Good evening, let’s start with today’s top stories:
Russian troops abandoned a key Ukrainian city so rapidly that they left the bodies of their comrades in the streets, offering more evidence Tuesday of Moscow’s latest military defeat as it struggles to hang on to four regions of Ukraine that it illegally annexed last week.
Meanwhile, Russia’s upper house of parliament rubber-stamped the annexations following “referendums” that Ukraine and its Western allies dismissed as fraudulent.
Responding to the move, Ukrainian President Volodymyr Zelensky formally ruled out talks with Russia, declaring that negotiations with Russian President Vladimir Putin are impossible after his decision to take over the regions. The Kremlin replied by saying that it will wait for Ukraine to agree to sit down for talks, noting that it may not happen until a new Ukrainian president takes office.
Read more:
- These Ukrainians are bringing their rave-loving energy to restoring homes destroyed by Russians
- Elon Musk’s proposal to end Russian war infuriates Ukraine on Twitter
- Number of men fleeing Russia is larger than Putin’s original invasion force in Ukraine, NATO says
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Hockey Canada sought to change public narrative on sexual-assault case: board meeting notes
After Hockey Canada was criticized by federal MPs in July for mishandling an investigation into an alleged sexual assault, and for failing to disclose key information during testimony, the organization’s board met and decided it needed to shift the message with the Canadian public.
The perception of Hockey Canada and its National Equity Fund, a financial reserve built using player registration fees that the organization used to cover a $3.55-million lawsuit without fully investigating the allegations, or disclosing to parents and players how their money was being used, needed to be reframed, the board decided.
According to notes from the board’s meeting, which were brought to light at parliamentary hearings in Ottawa on Tuesday, Hockey Canada wanted to put a more positive spin on the fund, which it had not previously disclosed was used to cover sexual-assault settlements.
Read more:
- Hockey Canada needs new leadership, treated sexual assault as an ‘insurance problem,’ says minister of sport
- Hockey Canada used player fees to build a second fund for sexual assault claims
Quebec opposition parties call for electoral reform after vote, seat results
Quebec other opposition parties are calling for electoral reform after they won more votes in Monday’s election than the Liberals but received significantly fewer seats.
The Coalition Avenir Québec was re-elected, winning 90 of the 125 seats in the province’s legislature, with 41 per cent of the popular vote. The Liberals retained Official Opposition status and won 21 ridings with about 14 per cent of the vote.
Third-place Québec solidaire, meanwhile, won 11 seats – but the party collected about 43,270 more votes than the Liberals. The Parti Québécois, with three seats, won about 9,420 more votes than the Liberals.
Read more:
- Quebec re-elects François Legault with landslide majority
- Yakabuski: Quebeckers now know what to expect from François Legault
Nobel Prize in physics goes to trio of quantum researchers from France, U.S. and Austria
A trio of researchers known for their experimental work in the weird realm of quantum mechanics have been awarded the 2022 Nobel Prize in physics, the Royal Swedish Academy of Sciences announced on Tuesday.
The prize, worth 10 million Swedish crowns or about $1.2-million, will be shared equally by Alain Aspect, 75, of France, John F. Clauser, 79, of the United States, and Anton Zeilinger, 77, of Austria.
All three conducted research that demonstrates the quantum nature of reality, including phenomena that seem to defy common-sense notions of causality. In particular, their work confirmed that pairs of particles of matter or light can become linked through a quantum process called “entanglement” even after they are widely separated.
ALSO ON OUR RADAR
HSBC looks to sell Canadian operations: HSBC has put its Canadian business up for sale as part of a strategic review, exploring a possible deal that could fetch more than $10-billion as the British-based bank comes under pressure from its largest shareholder to boost its performance.
Musk reverses again, ready to buy Twitter: Billionaire Elon Musk is proposing to go ahead with his original offer of $44 billion to take Twitter Inc. private, two sources familiar with the matter said on Tuesday, signalling an end to a bitter legal battle that was about to go to trial.
Loretta Lynn dies at 90: The Kentucky coal miner’s daughter whose frank songs about life and love as a woman in Appalachia pulled her out of poverty and made her a pillar of country music, has died. She was 90.
Chinese warplanes test Taiwan’s military almost daily: An increasing number of Chinese People’s Liberation Army warplanes flying off Taiwan’s coast are prompting Taipei to scramble jets to respond to these flights, a pattern that Taiwanese leaders say is designed to exhaust and harass their air force – but is also to plan for invasion.
MARKET WATCH
U.S. and Canadian stocks rallied for a second straight day on Tuesday after softer U.S. economic data and a smaller-than-expected interest rate hike by the Australian central bank stirred hope that the Federal Reserve might temper its aggressive raising of rates.
The S&P/TSX composite index closed up 489.80 points, or 2.6 per cent, at 19,370.99.
In New York, the Dow Jones industrial average was up 825.43 points, or 2.8 per cent, at 30,316.32. The S&P 500 index was up 112.5 points, or 3.1 per cent, at 3,790.93, while the Nasdaq composite was up 360.97 points, or 3.3 per cent, at 11,176.41.
The Canadian dollar traded for 73.67 cents US compared with 73.20 cents US on Monday.
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TALKING POINTS
The era of cheap deficits is history
“It’s an era of inflation, excess demand, and rising interest rates. The dynamics that for a time made deficits a beneficial thing, and a low-cost or even no-cost affair, have reversed.” – The Editorial Board
Canada’s sinking health care system needs more than timid changes to stay afloat
“There is no question that health human resources – having qualified workers to deliver the care we need – is the number one challenge in health care today.” – André Picard
The end of the pandemic isn’t what we had imagined
“The pandemic was ending not with dance parties in our city squares, but with a cough heard around the airplane cabin. Even I, a somewhat anxious COVID-19 person, did not shift uncomfortably in my seat, nor throw the culprit a dirty look.” – Marsha Lederman
The Ontario NDP needs to change. Doug Ford’s PCs offer a blueprint
“The eight unions that endorsed the PCs this year represented only about 5 per cent of Ontario’s union members. But they were vital in creating the image of a new Doug Ford, friend of the working man.” – Tom Parkin
LIVING BETTER
How to reduce your grocery bill without sacrificing nutrition
A nation-wide survey of 5,000 people found that in the past year, many shoppers are buying less food, using more coupons and loyalty program points due to the soaring prices of food caused by inflation. Seven per cent say they are now skipping meals, a habit that could shortchange them of important nutrients. One way to navigate food inflation without sacrificing nutrition is to buy in-season produce. Locally grown vegetables and fruits are less expensive than those out-of-season. Read more tips.
TODAY’S LONG READ
How does the stock market work?
Illustration by Melanie Lambrick
Investing in the stock market is a good way to build wealth over time, but it can feel a little intimidating to get started. Understanding how the market works, the type of investments you can purchase through it and your risk tolerance can help alleviate that stress. Here’s an in-depth primer on the stock market, along with some insights from personal finance and investing experts.
CALLOUT: The paycheque project is a non-judgmental look at how young adults in Canada are spending their monthly income. We are looking for millennials and Gen Z’s to tell us their financial story – how much they are earning and where their money goes each month. To share your personal story, please email Globe PF editor Roma Luciw at rluciw@globeandmail.com.
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.