A Loblaws store is seen Monday, March 9, 2015 in Montreal. THE CANADIAN PRESS/Ryan RemiorzThe Canadian Press
Good evening,
WHAT YOU NEED TO KNOW
Loblaw admits to bread price-fixing for more than 14 years
Loblaw Cos. Ltd. and its parent company have admitted to colluding with other Canadian grocers to increase the price of some packaged bread for more than 14 years. "This sort of behaviour is wrong and has no place in our business or Canada's grocery industry," Galen G. Weston, chairman and chief executive officer of both Loblaw and George Weston, said in a statement late Tuesday. The statement follows a Competition Bureau Investigation this fall into bread price-fixing and an acknowledgment by retailers that their offices were being searched as part of the inquiry. Loblaw said it is taking action to address the part it played in the industry-wide price fixing and is offering customers across the country $25 Loblaw gift cards.
Foreign ownership below 5 per cent in Toronto, Vancouver housing markets
A Statistics Canada report found that foreign ownership in housing in Canada's largest housing markets is below 5 per cent. In Vancouver, foreign buyers owned 4.8 per cent while in Toronto the share of properties owned by non-residents is 3.4 per cent. In the past two years governments in B.C. and Ontario imposed taxes on real estate transactions by foreign buyers in an effort to cool down the frothy real estate markets in each province's largest metropolitan area. Non-residents, defined in the Statscan report as foreigners and Canadian citizens whose primary residence is outside of the country, owned a higher share of condos than detached homes and the value of those condos was higher than residents. The findings suggest that foreign buyers aren't the biggest factors in rising real estate prices in both areas.
Margaret Wente writes in a column that the problem of soaring house prices is more about boomers than foreigners: "It's popular to blame foreign buyers for soaring house prices. But in the GTA, sales to foreigners account for just a small fraction of the market. The real reasons for the squeeze are land constraints and demographics. And the demographics are working against millennials."
Great Canadian Gaming wins bid for four Ontario gambling facilities
Great Canadian Gaming Corp., the company whose flagship B.C. casino is at the centre of a probe into money laundering allegations, has won a takeover bid for four Ontario gambling facilities: OLG Casino in Brantford, the slots at the Mohawk Racetrack in Milton, Flamboro Downs in Hamilton and the Grand River Raceway in Elora. The four sites generated around $450-million in revenues last year but the amount that Great Canadian paid for the assets was not disclosed. Suspicious transactions and allegations that large volumes of cash are being laundered through the company's River Rock Casino in Richmond, B.C., continue to swirl as Ontario officials are conducting a regulatory review of Great Canadian Gaming.
Bell loses appeal of CRTC's Super Bowl ad ruling
The Federal Court of Appeals has dismissed Bell Media's appeal of a regulation that bars the company from substituting its feed and ads over the U.S. signal during the Super Bowl. The practice, known as "simsub," was barred by the Canadian Radio-television and Telecommunications Commission starting in this year's NFL championship game. Bell says that the policy led to a 40-per-cent decline in its Canadian audience and an $11-million drop in revenue.
Canada ranks near bottom in environmental taxes, OECD says
Canada ranks very low when it comes to environmental taxes, beating only the United States and Mexico, according to a report by the Organization of Economic Development and Co-operation. The federal government, however, is planning legislation next year that would impose a new carbon tax on provinces that do not have their own pricing plans or do not meet federal standards. The report said Canada has not kept pace with its climate regulations and will have trouble meeting its pledge to reduce emissions by 30 per cent below 2005 levels by 2030. "We applaud Canada's renewed determination under the current government to tackle climate change, and its leadership in international climate diplomacy at a crucial time. That said, Canada must act swiftly to implement its new policies if it is to achieve its emissions-cutting objectives for 2030," OECD Environment Director Anthony Cox said in a release.
This is the daily Evening Update newsletter, a roundup of the important stories of the day and what everyone is talking about that will be delivered to your inbox every weekday around 5 p.m. ET. If you're reading this online, or if someone forwarded this e-mail to you, you can sign up for Evening Update and all Globe newsletters here. Have feedback? Let us know what you think.
MARKET WATCH
Canada's main stock index ended barely higher as a broad rally fizzled out in afternoon trading. Rising bank and industrial stocks were countered by a weak session by energy and utility stocks. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 0.01 per cent, at 16,133.35. On Wall Street, stocks fell as excitement over the U.S. tax overhaul quickly dissipated over worries of what effect it will have on future interest rates. The Dow Jones Industrial Average fell 0.15 per cent to 24,754.75, the S&P 500 lost 0.32 per cent to 2,681.47 and the Nasdaq Composite dropped 0.44 per cent to 6,963.85.
Note: Evening Update will be taking a break for the holidays next week. We'll be back in your inbox in the new year.
WHAT'S TRENDING
Gord Downie, the Tragically Hip frontman who passed away from brain cancer in October, has been named The Canadian Press newsmaker for the second consecutive year.
TALKING POINTS
New ANC leader could signal a return to South Africa's glory days
"By choosing Cyril Ramaphosa, 65, as the new head of the African National Congress, South Africa's dominant political party has its last best chance to return the nation to the glory last experienced under the late president Nelson Mandela. The party congress Monday rejected the current, beleaguered and court-challenged reign of President Jacob Zuma and his preferred successor candidate, and simultaneously rejected Mr. Zuma's blatantly corrupt, crony-infested style of rule. With Mr. Ramaphosa at the helm, the ANC and South Africa have a new, possibly final, opportunity to deliver good governance, prosperity, and positive development to its supporters and citizens." — Robert Rotberg
In the age of #MeToo, how do we talk to young men about sex and consent?
"None of us want to imagine our sons capable of harming women, but we can't ignore that possibility, either. For young men, meanwhile, the surging public consciousness about exploitation and gendered power dynamics has provoked a mixture of confusion, resentment, defensiveness and shame. It's not surprising this situation is fraught. Boys are conditioned by a culture that condones violence against women – from the routine deployment of 'bitch' and 'slut' on social media to judges who tell rape victims they should keep their knees together – and are now being urged to resist this status quo. The trouble is, most young men have been given very few tools to do so. It's not enough to tell them to do better; we have to teach them how." — Rachel Giese
Professors owe their graduate students more than what Lindsay Shepherd got
"Every large university course is a collaboration between the lecturer and the teaching assistants. Of course there must be co-ordination, and the TAs must avoid contradicting the lecturer in ways that might confuse the students. But the success of any large course depends on the TAs' contribution as much as on the lecturer's. That contribution should not be micromanaged. The lecturer should offer them advice where they solicit it, leave them to spread their wings where they don't. Should an issue arise between a student and a TA, then of course I must look into it. Otherwise, the lectures are mine, the tutorials are theirs. The course will succeed only if they buy into this arrangement. If I treat them like Lindsay Shepherd was treated, they won't." — Clifford Orwin
LIVING BETTER
Travelling over the holidays? Here's one tip on how to make room in your suitcase for presents: Cut down on your toiletries. You don't need to bring your full set if you're only going away for a few days. And, with the extra space, you can make sure you have room on the way back for presents.
LONG READS FOR A LONG COMMUTE
How a simple name change can deceive regulators and allow offenders to escape prosecution
Fernando Honorate Fagundes. Shane Silver. Shane Silverman. Shane Silva. Fernando Silva. Fernando Fagender. They're all the same person. The use of an alias has opened the door for white-collar criminals to commit repeat offences before being caught, a year-long investigation reveals. The Globe's Grant Robertson and Tom Cardoso report on the tactics offenders use to take advantage of oversight gaps in securities enforcement
Also, in case you missed it, A Globe data investigation of 30 years worth of regulatory cases found that fraudsters can make millions off Canadian investors, barely get punished and do it again. (for subscribers)
From Nunavut to Alberta to Ontario, four families share their holiday traditions
Food, friends, fun. For four families across Canada, Christmas weekend traditions are both universal and utterly individual. They shared their personal holiday rituals, which range from running on Christmas Eve to tossing teddy bears at hockey players.
Evening Update is written by Mayaz Alam and Omair Quadri. 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.