Good evening, let’s start with today’s top stories:
Bank of Canada appoints former deputy Tiff Macklem as new governor
The next leader of Canada’s central bank when Stephen Poloz’s term ends in June will be a veteran of the institution, though he has spent the past six years on the sidelines in academia. In a surprise to many, the federal government has chosen Tiff Macklem over his predecessor’s preferred choice, Carolyn Wilkins. Macklem is a former senior deputy governor of the bank, while Ms. Wilkins serves in that role currently.
At his introductory news conference today, Macklem voiced broad support for the bank’s current stand on monetary policy while the global economy reels from the impacts of the COVID-19 pandemic.
Still, said Macklem, who was senior deputy governor of the Bank of Canada under Mark Carney in the early 2010s: “It’s going to be very important that the Bank of Canada gets the best economic information it can.”
Trudeau announces ban on range of assault-style guns
Prime Minister Justin Trudeau has announced a cabinet order issued today bans many assault-style guns immediately, but critics from both sides of the gun-control debate say the effort to make Canadians safer is destined to fail.
As part of the move, current owners of the weapons will get to keep them, though the weapons can’t be used or change hands. A gun buy-back program will also go ahead, pending approval in Parliament.
“Today we are closing the market for military grade assault weapons in Canada,” Trudeau told reporters.
But both gun-rights advocates and gun-control groups are skeptical, the former calling it a waste of taxpayer money and the latter angry that Trudeau’s Liberals are walking back an election campaign promise to ban “all” assault weapons.
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IN COVID-19 NEWS
How systemic flaws led to tragedy at a Bobcaygeon nursing home
When the novel coronavirus reached Pinecrest nursing home in Ontario’s cottage country, it took advantage of a facility made vulnerable by provincial policy gaps, public health shortcomings and other problems. Health reporters Kelly Grant and Jill Mahoney investigate why COVID-19 was able to kill nearly half of Pinecrest’s residents in less than three weeks.
Canada’s public transit agencies prepping for new normal
As provinces slowly begin to allow businesses to re-open, returning transit commuters should expect to see things like limited seating, stricter cleanliness protocols and reduced service levels. “COVID has changed everything for us,” said one transit spokesperson. “That’s not going to disappear overnight.”
Open Text won’t re-open half its offices after pandemic
One of the Canadian tech sector’s largest companies has signaled its postpandemic plans to scale back office occupancy in an early example of work-from-home arrangements reducing the need for large offices. Waterloo, Ont.-based software developer Open Text says the productivity of its nearly 15,000 employees has remained high since remote work became the norm two months ago, and the move could save the company up to US$75-million annually.
ALSO ON OUR RADAR
Rescue search ends after helicopter crash: A search for survivors of a Canadian Forces helicopter crash off the coast of Greece has become a recovery operation, a navy commander confirmed today. HMCS Fredericton, along with NATO allies, have searched since Wednesday for five of the six crew members aboard the downed Cyclone helicopter, without success. Crew of the Fredericton planned to hold a vigil for their lost comrades.
Assault “never happened”, Biden says: Joe Biden, the Democrats’ presumed nominee for U.S. president, has flatly denied allegations that he sexually assaulted a staff member in the early 1990s. The accusation, and similar ones against incumbent president Donald Trump, have shed light on moral questions for both major parties ahead of the country’s November general election.
Motivated to vote in Hong Kong: Hong Kong citizens who live in Canada have been registering to vote in the territory’s September elections ahead of tomorrow’s deadline, hoping it will be safe enough to travel back to cast ballots against Beijing’s increasing interference in Hong Kong affairs. The Globe’s Xiao Xu reports.
MARKET WATCH
Wall Street sinks on renewed tariff threat
Wall Street sold off sharply today after President Donald Trump revived a threat of new tariffs against China in response to the COVID-19 pandemic.
All three major U.S. stock averages closed down well over 2 per cent, and for the week they all lost ground. The Toronto Stock Exchange escaped with fewer losses Friday, falling 1.09 per cent, thanks in part to a rise in gold prices that propelled the materials sector 3.73 per cent higher.
Stocks had a remarkable run in April, with the S&P 500 and the Dow both posting their strongest monthly percentage gains in 33 years. But analysts worry about an extended slump.
The Dow Jones Industrial Average fell 622.03 points, or 2.55 per cent, to 23,723.69, the S&P 500 lost 81.72 points, or 2.81 per cent, to 2,830.71, and the Nasdaq Composite dropped 284.60 points, or 3.2 per cent, to 8,604.95.
The S&P/TSX Composite Index closed down 160.40 points at 14,620.34. The energy sector lost 4.32 per cent, while financials fell 2.12 per cent. The TSX is now down 13.3 per cent for the year.
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TALKING POINTS
Legislators must prioritize women as they prepare to kick-start economy
Rita Trichur: “This recession is not only amplifying gender disparities in the work force, it’s also highlighting the steep price Canada pays for political inaction. Women’s financial insecurity is worsening the economic shock. Accordingly, as legislators prepare to kick-start the economy, they must prioritize women and combat workplace gender discrimination if they’re serious about generating new GDP growth.”
Tory leadership race enters the new world amid the old squabble
Campbell Clark: “Conservatives are still struggling with the same kind of thing that was dogging them before the world changed, back in March. That is, how far do they go in policing their own fringes? ... And if they get caught up in this for days or weeks, it’s going to look like the Tories haven’t caught up to the new world of pandemics, $250-billion deficits, economic nationalism and the unanswered questions about what comes next.”
Australia’s climate luck is moving north to Canada
Parag Khanna: “Australia and Canada, a pair of resource-rich former British colonies, have enjoyed nearly uninterrupted economic growth, with their small populations benefiting from the commodities boom, smart immigration policy and progressive parliamentary democracy. ... But climate change could lead to a radical divergence in their paths. Whereas Canada will be as close to a winner as there can be, Australia is fated to be a loser. Australia has long been known as ‘the lucky country,’ but could it be Canada that will be the lucky one? And can Australia change its fortunes?”
Society’s blind spots have cost lives in this pandemic. We can’t let it happen again
Michaëlle Jean: “We must confront with courage the glaring horror that has now come into view: the creeping scandal of long-term care facilities for the elderly that have become money-making schemes in our countries with aging populations. For years, these were allowed to proliferate without adequate government oversight. We now see their flagrant neglect and lack of equipment, care and basic hygiene, the incessant turnover of staff because they are poorly respected and inadequately paid.”
LIVING BETTER
Globe Book Club, virtual edition: Hear Kathy Reichs talk about her new novel
The Globe’s Book Club is going virtual, with a new livestreamed event featuring crime novelist Kathy Riechs in conversation with arts correspondent Marsha Lederman. Point your browser to tgam.ca/bookclub on the evening of May 20, when Ms. Reichs will take questions on her new novel A Conspiracy of Bones, a gripping instalment of the popular Temperance Brennan series.
Running has never been so stress-relieving – and so fraught
Runners need to run, but public anxiety over how germs are spread has some people eyeing them warily. With unclear and at times contradictory public-health advice on what constitutes a safe distance for those who are exercising, reporter Dave McGinn looks for a solution that works for everybody.
TODAY’S LONG READ
The home at 16224 11th Ave., Surrey, B.C.Kristine Salzmann/Kristine Salzmann
What goes into selling a house in a pandemic
In a real estate market that saw business as usual until it hit the brick wall of a deadly and contagious virus, owners, realtors, stagers and home inspectors have all been challenged to find new ways of doing business. As Vancouver-based real estate reporter Kerry Gold learned, sales have slumped because so much inventory has been pulled from the market, but price drops may be slow to follow.
The recent sale of one South Surrey property at close to asking price suggests that there are still buyers out there who are looking, and know exactly what they want.
Read Kerry Gold’s full story here.
Also: Developers try new ways to sell condos amid pandemic
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