Good evening, let’s start with today’s top stories:
Germany’s energy crisis has sparked a political debate about whether the country should lift its ban on fracking to allow development of untapped natural-gas reserves.
Fracking of shale gas has been banned in Germany since 2017, but there is growing concern in Germany that Russia will completely cut off its gas supplies. However, even if the fracking ban were lifted, German fracked gas would still not be available for at least two winters.
German Energy Minister Robert Habeck has been travelling the planet looking for alternative energy supplies, and Chancellor Olaf Scholz will be visiting Canada this month to strengthen energy ties.
- Jeffrey Jones also writes about why Biden’s historic climate bill could be a big win for Canada. Now, he says, it’s just a matter of not squandering it.
- Also today: Tesla is lobbying Ontario as part of an effort to set up an “advanced manufacturing facility” in Canada, a filing by the electric-vehicle maker to the province’s Office of the Integrity Commissioner showed.
Court rules that Trump’s tax returns are on the table
A federal appeals court rejected former president Donald Trump’s claim that the request to see his tax returns was invalid because it was politically motivated.
The U.S. Court of Appeals for the District of Columbia Circuit ruled against the Republican former president, saying the committee’s request was justified as part of its legislative work. The decision could lead to Trump’s financial dealings being revealed before the next presidential election.
Read our analysis: FBI raid of Trump’s Mar-a-Lago home unprecedented and yet predictable
Read Andrew Coyne: Donald Trump’s rendez-vous with reality may be fast approaching
Canadian restaurant sector shakeup
Today, Toronto-based Fairfax Financial Holdings Ltd. has proposed to take Recipe Unlimited Corp. private in a deal that values the restaurant chain owner at $1.2-billion. Fairfax is already the controlling shareholder of Recipe, which owns restaurants including The Keg, Harvey’s and Swiss Chalet.
Through Monday, Recipe shares had lost 55 per cent of their value from their first-day close in 2015. That’s one of the 12 worst performances over that time period of any current TSX-listed company with a market capitalization of $500-million or more, according to research performed with S&P Global Market Intelligence.
FILE PHOTO: A serviceman with a Russian flag on his uniform stands guard near the Zaporizhzhia Nuclear Power Plant outside the Russian-controlled city of Enerhodar in the Zaporizhzhia region, Ukraine August 4, 2022.ALEXANDER ERMOCHENKO/Reuters
Fear of nuclear disaster grows with recent attacks near Ukraine’s Zaporizhzhia power station
The Zaporizhzhia nuclear power station in southern Ukraine opened in 1995 and is one of the largest nuclear stations in the world. It’s why there have been fears about the safety of the station since March, when Russian soldiers occupied the nearby city.
The increased shelling by both sides in recent days has made the situation extremely tense. Over the weekend, explosions damaged a power line and a spent nuclear fuel storage facility. However, Ukrainian officials said none of the reactors had been damaged and radiation levels in the area remained stable.
Today, powerful explosions rocked a Russian air base in Crimea and sent towering clouds of smoke over the landscape in what may mark an escalation of the war in Ukraine.
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ALSO ON OUR RADAR
Tech downturn continues: Hootsuite Inc., a beacon of Canada’s tech sector in the early 2010s, told employees Tuesday that it would lay off 30 per cent of its staff worldwide.
Ontario Throne Speech today: The Ontario government is proposing to hand out $225-million over the next two years to parents across the province to help students “catch up” after the pandemic, marking the return of MPPs to Queen’s Park.
Listen to Food Week here at The Decibel: This episode looks at how supply chains starve us, and how to fix it, with guest Evan Fraser, professor of geography and director of the Arwell Food Institute at the University of Guelph.
Cashing your CRA cheques: Canada Revenue Agency plans e-mail blitz to get Canadians to cash outstanding cheques worth $1.4-billion.
MARKET WATCH
Nasdaq lower as chipmaker Micron’s warning renews tech rout
Canada’s main stock index and Nasdaq both fell on Tuesday, with technology shares leading the move lower ahead of U.S. inflation data expected to set the tone for additional Federal Reserve interest rate increases. High inflation numbers on Wednesday, following last week’s blowout jobs report, would likely stop the Fed from easing interest rates hikes anytime soon and halt the market’s rally off mid-June lows.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 90.87 points at 19,578.30, after four straight days of gains. According to preliminary data, the S&P 500 lost 17.36 points to end at 4,122.70 points, while the Nasdaq Composite lost 149.92 points to 12,494.45. The Dow Jones Industrial Average fell 53.72 points to 32,778.82.
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TALKING POINTS
Canada’s life sciences pipeline is clogged. Here’s how we can fix it
“If Canada doesn’t address its commercialization deficit once and for all, innovations and talent will go elsewhere – and that could slow the country’s economic recovery and potentially hinder our ability to withstand the next health threat.” – Leah Cowen
To preserve medicare, Canada has to hire thousands of nurses. Now
”Provincial governments need urgent plans to reverse that cycle, particularly in nursing. In the long run, Canada has to educate more nurses of all sorts; it also needs to educate more nurse practitioners, who can do all the things family doctors do, and sometimes better.” – Editorial Board
LIVING BETTER
Tips on keeping your marriage together in retirement
When it comes to retirement, many couples don’t spend enough time thinking about how they’ll pass the time with each other. Not the adventures you dream about, but how the day-to-day will look.
Failing to communicate how to handle a major life transition like retirement can test even the most solid relationships, especially if each person’s vision is different. Planning to attend counseling, learning how to accommodate separate interests and hobbies, and keeping social networks close by are important to keep the mind and body healthy. Read the full story today.
TODAY’S LONG READ
Secretary of State Antony Blinken, accompanied by South Africa's Foreign Minister Naledi Pandor, speaks during a news conference Monday, Aug. 8, 2022.Andrew Harnik/The Associated Press
U.S. launches new Africa strategy to counteract Russian and Chinese power
The U.S. has unveiled an Africa strategy it says will support an arsenal of democratic weapons, ranging from investigative journalism to independent courts, in an attempt to counteract the “harmful activities” of Russia and China on the African continent.
Early reaction to the campaign was skeptical. South African Foreign Minister Naledi Pandor, at a meeting with U.S. Secretary of State Antony Blinken, complained of Western “bullying” on Ukraine-related issues.
Most African governments have been reluctant to criticize the Russian or Chinese governments for any of their activities at home or abroad. Many have been appreciative of Russian weapons exports and Chinese road and railway investment.
Evening Update is written by Sierra Bein. 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.