Evening update: Canada’s inflation rate rises to 7.7% in May, highest since 1983

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Good evening, Let’s start with today’s key stories:

Canada’s inflation rate rose to 7.7% in May, the highest since 1983

Canada’s inflation hit its highest rate in nearly four decades in May amid calls for policymakers to find new ways to halt runaway price increases.

Statistics Canada said on Wednesday that the consumer price index (CPI) rose 7.7 percent year-on-year in May, from the pace of 6.8 percent in April. This was the highest rate of inflation since 1983 and was part of a larger jump in prices in advanced economies.

It is also unlikely that this will be the peak of inflation. Canadians are paying more for gasoline in June, putting more pressure on consumer price hikes. Several financial analysts said on Wednesday that the inflation rate could reach 8 percent or even more in the near future.

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According to Doctors Without Borders, work in the Ukrainian cities of Svyrodonetsk and Lisichansk is also unsafe

As Russia maintains its relentless siege on Svyrodonetsk and Lisichansk, the two Ukrainian cities have become too dangerous for MSF paramedics.

The International Organization for Humanitarian Medicine, also known as Médecins Sans Frontieres or MSF, is known for the courage of its staff and their willingness to work in war zones around the world. But while the Nobel Peace Prize-winning group has several teams of doctors and ambulances ready in the war-torn Donbass region of eastern Ukraine, it no longer operates in the cities hit by Russia’s worst fires, says The Globe’s Mark McKinnon. reports.

“We decided not to go there because of the situation. We cannot guarantee the safety of our teams,” Andrea Carlini, MSF project coordinator for the Donbass region, told The Globe and Mail on Wednesday. “The probability of being caught in a strike or shelling is too high for the added value we offer. We are not a suicidal organization.”

  • Zelenskyy calls on Canadian university students to put pressure on their leaders to support Ukraine

Airlines reimburse passengers with long delays and cancellations under new rules

Airlines must soon offer refunds or alternative flights to passengers whose trips are canceled or delayed by three hours for reasons beyond the airline’s control.

The rules, announced by the Canadian Transportation Agency (CTA) on Wednesday, come in response to the airline industry’s collapse amid the pandemic, which has seen thousands of flights canceled and customers unable to get their money back, reports The Globe’s Eric Atkins.

The new rules, which came into effect on September 8, are not retroactive. The change allows customers to choose between a refund or another flight departing within 48 hours on the airline in question or a partner airline at no additional cost. Larger airlines are needed to accommodate customers on competitors’ planes.

Federal funding to Hockey Canada was suspended over alleged sexual assault treatment

Hockey Canada’s federal funds are being withheld as part of the national sporting authority’s handling of allegations of sexual harassment and settlement.

Sport Minister Pascale Saint-Onge said in a statement that the organization’s funding would only be restored after it published recommendations for reforms made by an outside law firm hired to investigate the alleged incident.

Hockey Canada should become a signatory to the Office of the Integrity Commissioner, a new government agency with the power to independently investigate complaints of abuse and sanction unfair treatment.

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even on our radar

Ottawa Trans Mountain Purchase Expected to No Longer Be Profitable, PBO Says: Canada’s Budget Watcher says Ottawa can no longer expect to benefit from the sale of the Trans Mountain Pipeline due to construction delays and the high costs associated with expansion.

The Jan. 6 committee hearings are being pushed back to July as the probe into the US Capitol riots deepens The House of Representatives plans to extend its Jan. 6 hearing into attempts to overturn former President Donald Trump’s 2020 election ahead of the original June end date in a panel inquiry into the attack on the Capitol as new evidence emerges, including subpoenaed documentary footage. also includes.

The government-in-exile calls on ASEAN not to make peace The Myanmar national unity government has attacked the Association of Southeast Asian Nations, saying the organization’s efforts to promote peace in the country have stalled since last year’s military coup.

The whereabouts of the evacuee Winnipeg scientists at the center of the national security investigation are still unclear: It’s unclear if the two scientists who were evacuated from Ottawa’s high-security infectious disease laboratory a year and a half ago live in China or Canada. The RCMP is investigating the pair for alleged high-level security breaches.

market inspection

Wall Street’s main indices turned slightly into choppy trade on Wednesday after Federal Reserve Chair Jerome Powell spoke about the central bank’s goal of cutting inflation. In New York, the Dow Jones Industrial Average closed 47.12 points lower at 30,483.13. The S&P 500 Index fell 4.90 points to 3,759.89 and the Nasdaq Composite fell 16.22 points to 11,053.08.

Canada’s main stock index fell on Wednesday as commodity prices plunged commodity stocks and warmer-than-expected domestic inflation data raised concerns about aggressive rate hikes. The Toronto Stock Exchange’s S&P/TSX Composite Index fell 253.25 points, or 1.3 percent, to 19,004.04.

The Canadian dollar was trading at 77.27 US cents, compared to 77.35 US cents on Tuesday.

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conversation topics

I thought the charter would protect Canadians’ fundamental rights, but I was wrong

“Our charter makes fundamental rights perfectly legal. There is no need for a coup d’etat, there is no need for politicizing the election of judges, there is no need for a loophole. The potential for abuse is encoded in the law. There is no other constitutional democracy that allows the abolition of fundamental rights as a matter of governance. , Sheema Khan

Why do around 2,000 Canadians die on the roads every year? it’s not an accident

“Accidents and deaths are caused by causes. One reason is that people make mistakes, but road design can make more mistakes, and fatal ones — for example, when roads are built to encourage speed over safety. If you accept that and move away from an ‘accident happens’ mentality, the only thing that’s clear is that something can be done.” editorial

better stay

Hybrid work is here to stay. What does this mean for our inner city?

If you’re an employee, your office setup likely looks different than it did before the pandemic, with many companies now offering hybrid workspaces. All this empty office space will affect the rest of our cities. In the latest episode of CitySpace, Jennifer Barrett, a senior planner at the Canadian Urban Institute, outlines three ways vacant offices can impact the downtown core and how she hopes this will be the way forward. We’re also joined by The Globe’s James Keller, deputy national editor for cities and real estate, to tell us what Calgary — already grappling with a crisis of empty offices before the pandemic — is doing. .

read long today

From startup to big bank: BMO bought his company and now he heads its global business desk

Dan Goldman and Levant Kahrman, co-heads of BMO Global Markets, in their Times Square office on June 17, 2022. Kellyanne Petrie / The Globe and Mail

Like many American bankers, Dan Goldman and Levant Kahrman work most days of the week from the New York offices where they oversee Bank of Montreal’s global markets operations after the COVID-19 lockdown was lifted. Even more surprising is that they still have offices in BMO.

Mr. Goldman and Mr. Kahraman joined the Canadian bank in 2018 when it acquired its eight-year-old broker-dealer startup KGS-Alpha Capital Markets LP. After the companies merged, both individuals were able to cash out and move on. He worked side by side at Salomon Brothers and then Citibank for most of his earlier career and no doubt made an unexpected profit from the sale of his company.

Instead, they stayed and rose through the ranks of BMO’s capital markets division. Initially, he headed the Global Fixed Income, Currencys and Commodities Desk. He was then appointed co-head of global markets last October when former head Deland Kamanga was put in charge of BMO’s wealth management division. Read the full story by James Bradshaw.

Evening Update was written by Beatrice Page and Hope Mahood. If you would like to receive this newsletter by email every weekday evening, sign up here. If you have any feedback, send us a message.

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