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finance

Evening update: Bank CEO warns Freeland of threat to Canada’s reputation during convoy protests

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good evening, Let’s start with today’s most important news:

Deputy Prime Minister Chrystia Freeland testifies during inquiry into emergency law

The CEO of the Bank of Canada calls Canada a “joke” over protesters’ protests, warning Deputy Prime Minister Chrystia Freeland on the eve of the federal government’s invocation of an emergency law about risks to the country’s reputation. Several major border crossings are blocked.

During a phone call on Feb. 13, the CEO of a bank broadcast comments from an investor who said, “I will not invest an extra red cent in your Banana Republic of Canada.” A reading of the call was presented with a study examining Ottawa’s appeal to the law. The names of the leaders are crossed out.

Freeland said the economic threat to Canada escalated when protesters blocked the Ambassador Bridge in Windsor, Ontario, a major trade hub between the United States and Canada, in early February. On February 10, he spoke with Brian Dees, a senior adviser in the Biden administration. “They are very, very, very concerned,” she wrote in an email summarizing the conversation.

Opinion: This is Trudeau’s show and he will have to answer for it on Friday , Shannon Proudfoot

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No heat, no water, no Wi-Fi: Ukraine remains resilient despite Russia’s hardships

Senior international correspondent Mark McKinnon describes life in Kiev at the start of the 10th month of Vladimir Putin’s war against Ukraine, the day Russia attacked the country’s civilian infrastructure with another barrage of cruise missiles and suicide drones. Electricity, water and gas supplies were interrupted in almost every major city in the country, and all four of Ukraine’s active nuclear power plants were briefly disconnected from the power grid.

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Despite the courage of Ukraine’s political and military leaders – and the heroic conservatism of its people – life under Russia’s protracted siege is undeniably dire.

Opinion: The only way to lasting peace: to increase our support for Ukraine , timothy garden ash

World Cup events: angry Chinese fans, watching Chris Hadfield and more

This World Cup has left a particularly bitter taste in the mouths of many Chinese fans: it is a stark reminder not only of how China is not participating in international football – after withdrawing from qualifiers in February – but also of the country . separates itself from the rest of the world under COVID-19 restrictions.

You may have seen a familiar face in Canada’s first game of the tournament yesterday. Former astronaut Chris Hadfield, dressed in a Canadian team jacket, stands shoulder to shoulder with running back coach John Herdman oh Canada before kick-off. Herdmann invited Hadfield to talk to the team before the game against Belgium, which Canada lost 1-0.

In today’s action, Portugal’s Cristiano Ronaldo made history by becoming the first male player to score in five World Cup appearances in a 3-2 win over Ghana.

Kathal Kelly:

ahead of the game podcast: Canada’s 1-0 defeat to Belgium, Davis’ missed penalty and shock glory

Read more: Take a look at $200 a night “rooms” during the World Cup

also in the news today

Toronto Star settles the war: Jordan Bitov will take ownership of the Toronto Star and Metroland Media Group after a bitter settlement and arbitration with business partner Paul Rivette earlier this year, according to two sources familiar with the matter.

Alberta Releases Financial Update: Record high oil and gas prices continue to bolster Alberta’s books, with the province forecasting a surplus of $12.3 billion for 2022-2023 in its semi-annual fiscal update released Thursday.

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RIP Borje Salming: Hall of Fame defenseman Borje Salming, who played in 16 NHL seasons for the Toronto Maple Leafs, has passed away at the age of 71 after a battle with ALS. Read Cathal Kelly’s column on moving tributes earlier this month when the hockey legend got his Lou Gehrig moment.

Former Toronto Maple Leafs Borje Salming, with wife Pia, is honored at a pregame ceremony at Scotiabank Arena on November 11, 2022 in Toronto. Bruce Bennett/Getty Images

market observation

Canada’s main stock index reached its highest closing price in more than five months today, as gains for the technology and materials sectors fueled optimism that the US Federal Reserve will slow the pace of rate hikes.

The Toronto Stock Exchange’s S&P/TSX composite index rose 61.81 points, or 0.3 percent, to 20,344.07. The loonie traded at 74.98 cents.

Wall Street markets were closed today for US Thanksgiving.

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discussion points

The hateful rhetoric of our toxic culture wars can have deadly consequences

“It would also be irresponsible to pretend there is no connection between hate speech that has become so ubiquitous — and somehow acceptable in polite company — and mass shootings targeting specific communities.” , Marsha Lederman

Danielle Smith’s inflation relief package is an election goodie bag

“If there’s one province in this country that’s been marked by reckless, indulgent spending over the decades, it’s Alberta.” , Gary Mason

to be better

What to stream this weekend: of to approve, The Disney empire has finally delivered a new one star wars Film editor Barry Hertz writes that Rivals showcases George Lucas’ first trilogy in its depth and inventiveness. The first two episodes are boring and skippable, he advises, but then the whole production ramps up to extreme binge eating.

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long lesson today

Why Black Friday deals look extra good this year

Shoppers walk past the Hudson’s Bay Christmas show at the downtown Toronto location on November 16, 2022. Christopher Katsarov / The Globe and Mail

Excess inventories and fears of an impending recession are driving retailers across North America to offer bigger and longer Black Friday deals than usual.

Retail has gone to the other extreme, with warehouses now piling up goods after struggling to keep shelves stocked due to global supply chain shocks over last year’s holiday season. Companies are under pressure to reduce that inventory before the end of the holiday season, when consumer malaise is likely amid high inflation and a slowing economy, said Kostya Polyakov, national consumer and retail leader at consulting firm KPMG.

For shoppers, this means extra generous promotions and a wider selection than usual at discount stores, as retailers unload more of their merchandise there. But while the deals have started earlier and are expected to last much longer than the usual Black Friday period during this holiday, logistical issues could lead to delivery delays and shipping costs due to higher fuel prices could be passed on to consumers. Will destroy part of the savings. read Erica Allini Full story,

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Source: www.theglobeandmail.com

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