Good evening, let’s start with today’s top stories:
After a disappointing 2-1 loss to Morocco, Canada leaves their first World Cup in 36 years without a win. Morocco will advance as the winner of Group F, stepping into the top-16 knockout round.
In Canada’s final game, Hakim Ziyech and Youssef En-Nesyri scored for No. 22-ranked Morocco, which took advantage of poor defending to lead 2-0 after 23 minutes. Canada got a Morocco own goal to cut the lead to 2-1 at the break.
“It’s over now. Canada’s record in this tournament reads three losses. None of them were pretty, but two of them were battling,” writes Cathal Kelly. “If John Herdman is to be the man at the helm in 2026, when Canada will qualify automatically, reining in his focus on all-out attack would be a prudent approach,” said Paul Attfield during The Globe’s live coverage.
More on World Cup 2022:
- Japan roars back again to shock Spain and top group
- Germany out of World Cup despite 4-2 win over Costa Rica
- Croatia through to World Cup round of 16 as goalless draw sends Belgium home
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Jimmy Lai trial adjourned as Hong Kong seeks to block his choice of lawyer
The national security trial for Hong Kong pro-democracy media tycoon Jimmy Lai was adjourned today as officials turned to Beijing to block Lai’s choice of lawyer.
The Apple Daily publisher has been detained since 2020, when he was charged with two counts of conspiracy to collude with foreign forces under a new national security law imposed by Beijing after the city was swamped by protests the year before.
Lai hired Timothy Owen, a highly experienced British lawyer, to represent him, as a foreign lawyer would be less vulnerable to political influence. But officials sought to block his appointment. The government argued that having a foreigner represent Lai in a national security case was “incompatible with the overall objective and design” of the legislation.
South African President Ramaphosa likely to resign
South African President Cyril Ramaphosa is said to be close to resigning after a parliamentary inquiry found that he may have violated the constitution and anti-corruption laws in his handling of a mysterious cash payment of at least US$580,000 at his wildlife ranch.
His spokesperson, Vincent Magwenya, said a presidential announcement was “imminent,” but later said it would not happen until Friday at the earliest, with “all options” still on the table.
Ramaphosa’s ruling party, the African National Congress, has scheduled an emergency meeting of its top leadership on Friday morning to discuss the issue. The President, who has positioned himself as an anti-corruption campaigner in the past, has required other ANC leaders to “step aside” when they face corruption charges, making it difficult for him to ignore the inquiry’s report.
Banks report longer amortization periods on mortgages as borrowers struggle with higher rates
Soaring interest rates mean major Canadian banks are seeing their variable-rate mortgage holders extend their amortization periods beyond 30 years.
The growing proportion of mortgages with long amortizations gives an indication of the number of borrowers who could face significant hikes to monthly payments when they renew their loans. While most variable-rate borrowers are not seeing their monthly payments spike immediately after Bank of Canada rate hikes, they will when they renew their mortgages.
At Royal Bank of Canada, Bank of Montreal and Canadian Imperial Bank of Commerce, the percentage of mortgages with an amortization of more than 30 years has grown to around 30 per cent as of the end of October, a huge jump compared to last year, when the three banks had no mortgages with an amortization above 30 years, according to their financial disclosures.
ALSO ON OUR RADAR
Experts call for delay of MAID expansion: The association representing the lead psychiatrists at Canada’s 17 medical schools is calling on the federal government to delay the expansion of assisted dying to people with mental illness, joining an increasingly vocal group of doctors who say proper safeguards are not yet in place.
Man accused of killing woman in Winnipeg charged in three other homicides: Jeremy Skibicki was charged in May after the remains of Rebecca Contois, who was 24, were found in a garbage bin near an apartment building. He is now charged with first-degree murder in three other deaths in the spring.
Nunavut reaches $10-a-day average for child care: Families across Nunavut are now paying an average of $10 a day for child care under a Canada-wide plan, 15 months earlier than initially expected and three years ahead of the national goal.
Biden hosts Macron for state dinner: U.S. President Joe Biden said at a joint news conference that he and French President Emmanuel Macron spoke a “a good deal” about European concerns over his signature climate change law during an Oval Office meeting, acknowledging “glitches” in the law, adding “there’s tweaks we can make.”
- Konrad Yakabuski: Why Ottawa should be watching as Mr. Macron goes to Washington
Bank earnings roll in: Toronto-Dominion Bank reported adjusted fourth-quarter profits that beat expectations, while Canadian Imperial Bank of Commerce reported an 18-per-cent drop in fiscal fourth-quarter profit. Bank of Montreal reported adjusted fourth-quarter profit that fell 4 per cent.
- Explainer: Canada’s Big Six banks reported fourth-quarter earnings this week. Here’s what you need to know
Latest on Ukraine: Russia has pulled some troops from towns on the opposite bank of the Dnipro River from Kherson city, according to Ukrainian officials. However, Russian rockets continued to pound neighbourhoods in Kherson, knocking out power in the city where electricity had only begun to be restored.
- Ukrainians’ countryside getaways have become off-grid safe havens from Russian attacks
- TikTok under fire for videos glorifying Russian mercenaries fighting in Ukraine
- EU discussing Russian oil price cap at $60 per barrel with a bi-monthly review
MARKET WATCH
Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow, while traders digested U.S. data that suggested the Federal Reserve’s interest rate hikes are working.
The S&P 500 declined 0.09 per cent or 3.54 points to end the session at 4,076.57.
The Nasdaq composite gained 14.45 points or 0.13 per cent, ending at 11,482.45 points, lifted by gains of over 1 per cent each in Nvidia and Facebook-owner Meta Platforms.
Dow Jones industrial average declined 194.76 points or 0.56 per cent to 34,395.01 points, pulled lower by Salesforce.
The S&P/TSX composite index was up 72.19 points at 20,525.45.
The Canadian dollar traded for 74.44 cents US compared with 74.03 cents US on Wednesday.
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TALKING POINTS
Don’t worry, Alberta isn’t defying Canada’s constitution. It’s just rewriting it
“For all the rhetorical invocation of a marauding federal government bent on causing maximum harm to Alberta, it remains the highest-earning, lowest-taxed, most-favoured province in the country.” – Andrew Coyne
In Berlin, coal will keep me warm as Germany’s winter of angst sets in
“The truth is, I’m not alone. Daniel the Hausmeister says many Germans are turning back to coal or wood-pellet heating; electricity companies have too. With natural gas prices skyrocketing because of the war between Russia and Ukraine, people are desperate.” – Jonathan Garfinkel
Troubling questions about Doug Ford’s move into the Greenbelt
“Everyone agrees that Ontario needs to build more homes, and to do it quickly. But few would argue that this justifies the way the Ford government plans to open up the Greenbelt.” – The Editorial Board
LIVING BETTER
Holiday gift guide: Thoughtful items for everyone on your list, at every budget
Do you have picky gift recipients to shop for this holiday season? We have clever options for a range of people and budgets. The quiet quitter in your life might enjoy gifts that encourage after-office-hours hobbies. Meanwhile, the travel addict you have to shop for might appreciate airport lounge passes – a luxe but practical gift. Plus, experts share their tips on how to snag the perfect present.
TODAY’S LONG READ
‘We got him’: How a DNA investigation solved the cold cases of two 1980s Toronto murders
DNA evidence has helped uncover new leads in the killings of Erin Gilmour and Susan Tice.Supplied
Erin Gilmour’s murder created a flurry of media interest, the details as intriguing as they were disturbing. She was, after all, a young woman murdered in a wealthy area of Toronto. And then there was her background. Her father, David Gilmour, was a successful entrepreneur who started many ventures, including mining company Barrick Gold, with Peter Munk. Her friend, Anthony, was Peter’s son.
The search for her murderer was intense. Detectives interviewed hundreds of people, collected blood samples from countless suspects and amassed reams of notes, all to figure out what happened during those 20 or so minutes after Erin left work and before her friend arrived. It would be nearly four decades before they got an answer.
Evening Update is written by Prajakta Dhopade. 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.