Good evening, let’s start with today’s top stories:
The Bank of Canada has increased its benchmark interest rate to 5 per cent, the highest in 22 years, and pushed out the timeline for getting consumer prices under control, warning that the downward momentum of inflation could stall over the next year.
The quarter-point increase will further squeeze Canadians’ finances and push up costs for mortgage holders.
In an updated forecast, the central bank said it expects the annual rate of inflation to remain around 3 per cent for the next year, declining to the bank’s 2-per-cent target by the middle of 2025.
- Bank of Canada raises its key interest rate to 5%, the highest level in 22 years. Here’s what’s next
Analysis: By keeping Ukraine out of NATO, some allies keep door open to negotiations with Russia
Canada and the other G7 countries committed to continue providing Kyiv with modern military equipment, training, cyber defence and intelligence sharing at the NATO summit in Vilnius today.
But, as The Globe and Mail’s Mark MacKinnon writes, while these commitments represent the first formal promises the West has made to keep supporting Ukraine, there is no formal NATO commitment underpinning those vaguely worded agreements – no promise that any member of the G7 would react if Belarus, for instance, were to enter the war on Moscow’s side.
So another NATO summit has come and gone without Kyiv receiving an invitation, or even a timeline, to join. Which leaves in question what the security map of Europe will look like the day after Russia’s invasion of this country is brought to an end. That’s by design.
Nova Scotia RCMP investigating 70 alleged sexual assaults at youth detention centre
The alleged sexual assaults occurred at the Nova Scotia Youth Centre in Waterville, N.S., between 1988 and 2017. All 70 initial cases involve males.
Police expect up to 200 people will come forward to make statements. The investigative team has launched a confidential hotline for people to report past sexual assaults at the centre or to provide information about crimes that may have occurred there.
Police said they cannot confirm the identity of the alleged perpetrator or whether more than one person was involved.
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ALSO ON OUR RADAR
Olivia Chow sworn in: Olivia Chow was officially sworn in as Toronto’s 66th mayor in a packed city hall this morning. She promised to tackle major issues facing the city including affordability, housing and public safety.
B.C. port workers strike could end with federal mediator terms: A federal mediator has 24 hours to submit recommendations to end the dispute between striking port workers and their employer, which will then have a further 24 hours to ratify them. The 12-day strike that has shut down all ports along the British Columbia coast.
Laurentian Bank shares soar: Laurentian Bank of Canada shares soared more than 30 per cent in early trading today after The Globe reported it is exploring a sale. The country’s ninth-largest lender has been discussing a possible deal with several suitors since late June.
Emmy nominations 2023: HBO dominated Wednesday morning’s Emmy nominations, with ” Succession,” “The White Lotus” and “The Last of Us” combining for a whopping 74. Canadian actors Martin Short, Luke Kirby and Lamar Johnson are among those up for awards.
BBC presenter facing sex photo claims is Huw Edwards, says wife: Huw Edwards’ wife has identified him as the presenter facing allegations he paid a young person thousands of pounds for sexually explicit photos. Edwards is one of the broadcaster’s leading presenters. Police, who have not named the presenter, said there was no evidence of a crime in their investigation.
MARKET WATCH
North American stocks ended with solid gains on Wednesday, with the TSX at its highest closing level in one week, after U.S. consumer prices registered their smallest annual increase in more than two years.
The S&P 500 rose 32.90 to 4,472.16 with shares of big tech-related companies, which tend to be sensitive to higher interest rates, giving it its biggest boost. The technology sector was up 1.3 per cent.
The Dow Jones Industrial Average gained 86.01 points to 34,347.43, and the Nasdaq composite added 158.26 to 13,918.96. The S&P/TSX Composite Index closed up 192.21 points to 20,070.77.
The loonie traded for 75.83 cents U.S.
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TALKING POINTS
Beijing is extending its draconian laws beyond its borders
“Transnational repression poses a grave threat to Canadians, and we have urged the federal government to take numerous steps to address the issue. This latest attempt by the government of Hong Kong to silence, intimidate and deter leading dissidents abroad requires a strong, just, and timely response.” – Irwin Cotler and Noah Lew
Why was a Syrian torture survivor flagged as a national security risk in Canada?
“Canadian authorities have not clarified how Noura, a brave human rights defender and torture survivor, could have posed a risk to the country. With the threat of deportation looming over her head, Noura was unable to build a stable life in Canada for herself, her husband or their five-year-old daughter (herself a Canadian citizen). Were Canadian authorities to have deported Noura to Syria, she likely would have been imprisoned, tortured or even killed by the Syrian government or its allies. ” – Emile Dirks
LIVING BETTER
Tim Hortons, Canadian Tire and other loyalty programs worth watching
Store loyalty programs often aren’t as enticing as travel or grocery programs, but some offer incredible value. The key is to understand how you can earn more points and how to redeem them to get the best value. Here are some store loyalty programs worth a look.
TODAY’S LONG READ
Karen Pinchin poses with a large bluefin tuna caught while fishing on Darby Bank, Nova Scotia, Oct. 2, 2020 and Nova Scotia fisherman Eric Jacquard slices into a tender chunk of tunaKAREN ABIGAIL PINCHIN/Supplied
For diners willing to do their homework, Canadian waters provide some of the most delicious and ecologically beneficial seafood available anywhere. And that sustainability is increasingly extending beyond fisheries’ management – how species are regulated and harvested – to the distribution systems, carbon footprint, and local and regional health of people and communities engaged in fishing. Read more on Canada’s eco-friendly fishing plus three recipes to use these catches in your cooking.
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.