Good evening, let’s start with today’s top stories:
Ireland, Spain and Norway have all announced that they intend to recognize a Palestinian state on May 28 and are encouraging other Western countries to follow suit. The countries said their decision is aimed at securing a ceasefire in Israel’s war with Hamas in Gaza – and the development prompted an angry response from Israel, which recalled its ambassadors from the three capitals.
Meanwhile, Israeli tanks have advanced to the edge of a crowded district in the heart of Rafah during one of the most intense bombardments of the southern Gaza city since Israel launched its offensive there this month.
Read more:
Smoke billows during Israeli bombardment in eastern Rafah in the southern Gaza Strip on May 19, 2024, amid the ongoing conflict between Israel and the Palestinian militant group Hamas.-/Getty Images
PM Rishi Sunak calls snap U.K. general election for July 4
British Prime Minister Rishi Sunak has called a snap general election for July 4 in the hope that voters will reward him for signs the British economy has begun to turn around. The election call surprised pundits and members of the Prime Minister’s caucus.
Standing in a downpour outside Downing Street on Wednesday, Sunak pointed to encouraging economic figures, including a sharp fall in inflation, as proof that his government’s plan was working.
Read more:
British Prime Minister Rishi Sunak delivers a speech calling for a general election, outside Number 10 Downing Street, in London, Britain, May 22, 2024.Maja Smiejkowska/Reuters
Hot Docs to temporarily close Ted Rogers Cinema for three months to ‘recalibrate’ organization
Hot Docs announced it would temporarily close its flagship Hot Docs Ted Rogers Cinema in Toronto for approximately three months starting June 12, less than a month after wrapping the 31st edition of its annual film festival under a cloud of financial and organizational uncertainty.
The closure will result in temporary layoffs for an unknown portion of staff. During this period, the Hot Docs leadership team aims to conduct a review of the single-screen theatre’s programming and operations in order to ensure what organizers hope will be a viable path forward for the non-profit organization.
Hot Docs Ted Rogers Cinema, on Bloor St. in Toronto in 2019.JOSEPH HOWARTH/Hot Docs
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ALSO ON OUR RADAR
Regulator warns high interest rates most pressing risk for banks: Canada’s banking regulator is warning that high interest rates and market uncertainty will continue to strain homeowners, consumers and businesses, prompting banks to adjust their lending practices.
Via Rail CEO optimistic that ridership will top prepandemic levels this year: The head of Via Rail is optimistic the number of people boarding its passenger trains this year will top prepandemic figures for the first time.
Community washroom proposes a dignified solution to a widespread shortcoming: Approaching its second anniversary, the facility known as Amoowigamig is serving thousands of people a month. The $875,000 site is the only permanent public toilet in central Winnipeg, opening after 43 years of the city not having any.
Indigenous communities cut the red tape and find solutions to their environmental, health problems: Outcomes-based finance is not a new concept. But Jeffrey Cyr, co-founder of Raven Indigenous Outcomes Fund, said it’s ideal for the needs of reserves. Rather than relying on government solely, the system involves arranging private, philanthropic and public capital to fund programs. Targets are spelled out, and when they are met, government reimburses the investors along with a small return.
Anglo American rejects BHP’s third offer but opens door to future deal: Anglo American PLC has rejected a third takeover proposal from BHP Group Ltd. but is opening the door to reaching a friendly deal by requesting an extension of the deadline for its suitor to make a firm offer.
MARKET WATCH
Canada’s main stock index was down more than 100 points Wednesday, weighed down by losses in base metal and energy stocks, while U.S. stock markets also moved lower.
The S&P/TSX composite index closed down 121.40 points at 22,346.76.
In New York, the Dow Jones industrial average was down 201.95 points at 39,671.04. The S&P 500 index was down 14.40 points at 5,307.01, while the Nasdaq composite was down 31.08 points at 16,801.54.
The Canadian dollar traded for 73.13 cents US compared with 73.27 cents on Tuesday.
The July crude oil contract was down US$1.09 at US$77.57 per barrel and the June natural gas contract was up 17 cents at US$2.84 per 1,000 cubic feet.
The June gold contract was down US$33.00 at US$2,392.90 an ounce and the July copper contract was down 26 cents at US$4.85 a pound.
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TALKING POINTS
The accident-prone Speaker is limping again
“The one thing Mr. Fergus had to do was avoid displays of partisanship, but somehow, he has managed to slip on a banana peel and fall into a steaming heap of partisanship. Twice.” – Campbell Clark
Backtracking on drug decriminalization is politically cowardly – and illogical
“Decriminalization does have an image problem. Part of that lies in a fundamental misunderstanding of what it’s meant to do. It’s not a panacea: it’s meant to be one tool, of many, to address the criminal justice disparities in drug arrests, which are most often levied at Black, brown and Indigenous people. Other measures, such as expanded safe supply and safe injection sites, are also needed to make a bigger dent in drug deaths. Yet decriminalization has become a convenient scapegoat.” – Manisha Krishnan
LIVING BETTER
Spring onions aren’t just a garnish any more. Plus: a recipe for spring onion cakes
The term spring onions can refer to any number of long, slender, vibrant green onions with little to no bulb. It can also refer specifically to the variety of onions (including walking onions) that look like scallions on a larger scale, with white bulbs the size of a large marble. Depending where you are, you may be lucky enough to have access to ramps: garlicky alliums that are often referred to as wild onions or leeks, and can be (responsibly) foraged in wooded areas, mostly in Eastern Canada. They’re amazing in fritters and frittatas, tacos and noodles, often added as fresh garnish, but can also be sautéed, roasted or grilled. Julie Van Rosendaal writes about the iconic vegetable.
TODAY’S LONG READ
Bombardier’s private jet bet is working. Can CEO Éric Martel keep the company flying?
Since Martel started, Bombardier’s annual adjusted earnings before interest, taxes, depreciation and amortization have climbed to US$1.2 billion from US$200 million.Raphaël Ouellet/The Globe and Mail
The new Bombardier is easy to understand. It does one single thing: sell and service corporate jets with eight-figure price tags to the who’s-who of global decision-making. Given its chronic underperformance over the past 20 years, getting that right and delivering returns to shareholders is a victory in and of itself. And it remains one of Canada’s biggest manufacturing exporters and the heart of our aerospace industry, with a proven ability to invent and build next-generation planes, even if it couldn’t always commercialize them. At least, that’s the positive spin. But the real question is: Can CEO Éric Martel keep the company flying?
Evening Update is written by Emerald Bensadoun. 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.