The World This Hour - The World This Hour for 2025/11/26 at 14:00 EST

Episode Date: November 26, 2025

The World This Hour for 2025/11/26 at 14:00 EST

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From CBC News, the world this hour. I'm Kate McGilfrey. As we head into the busiest shopping season of the year, a new report suggests that a growing number of Canadians are struggling to pay the debts that they already have compared to previous years. Nisha Patel has those details. If you haven't got a job right now, cost of living is still really high.

You know, food prices and gas prices. still higher than they were, you know, a few years ago. Tough economic conditions push nearly one and a half million Canadians to miss a credit payment in the third quarter, according to credit agency Equifax Canada. Vice President Rebecca Oakes says that's 14% higher than the same time last year. It's quite a difficult time of year and period for particularly younger consumers who have less savings, less buffer to really help them out if things are a little bit tight.

Oakes warns the trend could continue and notes that missed payment, usually jump about 7% every January. And that just happens every single year. So just really think about kind of your spending as you go into the holiday period and make those good choices. Because blowing past budgets now could lead to a financial hangover in the new year.

Nisha Patel, CBC News, Toronto. Industry Minister, Melanie Jolie, says more help is on the way for Canada's steel and softwood lumber industries. The Prime Minister will be announcing more support for sectors that are, affected by the tariffs, including steel. The measures to be unveiled this afternoon

are aimed at keeping the sectors afloat in the face of those ongoing U.S. tariffs. Loan guarantees are expected for softwood lumber producers. It's also anticipated the government will slap new tariffs on steel imports, making Canadian steel more attractive to buyers here at home. Environment and Climate Change Canada says it's changing its weather alert system. From now on, weather warnings will be color-coded based on risk level. The alert color level will be based on the forecast confidence and its potential impacts on the region.

Yellow alerts are at the baseline. They'll be issued for a wide variety of situations. Orange alerts are for more serious weather events like a big winter storm. A red alert, on the other hand, warns about dangerous and potentially life-threatening weather. Hong Kong emergency crews are still fighting to put out the deadliest fire in the city in decades. The city's leader, John Lee, says at least 36 people have died. Nearly 300 others are still missing. The fire spread across seven high-rise apartment buildings in a housing complex in Tai Po district. Authorities say the cause is not yet known. The complex houses nearly 5,000 people

and had been undergoing renovations. The blaze spread quickly on bamboo scaffolding, which is often used in Hong Kong construction. Earlier this year, the government said it would start phasing it out for public projects due to safety concerns. And a top Russian official is ruling out any concessions to Ukraine in a potential peace deal. This statement comes as Donald Trump's envoy is about to present the amended draft plan to the Russian president. Crystal Gumansing reports. Sergei Ryabkov, Russia's deputy foreign minister, says while there are different versions of a peace plan, there can be no talk of concessions or abandoning Russia's approaches to the special military operation in Ukraine.

Ryabkov says the Kremlin is committed to work from what was achieved during the Alaska summit between U.S. President Donald Trump and Russian President Vladimir Putin. We're making progress. On board Air Force one Tuesday, Trump said it is expected that each side will make changes to the initial draft framework and that hopefully there will be more forward momentum in an effort to end the war. European leaders, including Ursula von der Leyen, the EU president, have praised Trump's efforts to end the war, but say any peace deal must respect Ukraine's territorial sovereignty. Crystal Gimancing, CBC News, London.

And that is the world this hour. You can get all the news you need anytime, anywhere. Just download the free CBC News app for CBC. News. I'm Kate McGilvery.