Good evening, let’s start with today’s top stories:
Pro-Palestinian activists who have pitched their tents on the McGill University campus scored a legal victory on Wednesday when a Quebec judge rejected a request for an injunction to stop their protest. Justice Chantal Masse ruled that the students who wanted protesters to relocate failed to demonstrate that their access to the school was being blocked or that they would be unable to write their final exams.
On the West Coast, pro-Palestinian protesters have set up camp at a second university in British Columbia, with tents going up on a field at the University of Victoria.
Meanwhile, in the United States, duelling groups of protesters clashed overnight at the University of California, Los Angeles hours after police had burst into a building occupied by protesters at Columbia University.
Pro-Palestinian activists at their encampment on the McGill University campus in Montreal, Wednesday, May 1, 2024.Ryan Remiorz/The Canadian Press
TD investors concerned about U.S. regulatory probe after bank sets aside US$450-million for penalties
Toronto-Dominion Bank investors are concerned with the lack of details about a probe by U.S. regulators after the lender disclosed that it is setting aside US$450-million to cover penalties.
TD is booking the provision as it awaits further penalties from investigations by other U.S. regulatory and law enforcement agencies that scuttled the bank’s takeover of Tennessee-based First Horizon Corp. last spring.
The bank said that it is unable to estimate the full extent of the penalties at this time. Some analysts have estimated that the monetary penalties could range as high as US$2-billion. Analysts and shareholders are warning the issue could strike a blow to the bank’s outlook.
From the Secret Canada series: Critics question Ontario watchdog’s decision to keep health care worker shortage data confidential
Health care stakeholders and an expert on privacy are criticizing a recent ruling that allows the government of Ontario to keep details of the province’s shortages of nurses, personal support workers and doctors confidential.
Alec Fadel, an adjudicator at the Office of the Information and Privacy Commissioner of Ontario, acknowledged that there is “compelling public interest” in disclosing the figures. But the bid by journalists at Global News to obtain human-resources data from the Ministry of Health through a freedom of information request was turned down. Critics say Fadel relied too heavily on the government’s claim that making those figures public would be harmful to its relations with health professionals or private staffing agencies.
B.C. government reveals costs of hosting FIFA World Cup matches has doubled
The cost for British Columbia and Vancouver to put on seven FIFA World Cup games in 2026 has more than doubled and could reach even higher, eclipsing the latest tally Toronto is expected to pay for holding six matches.
The total cost is now expected to be between $483-million and $581-million, compared with the last figure the province released, $230-million in January, 2023. Even Tuesday’s lower figure eclipses the most recent forecast for Toronto to hold its six games: $380-million.
Critics on city council have said Toronto’s commitment has been hard to justify in the face of a housing crisis and annual deficits that led to a recent 9.5 per-cent property tax hike, the largest increase in the past two decades.
Crews work on the turf at B.C. Place during a FIFA World Cup 2026 update in Vancouver, Tuesday, April. 30, 2024.ETHAN CAIRNS/The Canadian Press
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ALSO ON OUR RADAR
Financial services: Echelon Wealth Partners faces action by Canada’s industry regulator over U.S. trading.
Politics: House of Commons Speaker Greg Fergus is rebuffing Conservative calls to resign after he kicked Opposition Leader Pierre Poilievre out of Question Period.
Crime: Police begin a search of a Saskatoon landfill for Mackenzie Lee Trottier, who was 22 when she was last seen in December 2020.
Earnings: Loblaw Cos. Ltd. reported a 9.8-per-cent increase in profit in its first quarter and raised its quarterly dividend paid to shareholders by 15 per cent, as shoppers continue to visit its grocery stores more often.
U.S. central bank: The Federal Reserve says interest rates will stay at a two-decade high until inflation further cools.
Travel: Egypt’s ancient and lively City of the Dead confronts bulldozers in modernization campaign.
How we eat: Kitchens and gardens go together. Read more about the joys of growing your own food, plus a recipe to try out.
Listen to The Decibel: Distance running, once a relatively niche sport, has exploded in popularity and is drawing in a whole new generation of runners.
MARKET WATCH
North American stock markets slide as investors take cover before U.S. Federal Reserve decision
North American stock markets closed mixed on Wednesday after the Federal Reserve left its key interest rate unchanged, as expected, and indicated that while its next move will likely be a rate cut, continued progress on inflation is not assured. Canada’s main stock index eked out a gain Wednesday even as energy stocks fell.
The Dow Jones Industrial Average rose 87.37 points to 37,903.29, the S&P 500 lost 17.3 points to 5,018.39 and the Nasdaq Composite dropped 52.34 points to 15,605.48. The Toronto Stock Exchange’s S&P/TSX composite index ended up 14.01 points at 21,728.55, with the index closing well below its session high.
The Canadian dollar traded for 72.68 cents US compared with 72.75 cents US on Tuesday.
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TALKING POINTS
In difficult times for humanity, animals can unite us
“Beyond the domestic, we see what we are doing to the animals that have gone about their lives roaming the Earth for eons before we came along and messed it up. Now they’re clinging to shrinking ice floes, ingesting plastic, dying in wars. They have done nothing to us. And look what we are doing to them.” - Marsha Lederman
Maple Leafs fans are linked by a long, prideful streak of masochism
“Being a Leafs fan is knowing they won’t win, and pretending to believe anyway. It’s a lie you tell yourself because it makes you unhappy. But unhappy the way your dad taught you, and the way you will teach your kids.” - Cathal Kelly
B.C.’s hard lesson on hard drugs
“B.C. is making the right moves to grapple with the issues. The easy, but wrong, decision would be to abandon the policy so soon after the widely supported change was instituted. Like many policies, it is a work in progress. A better balance is needed between public safety and helping those in the grip of addiction.” - Editorial board
LIVING BETTER
Three tequilas to enjoy on Cinco de Mayo
Following the trajectory seen in whisky circles, enthusiasts are embracing higher-quality brands and different aging processes to use in cocktails or enjoy on its own.Supplied
Cinco de Mayo celebrations are coming up this weekend, adding to the growing thirst for tequila in this country. As consumption of other alcoholic beverages slows, tequila continues to gain fans. Christopher Waters recommends three tequilas for May 5 festivities and beyond.
Plus: Nine wines to kickstart warm weather entertaining
TODAY’S LONG READ
Snubbed: Saint-Pierre and Miquelon’s residents feel far removed from the Paris Olympics festivities
French 19th-century three-masted barque Belem sails with the Olympic flame on board during its journey to France on April 28, 2024, after Greece handed over the torch of the 2024 Games to Paris. Ten thousand torchbearers will carry the flame across 64 French territories.ARIS MESSINIS/Getty Images
Every part of France is joining in the festivities for the 2024 Paris Olympics, including far-flung territories. But one corner of the country is feeling a bit left out: Saint-Pierre and Miquelon, an archipelago with a population of around 6,000 located off the coast of Newfoundland and Labrador. As The Globe’s Europe correspondent Paul Waldie writes, the place has been a bit of an afterthought for centuries, tossed back and forth between England and France before finally ending up as French territory in 1816 almost by default. Being left off the route for the Olympic torch relay has irked some locals. Read more here.
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.