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Good evening, let’s start with today’s top stories:

Hockey Canada has used its National Equity Fund to pay out nine settlements involving alleged sexual abuse, worth $7.6-million since 1989, the organization’s chief financial officer Brian Cairo told a parliamentary committee in Ottawa today.

Of that amount, $6.8-million of settlements were related to the abuse perpetrated by disgraced former hockey coach Graham James, Cairo said.

The figures are the first public disclosure by Hockey Canada into how much of the special reserve fund financed by registration fees it has used to settle lawsuits, including allegations of sexual assault, without making a claim on its insurance policies. The fund allowed the organization to pay out claims without being subjected to an investigation that its insurer would require before settling.

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Pope travels to Quebec City for final days of ‘penitential’ visit

The Pope left Edmonton on Wednesday morning and arrived mid-afternoon in Quebec City, where he’s expected to meet Governor-General Mary Simon and Prime Minister Justin Trudeau at the Citadelle of Quebec, before giving a public address with Simon.

Francis, in a wheelchair, was greeted on the tarmac by residential school survivors, Indigenous leaders and other dignitaries, including Quebec Premier François Legault.

People were already setting up lawn chairs at 10 a.m. on the Plains of Abraham, where the pontiff was expected to greet members of the public from his Popemobile later Wednesday. There was a heavy police presence on the grounds, where concerts and other artistic performances were taking place throughout the afternoon. Official events in Quebec have been slightly pushed back after a separate flight carrying organizers and Indigenous leaders invited to the Citadelle was delayed.

Related:

Two men charged with first-degree murder in death of Ripudaman Singh Malik

Two men have been charged with first-degree murder in the death of Ripudaman Singh Malik.

Mr. Malik, a wealthy businessman who was acquitted in the 1985 Air India terrorist bombings, was fatally shot on the morning of July 14 as he sat in his vehicle near his business in Surrey, B.C.

Tanner Fox, 21, and Jose Lopez, 23, were charged Wednesday. The Integrated Homicide Investigation team has scheduled a news conference for Wednesday afternoon. Police said earlier this month that people driving a white Honda CRV appeared to have been waiting for Mr. Malik for hours before he was gunned down. That same vehicle was later located burned out, not far from the shooting scene.

ALSO ON OUR RADAR

Hong Kong activists in Canada, U.S. and Britain announce plans to form exile parliament: A group of Hong Kong activists living in Canada, the United States and Britain say they will hold elections to a parliament-in-exile next year, aiming to create a democratic body to represent Hong Kongers around the world as China continues to crack down on political freedoms in the former British colony.

U.S. Federal Reserve unveils 75-basis-point rate hike: The U.S. Federal Reserve raised its benchmark overnight interest rate by three-quarters of a percentage point today in an effort to cool the most intense breakout of inflation since the 1980s, with “ongoing increases” in borrowing costs still ahead despite evidence of a slowing economy.

Rogers reports profits but braces for hit from outage; deadline extended for Shaw merger: Rogers reported higher revenue and profits in its most recent quarter, helped by a rebound in wireless roaming, as it braces for the impact of a massive network outage on its third-quarter results.

Fate of Ukraine’s second biggest power plant in balance after Russian advance: Seizing the Soviet-era coal-fired Vuhlehirsk power plant in eastern Ukraine would be Moscow’s first strategic gain in more than three weeks in what it calls its “special operation” to demilitarize and “denazify” its neighbour.

Senior Mountie speaks at N.S. shooting inquiry: The Mountie who was among the first to tell the public about the 2020 mass shooting in Nova Scotia testified today that some of the early descriptions police provided were not “consistent” with the reality of what had happened.

MARKET WATCH

U.S. and Canadian stocks rallied on Wednesday and the Nasdaq posted its biggest daily percentage gain since April 2020 as the Federal Reserve raised interest rates as expected and comments by Fed Chairman Jerome Powell reassured investors.

The S&P/TSX composite index closed up 281.88 points or 1.49 per cent at 19,254.56.

The Dow Jones industrial average was up 436.05 points or 1.37 per cent at 32,197.59. The S&P 500 index finished the day up 102.56 points or 2.62 per cent at 4,023.61, while the Nasdaq composite was up 469.85 points or 4.06 per cent at 12,032.42.

The Canadian dollar traded for 77.69 cents US compared with 77.62 cents US on Tuesday.

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TALKING POINTS

Winner of one majority in five tries says Poilievre has what it takes

“The supposition, apparently widespread, that the most unpopular minister in a deeply unpopular government has now become an unstoppable political phenomenon, based solely on his ability to turn out the anti-vaccine vote, seems to have emerged from the same strange universe in which Mr. Harper is a master strategist and principled conservative.” – Andrew Coyne

Do right-wing demagogues have more power over Americans than Canadians?

“The power of the right-wing demagogues over public opinion was instrumental in the Jan. 6 upheaval. It is creating a crisis in American democracy not seen in ages. North of the American border, you don’t find many Marjorie Taylor Greenes, Roger Stones, Alex Joneses, Michael Flynns, Sean Hannitys or Rush Limbaugh imitators.” – Lawrence Martin

Sanctions against Russia: To avoid collateral damage, please aim before firing

“Even Canada, which only had a small amount of prewar trade with Russia, has discovered that when sanctions are poorly aimed, they can harm us more than them.” – The Editorial Board

LIVING BETTER

What is clean beauty?

What’s the difference between clean and green when it comes to beauty products? Leaders at three clean beauty brands share their perspectives and insights. Gregg Renfrew, founder and executive chair of Beautycounter defines “clean” skincare as the absence of chemicals of concern. Meanwhile, Alexe Pierre, founder of Apprenti Ôr’ganik sees “clean” skincare as being ethically and humanely sourced as well as containing organic ingredients. Read the full story demystifying the trendy skincare terms.

TODAY’S LONG READ

Real estate market storm clouds are gathering

A home for sale in Toronto’s Annex neighbourhood is photographed on July 18 2022.Fred Lum/The Globe and Mail

Real estate industry professionals who help homeowners grapple with rising interest rates and crushing debt are trying to keep up with the volume of new business these days.

“We’re aware that the storm is brewing and likely to get worse,” warns Toronto-based real estate lawyer Mark Morris.

Today credit has tightened, extensions are rife and defaults are rising, says the principal with LegalClosing.ca. The process of buying and selling was “very clean” when there was an abundance of money flowing through the system, Morris explains, but now that stream has slowed to a trickle.

Purchasers relying on HELOCs are finding that avenue closed while many people who signed a contract with a builder before construction on a new project began cannot afford to finalize the purchase when the unit is finished. Read Carolyn Ireland’s full report on the state of real estate in Toronto and Canada.

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.