Evening update: Finance Minister Chrystia Freeland delivers budget update warning of potential recession
Good evening, let’s start with today’s best stories:
Budget update warns of potential recession in 2023
Chrystia Freeland, Minister of Finance a book a fall economic update that warns of a potential recession next year, presenting two fiscal forecasts depending on whether this slowdown occurs or not.
The update also announces plans for a new tax on share buybacks and significant incentives for green energy investments aimed at responding to a significant package of tax and climate reforms approved this year through the US Inflation Reduction Act.
New spending measures announced include reduction of all Canada Student and Apprentice Loans permanently irrelevantat a cost of $2.7 billion over five years, and $4 billion over six years to automatically issue Canada Workers Benefit advance payments to those who qualified the previous year.
But the overarching message Freeland has sought to convey is that the federal government is preparing for tougher times ahead.
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Breakdown of talks between Ontario education workers and CUPE
Story development: Contract negotiations between the Ontario government and the union representing 55,000 education support workers they broke upas MPs were due to pass a fast-track bill that would use the Constitution’s notwithstanding clause to pre-empt a legal strike.
The union, affiliated with the Canadian Union of Public Employees (CUPE), has pledged to pull out tomorrow anyway.
Speaking to reporters, Education Minister Stephen Lecce warned that any strike action, should the government pass its bill, would be illegal. “We will use every tool at our disposal to end their disruption,” he warned.
He said the mediator called off the talks because the sides were still so far apart.
Emergencies Act inquiry hears of splits in protest convoy leadership
One of the main spokesmen for the demonstrators in the convoy says he didn’t agree with a proposed deal, reached between organizers and the City of Ottawa, that would have seen truckers move their vehicles out of residential areas.
Benjamin Dichter testified before the Public Order Emergency Commission, the public inquiry investigating the federal government’s use of the Emergencies Act.
He said he was asked by Tamara Lich, one of the organizers, to be the spokesperson for the protesters. But he wasn’t on the same page as Lich about making a deal with the city.
Lich and another organizer, James Bauder, are also due to appear before the commission today.
ALSO ON OUR RADAR
The ex-Pakistani Prime Minister attacked: A gunman in eastern Pakistan opened fire today to a campaign truck carrying former Prime Minister Imran Khan, injuring him lightly in the leg and killing one of his supporters, his party and police said. Nine other people were also injured.
Russia signals retreat; Ukraine is wary: A Russian-installed occupation official in southern Ukraine said Moscow was likely to pull his troops from the west bank of the Dnipro River, signaling a huge retreat which, if confirmed, would be a major turning point in the war. Kyiv said it was still fighting in the region and feared Moscow was setting a trap by faking a withdrawal.
Netanyahu returns to power: Israeli Prime Minister Yair Lapid’s office says it conceded defeat to former Prime Minister Benjamin Netanyahu in this week’s election. Opinion: What Netanyahu’s return means for Israel – Yossi Klein Halevi
Auger-Aliassime says: Felix Auger-Aliassime of Canada is moving forward to the quarter-finals of the Paris Masters tennis tournament with a 6-1, 6-3 victory over Frenchman Gilles Simon. The Montreal tennis phenom is aiming for his fourth consecutive tournament victory after having taken three consecutive ATP titles last month.
US stocks closed at the bottom for a fourth consecutive session, with economic data having hardly changed expectations, the Federal Reserve would continue to raise interest rates for longer than expected. Canada’s main stock market also fell.
The Dow Jones Industrial Average fell 146.51 points or 0.46% to 32,001.25, the S&P 500 lost 39.80 points or 1.06% to end at 3,719.89, and the Nasdaq Composite fell 181.86 points or 1.73% to 10,342.94.
The S&P/TSX Composite Index slipped 35.79 points or 0.19% to 19,241.22. The loonie was trading at 72.74 US cents.
Powell pours cold water on the idea that the Federal Reserve could slow interest rate hikes
“If you kept hope that the [U.S. Federal Reserve] was ready to start scaling back its hawkish rhetoric, let alone its rate hikes, it certainly isn’t. – David Parkinson
A new compensation model for family doctors could make British Columbia the perfect place for general practitioners
“British Columbia doctors are among the lowest paid in the country. Soon they will be among the highest, coming considerably close to Alberta’s pay rates, which are on average the highest in Canada. – Gary Mason
Canada’s busiest airport says it will offer passengers a way to bypass long security queues as it anticipates an increase in winter travel and tries to avoid a repeat of the travel chaos seen earlier this year. Toronto Pearson International Airport has announced the launch of YYZ Express, which will allow customers on select flights to pre-book their seat through security screening.
TODAY’S LONG READ
Canada was poised to become a leader in clinical cannabis trials. Four years later, bureaucracy continues to hamper progress
The month Canadians flocked to buy legal cannabis, Jason Busse and a team from McMaster University applied for a coveted federal research grant and quickly became one of the few groups to receive this funding to conduct clinical trials of the drug. It was in October 2018.
Four years later, he let out an exasperated chuckle when asked what his team had learned about how cannabidiol (CBD) pills help knee replacement surgery patients relieve preoperative pain. and post-operative. He said he hoped to start recruiting for the 50-person trial this month.
His team’s protracted struggles parallel the fate of many medical researchers who told The Globe and Mail they are only now overcoming bureaucratic hurdles to begin testing how cannabis can help or harm humans. Read Mike Hager whole story.
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