Good evening, let’s start with today’s top stories:
Chinese President Xi Jinping and Volodymyr Zelensky spoke during a call for the first time since Russia began its invasion of Ukraine. On Twitter, Ukraine’s President Zelensky wrote that the phone call was “long and meaningful” and would help develop the countries’ bilateral relations.
According to a Chinese readout, Xi told Zelensky “dialogue and negotiations are the only viable way out for the Ukraine crisis, and no one wins a nuclear war.” The last time the two leaders spoke was in January, 2022. Xi had talked to Russia’s Vladimir Putin multiple times during the war. After the call, China’s Foreign Affairs Ministry announced that Li Hui, a former ambassador to Russia, will act as special representative to Ukraine, charged with trying to find a settlement to the crisis.
China has been seen as a key player in reaching a deal to end the conflict but has largely avoided intervening, while also providing tacit support for Russia. Beijing’s 12-point proposal to end the conflict, released in February, 2023, was met with criticism; after the call, the country has given no indication it will change the plan, which Kyiv views as heavily favouring Moscow. Kyiv also made it clear that Ukraine’s position remained unchanged.
The Globe’s Mark Mackinnon analyzes the call, noting that Xi’s acceptance of Zelensky’s invitation to talk at this point in time may be an attempt to make Ukraine’s planned counteroffensive look as though the country is rebuffing peace talks in favour of aggression. At the same time, the specific date – the anniversary of the Chernobyl disaster – is a message to Russia that China firmly does not support the use of nuclear weapons.
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Controlling Teck shareholder Keevil left in the dark over which way CIC voted in failed split plan
Norman B. Keevil, the controlling shareholder of Teck Resources, did not know which way China Investment Corp. (CIC) voted in its proposed split vote, with only about 12 hours to go before the start of the shareholder meeting, a source familiar with the matter said. CIC is Teck’s biggest class B shareholder with a 10.3-per-cent stake.
Vancouver-based Teck on Wednesday said it is not proceeding with its planned split, after not gathering enough votes to secure the transaction.
The failure of the split vote is a big win for Swiss commodities giant Glencore PLC, which has been campaigning to stop Teck’s shareholders from voting for the split, and instead accept its hostile takeover offer.
- Eric Reguly: Teck’s ambitious break-up proposal crashes and burns. Mistakes were made that worked in Glencore’s favour
Evacuated to Cyprus by the British, Canadian family told by Ottawa to pay $10,000 for flight home
A Canadian family was evacuated from Sudan during hostilities between army and paramilitary forces in the East African country and relocated more than 2,100 kilometres away to Cyprus by the British military. The Canadian government has since said it would charge the family of five $10,000 for flights back to Canada, says Khalid Yousif, a Canadian aircraft engineer from Calgary.
Yousif was with his family in Sudan for a funeral when the fighting began.
The family is also required to pay for their hotel in Cyprus. Meanwhile, Ottawa has not reported sending a military aircraft into Sudan, where about 1,800 Canadian citizens are located. Prime Minister Justin Trudeau has said that it’s difficult to arrange a landing spot for the aircraft amid the fighting in the country.
ALSO ON OUR RADAR
Federal workers’ union leader calls on Trudeau to get involved: The leader of PSAC, the union representing more than 100,000 workers on strike, is calling on the Prime Minister to get involved as negotiations come to a standstill.
BoC considered rate hike in April: The Bank of Canada did consider raising interest rates again on April 12, a meeting summary shows, suggesting the central bank is leaning more toward rate hikes than cuts as it waits for inflation to fall.
A guide to King Charles’s coronation: The first British coronation in 70 years will take place over three days and will include a concert, extended pub hours and plenty more. Paul Waldie answers readers’ 12 pressing questions about the event.
Rogers partners with SpaceX: Canadian telecom company Rogers Communications is going to use SpaceX satellites to bring wireless coverage to rural areas.
MARKET WATCH
Canada’s main stock index fell to its lowest closing level in two weeks today as a drop in oil prices weighed on energy shares, offsetting a jump in the shares of Teck Resources Ltd after the company withdrew a restructuring plan. On Wall Street, the S&P 500 also closed lower amid fears about a looming recession, although the Nasdaq gained following some strong earnings in the tech sector.
The S&P/TSX composite index was down 73.15 points or 0.36 per cent at 20,366.72.
In New York, the Dow Jones industrial average was down 228.96 points or 0.68 per cent at 33,301.87. The S&P 500 index was down 15.64 points or 0.38 per cent at 4,055.99, while the Nasdaq composite was up 55.19 points or 0.47 per cent at 11,854.35.
The Canadian dollar traded for 73.39 cents US compared with 73.41 cents US on Tuesday.
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TALKING POINTS
The naked politics of Calgary’s new arena deal
“Actually, when you throw in the contribution from the provincial government, Alberta taxpayers are paying an obscene amount of money for what amounts to a new playground for the National Hockey League.” – Gary Mason
When the fox chooses the watchdog: Ottawa needs to fix how it appoints Parliamentary officers
“It was not the Trudeau Liberals’ finest moment when it comes to appointing the officers of Parliament who serve as independent watchdogs of government mismanagement, conflicts of interest, lobbying violations and other misdeeds. But it wasn’t the worst either.” – The Editorial Board
LIVING BETTER
How to endure stock market swings
Seeing your precious money ride the stock market roller coaster can be stressful. How do you know if you’re on the right track? And how do you keep your emotions in check? An investment adviser shares how to endure market swings in this episode of the Stress Test podcast. Listen now.
TODAY’S LONG READ
Chef Antonio Park on his new Toronto restaurant, fatherhood and why you should know more about what you eat
Antonio ParkIllustration by Photo illustration by The Globe and Mail. Source photo: Eva Blue
Antonio Park, one of Montreal’s top chefs, opened his first Toronto restaurant ,called AP, on the 51st floor of a tower in the city’s Yorkville neighbourhood. It serves Japanese dishes with Park’s signature South American influence (he is of Korean descent and grew up in Argentina, Brazil and Paraguay).
He’s known for his time as a judge on Chopped Canada, has celebrity fans and runs successful spots in Montreal, including Park Restaurant.
Park’s love of the culinary world is about more than the accolades he’s been given or even the food; it’s about who he gets to share it with and the childhood memories that inspired him to become a chef in the first place. Here, he shares his influences and discusses his new restaurant.
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.