Good evening, the evening Update resumes today after a holiday break.
The Competition Bureau will face off against Rogers Communications Inc. and Shaw Communications Inc. at the Federal Court of Appeal later this month regarding a decision by Canada’s Competition Tribunal permitting a proposed $20-billion deal between the telecoms.
Justice David Stratas set the hearing for Jan. 24 at 9:30 a.m. and said there will be a stay in place preventing the takeover from closing until the court issues its ruling.
Canada’s Competition Tribunal says it approved the takeover because it expects that the sale of Shaw’s Freedom Mobile to Videotron Ltd. will create a “more aggressive and effective” wireless competitor.
Immigration records beat
Canada took in a record number of immigrants last year, as the country races to bring in newcomers to help fill labour shortages in sectors such as health care and construction.
There were 431,645 new permanent residents added last year, according to Immigration, Refugees and Citizenship Canada. Immigration now accounts for three-quarters of Canada’s population growth. And over the next three years, the federal government plans to admit 1.45 million new permanent residents. That is equivalent to 3.8 per cent of the country’s population.
- Opinion: No, immigration is not some magic pill for saving the economy
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What the rest of the country can learn from Ontario’s family doctor payment model
The former Ontario Liberal government’s decision to pump the brakes on its signature primary-care reforms offers lessons for other provinces departing from the old paradigm of lone doctors working fee-for-service in offices they own or rent themselves.
The most important lesson of Ontario’s primary-care reforms, according to the province’s former deputy minister of health, is this: If a government is going to change the way it pays family doctors, and pay them more in the process, it needs to put clear and enforceable rules in its physician services agreement.
Real estate news today:
- A record number of new condo units will be completed in Toronto in 2023, just as skyrocketing mortgage rates make it harder for investors to close on their properties.
- The assessed value of homes rose in almost every community in British Columbia last year, but new official estimates show much smaller increases across B.C. than 2021′s massive spikes because rising interest rates had already begun cooling many of these real estate markets.
- The Calgary Real Estate Board says home sales in the region ended the year on a record high even though December sales fell 31 per cent from a year ago.
U.S. politics:
Republican Kevin McCarthy’s bid to become speaker of the U.S. House of Representatives ran into trouble in a series of votes on Tuesday, as hardline conservatives rebelled against him, leaving the new Republican majority in turmoil.
In what could prove to be a brutal showdown between hardliners and the overwhelming majority of House Republicans, McCarthy twice fell short of the 218-vote majority needed to succeed Democrat Nancy Pelosi as speaker. It was the first time in a century that the House failed to elect a speaker on the first vote.
- David Shribman analysis: Kevin McCarthy ready to upend the ‘regular order’ on Capitol Hill in House speaker bid
ALSO ON OUR RADAR
Russia, shaken by Ukrainian strike, could step up drone use: Emergency crews on Tuesday sifted through the rubble of a building struck by Ukrainian rockets, killing at least 63 Russian soldiers barracked there, in the latest blow to the Kremlin’s war strategy as Ukraine says Moscow’s tactics could be shifting.
Family of Bills safety Damar Hamlin thankful for outpouring of support, asks people for prayers: The Bills announced that the 24-year-old Hamlin spent the night in intensive care and remained in critical condition a day after his heart stopped while making a tackle in the opening quarter of a game against the Bengals. Medical staff restored his heartbeat during frantic moments on the field before he was loaded into an ambulance, with teary-eyed players and coaches on both teams having difficulty hiding their emotions.
Canadian small businesses are expanding – with a little help from data: Data can be a major challenge for small businesses, who may not have the same access to it, or ability to analyze it, as do the big enterprises against which they often compete. Some non-profits and business organizations are trying to change that and support local communities by providing data to small businesses.
All scheduled flights to bring stranded passengers home from Mexico completed, Sunwing says: Some travellers from Saskatchewan say the airline has left them at airports in other provinces, while one says her flight from Mexico made it to Regina with dozens of empty seats.
MARKET WATCH
Wall Street starts the year with a dip as Apple and Tesla shares drag; TSX edges up
Wall Street’s main indexes closed lower on the first trading day of 2023 with big drags from Tesla and Apple, while investors worried about the Federal Reserve’s interest-rate hiking path as they awaited minutes from its December meeting.
The Canadian benchmark index ended the session with a modest gain, thanks partly to a rally in the gold sector. Canada’s main stock index ended the first day of the trading year up just 0.30 per cent, with losses in energy offset by gains in several other sectors.
The Dow Jones Industrial Average fell 10.88 points to 33,136.37; the S&P 500 lost 15.36 points to 3,824.14; and the Nasdaq Composite dropped 79.50 points to 10,386.99.
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TALKING POINTS
What will the end of China’s ‘zero-COVID’ approach mean to the pandemic?
“China’s abandonment of its draconian ‘zero-COVID’ policy will almost certainly have catastrophic consequences domestically, at least in the short term. What is less clear is whether it will prolong the pandemic globally or accelerate the transition to COVID-19 becoming an endemic disease.” - André Picard
With tumbling stocks, the tech giants are weak – 2023 is the year for Canada to regulate
“As the former heritage minister Steven Guilbeault, among the architects of Bill C-18, once said, if you’re not at the table, you’re probably going to be on the menu.” - Vass Bednar
If Iran’s current regime ends, don’t expect democracy to take its place
“Expect an Iran that remains close to nuclear-weapon capability and a worry to Arab states, but about which the West is less concerned because it no longer threatens Israel or opposes the world order we champion.” - Peter Jones
LIVING BETTER
2023 will be a better year for homebuyers, mortgage holders, investors and people sick of greedflation
Interest rates remain high, inflation won’t let go and there’s talk of a recession this year. Now that we have the negatives out of the way, let’s look at some positives for your finances and investments in 2023. Yes, there are some, including the the end of the long, dark night for balanced investment portfolios and better affordability for homebuyers.
Also read:
- Don’t count on the ‘January Effect’ to save markets in 2023
- How to help your money grow in 2023 against a backdrop of economic uncertainty
TODAY’S LONG READ
The Canadian prime minister's residence, 24 Sussex, is seen on the banks of the Ottawa River in Ottawa on October 26, 2015.Sean Kilpatrick/The Canadian Press
Most leaders of Western countries are secure in the official residences that come with their jobs. They may be evicted by term limits, elections or scandals, but they don’t have to worry about other housing uncertainties.
Not in Canada, though. Justin Trudeau and his family have lived in a cottage on the grounds of Rideau Hall because of concerns about the declining state of 24 Sussex Dr. which he has said is “in terrible condition.” Some are making the case for a newly built residence for Canada’s prime minister that would be a dramatic break from the status quo. This new residence would combine room for the prime minister and their family with office functions.
It’s time for a more elaborate, all-inclusive PM’s residence in Ottawa, some observers say.
Evening Update is written by Sierra Bein. If you’d like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.