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Hong Kong is bearing the economic brunt of protests, local leaders say, as activists ready for another weekend in the streets

Hong Kong leaders warned today of increasingly tough economic circumstances as demonstrators gathered at the airport with signs welcoming visitors to “a city run by police and gangsters.”

Millions have taken to the streets in a series of protests, exacting a toll that goes beyond that of the financial crisis and the outbreak of SARS, Hong Kong chief executive Carrie Lam said. Echoing the concerns of businesses, she likened the speed and severity of the economic damage to a “tsunami.”

That dark message followed a week of arrests and sharp warnings from China.

Canada is advising anyone planning to travel to Hong Kong to exercise a high degree of caution.

Meanwhile, activists are preparing for a weekend of renewed clashes with police, who cited the potential for violence in rejecting applications for a handful of protests.

Opinion: “Although the issues facing Hong Kong’s young people may not be unfamiliar to urban youths in many parts of the developed world today, it is the degree to which the numbers work against them that has caused their deep disaffection to curdle into dissent.” - Paul Stapleton, associate professor at the Education University of Hong Kong

Context: Check out our explainer for background on the conflict.

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Ottawa medicine board details changes to rules on national drug pricing

The federal government has unveiled its long-awaited overhaul of the country’s drug-pricing regulations with a new framework that the Liberals say will save Canadians billions over the next decade.

The changes include:

  • The Patented Medicine Prices Review Board will no longer consider drug prices in the United States or Switzerland – among the highest in the world – when trying to set the maximum prices companies can charge for prescription drugs.
  • Drug manufacturers will have to reveal what they actually charge for drugs in Canada, including any discounts or rebates.
  • The board will also have the authority to consider whether a drug’s price matches its value to patients.

Inter Pipeline confirms it was approached about a takeover

Inter Pipeline said today it had received a takeover proposal from a third party.

Earlier in the day, on an earnings conference call, executives refused to confirm or deny The Globe and Mail report that a potential buyer recently made a $30-per-share offer for the company, which it rejected.

Following the report, Inter Pipeline stock rose 9 per cent on the Toronto Stock Exchange, and continued to climb today, up 4 per cent, before trading was halted pending news just before 2 p.m. ET.

Inter Pipeline said it made the announcement this afternoon at the request of the TSX. After trading resumed, the stock closed at $24.81, up 5 per cent.

ALSO ON OUR RADAR

Canadian unemployment on the rise: Canada’s economy shed a net 24,200 jobs and the unemployment rate edged up to 5.7 per cent in July, driven by a decline in wholesale and retail trade, Statscan says.

KPMG withdraws CannTrust audit report: CannTrust Holdings’s independent outside auditor KPMG has withdrawn its endorsement of the company’s 2018 financial statements, the latest fallout from recent revelations about illicit grow rooms at the Ontario-based cannabis producer.

Nine bodies found hanging from bridge in Mexican gang feud: Mexican police found nine bodies hanging from an overpass yesterday alongside a drug-cartel banner threatening rivals, and seven more corpses hacked up and dumped by the road nearby.

Chase Bank cancelling all credit-card debt of Canadian customers: Chase Bank has agreed to “forgive” the outstanding credit-card debt of its Canadian cardholders as part of the U.S. bank’s move to exit the Canadian credit-card market,

McConnell rejects demand for action on gun bills: Republican Senate Leader Mitch McConnell has rejected a plea from 214 U.S. mayors to call the Senate back early to consider new gun legislation, following two weekend mass shootings that left 31 people dead.

Andreescu advances in Rogers Cup: Mississauga, Ont., teenager Bianca Andreescu advanced to the semi-finals of the Rogers Cup today by defeating No. 3 seed Karolina Pliskova of the Czech Republic.

Blue Jay rookie Bichette makes baseball history: Playing in Toronto for the first time, Blue Jays rookie Bo Bichette last night became the first player in major-league history to hit a double in nine consecutive games (in a losing cause against the New York Yankees).

MARKET WATCH

Signs of further escalation of the U.S.-China trade war and weak British economic data weighed on markets today, capping a volatile week that has pushed gold to its highest level in six years.

On Wall Street, the Dow Jones Industrial Average fell 90.75 points to 26,287.44, the S&P 500 lost 19.44 points to close at 2,918.65 and the Nasdaq Composite dropped 80.02 points to 7,959.14.

In Toronto, the S&P/TSX composite index closed down 63.19 points at 16,431.34. Eight of the index’s 11 sectors closed down, led by a 1.8-per-cent drop in materials stocks.

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TALKING POINTS

After being the punchline for two decades, Monica Lewinsky gets the last laugh

“Show her the money. Show her the script, too, and give her a big red pen to make notes in the margins. For too long, women – especially the ones branded troublesome, difficult or libertine – were written out of their own stories.” - Elizabeth Renzetti

Democrats could learn a lot from Kamala Harris. Will they listen?

“Just because she is a pragmatist does not mean Ms. Harris does not have big ideas. But unlike the dead-end policies many of her rivals are pursuing, Ms. Harris’s plans could pass Congress.” - Konrad Yakabuski

Blue Jays president Shapiro’s defence mechanism? Never admit there’s a problem

“If other guys are backroom wonks, [Mark] Shapiro is the Robert McNamara of Major League Baseball. There is a plan. He does not deviate from it, even as the losses pile up.” - Cathal Kelly

Our only way out of the opioid crisis: Systemic change

“If the significant factor in thousands of overdose deaths is a tainted drug supply, it follows that B.C.’s government should focus its efforts and resources on ensuring that people at risk of overdose have legal access to drugs of a known potency and quantity.” - Jordan Westfall, co-founder of the Canadian Association for Safe Supply

LIVING BETTER

Having trouble connecting with other people in person? You’re not the only one. Melanie Morton writes here about how online dating apps have twisted how young people relate: “As we divulge more into a society of swipes and likes, I realize that dating apps are making it harder for me to reach out and touch someone.… Peering at a screen is easier and less emotionally draining but in reality, the lack of real communication is only making things worse.”

LONG READ FOR A LONG COMMUTE

Underwater volcano expedition off coast of Vancouver Island reveals hidden world

In the cold waters off the west coast of Vancouver Island, scientists have found a hidden oasis teeming with corals, sponges and creatures more typical of warmer waters to the south.

The discovery is among the most significant finds from a two-week trip conducted by researchers with the Department of Fisheries and Oceans, the Nuu-chah-nulth First Nations and other partner organizations. The expedition dropped a camera on a cable down about 2,000 metres into the depths as part of an examination of Explorer Seamount, Canada’s largest underwater volcano.

“We found a coral garden that is like something you would see in the tropics, with a large coral community home to fish and octopus like everything you would expect to see in Hawaii, but you find it here in Canada deep below the surface where the sun doesn’t reach,” said Dr. Cherisse Du Preez, marine biologist at Fisheries and Oceans Canada.

“They’re as Canadian as the Rocky Mountains or grizzly bears.… We should all be very proud and excited to be studying and protecting it.” Read Xiao Xu’s full story here.

Open this photo in gallery:

Microscope view of a viperfish, top, and a bristlenose. (Photo by Shelton Dupreez/Fisheries and Oceans Canada)Shelton Dupreez/Fisheries and Oceans Canada/Supplied

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