Evening Update: Poilievre slams closed door foreign interference inquiry; Canada and EU strengthen economic ties

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

Conservative Leader Pierre Poilievre called a news conference to respond to Justin Trudeau’s decision to name two closed door panels to investigate Chinese election interference. They will later be reviewed by a special rapporteur appointed by the Prime Minister.

Poilievre said Trudeau isn’t interested in calling an independent public inquiry because such a probe might expose that the government did not heed CSIS’s warnings about China’s efforts to help the Liberals and defeat Conservatives. Trudeau responded by saying Poilievre is undermining faith in democratic institutions by claiming the government failed to deal with the interference because it benefited the Liberal Party.

Secret and top-secret documents viewed by The Globe show that Chinese diplomats and their proxies backed the 2021 re-election of Mr. Trudeau’s Liberals – but only to another minority government – and worked to defeat Conservative politicians considered to be unfriendly to Beijing.

• Andrew Coyne writes: The Prime Minister launches an investigation into everything but his government, his party or himself

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Canadian Judicial Council investigating complaint against Supreme Court Justice Russell Brown

Justice Brown, who has been on a leave of absence since Feb. 1, is the subject of a complaint received on Jan. 29, the Canadian Judicial Council has revealed. The council, a disciplinary body for federally appointed judges, did not disclose any details about the complaint or who made it.

The Supreme Court of Canada did not announce Justice Brown’s absence when it began. The court said through a spokesperson at the time that the matter was confidential.

In general, the rules of the judicial council are to keep complaints confidential at early stages of the process. Anyone, including a member of the judicial council, comprised of chief and associate chief justices across the country, may make a complaint. They can be made anonymously.

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Canada and EU pledge stronger economic and energy ties, plus reaffirm support for Ukraine

Prime Minister Justin Trudeau and European Commission President Ursula von der Leyen, who is on her first official visit to Canada, held a joint press conference at the Canadian Forces Base Kingston.

Ottawa is investing $3-million for demining efforts in Ukraine and is working with the EU to deliver energy equipment to Ukraine for its power grid. The two leaders also announced a series of economic initiatives focused on the transition to a net-zero economy. Von der Leyen stressed the need for Europe to diversify its sources of critical minerals away from China and pinned her hopes on Canada as a new source of the materials critical for the energy transition.

Experts say the sweeping announcements demonstrate that the leaders are working to expand the links between the two allies as other countries such as Russia and China show they are not reliable partners.

• Today in Ukraine: Kyiv to send more troops into Bakhmut, seeing chance to break long Russian siege

New federal rules call for financial institutions to bolster climate disclosure, risk management

Canada’s big banks and insurance companies should combine efforts to minimize climate-related risks with their overall business strategies and tie top executives’ pay to meeting those objectives, the industry’s federal regulator said today.

But in its new climate-risk guidelines, the Office of the Superintendent of Financial Institutions, or OSFI, stopped short of prescribing specific increases in capital buffers to deal with a range of physical and policy risks stemming from climate change and future shifts in the economy that are aimed at meeting national commitments to decarbonize. Instead it says financial institutions should incorporate potential consequences of climate change into their risk profiles and account for a range of possible climate-related outcomes when assessing if capital they hold in reserve is adequate.

Jeffrey Jones frequently covers climate related investing, read more of his reporting

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ALSO ON OUR RADAR

China: China’s Foreign Minister took aim at the United States on Tuesday, accusing Washington of seeking to contain China and equating U.S. arms sales to Taiwan with potential Chinese military aid to Russia

Mining: Ottawa is considering a major new round of spending on critical minerals that could help Canada become more competitive with the United States and boost the fortunes of junior miners struggling to raise funds after the federal crackdown on Chinese investment

Justice: Federal prisoners who allege that degrading strip searches are being illegally conducted on them have won the right to go ahead with a class-action lawsuit against the government

Listen to The Decibel: What do we know about the Alberta oil sands leak? Energy reporter Emma Graney talks about who knew what when and how this major oil leak is destroying any trust between the public, regulators and oil sands companies

Technology: Effort to stop the Magnet Forensics takeover gathers steam as more investors say they’ll vote against deal

David Shribman analysis: American-Israelis are growing increasingly wary about Netanyahu’s judicial reform plan

MARKET WATCH

Stocks slump as Powell flags sharper rate hikes

U.S. and Canadian stock indexes closed sharply lower on Tuesday after Federal Reserve Chair Jerome Powell told Congress the central bank will likely need to raise interest rates more than previously expected as it seeks to rein in stubbornly high inflation.

Of Wall Street’s three major indexes, the Dow Jones Industrial Average lost most ground with a 1.7% decline, while the S&P 500 fell 1.5% and the Nasdaq Composite lost almost 1.3%. The S&P/TSX Composite Index lost 1.2%.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 239.26 points at 20,275.54, its lowest closing level since last Wednesday. The TSX energy sector fell nearly 2% on Tuesday as oil settled 3.6% lower at $77.58 a barrel, while materials, which includes precious and base metals miners and fertilizer companies, was down 2.9%.

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TALKING POINTS

The horrific attacks in Huwara mark an acceleration of settler violence against Palestinians

“The only hope, remote though it might be, is that the present legal and political crisis in Israel will convince the Israeli public that there can be no democracy as long as the occupation lasts.” - Raja Shehadeh

We must protect children from Fortnite and other manipulative games and apps

“The FTC found that Epic Games was intentionally tricking people who loved playing Fortnite. But we’re tricking ourselves if we don’t take the opportunity to revolutionize our approach to regulating digital realities. It’s time for legislators to level up, too.” - Vass Bednar

LIVING BETTER

Is it time for you to quit your job?

We are in a time of economic uncertainty. But with Canadian women reporting high levels of burnout and stress, and women’s representation in leadership roles declining, could the answer to career advancement be leaping into the unknown?

One piece of advice from Halifax-based entrepreneur coach Eleanor Beaton? “How you exit has an impact on your personal brand and your network,” she says. “When you are leaving a role or organization better than you found it, you equip your former bosses and colleagues to be your career ambassadors.”

• More career questions: After being terminated, I signed a release. Can I sue for more severance?

TODAY’S LONG READ

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The Academy Awards air Sunday, March 12, and will be hosted by Jimmy Kimmel. To answer all your FAQ and get all the deets for this year, here’s our guide to the 95th annual Academy Awards.

Globe writer Barry Hertz has put together a guide to who ought to win this year’s big awards – and who will win. Have a look at his full list of predictions here. Yet, Hertz also says, there is still an overarching conversation that is intensely committed to the idea that the Academy Awards should be wiped off the face of the Earth. He argues if the Oscars die, then the movies die, too.

Also read: Women are talking, but is anyone listening any more? #MeToo filmmakers hoped to spark conversations this year, but the conversation has moved on. Johanna Schneller writes about the Oscars 2023 #MeToo movies movement that wasn’t.

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