Good evening, let’s start with today’s top stories:
Fox Corp and Fox News have settled a defamation lawsuit by Dominion Voting Systems for $787.5-million, the judge in the case said on Tuesday.
The abrupt move averts a high-profile trial that would have put Fox in the hot seat over its coverage of false vote-rigging claims in the 2020 U.S. election. Dominion had initially sought $1.6-billion in damages in the lawsuit filed in 2021.
The resolution was announced at the 11th hour, with a 12-person jury selected on Tuesday morning and the case about to begin with opening statements in the afternoon.
Canada’s annual inflation rate cools to 4.3% in March as gas prices fall, rising food costs slow
Canada’s inflation rate is cooling this spring, according to Statistics Canada. The Consumer Price Index rose 4.3 per cent in March from a year earlier, compared to 5.2 per cent the month before. The slowdown was in line with financial analysts’ expectations.
The Bank of Canada expects inflation to ease down to 3 per cent by the middle of the year, before returning to 2 per cent by the end of 2024.
There are signs that price growth is slowing down. Over the past year, gasoline prices fell nearly 14 per cent, although they were up 1.2 per cent from February. The price of durable goods rose 1.6 per cent in March on a 12-month basis, slowing from a 3.4-per-cent gain in February. Grocery prices rose 9.7 per cent over the past year, down from increases of more than 11 per cent in recent months.
Read more:
- Forget rate cuts? How markets and economists are reacting to Canada’s still-high inflation
- Bank of Canada’s Tiff Macklem says current economic forecast is for a ‘soft landing’
- In Vancouver, some residents resort to dumpster diving to combat high food prices
Loblaw president Galen Weston leaving his role at the company
Loblaw Cos. Ltd. announced that Galen Weston will be stepping away from the day-to-day operations at the company and will be replaced by Per Bank, a European retail executive, who will come on as president and CEO.
Bank is currently CEO of Salling Group A/S, Denmark’s largest retailer. Weston will continue as chair of Loblaw’s board, as well as chair and CEO of parent company George Weston Ltd.
He will continue to oversee the “vision, strategy and capital allocation” of the family-controlled companies, he said on a conference call on Tuesday.
Read more:
- Loblaw board says Galen Weston is underpaid, boosts compensation
- Costco executive tells MPs the retailer is not profiting from food inflation
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ALSO ON OUR RADAR
Canada’s banking regulator mulls changes to guard against risks to variable rate mortgages: The Office of the Superintendent of Financial Institutions cited the possibility of a housing market downturn as the top risk it is watching in the year ahead in an annual outlook released today.
Ontario Science Centre to move to Ontario Place in Toronto: The Ontario Science Centre, located in east Toronto, will be moved to a revamped Ontario Place near the city’s waterfront, Premier Doug Ford announced today, along with other redevelopment plans for the lakeside area.
WestJet pilots vote to strike next month: Pilots at WestJet Airlines have voted to go on strike next month as they seek better pay, job protection and working conditions at Canada’s second-largest carrier. The earliest the pilots can strike or be locked out by the employer is May 16, according to labour laws.
Conflict in Sudan: Heavy gunfire shattered a 24-hour truce in Sudan today shortly after it was due to take effect under U.S. pressure on warring military factions to halt fighting.
Developments in the war in Ukraine:
- Putin met his commanders in two regions of Ukraine that Moscow claims to have annexed, while Russian forces stepped up heavy artillery bombardments and air strikes today on the devastated Ukrainian city of Bakhmut.
- Russia’s Foreign Ministry summoned the U.S., British and Canadian ambassadors for a dressing down today after they condemned the conviction of an opposition politician on treason charges.
- A Russian judge ruled today that American Wall Street Journal reporter Evan Gershkovich must remain behind bars on espionage charges.
MARKET WATCH
Canada’s main stock market rose on Tuesday to its highest closing level in two months, as easing inflation raised prospects of the domestic economy avoiding recession and shares of Bellus Health nearly doubling in price after a buyout deal. U.S. stocks ended mixed.
The S&P/TSX composite index was up 42.71 points or 0.21 per cent at 20,684.68.
In New York, the Dow Jones industrial average was down 10.55 points or 0.03 per cent at 33,976.63. The S&P 500 index was up 3.55 points or 0.09 per cent at 4,154.87, while the Nasdaq composite was down 4.31 points or 0.04 per cent at 12,153.41.
The Canadian dollar traded for 74.70 cents US compared with 74.64 cents US on Monday.
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TALKING POINTS
Is the CBC’s reporting controlled by the government? As a former employee, I have insights
“So I feel compelled to disclose the number of times, during my (admittedly low-level) tenure and to my knowledge, that management got involved or in any way influenced our coverage of government, federal or otherwise. The number is zero.” – Marsha Lederman
The futile fight against franglais
“If the minister wants to improve the quality of French in Quebec, the government should focus on putting resources toward improving literacy.” – Veen Dwivedi
LIVING BETTER
Nine ways to prevent triggering a CRA tax audit
It’s time to file your taxes. How can you avoid the ire of the taxman? One thing that raises the CRA’s suspicions is when reported income is well below the median income for a specific postal code. Those who are legitimately in this position – for example, because they inherited property from their parents – must be prepared to explain how they support their lifestyle. Here are other things tips and tricks to navigate this tax season.
TODAY’S LONG READ
Alberta eyes legislation on involuntary treatment for some drug users
Calgary police patrol the streets near the city's safe drug injection site on Feb. 21, 2019.Todd Korol/The Globe and Mail
Alberta is considering a law that would broaden the situations in which people with severe drug addictions could be placed in treatment without their consent.
The legislation would be the first in Canada that targets people with addictions, specifically. Some places already use mental-health law to push people into drug treatment without court orders in very serious circumstances, but otherwise, adult drug users can refuse help.
Documents obtained by The Globe suggest that the possible change would give Alberta police, and family members, guardians of drug users the rights to refer both adults and youth to involuntary treatment for addiction, if they are a risk to themselves or others.
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.