Good evening, let’s start with today’s top stories:
Canadian court documents show new link between Khashoggi killers and Saudi Crown Prince
Documents filed in a Toronto court provide yet another link between Saudi Crown Prince Mohammed bin Salman and the murder of dissident journalist Jamal Khashoggi.
Saudi records, filed in a civil case against a former spy chief exiled in Canada, show that two executive jets used by a Saudi hit squad to assassinate Khashoggi were owned by a company that less than a year earlier had been transferred to a sovereign wealth fund chaired by the kingdom’s de facto ruler.
Khashoggi, a critic of the Crown Prince, was strangled and dismembered by a team of assassins in October, 2018, during a visit to the Saudi consulate in Istanbul.
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Admiral Art McDonald steps aside as defence chief amid investigation into misconduct allegations
The Canadian Armed Forces have been shaken by two military police investigations into allegations of sexual misconduct against its most senior commanders.
Admiral Art McDonald, who recently replaced retired general Jonathan Vance as chief of the defence staff, stepped aside suddenly late last evening after being informed he is under investigation over unspecified allegations.
Vance is also under investigation over allegations of sexual misconduct during his time as a top commander.
Defence Minister Harjit Sajjan says the Canadian Forces National Investigation Service is conducting the investigation and named Lieutenant-General Wayne Eyre as acting chief of the defence staff.
Bank earnings week ends with higher-than-expected profits for TD and CIBC
Canadian Imperial Bank of Commerce and Toronto-Dominion Bank wrapped up the fiscal first-quarter earnings season with results that far surpassed analysts’ estimates, as profits increased 13 per cent and 10 per cent respectively.
That mirrored similarly robust performance reported by other major banks this week, fuelled in each case by very low loan losses, sky-high trading revenues, good returns from wealth management and steadying retail banking trends.
First-quarter profits at the Big Six banks totalled $13.9-billion, climbing back above prepandemic levels. Massive government stimulus programs, roaring markets and clients leaning on banks to help them through the crisis have created an unusually opportune climate for banking.
ALSO ON OUR RADAR
Alberta tables budget this afternoon: Alberta’s Finance Minister Travis Toews is releasing a budget this afternoon that is expected to reveal the ruin left by the COVID-19 pandemic and an oil price crash a year ago, as the province lays out a plan to piece its finances back together. It will adopt a conservative position for natural resource revenue projections, according to Premier Jason Kenney, despite higher oil prices and forecasts of a sector recovery over the next 12 months.
Trump’s tax records obtained: A New York prosecutor has obtained copies of Donald Trump’s tax records as part of a criminal grand jury investigation into his business dealings. The documents are protected by secrecy rules and are not expected to be made public.
‘Buttergate’ spreads: A dairy producers’ lobbying group is asking farmers to consider alternatives to palm supplements in livestock feed pending the results of an investigation launched in response to consumers’ concerns on perceived changes to the consistency of butter, as The Globe has reported.
Lady Gaga’s dog walker shot, 2 pets stolen: Lady Gaga’s dog walker was shot and two of her three dogs stolen yesterday in Hollywood during an armed robbery, police say. He is expected to survive his injuries; she’s offering a US$500,000 reward for the dogs’ return.
CF Montreal coach Henry steps down: Head coach Thierry Henry is leaving CF Montreal to return to London, saying pandemic restrictions that have prevented him from seeing his children were “too much of a strain.”
The toy formerly known as Mr. Potato Head: Hasbro is giving the potato-shaped plastic toy a gender neutral new name: Potato Head, as toy makers update their classic brands to appeal to kids today.
MARKET WATCH
Wall Street’s main indexes ended sharply lower today, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields.
The Dow Jones Industrial Average fell 559.85 points or 1.75 per cent to 31,402.01, the S&P 500 lost 96.09 points or 2.45 per cent to 3,829.34 and the Nasdaq Composite dropped 478.54 points or 3.52 per cent to 13,119.43.
The S&P/TSX composite index fell 260.99 points or 1.41 per cent to 18,223.54.
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TALKING POINTS
Canadians shouldn’t expect an Aussie-style showdown with Big Tech any time soon
“Canada doesn’t have a Rupert Murdoch or a News Corp., which owns high-impact news organizations on three continents. They offer something Google and Facebook desperately want. We’re bit players in the grand scheme of things.”- Gary Mason
Why is Justin Trudeau cutting off his nose to spite Big Pharma?
“Trudeau should at least sit down with the global drug-company executives. It would not hurt him to be on speaking terms with people whose help he could really use right now.” - Konrad Yakabuski
LIVING BETTER
While new variants of the COVID-19 virus are roughly 40 per cent more transmissible than the original, protecting yourself involves well-established measures: wearing masks, frequent hand washing and physical distancing – keeping at least two metres apart. Masks don’t need to be medical-grade, but they do have to be worn correctly – covering the nose and mouth with no gaps around the edges. And while top U.S. infectious-disease expert Anthony Fauci has said two masks might be better than one, many Canadian experts are reluctant to embrace the notion.
More COVID-19 reads:
- ‘It’s not for free’: Restaurants, gyms rack up loans to survive
- Globe editorial: Millions of COVID-19 vaccine doses are on the way. The provinces had better be ready
- Advocates warn of potential crisis as Toronto’s shelter system faces rising COVID-19 cases
- How a Toronto outreach worker overcame her fear of the COVID-19 vaccine
TODAY’S LONG READ
McCain Foods invests another $30-million in vertical farming firm
Global frozen potato giant McCain Foods is investing another $30-million in GoodLeaf Farms to fund the vertical farming company’s continued expansion, increasing the availability of locally grown leafy greens available in Canadian supermarkets.
GoodLeaf Farms’ first commercial farm in Guelph, Ont. uses LED lights and hydroponic trays to grow “microgreens” such as arugula, pea shoots, radishes and kale, mostly sold within a two-hour drive of the plant. It plans to build and commission two slightly larger vertical farms this year and next at as-yet undisclosed locations, one in Eastern Canada and the other in Western Canada.
And what does McCain, a company more at home in the frozen foods aisle, get in return? Peter Dawe, McCain’s chief strategy officer, said his company is eager to gain experience with fresh produce. “For us, this hit all the consumer trends: less waste in the refrigerator, less time spent on the road, fresher, tastier,” he said. “And it allowed us to explore farming techniques to be more sustainable: less use of water, more efficient use of land.” Read Matthew McClearn’s full story here.
Read more: How McCain Foods CEO steered the French fry giant through the COVID-19 challenge
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