Evening Update: Pilot program seeks to reward companies that better protect temporary foreign workers

Good evening, let’s start with today’s top stories:

Ottawa is introducing a new three-year pilot program that would incentivize employers to follow worker-protection rules by making it easier for them to hire temporary foreign workers. The program is intended to attract workers from abroad to fill short-term labour market gaps in Canada.

The program would allow companies with a good track record to only prove that they require temporary foreign workers every three years, instead of every 18 months. The employer’s trusted status would also be flagged to potential workers in the government’s job bank.

Agricultural companies will be able to apply to be part of the pilot in September, and all other employers will be eligible in January.

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News publishers, broadcasters call for investigation into Meta’s news blocking

News Media Canada, the Canadian Association of Broadcasters and CBC have filed a request to the Competition Bureau to investigate and prohibit Meta from blocking news for Canadian audiences on its platforms, calling the move an “abuse of its dominant position.”

They said the practices of the social media giant are “anticompetitive” as they will prevent Canadian news companies from accessing the advertising market and significantly reduce their visibility to Canadians on social media platforms.

Meta had previously been blocking news content for some users in Canada but the move is set to extend to all Canadians on Tuesday. Canadians will no longer be able to view or post news on Facebook or Instagram and news organizations will start to see their stories blocked on those platforms.

Canada’s largest pension funds confront the dilemma of investing in China

The managers of Canada’s largest pension funds are treading cautiously as China becomes an increasingly risky place to make big investments.

In light of the rising economic and diplomatic tensions between China and the West, some managers have put direct investments on hold. Others have trimmed their exposures and are sticking to liquid public investments and index funds that allow for more flexibility to change course if necessary.

They have so far stopped short of any major moves to pull out of the market. Most say they need exposure to emerging markets like China and their favourable demographic trends to diversify pensioners’ investments and lower overall investment risks. Most funds weigh their statements about China carefully too – a sign of how sensitive relations are.

ALSO ON OUR RADAR

Artemis II: Officials at NASA say the mission that will send a Canadian astronaut into lunar space for the first time is still on track to launch in November of next year. Mission specialist Jeremy Hansen, from London, Ont., was on hand in Florida today for a public update on Artemis II.

Worker protection: The Ontario government is proposing to add regulations to the province’s Occupational Health and Safety Act to limit “heat stress” and heat-related illnesses as climate change pushes global temperatures higher.

Russia-Ukraine: Ukrainian officials on Tuesday accused the Kremlin’s forces of targeting rescue workers by hitting residential buildings with two consecutive missiles – the first one to draw crews to the scene and the second one to wound or kill them.

Niger: Niger’s military junta has refused the latest diplomatic attempt to reinstall the ousted president, rejecting a proposed visit by representatives of the West African regional bloc, the African Union and United Nations on Tuesday.

MARKET WATCH

Stocks fall amid jitters over slowing Chinese growth, health of U.S. banks

All three major Wall Street benchmarks finished lower on Tuesday in a broad sell-off after the downgrading of several lenders by credit rating agency Moody’s reignited fears about the health of U.S. banks and the economy.

The S&P/TSX Composite Index fell 30.06 points to 20,205.98, dragged down by metals and financials stocks.

In New York, the Dow Jones Industrial Average dropped 158.64 points to 35,314.49. The S&P 500 index was down 19.06 points at 4,499.38, while the Nasdaq Composite was down 110.07 points at 13,884.32.

The Canadian dollar traded for 74.32 cents US compared with 74.88 cents US on Friday.

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TALKING POINTS

A Canada-led NATO of the North would solve two of our problems at once

“With Sweden’s accession to NATO seemingly imminent, the alliance will soon have a total of six members in the northern circumference. It is past time for a Canadian-led diplomatic effort to bring them together in a co-ordinated NATO response to Russia’s Arctic aggression.” – Lloyd Axworthy and Allan Rock

Without genuine political courage, we’ll get more of the same on housing

“Land titles are the equivalent of lottery tickets in this country, and what government wants to make its voters poorer?” – Jen Gerson

Early disease-outbreak warnings matter. So why is a major alert system being hollowed out?

“Funders, from governments to philanthropists, all want to support programs, and the more novel the better. But no one wants to fund operations, the kinds of necessities such as salaries and rent that keep the lights on for these programs to do their solid work.” – Andre Picard

LIVING BETTER

Retirement without home ownership is possible. Financial advisers explain how to get started

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Owning real estate is not the sole pathway to a comfortable retirement, despite the firm belief of many Canadians. The key to retiring without the appreciating value of a house is simple: disciplined saving.

76-year-old Jean-Marie Brideau is able to comfortably retire despite having never own a home because he has saved roughly 20 per cent of his income (which hovered around $70, 000 in today’s dollars) since he was 21. First he invested mostly in mutual funds, and now he dabbles in exchange traded funds.

With high interest rates in the mix, owning real estate is looking increasingly difficult for younger people who don’t have some form of help with covering a down payment. Brideau’s road to retirement is one that may become more and more standard as a new generation comes up in an unforgiving housing market. Financial advisors explain how you can do it too:

• Build disciplined saving habits
• Get comfortable with the idea of high-risk portfolios
• Consider which accounts suit you best

Read more here.

TODAY’S LONG READ

This Scottish couple wants the tiny island they call home to become Britain’s first rocket-launch site

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The tiny island of Unst sits far off the north coast of Scotland and is famous for its collection of Viking artifacts, dating back to the days when it was a waystation for Norsemen travelling in giant boats to foreign lands. Unst is about to become a transit hub once again, only this time for a decidedly 21st-century mode of transport: rockets.

The SaxaVord Spaceport, located on the northeast corner of the island, is set to receive regulatory approval to become Britain’s first site for vertical rocket launches.

The spaceport expects to be fully operational in early 2024 and if all goes well it will send as many as 30 rockets a year into orbit. Read more about how Frank and Debbie Strang built the complex despite having no background in space science, no government support and only a handful of financial backers.

Evening Update is written by Anna Stafford. 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.