Good evening, let’s start with today’s top stories:
The country’s two largest newspaper publishers have ended negotiations to merge, saying they were unable to come to an agreement on the terms.
Postmedia and Toronto Star parent company Nordstar Capital announced on June 27 they were in non-binding discussions to merge and create a new entity to respond to the the “existential threat” facing journalism and to better compete with digital giants such as Google and Facebook.
The companies didn’t specify which terms they were unable to agree on. When they confirmed the talks about a possible deal, the companies said the merger would include a “significant reduction in overall debt through a conversion of a portion of the outstanding debt to equity.” Postmedia has long struggled with losses and carries a costly debt load.
Turkey agrees to support Sweden’s NATO bid, alliance chief says
NATO Secretary-General Jens Stoltenberg says Turkey has agreed to send Sweden’s NATO accession protocol to the Turkish Parliament “as soon as possible.”
Sweden’s NATO accession has been held up by objections from Turkey since last year, claiming the country was too soft on Kurdish militants and other groups the Turkish government considers security threats.
Turkish President Recep Tayyip Erdogan introduced a new condition for approving Sweden’s membership in NATO on Monday, calling on European countries to “open the way” for Turkey to join the European Union. It was the first time that Erdogan linked his country’s ambition to join the EU with Sweden’s efforts to become a NATO member.
Ottawa drafting Bill-18 regulations in bid to stop Google from blocking Canadian news
Ottawa has begun drafting regulations on Bill C-18 to provide clarity on how many deals Google and Facebook would have to make with local news businesses. The regulations aim to address Google’s concerns about the legislation in a bid to stop the tech giant from blocking Canadian news in the country.
Google said a little over a week ago it would remove links to Canadian news stories from search results in this country in response to Bill C-18, the Online News Act. The legislation was designed to support the Canadian news industry, by having Big Tech companies negotiate deals to compensate news outlets in Canada for posting or linking to their work.
Facebook has also indicated it plans to withdraw Canadians’ access to news on its platform in response to the act and is no longer in discussions with the government.
Two former Rogers execs sue for wrongful dismissal after Shaw takeover
Rogers Communications Inc.’s former chief regulatory officer Ted Woodhead and a former human resources vice-president Moheni Singh are suing for wrongful dismissal amid the job cuts and leadership changes that have followed the company’s $20-billion deal with Shaw.
Woodhead, who helped the telecom giant secure approval for its takeover of Shaw, is seeking damages, claiming he has been denied his bonus. Singh alleges the company promised her certain compensation in exchange for postponing her retirement, then dismissed her shortly before she would have been entitled to receive that compensation. None of the allegations have been proven in court.
Rogers has been shrinking its head count since closing the Shaw deal in April after an arduous, two-year regulatory review process. Last week, the telecom and media giant launched a voluntary staff departure program with the aim of eliminating overlapping roles.
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ALSO ON OUR RADAR
Canada to double its contribution to NATO mission in Latvia: Prime Minister Justin Trudeau has committed that, by 2026, NATO’s mission in Latvia will have 2,200 persistently deployed Canadian troops plus the ability to add hundreds of additional Armed Forces members as needed. Canada is also set to procure and pre-position critical weapon systems and help with intelligence and cyberactivities. In all, $2.6- billion has been set aside for the project.
Toronto police say early-morning shooting possible result of road rage: A man and a woman in their 20s were injured in an early morning drive-by shooting near Yonge Street and Charles Street. It is the third high-profile act of violence in Toronto within the past week.
Bank of Canada expected to raise interest rate: Despite the continuing decline in inflation and mixed signals about the strength of the economy, most Bay Street forecasters believe the central bank will proceed with another quarter-point hike on Wednesday. The central bank ended a five-month pause on monetary policy tightening in June,
Disgraced sports doctor Larry Nassar stabbed multiple times in federal prison: Nassar, who was convicted of sexually abusing female gymnasts including Olympic medallists, was stabbed multiple times during an altercation with another inmate at a federal prison in Florida. He is currently serving a minimum 40-year sentence.
Meta’s Twitter rival hits record number of users in five days: Meta’s Twitter rival Threads has hit 100 million users, dethroning ChatGPT as the fastest-growing online platform to hit the milestone. Twitter has threated to sue Meta, which owns Facebook and Instagram, over Threads alleging that the social media behemoth used confidential information to build the app.
MARKET WATCH
U.S. stocks ended higher on Monday following last week’s losses, but caution prevailed ahead of Wednesday’s consumer prices report and the start of second-quarter earnings later this week. The TSX ended slightly in the red, down 8.59 points at 19,822.45.
In New York, the Dow Jones Industrial Average was up 209.52 points at 33,944.40. The S&P 500 index was up 10.58 points at 4,409.53, while the Nasdaq Composite was down 24.76 points at 13,685.48. The loonie traded at 75.31 cents U.S.
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TALKING POINTS
The premiers need to get serious about health care reform, not just funding
“At their meeting this week in Winnipeg, the premiers need to commit to some semblance of a coherent, co-ordinated plan. The most visible problems in Canadian health care – overflowing/closed ERs, a dire shortage of primary care providers, painfully long wait times for everything from psychological care to surgery, and lack of real choice in elder care options, like home care and long-term care, to name only a few – are similar in every jurisdiction.” – André Picard
Xi has picked a border fight with India that China cannot win
“A war between the two nuclear-armed demographic titans would likely end in a bloody stalemate, which would be seen internationally as a defeat for the stronger side, China. That would seriously damage Mr. Xi’s image.” – Brahma Chellaney
LIVING BETTER
Is it time to give up aspartame?
It’s used as a sweetener in thousands of light or no-sugar-added foods, from soft drinks to yogurt and chewing gum. But that might soon change, as the International Agency for Research on Cancer is expected to declare later this week that aspartame is a possible cause of cancer in humans. Here’s everything we know about that announcement and what advice might come for your own aspartame intake.
TODAY’S LONG READ
DeepGreen CEO Gerard Barron speaks to Nauru President Baron Waqa and Hon Milton Dube, about DeepGreen's plans to collect future metals from polymetallic nodules on the deep-ocean floor, while on board the Maersk Launcher on Wednesday, April 11, 2018Sandy Huffaker/The Associated Press
For decades, mining interests have eyed the ocean depths as a potential treasure chest of minerals including copper, nickel and cobalt, a prospect that has become even more tantalizing amid what is expected to be increasing demand. Companies like Vancouver-based TMC The Metals Company Inc. are leading the charge to mine the deep-sea floor. But with conservation groups calling for a moratorium on the industry, they face many hurdles to their goal of mining in the Pacific Ocean by 2024.
Evening Update is written by Hope Mahood. 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.