Good evening, let’s start with today’s top stories:
What the census reveals about Canada’s work force and commuting
Fresh data from Statistics Canada’s latest census show a dramatic change in the makeup of the Canadian labour force between 2016 and 2021.
The country’s work force became more educated, racially diverse and skilled over that time, with a greater proportion of immigrants employed, a significant growth in the number of people in professional white-collar jobs and a surge in the number of university graduates.
Statscan also says COVID-19 altered commuting patterns for Canadian workers with fewer people driving or taking transit during that time. By May, 2022, the number of car commuters was back to 2016 levels, but transit traffic had not rebounded.
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Trudeau responds to Alberta introducing sovereignty act
Prime Minister Justin Trudeau says he doesn’t want a fight with Alberta over its sovereignty act – but he isn’t ruling out options for dealing with it: “I’m not going to take anything off the table.”
Alberta Premier Danielle Smith yesterday tabled the bill, which would, among other measures, give the province’s cabinet the ability to rewrite laws and order government agencies, police, cities and universities to disregard federal legislation. She had campaigned on a platform to defend Alberta’s interests against interventions by Ottawa.
Former Alberta premier Jason Kenney, who vehemently opposed the act, has resigned as a member of the legislative assembly.
Opinion:
- Danielle Smith’s sovereignty act has come bigger and more undemocratic than advertised - Kelly Cryderman
- Can Alberta ignore federal laws it doesn’t like? Danielle Smith believes it should - Globe editorial
Two Chinese cities ease COVID-19 curbs after protests spread
The major Chinese cities of Guangzhou and Chongqing have announced an easing of COVID-19 curbs, a day after demonstrators in southern Guangzhou clashed with police amid a string of protests against the world’s toughest coronavirus restrictions.
But with record numbers of cases nationwide, there seems little prospect of a major U-turn in “zero-COVID” policy that President Xi Jinping has said is saving lives and has proclaimed as one of his political achievements.
Meanwhile, from Sydney to Toronto, mainland Chinese have stepped up protests this week, with demands to end stringent COVID-19 restrictions evolving into calls to “free China” and for Xi to step down.
Separately, Jiang Zemin, the former Chinese leader who hastened the country’s embrace of capitalism and repaired ties with the West, has died at 96.
Opinion: China’s fundamental paradox is playing out in its protests - Dennis Kwok
The Decibel podcast: Zero-COVID protests break through the Great Firewall of China
RBC deal for HSBC Canada faces high regulatory, political hurdles
Royal Bank of Canada has won the bidding war for HSBC Bank Canada, but the battle for regulatory approval is just beginning.
The $13.5-billion cash deal must survive a trio of regulatory reviews from the Competition Bureau of Canada, the Office of the Superintendent of Financial Institutions and the federal Minister of Finance before the transaction can be completed, which RBC hopes will happen by the end of 2023.
All three will be taking a hard look at the proposed deal, legal experts say, as Canada’s other big banks will want to pursue potential acquisitions of their own should they notice any signs of a thaw in the otherwise rigid rules around bank takeovers.
ALSO ON OUR RADAR
Historic U.S. leader: New York Representative Hakeem Jeffries has been elected to become Democratic minority leader, the first Black American to head a major political party in Congress, as long-serving Speaker Nancy Pelosi and her team step aside next year.
Ontario Auditor-General’s report: Premier Doug Ford’s government ignored recommendations of its own Ministry of Transportation experts and pushed lower-priority road projects ahead, including the Toronto-area Highway 413 and Bradford Bypass, according to a new report from provincial Auditor-General Bonnie Lysyk.
Dividend hikes: If you’re an investor in some of this country’s largest companies, you may have just gotten a pay raise. Royal Bank of Canada, Enbridge and National Bank of Canada today announced an increase in quarterly dividends.
RIP Christine McVie: The Fleetwood Mac vocalist, songwriter and keyboard player whose cool, soulful voice helped define such classics as You Make Loving Fun and Don’t Stop, has died at 79.
Christine McVie performs during the 2018 MusiCares Person of the Year show honoring Fleetwood Mac at Radio City Music Hall in New York on Jan. 26, 2018.ANDREW KELLY/Reuters
Mike Weir named captain: The former Masters champion will be the first Canadian to captain a Presidents Cup team, leading the international team when the Royal Montreal Golf Club plays host to the men’s golf tournament in 2024.
UNESCO honours the baguette: The crunchy ambassador for French baking around the world is being added to the UN’s list of intangible cultural heritage as a cherished tradition to be preserved by humanity.
MARKET WATCH
Wall Street ended sharply higher today after U.S. Federal Reserve Chair Jerome Powell said the central bank might scale back the pace of its interest rate hikes as soon as December. Canada’s main stock index also advanced, with gains in metals, industrials and other sectors offsetting a slip in energy stocks.
The Dow Jones Industrial Average rose 737.24 points or 2.18 per cent to 34,589.77, the S&P 500 gained 122.11 points or 3.09 per cent to 4,078.81, and the Nasdaq Composite increased 484.22 points or 4.41 per cent to 11,468.00.
The S&P/TSX Composite index added 175.85 points or 0.87 per cent to end at 20,453.26. The loonie traded at 74.44 U.S. cents.
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TALKING POINTS
England ends Wales’ World Cup hopes, but there’s no winning over their fans
“Maybe someone reopened the cappuccino station at the team practice ground. They didn’t just end Wales’ World Cup. They also robbed them of any pride they might take from it.” - Cathal Kelly
The shocking decline of Russell Wilson has been difficult to watch
“While I never liked the 24-hour-a-day brand-building machine behind Wilson, I could tolerate it because of his quarterback skills. Those skills now appear to be in serious decline.” - Gary Mason
Why won’t America’s woke culture take on its gun violence crisis?
“What’s extraordinary is the impact that the liberals are having on so many social norms: on race, equality, ethnic stereotyping, gender identity. But on a critical issue – the culture that has pitched the U.S. into a cauldron of gunfire – the woke culture appears to be snoozing.”- Lawrence Martin
LIVING BETTER
Canadians are waiting longer to have kids. If they do, they’re having fewer. And people say money is one of the big reasons why they’re going childfree. This episode of the Stress Test podcast looks at the most personal of personal finance topics: the cost of deciding whether to have children, when and how many.
TODAY’S LONG READ
One out of every five assessed species found to be at risk in Canada
One in five assessed native species in Canada face some degree of threat to their continued viability, a new government report has revealed.
The numbers offer a stark confirmation that continued destruction of habitat, overharvesting, pollution and climate change, among other factors, is taking a toll on Canadian wildlife, just as it is elsewhere around the globe.
And while Ottawa has sought to position Canada as a leader in international negotiations on biodiversity – with a UN conference set to begin next week in Montreal – the data underscores the significant work that remains to be done to stabilize and improve the status of thousands species across the country that are currently in decline and, ultimately, at risk of extinction. Read Ivan Semeniuk’s full story.
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