Sidney Crosby and the Pittsburgh Penguins celebrate their Stanley Cup win over the Nashville Predators Sunday, June 11, 2017, in Nashville.Frederick Breedon/Getty Images
STANLEY CUP PLAYOFFS
Penguins win back-to-back Stanley Cups with 2-0 victory over Nashville
There was a moment in the second round of the 2017 Stanley Cup playoffs when things didn't look so good for Sidney Crosby – or the Pittsburgh Penguins – as the Penguins' star suffered a concussion against the Washington Capitals earlier in the 2017 playoffs. Crosby missed one game, looked out of sync for a couple more, but got it back just in time for the Penguins to defeat the Capitals. They were like that throughout the playoff grind. Whenever Pittsburgh needed to up the ante, they did – mostly through the sheer will and determination of Crosby and his right-hand man, Evgeni Malkin. And on Sunday, they did it again, defeating the Nashville Predators 2-0 in a close, tight, tension-filled sixth game of the Stanley Cup final.
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TODAY'S TOP STORIES
Home Trust ordered to step up anti-money-laundering controls
Home Trust Co., the main operating subsidiary of troubled alternative mortgage lender Home Capital Group Inc., is beefing up its anti-money-laundering controls under orders from Canada's banking regulator. Toronto-based Home Trust was put under heightened scrutiny by the Office of the Superintendent of Financial Institutions starting in late June, 2015, according to a person familiar with the matter. In doing so, OSFI issued a warning to the lender about problems with its anti-money-laundering compliance procedures and its risk-management practices, that person said. That intervention process, known as staging, is triggered when OSFI formally instructs a financial institution to fix a significant problem. (for subscribers)
Health Minister vows action against illegal physician double billing
Federal Health Minister Jane Philpott said Sunday she is "determined to find ways to make it very clear that we expect the law to be upheld" and she finds it "disturbing" to see how Canadian physicians are double-dipping – by billing the public system, while also charging patients directly for medical services. The minister is responding to a Globe investigation that found significant unlawful extra billing by doctors through private clinics, where patients increasingly pay out of pocket for access to everything from medical appointments to surgery. She said federal officials will now put more pressure on the provinces, particularly B.C., where extra billing is most prevalent, to investigate doctor and clinic billings further.
Trial limits leave dead man's parents on long road to justice
On Dec. 13, 2012, police charged Adam Picard with first-degree murder in the death of Fouad Nayel of Ottawa. Nearly five years later, parents Amine and Nicole Nayel are stuck in the justice system at a moment of dramatic change. The Supreme Court's ruling in a case known as R v Jordan established strict limits for criminal trials, and so, Mr. Picard, after spending four years in jail waiting to be tried, was released. On Monday morning, Amine and Nicole Nayel will be at the Ontario Court of Appeal in Toronto's Osgoode Hall. The province's Attorney-General has challenged the dismissal of the murder charge. The result could influence what happens in the other murder cases, and indeed all serious cases under way before the Jordan ruling.
In U.K. election aftermath, Corbyn pitches himself as PM-in-waiting
Jeremy Corbyn was once so disliked as the leader of Britain's Labour Party that most of his caucus refused to work with him and a vast majority of Labour MPs voted to push him out. But now, the man seen by many as too left-wing, too boring and too out of touch to ever be elected prime minister is enjoying a remarkable renaissance thanks to the stunning results of last Thursday's election that saw Labour come close to defeating Theresa May's Conservative government. The outcome has left Ms. May scrambling to cobble together a minority government amid a growing clamour for her to resign. Meanwhile, the 68-year-old diehard socialist is readying for a final push to topple Ms. May and move into 10 Downing St.
Investors take aim at bloated share grants to CEOs
Some major shareholders are growing frustrated with the way companies are doling out share units as a major part of CEO pay, voting against pay packages at several large companies this year over concerns about equity grants that are oversized or poorly linked to performance. While large investors have demanded that companies make more use of share units to ensure pay for chief executive officers is tied to performance, voting trends suggest they are also more willing to push back when share grants give CEOs big raises without a link to strong performance. (for subscribers)
ON BROADWAY
Come From Away nabs best direction of a musical, but not best musical, at Tony Awards
Come From Away, the feel-good musical set in Gander, Nfld., by Torontonians Irene Sankoff and David Hein's, didn't come away with the best-musical award at the Tony Awards in New York on Sunday night. But Come From Away, which tells the true story of how people of Gander opened their doors to the 6,600 passengers of 38 planes stranded in their small town for a week after the terrorist attacks of Sept. 11, 2001, did pull off one win. Christopher Ashley, the American director of the show, accepted his award for best direction of a musical "on behalf of the people of Newfoundland and all the first responders and their families in New York on 9/11."
THE LOOKAHEAD
Federal Reserve poised to hike rates amid uncertain economic outlook
The U.S. Federal Reserve is set to raise its key interest rate this week for the third time in seven months, but the outlook for the rest of the year has become clouded by economic uncertainty. The central bank last raised its key rate in March, following through on heavy hints from Fed officials that the year could bring a series of hikes in response to upbeat readings on U.S. inflation and labour-market conditions. Since then, though, the U.S. economy has been underdelivering on its promise. Gross domestic product rose just 1.2 per cent in the first quarter, according to the latest revisions – making longer-term monetary policy, and the direction of financial markets, less than clear cut. (for subscribers)
MORNING MARKETS
Tech stocks a drag
Technology stocks fell across Europe and Asia on Monday after the worst day for Apple shares in more than a year, while the euro and its bonds rallied after a bumper weekend for pro-EU and pro-business politics in France and Italy. Tokyo's Nikkei lost 0.2 per cent, Hong Kong's Hang Seng 1.2 per cent, and the Shanghai composite 0.6 per cent. In Europe, London's FTSE 100, Germany's DAX and the Paris CAC 40 were down by between 0.3 and 1.1 per cent by about 5:55 a.m. (ET). New York futures were also down, and the Canadian dollar was just below 74.5 cents (U.S.). U.S. crude and Brent were both 0.6 per cent higher at $46.10 and $48.45 a barrel, respectively.
WHAT EVERYBODY'S TALKING ABOUT
Trudeau's hard line on foreign aid won't help re-elect him
"Billions for the military and a lump of coal for foreign aid. Justin Trudeau has turned out to be hard-nosed enough to make Liberal foreign policy more hard-nosed when he had to – in the dog-eat-dog world of 2017. But politically, that's not where he wants to be when he heads for re-election in 2019." – Campbell Clark
Canada's new housing risk: uninsured mortgages
"The federal government wanted to cool the hot housing market. So it moved last fall to limit access to mortgage insurance. That seemed like a sensible step. Insurance is required for all mortgages when the buyer puts down less than 20 per cent of the purchase. Federal authorities hoped to curb risky borrowing by prohibiting access to insurance for homes worth more than $1-million and for mortgages amortized over more than 25 years. It has only partially worked." – Barrie McKenna (for subscribers)
Canada's ascendant national women's squad has the makings of a dynasty
"Canada's women's team moves from one preposterously rich vein of talent to another. The finest players on this team are all 22 or under, and there are a bunch of them. Based on present progress, it is not a question of if Canada's women's soccer team will be the No. 1-ranked squad in the world, but when. It will be among the firm favourites for the 2019 World Cup and Tokyo 2020. With the NHL removed from the Olympic picture, there is no more exciting Canadian national team at work." – Cathal Kelly
Trudeau must hold the line on Canada's new methane rules
"Despite Prime Minister Justin Trudeau's positive environmental rhetoric, he has been unable to shake Canada's "all climate talk, no climate action" reputation inherited from previous prime ministers. But that is beginning to change. New rules that require oil and gas companies to reduce methane emissions could be a turning point." – Ed Whittingham and Diane Regas
Too many unanswered questions about the Canada Infrastructure Bank
"Is this a self-sustaining Crown corporation like the Business Development Bank of Canada, or a granting agency like the Atlantic Canada Opportunity Agency? And how will this evolving governance structure impact the due diligence and transparency of investments undertaken through the CIB? Fundamental questions remain unanswered in the House of Commons review, notwithstanding the significant taxpayer money ($35-billion) at play. Responsibilities for scrutiny will now shift to the Senate and there is talk of wanting more time to review the legislation." – Kevin Page, Azfar Ali Khan and Randall Bartlett
HEALTH PRIMER
Hypnosis: Inside the science that could change your mind
Hypnosis isn't just for hucksters and Hollywood villains any more. Neuroscience studies have shown that this mind-body therapy affects the brain in extraordinary ways. Clinical trials have demonstrated its effectiveness in treating anxiety, phobias, skin rashes, irritable-bowel syndrome and acute and chronic pain.
MOMENT IN TIME
The Globe blasts Macdonald
June 12, 1867: When Sir John A. Macdonald visited Toronto in June, The Globe and Mail – a staunchly anti-Conservative paper at the time – was quick to dump on the Tory leader. At City Hall, Macdonald drew a "poor turnout" and got a "feeble reception," the paper reported. An editorial described Macdonald's speech at the event as "nothing more than a miserable begging petition for the continuance in office a little longer of himself and his colleagues." It also suggested there was an "utter absence of policy" in the Tory camp for the future Dominion government, and that Macdonald was no friend of Ontario. "His whole course for 20 years past has been one of fierce hostility to the interest of Upper Canada," the paper insisted. Indeed, The Globe said, the new constitution set to come into effect on July 1 should not be credited to Macdonald but to "the arduous and self-denying labours of the Reform party of Upper Canada." Richard Blackwell
Morning Update is written by Steven Proceviat.
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