Good evening, let’s start with today’s top stories:
Today’s top stories are all about the markets.
Credit Suisse shares slumped by as much as 30 per cent after its largest shareholder said it could not provide further support, prompting the Swiss bank’s CEO to make new assurances on its financial strength. It is battling to recover from a string of scandals that have undermined the confidence of investors and clients.
After the Credit Suisse turbulence, U.S. Federal Reserve policy-makers are seen possibly putting their fight against inflation on pause next week. Credit Suisse troubles piled more pressure on U.S. banking sector after U.S. authorities relieved investors with emergency measures to prevent contagion after the collapse of Silicon Valley Bank Financial and Signature Bank.
Canada’s banking regulator is winding up SVB’s Canadian branch and shifting its assets to a new company overseen by the U.S. regulator as one of the largest global tech financers struggles to find a buyer after its failure roiled markets. A number of Canadian mutual funds and institutional investors have taken a hit on U.S. bank stocks, particularly the two institutions that failed last weekend.
- Explainer: What’s next for banks and investors after the Silicon Valley Bank collapse?
- Analysis: After interest rate hikes, SVB won’t be the only casualty, ‘The worst is yet to come’
- Opinion: Remember the 2008 financial crisis – Canadians cannot be complacent about global shocks
Chinese election interference
Prime Minister Justin Trudeau has named former governor-general David Johnston as a special rapporteur to look into allegations of Chinese interference in Canada’s last two federal elections.
Johnston has been asked to look into allegations of foreign meddling in Canada’s last two federal elections, and it’s possible he could recommend a public inquiry, which opposition parties have been calling for.
- Opinion: We should be paying attention to foreign interference in our provincial elections
Senior military officer acquitted of sexual assault sues government for $6M
Maj.-Gen. Dany Fortin, a senior military officer who was acquitted of a sexual assault charge late last year, has filed a $6 million lawsuit against the Canadian government. Fortin was removed as head of the government’s COVID-19 vaccine rollout in May 2021 pending the investigation of a historical allegation.
Fortin is also suing 16 high-ranking officials, including Prime Minister Justin Trudeau and chief of the defence staff Gen. Wayne Eyre, alleging defamation, misfeasance in public office, negligent investigation, public disclosure of private facts, breach of confidence and conspiracy to cause damages.
Mayson Al Misri, a former White Helmet rescuer and journalist from Syria, poses for a portrait, in Hamilton, Ont., on Monday, March 13, 2023.Christopher Katsarov/The Globe and Mail
White Helmet rescuer hopes to bring her friend from earthquake-stricken Turkey to Canada
Mayson Al Misri, a member of the famed Syrian White Helmet rescue group, came to Canada in 2018. The White Helmets are known for their humanitarian search-and-rescue operations, responding to the destruction wrought by the regime of Bashar al-Assad and Russia.
After the devastating earthquake that struck southern Turkey and northwestern Syria last month, she immediately texted her best friend, Amal Al Salamat, who lives in that part of Turkey, but there was no response. For years, Al Misri had hoped she could bring her friend to join her in Canada.
But now that the earthquake has flattened Al Salamat’s home, the urgency to bring her here is greater than ever.
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ALSO ON OUR RADAR
Quebec truck attack: Three victims remain in critical condition after driver killed two pedestrians in small Quebec town
Airline news: Flair Airlines has sued the leasing company and others for seizing four aircraft after the Edmonton-based discount carrier fell behind in rent payments.
Canadian home sales: National home prices fell in February for the 12th straight month, but sales rose modestly in a potential sign that would-be buyers have started adjusting to the higher borrowing costs.
Upcoming federal budget: Prime Minister Justin Trudeau says budget will include affordability measures after NDP Leader Jagmeet Singh calls for extension of GST rebate boost
Griffin Poetry Prize long list: Three Canadians have been named to the 10-book nomination long list, in what marks its first year combining its awards for domestic and international poets.
Environment and investing: BlackRock’s Larry Fink says it’s not his role to drive climate agenda.
Listen to The Decibel: Rachelle Younglai is on the show to explain why some are seeing loan balances grow instead of shrink, and what mortgage-holders should be thinking about.
Food and wine: How Kingston became the Cambodian food capital of Canada
MARKET WATCH
Markets shudder as Credit Suisse sparks fresh bank selloff, bond yields dive
U.S. stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller U.S. rate hike this month.
The TSX fared even worse than Wall Street, as a big drop in oil prices pressured the energy sector, while the heavily weighted financial sector was also seeing another day of steep declines. The S&P/TSX Composite Index lost 1.6% as oil sank to its lowest level in more than a year.
According to preliminary data, the S&P 500 lost 26.23 points to end at 3,893.06 points, while the Nasdaq Composite gained 7.19 points to 11,435.33. The Dow Jones Industrial Average fell 268.87 points to 31,886.53.
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TALKING POINTS
The death of Kiska the killer whale exposes the limits of Canada’s animal-captivity laws
“Kiska’s life and death highlight all that is wrong with animal captivity. Like Lucy and many other captive animals in zoos and aquariums, she lived in a space a fraction of the size of her natural habitat, in exhibits built first and foremost for the paying spectator.” - Jessica Scott-Reid
Instead of creating vulnerability, benefits should follow the worker in Canada
“The scope of need and associated costs are daunting, but the positive impacts that a provincial “portable health benefit” (PHB) plan could have on employability, labour mobility and financial security are worth striving for.” - Chris Bonnett
A very British broadcasting scandal
“Although the BBC mess is a very British scandal, it touches on a broader problem: that – into the second decade of social-media mayhem – we still struggle to balance free speech and impartiality.” - Tom Rachman
LIVING BETTER: For the kids
27 titles for every type of young reader: There’s something for everyone, the visual reader, fiction lovers, the artist in training. Here are some great new books, fresh off the press, that are sure to inspire young readers in your life
10 TV shows you’ll actually want your kids to watch: Sometimes, throwing on a TV show can make or break your day. If you want guilt-free fare, here are 10 shows you can feel good about turning on.
Opinion: Can Bill C-11 save my son from sounding like Peppa Pig and Bluey?
TODAY’S LONG READ
David HollanderIllustration by Photo illustration by The Globe and Mail
David Hollander thinks basketball can save the world
When James Naismith invented basketball at the Springfield YMCA in 1891, he never intended to only create a sport. He always had social progress in mind. Today, if anyone is as obsessed with how basketball can make people better, it’s David Hollander.
He explores basketball as an avenue for betterment in his new book, How Basketball Can Save the World: Thirteen Guiding Principles for Reimagining What’s Possible. Read his conversation with The Globe and Mail about his love of the game, why Canada is exemplary of its promise and why he’s going to be flooding Bob Rae’s inbox very soon.
Evening Update is written by Sierra Bein. 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.
Sierra Bein