Good evening, let’s start with today’s top stories:
The annual inflation rate ticked up to 3.3 per cent, moving back above the Bank of Canada’s target in July, raising the odds of another interest rate hike from the central bank.
Several measures of core inflation eased in July, but CPI-trim and CPI-median, the central bank’s two preferred measures, were still running at an average annual rate of 3.65 per cent, well above the 2-per-cent target.
Canadians still face rising prices at the grocery store, although at a slower pace than before. Grocery prices were up 8.5 per cent in July from a year ago, down from a 9.1-per-cent increase in June.
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B.C. seafood producers, conservation groups wary of marine heat wave
An approaching marine heat wave has B.C. seafood producers and conservation groups wary.
The phenomenon has warmed some parts of the Pacific as much as five degrees Celsius above normal. The heat wave could dissipate in the fall but an El Niño is approaching, meaning warmer waters could last until spring.
The last time there was a similar heat wave, a “blob” disrupted the marine ecosystem, created huge blooms of harmful algae and shuttered fisheries up and down the coast from 2014 to 2016. Researchers are speculating whether it could have the same destructive impact this time around.
Ralph Lauren Canada faces federal probe into alleged use of forced Uyghur labour
The Canadian Ombudsperson for Responsible Enterprise (CORE), a watchdog created to investigate corporate wrongdoing, says it is investigating whether Ralph Lauren Canada is allegedly selling products made with Uyghur forced labour in China.
Last month, CORE announced investigations into Nike Canada and Canadian mining company Dynasty Gold. The federal watchdog is investigating all these companies in response to complaints filed last year by a coalition of human rights groups.
The complainants had alleged that Ralph Lauren had supply relationships with eight companies that use, or benefit from, forced labour in China. Ralph Lauren said in a statement it will continue “in good faith” to address questions from the ombudsperson.
- From July 2023: Nike Canada faces federal probe over allegations it uses forced Uyghur labour in China
- Canada’s watchdog for corporate wrongdoing abroad is ineffective, activists say
ALSO ON OUR RADAR
The latest on Donald Trump’s Georgia indictment:
- Rudy Giuliani, John Eastman, Mark Meadows, Sidney Powell and more: These are the 19 people charged in the Georgia indictment connected to the Trump election scheme.
- David Shribman: Donald Trump’s Georgia indictments mark a substantial change in American political culture
Poilievre doubts Trudeau spending plan: Conservative Leader Pierre Poilievre is dismissing a Liberal plan to find $15-billion in internal savings, saying the Trudeau government has a clear record of overspending.
The situation in Maui: Hawaii officials are working to identify the 99 people confirmed killed in wildfires that ravaged Maui as teams intensified the search for more dead in neighbourhoods reduced to ash.
Canadian home sales in July: Sales fell for the first time in five months, according to the Canadian Real Estate Association, amid uncertainty over the future of borrowing costs.
Old Montreal fire: A decade before a fire killed seven people in an Old Montreal building this March, the city asked a judge to withdraw charges related to non-compliant evacuation routes and alarm systems against the building’s owner.
Two years after Taliban’s takeover of Afghanistan: After the chaotic takeover, Western governments offered resettlement to people who had worked for those countries’ diplomatic and military missions in Afghanistan. But, two years later, many Afghans who qualify for Canada’s programs remain in limbo.
- Afghan Taliban celebrate return to power two years on amid erosion of women’s rights
- Shoaib Rahim: In Afghanistan, we lost control of our own war
- Fereshta Abbasi: The international community still hasn’t fulfilled its promises to Afghan refugees
A development for carbon-capture industry: Occidental Petroleum Corp. is buying Canadian clean-tech developer Carbon Engineering Ltd. for US$1.1-billion, a deal the Houston-based oil company said will accelerate the development of plants that remove carbon dioxide from the atmosphere.
MARKET WATCH
TSX drops the most in 10 months as inflation data spooks investors
Canada’s main stock market posted on Tuesday its biggest decline since October after hotter-than-expected domestic inflation data and U.S. retail sales numbers fanned concerns of more interest rate hikes.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 390.75 points, or 1.9 per cent, at 19,899.79, its lowest closing level since July 11.
In New York, the Dow Jones industrial average was down 361.24 points or 1.02 per cent at 34,946.39. The S&P 500 index was down 51.86 points or 1.16 per cent at 4,437.86,while the Nasdaq composite was down 157.28 points or 1.14 per cent at 13,631.05.
The Canadian dollar traded for 74.17 cents US compared with 74.29 cents US on Monday.
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TALKING POINTS
The Blind Side story was too good to be true. We chose to believe it anyway
“To accept that the Tuohys may have been good and then bad; well-intentioned and greedy; selfless and also in love with the image they had created of themselves – well, that requires a level of introspection most of us no longer choose to practice.” – Cathal Kelly
No single force can fix Canada’s housing crisis – but Ottawa needs to lead the way
“The housing crisis in Canada has taken on a life of its own, and the issue is so massive and unwieldy – with the costs of both renting and buying a home soaring beyond people’s incomes – it can seem impossible to contend with.” – Don Iveson
The time to act on clean power is now
“Ottawa wants to use its fiscal heft – and it must – to propel clean power but has been slow to act.” – The Editorial Board
LIVING BETTER
Canadians will be paying a lot more at the dentist as dental associations update their fee guides with significant increases. High inflation, higher staffing costs and rents are driving average annual fee increases of 5 per cent to almost 10 per cent. What can you do to prepare? You can ask your dentist about treatment and payment options. Some dentists may offer modest discounts to self-employed clients, people without benefits or those whose annual benefits coverage is very low. Here’s what you should know about the rising fees.
TODAY’S LONG READ
How an Ontario man sold a Magic: The Gathering card to Post Malone for millions
Brook Trafton, a cashier from Toronto who found an ultra rare card from the game Magic: The Gathering in June that he just sold to Post Malone (who is a huge fan of the game) for millions.The Globe and Mail
When makers of the hugely popular card game Magic: The Gathering announced in May that its special series of Lord of the Rings cards would produce just one card featuring the Ring of Sauron, players and collectors knew it would mean a fortune for whoever found it.
But where would the card turn up, and just how much would it be worth? Ontario man Brook Trafton, 36, was the lucky collector who found the special card. As news of Trafton’s find spread throughout the internet, offers began pouring in. Here is the wild story of how he found the card and ended up selling it to rapper Post Malone for US$2-million.
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.