A real estate sign that reads "For Sale" stands in front of house in Vaughan, on May 24, 2017.MARK BLINCH/Reuters
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WHAT YOU NEED TO KNOW
Mortgage rule changes aimed at cooling Canada's housing market are working: Morneau
The federal government's sweeping mortgage rule changes aimed at cooling Canada's housing market have successfully dampened high-risk borrowing, says Finance Minister Bill Morneau in a recent letter from to the House of Commons finance committee, which had released a wide-ranging report on housing in April. But despite a report urging Ottawa to look at ways of boosting support for first-time buyers, the Finance Minister ruled out any new measures along those lines.
RCMP should drop probe into Vice-Admiral Norman, lawyer says
The lawyer for Vice-Admiral Mark Norman is calling on the RCMP to drop a long-running investigation into her client. In court documents made public this year, the RCMP alleged that Vice-Adm. Norman leaked cabinet secrets to an executive with a Quebec-based shipyard and advised the businessman on how to use the media to pressure the Trudeau government into approving a $667-million naval supply-ship contract. The probe prompted the suspension of the veteran naval officer more than half a year ago, but no charges have been announced against him.
TD Securities picks Dublin for new EU trading hub
Toronto-Dominion Bank plans to set up its new trading hub in Dublin in preparation for Britain's exit from the European Union. The bank's TD Securities unit will establish a bond-trading business in the Irish capital, subject to regulatory approval. TD Securities already has a fully licensed operation in Dublin with two employees and plans to have as many as 10 in the city by January, the bank said. The firm currently has 300 staff in London.
Quebec Health Minister urges talks on limits of public health care
Quebec's Health Minister Gaétan Barrette is criticizing the federal government for its "contradictory messages," saying Ottawa limits its financial contribution to health care while at the same time punishing provinces that seek other sources of financing, such as user fees. The minister stressed repeatedly that he was not calling for the Canada Health Act to be reopened, nor is he advocating more private health care. "I'm not taking a position, I'm asking a question. I'm saying we need to have broad societal debate on this important issue," Dr. Barrette said.
MARKET WATCH
Canada's main stock index ended higher on Tuesday, boosted by oil and gas producers and pipeline companies as crude prices rose, while gold miners weighed. The Toronto Stock Exchange's S&P/TSX composite index unofficially closed up 0.22 per cent at 14,984.96. In the U.S., each of the three major indexes posted their best one-day percentage gains in more than a week as lawmakers' comments on tax reform and the debt ceiling boosted investor optimism. The Dow Jones Industrial Average rose 0.9 per cent to 21,899.89, the S&P 500 gained 0.99 per cent to close at 2,452.51 and the Nasdaq Composite added 1.36 per cent to end at 6,297.48.
Some postsecondary students and their parents are about to make a $20,000 mistake
"There's a flaw in the usual back-to-school financial advice for university and college students. Budgeting and controlling debt are covered, and rightly so. But there's never any mention of a mistake costing as much as $20,000 that is commonly made at this time of year. It happens as students and their parents start paying the cost of tuition, books and living expenses for the wrong program." – Rob Carrick
WHAT'S TRENDING
Photojournalist Boris Spremo told stories with his lens
Legendary Canadian photojournalist Boris Spremo died on Monday at Sunnybrook Hospital in Toronto of complications from myeloma, a kind of blood cancer. The Globe remembers the talented photographer who went to incredible lengths – and heights – to capture images, winning nearly 300 awards for his work along the way.
TALKING POINTS
Two presidents promised victory in Afghanistan, but will Trump win?
"At first glance, Donald Trump's new moves in Afghanistan seem a lot like Barack Obama's in 2009. Both presidents faced U.S. senior officers pushing for more troops and assented. President Trump was initially reluctant, whereas Mr. Obama's reluctance grew over time. Both presidents promised victory, but it remains unclear how many more troops will get us there." – Stephen M. Saideman
Canada should prepare for life without NAFTA
"Considering the divergence with the Americans on the fundamentals and the absence of shared vision, combined with very real time constraints and a toxic and volatile political climate in Washington, the prospects for a successful outcome are not particularly favourable." – Lawrence Herman
Oakville whiffs on Glen Abbey golf course decision
"There are golf courses in Canada that changed the way the game is played and should be retained. Glen Abbey just isn't one of them. At its core, a golf course is a playing field upon which history happens. Baseball history was made at Toronto's old Exhibition Stadium, but no one thought it needed to be preserved when a new dome was developed. The same can be said for Glen Abbey." – Robert Thompson
LIVING BETTER
Brain scans reveal impact of contact sports even on young, healthy athletes
Amid an international discussion about the long-term consequences of sports-related brain injuries, researchers have found that young, healthy athletes who play sports where body contact is an integral, or even a possible, part of the game have differences in their brains typically associated with concussion or mild brain injury. The findings suggest that there are still biological consequences to collision, despite athletes otherwise reporting as healthy
LONG READ FOR A LONG COMMUTE
Air Canada CEO Calin Rovinescu on sky-high profits, bumping and unavoidable delays
Air Canada's profits and share price have been flying high. Can you blame CEO Calin Rovinescu – who saved the airline from crashing back in 2009–for wanting to avoid talking about anything negative? Read Trevor Cole's piece for Report on Business magazine about Air Canada's CEO on sky-high profits, bumping and unavoidable delays.
Evening Update is written by Kiran Rana and Kristene Quan. 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.