points to 1.25 percent on January 17, 2018, pointing to sustained growth in the G7 economy and inflation that is closer to the country’s target.For 2018, the central bank put GDP growth at 2.2 percent, slowing to 1.6 percent in 2019 — a slower pace than the estimated 3.0 percent growth expected for 2017, the bank a statement./ AFP PHOTO / GEOFF ROBINS

Price of brent crude oil rises to $70 on output cuts

The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America.