World Report - October 29: Wednesday's top stories in 10 minutes

Episode Date: October 29, 2025

Hurricane Melissa makes landfall on Cuba as category 3 storm. Officials in Jamaica still assessing storm damage. The Bank of Canada is lowering its key interest rate by a quarter of a basis point to 2.25%.Chinese officials take hard stance on Taiwan ahead of meeting between US President Donald Trump and Chinese President Xi Jinping. Ontario and Webequie First Nation sign deal to develop infrastructure around the Ring of Fire. 100 days until the Olympic Winter Games Milano Cortina 2026.Toronto Blue Jays win Game 4, tie World Series against the Los Angeles Dodgers.

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Donate at lovescarbro.cairbo. This is a CBC podcast. This is World Report. Good morning. I'm Arcia Young. Hurricane Melissa is blowing through eastern Cuba now, and the Category 2 storm is bringing a lot of rain. Video shows people wading through ankle-deep water as it rushes through their doorways.

At least 700,000 people in Cuba have been evacuated to higher ground. And in Jamaica, officials are still evaluating the damage. Melissa was a Category 5 hurricane when it made landfall there yesterday. Desmond McKenzie is Minister of Local Government. Jamaica's gone through what I can call one of its worst period. Our infrastructure has been severely compromised. At least 500,000 people have lost power. in Jamaica, hospitals and schools have been damaged, and many areas of the island have been

cut off by flooding. The Bank of Canada is lowering its key interest rate by a quarter of a basis point. This was our second straight cut and reflects ongoing weakness in the economy and contained inflationary pressures. Bank of Canada Governor Tiff Macklam making the announcement this morning. It is a move most economists expected as trade talks with the U.S. breakdown. It is the central bank's second consecutive rate cut. That means the key lending rate now sits at 2.25%. Our senior business reporter, Peter Armstrong, joins me now. And Peter, why did the bank make this decision? Yeah, look, the bank says that a cut at this point like this is needed to just kind of boost the economy. Right off the top in this release, the bank says, well, the global

economy has been resilient to the historic rise in U.S. tariffs. The impact is becoming more evident. Here in Canada, they say growth is weak, employment is soft. And even though Canada has, thus far at least, avoided an outright recession, it certainly doesn't feel very good out there in the Canadian economy right now. So a quarter point cut can provide some relief on that front. But the bank is also acutely aware of just how limited central bank policy, monetary policy, can be in a crisis particularly like this. Let me just read you the basically the last lines of this release, says the Canadian

economy faces a difficult transition. The structural damage caused by the trade conflict reduces the capacity of the economy and adds costs. This limits the role that monetary policy can play to boost demand while maintaining low inflation. All right. Well, does this mean all eyes are now turning to next week's federal budget? Very much so. Because in its way, that decision from the federal government has been kind of limiting what the Bank of Canada can do. They don't want to cut too much if there's too much stimulus in the federal budget. We don't yet know if the bank Canada is going to want to cut rates even further after it gets a look at the budget. But if there's all this stimulus coming into the economy, that's going to cause some inflation.

That's going to have a monetary impact and a fiscal impact that the bank is going to have to assess going forward. So we'll watch the budget. We'll watch how everybody reacts to that. Then we'll pivot down the road to the next bank of Canada decision in December. Thank you so much, Peter. You bet. Our senior business correspondent, Peter Armstrong.

Ontario is speeding up construction of a road to the mineral-rich ring of fire. The province has signed a deal with the Webbiquay First Nation. Nearly $40 million will help build key community infrastructure. For more on this, I'm joined by the CBC's Janice McGregor. And Janice, tell us about this deal. Marcia, the Ford government is calling the agreement. It just signed with the Webiquet First Nation this morning, a historic example of economic reconciliation.

This is a community over 500 kilometers north of Thunder Bay. It is the one closest to the ring of fire, that site of so many coveted critical minerals and ground zero for debates over how to move forward with resource development while also respecting the treaty rights of indigenous peoples. There are elements of this nearly $40 million partnership signed today that work for both sides. The community is getting a new multipurpose, community center, arena,

new mental health and social services supports, and significantly, jobs. This community led the environmental assessment process for the new WebEquay Supply Road, and that is going to connect this community to Ontario's provincial highway system. That approval, the Ford government says, is going to be granted this spring.

What focused minds, the Premier said, were ongoing economic threats from the Trump administration. We can no longer work at government speed, not when President Trump is taking direct aim at our workers in economy. The Ford government sparked a massive controversy over its legislation

to fast-track projects just like this. But based on what they said this morning, this particular First Nation was a willing participant. And it's now going to lead a process with other First Nations to build additional roads towards developing a network. What about the federal government's role in all of this? Well, the Ford government says this highway is going to be built with or without the federal government.

But the minister that led the negotiations, Greg Rickford urged the Canadian government to not only get out of the way, but chip in. I think if they don't get involved on the resource side, so financial support for the corridor themselves, they'll pay a price to the people of Canada. The Premier says he takes Mark Carney at his word when the Prime Minister says he wants to prioritize resource development. But now they're looking at Ottawa to prove it. All right. Thank you so much, Janice.

You're welcome. The CBC's Janice McGregor reporting from Ottawa. On the eve of a key meeting with U.S. President Donald Trump, China's government says, it will absolutely not rule out the use of force to reunify the island. Trump and Chinese President Xi Jinping are expected to meet tomorrow in South Korea

and Chinese officials have been hinting they want the U.S. to distance itself from Taiwan as part of any official trade deal. Chris Brown reports. Donald Trump landed in South Korea sounding upbeat. The President Xi of China is coming tomorrow here and we're

going to be, I hope, making a deal. I think we're going to have a deal. But the meeting has made many Taiwanese nervous, concerned Trump might trade away the island's security as part of that deal. Taiwan-U.S. relations are very stable, said Taiwan's foreign minister, Lin Chai Lung, trying to quell some of the anxiety. By law, the U.S. is bound to give Taiwan weapons to help it defend itself, but Trump has been vague if the United States would actually come to

Taiwan's aid if China attacks. As with a lot of questions, about President Trump's outlook. It's somewhat ambiguous. British military analyst Philip Shetler Jones says while Trump has sent mixed signals, China has been pouring money into its military, especially naval and amphibious forces. There's only really one way of understanding the purpose of that equipment, which is to do amphibious invasions. Shetler Jones says there's no consensus about when China will be sufficiently prepared to use force against Taiwan, but the date is likely still a couple of years away and could be pushed back further depending on Trump's level of commitment to the island. Chris Brown, CBC News, London. We are just 100 days away from

the Winter Olympics in Italy. Milana Cortina, 2026, is considered to be the most geographically widespread Olympic Games in history. Foresight spanning more than 22,000 kilometers. And after years of delays in controversy, Italy now appears to be on track to deliver. Megan Williams has the latest from Milan. With a slow and often chaotic start, many in Italy feared the Milan-Cortino, 2026 Winter Olympics would be an Italianata, an Italian-style last-minute scramble. But the country's sprint to February seems to be paying off, a final push that could turn a risky gamble into a global showcase of Italian can-do energy.

In Milan's Santa Julia district, workers are racing to finish a 16,000-seat arena set for completion by mid-December and will host men's hockey before becoming a major concert venue. Nearby Olympic housing and a former rail yard is done as pavilions at the city's main trade fair complex are being turned into rinks for women's hockey and speed skating. 400 kilometers away in Cortina Dampezzo, the new bobsled track. months mired in delays, environmental protests, and worries about costs, has been finished in record time. Many doubted it would be built at all. After skepticism from the IOC, but a surprise for a country where costs for public works often balloon, the bobsled track came in 25% under cost, though still with a hefty price tag of about $185 million Canadian dollars. With 100 days to go for the Winter Olympics, ticket sales are short. Strong, topping 800,000, with hockey leading the pack and plenty of Canadians expected in the stands.

Megan Williams, CBC News, Milan. In the air to left field, but Straw is there and the Blue Jays win it. That is the play that tied up the World Series. The Toronto Blue Jays won game four last night in Los Angeles. The Jays outlasted one of the best in the business. Dodgers pitcher Shohei Otani. The 6-2 win guarantees a game 6 back at home in Toronto on Friday night. Game 5 goes tonight in L.A.

That is World Report. I'm Marcia Young. For more CBC podcasts, go to CBC.com. slash podcasts.