Good evening, let’s start with today’s top stories:
The British Columbia government has agreed to pause proposed legislation that would have allowed it to sue social-media companies for harms their algorithms cause people, instead announcing that platforms have agreed to work with the province to put protections in place.
Premier David Eby issued a joint statement on Tuesday with representatives from Meta, TikTok, Snap and X, saying they have reached an agreement to work to help young people stay safe online through a new BC Online Safety Action Table.
The province had introduced the Public Health Accountability and Cost Recovery Act in March, just weeks after Ottawa tabled Bill C-63 to create a new Online Harms Act – a baseline standard for online platforms to keep Canadians safe – to hold online platforms accountable for the content they host.
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Postsecondary students across the U.S. are increasing their protests against war in Gaza
What began last week when students at a New York Ivy League school refused to end their protest against Israel’s war with Hamas has turned into a much larger movement as students across America set up encampments, occupied buildings and ignored demands to leave.
Protests against the war had been bubbling for months but kicked into a higher gear after more than 100 pro-Palestinian demonstrators who had camped out on Columbia University’s upper Manhattan campus were arrested Thursday. Dozens more protesters have been arrested at other campuses since, and many now face charges of trespassing or disorderly conduct.
- Meanwhile, in Ontario, a motion to allow keffiyehs in legislature has failed for a second time. Protesters unfurling the scarves were ejected from the public galleries and an independent member draped one over her shoulders in open defiance of a Speaker’s ban on the attire.
- Today in the Israel-Hamas war: UN rights chief Volker Turk said he was horrified by the destruction of the Nasser and Al Shifa medical facilities in Gaza and by reports of mass graves containing hundreds of bodies there, according to a spokesperson. Israel intensified strikes across Gaza, ordering new evacuations in the north.
Students demanding a permanent ceasefire in Gaza demonstrate near New York University at Washington Square Park in Manhattan, Tuesday, April 23, 2024.ANDRES KUDACKI/The New York Times News Service
Competition Bureau contests US$8.2-billion agriculture merger
Canada’s Competition Bureau has come out against the proposed US$8.2-billion merger between the agriculture division of Glencore PLC, which includes Viterra, and Bunge Ltd., citing “substantial anti-competitive effects” in Canada.
After an extensive review, Competition Commissioner Matthew Boswell determined the deal “is likely to result in substantial anti-competitive effects in agricultural markets in Canada, and a significant loss of rivalry between Bunge and Viterra in a number of markets,” the bureau wrote in a detailed report.
The report is being provided to the federal transport minister, who will take it into consideration when reviewing the merger.
Changes to capital-gains tax may prompt doctors to quit, CMA warns
The head of the Canadian Medical Association says the federal government’s proposed increases to capital-gains taxes will pose a significant financial hit to doctors and may push some out of the profession.
The recent federal budget includes an increase to the capital-gains inclusion rate – up to two-thirds from one-half – which means that more of the income generated from the sale of an asset, such as property or a stock, is taxed.
The first $250,000 of capital gains will continue to be taxed under an inclusion rate of 50 per cent for individuals. But for corporations, the new 67-per-cent rate will kick in on the first dollar of capital gains.
- Rob Carrick: Own a cottage or investment property? Here’s how to navigate the new capital gains tax changes
- Opinion: Calm down, the sky isn’t going to fall with the capital gains tax hike
ALSO ON OUR RADAR
Policing: Indigenous leaders in Northern Ontario are calling on the province’s policing watchdog to use his new powers and disband the Thunder Bay Police Service, saying the troubled force is beyond repair.
U.S. politics: The judge in Donald Trump’s hush-money trial said the former president’s lead lawyer was “losing all credibility” during a series of testy courtroom exchanges on Tuesday morning in which Mr. Trump’s defence argued he should not be held in contempt of court.
Zameer trial: The OPP is to review Toronto police conduct after the judge in the Umar Zameer trial questioned the accuracy of police testimony.
Real estate: New condo sales in the Toronto region dropped to their lowest level since the 2009 financial crisis, with investors balking at lofty purchase prices and higher borrowing costs.
Critical minerals: Canada and allies are considering trade measures against China and Indonesia over manipulation of nickel market, Deputy Prime Minister Chrystia Freeland says.
Quebec farmers: Upset with high interest rates, growing paperwork and heavy regulatory burdens, protesting farmers have become a familiar sight across Quebec since December.
Just in time for the playoffs: Meet the usher who sings, dances and maintains order at Toronto’s Scotiabank Arena.
Angus Collis, an usher at Scotiabank Arena, cajoles concerts guests from his position at Gate 1, in Toronto, Wednesday April 10, 2024.Christopher Katsarov/The Globe and Mail
MARKET WATCH
Wall Street closes higher as investors digest earnings, megacap outlook
U.S. and Canadian stocks closed higher on Tuesday following positive earnings from top-tier U.S. companies, with the TSX climbing to its highest level in over a week.
The Dow Jones Industrial Average rose 263.71 points to 38,503.69, the S&P 500 gained 59.95 points to 5,070.55 and the Nasdaq Composite gained 245.34 points to 15,696.64. The S&P/TSX composite index closed up 139.76 points at 22,011.72.
The loonie was 0.4% higher at 1.3695 to the U.S. dollar, or 73.02 U.S. cents, adding to its winning streak since Wednesday and trading at its strongest level since April 12.
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TALKING POINTS
Red lines have been crossed in Israel and Iran. What comes next?
“While neither country inflicted much damage on the other (either intentionally or otherwise), their actions were intended to send messages to the other side. The hope is that they landed.” – Dennis Horak
The Liberals’ immigration policies have accomplished the opposite of what was intended
“The Conservatives are now as popular as the Liberals with newcomers. There would be a certain irony if the Liberal Party’s wide-open immigration policies caused immigrant voters to contribute to its defeat.” – John Ibbitson
Canada’s underwhelming disability benefit is a sign of a government out of ideas
“The Canada Disability Benefit is supposed to bring some dignity to some of the most marginalized people in Canadian society. Instead, it delivers a seemingly endless series of humiliating slaps in the face. A $6.66-a-day benefit for the struggling. It’s no wonder the outrage is palpable.” – André Picard
LIVING BETTER
I think my adviser may soon retire – what should I do?
A common theme in the responses to this question is that this reader needs to ask the adviser directly about his retirement and succession plans. If retirement is in the near future, the client should ask for an introduction to whoever will take over the account. Feeling awkward about asking your adviser about his or her retirement? Frame your question by saying off the top how much you appreciate your adviser’s work. Your concern is maintaining that high standard into the future.
TODAY’S LONG READ
How Toronto Mayor Olivia Chow plans to fix a city in decline
"I ran because I saw the city—I wouldn’t go as far as broken—but in decline," Olivia Chow said.ebti Nabag/The Globe and Mail
Olivia Chow has been in office for nine months. In an interview with Trevor Cole, she acknowledges that Toronto is a city in decline, and that it’s part of why she decided to run for mayor: “It just wasn’t working very well. Which is why I thought, I think I can do better.” She’s had a whirlwind start to her first year at City Hall: a tax hike, plus megadollar deals with Ontario and Ottawa. Read more from our sit-down with the mayor of Canada’s largest city here.
- Editor’s Note: Toronto has fallen into disrepair. How is Olivia Chow going to fix it?
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.