The bilateral pact was concluded four days after Justin Trudeau held a telephone discussion with Chinese Premier Li Keqiang, left, where the two leaders focused on a coming third round of exploratory free-trade talks.Chris Wattie/Reuters
China agrees to stop conducting state-sponsored cyberattacks targeting Canadian private sector
After high-level talks between senior Chinese and Canadian officials, the two countries signed a corporate espionage accord. The Trudeau government has been conducting exploratory free-trade talks with the Chinese government since coming to office and has made it clear that strengthening economic ties with China was a key priority. China has recently struck similar agreements with other major countries including the United States and Great Britain. According to U.S. officials, Chinese hackers have stolen valuable private-sector trade secrets and proprietary technology from Western corporations. The agreement doesn't cover state-sponsored cyberattacks against the Canadian government or military, such as those that occurred in 2014 when Chinese hackers broke into the National Research Council. Those attacks cost Ottawa hundreds of millions of dollars.
BC Liberals ready fundraising bill ahead of confidence motion
British Columbia has long been thought of as the Wild West of political fundraising in Canada. The BC Liberals will introduce legislation this week that aims to shed that image and reform campaign finance rules in the province during what should be an eventful week in B.C. politics. The new rules would ban corporate and union donations, set donation limits that are similar to other jurisdictions and disallow foreigners from donating. Despite the nature of the legislation, it is unlikely to pass because the BC NDP and BC Greens have agreed to topple Premier Christy Clark's government. A confidence motion is expected today and a vote to end the BC Liberals reign on Thursday.
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Suicide attempts spike amid overhaul of Ontario's prisons
Ontario prison officials vowed to take a more humane approach to their treatment of inmates. New data show that the province has recorded a significant rise in the number of attempted suicides by inmates in its prisons. Over the past 10 years, provincial facilities have averaged just more than100 suicide attempts per year. Halfway through 2017, the number has jumped to 160. The figures were given by Howard Sapers, Ontario's correctional adviser, who was hired to reform the province's troubled correctional system.
New gold standard emerges for Congo's miners, Canada's jewellery buyers
Earning just 94 cents (U.S.) a day, Congolese miners sift through rocks, crushing them with hammers and washing them away in search of gold. From these mining shafts in Africa, the raw materials take a long journey before ending up at jewellers around the world. Mining has long been an industry rife with ethical complications. Now, a Canadian ethical-trade program will allow miners to earn a higher wage and give consumers an opportunity to track their purchases and ensure that they were ethically sourced.
Italy bank deal lifts Europe shares
Shares rose in Europe on Monday, with Italian banks gaining after a deal to wind up two failed regional lenders, while the dollar and U.S. bond yields held close to recent lows as subdued inflation raised questions over the outlook for monetary policy. In London, the blue-chip FTSE 100 was up 0.58 per cent at 7,467.09 just before 5:30 a.m. (ET). Germany's DAX was up 0.72 per cent at 12,825.69 and France's CAC 40 rose 1.05 per cent to 5,321.71. In Asia, Tokyo's Nikkei rose 0.1 per cent to 20,153.35.The Shanghai composite index was up 0.89 per cent and Hong Kong's Hang Seng advanced 0.79 per cent. The Canadian dollar was trading at 75.45 cents (U.S.). Oil was higher, edging above November lows.
THE LOOKAHEAD
It's going to be a busy week for the Bank of Canada. In various statements over the past several weeks by senior officials at the Bank, it has hinted that it's preparing to raise its benchmark interest rate for the first time in seven years. Reports on jobs, monthly economic output and the outlook for businesses will all provide more data points for decision makers to determine whether to hike the rate, which currently sits at 0.5 per cent.
The next interest rate announcement will be on July 12 but the Bank may choose not to pull the trigger then, as the drop in oil prices last week has cooled speculation. Changes in the interest rate typically take 12 to 18 months to have an impact on output, through changes in individuals' behaviours in response to a changed rate, and a further 12 to 18 months to have an impact on inflation, which has been low in recent quarters.
WHAT EVERYONE'S TALKING ABOUT
Kindness is the enemy of extremism
"The arc of xenophobic terror – whether 'inspired' by the Islamic State or white supremacists – has recently increased in frequency and breadth. Within the past month alone, Flint, Portland, suburban Virginia, London, Manchester, Brussels and Paris have all witnessed acts of violence intended to maim, kill and sow division. While governments have the responsibility to protect their citizens, there is much that each of us can and must do to ensure that our social fabric is not ruptured by the nihilistic ideology of a few." – Sheema Khan
Home prices hurt young people's income mobility
"Hard work doesn't pay off for younger Canadians today by comparison with past. Whereas it took five to six years of full-time work for a typical young Canadian to save a 20-per-cent down payment on an average priced home between 1976-80, it now takes 13 years on average. In the GTA, it takes 20 years. In Metro Vancouver, it's 27 years. Even at historically low interest rates, it takes more than a month more work each year to pay the annual mortgage on an average-priced home in Canada, and several months more work still in Metro Vancouver and the GTA. These economic patterns are crushing dreams of home ownership for many young Canadians, especially in our biggest urban centres. The consolation prize is the invitation to work more each year just to pay rent."– Paul Kershaw
The Liberals are talking about gender, and that will change Ottawa
"It's not easy for the Liberals to show their gender policies will change the day-to-day lives of women here, let alone around the world. And political opponents dismiss a lot of it as branding. But there's no doubt that this government's focus on women will have a lasting impact on Canadian politics and government. Even the symbols: It's hard to imagine a future prime minister appointing a cabinet where two-thirds of the ministers are men." – Campbell Clark
HEALTH PRIMER
Want your skin to look healthy? Consider these seven foods
Skincare products are often thought of as the primary way to take care of your body's largest organ. But in fact, what you eat plays a big role in how your skin looks. Healthy skin depends on a steady influx of vitamins and minerals as well as proteins, carbohydrates and fats. The key is that you're getting the right kinds of food. Red bell peppers are rich in vitamin C, which helps protect skin cells against UV light. Omega-3 fatty acids in salmon helps your skin-cell membranes stay healthy, enabling you to get the right nutrients and keep harmful substances out.
MOMENT IN TIME
Ottawa steps in to regulate Niagara Falls tourism
June 26, 1867 – In the summer of 1867, the government of pre-Confederation Canada waded into a long-running dispute among entrepreneurs trying to make money from tourism to Niagara Falls. The Globe reported that Ottawa assigned a lease to museum operator Thomas Barnett, giving him exclusive rights to send visitors down his stairway to the foot of the falls. His archrival, Saul Davis, who had a reputation for fleecing sightseers, was excluded from the lease and Barnett was given permission to remove Davis's competitive stairs. The government, which controlled the land adjacent to the falls, also set prices "to prevent extortion such as has been practised on visitors." Barnett could charge tourists no more than 25 cents to descend his steps, or 50 cents with a guide. For $1, visitors would get a guide and "waterproof dress" to protect them while walking on a ledge underneath the falls. – Richard Blackwell
Morning Update is written by Mayaz Alam.
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