Good evening, let’s start with today’s top stories:
After months of negotiations with the opposition parties, Public Safety Minister Dominic LeBlanc has announced that Quebec Court of Appeal Justice Marie-Josée Hogue agreed to head a public inquiry into foreign interference by China and other hostile states.
LeBlanc said Hogue will have the full support of the opposition parties but noted part of the inquiry will be held in secret so she can hear classified testimony and top secret documents.
An agreement was also reached on the terms and timing of the long-awaited inquiry with the first report on election interference due early in the new year and the final report at the end of 2024.
BoC’s Tiff Macklem says inflation target ‘now in sight,’ but doesn’t rule out more rate hikes
The Bank of Canada Governor said the central bank’s 2-per-cent inflation target “is now in sight,” but warned that his team could raise rates again if consumer price growth remains stubborn.
“With past interest rate increases still working their way through the economy, monetary policy may be sufficiently restrictive to restore price stability,” he told the Calgary Chamber of Commerce, according to the prepared text of his remarks.
Yesterday the central bank held its key interest rate steady at 5 per cent, hitting pause on monetary policy tightening after two rate hikes over the summer. The Bank of Canada has raised interest rates 10 times over the past year-and-a-half,
- Carrick on Money: On the economic pain scale, inflation is worse than high rates
- Fewer Canadians dining out as inflation and interest rates bite consumer spending
- Opinion: Bank of Canada is not transparent or accountable enough on monetary policy
Newman is seen during reception at the 2010 Scotiabank Giller Prize ceremony in Toronto on Tuesday, Nov. 9.Aaron Vincent Elkaim/The Canadian Press
Journalist Peter C. Newman went from Czech refugee to chronicler of Canada
Peter C. Newman, born Petă Karel Neumann on May 10, 1929, died early Thursday at the age of 94 of complications of Parkinson’s disease.
He was an indefatigable editor-in-chief who briefly oversaw the Toronto Star and remade Maclean’s for the modern era. He also, over the course of more than two dozen books, pioneered a new genre of narrative business reportage for Canadian readers, made the dull business of politics thrilling, and brought an outsider’s eye and myth-making enthusiasm to the task of chronicling the country’s history. In 1990, he was named a companion of the Order of Canada.
Still it hardly seems a coincidence that Newman devoted much of his life to gimlet-eyed explorations of swashbucklers who ruthlessly overcame titanic obstacles in their professional lives but often stumbled over the perplexing business of being human.
- Opinion: Peter C. Newman was the embodiment of his era of Canadian journalism
- Opinion: I knew Peter C. Newman for 40 years – and both the author and the man were complex characters
Fiery booze-infused lattes from Luckin Coffee are taking China by storm, despite mixed reviews
The Chinese spirit baijiu resembles two other Asian grain alcohols better known in the West: sake and soju. However the Japanese and Korean drinks have an average alcohol content of around 15 to 25 per cent, baijiu’s is closer to 50. And despite a decade of grand promises, the gasoline-like flavored liquor has never really broken through in either western or Chinese markets.
So that why it was with skepticism that many greeted an announcement by China’s Luckin Coffee that it was partnering with Kweichow Moutai, the country’s most famous baijiu brand, to offer a drink infused with the liquor. But the drink is a success even though few purchasers seemed to actually enjoy the drink.
An advertisement promoting a Kweichow Moutai liquor latte is seen at a Luckin Coffee store in Beijing, China, September 4, 2023.FLORENCE LO/Reuters
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ALSO ON OUR RADAR
Truck convoy trial: Crown prosecutors played video in court from the TikTok account of organizer Chris Barber, including one that called for supporters to “get to Ottawa,” as part of the third day of his joint criminal trial with fellow organizer Tamara Lich.
Health: Ontario’s long-term care inspection system “collapsed” during the first wave of the COVID-19 pandemic, putting the safety of residents at serious risk, a new report from the province’s Ombudsman says.
World: More than 150 rescuers raced to reach an American man who fell ill and became trapped some 1,000 metres underground in a cave he was exploring in southern Turkey.
Wildfires: The latest federal government forecast says Canada’s already unprecedented 2023 wildfire season could continue late into the fall or winter
Politics: As hundreds of federal Conservatives gathered in the Quebec capital for a policy convention, party Leader Pierre Poilievre made an appeal for support from Quebeckers
Crime: A judge sentenced That ‘70s Show star Danny Masterson to 30 years to life in prison Thursday for the rapes of two women two decades ago
MARKET WATCH
TSX lower for third day as BlackBerry tumbles
Canada’s main stock index fell on Thursday for a third straight day, with the technology sector contributing to broad-based declines as BlackBerry slumped and the Bank of Canada left the door open to further interest rate hikes. The S&P 500 and Nasdaq also fell, with the biggest drag from Apple and weakness in chip stocks over concerns about China’s iPhone curbs, while a fall in weekly U.S. jobless claims fed worries about interest rates and sticky inflation.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 94.88 points at 20,132.08.90. BlackBerry shares tumbled 16.3%. The technology company forecast a 21.4% decline in second-quarter revenue due to weakness in its cybersecurity segment.
The Dow Jones Industrial Average rose 57.54 points to 34,500.73, the S&P 500 lost 14.34 points to 4,451.14 and the Nasdaq Composite dropped 123.64 points to 13,748.83.
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TALKING POINTS
The future of 24 Sussex Drive should be based on facts, not fiction
“But the estimate of $36.64-million, as quoted in the 2021 NCC report, simply does not pass muster. How could it possibly cost this much to renovate an 11,000-square-foot house? We decided to dig a bit deeper to find some clarity on the matter, and the result is, well, murky at best.” – Sheila Copps and Ken Grafton
In a multipolar world, what is the future of the G20?
“The truth is that Canada is a robust middle power. We should stop viewing ourselves as a “small country” with a passive role. There is an opportunity for Canada, as it prepares to host the G7 in 2025, to be proactive and lead a renewed conversation around the importance of these gatherings of global leaders. That opportunity should be seized.” – Paul Samson
LIVING BETTER
Seven tax-saving ideas to consider before year-end
Get a head start and focus on a few tax-saving ideas that may take some time to complete before Dec. 31. Or if you’re a procrastinator, save this story for later and take a look before the end of 2023.
A few things to think about? Open a first home savings account. Unlike an RRSP, you don’t have the option of waiting until early in 2024 to contribute for 2023 if you want a deduction this year. Or spend money on renovations. You may qualify for the multigenerational home renovation tax credit if the costs are incurred to create a secondary unit that allows you to live with a qualifying relative. Read Tim Cestnick’s full list to take full advantage.
TODAY’S LONG READ
Chelsea McMullan takes us inside the National Ballet of Canada’s 2022 production of Swan Lake, directed and staged by the legendary Karen Kain.TIFF
TIFF 2023
The pitch wrote itself: Karen Kain, icon, was capping her 50-year career with the National Ballet of Canada by directing her very first production. Of Swan Lake, the most revered ballet in the classical canon. The one that had transformed 19-year-old novice Kain into an international sensation. But why can Karen Kain thank Kobe Bryant for the stunning new National Ballet doc? Read the full story today.
Evening Update is written by Sierra Bein. 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.