Good evening, let’s start with today’s top stories:
The House of Commons has a new Speaker today after Anthony Rota’s unprecedented resignation last week. Quebec Liberal MP Greg Fergus used to be the Prime Minister’s parliamentary secretary until last month. He will be the first Black speaker of the House after beating out three other Liberal MPs, and a Conservative, NDP and Green MP.
Rota became the eight House Speaker to resign and the first to step down in the wake of a controversy that generated international headlines, after he invited a member of a Nazi unit to the House during Ukrainian President Volodymyr Zelensky’s official visit to Canada in late September.
- Explainer: What does the House Speaker do?
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Joly urges talks after India reportedly orders dozens of Canadian diplomats to leave
Canada’s Foreign Affairs Minister Mélanie Joly urged India today to engage in private diplomatic talks after India reportedly ordered two-thirds of Canadian diplomats out of the country. She wouldn’t comment on a Financial Times report that said India has demanded Canada withdraw 41 of 62 Canadian diplomats by next week. However, she did say it’s “more than ever important that diplomats be on the ground.”
The mass expulsion comes as relations between Canada and India reach a new low in the aftermath of allegations from Prime Minister Justin Trudeau that Indian agents were involved in the killing of a British Columbia Sikh leader who advocated for a separate Sikh country in the Indian state of Punjab.
- David McKinnon: The India debacle should prompt Canada to rethink the naive way we engage with the world
- Related: Family of British Sikh activist calls for inquiry into cause of death
Bank of Canada deputy warns aggressive pricing could make it harder to get inflation under control
The central bank’s deputy governor delivered his first speech today since assuming the role, warning that companies continue to raise prices more frequently than before the pandemic and that this behaviour could become “self-perpetuating,” making it harder to get inflation back under control.
Nicolas Vincent said today there are signs that pricing behaviour is slowly returning to normal but there’s also a risk that companies will continue passing along cost increases to customers: “If you continue to expect your suppliers and competitors to make frequent price changes, you might be more prone to do the same yourself, creating a feedback loop.”
ALSO ON OUR RADAR
It’s election day in Manitoba: If Heather Stefanson leads the incumbent Progressive Conservatives to a third consecutive majority, she would become the first woman to be elected premier in a Manitoba general election.
- Explainer: What to know about the leaders and their platforms
An Uber driver’s millions in COVID loans: A Toronto Uber driver had his accounts frozen after the bank became concerned that he inappropriately received more than $4.5-million in COVID-19 aid, according to a recent Ontario court case.
Crying fowl: A B.C. judge has ruled that it’s not illegal for a woman to keep guinea-fowl hens as pets because the city’s bylaw is a badly written piece of “bland prose” that never specifically listed them as prohibited.
Former Mountie in court: Cameron Ortis, a former RCMP civilian employee, is facing a criminal trial for allegedly sharing secrets. Today he pleaded not guilty to all charges.
Analysis on Ukraine: As populists rise again, cracks appear in West’s support for Ukraine. The sense that Western support is something that can no longer be taken for granted hangs over the large-scale counteroffensive that Kyiv launched in June, writes Mark MacKinnon.
MARKET WATCH
Major North American stock indexes ended sharply lower on Tuesday as U.S. economic data underscored the view the U.S. Federal Reserve may need to keep interest rates high, sending bond yields to fresh 16-year highs.
Benchmark U.S. 10-year notes reached 4.806 per cent, up more than 10 basis points. Canadian government bond yields moved more dramatically, especially longer-term issues, as markets played catch-up with moves in U.S. Treasuries after the Canadian market was closed on Monday. The 10-year was fetching 4.318 per cent by late afternoon, up about 28 basis points for the day. The five-year bond was up 22 basis points.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 156.26 points, or 0.8 per cent, at 19,020.92, its lowest closing level since October 2022.
The S&P 500 lost 58.94 points, or 1.37 per cent, to end at 4,229.45 points, while the Nasdaq Composite lost 248.30 points, or 1.87 per cent, to 13,059.47. The Dow Jones Industrial Average fell 430.97 points, or 1.29 per cent, to 33,002.38.
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TALKING POINTS
AI holds much promise in medicine, beginning with easing doctors’ paperwork
“Physicians often have a love-hate relationship with electronic medical records (EMRs). They are essential but don’t always connect seamlessly with systems being used by other practitioners and governments. So we still use fax machines extensively. As AI tools are integrated into practice, we have to be careful to not repeat the errors of EMRs.” - André Picard
Airbnb’s ravenous appetite for residential units is contributing to Canada’s housing crisis
“The problem is the short-term rental operators, not the people who occasionally rent their properties. Studies have shown repeatedly that a minority of hosts control the majority of Airbnb’s inventory and are responsible for most of the company’s revenue.” - Thorben Wieditz
Why Beijing is inching closer to the Taliban
“China has shown interest in filling the vacuum left behind by the withdrawal of the U.S.-led Western bloc from Afghanistan. The increasing economic co-operation, alongside the latest ambassadorial appointment, is indicative of Beijing’s intentions to strengthen its regional influence, already having invested heavily in neighbouring Pakistan – another Taliban ally.” - Ruchi Kumar
We can’t increase Canada’s security capacity if we cut the defence budget
“Cutting the defence budget will in and of itself send a troubling message to NATO about Canada’s credibility. Most members of the alliance are now bolstering their defence spending in the face of the most significant war in Europe since 1945, not wielding a budget knife.” - David Perry
LIVING BETTER
23 expert tips to elevate your Thanksgiving food, mood and everything in between
For an effortless Thanksgiving this coming Monday, here are the best tips we found in our archives. Plan ahead, ask for help, dress up your table and use the fancy glassware.
- May the best side win: Eight Thanksgiving side dishes remain. Vote for your favourite in our single-elimination bracket.
TODAY’S LONG READ
Venice becomes world’s first city to charge an entrance fee. Will it save the city from tourist-hell status?
Tourists visit Rialto bridge, in Venice, Italy, Wednesday, Sept. 13, 2023. The Italian city of Venice has been struggling to manage an onslaught of tourists in the budget travel era.Luca Bruno/The Associated Press
Next year, the historic Italian city of Venice will start charging visitors €5 on peak days – but many locals doubt that it will ease overcrowding. They also suspect their neighbours in the tourism trade are wishing it will fail. Read Eric Reguly’s full report from the ground.
Evening Update is written by Maryam Shah. 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.