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WHAT YOU NEED TO KNOW
SNC-Lavalin’s Neil Bruce exiting as CEO
Neil Bruce, who has been chief executive of SNC-Lavalin for the past four years, is retiring. Ian Edwards, the company’s operations chief, has been named interim chief executive effective today, and is widely considered to be a candidate to hold the job permanently.
The change in leadership comes as SNC-Lavalin faces a continuing legal battle that made national headlines in February, when it was revealed that former justice minister Jody Wilson-Raybould was allegedly pressed by Prime Minister Justin Trudeau’s office to give SNC-Lavalin a “deferred prosecution agreement,” or DPA. Such an agreement would have circumvented a criminal trial on fraud and corruption charges over the company’s business dealings in Libya. Instead, a judge ruled last month there was enough evidence to proceed; SNC-Lavalin has said it will plead not guilty. (for subscribers)
Among the troubles, investors took note of financial disappointments as well and the company’s share price has dipped more than 60 per cent over the past year. “Shareholders had lost confidence in [Mr. Bruce] and so it was time for a change,” said Michael Willemse, senior research analyst at Taylor Asset Management, which owns SNC shares.
The Globe’s Eric Reguly weighs in: “No, it wasn’t Mr. Bruce’s fault that SNC was, allegedly, a seriously naughty player before he arrived at the company in 2013 and that a DPA didn’t land on its lap. Still, the SNC crisis wasn’t getting any better under his watch, the opposite in fact."
Catch up on the entire timeline of the SNC-Lavalin affair here.
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Federal tourism agency to sponsor Canada Day gala in Beijing
Destination Canada, a federal government crown corporation, is serving as the principal sponsor of a Canada-Day-themed gala in Beijing later this month while two Canadians remain jailed in the country.
Former Canadian diplomat Michael Kovrig and entrepreneur Michael Spavor have been detained by Beijing for over six months, which many see as retaliation against December’s jailing of Huawei executive Meng Wanzhou.
Trudeau is toughening his tone on China amid escalating tensions and encouraging other Western democracies to do the same.
But Destination Canada CEO David Goldstein said that China remains an important source of tourism revenue as the second biggest source of visitors to Canada, and the crown corporation has its own authority to strike commercial partnerships. “Beyond geopolitical issues, I would say bilateral travel is probably one of the best sources of people-to-people diplomacy that we can have at times like this,” he said.
Catch up on the Sino-Canadian tensions here.
Controversy swirls after Durant injury during Raptors game
Steph Curry, Draymond Green and other Golden State Warriors players are criticizing Toronto Raptors fans for cheering as Kevin Durant left the court last night after injuring his right Achilles tendon. “I just hope that ugliness doesn’t show itself again as we go forward in this series," said Curry.
Meanwhile, Mayor John Tory is defending Toronto’s basketball fans, saying cheers from Raptors supporters after Durant’s injury are being “overstated.”
Opinion: Cathal Kelly writes that everyone involved in letting Durant play Game 5 deserves blame, including general manager Bob Myers: “If the GM of the best team in the league doesn’t have the sense not to risk his most precarious asset in a series that is statistically already over, then he shouldn’t be a GM. He should be the team’s grief counsellor.”
After last night’s one-point loss for Toronto, NBA Finals action moves back to Oakland, Calif., on Thursday, where the Raptors can close out their championship run in the Oracle Arena, where they have won the previous two games played there.
If a Game 7 is necessary on Sunday, Oprah Winfrey won’t stand in the way: Her scheduled appearance at the Scotiabank Arena this Friday has been cancelled because the basketball court would likely have to be disassembled to accommodate stage and seating arrangements.
Not all the action was on the court – or on a screen. Thousands of Canadians who tried to watch the game missed key moments when Rogers Communications’ streaming service Sportsnet NOW and BCE’s Bell Fibe television service experienced technical difficulties including authentication errors and failing signals.
Read more: Suddenly U.S. TV viewers really want to see the Raptors, John Doyle writes. (for subscribers)
In Hong Kong, thousands spend night on streets as legislators prepare to advance extradition bill
A second protest in Hong Kong late Tuesday night was spurred on by the second reading of a highly controversial bill, which legislators are due to hear Wednesday morning. The bill would allow authorities in China to legally extradite people from Hong Kong and has been incredibly polarizing, and could be passed by the end of the month as Hong Kong presses forward, political analysts say.
A fully coordinated demonstration on Sunday saw as many as a million people take to the streets against the bill, according to estimates from organizers. Tuesday night’s protest was more subdued, but still thousands-strong – as well, small businesses, church groups, student associations and workers alliances are among those now saying they are willing to close up shop in opposition.
WHAT ELSE IS ON OUR RADAR
Order of Canada recipient found guilty in Nepal: Peter Dalglish, a 2016 Order of Canada recipient best known for his aid and advocacy work on behalf of children around the world, has been found guilty of sexually assaulting children. “We respect the court’s decision, but we will appeal,” said Dalglish’s legal counsel.
Toronto’s Wave Financial purchased by H&R Block for $537-million: Local accounting software firm Wave Financial – which started out a decade ago offering free, cloud-based accounting and invoicing software for small businesses – has been purchased by tax services giant H&R Block. It’s another sign that Canada’s surging early-stage tech sector is maturing.
Russian police drop drug charges against investigative journalist: Ivan Golunov will be released from house arrest after a week-long detention for serious drug offences, which he denied. The move comes after three Russian newspapers published identical front page headlines to protest the detention of Golunov, who is known for exposing corruption.
Social media skepticism: A new global survey suggests distrust of the internet is being fuelled by growing skepticism of social-media services like Facebook and Twitter. In Canada, almost nine in 10 surveyed said they had been fooled by fake news on social media at least once.
Jon Stewart lashes out at Congress over 9/11 victims fund: Comedian Jon Stewart is scolding Congress for failing to ensure that a victims’ compensation fund set up after the 9/11 attacks never runs out of money. (for subscribers)
Dog, nine puppies rescued from sealed box in B.C. landfill: A year-old border collie-husky mix and her nine, week-old puppies are doing well after being rescued from a sealed box dumped at a central British Columbia landfill. The SPCA is seeking information about who may have abandoned them. (for subscribers)
The year-old border collie-husky mix now named Casey with her nine, week-old puppies. (Handout photo from the SPCA/The Canadian Press)HO/The Canadian Press
MARKET WATCH
Canada’s main stock index rose today, as higher oil prices aided the energy sector against the backdrop of optimism over signs of stimulus in the Chinese economy. The Toronto Stock Exchange’s S&P/TSX Composite index rose 32.50 points to 16,248.76.
On Wall Street, indexes lost some ground as worries about the U.S.-China trade war flared up and euphoria following Friday’s U.S.-Mexico deal faded. (for subscribers)
The Dow Jones Industrial Average fell 14.17 points to 26,048.51, the S&P 500 lost 1.01 points to end at 2,885.72 and the Nasdaq Composite dropped 0.60 points to 7,822.57.
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TALKING POINTS
The G20 summit will be a crucial test of Justin Trudeau’s foreign-policy mettle
“The tests for the Prime Minister won’t be in the plenary session, in which leaders must come to grips with ‘intensifying’ trade protectionism, but in what happens in the corridors and pull-aside meetings.” - Colin Robertson, fellow at the Canadian Global Affairs Institute
Industry initiatives to limit plastics will only work with consumer buy-in
“Charging more for an eco-friendly program in food retailing remains a non-starter for most Canadians. Consumers are not willing to pay more to address our collective addiction to plastics.” - Sylvain Charlebois and Tony Walker, Dalhousie University
LIVING BETTER
Better known for its insurance products, Manulife Financial’s banking arm has introduced a package of services this week aimed at millennials and other digitally savvy people. The core of the All-in Banking Package is an unlimited transaction account (e-transfers included) that costs $10 a month, which goes down to zero when you add $100 or more to the associated savings account. But the All-in is most interesting when you look at the way financial technology is deployed to help customers manage their money so they’re able to save more.
LONG READ FOR A LONG COMMUTE
Match: How Murdoch Mysteries star Yannick Bisson and his wife Shantelle met
Yannick and Shantelle Bisson have been married since 1990:
Shantelle: We first met in high school. His friend Bruce came into the Baskin-Robbins where I worked and asked if I wanted to go on a double date. I said no. I was only dating older guys at the time.
Yannick: It was all Bruce’s idea. I remember meeting Shantelle and thinking pah-haha. There is no way this girl is going to be interested.
Shantelle: We saw each other a few years later at an audition for a Pepsi commercial. I remember thinking, “Wow! This is no longer the thin redheaded teenager I remember.”
Yannick: In the audition we played boyfriend and girlfriend. We had to kiss.
Shantelle: They wanted us to really go for it, really make out.
Yannick: I’m thinking, “This is the greatest.” And then the casting agent says, “Yannick, you can go. Shantelle, you stay.” Read more of their love story here.
Supplied
Evening Update is written by Samantha McCabe. 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.