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Caisse calls for cultural change at SNC-Lavalin to stanch losses
Pension fund giant Caisse de dépôt et placement du Québec reaffirmed its long-term support for the Canadian engineering and construction company. But the Caisse, in its second public comment in recent weeks, said an internal overhaul is needed to better the company’s chances at future success.
“It’s a cultural change. It’s a step up, a major step up, in discipline,” Caisse chief executive officer Michael Sabia told reporters after discussing the pension fund’s midyear results.
Montreal-based SNC-Lavalin has lost about two-thirds of its market capitalization over the past year. The Caisse said it has seen the value of its investment decline by $700-million over the first six months of this year.
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How gun control remains a polarizing issue in wake of horrific attacks
The gun control debate has reached a crescendo after two mass shootings devastated the United States over the weekend.
In a televised address on Monday, President Donald Trump vowed to “act with urgent resolve” and signalled his support for stronger background checks. But he offered few specifics beyond calling for “red-flag” laws that would allow police and family members to petition a court to remove guns from people because of mental-health concerns. Democrats quickly accused him of hypocrisy, noting the President has abandoned earlier calls for new gun-control measures.
This debate comes as the death toll of the El Paso shooting has risen to 22 people after two more died of their wounds Monday, bringing the weekend’s total to 31 lives lost. Meanwhile, police say it is too soon to establish a motive for the Ohio gunman, 24-year-old Connor Betts. But authorities and former classmates say he compiled a “hit list” of people he wanted to kill and a “rape list” of girls he wanted to sexually assault in high school.
Hong Kong’s Civic Party leader urges Canada to support protesters, as general strike turns into mayhem
Hong Kong pro-democracy lawmaker Alvin Yeung, who was raised and educated in Canada, is urging Canadians to demonstrate their support for Hong Kong protests that began in response to an extradition law many fear would hand Beijing more direct control over the former British colony.
In an interview with The Globe and Mail, Yeung says Ottawa should pay very close attention to its interests in the Asian city, which was once again rocked by the biggest protests yet on Monday. The 38-year-old legislator is the leader of Hong Kong’s Civic Party, which is part of the liberal side of the legislative council that scrutinizes proposed laws.
Hong Kong police say the city has largely returned to normal Tuesday.
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ALSO ON OUR RADAR
Consular officials speak with detained Canadian in China: Officials met with Michael Kovrig, who is one of two men detained for months by Beijing, for the 10th time Monday. Global Affairs said it cannot provide details on the Monday visit due to privacy provisions.
North Korea using “widespread and increasingly sophisticated” cyberattacks: According to a confidential UN report, North Korea has generated an estimated US$2-billion for its weapons of mass destruction programs by stealing from banks and cryptocurrency exchanges.
Toronto faced a wave of gun violence over the long weekend: Police said 15 people were injured after a dozen shootings took place across the city, one of which sparked chaos and injured people as gunshots rang out in a packed nightclub.
Britain to join naval mission in Strait of Hormuz: In a joint effort to protect oil shipments moving through the region, Britain has partnered with the U.S. for a maritime security mission in the Gulf to protect merchant vessels travelling close to Iran.
India escalates Kashmir crisis: In a far-reaching political move, India has revoked the special independent status of its only Muslim-majority region, which has long been a flashpoint in ties with neighbouring Pakistan. The U.S. government has expressed concerns over potential human-rights violations.
Look up: A bumper crop of well-fed fireflies is lighting up parts of Southern Ontario. Experts say it may be linked to a damp and rainy spring, resulting in more food for the bright bugs.
Forum where El Paso gunman posted racist manifesto faces sporadic outages: After 8chan’s cybersecurity provider cut it off for being what it called a “cesspool of hate,” the site was periodically down Monday. A new hosting company called Epik.com has since taken on the forum.
Global markets moderate as China keeps yuan on leash: A rout in global markets moderated on Tuesday as China kept the yuan on a tight leash after its landmark drop past 7-per-dollar led the United States to label Beijing a currency manipulator. Tokyo’s Nikkei and Hong Kong’s Hang Seng each lost 0.7 per cent, while the Shanghai Composite shed 1.6 per cent. In Europe, London’s FTSE 100 was down marginally by about 5 a.m. ET, with Germany’s DAX and the Paris CAC 40 up by between 0.5 and 0.7 per cent. New York futures were up. The Canadian dollar was above 75.5 US cents.
WHAT EVERYONE’S TALKING ABOUT
Pep up: Flowers still bloom amid Twitter’s trash
Anne T. Donahue: “I’m too tired to maintain the facade of nonchalance or perfection, and it’s too hard to condemn things such as earnestness and pep talks when they help to create a moment in which we’re reminded that as dark and hopeless as the world can feel, there’s more to believe in than just our impending demise – especially when there are so many other things to condemn.” Donahue is the author of Nobody Cares.
More new hires are ghosting on the job
Virginia Galt: “But money isn’t all that matters. Employers also have to be competitive in terms of providing a work environment where employees can ‘take ownership’ of their jobs, expand their skills, try new things.”
TODAY’S EDITORIAL CARTOON
David ParkinsDavid Parkins/The Globe and Mail
LIVING BETTER
You’ve likely heard that limiting your nighttime screen time can result in better sleeps and lower stress levels. But scientists are discovering that getting enough bright light during the day is just as important, and plays a role in maximizing alertness and mood and keeping circadian hormones such as melatonin in sync.
Work spaces come in as crucial here. In May, a new version of the WELL Building Standard, focusing on how indoor spaces affect human health, was announced, and now includes standards for what WELL calls circadian lighting.
The main takeaway for building your own healthy schedule? Getting enough light between the hours of 9 a.m. and 1 p.m. is key, and 6.5 hours a day is optimal. And if you can, try cutting down the nighttime Netflix, too.
MOMENT IN TIME
Blank Archives/Getty Images
Aug. 6, 1846
Weighing 18 pounds at birth, there would be nothing average about Anna Swan. The child of normal-height parents, the Nova Scotian would stretch to 4-foot-8 by age 5, and is believed to reached 7-foot-11 in her lifetime. In 1862, Ms. Swan was hired for an exhibit at the American Museum in New York, where crowds would gather for a chance to see and speak to the giantess. She nearly died in a fire that destroyed the same museum three years later, because she was too big to escape from a window. Fortunately, employees broke the wall around a window on the third storey and rescued her. On her way for a European tour in 1871, Ms. Swan became acquainted with 8-foot-tall Martin Van Buren Bates, known as the “Kentucky giant.” The two fell in love and married the same year in London, England. They went on tour as a couple and performed for Queen Victoria. Ms. Swan and Mr. Van Buren Bates would have two large children together, one who died at birth and the other who died after only 11 hours. Ms. Swan died a day before she turned 42. Some of her belongings are displayed at the Sunrise Trail Museum in Nova Scotia. – Maria Iqbal
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