Finance Minister Bill Morneau made the decision not to establish a blind trust.Sean Kilpatrick/The Canadian Press
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WHAT YOU NEED TO KNOW
Bombardier CEO confident Airbus deal will resolve Boeing trade row
Bombardier Inc.'s chief executive officer Alain Bellemare said the deal to sell a majority stake in the C Series to Airbus Group CE will settle the trade dispute with Boeing Co. Under the agreement between Bombardier and Airbus, some C Series aircraft assembly could be moved to Alabama, which would allow the Canadian plane maker to sidestep duties of nearly 300 per cent imposed by the U.S. government after a complaint by Boeing. "Assembly in the U.S. can resolve the issue," Mr. Bellemare told reporters on Tuesday. "Airbus is the perfect partner for us." In the deal announced late Monday, Airbus will acquire a 50.01-per-cent stake in the C Series division for no cash and incorporate the plane into its product lineup.
Eric Reguly on the deal: "As soon as the C Series got slammed with the tariffs, it was game over and Airbus was able to negotiate a sweet deal that will see Bombardier – and perhaps the Canadian and Quebec taxpayers – still write the cheques for a product over which it has lost control. Airbus was brilliant. It owns the finest piece of Canadian aerospace technology on the market, and it got Bombardier to subsidize the deal." (for subscribers)
For more on this story as it develops throughout the evening, visit the Report on Business homepage.
Morneau chose not to establish blind trust, ethics watchdog says
Ethics Commissioner Mary Dawson spoke publicly for the first time today on Finance Minister Bill Morneau's financial arrangements when he assumed office. Ms. Dawson told reporters that she advised him that there was no need to set up a blind trust but the decision to not do so was the finance minister's. Before running for office Mr. Morneau was the CEO of human resources giant Morneau Sheppell. A blind trust would have put his personal fortune beyond his control while he serves in public office.
Google's Sidewalk Labs signs deal for 'smart city' makeover of Toronto's waterfront
The partnership between Alphabet Inc.'s Sidewalk Labs and Waterfront Toronto could bring a bold experiment in city-building and high-tech to the city. The project will invest $50-million (U.S.) in a year-long planning process for a 12-acre district on the waterfront. "Sidewalk Toronto" would become North America's largest example of the "smart city" concept and developers hope that the Quayside community will be a precursor to a much larger 750-acre development of Toronto's lakefront. Toronto Mayor John Tory hailed the announcement as a step toward creating "a global hub for urban innovation" in the city.
Daniel Doctoroff, CEO of Sidewalk Labs, and Eric Schmidt, executive chairman of Alphabet, on the city: "Working together with the local community, at this moment in time, on this great site, in this remarkable city, we can demonstrate that housing can be much more affordable, that spending an hour in traffic a day is not our destiny, that job opportunity is our right and that a cleaner planet is our future."
Prisoners in Canada among alleged leaders in massive cross-border opioid ring
Jason Berry and Daniel Ceron, two men currently imprisoned in Quebec, allegedly ran the Canadian operations of a cross-border opioid ring. Five Canadians in total are facing charges and authorities say the drugs originated in China before making their way to North America. Opioids have been related to 20,000 deaths in the United States and around 3,000 more in Canada. If you're interested in learning more about how powerful opioids get through Canada's border, The Globe has built an interactive explainer on the issue.
MARKET WATCH
Canada's main stock index climbed slightly on Tuesday, bumped up by financial shares and a surge in Bombardier's stock after news of the plane maker's deal with Airbus. The Toronto Stock Exchange's S&P/TSX composite index ended up 0.09 per cent to 15,816.9. On Wall Street, the Dow topped the 23,000 point mark briefly, pushed ahead by strong earnings from UnitedHealth and Johnson & Johnson. The Dow Jones Industrial Average rose 0.18 per cent to 22,997.44, the S&P 500 gained 0.07 per cent to 2,559.36 and the Nasdaq Composite dropped 0.01 per cent to 6,623.66.
WHAT'S TRENDING
The man accused of holding Amanda Lindhout hostage in Somalia told the court today that he didn't receive ransom money – even though he twice told undercover RCMP officers he got $10,000 (U.S.).
TALKING POINTS
We owe sexual abuse survivors more than #MeToo
"While hashtag campaigns can feel empowering for women who have previously remained silent, stating the prevalence of sexual assault is not a finish line. It's the beginning of a conversation – the very bare minimum – not an endpoint. What needs more airtime? Concrete measures for enacting cultural and institutional change – conversations more complicated than hashtagged confessions. From the ground up, we need to start with schools imparting deeper knowledge to young minds about consent, empathy, entitlement, bodily autonomy and bystander behaviour. We need real protections for women at work, including stronger unions. We need to start looking at potent deterrence for perpetrators and their enablers, be that through the court system or through robust independent reviews in the workplace." – Zosia Bielski
Trump's NAFTA plan is now clear, and Canada has to ride it out
"The U.S. administration's game plan is now clear: Make multiple outrageous demands that, even if partially accepted, constitute a huge 'America First' victory; or, if rejected outright by Canada and Mexico, set up a failed negotiation and a messy denouement – also a win in terms of U.S. President Donald Trump's public antipathy to the North American free-trade agreement." – Andrei Sulzenko
The power of incumbency: Nenshi saved by his passionate base
"In the end, Mr. Nenshi did survive. He survived because his base is passionate and came out to support him. He also survived because of the power of incumbency (every incumbent won) and his unsurpassed knowledge of civic issues. Finally, Mr. Nenshi survived because even some critics of his could not bear to vote for Mr. Smith. This is because, to be charitable, Mr. Smith ran on a very policy-lite platform. Mr. Smith's appeal was that he was conservative, he would stop tax increases and he would be collaborative. But really it was a platform of 'I'm not Nenshi.' Critics wondered what Mr. Smith would actually do if he became mayor." – Duane Bratt
LIVING BETTER
With recreational marijuana set to be legalized in Canada next year a new question has emerged: Can marijuana help make you a better athlete? The idea to build a fitness brand off of the concept has already come to fruition when Power Plant Fitness opened up in California earlier this year, claiming to be the world's first cannabis gym. Personal trainer and health educator Paul Landini takes a deeper look at how marijuana use may affect your athletic performance.
LONG READS FOR A LONG COMMUTE
Soft drinks, hard decisions: What Canada is doing amid the global sugar tax debate
As childhood obesity rates rise, the country is being drawn into the mix on the issue. Proponents say a tax is necessary to curb consumption while opponents argue that it will hit low-income families the hardest and lead to job losses. The federal government has brought forward changes to labelling for foods and beverages and has held public consultations on what regulatory measures can be taken but where does it draw the line on policy fixes to the growing public health issue?
Here is how you fix hockey's concussion problem, in one easy step
Ken Dryden, legendary goaltender and one-time federal cabinet minister, spent years driving home the grave danger of concussions and head trauma. Now, in this exclusive essay and his new book Game Change, the NHL legend says the time for talk is over. We need a non-negotiable rule on every rink, every game, he argues: No hits to the head, no excuses.
Evening Update is written by Mayaz Alam and Omair Quadri. 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.