Good evening, let’s start with today’s top stories:
The fallout continued today after the killings of charity workers in Gaza by Israeli strikes earlier this week. U.S. President Joe Biden told Israel’s Prime Minister Benjamin Netanyahu today to reach an “immediate ceasefire” in the conflict with Hamas and also pressed him to open more border crossings into Gaza to get humanitarian aid in, according to the White House. He also told the Israeli Prime Minister to take steps to protect aid workers and other civilians.
Despite this exchange, the U.S. is not doing anything to punish Israel, which receives billions of dollars in annual military aid from its Western ally.
World Central Kitchen, whose workers were the ones killed this week, called today for an independent investigation into the air strikes to determine “whether they were carried out intentionally or otherwise violated international law.”
Other updates on conflict in Middle East:
- Israel braced on Thursday for the possibility of a retaliatory attack after its suspected killing of Iranian generals in Damascus this week, and Mr. Netanyahu said the country would harm “whoever harms us or plans to harm us.”
- Air strikes on aid workers don’t ‘just happen,’ Trudeau says after Netanyahu comments
- Rights group says Israeli strike on Gaza building killed 106 in apparent war crime
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RCMP still probing alleged meddling in federal elections, but offers few details
RCMP Commissioner Mike Duheme says the police force has several open investigations into possible foreign interference in the last two general elections – probes that began only after the votes were counted.
Speaking at the federal commission of inquiry into foreign interference, he declined to elaborate on the number or nature of the probes, citing the integrity of the investigations, privacy concerns and public safety.
The hearings are part of the inquiry’s examination of possible meddling by China, India, Russia and others in the 2019 and 2021 federal elections.
Deputy RCMP commissioner Mark Flynn provided few other details about the probes.
Ford delaying start of EV production at Oakville, Ont., plant until 2027
Ford Motor Co. announced plans today to delay by two years the launch of electric vehicles at its Oakville, Ont. plant. The delay is to allow more time for the consumer market for larger EVs to develop. The plant won’t be turning out vehicles until 2027.
Ford also announced on Thursday it is pushing deliveries of its second-generation electric pick-up truck to be made in Tennessee into 2026 from 2025, while expanding its lineup of gas-electric hybrids.
The federal and Ontario governments are giving billions in incentives to electric car and battery makers to transform the sector amid a shift away from gas-powered vehicles. Taxpayers are giving Ford $580-million to transform the Oakville plant to make EVs and battery packs.
RBC’s purchase of HSBC Bank Canada required a major technological feat
When Royal Bank of Canada closed its acquisition of HSBC Bank Canada it had to move billions of dollars of customer money and data off HSBC’s platforms and onto its own in a single weekend. The unusual technological feat helped RBC to win the $13.5-billion auction for the highly coveted business and complete the largest domestic banking takeover on record.
Usually, when two banks merge, it takes several months to adapt the acquired company’s products, services, employees and customers to the buyer’s businesses before fully moving them onto its platforms and shuttering the former brand. And often, the acquirer scoops up the target’s technology.
But for this transaction, HSBC Canada’s technology systems were owned and operated by its British parent company, which wanted to keep its proprietary technology. And so RBC agreed to move billions of dollars and streams of customers and employee data from HSBC’s system onto its own all at once. Read the full story on how the bank managed this gargantuan technical feat.
ALSO ON OUR RADAR
Ottawa launches $1.5-billion fund to protect existing rental apartments: The Canada Rental Protection Fund is designed to save thousands of rental units from being sold and turned into higher-priced market units. It will provide $1-billion in loans and $470-million in contributions to non-profit groups and other partners so they can acquire rental units and preserve the rent prices in the long term.
- Mike Moffatt: Housing is a national problem – and the federal government has every right to make rental-market reforms
NDP MP Charlie Angus leaving politics: His announcement today marks the ending of a political career in which Angus served as caucus chair and ran for the party leader in 2017, placing second to current leader Jagmeet Singh. He will remain an MP for his Northern Ontario riding until the next election. Two other NDP MPs, Rachel Blaney and Carol Hughes, are also stepping away.
Thousands without power after spring storm: A spring storm across Quebec and Ontario today knocked out power to tens of thousands of customers, closed schools and blanketed the Montreal area with heavy, wet snow. In Quebec, more than 220,000 homes and businesses had no electricity just after noon.
Former South African defence minister faces corruption charges: Nosiviwe Mapisa-Nqakula, a cabinet minister for 17 years, is facing charges of corruption and money-laundering after prosecutors alleged that she took more than $150,000 in cash bribes from a defence contractor.
Canada lost 8.6 million hectares of forest in 2023: More than 90 per cent of the loss was owing to wildfire. Satellite-derived data produced by researchers at the University of Maryland showed that the swaths of forest burned in Canada in 2023 represented one of the largest anomalies witnessed since they began collecting the data globally in 2001. They dubbed it the world’s “most concerning fire story” of the year.
MARKET WATCH
Wall Street sharply lower ahead of jobs report as investors digest Fed comments
U.S. stocks ended sharply lower today as Federal Reserve officials took a cautious approach in comments on the outlook for interest rate cuts, while investors braced for Friday’s key U.S. monthly jobs report.
The Dow Jones Industrial Average fell 530.16 points, or 1.35%, to 38,596.98, the S&P 500 lost 64.28 points, or 1.23%, to 5,147.21 and the Nasdaq Composite dropped 228.38 points, or 1.4%, to 16,049.08. The Toronto Stock Exchange’s S&P/TSX composite index ended down 60.67 points, or 0.3%, at 22,051.79.
It cost 73.84 US cents to buy one Canadian dollar, compared with 73.93 US cents yesterday.
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TALKING POINTS
Trudeau shouldn’t reject Chrétien and Harper’s offer on 24 Sussex
“Two giants of the Liberal and Conservative parties joining hands to preserve a prime piece of our heritage. In this era of knee-jerk partisanship, what a fine example of non-partisanship it would be. But object they did.” – Lawrence Martin
Generative artificial intelligence is simply a waste of our time and money
“We urgently need the expertise of social scientists to be able to make much-needed collective decisions about the future of generative AI that we want; we can’t leave it to business, markets or technologists.” – Kean Birch
Pierre Poilievre is upending B.C. politics without trying very hard
“Pierre Poilievre is a thing. Barring some unforeseen disaster, he’ll be the next prime minister of Canada. He’s been able to feed off of an intense dislike for Justin Trudeau – particularly in the West – and others are now benefiting from that reality as well.” – Gary Mason
LIVING BETTER
Looking to get the upper hand in arguments? You may want to pick up a copy of The Ancient Art of Thinking For Yourself by Robin Reames. The book teaches readers how to avoid becoming victims of manipulation – political and otherwise – by harnessing language’s powers of persuasion. Or maybe you’re in a softer mood and would rather read a Montreal-set graphic novel that explores mental health issues. You should pick up So Long Sad Love by Mirion Malle. If neither of those tickle your fancy, check out The Globe’s 2024 spring book preview for other fiction or non-fiction reading suggestions.
TODAY’S LONG READ
How Canadian potato prowess could help bolster Ukraine’s economy
Wayne Easter, President (on the left) and Allan Parker, Director of Razom Invest Canada Inc. at a potato warehouse in Brovary, Kyiv region, on March 12, 2024.Olga Ivashchenko/The Globe and Mail
Two PEI men have been in the potato business in Canada and abroad for decades. Along with two other partners, they created Razom Invest Canada Inc.
Its mission is to establish an investment and trading platform that facilitates the export of Canadian goods, services and technology in support of Ukraine.
Wayne Easter says there is an opportunity to improve the quality of potatoes in Ukraine, many of which go on sale full of cuts and bruises – a problem related to harvesting conditions, handling and storage.
Easter and Allan Parker are working to improve the quality of Ukraine’s potatoes, which will ensure they get a better price for their crop, which could contribute to the country’s bolstering of its economy and future agriculture viability. Read the full story.
Evening Update is written by Prajakta Dhopade. 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.