The Globe and Mail - 04.11.2026 — 2026-11-05

OTTAWA/QUEBEC EDITION ■ WEDNESDAY, NOVEMBER 4, 2026 ■ GLOBEANDMAIL.COM

Democrats make major gains in U.S. midterm elections

Party rides blue wave to wins in Senate battlegrounds, including Republican strongholds

Supporters react in Austin, Tex., on Tuesday after media outlets projected Democratic Senate candidate and Texas State Representative James Talarico's victory in the U.S. midterm elections. MIKE SEGAR/REUTERS

ADRIAN MORROW WASHINGTON

NATHAN VANDERKLIPPE

COLUMBUS, OHIO

The Democratic Party was poised to make major gains in the U.S. Congress as voters in midterm elections vented their anger at President Donald Trump over high prices driven by his war on Iran and tariffs on nearly every country in the world, including

Canada.

As of late Tuesday evening, the Democrats had flipped at least five seats in the Senate – Texas, Ohio, North Carolina, South Carolina and Kansas, the latter two deep-red states that seemed out of reach for the party mere weeks ago – and were on track to take Republican House districts from Pennsylvania to Kentucky as a blue wave washed from the East Coast to the Rust Belt and the

South.

The Democrats were also in the hunt for a Senate seat in the Republican stronghold of Iowa. Races for Democratic-held seats in Michigan and Minnesota, meanwhile, remained too close to call.

A majority in the House of Representatives would allow the Democrats to fight back against the President by handing the opposition party significant power over budgeting. It would also let them launch investigations into Mr. Trump's family businesses amid accusations of corruption.

Control of the Senate would give them the power to block Mr. Trump's appointments, including to the judiciary.

Up for election Tuesday were all 435 seats in the House, 35 of 100 Senate seats, and 36 state governorships.

MIDTERMS, A8

ANALYSIS Americans' displeasure with state of their nation hard to miss, David Shribman writes ■ A8

Canada will bar Russia, Belarus from playing in world juniors, PM says

SIMON HOUPT

Prime Minister Mark Carney says Canada will bar Russia from playing in next month's world junior hockey championship in Alberta despite a court ruling last week that readmitted the country to international play almost five years after its military invaded Ukraine.

Mr. Carney told reporters in Antigua at the Commonwealth Summit, a meeting of Commonwealth heads of government, that athletes from Russia and Belarus would continue to be barred from representing their countries in international competitions staged in Canada.

"This is a decision we take on our own. Which is we will deny, while Russia and Belarus are supporting this illegal, unjustified and horrific war in Ukraine, as long as that's going on, there will be none of those athletes competing for their countries in this country," he said, in response to a question about whether Russian players would be granted visas.

“So, if you’re asking specifically about the world juniors, the Russians will not be there.”

The Court of Arbitration for Sport ruled last week that Russian men's and women's teams can participate in international tournaments, overturning decisions by the International Ice Hockey Federation to bar them since Russia launched its war against Ukraine in February 2022.

The 2027 IIHF World Junior Ice Hockey Championships, set for Dec. 26 to Jan. 5, 2027, in Edmonton and Red Deer, is the next international competition on the schedule.

■ HOCKEY, A6

Premier endorses proposed new electoral map, rejects gerrymandering accusations ■ A3

For millions of Canadian women, effective menopause care can be hard to find ■ A10

REPORT ON BUSINESS....B1

OPINION & ANALYSIS....B4

GLOBE INVESTOR....B9

SPORTS....B12

COMICS....B13

OBITUARIES....B17

PODCAST Greg Mercer on the controversy over a luxury hotel developer with a big presence in a small town tgam.ca/TheDecibel

Waterloo battery researcher awarded Canada's top science prize

chemical reactions."

IVAN SEMENIUK

SCIENCE REPORTER

Linda Nazar always liked science in high school and she was good at it. When she headed off to university, her plan was to aim for medical school.

But then a first-year chemistry course unexpectedly captured her imagination. The more she learned, the more she was drawn to the world of atoms and the elegant geometry that governs their structure and behaviour.

“For some reason it just really clicked,” said Dr. Nazar, who now holds the title of university research professor in chemistry at the University of Waterloo.

"It might have been a sense of understanding – or feeling like I understood something about nature at the point of

REPORT ON BUSINESS

Canadian AI chatbot maker

Ada set to merge with

U.S. company Dialpad ■ B1

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Since then, Dr. Nazar has been on an odyssey of discovery at the atomic level that she has mostly pursued with one key goal in mind: finding materials that can improve how we store and dispense electricity in the form of batteries.

On Wednesday, Dr. Nazar will be recognized for her contributions at a ceremony in Ottawa when she receives the Gerhard Herzberg Canada Gold Medal for Science and Engineering, the country's most prestigious science prize for non-medical research. It includes \$1-million in additional research funding from the federal government.

The award acknowledges Dr. Nazar's achievements as a scientist and highlights the critical importance of a field that is literally about keeping the lights on for humanity.

■ SCIENCE, A9

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[ COLUMNISTS

Unless it embarks on a major course correction, Israel will grow more isolated globally ■ A13

A visit to the local corner store is a social occasion, Daniel Chonchol writes ■ A16

DAVID

KEITH

- [ CLARIFICATION ]

An Oct. 12 Report on Business commentary article about Canadian licensure requirements stated Ontario is the only province that licenses social work. While other provinces do not license the profession in the way Ontario does, they do regulate it.

OPINION

Recommitting to Candu nuclear reactors is a strategic misstep Canada can ill afford ■ B4

Canada's aid efforts make it ‘humanitarian superpower,’ UN's relief head says

DYLAN ROBERTSON OTTAWA

People unload supplies from a United Nations World Food Program helicopter in Akobo, South Sudan, in May. ED RAM/THE NEW YORK TIMES

The United Nations' global head of humanitarian issues is praising Canada for helping the world's most vulnerable even as he calls for accountability for the wars driving suffering worldwide.

“Canada has become a humanitarian superpower,” Tom Fletcher said in an exclusive interview with The Canadian Press during a Monday visit to Ottawa.

“I really hope that Canada continues to hold the line.”

Mr. Fletcher leads the Office for the Coordination of Humanitarian Affairs. For two years he has visited the front lines in Ukraine and Gaza while urging the world not to forget about continuing crises in Sudan, Afghanistan and Mali.

His term started just weeks before the U.S. made deep cuts to foreign aid – though Mr. Fletcher praised the United States for restoring some of that funding over the past year.

Pointing to the conflicts in Sudan and Gaza, Mr. Fletcher said the funding shortfall is being compounded by wars that are spreading hunger and blocking humanitarian relief.

Roughly 19 million people in Sudan are living with acute hunger, and Mr. Fletcher warns their plight could be made worse by changing weather patterns and the U.S. war in Iran blocking supply routes.

Sudan's warring parties in the now three-year-old civil war have banned aid workers from certain areas based on how they perceive the local population's loyalties.

Mr. Fletcher said he worries about normalizing practices the Israeli government has implemented in Gaza, such as barring journalists from the territory and drastically restricting aid flows.

Mr. Fletcher has faced sustained criticism from supporters of Israel who say the UN is downplaying groups like Hamas diverting aid or embedding themselves among civilians.

Mr. Fletcher said it's important not to bow to that pressure, which he said comes from people who don't want the world to see the extent of suffering inside Gaza.

“We’re being told, ‘Well, you’ll get more access if you change your reporting, or if you reduce your criticism or your advocacy, or if you spend less time talking about international law,' and so on," he said. "We just have to be consistent here."

Technology is also making wars easier to fight. Mr. Fletcher said drones are being used more frequently against civilians in Sudan, Ukraine, Gaza and Lebanon.

"The way in which humans are using their ingenuity to find new ways to kill civilians is terrifying," he said. "We need the member states to be holding themselves and each other to account."

Mr. Fletcher praised Canada for its advocacy and its foreign aid funding, which he said “is saving millions of lives every year from Sudan to Afghanistan, to Gaza, to Ukraine, to Haiti and beyond.”

“We're in a world right now where we're underfunded, we're overstretched, we're literally under attack – a thousand dead humanitarians in three years,” he said.

“And at each point at which I’ve felt particularly exposed and where we as humanitarians feel exposed, we do look behind us and we find that Canada does have our back. And that means a huge amount.”

On Tuesday, Mr. Fletcher met with Randeep Sarai, Canada's secretary of state for international development, who announced the renewal of \$6-million in federal funding to help co-ordinate global emergency responses.

But Canada has changed its approach to foreign aid since Prime

Minister Mark Carney took office. It cut funding for global health programs, is pushing for more private-sector investments in aid programs and spinoffs for Canadian companies, and dropped the “feminist” label from its foreign policy.

The aid sector has criticized this shift. They argue it prioritizes domestic growth over aid intended to address the issues that drive migration and conflict, and does not support the world's most vulnerable people.

Ottawa has insisted it can fight poverty abroad while boosting Canadian companies at home.

Cooperation Canada, a coalition of most Canadian aid groups operating abroad, said the sector supports reforms but is urging Ottawa not to cut development and humanitarian funding further.

Coalition head Kate Higgins said during a Monday reception for Mr. Fletcher that the government's recent national security strategy called for “strong international partnerships and a disciplined foreign policy.”

“Canada can give practical expression to that ambition through sustained humanitarian funding, principled diplomacy and consistent leadership in upholding international humanitarian law,” she said.

Next July, Canada will chair a donor support group that consults with other rich countries on how the UN uses its humanitarian funding.

THE CANADIAN PRESS

The Alberta Legislature Building is seen in mid-October. The provincial NDP say they will challenge a proposed electoral map in court if it is adopted by the government. DAPHNE LEMELIN/AFP VIA GETTY IMAGES

Smith defends panel's electoral map

Premier says proposed Alberta boundary changes are reasonable and would give voters better representation

MATTHEW SCACE CALGARY

Premier Danielle Smith is rejecting allegations that an independent panel has torqued the province's electoral map to favour her United Conservative Party, saying the recommended changes to redraw the boundaries are reasonable and would give voters better representation.

Speaking to reporters on Tuesday, Ms. Smith said she also endorses changes to the electoral map in Southern Alberta, which have become the greatest source of contention since the province's proposed boundaries were released publicly the day before.

The new map proposes eliminating one of Lethbridge's two urban ridings while creating three new districts that mix the city's suburban neighbourhoods with swaths of rural Southern Alberta.

The change has provoked charges of gerrymandering, the U.S.-style practice of manipulating boundaries to give one party an unfair advantage in elections.

“I think Lethbridge would be very well served by having four representatives,” Ms. Smith said, offering her first thoughts on the proposed map since it was published Monday.

Ms. Smith added that she hopes the Alberta NDP's promised legal challenge of the map doesn't come to pass, but that her government would assemble a legal team if necessary. (Alberta NDP Leader Naheed Nenshi said his party can only file a legal challenge if the government adopts the map.)

The map is expected to be debated on Wednesday afternoon in the Alberta Legislature, where Ms. Smith's UCP holds a majority of seats.

The electoral map of Alberta is redrawn every eight to 10 years through a process designed to foster compromise and limit political influence. Adopting the recommendations of independent panels, which are often passed with little public scrutiny, has been the standard for provincial legislatures and federal Parliament for decades.

Alberta's latest redrawing, however, has fuelled accusations of gerrymandering ever since Ms. Smith decided in April to upend the process and reject the recommended map of an earlier independent panel. She then formed a committee to set up a new panel, which delivered a fresh map on Monday.

Alberta's system dictates that the governing party selects the chair and two panelists while the Official Opposition picks the remaining two.

Of the panelists tasked with drawing the latest map, the two selected by the NDP have added to the accusations of gerrymandering, singling out the changes in Lethbridge.

The map is expected to be debated on Wednesday afternoon in the Alberta Legislature, where Ms. Smith's UCP holds a majority of seats.

These two panelists – University of Alberta constitutional law professor Gerard Kennedy and former Okotoks, Alta., town councillor Brent Robinson – wrote in a separate report that they believe some of the new recommended ridings would be “constitutionally fraught” and will likely face a legal challenge.

The remaining three panelists, including panel chair and retired judge Brian O'Ferrall, dismissed their counterparts' criticisms at several turns through the 300-plus-page report, accusing them of “sanctimonious passing of judgment” and “extreme, unjustified and unnecessary criticisms.”

In the report, Mr. O'Ferrall also singled out political scientists, complaining that they have "preferred to stoke the flames of controversy" instead of contributing "to the public's understanding of the electoral boundary process."

Alberta's next general election is scheduled for Oct. 18, 2027. It is unclear what electoral map would be used for that vote if the NDP launches a legal challenge. Elections Alberta has warned it may not have enough time to prepare for the election, should the new maps be adopted or a legal challenge delays the map from being implemented.

Kara Westerlund, president of Rural Municipalities of Alberta, said on Tuesday that rural leaders are concerned about hybrid ridings, noting the association's members represent 85 per cent of the province's land mass but 15 per cent of the population.

"Our main concern is just the fact that we feel that the rural voice and our issues are going to be diluted with [hybrid ridings]," she said.

Politicians from mid-sized cities have cautioned against sweeping hybrid ridings, pointing to the risk that city residents could be represented by people who don't live in their area or understand their needs.

University of Calgary political scientist Lisa Young said she believes the map is gerrymandered, most clearly underlined by the proposed changes in Lethbridge.

The city of Lethbridge is currently split into two urban electoral districts, with one represented by the NDP and the other by the UCP. Both seats have been competitive since 2015, when the provincial NDP formed government for the first time.

While the NDP would likely win in the city's new urban riding, the UCP would be heavily favoured to win the three new ridings that extend hundreds of kilometres beyond city boundaries.

“All of this has partisan consequence. It does, to me, look like a deliberate attempt to draw lines on the map in a way that would advantage one party – the governing party – at the expense of the opposition party,” Prof. Young said.

She added that Alberta's boundary redrawing process may need to be revamped. Other provinces, such as British Columbia, have systems that further remove the process from political influence.

"To have essentially two failed efforts at coming together around a map says that there's something desperately wrong here," Prof. Young said.

“It raises the question of whether this sort of bipartisan commission approach that we’ve been using works in a polarized system.”

With reports from The Canadian Press

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King Charles sidesteps calls for apology

King Charles III speaks with attendees at the Commonwealth Youth Forum, at the University of the West Indies, in St. John's, Antigua and Barbuda, on Tuesday.

CHRIS JACKSON/

AFP VIA GETTY IMAGES

Monarch faces pressure to formally address the history of the slave trade during Caribbean tour

PAUL WALDIE LONDON

GEOFFREY YORK JOHANNESBURG

King Charles III referred to slavery as evil during an address to a summit of Commonwealth leaders but stopped short of apologizing for Britain's role in the slave trade or mentioning reparations.

The King made the comments Tuesday in Antigua and Barbuda at the opening of the Commonwealth Heads of Government Meeting (CHOGM), a biennial gathering attended this year by about 30 leaders, including Prime Minister Mark Carney.

“We cannot change the actions of those who came before us. We can, however, learn from the past. The transatlantic trade in enslaved persons still casts a shadow over these islands and other members of our Commonwealth,” the King told the meeting.

He added that this “shameful chapter of history is one that fills my heart with horror and my soul with the most profound personal sorrow. And yet history also teaches us that evil need not have the last word – that character and courage can combine to overcome the most monstrous injustice.”

The King had been under increasing pressure to address the history of slavery during his recent tour of the Caribbean, which included additional visits to the Bahamas and Guyana. He did not issue a formal apology, however, something several Caribbean leaders have called for. And he has not commented on demands that Britain and other countries with historical ties to the slave trade pay billions of dollars in reparations for the harm caused by slavery, which many leaders argue continues to this day.

Britain, France, Portugal, Spain, the Netherlands, Denmark and the United States are among the countries most associated with the slave trade, which saw some 15 million Africans captured and transported overseas between the 15th and 19th centuries. Britain was the first of those countries to outlaw the slave trade, in 1807, and the government abolished slavery in all British colonies in 1833.

Haiti, a nation created by a slave revolt, is generally recognized as the first independent country to formally abolish slavery, in its 1805 constitution.

So far only the Dutch government has apologized, and no country has agreed to pay reparations.

Last week British Prime Minister Andy Burnham said he was open to a formal apology but ruled out paying reparations. “I do not think that British people today can be held liable for historical wrongs, however heinous, that happened in a different age under different laws and in which they played no personal part,” he wrote in The Guardian. Instead, he offered “a structured dialogue with those affected by the transatlantic slave trade.”

Justin Welby, a former archbishop of Canterbury, has said that forcing British taxpayers to pay reparations would amount to group punishment, which he argued is “a moral evil.”

"It mixes up the guilty and the innocent even when it is about contemporary times, let alone two centuries past," Mr. Welby wrote in The Independent newspaper. "Many UK taxpayers are the descendants of slaves or came from places affected in West Africa. There would be no justice in who paid."

Mr. Welby was archbishop when the Anglican Church set aside £100-million to cover its historic links to slavery, but he said the money was not for reparations but to fund an endowment to benefit countries affected by slavery.

The CHOGM has tried to keep its focus on improving trade ties and investment opportunities among the 56 members of the Commonwealth. The King and other leaders have also spoken about the need to address climate change, which affects many island nations.

But slavery has been at the forefront of many discussions.

Gaston Browne, the Prime Minister of Antigua and Barbuda, echoed a call from the 2024 summit in Samoa where members agreed that the time had come for a “truthful, respectful conversation on reparatory justice.”

“We must now carry that commitment forward through structured, inclusive dialogue on the enduring consequences of slavery and colonialism,” Mr. Browne told the summit Tuesday.

Canada has come under pressure as well to address the issue. There were several thousand enslaved people in Upper and Lower Canada when the country was a British and French colony.

Last March, Canada abstained from a vote at the United Nations on a resolution that declared “the transatlantic slave trade the gravest crime against humanity.” The resolution was sponsored by Ghana, a Commonwealth country, and urged member states to apologize and consider contributing to a reparations fund. It was adopted by 123 countries. The United States, Argentina and Israel opposed the resolution, and 52 countries abstained, including Britain and several European nations.

“Canada recognizes slavery and the transatlantic slave trade as grave historical injustices and acknowledges their continuing impacts,” said Thida Ith, a spokesperson at Global Affairs Canada.

Ms. Ith did not address a question about Canada's position on reparations. She said Canada "participates in multilateral discussions, including ongoing negotiations on a draft UN Declaration on the Rights of People of African Descent."

Ghanaian President John Mahama, who has spearheaded the African Union's campaign for slavery reparations, welcomed the British government's new stand as a “conciliatory and honest reckoning” with the legacy of slavery.

Reparatory justice, Mr. Mahama said, should include a formal apology, restitution of stolen cultural heritage, a co-ordinated global commitment to dismantle systemic racism, targeted investments in sectors such as education and science and partnerships to tackle poverty and inequality, including debts that constrain poorer countries.

Britain is now joining a “growing international consensus” on the need for reparations, Mr. Mahama said in a statement Sunday. An apology, if issued, would signal a crucial departure from past denial and would open the path toward healing, he said, praising Mr. Burnham for “moral leadership.”

Ghanaian Foreign Affairs Minister Sam Okudzeto Ablakwa, after a meeting with British Foreign Secretary Ed Miliband on Monday, said: “Reparatory justice is the real winner.”

The slavery issue, meanwhile, was exploited by Russian President Vladimir Putin in his summit meeting with 22 African leaders last week. In a declaration after the summit, Russia and the African leaders said they would seek “the creation of legal mechanisms for assessing and compensating for the damage caused to African countries during the colonial period.”

Carney says trade talks with the U.S. are making progress

STEVEN CHASE

SENIOR POLITICAL REPORTER

Prime Minister Mark Carney said the United States is “asking less” and “offering more” in negotiations aimed at a trade deal that he says are making progress.

But he cautioned still more headway needs to be made.

U.S. negotiators have backed off a position that regarded French-protection laws as trade barriers, as well as proposals that would have restricted Ottawa's ability to sign trade deals with countries, Mr. Carney said while speaking to reporters Tuesday at a meeting of Commonwealth heads of government in Antigua and Barbuda.

"We are making progress, but it's not over yet," the Prime Minister said, speaking in French.

"There are certain red lines for the government of Canada – areas where the Americans have decided that maintaining their previous position is no longer necessary, specifically regarding the French language, Canadian culture and Canada's sovereign latitude to pursue free-trade agreements with other nations."

“If I were to paraphrase it, they’re asking less and they’re offering more – but we’re not quite there” yet, he said.

"Some significant issues remain. Further negotiations are required," the Prime Minister later added.

Trade talks are expected to pick up where they left off in August, when Canada walked away from the negotiations with the two countries deadlocked over matters including automobile trade.

One of Ottawa's chief goals is to get the U.S. to reduce hefty protectionist tariffs on Canadian-made steel, aluminum and autos, as well as levies on softwood. President Donald Trump has imposed these to restrict foreign imports and induce companies to move manufacturing back to the U.S. and curb the use of Canadian softwood.

Mr. Carney was asked about Cana-

One of Ottawa's chief goals is to get the U.S. to reduce hefty protectionist tariffs on Canadian-made steel, aluminum and autos, as well as levies on softwood.

dian negotiators travelling to Washington to conduct talks, but he said that's not critical at the moment. "It's not always necessary to have the trade negotiators go formally into the U.S. trade representatives' offices or the Department of Commerce, or for the equivalent to happen here," he said. "There are good lines of communications, open progress is being made."

"The process of more intense negotiations has begun."

“What is important for us is to reach an agreement that is in the best interests of Canadians. Secondly, we want an agreement that includes elements that strengthen the incentives for all parties – especially the Americans – to abide by the deal. That is a challenge, but we are looking for ways to achieve all of this.”

Mr. Trump has been under pressure ahead of Tuesday's midterm elections to address concerns about affordability. His approval ratings have been buffeted by the negative economic effects of his tariff-heavy trade policy and the war in Iran.

When Canada walked away from the trade-deal bargaining table with Washington more than two months ago, Mr. Carney said the U.S. had been offering a “bad deal” that “asked too much and offered too little” for this country.

The Prime Minister also said at the time that U.S. trade proposals, as they stood, would have curtailed Canadian sovereignty and eroded or destroyed major industries here.

Mr. Carney has given three main reasons for abandoning trade talks in August. He said the U.S. refused to extend tariff relief to medium- and heavy-duty trucks, which would have affected the viability of the General Motors and Ford plants in Ontario.

He also said the U.S. was pushing for changes around the discoverability of French-language content for online streaming services, and that Washington had suggested language that Ottawa believed could have restricted Canada's ability to make trade deals with other countries.

U.S. to stop \$4-billion in funding to Israel at end of 2026, Trump says

a deal months ago that we're stopping," Mr. Trump said.

HUMEYRA PAMUK

PATRICIA ZENGERLE WASHINGTON

U.S. President Donald Trump on Tuesday said he made a deal with Israeli Prime Minister Benjamin Netanyahu that Washington would stop US\$4-billion in annual funding to Israel after this year, but will still sell weapons to its close Middle East ally.

In a surprise announcement as U.S. voters headed to the polls for midterm elections that will decide whether Mr. Trump's Republicans will lose control of Congress, Mr. Trump cast the move as partly meant to take away a “bad talking point” he said left-wing Democrats had used against Republicans over support for military assistance to Israel.

Mr. Trump did not provide details or explain how the funding would be halted at the end of the year, given that the Memorandum of Understanding that provides US\$3.8-billion in U.S. military aid to Israel each year does not expire until September, 2028.

But he seemed to acknowledge that aid to Israel, no longer the solid source of bipartisan consensus it had been for decades, had become a political liability for him among some voters. Analysts suggested his declaration was timed as an Election Day ploy. Discussions have been under way on how Washington's assistance to Israel would evolve beyond 2028, and Mr. Netanyahu had already said he expects U.S. aid to wind down over time.

Mr. Trump, however, appeared to signal that his mind was made up about what would mark a significant shift in U.S.-Israel relations, even as the two countries remain in conflict with Iran more than eight months after jointly attacking the Islamic Republic.

Mr. Trump told Fox News's Fox & Friends program that Israel no longer needed the funding and that some Democrats and left-wing politicians were using the U.S. financial support to Israel to criticize Republicans. Opinion polls show that the U.S. public's overall support for Israel has declined mostly because of the Gaza war.

"Now, as far as paying Israel, Bibi Netanyahu and I have made a deal that we give Israel \$4-billion a year, and we made

“We’ve already agreed that by the end of this year we won’t be paying Israel. Now we’ll help Israel if they need it,” he said.

Israel's future leadership is uncertain after an Oct. 27 election in which Mr. Netanyahu – who has allied himself tightly to U.S. Republicans – lost his governing majority but denied his opponents a clear path to unseat him. The election results paved the way for what are expected to be protracted negotiations over a new government.

Neither the White House nor Mr. Netanyahu's office responded to Reuters' requests for comment.

But Gadi Eisenkot, the leader of the rival bloc seeking to oust Mr. Netanyahu, wrote on X: “The fact that the security establishment, along with Israeli citizens, is learning about a change in the strategic relationship framework through the media highlights just how much Benjamin Netanyahu’s conduct poses a genuine danger. We can no longer rely on him and must replace him.”

U.S. public support for Israel has fallen, particularly among Democrats, since Israel's harsh response in Gaza to a deadly Hamas-led cross-border attack in October, 2023.

A Quinnipiac University poll in June found 48 per cent of voters and 66 per cent of Democrats believe the U.S. is too supportive of Israel, up from 16 per cent and 20 per cent, respectively, when the question was first asked in 2017.

A number of candidates critical of Israel won Democratic primaries over the past year, and even moderate lawmakers have been increasingly willing to challenge long-time U.S. support.

In a key battleground race, Democratic candidate Abdul El-Sayed was vying to represent Michigan in the Senate. Mr. El-Sayed has opposed unconditional military aid to Israel.

Mr. Trump said the left used the U.S. funding as a “signal of unfairness” and that he wanted to take away what he called an easy target. He specifically mentioned Mr. El-Sayed when explaining why he said Washington was stopping the money.

REUTERS

B.C. mom, daughter killed in suspected grizzly attack

ANDREA WOO VANCOUVER

Family members have identified a mother and teenage daughter as the victims of a suspected grizzly attack after both were found dead in the central coast region of British Columbia.

RCMP and search-and-rescue crews located the remains of Jennifer Balcarras, 48, in the Snooka West Trail area of Bella Coola about 430 kilometres northwest of Vancouver on Monday afternoon, according to the BC Conservation Officer Service and Ms. Balcarras's brother, Matthew Balcarras. Her 19-year-old daughter, Selah Reed, was found dead on Tuesday afternoon.

Evidence suggests that a bear was involved, said Insp. Jeff Tyre with the Conservation Officer Service in a video statement on Tuesday. If confirmed, the incident would mark the second grizzly bear attack on humans in the unincorporated community in just over a year.

Family members reported the pair as missing on Sunday after they failed to hear from them as planned.

Mr. Balcarras said his sister, an avid outdoorsperson, was located a short distance up a trail very close to her home. He suspects that the two had intended to go for a short hike when the attack occurred.

The Conservation Officer Service said it has deployed officers to locate and trap any bears involved and is working to collect and analyze any evidence. The service urged people to avoid the Snooka West Trail both for safety reasons and to allow its staff to do their work.

If a bear is determined to be responsible for the attack, it will be killed “to ensure public safety, as per provincial human-wildlife conflict response guidelines,” the Conservation Officer Service said.

"Our thoughts are with the family of the victims during this tragic time," Insp. Tyre said.

BC Emergency Health Services said it was notified at 1:50 p.m. Monday about a possible animal attack incident near the 1100 block of Highway 20 in Bella Coola. An ambulance responded to the scene; no patients were transported to hospital, the agency said in a statement to The Globe and Mail.

Ms. Balcarras worked as an art therapist and spent many years living in coastal communities, including Bella Bella in B.C. and Prince of Wales Island and Juneau in Alaska.

A June 2023 posting from the Hailika's Heiltsuk Health Centre Society in Bella Bella introducing her as their new art therapist said she had worked with a range of clients, from children to elders, and that she takes a trauma-informed approach in her work.

Her brother said she had always been sensitive to others' emotional needs. "My sister's a smaller woman – she's petite – but she's incredibly strong and powerful," Mr. Balcarras said. "And I think that's sort of one of her strengths as an art therapist: gentleness with strength."

Ms. Reed worked as an educa-

Jennifer Balcarras, left, and her daughter, Selah Reed, were found dead in Bella Coola, B.C.

tional assistant, Mr. Balcarras said. She loved ballet and doted on her cat, Suga, whom she would carry around in a cat backpack with a bubble window.

The incident comes one year after a grizzly bear attacked a group of schoolchildren and teachers in the same community.

Eleven people were injured in that attack on Nov. 20, 2025. Four of them – one adult and three children – were badly mauled and airlifted to hospital in Vancouver.

The teachers had standard-issue bear deterrents, including pepper spray and bear bangers, and had tried to fend off the bear, which was believed to be with her two cubs.

At that time, there had been no other record of a similar attack.

Samuel Schooner, elected Chief of the Nuxalk Nation, offered condolences to the family of Ms. Balcarras and Ms. Reed.

“While the full circumstances are still unfolding, we understand first-hand the trauma this incident will inflict upon the victims' family members, the victims of last year's attack and the community at large,” he said in a statement issued Tuesday.

Premier-designate Lorne Doerkson offered his sympathies to the victims' family, loved ones and the entire Nuxalk Nation.

"The news from Bella Coola is heartbreaking, and at a time of such profound grief and uncertainty, my thoughts are with everyone who is hurting and with all those supporting one another through an incredibly difficult day," Mr. Doerkson said in a statement posted to social media.

Toronto to unveil statue of William Barker, forgotten hero of First World War

William Barker was a legendary 'ace' aviator and Canada's most-decorated service member. After a 17-year campaign, a statue in his honour will be unveiled in Toronto's Mount Pleasant Cemetery. PAT HEWITT/CP

PATRICK WHITE

No one in Toronto could remember a funeral as large or elaborate as William Barker's.

Two thousand troops paraded city streets in front of 50,000 mourners. The guest list included the premier, the mayor, federal and provincial cabinet ministers, judges and much of the country's military brass. A squadron of planes released a shower of rose petals.

The date was March 15, 1930. The country was lurching toward the Great Depression. Unemployment approached 15 per cent. The weary country longed for a hero. In Mr. Barker, they found one.

And then promptly lost him.

Mr. Barker's wartime heroics were once the stuff of movies, comic books, an Ernest Hemingway short story: 50 enemy aircraft destroyed, 12 gallantry awards, one legendary dogfight with upward of 15 German Fokkers.

But his memory began to fade from public consciousness in the years after his death, until few but his family and military history buffs could distinguish Mr. Barker from the more renowned ace Billy Bishop.

On Wednesday, admirers and family members of Mr. Barker will gather to unveil a statue of the pilot in midtown Toronto, part of a broader effort to resurrect appreciation for him and the fighting forces he represented.

"If he was an American, you can damn well bet there'd be a movie about him," said Captain Cal Bricker, special adviser to the Commander of the Royal Canadian Navy. "This kid from Dauphin ends up as a national hero and then has a tragic end."

The script starts in rural Manitoba. Born in a log cabin to farmer parents, he was a quintessential Prairie boy, as skilled on a horse as he was with a rifle.

He left for war in 1914 at age 20, enlisting as a trooper in the 1st Canadian Mounted Rifles Regiment. After several months machine-gunning in the foul trenches of Belgium, he decided he'd rather wage war in the skies and volunteered for the Royal Flying Corps as a gunner.

By February 1917, he'd completed pilot training in England. He flew a Sopwith Camel in France, and then Italy, where he earned the “ace” designation given to any aviator who shot down five or more enemy aircraft.

The kills would come in bunches – 22 by April 1918 – but he would also specialize in low-altitude ground assaults, for which one character in Hemingway's The Snows of Kilimanjaro called him “a bloody murderous bastard.”

His final mission came on the morning of Oct. 27. He shot down a German reconnaissance plane stirring a swarm of enemy aircraft. Fifteen broke off to pursue Mr. Barker, their rounds striking the Canadian in both thighs and the left arm. He fainted, but regained consciousness long enough to crash-land his bullet-riddled plane behind Allied lines.

He survived, adding the Victoria Cross, the British Empire's highest award for military bravery, to a collection of honours that made him Canada's most decorated service member – a designation that remains to this day.

His postwar life was nearly as eventful. A full-on Canadian celebrity, he founded one of the country's first commercial airlines with his close friend and fellow ace Billy Bishop before becoming the first president of the Toronto Maple Leafs.

Ontario's police watchdog has launched an investigation after a 19-year-old man under investigation for assault was found dead at the University of Toronto's Mississauga campus as officers surrounded the area.

SIU TO INVESTIGATE DEATH AT U OF T MISSISSAUGA CAMPUS

Preliminary information suggests the man died of a self-inflicted gunshot wound after Peel Regional Police officers found him at a UTM student residence, the Special Investigations Unit said on Tuesday.

The school had issued a campus-wide shelter-in-place order Monday night as police worked to evacuate students from the McLuhan Court residence, a complex that houses hundreds of first-year students, after reports of an armed individual inside.

The order was lifted after Peel police said early Tuesday morning that the incident had been resolved and there was no threat to public safety.

The SIU alleged the man who died had assaulted a woman in

Brampton on Monday afternoon.

Peel police Constable Tyler Bell said the assault was a case of intimate partner violence that involved a handgun. When police were later called about an armed individual at UTM, officers quickly connected the two incidents, Constable Bell said at a news conference Tuesday.

“That’s why our response was very heavy to get here to prevent the possibility of a mass casualty situation,” he said.

When officers arrived, the suspect fired a gun inside a dorm room and officers immediately worked to evacuate the residence and surrounding area, police said. After making unsuccessful attempts to communicate with the suspect inside, officers entered the unit and found the man dead at around 1:30 a.m. Tuesday.

Constable Bell said there's no indication the man was a student at UTM, and he did not have a gun licence. THE CANADIAN PRESS

In the early 1930s, he became vice-president of Fairchild Aviation Limited of Canada, but died crashing a company biplane into the frozen Ottawa River near the Rockcliffe airfield.

The massive funeral and subsequent naming of Barker Field, an airfield in North York, kept his memory alive. But the field would close in 1953, and his name gradually faded.

“People would think they recognized the name but it would turn out they were thinking of Billy Bishop,” said Ian Mackenzie, Mr. Barker's grandson.

All that changed in 2009, when veteran pollster John Wright bought a book about Toronto's Mount Pleasant Cemetery. He intended to keep it in the bathroom. But the entry on Mr. Barker caught his attention. He lives near the cemetery and walked over to have a look at the Barker grave. It proved elusive, lying within a crypt marked with his wife's maiden name, Smith.

He could hardly believe that the country's most-decorated service member had no public marker and, with the family's permission, began a 17-year campaign to cure the national amnesia.

He enlisted a long list of people and organizations to help establish major Barker monuments at Mount Pleasant and Rockcliffe.

On Wednesday, he'll be on hand to unveil a Barker statue by sculptor Armando Barbon.

At 2:30 p.m., a ceremonial parade will head along Yonge Street – the same street Mr. Barker's funeral procession followed 96 years ago – ending at Mount Pleasant Cemetery, where more than 400 veterans' graves will be illuminated. "This is not just about Barker," said Mr. Wright. "It's about all of them, all the veterans, and this provides a convening place where we can all go and remember who they were in the past and who they are today."

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Ottawa should prioritize Canadian defence firms: group

Federal government urged to give greater weight to domestic ownership when awarding military procurement contracts

STEVEN CHASE

SENIOR POLITICAL REPORTER

A lobby group of Canadian-owned defence companies is urging Ottawa to give greater weight to domestic ownership when awarding military procurement contracts.

Representatives from the 200-member Alliance of Canadian Defence Companies (ACDC) were on Parliament Hill Tuesday, meeting with MPs and officials including Stephen Fuhr, Secretary of State for procurement, staff at the Defence Investment Agency and Arianne Reza, deputy minister of public services and procurement.

Dasha Cohen, executive director of ACDC, whose members are mostly small and medium-sized companies, said many businesses she's talked to have spoken of difficulties securing contracts even after successful trials of their products by the Canadian Armed Forces.

Prime Minister Mark Carney has made sovereign control over Canada's defence industry a goal for this country, saying the days of sending 70 cents of every military procurement dollar to the United

States "are over."

Ms. Cohen said her members understand that foreign-owned lead defence contractors make major contributions to Canada's military. However, she said, there are nevertheless “critical capability areas that should be prioritized for Canadian-owned, Canadian-controlled companies.”

Jon Shell, chair at advocacy group Social Capital Partners, said Canada should also be bolder about blocking foreign takeovers in critical sectors including defence, energy and mining.

Recent takeovers include Israeli defence company Elbit buying Vancouver-based International Submarine Engineering, and U.S. Red Cat Holdings' purchase of Quaze Technologies, a developer of wireless power transfer technology for unmanned systems, drones and autonomous machines.

The fact that Canadian businesses in critical industries can easily be acquired by foreign companies is the “big hole” in Ottawa’s strategy to build more domestically owned capabilities, Mr. Shell said.

He cited Elbit's purchase of International Submarine Engineering, Sunoco's takeover of fuel distributor Parkland, as well as foreign purchases of Stelco, Inco and others.

David Perry, president of the Canadian Global Affairs Institute, a think tank, said he can't envision simple measures that Ottawa could put in place to address concerns about foreign takeovers without limiting options for private companies.

"To say that companies can't be bought by our closest close allies is a little bit of a difficult proposition."

Mr. Shell said Canada has to be prepared to reject foreign takeovers when necessary.

Jon Shell, chair at advocacy group Social Capital Partners, said Canada should also be bolder about blocking foreign takeovers in critical sectors including defence, energy and mining.

"At some point, we're going to say no to one of these and it's going to make a bunch of people angry," he said, adding that this would include Canadian investment bankers and law firms involved in the deals.

Mr. Perry said a lot of investment in Canadian defence typically comes from other countries where investors are more comfortable putting money into military contractors.

ACDC's Ms. Cohen said Canadian defence companies have been finding it easier in the past year to raise capital simply because of the signalling from the federal government about its plans to expand the defence industrial base and increase military spending.

Mr. Carney recently said he plans to “diversify away from” billionaire Elon Musk’s Starlink satellite-internet network, citing instances in which Ukraine’s access to Starlink services was “turned on and off in a way that was not sovereign to the actors in the conflict.”

He said Canada cannot be reliant on critical technology such as Starlink.

“Once you realize that, as ... this government has, it leads to a series of decisions and partnerships that are necessary in order to diversify and to build up sovereign capabilities within Canada or with partners,” the Prime Minister told reporters in Istanbul last month.

ACDC's visit to Ottawa this week includes representatives from North Vector Dynamics, Dominion Dynamics, OVA, PV Labs, Kraken Robotics, Reaction Dynamics, Kepler Communications, JASCO Applied Sciences, Wuxly, Qohash and Canadian Strategic Missions Corp. They have capabilities from autonomous systems, aerospace, marine and space technologies to advanced manufacturing, sensors and cybersecurity.

Bachar Elzein, founder and chief executive officer of Reaction Dynamics, one of the companies taking part in the association's meetings in Ottawa, said Canada needs to have a Canadian-controlled capacity to launch satellites.

“Canada cannot call itself sovereign in space if every satellite it depends on has to launch on another country’s rocket. Sovereignty means deploying and operating a capability without asking anyone’s permission, and that only holds when the capability is designed, built and controlled in Canada, from the intellectual property down to the software,” Mr. Elzein said in a statement.

“Canadian companies are ready to deliver. What they need is procurement that rewards proven milestones and sends a predictable demand signal.”

ACDC said Ottawa needs to look beyond Canadian ownership and control when considering where it spends money and to also consider “where intellectual property is held, where key decisions are made and whether critical defence technologies can be produced and maintained in Canada.”

Ms. Cohen said ACDC is proposing what it calls a “graduated procurement approach” with streamlined timelines for awarding smaller initial contracts as well as opportunities for larger orders as technologies meet operational and performance milestones.

In a statement, the group said: "Earlier engagement with Canadian Armed Forces personnel, clearer procurement timelines and more predictable demand would help companies develop technologies that meet military needs and invest in expanding production."

Hockey: Number of countries refused to play Russia in international tournaments

FROM A1

In a joint statement Tuesday afternoon, Foreign Affairs Minister Anita Anand along with Immigration Minister Lena Metlege Diab and Secretary of State for Sport Adam van Koeverden said the move was “not directed at the Russian and Belarusian people.”

“Rather, it is intended to prevent the governments of Russia and Belarus from using international sporting events hosted in Canada as platforms for state representation, political legitimacy and propaganda. Individual athletes competing in a neutral capacity will continue to be able to participate in international sport events hosted by Canada.”

The statement added that, “Canada will also continue to require that events receiving Government of Canada funding prohibit the participation of Russian and Belarusian athletes under their national symbols.”

A spokesperson for Hockey Canada, which is hosting the tournament, said the organization had applied for federal funding for this year's world juniors but has not yet received confirmation of support.

Hockey Canada thanked the federal government in a statement “for today’s strong position that Canada intends to prevent

Russian and Belarusian officials and athletes from participating under their national symbols in international sporting events taking place on Canadian soil."

The organization added it will be meeting with its board of directors this week to discuss “next steps given the government’s clear position.”

Team Russia gathers before a game against Sweden during the world junior hockey championship in Red Deer, Alta., in December 2021, the last world juniors to include Russian players. JONATHAN HAYWARD/CP

The IIHF, which is based in Zurich, did not respond to a request for comment sent after the close of business on Tuesday in Switzerland.

TSN, the long-time host broadcaster of the world juniors, did not respond to a request for comment.

Canada's move follows declarations in the wake of the CAS ruling from a number of hockey powerhouses, including the world juniors defending champion Sweden, that they would refuse to play Russia in any international tournaments but would not boycott the events themselves.

"The Swedish line was and is crystal clear: Sweden will not play ice hockey matches against Russia in the situation we are in right now," the Swedish Ice Hockey Association said in a statement. "The decision does not mean that Sweden will refrain from participating in World Cup tournaments where Russia is participating."

Finland, Czechia and Latvia expressed similar sentiments.

Major sponsors for next year's men's world championship, scheduled for May in Germany, had also begun to announce boycotts of that tournament.

The last world juniors to include Russian players was in 2021, held in a COVID-safe bubble in Red Deer and Edmonton, when Russia lost to Finland in the bronze-medal game.

The next scheduled tournament the CAS ordered the IIHF to permit Russian participation in is the U18 Women's World Championship, set for Jan. 8-16, 2027, in Czechia. Canada won silver in this year's tournament.

Alberta bill would bar schools from expressing ideological positions

KELLY GRANT

POSTSECONDARY EDUCATION

REPORTER

Universities and colleges in Alberta won't be allowed to take official positions on sensitive ideological and political matters under proposed legislation that would also pave the way for lifting the province's 2-per-cent cap on average annual domestic tuition increases.

Myles McDougall, Alberta's Minister of Advanced Education, tabled a bill Tuesday that would require postsecondary schools to establish “institutional neutrality and freedom of expression” policies. Neutrality policies would apply to schools themselves, not to individuals expressing their views in class and on campus. The bill would also set minimum standards for student codes of conduct.

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“When an institution speaks officially, we expect it to stay neutral on political, social and ideological issues,” Mr. McDougall told a news conference before introducing the bill. “That leaves the debate where it belongs: with students, faculty and staff.”

Mr. McDougall proposed the new legislation, Bill 38, a little more than a year after releasing an expert panel's report on Alberta's college and university sector. That report, led by University of Calgary economist Jack Mintz, focused mainly on creating a predictable funding formula for postsecondary institutions, but also included a recommendation in favour of institutional neutrality and against most diversity, equity and inclusion initiatives.

On Tuesday, the opposition New Democratic Party accused Premier Danielle Smith's United Conservative Party government of focusing on institutional neutrality to distract from a lack of action on postsecondary funding.

"This government is trying to bring forward this culture war garbage that they imported from the United States, and to divert attention from the fact that they are underfunding advanced education – our colleges, our universities and our polytechnics – and students are suffering as a result," said David Eggen, the NDP critic for advanced education.

Mr. McDougall said Tuesday that a new funding framework for the sector would be rolled out in next year's Alberta budget.

In the meantime, domestic tuition increases would continue to be capped at 2 per cent for the 2027-28 school year while the government develops new maximum tuition rates for specific programs and groups of programs. Postsecondary institutions would set their own tuition rates beneath those ceilings.

Alberta's current tuition regulations bar institutions from raising average domestic tuition rates by more than 2 per cent a year and the tuition for any one program by more than 10 per cent a year.

Also on Tuesday, Mr. McDougall unveiled a change to Alberta's student financial aid rules, separate from Bill 38. Applications for government-financed student loans will stop taking parental income into account, he said.

“Students and families told us that counting parental income in student aid assessments did not always reflect the support parents could actually provide. We listened,” he told the news conference. “For the 2026-27 academic year, we are removing parental income from provincial student aid assessments."

The minister made no mention of increasing non-repayable grants and scholarships to Alberta postsecondary students, a measure the Mintz report recommended.

When it comes to institutional neutrality, Mr. McDougall said there will likely be consequences for institutions that break the rules.

“What specific penalties have been established? That will be done by regulation, and we will continue to work with the post-secondary stakeholders in determining what would be reasonable,” he said.

Lee Easton, president of the Confederation of Alberta Faculty Associations, said it would be “hugely concerning” if the province were to enact punishments such as withholding funding to postsecondary institutions that violate the neutrality principle.

“We're really worried about who gets to decide, at the end of the day, what constitutes openness, what constitutes neutrality,” he said.

The minister, in his news conference, elaborated on what would and wouldn't violate the proposed new law.

As an example, he said the president of a university would be free to share their personal opinions, but not to have the institution adopt them as official policy. He also said colleges and universities wouldn't be penalized for speaking in an official capacity about government decisions that affect their operations.

He added that schools could make official statements of sympathy for victims of tragedies.

Asked by a reporter if it would be okay for an institution to say, "prayers for Ukraine or Gaza," Mr. McDougall replied: "For me, it's okay. Anywhere people are, in this case, dying, one deserves perspectives of support and prayers. You know, the underlying political reasons for why these types of things happen – that's not for the institution to weigh in."

Mr. Mintz, in an interview with The Globe and Mail Tuesday, said he was pleased that the Alberta government seems to be taking the panel's recommendations for a new postsecondary funding formula seriously.

He also said he supported the government's plan to enforce institutional neutrality through a law, despite his expert panel reporting that all publicly funded postsecondary institutions in Alberta had already adopted the neutrality principle as originally espoused by the University of Chicago in 1967.

"The argument, I think, for legislation, is to make sure that this is going to be binding," Mr. Mintz said.

As a N.B. pulp mill goes quiet, the town waits for axe to fall

The AV Nackawic mill in Nackawic, N.B., seen here on Oct. 9, is shutting down operations. The mill represents 10 per cent of the town's tax base and 14 per cent of its utility revenue, and as a result, its closure will put economic pressure on the municipality. CHRIS DONOVAN/THE GLOBE AND MAIL

Nackawic grapples with uncertainty as India-based AV Group winds down its plant's operations

LINDSAY JONES

NACKAWIC, N.B.

In the New Brunswick town of Nackawic, the mill across the river emitted what might be its last puff of smoke last week. The town's mill, its lifeblood and the largest employer for half a century, is shutting down due to "prevailing market conditions," according to the India-based owner, AV Group New Brunswick.

It's a devastating blow to the mill's 350 employees, about a third of whom live here in Nackawic, 65 kilometres west of Fredericton, said Mayor Tim Fox.

“It’s not just the labour force,” said Mr. Fox during a recent interview. “It’s the whole community.”

The town was populated with millworkers soon after the mill opened in the 1970s, the same decade when many of the split-levels and bungalows on the hillside above the riverbank were built. A giant axe sculpture, claiming to be the world's largest, stands in a park in the heart of the town – a symbol of the province's mighty forestry industry and a sign of strength many are trying to hold on to as confidence about the mill's future wanes.

As the plant winds down its operations, millworkers are set to clock off with pink slips on Nov. 4 and the town is bracing for what's next. Uncertainty looms:

The owners of the mill describe the closure as a “temporary idling,” but have declined to answer questions about when or if it might reopen, leaving many unsure about its future.

The closure will put economic pressure on the municipality. The mill represents 10 per cent of the town's tax base and 14 per cent of its utility revenue. In a worst case scenario – if the mill goes down permanently – Mr. Fox said the town has to figure out a way to replace that revenue, such as fast-tracking new housing developments.

But the effects spread much further than just the town. The closure is expected to have serious and far-reaching consequences for the supply chain, including for woodlot owners, truck drivers and suppliers. The Port of Saint John has said the closure will eliminate up to 10 per cent of container traffic and up to 20 per cent of container exports.

At a strip mall in the town, a pop-up booth for employment counselling has taken over an empty shopfront, while the windows of a drug store are painted with the slogan, “Nackawic Strong.” Several “for sale” signs have popped up on the neat lawns of homes throughout the town.

At Nackawic High School, many of the roughly 250 students have family members who work at the mill, some for multiple generations. It's been a saving grace that the school district footed the bill for all school fees and some athletic fees this year to ease financial burdens on families, said vice-principal Ross Calder.

“It has made a huge impact so kids can continue to thrive and enjoy what makes the school experience what it is for them,” he said.

Like the mill is to Nackawic, forestry is New Brunswick's economic backbone, valued at \$1.5-billion annually with 9,700 direct and another 14,100 spinoff jobs linked to the sector, according to the province.

But the entire industry is facing declining revenues, thanks to falling market prices for wood and ongoing trade uncertainty, a significant challenge for businesses and the communities the sector supports, said Forestry NB executive director Kim Allen.

AV Group New Brunswick is a subsidiary of the multinational conglomerate Aditya Birla Group, headquartered in Mumbai. Established in 1997, AV Group NB also owns a second mill in northern New Brunswick, and says it manages over 1.6 million acres of company-owned and Crown land.

In September, AV announced the “temporary idling” of its pulp operations in Nackawic and said it would continue to monitor the market situation and business conditions, and assess future scenarios for the facility.

"The temporary idling process continues, as previously announced, and will be conducted in accordance with our regulatory and contractual obligations," spokesperson Mike Legere wrote in an e-mail to The Globe and Mail. The company declined to be interviewed for this story.

The Port of Saint John has said the closure will eliminate up to 10 per cent of container traffic and up to 20 per cent of container exports.

The mill has always been the economic anchor of the town, officially known as Nackawic-Millville Rural Community after a recent amalgamation, except for a stint between 2004 and 2005 when the plant's previous owner went bankrupt. That's when AV took over, but many of the mill's workers lost a significant amount of their pensions during the transition, and a lingering distrust remains.

Now, morale, unsurprisingly, is extremely low, said Grant Charlton, president of Unifor Local 219, which represents 228 workers at the mill.

“We're continuing to advocate for our members, both for services as they deal with the closure, or idling, as the company would call it, as well as with government to try to look for future opportunities at the mill.”

Some workers are already looking into fly-in-fly-out jobs out west, or considering relocating to other industrial communities, he said.

Like most of his colleagues, Mr. Charlton is unsure what the future holds. He's worked at the mill for 12 years as a chemical plant operator, helping to dissolve wood into pulp for man-made fabrics such as viscose for the company's textile plants in India. It's a job he started after graduating with a bachelor of science from the University of New Brunswick.

Now, he's contemplating a career change. But the question is whether he can find employment with comparable pay. "That's where my uncertainty lays."

He said he still hasn't told his four-year-old son, who has always been enthralled with the mill where his dad works and its big machinery. "It'll be hard news to break, to explain to him that I'm not going to work there anymore," he said.

Unifor, the union that represents Nackawic's workers, recently held a rally in the town, one of dozens across the country for Forestry National Day of Action, to raise awareness about the perfect storm of trade and economic pressures that is pushing Canada's forestry workplaces to the brink. Many of the mills at risk of closure are the last ones still operating in their regions.

Along the riverfront in Nackawic, dozens held signs and chanted “protect Canadian jobs.” They called for a national strategy for forestry and immediate transition supports for the workers who will soon be out of a job.

New Brunswick Premier Susan Holt addressed the crowd, saying she's working on finding a solution for the mill. "I've been looking at all sorts of options for how we can make sure that we're best using the site, the wood, the assets and the people that have made Nackawic a strong forestry community and will continue to," she said.

AV has so far refused to comment on how it plans to idle the mill – whether it will be a cold idle where everything is shut down, or a warm idle that would protect the mill's machinery, raising the chances of potential new ownership, said Mr. Charlton.

Progressive Conservative MLA Richard Ames, who represents Nackawic, said during throne speech debate in the New Brunswick legislature last week that if the plant isn't heated, there will be a disastrous outcome. “A harsh reality is now setting in for our community,” he said. “We know that the Birla Group will never start this mill back up again. The time for waiting and hope is over.”

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The politics of resentment have turned on the master of the form

Early returns indicate voters expressed their frustration and determination to deliver a message

DAVID SHRIBMAN

ANALYSIS

The verdict from the American midterm congressional elections was clear. The jurors were not happy.

And so, one by one, reliably Republican redoubts fell, their collapse producing a stunning metamorphosis that appeared set to give the surging Democrats control of both houses of Congress.

In North Carolina, where the Democratic tide was so great that the Republicans essentially gave up efforts to defeat former governor Roy Cooper in his drive to win a Senate seat that has been in Republican hands for all but six of the past 52 years.

In South Carolina, where the Civil War began and where a devoutly conservative political culture has provided a series of Republican rebels for a generation. There, Darline Graham, the sister of a late senator and a Trump favourite, failed to keep the seat in GOP hands.

In Ohio, a traditional bellwether state that has been a congenial venue for Republicans since their first foray into presidential politics, in 1856, and that has been governed by Republicans for all but four of the past 36 years, where Amy Acton will be going to the governor's mansion in the Columbus suburb of Bexley and Sherrod Brown will return to the Senate seat he lost two years ago.

In Texas, where no Democrat has sat in a Senate seat and no Democrat has won statewide office in a third of a century. Though pilloried remorselessly by President Donald Trump and Vice-President JD Vance, James Talarico will be heading to the Senate and Republican Greg Abbott will be relinquishing the governor's office he has occupied for a dozen years.

In Kansas, which hasn't elected a Democrat to the Senate since 1932, Democrat Adam Hamilton will be heading to Washington.

In Iowa, where Republicans have controlled both Senate seats, all four House seats and the governor's chair, Rob Sand is heading to the Terrace Hill mansion that has been a comfortable home for GOP chief executives since 2011 and Josh Turek will be sworn in as a senator.

All those states voted for Mr. Trump all three times he ran for president.

The phenomenon was repeated in congressional district after congressional district.

Even with many votes still to be counted late Tuesday evening, the message of voter discontent seemed unmistakable.

Three-quarters of Americans who voted feel the country is in not so good or poor condition. About that many feel Congress hasn't done enough to curtail the actions of the President. Some 65 per cent oppose the tariffs imposed on a series of countries, including Canada. And when it comes to the economy, they blame one person: Donald Trump.

The advent of a Democratic Congress would see the Trump agenda screeching to an immediate halt. For the past two years, Mr. Trump has had no obstacles to win congressional approval of all his policies. Now the House stands in the way, a one-party veto over the President.

The danger of being at the centre of a country's politics for more than a decade is that when voters are in a sour mood, they take out their anger on you.

That's what they did Tuesday when, in state after state, contest after contest, Americans took out their resentments on a political figure who himself has been a master of the politics of resentment.

Throughout the country, according to early returns, Democrats – who in the early hours of voter returns flipped Senate seats in South Carolina and North Carolina and the governor's chair in Georgia – were outperforming not only earlier voting patterns but also the Republicans' deepest fears. The CNN exit surveys demonstrating the ill humour of the electorate explain how the voters expressed their anger, frustration and ultimately determination to deliver a message.

Parties holding the White House expect hard sledding in midterm elections. That's happened in 20 of the last 22 midterms. But this year's contests stand apart. Presidents governing in hard times always resist the notion that the elections are referendums on their leadership; Mr. Trump, in one of his more unorthodox presidential decisions, repeatedly implored voters to "make believe" he was on the ballot.

For once, pretty much the entire country marched to the beat of the presidential drummer.

Some of the Democratic candidates who prevailed Tuesday were attractive newcomers, offering the party promise for the future through foreshadowing, as literary critics would describe the coming drama, stormy struggles over just how far left the party should veer – or lurch.

But the national judgment was less in favour of the Democrats than against Mr. Trump.

Indeed, if the U.S. operated with a parliamentary system like Canada's, Mr. Trump's presidency would be over, literally. The question that lingers in the post-voting air south of the border is whether Mr. Trump's presidency is over figuratively.

The American system is built for stability. Bill Clinton remained in office for six years after the Republicans took control of the House of Representatives following the 1992 election, the first time in four decades that a Republican speaker would bang the hard-maple gavel with a lacquer finish against a wooden sounding board fashioned by Capitol woodworkers. Barack Obama didn't pack up his possessions and move his family out of the White House after the "shellacking" – his word, precise in the typical Obama way – of the 2010 midterms.

Mr. Trump has more than two years remaining in his second term. Even sobered by these results, he retains all the powers he has accreted in a tumultuous two years in which he has breached conventional limits on executive power; imposed tariffs unilaterally; set federal agents to arrest immigrants and suspected immigrants, often in a brutal and violent manner; and asserted presidential rights that extended as far as being the country's dramaturge (altering the offerings at the John F. Kennedy Memorial Center for the Performing Arts, then essentially shutting it down) and serving as its landscape artist (changing the footprint of the White House, imagining an "Arc de Trump" at Memorial Circle between Arlington National Cemetery and the Lincoln Memorial, and tarting up a beloved, modest East Potomac Golf Links).

Coming in January are a series of titanic struggles, set in motion by the simple act of voters across the country flipping a machine lever and scratching an X on a sheet of ballot paper. At the very least, the fact that even Republican strongholds had very close contests in Tuesday's balloting was a signal of nationwide skepticism of the Trump ascendancy, sobering if not chastening the President.

Midterms: Extensive gerrymandering in multiple states added layer of unpredictability

Democratic Kansas Senate candidate Adam Hamilton reacts to election results in his hotel suite at a Marriott hotel in Overland Park, Kan., on Tuesday. The Methodist minister beat incumbent Republican incumbent Roger Marshall, a physician. NATHAN HOWARD/REUTERS

FROM A1

The Democrats, who currently hold 214 seats in the House and 47 in the Senate, only need net gains of four in each to take both chambers.

If the Democrats were to win either chamber of Congress, they almost certainly would clash non-stop with the White House after the President became accustomed to ignoring lawmakers in the usually meek Republican majority that has run the outgoing Congress.

After Mr. Trump made inroads with Latinos and young people in 2024, largely by campaigning on promises to improve the economy, Democrats worked hard to fracture that voting coalition this time around.

In addition to affordability, war and trade, the election turned on a wide range of issues: Mr. Trump's immigration crackdown, which has seen violent raids across the country and several people killed; his cuts to health care and food programs for low-income people; his full-throated support for artificial-intelligence data centres despite concerns about noise, electricity and water consumption; and his attempts to prevent the release of files on child sex trafficker Jeffrey Epstein.

Extensive gerrymandering – by Republicans in Texas, Florida and several other states, and by Democrats in California – in the year and a half before the vote added a layer of unpredictability to the election. But in Florida, at least, the move appeared to have failed, with Democrats holding on to districts in Tampa and Fort Lauderdale that were meant to have become Republican safe seats.

In Texas's Senate race, seminarian and lawmaker James Talarico was set to defeat Ken Paxton, the state's Republican attorney-general. The campaign turned on Mr. Paxton's extensive history of scandal – including accusations of securities fraud, a kickback scheme, an extramarital affair and an impeachment bid by his own party – and unflagging support of Mr. Trump, including trying to help the President overturn his 2020 election loss.

In Ohio, former Democratic senator Sherrod Brown appeared to have knocked off incumbent Jon Husted in an industrial state hammered by Mr. Trump's trade war and Canada's countertariffs.

In a South Carolina stunner, pediatrician Annie Andrews was on track to take the seat for the Democrats, the first member of her party to manage the feat since 1998.

That state's long-serving Republican senator, Lindsey Graham, died suddenly this summer of an aortic dissection. His sister, Darline Graham, replaced him on the ballot and proved woefully unprepared for politics: in one debate, she declined to answer a question on China and Taiwan, saying “national security is not my thing.”

In Kansas, Methodist minister Adam Hamilton beat incumbent Republican incumbent Roger Marshall, a physician, after making hay of the latter's practice of suing hundreds of patients over unpaid bills.

In North Carolina, popular former Democratic governor Roy Cooper looked set to pick up the seat vacated by retiring Republican Thom Tillis.

Georgia Senator Jon Ossoff, meanwhile, fended off a challenge from Republican Representative Mike Collins with an attack-dog style of campaigning that involved repeatedly highlighting that Mr. Collins's son-in-law is a white-nationalist influencer who lives in a property owned by the congressman.

In the Georgia gubernatorial race, former Atlanta mayor Keisha Lance Bottoms prevailed over health care executive Rick Jackson, becoming the first Black woman to win a state governorship and the first Democrat to take the office in more than 20 years.

The Democrats were also on track to win governorships currently held by Republicans in Texas, where state lawmaker Gina Hinojosa denied Greg Abbott a fourth term, and Ohio, where far-right Republican Vivek Ramaswamy faced a tidal wave of bipartisan backlash to one of his attack ads, which featured Democratic nominee Amy Acton's estranged mother.

The Senate outcome was still in doubt in Iowa, where Representative Ashley Hinson is trying to keep the state red against Democrat Josh Turek, a wheelchair basketball Paralympian.

Nebraska had an unusual race, with union leader Dan Osborn running as an independent against Republican incumbent Pete Ricketts, the scion of a wealthy business family.

At least two senate races, Maine and Alaska, are not expected to be called definitively until later in the week. Both states use ranked-choice voting and have tight contests.

In the former, incumbent Susan Collins was trying to hold off logger and legislator Troy Jackson in a blue state that has sent the moderate Republican to the Senate five times.

In Alaska, former representative Mary Peltola was in a four-way race with Senator Dan Sullivan and two other registered Republicans, including another man also named Dan Sullivan, reportedly recruited by Democratic operatives.

Michigan, for its part, is testing Americans' changing attitudes on universal health care and support for Israel.

Abdul El-Sayed, aiming to keep the seat being vacated by Gary Peters in the Democratic column, was running on a platform of Medicare for All single-payer health care and advocates cutting U.S. military aid to Israel. Republican Mike Rogers is hoping to pick up votes among Jewish Democrats over the latter issue.

If Mr. El-Sayed were to win, the 41-year-old former public health official would be both the first Muslim elected to the Senate and proof that a progressive agenda can win outside of Democratic safe seats.

Mia Pellerito, a 21-year-old nursing student at Wayne State University in Detroit, said the current health care system's dysfunction proves the need for change. Volunteering in a hospital, she recounted meeting a Vietnam War veteran who couldn't afford his US\$200 medication because his insurance rejected the claim.

"It made me feel awful," she told The Globe and Mail after a rally for Mr. El-Sayed. "The system is so screwed up. No one can afford anything."

The President's trade war with Canada was also a major problem in the key swing state, where auto plants cut shifts as Mr. Trump's tariffs threw global supply chains into disarray. Both Mr. El-Sayed and Mr. Rogers campaigned against the White House's trade attacks on the U.S.'s northern neighbour.

In the campaign's dying days, Mr. Trump belatedly tried to defuse the issue by promising a deal with Canada shortly. During a Tuesday morning interview with Fox News, he vowed to ease a fertilizer shortage caused by his attack on Iran – which cut off shipments of petroleum and nitrates through the Strait of Hormuz – by importing more potash from Canada.

“You know who’s going to give us a lot of fertilizer is Canada, because we’re close to a trade deal,” he said.

The President also said he would cut off US\$4-billion in annual military aid to Israel in order to stop people such as Mr. El-Sayed from campaigning on it in the future. The issue, he said, was “the best talking point that these lunatics have on the left.”

Other Democrats, meanwhile, counted on a centrist approach to make inroads in red states. In Iowa, for instance, Democratic state auditor Rob Sand won the gubernatorial race with promises of balanced budgets and changes to the electoral system. He opened his rallies by having attendees sing America the Beautiful.

Farmers, normally one of the Republicans' most loyal voting blocks, have been hit particularly hard by Mr. Trump's policies, hammered by the rising cost of diesel, fertilizer and farm equipment, and market instability.

Grant Allison, a 68-year-old retired veterinarian outside of Davenport, Iowa, said life in rural America right now is the worst he can remember since the farm crisis of the 1980s. “There are too many bankruptcies, too many farms under a great deal of stress and no way out,” he said in an interview.

Voting in the Columbus suburb of Obetz on Tuesday, some Republican supporters said the appeal of the party's usual issues – and of Mr. Trump – is undiminished.

Jonathan Williams, a commercial heating and cooling worker who voted for the President three times, said he was still with the GOP because “I don’t believe in abortion or nothing like that.”

David Seipel, a retired equipment inspector, said he was worried about “all the drugs coming into the country, and all the people, the illegal immigrants coming in.”

If the Democrats return to power, he said, the U.S. might end up looking like France, which recently saw widespread rioting over the cost of living and education, but which Mr. Trump blamed on immigrants. “You can’t survive with millions and millions of people coming in your country.”

Mr. Trump has already launched court cases pre-emptively seeking to challenge election results in Alaska and California.

But Democrats this year largely jettisoned the warnings over Mr. Trump's threats to democracy that once dominated their rhetoric. Instead, they opted to portray him as incompetent and out of touch, more interested in renovating the White House and enriching himself than in governing the country.

“He’s got the White House looking like Saddam Hussein opened a Cheesecake Factory,” former president Barack Obama said at an Ohio rally in the dying days of the campaign. “Just gold everywhere.”

Science: Nazar has developed reputation for deep understanding of battery chemistry

Linda Nazar is seen at the Mike & Ophelia Lazaridis Quantum-Nano Centre in October. Dr. Nazar's work spans multiple applications and approaches, including solid-state batteries and those that involve an aqueous electrolyte solution. AZAD AMIN/THE GLOBE AND MAIL

FROM A1

At the surface it sounds like a very basic problem, said Dr. Nazar. Every battery consists of separated positive and negative charges that can drive an electric current through whatever device is powered by the battery. The current is balanced by the movement of ions inside the battery through a medium called an electrolyte, which completes the circuit.

The challenge comes in finding materials that can accomplish this efficiently and safely, and that can also be manufactured for a reasonable price at scale.

The solutions vary based on application. Batteries that are lightweight are important for transportation, including in vehicles and aviation. For example, the growing use of drones in defence, agriculture and many other domains underscores why it matters so much to have batteries that can carry a maximum amount of energy within a minimum amount of mass.

For other applications, such as large-scale storage for renewable energy, what matters more is achieving a high-energy density without causing the chemical constituents in a battery to break down. The risk is “thermal runaway” – a process where increasing temperature within a battery accelerates a heat-causing reaction that can lead to an explosion or fire.

The key to solving these challenges is finding materials that can work together in the right way – a field that Dr. Nazar said is still far from being thoroughly explored but is accelerating rapidly.

“There is an amazing amount of stuff that remains to be discovered,” she said. “Companies are starting to use artificial intelligence to design liquid electrolytes, and that may lead to some real changes.”

Dr. Nazar's work spans multiple applications and approaches, including solid-state batteries, which can store more energy, and those that involve an aqueous electrolyte solution, which tend to be safer and cheaper to produce.

At Waterloo, she is a co-director of the Ontario Battery and Electrochemistry Research Centre, launched in 2024, which aims to provide facilities for academic researchers, startup companies and larger industrial partners to develop and test materials for new kinds of batteries.

She is also part of the Aqueous Battery Consortium, a research collaboration funded by the U.S. Department of Energy that is working toward affordable grid-scale energy storage.

Dr. Nazar grew up in Vancouver and was an undergraduate at the University of British Columbia before earning her PhD at the University of Toronto in 1984, where she worked on methods of depositing metal atoms into polymers and other materials.

This work attracted the attention of Exxon, which hired Dr. Nazar to work as a postdoctoral fellow at its research facility in Annandale, N.J.

At the time, the company employed more than 200 scientists engaged in pure research, based on the model pioneered by Nokia Bell Labs, which drove a revolution in electronics.

Dr. Nazar said the fast pace and dynamic nature of industrial research proved to be incredibly stimulating, including Friday afternoon sessions when young researchers would get together and bounce around ideas, both creative and silly.

It was while working on projects there that Dr. Nazar picked up the electrochemistry that would prove useful for battery research. Following her time at Exxon and a stint at Rutgers University, she returned to Canada to take up a faculty position at the University of Waterloo in 1987.

A few years later, lithium batteries were introduced commercially, transforming how small, portable devices are powered. Dr. Nazar has become one of many researchers looking to take the revolution further with new materials in different configurations.

To colleagues, she is best known for her pioneering discoveries on lithium sulphur batteries, including her most cited paper on the subject, published in 2009. In another highly cited work published in 2016 she showed how vanadium oxide can be applied to making an effective zinc ion battery. Both results have opened up new avenues for research.

But beyond any one innovation, Dr. Nazar has developed a reputation for understanding the chemistry of batteries at a deeper level than almost anyone.

“She gained a lot of respect because she ‘sees’ structure,” said Jillian Buriak, a chemist who specializes in nanomaterials for energy applications at the University of Alberta. “I wonder if she imagines ions navigating solid state materials the way the character Beth Harmon in The Queen's Gambit visualized chess pieces moving on a chessboard on the ceiling.”

In recent years China has come to dominate the leading edge of battery research while other countries, including Canada, have been slower to appreciate the strategic importance of developing expertise in the area.

That is changing and Dr. Nazar said there is plenty for young researchers entering the field to work on.

“There are so many different aspects that you can get involved in as a physicist, as a chemist, as a chemical engineer, as a mathematician, as a computational scientist,” she said. “Irrespective of what excites you about science and engineering, there’s going to be something in this field that is undiscovered that you can really jump into.”

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Risks and opportunities for the year ahead

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Business leaders in Canada continue to confront rising costs, sluggish economic growth and mounting geopolitical and trade uncertainty – all set against the backdrop of AI disruption and ongoing labour pressures. At the same time, new pathways to growth are emerging in sectors such as energy and defence. How will these developments reshape Canada's economy in 2027?

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Public menopause care is scarce and private care is costly. Why Canadians pay either way

Many turn to private or virtual clinics for help managing symptoms, only to find expensive bills and inconsistent quality

TAVIA GRANT

Angela Rimmer has spent thousands of dollars out of pocket to treat her menopause symptoms.

She's had no other choice, she says: Her symptoms of brain fog, difficulty sleeping, night sweats, hot flashes, mood changes and exhaustion have been debilitating. As a single mother with four children in the London, Ont., area, she needed help to keep working as a full-time dental assistant and being a caregiver at home.

Initially misdiagnosed by a family doctor, who wanted to prescribe antidepressants, she turned to two different private clinics instead, seeking menopause hormone therapy. She spent \$600 for an initial assessment at one clinic, plus \$200 for each six-month follow-up appointment, \$70 for lab tests, and about \$120 a month in prescriptions. She doesn't have private health insurance, and the province doesn't cover the treatments. To date, she figures she's spent more than \$5,000.

“I just wish that I didn’t have to access this through private. I wish that it was in the public system, because we’re having to pay so much,” says Ms. Rimmer, 42.

Private care, she says, has been costly and time consuming to find. Access to care, including hormone therapy, which has helped her, “should be readily available for the women who need it without having to reach so far into their pocketbooks at this time in our lives, when we should be saving for retirement and for our kids’ schooling.”

Across the country, more than five million women are between the ages of 40 and 60, and the majority of them will experience menopause symptoms, which can vary from mild to overwhelming. Symptoms range from fatigue to headaches, anxiety, muscle aches and heart palpitations.

Four in 10 Canadian women don't know where to go to get treatment for their symptoms, according to an Ipsos survey this year for GreenShield. A third of respondents said they waited more than two years to get effective menopause care. And those seeking care face barriers: a shortage of family physicians, doctors who lack training in menopause, long wait times to see specialists, a dearth of research funding in this area and an explosion of misleading online information.

Desperate for treatment, some women are turning to private or virtual clinics. Some are run by physicians or nurse practitioners, while others are operated by naturopaths or tech entrepreneurs. The standard of care varies, women's health experts say, and so do the prices. Many remedies on offer are costly. Not all are effective or safe.

The proliferation of such clinics is raising questions about why a transition experienced by millions of Canadians is not better managed in the public system. Effective treatments exist that alleviate symptoms, and most cases aren't so complex that they can't be handled by a family doctor.

Currently, however, just two provinces – British Columbia and Manitoba – cover the costs of menopausal hormone therapy. Newer, non-hormonal medications such as Veozah or Lynkuet, which alleviate hot flashes and night sweats, are approved by Health Canada but aren't fully covered by the public system.

As The Globe and Mail recently reported, Canada is behind other countries – such as Britain and Australia – in taking steps to improve access to care.

In June, the Society of Obstetricians and Gynaecologists of Canada warned that a two-tiered health system is emerging in which women are forced to pay for basic health care that should be free.

Access to menopause care should be universally available to all Canadians, the Menopause Foundation of Canada says. It started a national campaign last month, urging governments to bolster support for women experiencing menopause.

Jen Gunter, a women's health advocate, is calling for expanded access to care. CHRIS YOUNG/THE CANADIAN PRESS

The foundation says gaps in access are widest for Indigenous, Black and racialized women, along with those living in rural communities, gender-diverse people and those with lower incomes. “Access to safe, evidence-based menopause care should never depend on a person’s ability to pay,” the foundation said in a report that sets out priorities for equitable care.

Jen Gunter, a prominent women's health advocate, gynecologist and author of The Menopause Manifesto, is among those calling for expanded access.

“Whether you live in Flin Flon, Manitoba or in downtown Toronto, you should be able to get access to excellent first-line menopause care,” just like people should have access to care for other issues such as blood pressure, says Dr. Gunter. “These are things that should be available to everybody.”

Monika Kerschl-Sales hears about menopause all the time.

She is co-owner of Thairapy Beauty Bar in Lindsay, Ont. Hundreds of women in the region sit in her stylist chair and have shared their struggles in getting care. She herself remembers having low moods, fatigue, hot flashes, night sweats and brain fog when she began to experience perimenopause, the phase before menopause when many women start having

Lori Brotto, a professor at UBC's department of obstetrics and gynecology, led a study into barriers to menopause care.

Hairstylist Monika Kerschl-Sales, seen in her co-owned salon, Thairapy Beauty Bar in Lindsay, Ont., often listens to clients share their struggles in getting menopausal care.

SHAY CONROY/THE GLOBE AND MAIL

symptoms. She didn't feel like herself and couldn't bring her A-game to work.

She's feeling better now, and says hormone replacement therapy has been life-changing – but to access it, she has paid thousands of dollars out of pocket. A few years ago, she was spending up to \$500 a month on supplements (there is limited evidence showing menopause supplements work, and some may have adverse side effects). And she now spends \$200 a visit at a private clinic, every three months.

“I’m fortunate to have access to private care, but I know from conversations I’ve had with others that not everyone is in the same position,” says Ms. Kerschl-Sales, 55. “Every woman deserves access to proper menopause care, regardless of her financial circumstances.”

In Dundas, Ont., Lindsay Deefholts says she started suffering from fatigue and brain fog in her forties.

Now 50, the global communications and advocacy consultant feels grateful – she found a family doctor who listened carefully to symptoms and prescribed Veozah, a non-hormonal treatment she takes for hot flashes. Though private health insurance covers some of the cost, she still has to pay \$117.74 out of pocket every two months for a prescription.

Dozens of private and virtual clinics are springing up to serve demand from people who have been fed up trying to access care through the public system, such as Modern Menopause, Felix and The Menopause Practice.

It can cost \$100 to \$400 for an initial assessment at such clinics. Further charges for follow-up appointments, products, therapies or monthly membership programs can run thousands of dollars a year. These include services such as access to a life coach, therapist or customized health plan. Many promise little or no wait times for a consult.

Private clinics are growing as practitioners see business opportunities or a better way to serve patients.

Michelle Jacobson, an OB-GYN and menopause specialist, co-founded Coven Women's Health, a private virtual clinic, last year out of frustration with the public system. "I had a front-row seat to the dumpster fire that is care delivery in Canada and in Ontario, and my patients, when I was working at a different hospital, were waiting two years, sometimes more, from referral to see me. And that was because there was really a paucity of menopause specialists across Canada, and that continues."

When patients finally got to see her, there was limited time to spend with them, she says. The way she sees it, “we don’t have a universal health care system.”

Coven, where she is medical director, currently serves people in Ontario, and it has plans to expand. Its menopause care includes access to hormonal prescriptions, dietitians, a health coach and psychotherapy. An initial appointment is \$99; patients can then opt for different programs, which range from \$299 to \$1,399 (the latter includes eight sessions). It's more comprehensive, holistic care than the public system can offer, Dr. Jacobson says.

National stats are lacking, but one recent study in B.C. found that average out-of-pocket costs on extended health services, among people with no private insurance, amounted to \$1,305 in the past year (about a quarter of Canadians don't have private health insurance).

These services include spending on mental-health professionals, naturopaths, dietitians and kinesiologists.

“Cost was a significant barrier for our participants,” says Lori Brotto, a professor in UBC’s department of obstetrics and gynecology who led the study.

Another problem is that patients feel that they are not getting adequate care from their providers, says Dr. Brotto, who also works as a psychologist. “They say that they were told, ‘This is a natural stage of life. All women go through it,’ and kind of dismissed in that way,” she says.

Women are also travelling long distances for care. On average, the B.C. study found, the distance travelled for menopause care, one-way, was about 282 kilometres, with an average travel time of more than three hours.

“It’s not in keeping with the mandates of our health acts,” Dr. Brotto says.

In Manitoba, Omolayo Famuyide, a physician and founder of the Layo Centre, a publicly funded women's health clinic in Winnipeg, says she sees long travel times, too. Some patients are driving from as far as Thompson, about an eight-hour trip north, or from Kenora, Ont., a 2.5-hour drive, she says.

Wait times for an appointment are nine to 12 months, says Dr. Famuyide, who is a certified menopause practitioner – a credential that means a health care professional has passed a competency exam on menopause care issued by The Menopause Society, a U.S.-based organization.

“In the last two years, our wait times have grown significantly,” with an increasing number of referrals for women in perimenopause.

There are ways of alleviating the bottlenecks in the public system, she says – if only governments start paying more attention.

Wendy Wolfman has been treating people with menopause symptoms for more than 30 years.

For much of that time, she saw how their suffering was trivialized. But she has recently seen a shift toward women's experiences and symptoms being more validated, and says there's been an explosion in women who are seeking care as they feel more empowered to talk about their symptoms.

The wait-list at her clinic at Mount Sinai Hospital in Toronto is 18 months to two years. She says many people don't need a specialist or a private clinic, though.

“Many family doctors or nurse practitioners could handle many of the situations we see if they were properly educated and had the clinical experience,” says Dr. Wolfman, who is director of the Weston and O’Born Centre for Mature Women’s Health.

She believes that an experienced clinician could handle many situations virtually, and offer in-person appointments if necessary.

Dr. Wolfman says menopause care can be time consuming, but she firmly believes

Percentage of Canadians who wait more than two years to receive effective menopause care, according to a recent Ipsos survey.

Percentage of women who feel their symptoms were undertreated by their health care provider, according to the Menopause Foundation of Canada.

The average age of menopause, which typically occurs when women are 45 to 55 years old, according to the Society of Obstetricians and Gynaecologists of Canada.

Approximate percentage of women who experience menopause symptoms, with 25 per cent seeking treatment owing to severity. Symptoms can last seven years or longer, experts say.

US\$784.9-million

The estimated size of the menopause market in Canada, in projected revenue, by 2030, from US\$729.7-million in 2024. This estimate includes sales of dietary supplements and hormonal treatment, according to Grand View Research.

\$3.5-billion

The estimated cost of unmanaged menopause to the Canadian economy each year, according to the Menopause Foundation.

it should be offered within the public system “because this is a normal part of female aging. Every woman who lives long enough will go through menopause. Every woman.”

Health Canada says it advises consumers to check if health products are authorized. It says unauthorized products haven't been assessed for safety, efficacy or quality “and may pose a range of serious health risks.” It notes that the delivery of health care – including treatment guidelines – is regulated by provinces and territories.

Ontario's Health Ministry says it supports access to free, publicly funded drugs, including for menopause, through its drug benefit program. It says it released Canada's first quality standard for menopause care, last year, to support clinicians in providing evidence-based care.

What's concerning, Dr. Wolfman says, is that she hears from some patients who are receiving advice from some private virtual clinics that medical professionals would not recommend.

"I have concerns about the people who call themselves menopause experts, many of whom are not experts and many of whom have no clinical experience in the area."

Some patients have been told to take a barrage of supplements, or high doses of hormone therapy in cases where this would pose additional health risks. Some women are also paying more than they need to for lab tests that may not be necessary, she says. “I would tell people that [if] anybody wants to sell something, be very suspicious,” Dr. Wolfman says.

The Menopause Foundation of Canada offers information on how to assess private clinics, noting, for example, that frequent testing is not generally clinically useful, and cautioning people about unregulated hormone therapy products.

Dr. Jacobson, of Coven Women's Health, advises people to be wary of misleading claims, particularly around non-medication health care products. “The misinformation piece that frustrates me is when people sell things, just for the sake of selling them, without really getting what I consider to be informed consent.”

Events such as the Atlantic Menopause Show in Halifax cater to women seeking information about their symptoms and the range of options to treat them. CAROLINA ANDRADE/THE GLOBE AND MAIL

She's concerned that some of the clinics pushing these claims are tarnishing the

Dr. Omolayo Famuyide, founder of the Layo Centre, a publicly funded women's health clinic in Winnipeg, says she sees patients driving from as far as Thompson, about an eight-hour trip north, or from Kenora, Ont., a 2.5-hour drive for an appointment.

SHANNON VANRAES/GLOBE AND MAIL

reputation of others. “I believe that I’m doing something different here, and I think that we get painted with a lot of the same brush as some of the clinics that I think are a lot less ethical.”

Virtual clinics are simply meeting a demand, some providers say.

In Calgary, Hoda Soboh, co-founder and chief executive of Efficca Health, says her clinic is helping to solve the access problem. She is an entrepreneur who started the company with Dr. Nese Yuksel, a professor emeritus of pharmaceutical sciences, after experiencing firsthand the gaps and frustrations in getting menopause care.

The virtual menopause clinic started offering privately paid services in May. It now takes referrals for assessments in Alberta, Ontario and B.C. that are publicly insured (meaning patients don't have to pay out of pocket), as well as offering memberships for \$169 a month for access to preventive care services such as appointments with a dietitian or a mental-health counsellor.

"At the end of the day, everybody has a right to make a decision," Ms. Soboh says.

But the growth of private care has a direct, negative impact on the public system, says Dr. Gunter, the health advocate, author and gynecologist.

“Studies tell us that private care takes away from public care,” she says, because it takes an already limited number of physicians, nurses and administrators out of public health care, exacerbating shortages that lead to longer public wait times. “It creates a two-tier system and makes care worse for the people who can’t pay, and I think that’s un-Canadian.”

Doctors point to other measures that could bolster care in the public system. These include improving remuneration and adding specific billing codes for those providing menopause treatment, so that they're adequately compensated for their time.

Governments should also provide more research funding on mature women's health, doctors say. Just 7 per cent of health research grants in Canada goes to female-specific research, according to one 2025 study.

In a brief last month, the Canadian Institutes of Health Research said that menopause remains “substantially underresearched” relative to its prevalence and consequences. After all, fully half of Canadians can expect to go through it as a natural life transition.

Many women who are accessing private services would rather receive care through the public system – not just because provincial health insurance would come into play, but because they feel the absence of public care is fundamentally unfair.

For Angela Rimmer, the dental-care worker in Ontario who signed up with two private clinics, it's rubbing salt into the wound.

"How many women our age have all this stress on us – and then we have to go through this?"

Ms. Rimmer is urging decision-makers to improve coverage, and says she is sharing her experiences publicly because she wants to end the stigma and silence around menopause.

She hopes that if women talk about it openly, the next generation – including her two daughters – will have better access to care.

Patients can wait nine months to a year to get an appointment at Dr. Famuyide's clinic in Winnipeg, which is not unusual nationally. SHANNON VANRAES/THE GLOBE AND MAIL

The subject who is truly loyal to the chief magistrate will neither advise nor submit to arbitrary measures - Junius

A business case for the future of New Brunswick

In the spring of 2014, New Brunswick had nearly everything it needed to turn the gas beneath its countryside into a generation of royalties and jobs, and to give Canada an Atlantic doorway to overseas energy markets.

But a Liberal government was elected that fall on a promise to halt hydraulic fracturing and impose a moratorium, in part because of concerns over the environmental effects of fracking. In the years since, even as Canada has hunted for new customers and Europe for new suppliers, the shale gas has sat untouched.

Twelve years later, another Liberal government has the opportunity to put the province back on track. In January, Premier Susan Holt will announce the results of a review of that ban, spurred by the trade war with the United States – a five-month exercise that, by our estimation, is approximately five months too long.

The verdict is beyond obvious; New Brunswick has the best chance in a generation to build an energy industry of its own and help Canada sell itself to the world. Every piece is already in place: a vast deposit of natural gas, a royalty built to lure investors, a deepwater terminal in Saint John and buyers across the Atlantic hungry for new supply.

The province's shale deposits hold an estimated 77.9 trillion cubic feet of technically recoverable resource, worth hundreds of billions of dollars at current prices. According to a provincial commission's projections in 2016, that gas could bring the province hundreds of millions of dollars a year in royalties, on top of the billions in capital that companies would spend drilling wells and building export facilities.

That royalty system – still enshrined in law, even as it has been sidelined for more than a decade – charges companies a modest 4 per cent of the value of their gas until they have recovered their costs. After that, the province takes a quarter of their profits, similar to the royalty structure that proved pivotal in reviving Alberta's oil sands in the 1990s.

Then-prime minister Justin Trudeau dismissed the idea of exporting LNG to Europe in 2022, saying “we find ourselves a long way from the gas fields in Western Canada.”

It's a much shorter trip from New Brunswick's shale gas reserves to an existing LNG import facility in Saint John. That LNG terminal already has the tanks, pipeline connection and deepwater jetty an exporter needs.

Its owner, Spanish energy giant Repsol, has kept its federal export licence alive. It has twice shelved plans to add an export plant, most recently in 2023 for much the same reason Mr. Trudeau gave, citing the cost of piping gas from Western Canada and doubts about supply. Gas from Sussex could address both.

An Atlantic export route would give Canada buyers beyond the United States – starting with Europe, which lies about eight days sail from Saint John and is still trying to wean itself off Russian gas after Moscow invaded Ukraine.

At home, development would bring royalties and good-paying jobs to rural New Brunswick and help a province whose single largest source of revenue is equalization. And wherever LNG replaces coal or oil in the world, it also cuts emissions.

Ms. Holt has soft-pedalled the idea of starting up gas production, saying the provincial review is “not a green light to start getting drills in the ground.” But it is nevertheless a welcome change in tone from 2023, when she called shale gas “yesterday’s energy solution.”

The trade war helped change Ms. Holt's view, then, but it also exposed the contradiction of banning shale gas development while the same fuel heats the region on the coldest days of winter, delivered by tankers from as far away as Qatar and Australia. New Brunswick will burn gas, it seems, so long as it comes from somewhere else.

The province's best path forward is to lift the moratorium outright and leave the royalty system in place. First Nations were unhappy with the lack of consultation over a limited, and ultimately fruitless, lifting of the fracking ban seven years ago. The Liberal government will need to pay closer attention to its duty to consult, and accommodate as needed, this time out.

Ms. Holt has said she wants New Brunswick to help make Canada an energy superpower. Almost all of the elements are in place: massive shale gas deposits, a royalty system fit for purpose and a terminal that could ship it across the Atlantic. The only thing missing is a whiff of political bravery.

SINCLAIR STEWART

DEPUTY EDITOR

ANGELA PACIENZA

EXECUTIVE EDITOR

JAMES KELLER

NATIONAL EDITOR

CHRISTINE BROUSSEAU

MANAGING EDITOR, PRIORITIES

LETTERS TO THE EDITOR

SAME OLD

Re “First Nations court challenges pile up against Pacific Link pipeline” (Nov. 3): “While Mr. Carney aims to transform the Canadian economy in a handful of years, the risk looming over these ambitions has always been legal challenges.”

One definition of “transform” is “to change completely the character or appearance of something in order to improve it.” The Liberals aren’t dramatically altering the Canadian economy, they are doubling down on oil and gas and other resource extractive industries.

The only changes I see are the search for new markets and the abandonment of any pretense about caring for the environment. Mark Carney's approach, then, is not transformative. I would argue it is quite conservative.

Cam Fraser Mississauga

ANOTHER MEASURE

Re “Canada borrows with no regard for tomorrow. The next crisis may break us” (Report on Business, Nov. 2): In its public pronouncements regarding “debt,” the government usually (conveniently?) emphasizes an accounting measure based on “accumulated deficit.” On this basis, the federal debt-to-GDP ratio is about 42 per cent.

However the public accounts also include “interest-bearing debt,” an arguably more meaningful measure of federal debt. On this basis, the federal debt-to-GDP ratio is about 60 per cent.

The main difference between these two debt measures is that cash used for “investing activities” (for example, additional loans to or equity in Crown corporations) is not fully reflected in the budget deficit. Something to watch for in this week’s budget announcement.

Tom Kane Victoria

ALL AGREED?

Re “Canada must stop dragging its feet on crypto regulation” (Report on Business, Nov. 3): This makes a strong policy case for a national crypto regulator. However, there are significant constitutional obstacles to that occurring.

Despite efforts by the federal government to do the same in securities regulation, the Supreme Court determined that this cannot be done unilaterally and supported the voluntary opt-in of all provinces.

This has not occurred to date as Alberta and Quebec have declined to join. Allan Hutchinson Distinguished research professor, Osgoode Hall Law School, York University; Toronto

HOUSING FIRST

Re “Ending homelessness must be a nation-building project” (Nov. 2): Kudos for drawing attention to the acute need across the country for money and support services from the federal government to correct homelessness. This is a complex problem which developed over many years and will take time and planning to correct.

The Prime Minister and the provinces are doing great work to broaden Canada's future on an international scale, but it should be time to contribute resources at the grassroots level across the country.

Mary Thomas Victoria

I agree that homelessness must be recognized as a two-pronged issue along with access to health care. People will not get better until they are housed.

Ontario is spending about \$64-billion on more than 50 hospital expansion, renovation and construction projects. This will add 3,000 hospital beds, but not homes for the mentally fragile who cannot meet rent. Overworked emergency rooms become the only safety net.

Facing these eternal facts, a solution could be to always allocate money, designs and materials to build basic dwellings attached to future hospital projects, since the two issues will always be intertwined.

Affordable shelters attached to hospitals. Always, everywhere, from now on.

Barbara Klunder Toronto

This summer, I saw a young backpacker seeking directions to a downtown hostel. I walked him there as it was on my way home.

He said he was from Berlin and had been to Victoria, Vancouver, Squamish, Banff and Jasper. He was overnighting here and taking a flight to Whitehorse the next morning. What a journey.

I asked what was the most impressive part of his travels, hoping to hear him in awe of our mountains and the beauty of the West Coast. He said everywhere he went, he was shocked by the people lying on sidewalks, sprawled unconscious, blocking doorways or using drugs in plain sight.

"We don't have that in Germany."

Martin Wilkins Calgary

Thanks for highlighting the importance of a Prime Minister-led initiative to end homelessness. In this challenging time of needing to invest in our country, addressing homelessness, health care and affordability should be among his top priorities.

So far, he seems keen on pipelines and defence spending. How about accentuating his strong values of building a caring Canada for all? Championing affordable, eco-friendly homes would create jobs, value our net-zero goals and help create a safer, healthier country.

In the Toronto neighbourhood of Parkdale, where I work, we are breaking ground this month on 90 new units of affordable housing. We deeply appreciate the federal and municipal government support to make this happen.

Even with the support, it was an exceptionally long and hard process to get here. A Prime Minister-led focus on homelessness might assist others to launch such initiatives.

■ Ted Reeve PhD; reverend, Parkdale United Church; Toronto

FACE-OFF

Re “Russia’s return from the cold will force sporting rivals to make a choice” (Sports, Oct. 31): “The hockey corner of that industry needs Russia.”

MATT FREHNER

MANAGING EDITOR,

PRODUCTS AND PLATFORMS

Well Sweden, Finland, the Czech Republic, Norway, Latvia and Denmark beg to differ: They are now refusing to play against Russia at next year's world championships.

Seems that fair play and principles do count and, yes, boycotting is the right thing to do when confronted by a bully nation.

Time to pick a side.

■ Marika Bandera Toronto

TIMES A-CHANGIN'

Re “If I could turn back time: B.C. is making a mistake by not changing the clocks” (Opinion, Oct. 31): The potential chaos arising from British Columbia’s adoption of permanent daylight saving time is not restricted to internal provincial goings-on, with (most of) Ontario two hours ahead instead of three, Alberta and Saskatchewan one hour ahead and Washington, Oregon and California one hour behind.

I'm reminded of the Rhinoceros Party's 1979 election promise: In solidarity with the motherland of Britain, vehicles would be made to drive on the left hand side of the road. But being a difficult change, it would be done in phases with trucks and buses the first year, then eventually cars, pedestrians, bicycles and wheelchairs.

■ Doug Baker Gibsons, B.C.

I'm in favour of a great Canadian compromise: Instead of switching clocks one full hour, leave them permanently in between.

Newfoundland had it right all along.

■ Rick Walker Toronto

Letters to the Editor should be exclusive to The Globe and Mail. Include name, address and daytime phone number. Keep letters under 150 words. Letters may be edited for length and clarity. E-mail: letters@globeandmail.com

DENNIS CHOQUETTE

DEPUTY EDITOR, REPORT ON BUSINESS

GARY SALEWICZ

EDITOR, REPORT ON BUSINESS

PATRICK BRETHOUR

EDITORIALS EDITOR

NATASHA HASSAN

OPINION EDITOR

MATT FRENCH

HEAD OF VISUALS

MELISSA STASIUK

HEAD OF NEWSROOM DEVELOPMENT

'Just trust us' is bad police communications

The Bridle Path home invasion suspect's departure from the hospital raises questions about if the law failed Torontonians, or police

ROBYN

URBACK

OPINION

It may be that Toronto police did everything they could when they encountered Dai-john Richards in a hospital in the early hours of Oct. 29.

Mr. Richards has since been identified as a suspect in the home invasion that night in Toronto's Bridle Path, which left four family members injured – three with gunshot wounds. But at 4:15 a.m., which is when he walked himself into St. Joseph's Health Centre, he was just a man with a gunshot wound to his shoulder.

Though investigators “immediately recognized the potential connection,” according to a subsequent police statement, “recognizing a potential suspect and having enough evidence to arrest them are two different things.” So Mr. Richards left the hospital at 9:05 a.m. There is now a Canada-wide warrant out for his arrest.

It may be that, within the confines of the law, police had no choice but to wave goodbye as Mr. Richards walked out of the hospital doors that morning. Police need evidence for an arrest, and a hunch is not enough to put someone in handcuffs.

It may be that there wasn't even enough to justify an investigative detention, which requires a lower evidentiary threshold than an arrest, but allows police to detain an individual for a period that is “brief in duration,” as outlined by the Supreme Court of Canada in R v. Mann. But even that requires reasonable grounds (such as a match for a suspect's description) and only when detention is reasonably necessary. A police spokesperson said officers “did not have those grounds based on the information available to them at the time.”

So it may be that there was “no failure” here, as Toronto Police Chief Myron Demkiw insisted on Monday. But the police have carefully limited the information they’ve made available to the public, citing a need to protect the integrity of the investigation.

Police have refused to say, for example, whether police were present when Mr. Richards left hospital, and if and when a surveillance team was assembled to monitor his subsequent movements. “The public’s questions will be answered in a court of law,” Chief Demkiw said, which is a long time to make millions of residents wait and wonder whether the law failed in this case, or the police. Because most people will infer that something has gone wrong when a man now wanted in a violent home invasion is attended to by police in hospital, then permitted to go on his merry way.

Citing an “ongoing investigation” or “matter before the courts” is a handy crutch that police in Canada like to use to withhold information from the public – information that, by most objective accounts, would have zero impact on police operations. Indeed, it is unclear why or how saying “yes, we were watching him” or “no, we weren’t there when he left hospital” would affect the search for Mr. Richards, other than to make some investigators blush.

But withholding that information does have an impact on broader public trust. Toronto is experiencing a surge in home invasions – up 47 per cent as of a month ago compared to the same time last year, according to Toronto Police data. Some affluent neighbourhoods in the city have hired private security firms to patrol their communities, and installed gates and retractable bollards to act as physical deterrents. At the same time, and likely not coincidentally, applications for Possession and Acquisition Licences (PAL) for firearms are way up in the Greater Toronto Hamilton Area, according to RCMP data obtained by the CBC: up 49 per cent between 2016 and 2025. This is the effect of a breakdown of trust between the public and police: People take it upon themselves to ensure their own safety.

It is actually a very simple thing to tell the public what is going on. "Here's our very specific plan to deal with the spate of home invasions in Toronto." "Here's why, in specific, legal detail, we could not arrest Mr. Richards in hospital on Oct. 29." "Yes, we surveilled Mr. Richards, as we would any potential suspect in a violent crime." "This is the specific policy change we need to ensure that police in this city are better equipped to do their jobs."

“Just trust us,” is a bad police communications strategy, particularly when people are wondering if their home will be the target of the next violent break and enter, and when they can’t make sense of how a suspect in the Bridle Path invasion was allowed to walk out of hospital after interacting with police. Disclosure builds trust, and information promotes understanding. Police can insist that they’re doing everything right, but unless they actually try to make that case, the public will carry on believing otherwise.

Israel finds itself at a crucial turning point

GARY

MASON

Protesters demonstrate near the Israeli Prime Minister's residence in Jerusalem on Saturday, calling for the formation of a Jewish-Arab coalition government after the election. AHMAD GHARABLI/AFP VIA GETTY IMAGES

OPINION

In the lead-up to the recent Israeli election, Haaretz published a rather extraordinary interview with the long-time president of the World Jewish Congress – Ronald Lauder.

Mr. Lauder, the billionaire heir to his family's cosmetic empire, has for decades been one of the most influential Jews in the world. He has dedicated himself to the Zionist cause and donated a sizable chunk of his wealth to many Jewish institutions. He was an early supporter of Prime Minister Benjamin Netanyahu.

Against that backdrop, it came as a shock to read that Mr. Lauder recently sold his last remaining properties in Israel, saying he was cutting all physical ties with the country.

In the interview, Mr. Lauder revealed a deep antipathy toward Mr. Netanyahu over what he has done to Israel's global reputation. He called the current PM a “dictator” who doesn't play “by the rules of democracy.” Israeli cabinet ministers like Itamar Ben-Gvir (national security) and Bezalel Smotrich (finance), he said, were extremists who were destroying the country.

"The fact is that Israel has lost not only Europe and other places, but the Diaspora," Mr. Lauder said. As for the U.S., he said: "You've lost the Democratic Party and you're losing the Republican Party. And it's all because of foolishness on your part. I want to tell Israelis, 'Shame on you! Shame on all of you. Your fathers and your grandfathers fought for this place and you're losing it because of foolishness. Period.'

Many living in Israel and elsewhere will take great umbrage to those statements. Yet, Mr. Laudier's comments have reverberated in Jewish and diplomatic circles for a reason: The man is not a no one. At almost 83, he is the venerable president of a federation of Jewish communities and organizations that was founded 90 years ago in Geneva. His voice carries weight.

Which brings us to the situation in Israel today.

The result of the recent election – the first since the horrific Hamas-led Oct. 7, 2023 attack – continues to be unresolved. Mr. Netanyahu's right-wing bloc won 53 seats, while that of the main opposition leader Gadi Eisenkot won 48. With their 19 seats, Israel's Arab parties could play the role of kingmaker.

If Mr. Eisenkot does end up becoming the next PM, what will it mean for Israel and the world?

Of course, we don't know. But if the crux of his election platform is any indication, it does not sound like the country will be in for a radical departure from the status quo. Mr. Eisenkot has stated his firm opposition to the formation of a Palestinian state and has vowed to end Hamas's rule in

Gaza, by military force if necessary.

The differences between Mr. Eisenkot, the former Israel Defence Forces chief, and his former boss, Mr. Netanyahu, would appear to be mostly around the policy edges. The main contrast? Mr. Eisenkot is not Mr. Netanyahu, a man loathed by great swaths of the Israeli public.

If it plays out this way, and Mr. Eisenkot becomes just a different-looking version of Mr. Netanyahu, it will not be good for Israel, certainly not in the eyes of the world. There needs to be radical change to reverse the brand damage the country has suffered amid the horrifying atrocities carried out by Israel Defence Forces in Gaza.

In the lead-up to the election, a commission of United Nations human-rights experts said Israel was committing genocidal acts against Palestinian civilians in Gaza despite the ceasefire agreement that is supposedly in place. The probe found Israel was targeting Palestinian children and using torture, rape and sexual violence as part of its arsenal to displace the Arab population in Gaza.

The Palestinian Ministry of Health has reported that Israel has killed more than 74,000 Palestinians in Gaza, including more than 21,000 children. (It does not distinguish between civilians and military combatants.) Meantime, much of the territory has been reduced to rubble, severely compromising further investigations of genocide and other war crimes.

The UN report also said Israel has carried out crimes against humanity in the West Bank, where the government has routinely turned a blind eye to settler violence against Palestinians.

Investigations like these do increasingly more reputational damage to Israel, particularly in countries like the U.S., traditionally Israel's most steadfast ally.

According to recent polls, more Americans now side with Palestinians than Israelis, a development that at one time seemed unimaginable. Unless the Israeli government decides to do embark on a major course correction, it will grow ever more isolated internationally.

“Israel is not going to be successful until it starts having leaders who care,” Mr. Lauder told Haaretz. And later added: “We are at a turning point.”

Alberta's electoral map shows who conservatives think ‘real’ Albertans are

JEN GERSON CALGARY

OPINION

Co-founder of The Line

It truly is quite astonishingly hypocritical that the same people who have made careers railing against the way Alberta is under-represented by population in the Senate seem to get quite huffily defensive over the tabling of new electoral districts that would leave urban Albertans meaningfully underrepresented compared to rural ones.

Earlier this year, Alberta's Electoral Boundaries Commission unveiled a new constituency map. But a minority of the commission's members objected and suggested an alternate map, which included “hybrid” rural-urban ridings. In response to all this, the Alberta government struck a new panel. It reported back with yet another map, one that has understandably raised allegations of “gerrymandering,” a process by which typically conservative parties try to increase their overall seat count by slicing up more progressive voting cities and attaching them to large rural ridings that tend to vote more conservatively.

Of course, the minority of Albertans who live outside cities are, like, Real Albertans, while those of us who merely live in Albertan cities are actually left-wing mush people, so it's totally okay, I guess.

Marty Belanger, a pro-independence influencer, gave the game away earlier this week in a post on X: "Half of Alberta's population lives in 2 cities. And they're both becomig (sic) socialist cespools. (sic)"

I mean, goodness, which is worse?

Alberta's nationalists really do seem to be puzzled by the simple and undeniable numerical fact that their chauvinistic fantasy of the provincial “nation” is actually an extreme minority position. I mean, after losing in a referendum last month, how can this even be denied?

And yet, even while staring bald numbers in the face, this province's most ardent "Conservative" populists are still adamant that they represent the true will of the people – and are increasingly willing to quiet, intimidate or sap away the comparative democratic power of any Albertans who disagree with him. They're online these days defending the electoral boundaries, which expand the number of seats in Alberta's legislature, add two rural seats, and are all very well-reasoned and only mildly gerrymandered, and even then, mostly just in Lethbridge.

The latest report on Alberta's electoral districts will have to pass the legislature, will certainly be challenged in court and Elections Alberta has already warned it won't be able to implement it in time for next year's provincial election.

A few words are warranted for the report itself. It's bizarre. I've never read an official report that was so simultaneously defensive, hostile and logically self-dealing. It is rife with complaints about how the commission was side-tracked by the minority's “sanctimonious” complaints about the constitutionality of the map, and the process used to create it. Constitutions. Legality. Pfft.

The majority is openly resentful of allegations of pro-UCP partisan rigging and gerrymandering, and spends a considerable amount of time pre-emptively defending itself. This is not the type of stuff one generally reads in a report written by people who are very and entirely confident that their decisions can pass muster under plain scrutiny.

Lastly, what probably most needs noting is what we can expect to see in Alberta politics in coming weeks. After a strong pro-federalist result on the referendum, and no clear mandate on virtually any of the questions on immigration or constitutional issues, Danielle Smith and the UCP as a whole will walk into an annual general meeting at the end of the month that promises to be among the most wild in recent memory. Ms. Smith, clearly seeing no further political advantage with Rorschach-like rhetoric that tries to play both sides on the matter of Alberta's independence, began to truly wrap herself in the Maple Leaf the moment the final ballot was counted – much to the chagrin of the separatist base that really does deserve some credit for putting her in the Premier's chair.

Already, we know that several thousand of the party's most faithful will hit the AGM floor, and I see no realistic prospect that any cadre of extremely normal conservatives are interested in coming out to save the party, or Ms. Smith. While a leadership review is unlikely, general procedural weirdness definitely is not. And it seems clear to me that one of the strategies the government plans to employ is “flooding the zone,” putting so much controversial legislation into the mix that both the party's enemies, and her separatist base, are continually overwhelmed and distracted.

When this electoral-boundaries report is challenged in court expect to see more complaints about federally appointed judges weighing in on Alberta's sacred provincial business.

This, of course, will be the strongest case against an increasingly independent and sovereign Alberta that I can think of.

ANDREW COYNE will return.

Alberta's electoral map shows who conservatives think ‘real’ Albertans are

JEN GERSON CALGARY

OPINION

Co-founder of The Line

It truly is quite astonishingly hypocritical that the same people who have made careers railing against the way Alberta is under-represented by population in the Senate seem to get quite huffily defensive over the tabling of new electoral districts that would leave urban Albertans meaningfully underrepresented compared to rural ones.

Earlier this year, Alberta's Electoral Boundaries Commission unveiled a new constituency map. But a minority of the commission's members objected and suggested an alternate map, which included “hybrid” rural-urban ridings. In response to all this, the Alberta government struck a new panel. It reported back with yet another map, one that has understandably raised allegations of “gerrymandering,” a process by which typically conservative parties try to increase their overall seat count by slicing up more progressive voting cities and attaching them to large rural ridings that tend to vote more conservatively.

Of course, the minority of Albertans who live outside cities are, like, Real Albertans, while those of us who merely live in Albertan cities are actually left-wing mush people, so it's totally okay, I guess.

Marty Belanger, a pro-independence influencer, gave the game away earlier this week in a post on X: "Half of Alberta's population lives in 2 cities. And they're both becomig (sic) socialist cespools. (sic)"

I mean, goodness, which is worse?

Alberta's nationalists really do seem to be puzzled by the simple and undeniable numerical fact that their chauvinistic fantasy of the provincial “nation” is actually an extreme minority position. I mean, after losing in a referendum last month, how can this even be denied?

And yet, even while staring bald numbers in the face, this province's most ardent "Conservative" populists are still adamant that they represent the true will of the people – and are increasingly willing to quiet, intimidate or sap away the comparative democratic power of any Albertans who disagree with him. They're online these days defending the electoral boundaries, which expand the number of seats in Alberta's legislature, add two rural seats, and are all very well-reasoned and only mildly gerrymandered, and even then, mostly just in Lethbridge.

The latest report on Alberta's electoral districts will have to pass the legislature, will certainly be challenged in court and Elections Alberta has already warned it won't be able to implement it in time for next year's provincial election.

A few words are warranted for the report itself. It's bizarre. I've never read an official report that was so simultaneously defensive, hostile and logically self-dealing. It is rife with complaints about how the commission was side-tracked by the minority's “sanctimonious” complaints about the constitutionality of the map, and the process used to create it. Constitutions. Legality. Pfft.

The majority is openly resentful of allegations of pro-UCP partisan rigging and gerrymandering, and spends a considerable amount of time pre-emptively defending itself. This is not the type of stuff one generally reads in a report written by people who are very and entirely confident that their decisions can pass muster under plain scrutiny.

Lastly, what probably most needs noting is what we can expect to see in Alberta politics in coming weeks. After a strong pro-federalist result on the referendum, and no clear mandate on virtually any of the questions on immigration or constitutional issues, Danielle Smith and the UCP as a whole will walk into an annual general meeting at the end of the month that promises to be among the most wild in recent memory. Ms. Smith, clearly seeing no further political advantage with Rorschach-like rhetoric that tries to play both sides on the matter of Alberta's independence, began to truly wrap herself in the Maple Leaf the moment the final ballot was counted – much to the chagrin of the separatist base that really does deserve some credit for putting her in the Premier's chair.

Already, we know that several thousand of the party's most faithful will hit the AGM floor, and I see no realistic prospect that any cadre of extremely normal conservatives are interested in coming out to save the party, or Ms. Smith. While a leadership review is unlikely, general procedural weirdness definitely is not. And it seems clear to me that one of the strategies the government plans to employ is “flooding the zone,” putting so much controversial legislation into the mix that both the party's enemies, and her separatist base, are continually overwhelmed and distracted.

When this electoral-boundaries report is challenged in court expect to see more complaints about federally appointed judges weighing in on Alberta's sacred provincial business.

This, of course, will be the strongest case against an increasingly independent and sovereign Alberta that I can think of.

ANDREW COYNE will return.

Isadore Sharp on legacy, luxury and The White Lotus

Founder of Four Seasons Hotels Isadore Sharp, seen at his Toronto home in September, notes he improved hotel stays at all price points by focusing on quality and service. GABRIEL HUTCHINSON/THE GLOBE AND MAIL

At 95, the Four Seasons founder reflects on 65 years since he created one of the world's top hotel brands

CATHERINE DAWSON MARCH

Stepping into the living room of Isadore Sharp's home in north Toronto is like stepping into a resort hotel. At first, I can't take my eyes off the view: A wall of glass frames the lush greens of Rosedale Golf Club suffused with morning light. Like every good luxury hotelier, Sharp lets his guest take it all in before offering a welcome drink. Coffee? And please try the homemade rugelach.

"Do you play?" I ask, nodding to the course. "No," he smiles sheepishly as we settle in amongst his wife Rosalie Wise Sharp's prolific art and delicate pottery collections to talk shop instead of golf.

Mr. Sharp is celebrating 65 years of the brand he founded: Four Seasons started with a small inn in an area of downtown Toronto most hoteliers wouldn't walk alone in at night. Now the brand boasts 140 hotels in 47 countries, more than 60 more in development, not to mention 61 private residences, Four Season private jet tours and earlier this year, floated its first luxury yacht for guests.

After so many interviews over so many years (at least 13 features in The Globe and Mail alone), I wonder what the 95-year-old chairman emeritus might want to share now. We talked about legacy, pride in the brand and its current leadership ("We're on the threshold of what will be Four Seasons' greatest era," he says of current CEO Alejandro Reynal). He's also got a few things on his mind about the last season of The White Lotus, the TV series that propelled each Four Seasons property where it was filmed to the top of every jet-setter's list.

Does it feel like 65 years have gone by?

No, because, where did the time go? You don't keep track. You don't forget events along those 65 years but like most people, it's hard to feel the time two months ago because we're always dealing with the present.

What is your influence now at the

company?

As a founder, you speak from a different pulpit, because you are aware of every detail of how we got to where we are.

I have a good relationship with the controlling shareholders. I know they want my opinion and abide by it.

It's a good place to be in the company. I know more about the company than anybody, so my opinions about actions still carry the weight of when I was in control. An owner does not ever lose control. It's always there to be used.

You must be thinking a lot about legacy now. What is yours?

It's interesting that you raise that. Recently I started working on a very thin booklet recording the history through my eyes. I'm doing that for my future generations, my great-great-grandkids.

I decided I would record my involvement and how Four Seasons became what it is.

Every hotel has been an important building block at its time. You can't talk about 200 hotels, but there were some that really were giant steps forward.

Is it just for your family or will you publish it?

I'm going to share it with the senior people in the company. And then I'm leaving it up to my sons to make sure they see that it will be handed down generationally. I'm proud. It's really been my and Rosalie's life. It's really a story of our lives together. Because the family will be using the hotels, they'll have something in their hands to say, "Well, this is what he meant."

Did you watch The White Lotus at all?

I did.

And was that a good thing for the brand, or what did you think?

Until the last event. Up until then it was a funny thing but the last one, I said, "That's it!"

The last season?

The last part of it was just terrible. I said, you know, No, that's it.

The beginning was lightheart-ed and sort of a spoof of things. And even when they got into a spoof on sex, it was funny and that was no big deal. But then it took a turn.

So I said, look, that's not for Four Seasons.

The popularity of the hotels where the TV show filmed soared. Had you ever seen anything like that affect business?

Well, it does [improve business] in the short term [but] it's not something you can rely upon. It's what happens day in, day out, building a reputation, that is sustainable.

Part of that reputation is employing the golden rule as a workplace culture, but how does that translate for a guest?

I said that service is going to be our competitive advantage. Architecture and decor are not what luxury will be all about, it will be the quality of our service and we should be able to distinguish ourselves. When I put that forward initially, it was laughed at. Everybody gives good service, they said. I said everybody tries to give good service, but not everybody succeeds in always giving good service.

All the employees, not just the general manager, must abide by it. Everybody. The person working in the steward department, washing dishes, the waiter, the doorman. Every individual must agree it's their responsibility to do what they can to make the guest experience memorable. Culture based upon the golden rule gives everybody a clear message.

Do you have a favourite Four Seasons location?

Well, obviously I've been asked this 1,000 times, To this day, it's the same answer: The hotel I'm in is the favourite of the day. Remember, I've been responsible for creating every hotel. I know it from the beginning. When I'm in that hotel, it truly is the favourite because it brings back all the memories. Ask me a different question, ask which has been the most important hotel.

Okay, which has been the most important hotel?

There is only one. It was called the Inn on the Park [in London, England] and now it's called the Four Seasons London at Park Lane. That hotel changed my career.

That was the third hotel and it became the prototype for all future hotels. What we accomplished in that hotel gave me a clear insight into how I thought we could compete.

That was in 1970 and it's still in my mind, it's very special. It will always retain that status of the most important.

Can travellers really trust the reviews they read for Airbnb listings?

ALICIA SIMMS BRELAND

OPINION

Travellers rely on ratings systems to figure out where to eat, where to stay and what to see. Restaurants, hotels and attractions rely on them, too. It's supposed to keep everyone honest. But recently I've wondered if Airbnb's system has been corrupted by a relentless pursuit of five-star reviews. (Airbnb lets guests review properties, and offers hosts the option of reviewing guests.)

My husband and I spent three months exploring the country on a cross-Canada road trip and stayed in all manner of accommodations between our home, in Nova Scotia, and Vancouver Island, B.C. Hotels were a nice treat, but we enjoyed the extra space, kitchen and laundry amenities an Airbnb often provides.

I always read reviews before committing to a booking. Not only to make sure a place is clean and safe, but because it's notoriously difficult to get a full refund from most booking sites if you have to cancel.

On the last leg, after staying in an Airbnb in Montreal, the hosts surprised us.

The apartment within a three-

The cut-and-paste feel of the message, along with detailed instructions on how I could remove the review, indicated this was likely not their first time asking this of a guest.

unit townhouse gave us a generally satisfactory stay, so we left a positive four-star review. It was clean but I'd noticed the rental wasn't quite like the photos. It was a cramped space despite being described as “spacious” and we had to squeeze ourselves in and around the bed and bathroom. Also, it was missing pillows, rugs and blankets shown in the listing. We had read similar comments on the listing reviews before booking but nothing about how much noise came from the upstairs tenants (in our case until 2:30 a.m.). So I mentioned this in my review of the property.

A few days later, I was contacted by the Montreal Airbnb hosts. They were very sorry we had a less than satisfactory stay and noted they would address our concerns for future guests.

This was followed up with a plea that our less-than-five-star review would impact the overall rating of their listing. Would I consider deleting it? Then the hosts offered to throw in a discounted future stay as an incentive.

The cut-and-paste feel of the message, along with detailed instructions on how I could remove the review, indicated this was likely not their first time asking this of a guest.

AIRBNB, A16

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My corner shop has become a neighbourhood social hub

FIRST PERSON

ILLUSTRATION BY VIAN WRYA

In an increasingly isolated world, my grocery store has become a rare place of warmth and connection, Daniel Chonchol writes

Every once in a while, you might be on public transit or in a café or standing at a traffic light, and feel like striking up a conversation with a stranger. It might be something completely ordinary that gives you the urge. You might wonder where they bought those great shoes.

But with most people having their heads buried in their cellphones or their attention focused on what's coming through their earbuds, public places no longer feel like fertile ground for exchanges among humans. Unless you count shouting matches among motorists, cyclists and pedestrians.

Granted, studies show that most people really do want to engage with others but are often too timid or not able to breach the barriers put up by our busy, distracted age.

Thank goodness, then, for my corner grocery store in Montreal, where conversation is king. A visit to this local institution is rarely just a stopover for lettuce or chips or soy sauce – it's a social occasion. Chances are I will trade sports trivia with one of the store's buyers; or grumble about politics, especially the U.S. variety, with the owner. Or exchange match predictions with the soccer fan who works the cash.

The sports trivia expert greets me by name, usually with a fist bump and occasionally with a vigorous shout of “Dan the Man!” I haven’t been called that since I was a 10-year-old playing softball, and I get a kick out of it. As I leave, I am warmly urged to extend greetings to my partner when I get home; she is a regular, too.

But I'm not special; any customer who has been shopping at this store in the Villeray neighbourhood for even a little while will get the same treatment. The staff know many customers' names, sometimes their partners' and kids' names, their take on the Habs' playoff chances, the status of their bad back and, of course, what they like to eat. If the staff don't know you, you still get a warm hello. They are welcoming in both French and English.

They patiently dispense advice: This cheddar is a bit more tangy than the others; this new variety of chip is a bargain at \$3.99. The price of olive oil is likely to come down because the harvest was plentiful this year.

Few customers fail to respond to this bonhomie. Customers also feel at ease talking to fellow customers or jumping into an exchange between the owner and another customer. The friendliness is contagious.

TODAY'S SUDOKU SOLUTION

WORLD FORECAST | 3 | 4 | 1 | 8 | 9 | 7 | 5 | 6 | 2 | 6 | 7 | 9 | 5 | 4 | 2 | 3 | 1 | 8 | 8 | 5 | 2 | 3 | 1 | 6 | 9 | 4 | 7 | 9 | 3 | 4 | 7 | 2 | 8 | 6 | 5 | 1 | 5 | 8 | 7 | 9 | 6 | 1 | 4 | 2 | 3 | 1 | 2 | 6 | 4 | 3 | 5 | 7 | 8 | 9 | 2 | 9 | 5 | 6 | 8 | 3 | 1 | 7 | 4 | 7 | 1 | 3 | 2 | 5 | 4 | 8 | 9 | 6 | 4 | 6 | 8 | 1 | 7 | 9 | 2 | 3 | 5 | I have never, in seven years of shopping, heard a voice raised. That is pretty rare for a place of business these days. In our stressed-out era, someone always seems to be yelling at somebody over something.

It could be that this friendliness comes with the store being a family business. Here, the buyer is the owner's brother, the buyer's wife also handles purchasing and the young woman who puts in two days a week at the cash is the owner's niece.

Mind you, I have frequented dozens of grocery stores in my life in Montreal, including family-run operations, and never experienced the same kind of warmth. These folks just seem to love life and people.

They have managed to instill an atmosphere that is best described by the French word bienveillance, which sort of translates to a mix of kindness and goodwill.

I often leave the store with a grin and with my faith in civil human interaction

TODAY'S KENKEN SOLUTION | 6×3 | 2 | 5+1 | 4 | 1-5 | 6 | 10+6 | $2 \div 1$ | 2 | 1-3 | 4 | 60×5 | 1 | 3 | $1 - 4$ | 5 | 6 | 2 | 9+4 | $1 - 6$ | 5 | $2 \div 1$ | 2 | $4 + 3$ | 5 | 40×4 | $3 - 6$ | $3 \div 2$ | $3 \div 3$ | 1 | 2 | 5 | 3 | 6 | 1 | $4$ | NATIONAL FORECAST

restored.

The staff obviously care about their community and the COVID-19 pandemic brought that out. One of the few benefits of that awful time was the solidarity it spawned, including in relationships among residents and their local businesses.

As a business designated an “essential service,” the store stayed open through thick and thin, and even when the cost of everything was exploding, somehow kept prices down.

The owner says he feels this is part of his mission in the community. Even in inflation-choked 2026, the store still keeps prices low, quite a bit under those of our overpriced supermarkets.

The store is small. There are two contiguous spaces, separated by a tiny corridor, that measure maybe 12 feet by 16 feet. That contributes to the cozy atmosphere, I think. Squeezing around someone to get at the almonds seems to trigger politeness rather than grumbling.

If anyone has any doubt that folks in the neighbourhood love our corner grocery store, they can check out the store window featuring children's affectionate tributes in big crayon letters. When the store's existence was threatened a few years ago, a faithful customer started a Facebook campaign to save it. Local media were notified and news stories were written about the struggle. Ultimately, the store weathered the storm.

The owner has been at it for many years now, and who knows how long he can keep up this demanding business. Running a corner store is a lot of work for (I am guessing) not a huge amount of profit. But I am sure that as long as he wants to stay around, he and the staff will have the love and loyalty of area residents. And people will no doubt continue to keep up the friendly conversation.

Daniel Chonchol lives in Montreal.

First Person is a daily personal piece submitted by readers. Have a story to tell? See our guidelines at tgam.ca/essayguide.

Airbnb: Reports suggest guests have been hounded by hosts to change less stellar reviews

FROM A14

In 11 years booking through the Airbnb platform, with more than 45 stays, I've never been asked to delete a review to improve the rating of an accommodation. I wondered how many four-star reviews or fewer had previously been deleted?

I put out a call on my Instagram account asking if anyone else experienced this type of request before. Is a positive four-star review really detrimental to your rental or choice to book a place? The results surprised me.

I quickly heard from more than 30 individuals who had similar situations and were hounded by their hosts to change their review for weeks.

“We were asked to edit the review to give five stars and then contacted again with a link and asked if we could provide another review on their ‘new listing’ because something had happened to the old one,” wrote Jessica Browne of St. John’s, who uses Airbnb a few times a year.

Jody Levere is an 11-year Airbnb “Superhost” (a rating conferred upon well-ranked hosts) with a tiny-home rental and in-house suite rental outside Victoria. As a host, she rates guests for how they leave her properties but notes the rating system differs between guests and hosts.

"If a host gives a guest a four, it's very clean. A five is extremely clean, for example," she says, adding that Airbnb Superhost status is easy to lose. "A four knocks a host down pretty quickly. We have to maintain a 4.8. It's like we're working with different rating systems for hosts and guests. They [Airbnb] have guests rating one way but hosts being rated another," Levere says.

When asked for comment, Airbnb's communications representative Dave Rosenbaum offered this statement: "Relevant, authentic and trustworthy reviews are core to our community. No single review determines a standing's listing - our host quality system weighs many signals to give hosts actionable feedback or remove listings that persistently fall short of our standards and it's led to fewer reports of quality issues from guests."

So are there fewer issues to report, or are hosts taking the ratings system into their own hands? Levere said that she didn't notice a drop in bookings when reviews revoked her Superhost status for a few months, but it is definitely something people look for when booking on Airbnb.

Still, I wonder. Has the accommodation rental review business become a cutthroat back alley where customers can't be honest with their experiences? Can travellers share honest experiences without being harassed or guilted into leaving a five-star review on a less than five-star accommodation by a host who's terrified of losing their rating? Are travellers deceiving future guests and further eroding trust?

I, for one, know that I won't be reading reviews the same way again.

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UNIVERSAL CROSSWORD SEARCH ENGINES BY CARINA DA ROSA AND TERRY SUN

63 Messes (with) 64 See 15-Across

1 Court, knight-style

4 Teeny

8 Small, for one

12 Lipstick mishap

14 Nickname for Mardi Gras' city

15 With 64-Across, figurine that sprouts green "hair"

16 Classes with spontaneous skits (In this answer, note letters 6-7)

19 Fruit fly predator

20 They can be "square" or "Happy"

21 Flower featured in "The Wizard of Oz"

22 Equals

23 Like lava cake

24 Meticulous trait (letters 4-7)

28 Piece of foliage

29 "Able to leap \_\_\_\_ buildings in a single bound!"

(Superman descriptor)

30 Last \_\_\_\_ not least

33 Typical toast giver at a wedding

37 "What's it gonna be?"

39 www.\_\_\_\_.com (telecom company's site)

40 Shrinking sea

42 Wreck

43 Pub quiz evenings (letters 2-7)

47 Listing in a Guinness book

50 Red ingredients in a salad

51 Landmark to "remember"

52 Openings to escape routes in some movies

53 Sleeve filler

56 2000 movie about two guys looking for their vehicle ... or a theme hint

59 Sums up

60 Palindromic flour

61 Makes

62 Principe's papa

BRIDGE

BY STEVE BECKER

WEDNESDAY, NOVEMBER 4, 2026

West dealer.

Both sides vulnerable.

The bidding: | West | North | East | South | Pass | Pass | Pass | 1 [C] | Pass | 1 [H] | Pass | 3 [C] | Pass | 3 [D] | Pass | 4 NT | Pass | 5 [D] | Pass | 6 [C] | Opening Lead – jack of diamonds. | CRYPTIC CROSSWORD

DOWN

1 Sobbed

2 Nautical item hidden in "starboard"

3 Juliet's cry

4 Soul-searching direction

5 Contractor's kit

6 Some cameras, for short

7 Animal that's a synonym of 58-Down

8 Group of sardines

9 "Fingers crossed"

10 Snappy

11 "Go \_\_\_\_ on me, baby" (Adele lyric)

12 Bro, perhaps

13 Full-contact sport that incorporates BJJ

17 Swerve

18 Reveals the ending of

22 Dismissive noise

23 Wind that blows with gusto

24 Actor also known as DJ Big Driis

25 Throw with force, in slang

26 Sunrise direction

27 T-Swizzle

30 Bro, even more bro-ily

31 Newton or ampere

32 Lots and lots

34 Bone \_\_\_\_

35 Dry as a desert

36 \_\_\_\_ system (GPS)

38 Assns.

41 Freedom

43 Encyclopedia volumes, e.g.

44 Trojan War hero

45 Fishing snares

NORTH

♠ 9 7 2

♥ K J 7 4

♦ A 10 9

♣ 10 8 3

WEST

♠ K J 10 5 4

♥ 9 8 6 5 3 2

♦ J

♣ 4

EAST

♠ Q 6

♥ 10

♦ K 7 6 5 3 2

♣ 9 7 6 5

SOUTH

♠ A 8 3

♥ A Q

♦ Q 8 4

♣ A K Q J 2

46 "Peekaboo!"

47 Weather technology

48 Cunningly dodge

49 Tea container

52 Reject

This deal comes from a rubber-bridge game. South's bidding left something to be desired, but, since the final contract was reasonable and he made the slam, we need not belabor the point.

West led the diamond jack and the outcome hinged on declarer's play to the first trick. Had he let the jack ride, East would have taken the king and returned a diamond to sink the slam.

But South recognized the implicit threat of the lead and put up dummy's ace. Moreover, he dropped his queen on the ace, and it was only this careful combination of plays that enabled

South next drew four rounds of trump and cashed the A-Q of hearts before leading a diamond to the 10-9. East could do no better than take his king and return a spade. Declarer won with the ace, crossed to the dummy with a diamond and discarded two spades on the K-J of hearts to finish with 12 tricks.

Now let's suppose declarer had not played the diamond queen on the ace. In that case, he would have gone down at least one, assuming proper defence.

53 Land measure in Winnie-the-Pooh's wood

54 Go off angrily

55 Title for a Claus or Potato Head

57 Head topper

58 Talk, talk, talk

Thus, if he drew trump, cashed the A-Q of hearts and then led him to make the slam.

the queen of diamonds, East would refuse to win the trick, and South would finish down two, losing two spades and a diamond. And, if declarer instead led a low diamond rather than the queen, East would, of course, take the king, and again South would go down two.

By dropping his queen under the ace, declarer assured the slam regardless of how the adverse cards were divided or how the defenders played. The un-block guaranteed scoring four heart tricks by creating a sure entry to dummy later in the play.

©2026 King Features Syndicate Inc.

SUDOKU DIFFICULTY RATING: ★★★☆☆

© News Licensing/Times Media Limited

INSTRUCTIONS

Fill in the grid so that each row of nine squares, each column of nine and each section of nine (three squares by three) contains the numbers 1 through 9 in any order. There is only one solution to each puzzle.

© 2026 Andrews McMeel Syndication

SOLUTIONS

ACROSS

1 First-class fruity dessert turned cold (5)

7 Went back and applied alternative medicine? (9)

9 Run from former lover, party barely over (5)

10 Longer period of time with new English queen (7)

11 Very hot, avoiding river current (7)

12 Mountain of work overwhelming extremely lazy maiden (7)

15 Head of curly hair on first-class performer (7)

18 Rich wife functioning well without husband (7)

20 Mother left a letter in Greek book (7)

22 Unit in uniform invading previously (5)

23 Stern peer bothered host (9)

24 Directed the setter to plug charity (5)

DOWN

1 Skilled American department (5)

2 One of eight cult poet edited (8)

3 Female managed company in general (6)

4 Frilly trousers for one gift (6)

5 Surprise — dangerous action cut short (4)

6 Notice doctor edging away from messy place someone lives (7)

8 Pop star was flirty to cooks (6,5)

13 Metal implant reconfigured to protect you (8)

14 Practices fighting politicians to save university (4-3)

16 Avoid European school we set up (6)

17 Use some Lurpak or Anchor for deep-fried vegetables (6)

19 Bear moving idly, conserving energy (5)

21 Ugly look from Shakespearean character to the audience (4)

KENKEN

©2026 KENKEN Puzzle LLC. KENKEN is a registered trademark of Nextoy, LLC. Dist. by Andrews McMeel www.kenken.com

INSTRUCTIONS

1. Each row and each column must contain the numbers 1 through 6 without repeating.

2. The numbers within the heavily outlined boxes, called cages, must combine using the given operation (in any order) to produce the target numbers in the top-left corners.

3. Freebies: Fill in single-box cages with the numbers in the top-left corner.

Solutions to today's Sudoku and Kenken can be found in the Life & Arts content area of the A section. Crossword solutions will be with tomorrow's puzzles.

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Toronto AI chatbot firm Ada to merge with U.S.-based Dialpad

SEAN SILCOFF

VANMALA SUBRAMANIAM

MURAD HEMMADI

Ada Support Inc., the Toronto-based company that makes AI customer service software for businesses, has agreed to combine with U.S. company Dialpad Inc. in an all-share deal valuing the Canadian enterprise at around \$600-million, or about US\$430-million, two sources familiar with the matter said.

That's down from Ada's US\$1.2-billion valuation when it raised money at the peak of the pandemic technology bubble in a US\$130-million financing round led by Silicon Valley venture capital firm Spark Capital. At the time, that financing made it part of a cohort of Canadian “unicorns,” or privately held technology companies that achieve a valuation of US\$1-billion or more.

Tech valuations subsequently plummeted starting in late 2021 and those of legacy software providers have remained depressed owing to lingering questions about how much large language model-powered (LLM) artificial-intelligence software will disrupt the market. Like other emerging technology companies, Ada went on to make a series of layoffs and cost cuts, including eliminating half its marketing team in July and laying off 25 employees last week, two other sources told The Globe and Mail.

■ ADA, B6

MERGERS AND ACQUISITIONS

Organigram launches

\$561-million takeover

offer for Aurora

Cannabis ■ B2

TECHNOLOGY

Shopify stock falls after quarterly revenue misses analysts' estimates ■ B3

FREDERICK VETTESE

Should soon-to-be retirees start CPP in December or wait until 2027? ■ B9

COMPANIES

AURORA CANNABIS ...... B2

BROOKFIELD ...... B6

EXCHANGE INCOME ...... B10

SHOPIFY ...... B3

THOMSON REUTERS ...... B2

RETAIL

FOODTASTIC BIDS FOR MTY

Restaurant franchisor behind brands such as Milestones and Freshii looks to create a fast-food and casual-dining behemoth ■ B3

Workers at an MTY Manchu Wok restaurant prepare orders Tuesday at a food court in Toronto's financial district. Montreal-based Foodtastic's offer for MTY is worth roughly \$1-billion. SAMMY KOGAN/THE GLOBE AND MAIL

Film financier Cloth defrauded investors, Ontario tribunal finds

ALEXANDRA POSADZKI

FINANCIAL AND CYBERCRIME REPORTER

Ontario's Capital Markets Tribunal has found that Toronto film financier Jason Cloth and his now-defunct company Creative Wealth Media Finance Corp. perpetrated securities fraud by misappropriating investors' funds, including by diverting \$53.8-million to real estate projects.

The tribunal also found that Mr. Cloth, who has executive producer credits on films such as Joker and House of Gucci, used investors' funds to repay other investors, and sometimes raised more money than the maximum specified in investment agreements.

A hearing to consider costs and sanctions against Mr. Cloth and Creative Wealth will be held no later than Nov. 30, the tribunal's decision said.

The 60-year-old film producer was the sole director and officer of Creative Wealth, a private company that financed film and TV productions through loans to independent producers. The loans were financed by investors, and Creative Wealth charged a fee, calculated as a percentage of the amount invested, for facilitating the transactions.

The Ontario Securities Commission had argued that from 2018 onward, Creative Wealth was sustained “through Ponzi-like payments.” A Ponzi scheme is one in which the source of distributions to investors is not the underlying value of any investments, but rather money that has been obtained from new investors.

CLOTH, B6

Ottawa's mega investment in Cohere sparks debate over how best to support AI sector

MURAD HEMMADI

JOE CASTALDO

ANALYSIS

To understand the scale of Ottawa's recent pledge to invest up to \$1.6-billion to own part of Canadian AI company Cohere Inc., consider the following.

The amount is more than three times the size of the proposed \$500-million Canadian Tech Growth Fund, which will provide promising companies with financing. It's also more than the \$1-billion federal program called the AI Compute Access Fund that helps subsidize AI processing costs for companies. And it's almost as much money as the \$1.75-billion Ottawa has budgeted to boost Canadian venture capital funding as a whole.

The federal government's direct investment in seven-year-old Cohere – unprecedented for a single private tech company – has kicked off a debate among tech founders and policy experts about sovereignty, and how best to support the country's AI sector. Some question whether it makes sense to devote so much public money to one company, or it should be spread around. Others want the government to get out of the way entirely. And many wonder whether Cohere can compete against U.S. AI giants OpenAI and Anthropic.

Prime Minister Mark Carney announced last Thursday that the federal government would be taking an equity stake in Toronto-based Cohere as part of a planned \$7-billion funding round that values the company at \$35.7-billion. As part of the deal, Cohere pledged to spend \$1.7-billion to develop compute capacity in Canada and to create 1,000 new engineering and other technical jobs in the country, both by 2030. It has also promised to remain headquartered and incorporated in Canada.

"To support a Canadian champion to gain scale, I think, will have a positive impact also for the whole ecosystem," Finance Minister François-Philippe Champagne said in a brief interview Monday. COHERE, B6

B12-B16

HOCKEY Kucherov's trade request is the game's latest temper tantrum, Cathal Kelly writes ■ B12

SOCCER Alphonso Davies to rejoin Canada's national team for November CONCACAF play ■ B14

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Thomson Reuters revenue rises 10%

Company partners with U.S. law firm to build new AI tools on top of its proprietary LLM

JAMES BRADSHAW

INSTITUTIONAL INVESTING

REPORTER

Thomson Reuters Corp. reported a 10-per-cent increase in third-quarter revenue and announced a partnership with a major U.S. law firm to develop proprietary artificial-intelligence tools as customers ramp up their reliance on the company's newer, AI-powered software.

The professional services and news provider brought in US\$1.83-billion in revenue in the quarter that ended Sept. 30, with revenue from recurring contracts up 9 per cent.

Thomson Reuters also adjusted its financial outlook for the year based on the sale of a majority stake in its global print business to KKR & Co. Inc., which closed on Oct. 1, after the third quarter ended. The company now expects revenue to rise by about 9.5 per cent this year, compared with a previous 8-per-cent forecast.

Chief executive officer Steve Hasker said in a Tuesday interview that customers' use of the company's latest CoCounsel Legal software, which includes AI agents that can carry out complex tasks on their own, is "off to a very strong start" based on engagement metrics the company tracks "obsessively."

The product's active user base was up 60 per cent month over month in September and those users are completing 2.4 times the amount of work using Co-Counsel, when compared with peak use of the product's previous version.

"The intensity and duration of use has moved to an entirely different plane," he said.

Startups in the legal software space and new tools released by leading AI companies such as Anthropic have intensified the competition for customers in the legal and corporate sectors, and put pressure on incumbents. But

Thomson Reuters is making the case to clients that its products, trained on a trove of proprietary data, will be more accurate and trustworthy.

"The results continue to show strong demand for Thomson Reuters' products, including Westlaw and CoCounsel, with no evidence to date of a slowdown from AI-native entrants," Scotia Capital Inc. analyst Maher Yaghi said in a note to clients.

Thomson Reuters earned US\$339-million, or 78 US cents a share, in the quarter that ended Sept. 30. That compared with US\$423-million, or 94 US cents a share, in the same period last year.

Adjusted for certain items, Thomson Reuters said it earned 81 US cents a share, just shy of the 83 US cents analysts expected.

Woodbridge Co. Ltd., the Thomson family holding company and controlling shareholder of Thomson Reuters, also owns The Globe and Mail.

RBC Dominion Securities Inc. analyst Drew McReynolds said in a note to clients that the company's quarterly results should be “largely neutral for the shares at current levels.”

But the company's shares fell 9 per cent to \$155.07 on the Toronto Stock Exchange.

Thomson Reuters is betting that law firms – its largest segment of customers, along with corporate, tax and accounting clients – are in the early stages of a fundamental shift that will reshape how they spend their resources, Mr. Hasker said. Over the next five to 10 years, he expects firms will spend more money on technology, AI and automation as a share of overall revenue, and less on staffing and real estate.

“That’s a fundamental retooling of a law firm P&L,” he said, referring to the profit and loss statement that outlines a company’s mix of revenue and costs. And it could expand the size of the market Thomson Reuters serves.

In August, Thomson Reuters deployed its own artificial-intelligence model called Thomson LLM, which is tailored to legal professionals and was built in-house on a modest US\$40-million budget. The company is looking to license the model to large law firms to use on their own systems, helping them keep control over their intellectual property and data.

On Tuesday, Mr. Hasker announced a partnership with Skadden, Arps, Slate, Meagher & Flom LLP, a leading U.S. law firm, to develop new applications on top of the Thomson LLM that Skadden would control.

The agreement is a first step toward using Thomson Reuters' own AI software products and data to build “sovereign AI solutions” for customers, Mr. Hasker said.

The company expects to rely increasingly on its in-house model, which is cheaper to operate than many leading models built by Anthropic or OpenAI, to keep a lid on computing costs, allowing Thomson Reuters to “stick with all-you-can-eat pricing in most instances, versus usage-based pricing” for its products, Mr. Hasker said.

Pricing that is based on how much computing power users consume can be “problematic for private partnerships” such as law firms, he said.

Organigram has sought to capitalize on the international cannabis market. Cannabis sales to foreign markets are on track to surpass \$1-billion this year, according to Statistics Canada. JOHN MORRIS/THE GLOBE AND MAIL

Organigram launches \$561-million takeover offer for Aurora Cannabis

JAMESON BERKOW

CAPITAL MARKETS REPORTER

Besieged Aurora Cannabis Inc. has found a white knight, ending a tumultuous saga that saw the company grow into a \$14-billion behemoth before collapsing alongside much of the legal cannabis industry.

Edmonton-based Aurora announced Tuesday it had agreed to be acquired by rival Canadian cannabis producer Organigram Global Inc. for about \$561-million. Aurora has spent the past several months trying to fend off a hostile takeover attempt from Stamford, Conn.-based Curaleaf Holdings Inc.

Organigram is offering \$7.80 a share, giving Aurora shareholders a choice of cash, 5.86 Organigram shares, or a combination of \$3.75 in cash and 3.04 Organigram shares. That represents a roughly 21-per-cent premium relative to Curaleaf's latest offer of US\$5 a share.

If the transaction is allowed to proceed, it would mark a modest conclusion to what began as one of the most auspicious tales in Canadian cannabis legalization.

As recently as 2019, Aurora commanded a stock market valuation of nearly \$14-billion. Its products were ubiquitous on store shelves and investors were so eager to acquire Aurora equity that the company was able to easily execute multibillion-dollar all-stock corporate takeover deals.

The company even hired billionaire activist investor Nelson Peltz as a strategic adviser, giving his investment company – Trian Fund Management LP – options to acquire several hundred million dollars' worth of Aurora shares for what was, at the time, a steep discount to their market price.

By the end of 2020, however, the market high had long faded and Aurora found it had dramatically overpaid for multiple acquisitions. The company took nearly \$2-billion in impairment charges over the course of that year and cut more than 1,000 jobs as part of a broader restructuring.

Mr. Peltz stepped down from his role at Aurora less than a month after the company announced its single largest write-down of roughly \$1.6-billion in September of 2020. Terry Booth, Aurora's mercurial co-founder and long-time chief executive officer, had left the company earlier that year and current CEO Miguel Martin took over just before Mr. Peltz resigned.

Mr. Martin has since faced scrutiny for receiving multimillion-dollar compensation packages as Aurora's market value has continued to steadily decline.

Earlier this year, Aurora officially abandoned the recreational cannabis market to focus exclusively on medical products, which tend to offer much higher profit margins.

The company has been trying to position itself as a global supplier to the growing number of countries that have legalized cannabis for medicinal purposes. Organigram has also sought to capitalize on the international cannabis market, having recently acquired Germany's Sanity Group for roughly \$174-million.

Cannabis sales to foreign markets are on track to surpass \$1-billion this year, according to Statistics Canada, and the industry expects that to double in 2027.

However, both companies have decried bureaucratic restrictions they say are preventing them from maintaining Canada's global leadership position as other countries develop their own cannabis export regimes.

If the takeover deal is ultimately approved, the combined company will operate five EU-GMP certified production and distribution facilities. Good manufacturing practices (GMP) certification is required to sell cannabis into European Union markets and few producers outside of Canada are GMP compliant.

At least two-thirds of votes cast by Aurora shareholders at a special meeting expected to take place in December must be in favour of the transaction for the deal to proceed.

Organigram is funding the deal in part through a \$188-million private placement with British American Tobacco and \$210-million in loan facilities from ATB Financial.

BAT is the company's single largest shareholder and James Yamanaka, who became CEO of Organigram earlier this year, is a former BAT executive.

FORTIS REPORTS INCREASE IN THIRD-QUARTER PROFIT, RAISES DIVIDEND

Electric and gas utility Fortis Inc. raised its quarterly dividend as it reported its third-quarter profit rose compared with a year ago.

The company says it will now pay a quarterly dividend of 66.5 cents a share, up from 64 cents.

The increased payment to shareholders came as Fortis reported its third-quarter profit amounted to \$474-million or 92 cents a share, up from a profit of \$409-million or 81 cents a share a year earlier.

On an adjusted basis, Fortis says it earned 92 cents a share in its latest quarter, up from an adjusted profit of 87 cents a

share in the third quarter of 2025.

In its outlook, the company says it expects capital spending for 2027-31 to total about \$32.2-billion.

Fortis has utility customers in five Canadian provinces, 10 U.S. states and the Cayman Islands.

THE CANADIAN PRESS

Google to allow shopping through AI agents in Canada

SUSAN KRASHINSKY ROBERTSON

RETAILING REPORTER

Google is expanding people's ability to shop through its AI chatbot Gemini in Canada, offering direct checkout in partnership with major Canadian retailers Lululemon Athletica Inc., Shoppers Drug Mart, La Maison Simons and selected Shopify Inc. merchants.

A new instant-checkout feature, launched earlier this year in the U.S. and Australia, will let customers make purchases directly without leaving the Gemini app or Google's AI search mode.

The news, announced Wednesday, marks the latest expansion of the role of AI agents in people's shopping habits. Google's new AI shopping feature, similar to those offered by other tech companies, requires a user's permission to make the final decision to purchase.

For example, if a user asks Gemini for advice on finding a winter coat in a certain style, colour and size, the AI agent could recommend options from participating retailer Simons, and the user could choose to buy that item without having to visit the Simons website.

“It’s the customer that will decide what interface they want to interact on,” said Frederick Lecoq, Simons chief digital and marketing officer.

For retailers, the growing use of AI agents represents an opportunity and a challenge: As people turn away from traditional search in favour of asking chatbots to help them browse for what they need, retailers are scrambling to ensure that their products are surfaced in the AI-generated search results – a process known as generative engine optimization, or GEO.

But as AI agents begin to go further, offering consumers the option to build a shopping cart and checkout on third-party apps, brands face a new challenge in maintaining a connection with their customers and building loyalty. Tech giant Meta Platforms Inc., for example, has recently expanded the capabilities of its AI agent, Muse, to check out on people's behalf if they give it permission.

Shopify has been striking other partnerships with AI agents. The e-commerce platform now allows shoppers to approve purchases and check out with its Shop Pay function in Muse, Claude Duet, Grok Bot and Instinct. The company is also considering how people could authorize AI agents to finalize their purchases without having to approve each one. Users would have to set their preferences for what agents are permitted to do on their behalf in those cases, Shopify vice-president of product Rohit Mishra wrote in an e-mail to The Globe and Mail.

Not all e-commerce companies are keen to allow AI agents to disrupt that connection to customers. For example, after Meta launched shopping through its Muse agent in September, Amazon.com Inc. blocked the AI agent from shopping on its site.

"If you rewind back 25 years ago, a lot of retailers were saying the same thing about websites," said Nick Engel, senior vice-president of global digital experience at Lululemon, referring to some retailers' reluctance to build e-commerce sites out of fear that it would draw people away from their physical stores. But he added that as people use AI agents to research purchases more often, "allowing them to take that next step and make the transaction, to me, it makes a lot of sense."

There is some evidence that people are embracing chatbots more widely. According to a recent Mastercard survey, 41 per cent of Canadians are open to using AI to shop online, and of those respondents, more than half would consider letting agents make purchases for them.

And as the crucial holiday season approaches, the use of chatbots is likely to increase. A survey conducted in October by Google and Angus Reid found that 59 per cent of Canadian respondents plan to use AI to help find holiday gifts. The next couple of months will be an important time to examine how shopping behaviours are evolving, said Eric Morris, Google Canada's managing director and head of retail.

“We see AI, broadly, as an expansionary moment for search,” Mr. Morris said.

"The year-over-year growth rate in search is at its highest level in the last five years."

Google's new instant-checkout feature will be somewhat limited at the outset in Canada. Initially, it will allow shopping for only one item at a time, meaning users will not be able to build a cart with multiple products (often a requirement to meet a retailer's free-shipping threshold) unless they click through to visit the store website.

However, Google has already expanded the checkout feature to allow the purchase of multiple items in the U.S., and similar plans are in the works here. The company also plans to bring in other capabilities that are already available in the U.S., such as price-alert tools.

“Those features are to come, as is the ability to expand beyond just the launch retailers that we’re announcing today,” Mr. Morris said.

Foodtastic offers \$1-billion for MTY

MTY, owner of Thai Express, faces a myriad of challenges to its business, including a move by inflation-weary consumers to cut back on dining out, alongside rising costs. SAMMY KOGAN/THE GLOBE AND MAIL

Bid comes the same day

the Thai Express and

Manchu Wok parent

made the surprise move

of replacing its CEO

NICOLAS VAN PRAET

SUSAN KRASHINSKY ROBERTSON

MONTREAL

Foodtastic Inc., the franchisor behind brands such as Milestones and Freshii, has made a \$1-billion takeover offer for MTY Food Group Inc., known for chains including Thai Express and Manchu Wok, as it seeks to create a Canadian fast-food and casual-dining behemoth.

The Montreal-based franchisor on Tuesday took a bid of \$43 a share in cash directly to MTY shareholders after saying MTY's board refused to engage in substantive talks. The proposal, worth roughly \$1-billion on an equity basis and \$1.5-billion including debt, represents a 32-percent premium to the Montreal-based MTY's closing share price on Oct. 30.

“MTY is a great company with excellent opportunities, but it has unfortunately not lived up to its full potential in recent years,” Foodtastic chief executive Peter Mammas said in a statement. “We are confident that MTY’s shareholders will recognize the compelling value of our proposed transaction and that it represents a superior path forward to MTY’s stand-alone strategy.”

News of the bid will potentially push MTY back in play after the company explored options for buyers and ended a strategic review last month. It also comes the same day the company made the surprise move of replacing its CEO.

Eric Lefebvre is stepping down by mutual agreement effective immediately after a roughly eight-year tenure, MTY said in a statement. Victor Mandel, an MTY director, was named to replace him. The company gave no reason for the leadership change.

MTY faces a myriad of challenges to its business, including a move by inflation-weary consumers to cut back on dining out, alongside rising costs. The company has been closing underperforming locations recently, and its share price has fallen by roughly 15 per cent so far this year.

MTY ended a nearly year-long strategic review Oct. 9 with a decision to go it alone, concluding that the most compelling path forward was to speed up its existing strategy “with a sharpened focus on efficiency, simplification, and disciplined capital allocation.” The company subsequently announced a 35-per-cent dividend hike and said it would buy back more shares.

Foodtastic said it first communicated its proposal to MTY in writing six days later on Oct. 15. It reiterated its offer on Oct. 20, "only to be repeatedly rebuffed" by MTY with no explanation.

MTY had a different version of events. In a statement late Tuesday, the company revealed that Foodtastic has been in the picture for a while as a potential buyer and was offered “multiple extensions of its exclusivity period” to secure financing and close the transaction.

MTY said it considered Foodtastic's latest proposals, which are non-binding and conditional, but concluded they were not in the best interest of the company or its shareholders and formally ended discussions.

In a letter to MTY's board of directors dated Tuesday, Mr. Mammas said he wants a friendly deal and went public with the offer because “shareholders deserve the opportunity to evaluate it themselves.”

The bid is greater than the one-year share price target for MTY calculated by every major Canadian bank analyst, Mr. Mammas wrote, and offers shareholders immediate value. The alternative, he said, is a “highly uncertain and unsubstantiated bet” that MTY leaders can reverse a long decline in operating performance. MTY is better off in the hands of a private owner, he argued.

MTY traces its origins back to Hong Kong émigré Stanley Ma who started in the restaurant business with Le Paradis du Pacifique in 1979. The company has since ballooned to more than 80 restaurant brands at 7,000 different locations in Canada, the United States and abroad. Most of its profit comes from franchising fees and royalties. It also operates a smaller number of its own corporate locations.

Known historically as a shopping mall food court consolidator, MTY has changed over time. About three-quarters of its restaurant system sales now come from free-standing restaurants such as Baton Rouge, Barrio Queen and Pizza Delight.

Mr. Ma is the company's biggest shareholder with a 13.9-percent stake as of April, according to S&P Capital IQ data. The next biggest shareholder is Fidelity Investments with an 11.27-per-cent position.

Foodtastic, backed by funds managed by Oaktree Capital Management LP, has more than 1,200 restaurants in Canada spanning 27 brands. The company announced earlier this year that it had signed a master franchise agreement with Inspire Brands, the owner of American coffee chain Dunkin', giving it the exclusive right to run the restaurants in Canada.

RBC Capital Markets analyst Ryland Conrad said he was caught off guard by the MTY acquisition proposal and CEO change, adding that Foodtastic is “a logical acquirer” in an otherwise limited pool of potential buyers for MTY. “We continue to view a sale of the company as a sensible outcome for shareholders,” he said in a research note.

Shopify stock falls as its quarterly revenue misses analysts' estimates

MURAD HEMMADI

Shopify Inc.'s revenue growth in the third quarter fell slightly short of investors' expectations and its share price dropped in trading on Tuesday.

The Ottawa-based commerce company reported US\$3.742-billion in revenue for the three months through September, shy of the analysts' consensus estimate of US\$3.744-billion, compiled by S&P Global Market Intelligence. That's still up 31.5 per cent year-over-year.

Shopify has routinely exceeded revenue projections in previous earnings periods. Its share price opened down 12.8 per cent at US\$136.21 on the Nasdaq, and was trading at US\$143.92 as of 2:37 p.m. ET.

Shopify posted US\$584-million in profit for the quarter, accounting for US\$122-million in on-paper losses from the falling valuations of its equity investments. That translated to earnings of US\$0.49 a share, slightly ahead of analysts' estimates.

"We delivered exactly what we said we would: consistent, durable growth, yet again," Shopify president Harley Finkelstein said on an investor call. He cited the firm's expanded free cash flow margins and increased revenues, as well as the addition of customers such as luxury house Pierre Balmain S.A., Estée Lauder Companies

Inc.'s Clinique skincare line and apparel brand Lululemon Athletica Inc. as big wins.

Shopify merchants – which use its tools and services to run online and physical stores – sold US\$119.1-billion worth of products in the third quarter, as gross merchandise volume grew 29.5 per cent year-over-year. Much of the firm's revenue is tied to its clients' sales, since it earns fees for payment processing, shipping, lending and other services. Shopify's European clients' business grew particularly fast, although the U.S. remains the firm's biggest market.

“Expectations were high,” Kevin Krishnaratne, Bank of Nova Scotia’s director of equity research, software and services, wrote in an investor note Tuesday. He described clients’ increased use of the firm’s payments processing services, as well as Shopify’s free cash flow figures, as positive signals.

The company has been preparing for the next wave of shopping, by enabling consumers' personal AI assistants such as Meta Platforms Inc.'s Muse, Anthropic's Claude Duet and Instinct to browse merchants' stores and make purchases. "While the volume is still small here, adoption is growing," Mr. Finkelstein said, noting that AI traffic has more than doubled year-over-year, while automated orders are up more than threefold.

Some major retailers like Amazon.com Inc. have blocked AI agents from their sites, claiming they create privacy and security risks. Shopify, by contrast, has tailored its technology to assist them, building a shared catalog of its clients' products they can consult and ensuring they receive up-to-date inventory and pricing information. "For merchants, this means reach – a huge new pool of customers with zero lift for them," Mr. Finkelstein said.

Shopify has also deployed AI extensively in its own operations and systems. The firm's chief executive officer, Tobi Lütke, was an early evangelist for AI coding tools. The company's Sidekick AI assistant helps its clients set up and run their stores. The number of merchants employing the tool on a daily basis was up nearly fourfold in the third quarter compared with a year ago, Mr. Finkelstein said. However, the development of Sidekick and clients' growing use of it has lowered the margins of Shopify's subscription sales, CFO Jeff Hoffmeister said.

The fourth quarter is typically Shopify's biggest, driven by the Black Friday and Cyber Monday sales periods and holiday shopping. The firm projects revenue will grow at “a low-30s percentage rate” on an annual basis, while holding free cash flow margins steady. That's slightly above analysts' consensus.

AMD FORECASTS QUARTERLY REVENUE ABOVE ESTIMATES AMID DATA-CENTRE GROWTH

Advanced Micro Devices Inc. forecast fourth-quarter revenue above Wall Street estimates on Tuesday, buoyed by strong demand for its chips as its multibillion-dollar effort to challenge Nvidia Corp.'s dominance of the AI semi-conductor market gains momentum.

Shares of the company jumped more than 8 per cent in extended trading. The stock has more than doubled so far this year. Intel Corp. shares rose 2 per cent, Nvidia stock climbed more than 1 per cent and Broadcom Inc. also advanced 1.2 per cent.

AMD, which nearly doubled its data-centre revenue in the third quarter, is benefiting as a shift in AI workloads toward running models in real-world applications drives demand for its graphics processing units and central processors.

This has enabled AMD to capture market share from rival Intel, which last week forecast quarterly revenue well below estimates and triggered a global selloff in chip stocks.

"The AMD numbers provide a greatly needed boost both for AI infrastructure and even, to a smaller degree, the PC market," said Bob O'Donnell, chief analyst at TECHanalysis Research.

AMD expects fourth-quarter revenue of about US\$17-billion, plus or minus 3 per cent, above analysts' average estimate of US\$16.23-billion, according to data compiled by LSEG.

The company's adjusted gross margin is expected to be about 55 per cent, compared with estimates of 55.27 per cent and down from 56 per cent in the third quarter.

AMD has stepped up AI product rollouts, moving beyond stand-alone chips to compete with Nvidia's

rack-scale systems.

The company's flagship Helios rack, combining its MI455X accelerator and new “Venice” server chips, is in production and set for a larger ramp-up in the fourth quarter. The initial systems are being tested at Meta Platforms Inc.

In February, the company agreed to sell up to US\$60-billion worth of AI chips to Meta over five years in a deal that allows the Facebook owner to purchase as much as 10 per cent of the chip firm.

AMD's third-quarter revenue rose 45 per cent to US\$13.38-billion, beating estimates of US\$13.09-billion. Data-centre revenue jumped 97 per cent to a record US\$8.55-billion, exceeding estimates of US\$8.20-billion.

Adjusted profit came in at US\$2.09 a share, compared with estimates of US\$1.95.

REUTERS

Novacap fund acquires OSI Maritime Systems, keeping NATO provider in Canada

PIPPA NORMAN

INNOVATION REPORTER

A Canadian navigation technology company has been acquired by a consortium of largely domestic investors, keeping the nearly 50-year-old operation serving NATO in Canada after similar recent acquisitions by foreign investors.

The consortium acquiring Burnaby, B.C.-based OSI Maritime Systems is led by Montreal-based private equity investment firm, Novacap, and includes Crown corporations Export Development Canada and the Business Development Bank of Canada. The consortium is entirely Canadian, save for one Scandinavian investor.

David Armstrong, a senior partner at Novacap, said the firm began speaking with OSI more than a year ago and was initially surprised by the scope and size of the business.

OSI was founded in 1979 and develops electronic chart software, as well as navigation systems for ships and submarines. It serves 27 NATO and allied navies, including the Royal Canadian Navy, and its technology has been installed or contracted on more than 1,000 vessels, according to OSI.

“This was a company that ticked all the boxes for us. We think we can help invest to grow the business internationally. We want to invest in new products. We think they're really fundamental to autonomous operations,” Mr. Armstrong said in an interview.

“This is exactly the type of company that we look for in the mid-market to invest behind and grow.”

The acquisition marks Novacap's first investment through its US\$3.8-billion technology fund, which closed in February. Chief executive officer Pascal Tremblay told The Globe and Mail at the time that Canada's growing investment in defence would be a huge opportunity for the fund.

That opportunity has since caught the attention of foreign investors as well, especially in the

The acquisition marks Novacap's first investment through its US\$3.8-billion technology fund, which closed in February. Chief executive officer Pascal Tremblay told The Globe and Mail at the time that Canada's growing investment in defence would be a huge opportunity for the fund.

underwater technology space, in which Canada has a unique advantage given its lengthy coastlines.

On Oct. 20, Israeli defence company Elbit Systems Ltd. completed its acquisition of International Submarine Engineering Ltd., a Port Coquitlam, B.C.-based company specializing in underwater autonomous and remotely operated vehicles. Then, on Sunday, U.S. defence giant Lockheed Martin Corp. acquired Nova Scotia-based anti-submarine warfare company Ultra Maritime for \$3.45-billion.

The financial terms of Novacap's acquisition of OSI were not disclosed.

In June, OSI signed a memorandum of understanding with TKMS, the German submarine company that is currently negotiating with the federal government for a contract for up to 12 of its vessels. Mr. Armstrong said OSI's working relationship with TKMS remains strong.

This summer, the B.C.-based company also completed its compliance testing against NATO's most recently released standard for electronic chart display and information systems in warships. Currently, it's working on an autonomy centre of excellence to support its work with the Royal Canadian Navy, through which it has previously developed products.

"When a navy chooses a navigation system, it is making a 30-year decision, so continuity and reliability matter more in our market than in almost any other segment of systems and software," Jim Girard, president and CEO of OSI, said in a written statement.

OPINION & ANALYSIS

Our economic security hinges on big government

Canada's new national security strategy requires a degree of federal intervention in select sectors

EUGENE LANG

OPINION

Assistant professor at the School of Policy Studies at Queen's University, former chief of staff to the Minister of National Defence and a former Finance Canada official

“Our Plan for a Stronger Canada begins, deliberately, with economic security.”

So states the national-security policy of Prime Minister Mark Carney's government, released last week.

Though national security is the No. 1 responsibility of the federal government, this marks the first time in 22 years Ottawa has bothered to publish a policy on the subject. The last and only government to do so was former prime minister Paul Martin's in 2004.

That policy – titled Securing an Open Society – was motivated by the 9/11 terrorist attacks and the new world (dis)order that event portended, along with a need to reassure the Americans that Canada was with them through thick and thin and was not a security risk.

The motivation for Mr. Carney's policy could not be more different. Implicit in The Plan for a Stronger Canada is the goal of becoming less dependent – both economically and in security terms – on a hostile ally to the south, with whom we are currently engaged in what the Prime Minister has described as economic warfare.

One could go further and see the policy as a direct response to U.S. President Donald Trump's national-security strategy, published last year, which is founded on the premise that the United States has a legitimate right to control any “strategic points” in the Western Hemisphere – the so-called “Donroe Doctrine.”

But the big difference between Mr. Martin's Securing an Open Society and Mr. Carney's plan is the heavy emphasis in the latter on economic security as a core feature of Canadian national security. This is a new concept for Canada, though it has been central to national-security thinking in the United States and elsewhere for generations.

“Economic security is a primary factor in decisions on industrial support, innovation, and foreign investment,” according to The Plan for a Stronger Canada.

The plan identifies eight critical sectors of the Canadian economy: emerging technologies, critical minerals, defence, energy, transportation, pharmaceuticals and biotech, food security, and a financial category made up of payments, settlement and investment. It states that “protecting and building these capabilities will drive our decision making at home and abroad. Where we can, we build these strengths at home. Where capabilities are complementary, partnering with reliable allies will bring us strength.”

Implicit in all of this is that Canada's new national-security strategy requires a degree of government intervention in select sectors of the economy, the likes of which we have not seen in at least a generation. To the free-market purists, this is dirigisme – heavy state planning – in disguise, if not economically illiterate. To those who know free markets have never governed strategic sectors in the economies of our allies – especially the United States – much less our adversaries, this is long overdue.

But what could it mean in practice for the role of the federal government vis-à-vis the Canadian economy and business?

It could mean big research and development subsidies for favoured sectors and firms.

It will likely mean directing federal procurements to Canadian companies through invoking national security and other exceptions to competitive procurement rules, especially in defence for “sovereign capability” areas, 10 of which are identified in the government’s Defence Industrial Strategy. Federal stockpiling of some goods and commodities could also become more common.

It could mean Ottawa provides new types of financing to companies, including taking equity positions in firms. The establishment of the Defence Investment Agency and amendments to the Defence Production Act, now before Parliament, give the government new tools and financial resources to do just that.

It could also mean more Crown corporations. The Carney government is enamoured with Crowns, having created three – the Defence Investment Agency, the Canada Strong Fund and Build Canada Homes – in the first year of its mandate. Expect more of these.

It will probably require more aggressive use of the Investment Canada Act's national-security test to block foreign takeovers of Canadian companies in sectors judged to be strategic or sensitive, including acquisitions by American firms.

And it could even mean, in rare instances, nationalizations of companies.

In his introduction to The Plan for a Stronger Canada, Prime Minister Carney states: “This is the plan for a sovereign, resilient, and prosperous Canada.” Implicit in the plan is that increasing economic sovereignty and resiliency comes with a price. And part of that price is more federal government involvement in business and in the economy than we have seen in many decades.

A full-scale mock-up of a Candu reactor, housed in a building in Courtice, Ont., near the Darlington Nuclear Generating Station, is seen in October 2025. OPG used the mock-up to train workers before entering a radioactive environment. MATTHEW McCLEARN/THE GLOBE AND MAIL

A case for the end of our Candu era

DAVID KEITH

OPINION

Canadian physicist, founder of Canada's Carbon Engineering, co-host of the Energy vs. Climate podcast, and professor of geophysical sciences at the University of Chicago, where he directs the Climate Systems Engineering Initiative

In June of this year, Ottawa doubled down on nuclear power, committing to build 10 large reactors of unspecified design. The strategy promises “a modernized, cost-competitive Candu” by 2030 that can be sold into four new export markets by 2040. I’m thrilled by the government’s renewed commitment to nuclear power.

But recommitting to Candu – short for Canada deuterium uranium – is a strategic misstep that Canada can ill afford in an intensely competitive global economy. Ottawa should follow its bold decision with another: Abandon development of new Candu reactors.

In the 1950s, Canada had no access to uranium enrichment and no industrial capacity to forge the massive pressure vessels required for modern nuclear reactors. Candu's designers found a clever way around that impasse, developing a reactor that replaced the big pressure vessel with many small-diameter high-pressure tubes and that used heavy water, which avoids the need for enriched uranium. The result was a truly independent Canadian reactor design that supplies more than half of Ontario's electricity.

But the global nuclear power market has evolved and today, almost all power reactors being built are light-water reactors using pressure vessels and enriched uranium, leaving Candu well outside the mainstream. The difference matters because

Candu cannot fully benefit from the shared learning and global supply chains developing around light-water pressured reactors.

Worse, the Candu design car-ries inherent disadvantages.

The first is maintenance cost. The downside of the pressure-tube design is that reactors have an enormous number of tubes connected through a complicated network of feeder pipes, all of which require inspections and mid-life replacement. It's inherently harder to maintain a myriad of high-pressure joints than the one large pressure vessel in a standard light-water design.

The global nuclear power market has evolved and today, almost all power reactors being built are light-water reactors using pressure vessels and enriched uranium, leaving Candu well outside the mainstream.

The second is nuclear proliferation. Candu's natural-uranium heavy-water pressure-tube reactor is exactly the right technology for weapons-grade plutonium. India's bombmakers used plutonium from a Canadian-supplied heavy-water research reactor. Safeguards do suppress the risk, but there's no escaping the reality that a heavy-water pressure tube design lowers the technical barriers to bomb production that a batch-refuelled light-water reactor keeps high. All else equal, the world is safer with fewer such reactors.

The third is safety. If the cooling water in a Candu boils to steam, the nuclear reaction speeds up, a risk that standard light-water reactor designs don't have. Candu does a good job managing this risk, and the fleet has a good safety record, but this is an inherent weakness masked by clever safety engineering. Better to avoid it.

But in truth, nuclear power in Canada need not be synonymous with Candu. The only reactor being built in Canada today is a "small" modular reactor (SMR), a scaled-down but otherwise standard pressurized light-water reactor being built at Darlington using a GE Vernova Hitachi design. The constraints that drove the Candu design choices in the 1950s are gone; the pressure vessel for that new SMR is being made in Canada, and we could now either buy enriched uranium from a global marketplace or make our own.

The good news is building Can-dus created a deep reservoir of skills that are easily transferable. Darlington's SMR is the only one under construction in the G7, so the project is building Canada a whole set of new skills. And furthermore, Canadian firms Brookfield Renewable Partners and Cameco Corp. now own Westinghouse, whose AP1000 reactor is among the world's safest modern designs.

On the other hand, what do we get for continuing Candu? Ottawa lent AtkinsRéalis up to \$304-million to revise the Candu design and offered Romania \$3-billion in export financing for two more Candus. But the best case is a few sales that we would help finance. There is no credible case for an advanced Candu design taking a growing share of the global nuclear power market. Every dollar spent keeping Candu alive distracts from the difficult decisions and investments required to succeed in an increasingly competitive global market.

Canada should maintain its existing Candu fleet for as long as makes economic sense. But we should start focusing the full energy of Canada's nuclear industry on the reactors we will build for the next half century.

A case for the end of our Candu era

DAVID KEITH

OPINION

Canadian physicist, founder of Canada's Carbon Engineering, co-host of the Energy vs. Climate podcast, and professor of geophysical sciences at the University of Chicago, where he directs the Climate Systems Engineering Initiative

In June of this year, Ottawa doubled down on nuclear power, committing to build 10 large reactors of unspecified design. The strategy promises “a modernized, cost-competitive Candu” by 2030 that can be sold into four new export markets by 2040. I’m thrilled by the government’s renewed commitment to nuclear power.

But recommitting to Candu – short for Canada deuterium uranium – is a strategic misstep that Canada can ill afford in an intensely competitive global economy. Ottawa should follow its bold decision with another: Abandon development of new Candu reactors.

In the 1950s, Canada had no access to uranium enrichment and no industrial capacity to forge the massive pressure vessels required for modern nuclear reactors. Candu's designers found a clever way around that impasse, developing a reactor that replaced the big pressure vessel with many small-diameter high-pressure tubes and that used heavy water, which avoids the need for enriched uranium. The result was a truly independent Canadian reactor design that supplies more than half of Ontario's electricity.

But the global nuclear power market has evolved and today, almost all power reactors being built are light-water reactors using pressure vessels and enriched uranium, leaving Candu well outside the mainstream. The difference matters because

Candu cannot fully benefit from the shared learning and global supply chains developing around light-water pressured reactors.

Worse, the Candu design car-ries inherent disadvantages.

The first is maintenance cost. The downside of the pressure-tube design is that reactors have an enormous number of tubes connected through a complicated network of feeder pipes, all of which require inspections and mid-life replacement. It's inherently harder to maintain a myriad of high-pressure joints than the one large pressure vessel in a standard light-water design.

The global nuclear power market has evolved and today, almost all power reactors being built are light-water reactors using pressure vessels and enriched uranium, leaving Candu well outside the mainstream.

The second is nuclear proliferation. Candu's natural-uranium heavy-water pressure-tube reactor is exactly the right technology for weapons-grade plutonium. India's bombmakers used plutonium from a Canadian-supplied heavy-water research reactor. Safeguards do suppress the risk, but there's no escaping the reality that a heavy-water pressure tube design lowers the technical barriers to bomb production that a batch-refuelled light-water reactor keeps high. All else equal, the world is safer with fewer such reactors.

The third is safety. If the cooling water in a Candu boils to steam, the nuclear reaction speeds up, a risk that standard light-water reactor designs don't have. Candu does a good job managing this risk, and the fleet has a good safety record, but this is an inherent weakness masked by clever safety engineering. Better to avoid it.

But in truth, nuclear power in Canada need not be synonymous with Candu. The only reactor being built in Canada today is a "small" modular reactor (SMR), a scaled-down but otherwise standard pressurized light-water reactor being built at Darlington using a GE Vernova Hitachi design. The constraints that drove the Candu design choices in the 1950s are gone; the pressure vessel for that new SMR is being made in Canada, and we could now either buy enriched uranium from a global marketplace or make our own.

The good news is building Can-dus created a deep reservoir of skills that are easily transferable. Darlington's SMR is the only one under construction in the G7, so the project is building Canada a whole set of new skills. And furthermore, Canadian firms Brookfield Renewable Partners and Cameco Corp. now own Westinghouse, whose AP1000 reactor is among the world's safest modern designs.

On the other hand, what do we get for continuing Candu? Ottawa lent AtkinsRéalis up to \$304-million to revise the Candu design and offered Romania \$3-billion in export financing for two more Candus. But the best case is a few sales that we would help finance. There is no credible case for an advanced Candu design taking a growing share of the global nuclear power market. Every dollar spent keeping Candu alive distracts from the difficult decisions and investments required to succeed in an increasingly competitive global market.

Canada should maintain its existing Candu fleet for as long as makes economic sense. But we should start focusing the full energy of Canada's nuclear industry on the reactors we will build for the next half century.

Why AI detectors are almost never wrong

KEVIN A. BRYAN

DROR SHVADRON

OPINION

Professors of strategic management at the University of Toronto's Rotman School of Management, where they study the economics of AI and science

The Haitian-Québécois author Thélyson Orélien won many of the prestigious prizes for French literature this year for his book C'était ça ou mourir, and was tipped as a leading candidate for the Prix Goncourt, the French equivalent of the Booker Prize. Only one problem: The book appeared to be largely written with AI.

We are both University of Toronto professors who do research on AI, including on its use in science. A new study by one of us finds that up to 30 per cent of all recent STEM PhD dissertation abstracts were written with AI assistance. Beyond academia, an article by Harvard professor Ricardo Hausmann, a Commonwealth Prize-winning short story published in Granta by Jamir Nazir, an Akutagawa Prize-winning novel by Rie Kudan, and a book review in The New York Times were all at least partly written with AI. AI use in creative tasks, whether admitted to or not, is increasingly common.

Canadian publisher Boréal has broken ties with Mr. Orélien and suggested it had evidence of AI use in his writing. Mr. Orélien maintains this is wrong. He called it an insult, insisting not one sentence in his book was written by a machine. Unfortunately for these writers, it is generally very straightforward to identify AI-generated text.

Models like Claude and ChatGPT tend to produce distinct patterns, in the same way that iambic pentameter, certain bawdy puns and slightly-off descriptions of continental Europe are fingerprints of Shakespeare. Patterns such as “lists of three” – a word, an idea and a thought – or negative parallelism – it’s not this, but that – appear much more frequently in AI-generated writing than in human-generated text. There is nothing wrong with these patterns, and many great writers use them, but their frequency in AI text is striking.

We can do better than trusting our gut, however. Algorithms called “classifiers” have been trained to identify text written by AI, with Pangram 4 and GPTZero among the most reliable. Consider trying to figure out whether a newly discovered play was written by Shakespeare. Beyond pentameter and puns, there are thousands of minor stylistic habits that Shakespeare, like any writer, has. Indeed, Shakespeare himself may not have known that these patterns appeared in his work. If we had millions of Shakespeare plays, an algorithm would not have trouble spotting thousands of patterns that are more common in his work than that of other writers. That is essentially how AI detectors work.

This means that when a story is said to be “100-per-cent AI” by the best AI detectors, it is because of a combination of thousands of patterns that becomes extraordinarily unlikely for a human. Recent studies have shown a false positive rate, where human writing is said to be AI, of one in 25,000 or lower; older studies claiming much more error or bias against non-native speakers used classifiers much less accurate than those available today.

On longer texts, such as a chapter of a book, the false positive rate is effectively zero. One of us offered a \$1,000 bounty for any reader who could produce a single 1,000-word selection of French literature written prior to 2022 which would be flagged by Pangram, like the majority of Orélien's novel, as 100-per-cent AI.

After 150,000 views, we did not have to pay out the money. A similar test by Radio-Canada checked a number of pre-2022 novels by writers of Haitian descent – all were scored 100-per-cent human.

One may wonder whether works written by Creole authors or in particular styles are likely to be incorrectly flagged as AI, even if the classifiers are accurate more broadly. There is no evidence that this is the case with recent classifiers.

Readers and prize committees are right to feel misled about the origin of these words. But what is the role for AI in creativity? What if AI helps authors craft a clever metaphor or brainstorm new ideas? Or what if it helps an author with a creative idea for the plot of a story, but who lacks the gift for beautiful turns of phrase in a given language? Editors, authors, and readers will have to decide how to adjudicate this. If the past few months is any guide, it won't be the last example of prize-winning prose in that set.

Airline executives praise Bill C-39's labour provisions

Legislation makes it more likely Ottawa will intervene to order workers back on the job, union leaders say

BILL CURRY

DEPUTY OTTAWA BUREAU CHIEF

OTTAWA

Business leaders, including Canadian airline executives, told MPs they welcome the federal government's legislation aimed at reducing the frequency of major labour disruptions, with WestJet's chief executive saying the bill will help make Canada more attractive to investors.

Bill C-39 is a sweeping omnibus bill that references changes to nearly two dozen federal laws. It has two main goals: to fast-track the approval process for major projects such as pipelines or transmission lines, while also creating a new mediation process that would apply before Ottawa can intervene in bargaining disputes in federally regulated sectors.

A special legislative committee has previously heard from labour union leaders, who strongly oppose the legislation, saying it will curtail workers' right to strike and will ultimately be challenged in court.

On Tuesday, the committee heard from three airline executives: Air Canada vice-president of labour relations Mike Abbott, Air Transat senior director of labour relations and negotiations Irene Chrisanthopoulos, and WestJet CEO Alexis von Hoensbroech.

Mr. von Hoensbroech said labour action should be a last resort and that strikes hurt investment.

“Labour stability is one of the prime topics that international investors are looking at,” he said.

WestJet flight attendants hold a Day of Action while union members vote on a possible strike in Calgary in July. Both Air Canada and WestJet have faced shutdowns in recent years owing to labour strikes.

JEFF McINTOSH/

THE CANADIAN PRESS

Both Air Canada and WestJet have faced shutdowns in recent years owing to labour strikes, while Air Transat narrowly avoided a pilot strike last year.

“We need to ask a difficult question: Is it right that the union leadership can take a company and hundreds of thousands of Canadians through a strike simply because they can?” Mr. von Hoensbroech asked members of the committee. “The right to strike is an important part of collective bargaining, and we respect it. But labour action should be about real disputes after every reasonable opportunity to reach a deal at the table has been exhausted.”

Tuesday's meeting was the committee's final round of hearings from witnesses. Members of Parliament must submit any proposed amendments by the end of the business day Wednesday.

Future meetings will focus on debating potential amendments.

The legislation, known as the Building Canada Strong Act, proposes changes to Section 107 of the Canada Labour Code. This section empowers the responsible minister to intervene to end a strike or lockout in a federally regulated workplace by asking the Canada Industrial Relations Board to order workers back to their jobs. Unions say the federal government has overused that power in recent years and have called for it to be scrapped.

Bill C-39 also creates a new role for a “special mediator,” who would be appointed to work with employers and unions for 21 days when negotiations are at an impasse, then write a report if the dispute remains unresolved. The minister must evaluate that report before intervening. The government says these added steps place “guardrails” around that power, but unions say the bill makes future interventions more likely.

Mr. von Hoensbroech urged MPs to amend the section so that the mediator has the power to extend the mediation process if they believe a deal is achievable. Secondly, he said Section 107 should be amended to give the government the power to act sooner, before a strike begins.

“That is particularly important in aviation. For WestJet, even a one-minute strike leads to four days of labour disruption. It takes about two days to safely bring down the network. Another two days to restore it. Our experience this summer showed exactly that dynamic,” he said, in reference to the August strike by flight attendants.

Later in the day, MPs heard from a shipping executive who also called for amendments to strengthen the government's ability to intervene.

Guillaum Dubreuil, Canada Steamship Lines' director of external affairs and government relations, said the current Canada Labour Code requirement that a union provide at least 72 hours' notice of a strike should be extended to 15 days.

“While we strongly believe in the right to strike, the current 72-hour notice period provides insufficient time for carriers, ports and customers to safely manage vessels and cargoes already in transit,” he said.

During a separate panel Tuesday, the committee heard from Indigenous leaders, including Assembly of First Nations National Chief Cindy Woodhouse Nepinak, who spoke about the legislation's provisions to speed up development.

The AFN said C-39 is fundamentally flawed and cannot be fixed through amendments.

“Simply put, this bill represents a mass dilution of environmental protection and First Nation rights,” she said.

The AFN said the legislation fails to ensure proponents of major projects support First Nations through options such as ownership partnerships or revenue sharing.

“We understand Canada is at a crossroads in its relationship with First Nations. Our rights are under attack in new ways, and sadly, this bill is the latest example,” she said.

With a report from Vanmala Subramaniam

THE 2026 SHORTLIST

THE

NATIONAL

BUSINESS BOOK

AWARD

The National Business Book Award congratulates this year's finalists for the best business book in Canada.

A Precarious Enterprise

Scott McIntyre

Scott McIntyre

ECW Press

Tony Keller

Sutherland House Books

Lawrence Stevenson

Sutherland House Books

For over 40 years The National Business Book Award has been Canada's most prestigious business writing award on business management and trends, history, biography or economics in or associated with Canada.

The winner of the \$30,000 prize will be announced on November 26

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MARKETING CONSULTANTS

Toronto film financier Jason Cloth admitted he used money he had raised for films to invest in real estate without informing investors, a ruling from Ontario's Capital Markets Tribunal states. TIJANA MARTIN/THE CANADIAN PRESS

Cloth: Tribunal found OSC successfully established that \$53.8-million of investors' funds were 'improperly diverted'

FROM B1

“Cloth was well aware of what he was doing,” reads Tuesday’s decision from the three adjudicators at the Capital Markets Tribunal, an independent division of the OSC that conducts hearings under the Ontario Securities Act.

“He also admitted that ‘I fully understand that some of the things that went on were not right, but at the time of evaluating what my options were, in my mind, it was the better option.’”

Mr. Cloth, who did not attend the hearing in person, could not be reached for comment.

Although Andrew Guaglio, a lawyer at Fenton Law Barristers, attended the hearings as Mr. Cloth's counsel, he did not cross-examine any witnesses or make substantive submissions on any of the issues that arose. Shortly before the scheduled date for oral closing submissions, Mr. Guaglio sought to be removed as counsel of record for Mr. Cloth, citing a breakdown in the solicitor-client relationship. The tribunal granted the motion.

The decision from the Capital Markets Tribunal follows Mr. Cloth's arrest in the United States in July on seven counts of wire fraud, according to the U.S. Attorney's Office for the Northern District of Illinois. Each count is punishable by up to 20 years in federal prison.

Mr. Cloth was released on bail, and the allegations levied against him by U.S. prosecutors have not been proven in court.

The tribunal found that the OSC successfully established that Mr. Cloth and his company “improperly diverted” \$53.8-million of investors’ funds, which had been raised for other purposes, to a real estate development company called Conacher Kingston and a construction company, Olympus Home.

Mr. Cloth admitted to the commission that he used money he had raised for films to invest in real estate without informing investors, the ruling states.

The tribunal also found that between October 2018 and the end of 2021, Mr. Cloth used money raised for specific media projects to fund other media projects.

He also diverted investors' funds to repay other investors on more than one occasion, the tribunal found. For instance, out of approximately US\$7.9-million that Creative Wealth had raised from investors in a Series E financing round, at least \$4.19-million went to repaying earlier investors in other projects.

Creative Wealth eventually collapsed, entering bankruptcy proceedings in October 2023.

OSC spokesperson Curtis Lindsay said in a statement on Tuesday that the commission was “pleased with the Tribunal’s decision in this case in finding Jason Cloth perpetrated fraud. Mr. Cloth’s actions took advantage of investors, and even personal relationships at times of vulnerability. We await the Tribunal’s decision on sanctions in due course.”

Cohere: Company, Crown corporation won't say if deal gives Ottawa board seat or veto rights over potential sale

FROM B1

Asked whether Ottawa is considering similar deals for other companies, Mr. Champagne said Cohere is “unique in many ways,” citing its domestic growth plans and export ambitions.

There are still unknowns about the deal, according to Jim Balsillie, chair of the Council of Canadian Innovators and former co-chief executive officer of BlackBerry Ltd. "This has red flags all over it," he said. It is not yet clear how and where Cohere will spend on AI infrastructure, the state of its finances and what rights the government would have if a foreign outfit made an offer to buy the company.

Neither Cohere nor the Canada Development Investment Corp. – the Crown corporation that will hold the stake on behalf of the federal government – directly answered questions about whether the deal gives Ottawa a board seat or veto rights over a potential sale. Both cited commercial confidentiality.

The direct equity stake in Cohere marks a departure from Canada's historical approach to backing the tech sector, said Martin Weiss, co-founder of Tiptree Systems, a Montreal-based startup that develops AI research tools. “We saw the ecosystem grow and flourish based on a lot of small bets and on investments in public infrastructure,” he said.

The Cohere deal also marks the next phase of the more interventionist approach to industrial policy the federal government is taking under Mr. Carney, mirroring a trend in other advanced economies. While Ottawa has long provided repayable financing to companies for megaprojects and manufacturing expansions through its innovation programs, the 2025 federal budget committed \$2-billion for a new fund that could take equity stakes in mining companies producing critical minerals.

For the tech sector, though, Mr. Weiss favours programs like the AI Compute Access Fund, which he said is more meritocratic. “It’s the government’s job to make Canada an attractive place to build for every new company, not to make concentrated bets in a few companies,” he said.

Mr. Balsillie, meanwhile, questioned how having Canadian-made large language models, which power chatbots and other AI applications, strengthens sovereignty. There is no shortage of open-weight models that businesses and governments can use as an alternative to commercial models from OpenAI and Anthropic. “There are so many LLMs out there, and they’re commodifying,” Mr. Balsillie said. “I’m not against a company trying to build an LLM, but what does this give us at the end of the day?”

Plenty, said Daniel Eberhard, CEO of Koho Financial Inc., a Toronto-based fintech company. "This is a really important national infrastructure," he said, adding that Ottawa's investment in Cohere is akin to one in a defence or space company.

Canada needs sovereign control over every layer of the AI technology stack, according to Mr. Eberhard - from energy, to compute, to AI model outputs, to applications. Cohere is the leading Canadian player in AI model outputs, he said.

The participation from other players in its recent funding round, such as Nvidia Corp., is proof that investors have confidence Cohere can deliver returns, Mr. Eberhard said. Taking an equity stake is also a better deal than the one Ottawa usually gets when it provides companies with grants. “I’m glad that the government is seeking returns rather than just giving away money,” he said.

Still, Cohere remains much smaller than its U.S. rivals. San Francisco-based Anthropic PBC could reportedly seek a US\$2-trillion valuation in its coming initial public offering, and the maker of Claude filed financial documents last week showing that it earned US\$16.3-billion in revenue during the first six months of the year.

Cohere has long argued it doesn't need as much money or compute as the likes of Anthropic and OpenAI because its tools are designed for businesses and government departments, not consumers. “I don’t think it’s just, ‘Who has the biggest balance sheet wins,’ ” said Lee Hower, a partner at U.S. venture capital company NextView Ventures. Still, “investment that goes into compute is really a huge driver of how model companies can stay at the forefront.”

Charles Lammam, a senior adviser to the C.D. Howe Institute, wrote on Substack that it is “totally inappropriate” for Ottawa to deploy capital in this way, and said that Cohere was able to raise billions of dollars from private sector investors as part of its latest round. “A company that has lined up all that money privately does not obviously need a federal co-signer,” he wrote.

But other countries, notably the U.S. and China, have made similar investments to support important companies. The U.S. took a 9.9-per-cent stake in chipmaker Intel Corp. last year, for example.

“Government equity investments in strategic technology companies seem to have become table stakes, and we’re getting to the table last,” said Jaxson Khan, founder of consultancy Aperture AI, who added that Cohere is important from both an economic and national-security perspective. “Any other middle power would dream of having a credible major AI company that is trusted by governments and enterprises around the world.”

BROOKFIELD PARTNERS WITH BRITISH POWER FIRM DRAX ON £20-BILLION AI DATA CENTRE IN U.K.

British power firm Drax has partnered with Brookfield Corp. and AI infrastructure platform Radiant to develop a data centre with more than one gigawatt of capacity at its northern England power station, in a project that could attract more than £20-billion (\$37.6-billion) in investment.

Drax shares jumped 9 per cent in early Tuesday trade.

The project comes as Britain moves to fast-track strategically important data centres with priority grid connections and planning support to boost AI capacity and keep sensitive data onshore.

"If constructed in full, this project could become one of the largest data centers in the U.K.," Drax Group chief executive officer Will Gardiner said.

JPMorgan analysts said the announcement could increase the market value attributed to Drax's data-centre ambitions and raise expectations that Drax Power Station could continue operating beyond the expiry of its subsidy scheme in March 2031.

They added that Brookfield's involvement should be viewed positively by investors given its credibility as a partner.

Brookfield estimates total investment could exceed £20-billion, including an initial £2.5-billion for the first phase, Drax said.

Drax will provide land, power and access to the grid through its four-giga-watt connection at Drax Power Station. Radiant will contribute AI infrastructure expertise, while Brookfield will supply capital through a joint venture with Qatar's Qai announced in 2025.

The first phase, which will draw power directly from the grid, is targeted to begin commercial operations in early 2028, subject to planning, regulatory and network approvals and final investment decisions by the partners.

REUTERS

Ada: Company faced increasing competition as rival chatbots launched

FROM B1

The Globe is not identifying the sources as they are not authorized to discuss the matters.

Chief executive officer Mike Murchison and David Hariri co-founded Ada in 2016 after launching an earlier social-media startup. The firm sold a software system that let businesses set up their own customer service chatbots, initially using elaborate prewritten scripts.

In addition to answering questions, Ada's technology connects to clients' other software systems to do tasks such as updating contact information, changing bookings or issuing refunds.

The firm's website lists customers including Caribbean telecom provider Digicel, Canadian retailer Indigo Books & Music Inc. and Asian consumer superapp Grab. It's also counted Shopify Inc., AirAsia Group BHD and Telus Corp. among its clients.

Mr. Murchison did not immediately respond to a request for comment about the transaction.

Ada grew rapidly in its early years, generating tens of millions of dollars in annual revenue by the early 2020s, and raising money from several leading Canadian venture capital firms as well as U.S. heavyweights Accel, Bessemer Venture Partners, FirstMark Capital and Tiger Global Management.

While Ada was early to the business of AI chatbots, it's faced increasing competition in recent years, particularly following OpenAI's launch of ChatGPT in November 2022.

Ada rebuilt its technology to use LLMs, letting the bots more dynamically take in and respond to users' questions. In April 2023, it rolled out voice agents that could answer customer-service phone calls. That led to a rapid decline in revenues from its older products but an equally quick expansion of its LLM-based offering. But the net result, said the two sources familiar with the deal terms, was that Ada's overall revenue expansion has not kept pace with other rapidly growing AI-based companies and was recently running at about US\$50-million in revenues on an annual basis.

Dialpad is a privately held San Francisco Bay Area software company that sells contact-centre software to businesses and has been in operation since 2011. It's much larger than Ada, which has roughly 200 employees. Dialpad, which, like Ada, achieved unicorn status during the pandemic, also has a deep bench of top-flight U.S. early-stage investors, including Andreessen Horowitz, Google Ventures, SoftBank Corp., ICONIQ Capital and Salesforce Ventures, as well as the growth equity arm of the Ontario Municipal Employees' Retirement Systems.

Last October, Dialpad launched an agentic AI platform, supplying the software for businesses to build autonomous voice-and-text AI agents. Some of its clients include Randstad, Nasdaq and T-Mobile. AI agents make decisions or execute on actions autonomously on behalf of human users.

One of the sources familiar with the deal said Dialpad has a strong user base in enterprise telephony for internal and customer support, and that the deal is seen as a way to help both companies generate continued market growth with Ada's advanced technology.

The deal is expected to close as soon as next week.

There have been significant shifts in Ada's work force in recent months. In a recording of the July layoffs, obtained by The Globe, Mr. Murchison can be heard telling employees that his decision to terminate their employment was related to a “change we are making around how Ada is building products.” Two of those laid-off employees, who spoke to The Globe on condition of anonymity, said that Mr. Murchison had been keen on amplifying the use of the AI agent Claude in workflows, especially on the marketing team, to cut costs. They believed that their layoffs were the direct impact of AI use within the company.

Ada co-founder Mr. Hariri left the firm in July for a product management role at Shopify, according to his LinkedIn profile, although he remains on the board. Ada's chief marketing officer and chief customer officer have also exited this year.

Five charts capture Trump's hostility toward Canada

Share of Trump's Canada-related speech segments rated 'hostile' by chatbot analysis

THE GLOBE AND MAIL, SOURCE: ROLL CALL FACTBA.SE

Cumulative mentions of four recurring renaming subjects during Trump's second term

THE GLOBE AND MAIL, SOURCE: ROLL CALL FACTBA.SE

Rolling 12-month totals, indexed to the start of Trump's second term (12 months ending January 2025 = 100)

Trips and exports are rolling 12-month totals, indexed to the 12 months ending January 2025 = 100. Trips: Statistics Canada, Canadian-resident return trips from the U.S., through August 2026. Exports: U.S. Census Bureau Trade Data, U.S. exports to Canada, through August 2026, in nominal U.S. dollars.

THE GLOBE AND MAIL, SOURCE: STATISTICS CANADA; U.S. CENSUS BUREAU

If it feels like his fixation with our country has risen dramatically as of late, the numbers back that up

TIM SHUFELT

DEXTER McMILLAN

THE GLOBE AND MAIL, SOURCE: U.S. CONGRESSIONAL RECORD (GOVINFO)

Still, it was fun, in a twisted sort of way, to give measure to Canada's plight in the era of Trump. Six months later, the rift has only widened.

Back in the spring, we tried to illustrate, in graphical form, just how much Mr. Trump hates Canada. Did our chart package answer any real questions? It did not. It mostly confirmed what was already painfully clear to any Canadian paying attention: Mr. Trump has a weird fixation with Canada, he talks about us with deep hostility and his threats toward the country since his second inauguration have been varied and incessant.

So we turn to charts once again to try to make sense of Mr. Trump's unique brand of animosity.

— U.S. beer, wine and spirits exports to Canada

OPINION

THE GREAT CANADIAN PUTDOWN

Has it really been almost two years? There's something about living under constant threat of economic subjugation by the world's reigning superpower that makes time lose all meaning.

It's a moment to take stock of what we have endured so far. Sure, it's been two years of utter chaos. But can we quantify it?

“Does anybody like Canada?” Mr. Trump asked at a political rally in Alaska a couple of weeks ago, in the run-up to the midterm elections. There was a smattering of boos, some thumbs pointed down.

As we approach the midway point of U.S. President Donald Trump's maximalist second term, Canadians might indulge in a brief intermission. "Halfway there," the nation whispers to itself, like a mantra.

Never mind that Canada makes up Alaska's only overland trade route to and from the lower 48 states. What's truly mind-blowing is how commonplace Canada-bashing has become in Mr. Trump's America. In less than two years, he's recast us from closest ally to national villain.

Canada isn't the only country that Trump is talking about more often

If it feels like anti-Canada sentiment has risen dramatically of late, the numbers back that up.

Using archives from Roll Call Factba.se, we examined transcripts of Mr. Trump's speeches and social-media posts in which Canada was mentioned. These were fed into Google Gemini Flash 2.0, a large language model that has been tested for sentiment analysis, to give us a temperature check on Mr. Trump's attitude toward Canada over time. Any comments scoring a four or five on a five-point scale are classified as "hostile."

The resulting indicator shows Mr. Trump's ire breaking sharply to the upside in August, when trade talks with Canada collapsed. "One of the nastiest countries in the world to deal with," Mr. Trump said soon after.

At the peak of his contempt, more than half of his references to Canada rated as hostile and remained elevated through the midterm campaign trail. If Canada-hate were a tradeable commodity, these would be boom times.

Mr. Trump has a truly torrential verbal output. Always has.

THE NORTH GETS AN EARFUL

In our last instalment, we looked at how often he spoke of Canada compared with Joe Biden. In Mr. Trump's second term up to that point, he referenced Canada about 12 times more often than his predecessor did.

This time, we compared Mr. Trump's mentions of Canada relative with other countries. The top six are all geopolitical hot spots, including countries the U.S. has fought recent wars with or against, as well as countries at war with each other. China is up there, too, but it curiously gets mentioned far less now than in Mr. Trump's first term.

It seems like China is less of a punching bag for Mr. Trump, who is instead cultivating a more diplomatic relationship with Chinese President Xi Jinping these days. Other countries have made up the confrontational shortfall, Canada included, which ranks seventh by number of mentions,

Average number of Donald Trump's spoken remarks per month that mention each country, in his first term and his second term so far. Top 20 most mentioned countries.

— U.S. car exports to Canada

— Trips to the U.S. by Canadians

THE GLOBE AND MAIL, SOURCE: ROLL CALL FACTBA.SE

at an average of nearly one a day. Mr. Trump hasn't stuck with the same old arsenal of rhetorical salvos, such as 51st state, or Canada keeps ripping us off, etc., etc.

In just the past six months, he floated further tariffs against Canada over wildfire smoke it cannot control, moved to rename Lake Ontario, blocked the opening of a bridge Canada financed in its entirety, threatened to ban Bombardier Inc. from selling jets in the U.S., called Canada's potential alliance with the European Union a "hostile act" and claimed that America bankrolls the entire Canadian health care system.

Remember a time when Americans noticed us so little, it was newsworthy every time it happened? The good old days.

TRUMP'S RENAMING RAMPAGE

A segment is a continuous passage of Trump speaking. Segments can mention more than one country.

THE GLOBE AND MAIL SOURCE: POLL CALL FAGTRA SE

Half-years; the last point covers July to Oct. 29, 2026. All remarks mentioning Canada by House and Senate members in the Congressional record rated by Google Gemini on a 1-5 scale of disposition toward Canada; 1 or 2 counts as sympathetic.

No one can say Mr. Trump is a complacent bully. His provocations evolve over time.

In his second term, he has combined a flair for relentless branding with a penchant for geopolitical trolling. What you get is the weaponization of proper nouns.

Mr. Trump has been slapping his name on stuff for decades, from office towers to steaks, from airlines to neckties, from memecoins to board games. The landfills of America must be teeming with Trump-branded detritus.

Give a man like that the power of the U.S. presidency, and naturally he'll start stalking bigger game, including mountains, lakes, states and oceans.

Take his “Lake America” stunt.

— Democrats — Republicans

Share of all remarks mentioning Canada by members of the U.S. Congress that were sympathetic toward Canada, by party and half-year

Democrats rally to Canada's defence, while Republicans toe the party line

For the latest period available, which goes up to the end of September, just 17 per cent of Republican mentions of Canada rated sympathetic in our model. Democratic speakers, on the other hand, sided with Canada about 70 per cent of the time.

Infuriated after Canada walked away from a bad trade deal, Mr. Trump ordered U.S. government agencies to change the name of Lake Ontario. With the stroke of a pen, he trolled an entire country, laid claim to a shared feature and took another jab at Canadian sovereignty, if only symbolically.

Next step: repeat the name change incessantly to make it indelible, as he has done with “Lake America” a couple of dozen times in the past two months.

He followed the same playbook with the Gulf of Mexico, rechristening it the “Gulf of America.” Since then, he’s floated changing the state name of New Mexico to New America. And most sublimely, he has made overtures about turning the Atlantic Ocean into Trump Ocean.

Masterful stuff. If only there were a Nobel Prize category for advancements in antagonism.

AT LEAST DEMOCRATS HAVE OUR BACKS, SORT OF

Former U.S. president Barack Obama recently came to Canada's defence at a rally for Democratic midterm candidates in Ohio. "These are the people who gave us maple syrup and Martin Short," he said.

It would have been nice if he talked about how we sheltered thousands of Americans on 9/11, fought alongside the U.S. in Afghanistan, are a crucial supplier of commodities and components to the U.S., and are a reliable partner in one of the world's greatest trade relationships. But we'll take it, I guess.

One of the most jarring aspects of the past couple of years is how easily Mr. Trump has managed to convince his followers that Canada is an economic enemy. And since America is hopelessly divided along partisan lines, Democrats have come to our defence by reflex.

You can see it in the data. In the same way we analyzed Mr. Trump's speeches, we also ran official congressional transcripts through Google Gemini to provide the same sentiment rating each time speakers in Congress talked about Canada.

For the latest period available, which goes up to the end of September, just 17 per cent of Republican mentions of Canada rated sympathetic in our model. Democratic speakers, on the other hand, sided with Canada about 70 per cent of the time.

Is it just empty rhetoric? You bet it is. Democrats are just as protectionist as their counterparts, and if they regain power, the party is unlikely to fully roll back the tariffs against Canada it inherits.

But when the alternative is a Canada-phobic menace, you cling to hollow support like grim death.

THE CANADIAN COLD SHOULDER

It may be true that your enemies bring out the best in you. It has warmed the heart to see such a fierce consumer backlash to Mr. Trump's onslaught.

Canadian travel to U.S. destinations declined by as much as 30 per cent, according to data on travellers crossing the border back into Canada. Sales of American alcohol products in Canada, meanwhile, dropped by as much as 70 per cent, which really sticks in the President's craw.

What's baffling is that this administration seems genuinely surprised by the Canadian reaction. Mr. Trump thinks Canada is “nasty” because of the boycott movement. For a wannabe strongman, he sure whines a lot. Brace yourself for a whole lot more of it before his reign finally comes to an end.

Two years down, two to go.

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DIVIDENDS

DIVIDEND NOTICE

Notice is hereby given that the Board of Directors of Centerra Gold Inc. has declared a dividend of Cdn\$0.07 per common share payable on December 2, 2026 to shareholders of record on November 19, 2026.

The dividend is an eligible dividend for Canadian income tax purposes.

By Order of the Board of Directors

EVP, Legal and Public Affairs

Toronto, Ontario

November 4, 2026

De Havilland to get up to \$2.5-billion in federal loans

Funds will enable

water bomber maker

to build a second

assembly line in Alberta

CHRISTOPHER REYNOLDS

The federal government has pledged up to \$2.5-billion in financing for Canadair water bomber maker De Havilland Canada in a bid to ramp up production of the iconic firefighting aircraft.

The money will allow for a second assembly line in Alberta, the Finance Department said. And it will provide the means to double production capacity to an eventual 20 water-scooping planes a year, according to De Havilland.

The manufacturer, whose “super scoopers” can suck up more than 6,000 litres of water in 12 seconds and dump it on wildfires, also says it will put the cash toward new staff and production in Victoria, Calgary and Ontario.

The funding is expected to take the form of loans and loan guarantees, delivered by Export Development Canada, Finance Department spokesperson Benoit Mayrand said. The interest rates and repayment terms are confidential.

Demand for amphibious firefighting aircraft is on the rise as the scale and intensity of wildfires increases and the need for tools to fend off climate disasters grows more urgent.

The yellow Canadair turbo-props serve as the only aircraft of their kind currently in production built from the outset for that purpose, rather than being retrofitted to douse flames.

However, competition is hot on their tail fin.

Aerospace companies such as Positive Aviation, Kepplair Evolution and Hynaero of France are all developing water bombers. Italy's 19-01 Holding aims to roll out its first prototype, which can scoop roughly twice the water volume of the DHC-515, by 2028.

A Canadair water bomber provides a steady stream of water to assist crews on the ground at the Paddy's Pond wildfire, just outside St. John's, in August 2025. De Havilland's 'super scoopers' can suck up more than 6,000 litres of water in 12 seconds and dump it on wildfires. PAUL DALY/ THE CANADIAN PRESS

De Havilland revived production of the Canadian-made planes in 2022 after several European countries placed orders for the program. The assembly line had halted in 2015, when it was run by Bombardier Inc.

Reving up has been a challenge, and the company has yet to churn out a single aircraft. The years-long hiatus meant a supply chain that drew on 60,000 parts had evaporated. Procurement hurdles have helped push the projected delivery date for the first Canadair DHC-515 (formerly called the CL-515) to early 2028.

Until last week it was sold out through 2034, though the fresh financing will now let more planes be assembled simultaneously starting in 2030, the company said in a release.

Even as it struggles to meet demand from other countries, De Havilland has been calling for a national fleet of water bombers at home.

Neil Sweeney, the company's vice-president of corporate affairs, said in a recent interview that an order for 50 new water bombers from the federal government or the provinces would give it the financial runway – billions of dollars – to launch a second production line at the assembly plant currently under construction 30 minutes east of Calgary in Wheatland County.

Something comparable to that goal seemed on the cusp of fruition in September, when a draft joint statement from the Canada-European Union summit and seen by The Canadian Press pledged an order for 50 De Havilland water bombers. However, the final joint statement last week stuck with the 24 planes already ordered by European countries, with no fresh batch of orders emerging.

Questions around financial liability and production capacity persist.

“My question is, who carries the risk if there’s an issue with De Havilland being able to build these airplanes at scale,” said John Gradek, who teaches aviation management at McGill University.

“De Havilland’s never built one of these airplanes.”

Industry insiders have also highlighted the pace of production for the water bombers, which will be riveted by hand and roll off the line at a projected rate of 10 per year – 20 eventually – partly owing to a lack of automation.

“De Havilland is building this airplane the way Canadair built it in the 1960s,” Mr. Gradek said, referring to the Montreal-based company that was nationalized in the 1970s before its purchase by Bombardier in 1986.

Decades later, automation typically plays a much greater role aircraft production, he noted.

“I want to know where this money is going, and I want to make sure that ... they're not just replicating a hand-built or a hand-assembled airplane. That's not the way we build airplanes in 2026.”

De Havilland did not respond to a request for comment.

However, chief executive officer Brian Chafe has framed the facility now under construction as a “world-class aerospace hub” and a “state-of-the-art campus.”

“De Havilland Canada will use this financing to hire new staff and invest in additional production capacity across its Canadian sites in Victoria, Calgary, Toronto, Kitchener and Fort Erie with supply chain jobs being created from Newfoundland to British Columbia,” it said in a release Friday.

The Finance Department did not lay out any potential reporting requirements.

“Specific commercial terms and conditions, including applicable interest rates and repayment terms, are subject to commercial confidentiality,” Mr. Mayrand said.

There are about 160 water bombers currently in service across the globe, mainly in Canada, the United States and Europe.

The 38 new planes now on the order book comprise 24 for six European countries as well as six for Ontario, five for Alberta – for \$400-million, or \$80-million apiece – and three for Manitoba, according to De Havilland.

THE CANADIAN PRESS

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Has gold finally lost its safe-haven status?

Gold slid below US\$4,000 an ounce last week, its lowest level in a year, as other safe-haven assets such as U.S. Treasuries, the dollar, the Swiss franc and the Japanese yen rallied. HOLLIE ADAMS/REUTERS

Bullion at one-year low as investors find it's not a reliable hedge against market volatility

JAMIE McGEEVER ORLANDO

ANALYSIS

The AI-fuelled turbulence hitting markets in recent weeks has revived demand for many traditional safe-haven assets, with one glaring exception: gold.

Growing concerns about the stability and profitability of the AI boom have knocked the S&P 500 and Nasdaq from record highs, pushing investors to seek protection in classic havens such as U.S. Treasuries, the dollar, the Swiss franc, and the Japanese yen. But gold, the oldest safety play of all, has not found a bid.

The yellow metal slid below US\$4,000 an ounce on Friday, its lowest level in a year, despite a seemingly favourable “risk off” backdrop of falling stock prices, widening credit spreads, lower bond yields and diminishing expectations for U.S. interest-rate hikes.

Even persistent weakness in bitcoin, once termed “digital gold,” and last week’s US\$6.3-billion cyberattack at crypto exchange Binance, potentially the world’s biggest financial heist, have failed to offer gold any discernible support.

Nor has the eight-month U.S.-Iran war. In fact, it has been a long time since gold displayed the safe-haven and inflation-hedge characteristics traditionally associated with it.

Central banks, among the world's most safety-conscious, conservative and price-insensitive investors, have ramped up gold purchases in recent years. That may reflect a desire to diversify away from the dollar amid volatile U.S. policy decisions more than a firm belief in gold's safety appeal.

Figures from the World Gold Council on Tuesday show that central bank purchases rose 42 per cent in the third quarter to 321 metric tonnes, the highest quarterly total since the fourth quarter of 2024. Poland and China led officially reported buying.

But an International Monetary Fund paper in July found that bullion is not a “reliable” hedge against equity market volatility and perhaps never has been, despite the long-held belief otherwise, and that its safe-haven properties “are neither universal nor unconditional.”

Not only is gold not functioning as a store of value, it often trades like a speculative asset. When gold hit a dizzying peak of US\$5,595 an ounce last January,

CHARTING RETIREMENT one-week “realized” volatility shot up to 90 per cent. That’s meme-stock territory.

Right now, gold's correlation with equities is positive and strengthening. Suki Cooper and Steven Englander at Standard Chartered estimate that gold's positive correlation with the S&P 500 on a three-month rolling basis is up to 0.48, and on a one-month basis, to 0.69.

Gold has certainly had a wild two years. Having surged 65 per cent last year, its best annual performance since the 1970s, some degree of rebalancing this year was always on the cards.

Gold has lost around a quarter of its value since the U.S. and Israel first attacked Iran on Feb. 28, as spiking energy prices and expectations of tighter monetary policy have diminished the allure of the non-yielding metal.

Bullion is now down 9 per cent so far this year, making it the worst performer by year-to-date dollar returns in Bank of America's list of 14 major asset classes. That's notably worse than even government bonds, which only weeks ago offered the highest yields in a quarter of a century.

Is it time for a bounce? If you believe in mean reversion, then yes. Gold is the most oversold asset class in BofA's ranking, trading some 10 per cent below its 200-day moving average in dollar terms. That's around five times more oversold than government bonds, by this metric, and it puts gold in the ballpark of markets like Chinese and Brazilian equities that have grabbed headlines recently for all the wrong reasons.

But what would spark a rebound? Probably not further stock-market turbulence. If equity-market losses trigger liquidity needs, investors are more likely to sell gold than buy.

“In the short term, gold’s role as a liquidity provider and the need to generate cash are likely to overshadow its role as a safe-haven asset,” Mr. Englander and Ms. Cooper wrote on Friday.

That's probably true. Perhaps it's also time to ask whether gold may no longer be a reliable port in the storm.

REUTERS

Is it better to start CPP in December or wait until 2027?

Cumulative gain or loss if CPP starts in 2027 vs. Dec. 2026

Future months (month 1 is Dec. 2026)

THE GLOBE AND MAIL, SOURCE: AUTHOR'S CALCULATIONS

With two months left in 2026, it's time for some insight into when you should start your CPP pension.

Let's say you are on the verge of retirement and are deliberating whether to start your Canada Pension Plan (CPP) this December or wait until some time in 2027.

As an example, let's consider Trevor, who is turning 65 in June of 2027. If he starts his CPP pension in December he will receive \$1,450 a month, which is not quite the maximum payable because he is a few months short of 65.

If Trevor delays starting his CPP by one month, he will be temporarily “underwater” – meaning he will have received less CPP pension than if he started receiving payments this December. As we will show, this is not a problem for Trevor because he gets a bigger starting CPP pension by waiting and the catch-up period is not very long.

The chart shows how underwater Trevor is if he starts his CPP pension in January 2027 or June 2027. Both are compared with a starting date of December 2026. We will call these two possibilities the “January Scenario” and the “June Scenario.”

Under the January Scenario, the maximum he is ever underwater is just \$1,450 (plus maybe \$4 of lost interest) since he has missed just one payment. More important, it will take just 36 months before he ends up ahead – that is his catch-up period – and after that, the payoff from having waited keeps on growing. After 230 months, when he is age 83, Trevor will be ahead by about \$10,000.

The June Scenario shows the same pattern except that Trevor is underwater by as much as \$8,700 and remains underwater for longer – until January 2035, when he is 72. Is it a mistake then to wait until June 2027?

Absolutely not, provided that Trevor has other sources of income before June and that he expects to live longer than age 72, which he should. Mortality tables show that Trevor has a 93-per-cent chance of surviving until age 72.

By the time he is 83, Trevor will be ahead by more than \$15,000 under the June Scenario which is considerably more than under the January Scenario. Of course, he has to live until 83 to realize that gain.

The odds are that the June scenario is better since the probability of living until 83 is about 75 per cent. I would take that bet.

FREDERICK VETTESE

Clean-tech investing surges even as ESG falls out of favour

KELSEY ROLFE

The environmental, social and governance investing boom feels like a long time ago. Political backlash to “woke capital,” energy security concerns, geopolitical instability, affordability issues and, in Canada, a new focus on economic sovereignty seem to have pushed responsible investing down the priority list for investors.

But the changing political and social landscape and a wave of ESG fund closures belie the vast amounts of capital now moving into clean technology, the energy transition and climate adaptation.

Global investment into clean technologies - including clean power, transportation, manufacturing and low-carbon industry - reached a record high of US\$2.3-trillion in 2025, according to BloombergNEF.

Tim Nash, president and founder of Toronto-based Good Investing, said this green shift is less values-motivated now.

Instead, “the hard economics are winning.”

John Cook, managing director and portfolio manager at Mackenzie Investments' resources and energy evolution team in Toronto, said the use of ESG factors has now become “table stakes” among institutional investors for risk management.

There has also been a more pragmatic shift, he said, with thematic managers understanding that businesses may still have a carbon footprint and be important contributors to the energy transition. He gave the examples of copper mining for electrification, polysilicon manufacturing for solar panels and graphite electrodes for less energy-intensive steel production.

"These connections are starting to be made [between] the environmental solutions and the building blocks, molecules and metals we need to make them," Mr. Cook said. "I think that gap has closed, which is tremendous."

AGF Investments Inc. recently made a similarly pragmatic update, changing the name and strategy for its AGF Global Sustainable Growth Equity ETF to AGF Energy Transition and Adaptation ETF in August.

The fund holds companies involved in the energy transition and climate change adaptation, even if they have higher emissions right now, such as Saskatoon-based uranium producer Cameco Corp. and Houston-based energy technology company Baker Hughes Co.

The strategy switch follows the company's launch, three years ago, of a U.S.-focused energy transition and adaptation strategy as a separately managed account.

Martin Grosskopf, vice-president and portfolio manager at AGF who runs both strategies, said the ETF strategy change was partly to reach a broader swath of investors who want “to have capital invested in these areas and aren’t as concerned about having a dogmatic approach to the issue.”

AGF Global Sustainable Growth Equity Fund has been around since 1991 and is still available as a mutual fund. It invests thematically in companies that deliver a positive sustainability impact.

“We're very excited about what's happening there, but that's a niche audience we're trying to meet with that product,” Mr. Grosskopf said. “We didn't want to diminish the integrity of our approach there.”

With several U.S. states restricting their public investment funds from investing with managers espousing certain ESG or sustainability strategies, he said, a transition-focused strategy was “more palatable to a broader audience.”

“This is just the pendulum swinging,” he said. Although many investors are interested in the energy transition, “they just want to be invested where capital is flowing” without the ESG framing.

The Responsible Investment Association's RIA Investor Pulse Check: Fall 2026 found retail investors are moderately interested in strategic investment opportunities, including energy security (65 per cent), domestic manufacturing and supply chains (64 per cent) and critical minerals (62 per cent), with about half interested in defence and security.

In a video discussing the survey, Glen Pichanick, the RIA's head of advocacy and industry insights, characterized the results as “more openness rather than strong demand at this point,” noting most investors said they were somewhat interested in these opportunities.

He said the results raise an interesting question: “Are investors beginning to think differently about what responsible or values-aligned investment opportunities look like in today’s economic and geopolitical environment?”

The survey also found inflation and affordability are the most prominent influences on Canadians' investment decisions, followed by Canada's economic resilience and global geopolitical uncertainty.

“Investors are clearly still thinking about the pressures that they’re experiencing personally in their finances, but they’re also looking outward at what’s happening in Canada and globally,” Mr. Pichanick said.

Big AI bets could break fragile global markets

Traders work on the floor of the New York Stock Exchange. More than US\$2-trillion in market value was wiped from the tech-heavy Nasdaq 100 last month as investors grew wary of the AI trade. RICHARD DREW/THE ASSOCIATED PRESS

Governments saddled with high debt are in a weak position to fight a new crisis

DHARA RANASINGHE

AMANDA COOPER LONDON

financial markets are struggling under the weight of wars, soaring sovereign debt and trade tensions, with signs of trouble showing across the world – from the selloff in Japanese and French bonds to plunging emerging-market currencies. Now, the one trade that helped investors remain optimistic is starting to show cracks as well.

So far, the multitrillion-dollar spending splurge on artificial intelligence, aided by Washington's light-touch approach to business, has propelled stock markets to record highs and raised expectations for the global economy to grow a healthy 3 per cent this year.

But investors are getting nervous about market resiliency. U.S. President Donald Trump's erratic trade policies and the Iran war's energy shock have revived inflation worldwide, putting pressure on central banks to raise interest rates. That, along with AI's capital-investment surge and highly indebted governments, is driving up borrowing costs to multidecade highs.

With U.S. midterm elections, volatile geopolitics and central bank policy promising further uncertainty in the final stretch of the year, some investors and economists say risks to the global economy are mounting.

“Rising rates always seem to sniff out and expose the most vulnerable time after time,” said Jim O’Neill, former Goldman Sachs chief economist and former British Treasury minister. “Countries and businesses too exposed suffer the most.”

He said if inflation did not ease, the risks stemming from the vast amount of debt-financed investment flowing into the AI sector would grow. The U.S. central bank has missed its inflation target for more than half a decade; euro-area inflation at 3.8 per cent is also above its 2-per-cent target.

“In some ways, it’s surprising to me there haven’t been more bumps in the AI trade already,” Mr. O’Neill said.

'SIGNS OF THINGS BREAKING'

Market jitters showed up abruptly in October, when investors rushed out of AI stocks and into safe-haven bonds.

More than US\$2-trillion in market value was wiped from the tech-heavy Nasdaq 100 last month, as Big Tech's earnings intensified investor scrutiny of whether the cash invested can generate returns quickly enough. The cost of insuring bonds of some tech companies surged, some proposed data centre projects struggled to raise money, and technology stocks from South Korea and China to the U.S. tumbled.

Investors flocked to bonds. Yields, which move inversely to price, fell from multidecade highs, with the benchmark 10-year Treasury, which guides borrowing costs globally, falling almost 20 basis points on Oct. 22, its biggest daily fall since early 2023.

The 10-year yield is still hovering around 5 per cent, a threshold some investors see as a risk to broader financial stability.

Strains were already showing up in parts of the world where the AI build-out has been less of a driving force.

In France, bond yields soared to levels last seen during the 2012 euro zone debt crisis, leaving the government with little room to address demands from protesters who have taken to the streets in the worst civil unrest in years.

In Japan, whose economy is dependent on energy imports, bond yields recently hit 30-year peaks. Authorities are under pressure to raise rates faster, undermining Tokyo's policy goals that called for additional spending and possibly upending global capital flows.

"There are some signs of things breaking," said Mike Riddell, a lead portfolio manager at Fidelity International, which manages more than US\$1-trillion worth of assets, pointing to troubles in France and Australia, where the housing market is in the throes of the worst downturn in decades. German bonds, also considered a safe haven, have become more attractive, Mr. Riddell added.

U.S. economist Paul Krugman said persistently elevated inflation that prompts significant rate increases, rising government bond yields and cracks in the AI boom are major concerns for the U.S. economy. “There are troubling aspects of the current economy that could potentially be harbingers of the crisis to come,” Mr. Krugman wrote in an Oct. 25 column on online newsletter platform Substack.

White House spokesperson Matthew

Middleton said the Trump administration is committed to maintaining the U.S. leadership in AI, fuelling revenue growth and driving productivity across the economy.

To be sure, there are many reasons for investors to remain optimistic. Over the past two years, recession warnings have proven wrong. Europe's economic data has proved more resilient than expected, and labour markets, too, have been stable.

Earnings are also strong. In the U.S., 84 per cent of the S&P 500 companies that have reported results so far in the third quarter have beaten consensus estimates, according to LSEG data.

AI SPENDING SHIELDED MARKETS – UNTIL NOW

Much of that resilience, however, has been due to AI spending. The so-called hyper-scalers – half a dozen U.S. tech firms – are poised to invest US\$1.2-trillion next year in that build-out, or as much as all of Europe's companies combined, Danske Bank estimates. That's on top of an estimated US\$900-billion those tech firms are forecast to spend this year.

Tech and AI stocks compose more than 40 per cent of the S&P 500 and account for much of the index's 70-per-cent rise over the past five years. While the big-cap S&P has lost 3 per cent from the early October peak as investors have pulled back from AI, the Russell 2000 small-cap index, whose companies are more rate-sensitive, is down nearly 8 per cent from its August peak.

“I particularly note the narrowness of the leadership,” said Société Générale global strategist Albert Edwards, who is credited with calling the 1997 Asian financial crisis.

“I like the adaption of the Winston Churchill quote: ‘Never have stocks owed so much to so few’,” said Mr. Edwards, a selfdescribed "uber bear."

Without AI spending, some analysts say the U.S. economy could have already slipped into recession and dragged down others with it, given the surge in energy prices due to the Iran war.

For Sheila Bair, who chaired the Federal Deposit Insurance Corporation during the 2008 crisis, there are warning signs similar to the run-up to that collapse, including the explosive growth in lending by parts of the financial sector whose business model now risks being threatened by rates moving higher.

“You have a buildup of leverage and AI companies that are relying a lot more on debt now to finance their ambitions,” said Ms. Bair, adding she sees significant fragilities. “I also worry about the lack of fiscal firepower if we have another crisis because we’re just so strapped.”

RISING RISKS OF GLOBAL SHOCKS

The Iran war, which has dragged on for months, has disrupted oil supplies and sent prices soaring, adding to current economic fragility. At US\$105 a barrel, oil is up almost 75 per cent so far this year. Trump has signalled the U.S. and Israel could restart attacks on Iran after the midterms.

From Indonesia to the Philippines, some emerging-market currencies have hit record lows as the cost of crude oil has surged, forcing their central banks to raise rates.

In its July financial stability report, the Bank of England warned that the unpredictable global environment raises the likelihood of additional large global shocks that “could interact with one another, increasing their combined impact.”

Should that happen, debt-laden governments would have far less firepower to deal with the economic and social fallout of any major downturn. Total global debt stands at more than US\$350-trillion, a record, according to the Institute of International Finance. That figure is almost three times the size of the global economy.

Current fissures among traditional alliances may make it more difficult for leading economies to come together as they did with rescue packages and monetary stimulus during the 2008 global financial crisis, said Tina Fordham, founder and geopolitical strategist at Fordham Global Foresight. With less coordination, a 2008-level event now could trigger a global depression, she said.

Should AI spending falter, the shock-waves could ripple worldwide. Foreign investors are heavily exposed to the U.S. market; their net purchases of US securities jumped to nearly US\$280-billion in August, a record for a single month, the latest Treasury International Capital data shows.

Ms. Fordham referred to billionaire investor Warren Buffett's famous remark about market risks: it is only when the tide goes out that one discovers who has been swimming naked.

"The tide is AI," she said.

REUTERS

RISING RISKS OF GLOBAL SHOCKS

The Iran war, which has dragged on for months, has disrupted oil supplies and sent prices soaring, adding to current economic fragility. At US\$105 a barrel, oil is up almost 75 per cent so far this year. Trump has signalled the U.S. and Israel could restart attacks on Iran after the midterms.

From Indonesia to the Philippines, some emerging-market currencies have hit record lows as the cost of crude oil has surged, forcing their central banks to raise rates.

In its July financial stability report, the Bank of England warned that the unpredictable global environment raises the likelihood of additional large global shocks that “could interact with one another, increasing their combined impact.”

Should that happen, debt-laden governments would have far less firepower to deal with the economic and social fallout of any major downturn. Total global debt stands at more than US\$350-trillion, a record, according to the Institute of International Finance. That figure is almost three times the size of the global economy.

Current fissures among traditional alliances may make it more difficult for leading economies to come together as they did with rescue packages and monetary stimulus during the 2008 global financial crisis, said Tina Fordham, founder and geopolitical strategist at Fordham Global Foresight. With less coordination, a 2008-level event now could trigger a global depression, she said.

Should AI spending falter, the shock-waves could ripple worldwide. Foreign investors are heavily exposed to the U.S. market; their net purchases of US securities jumped to nearly US\$280-billion in August, a record for a single month, the latest Treasury International Capital data shows.

Ms. Fordham referred to billionaire investor Warren Buffett's famous remark about market risks: it is only when the tide goes out that one discovers who has been swimming naked.

"The tide is AI," she said.

REUTERS

RISING RISKS OF GLOBAL SHOCKS

The Iran war, which has dragged on for months, has disrupted oil supplies and sent prices soaring, adding to current economic fragility. At US\$105 a barrel, oil is up almost 75 per cent so far this year. Trump has signalled the U.S. and Israel could restart attacks on Iran after the midterms.

From Indonesia to the Philippines, some emerging-market currencies have hit record lows as the cost of crude oil has surged, forcing their central banks to raise rates.

In its July financial stability report, the Bank of England warned that the unpredictable global environment raises the likelihood of additional large global shocks that “could interact with one another, increasing their combined impact.”

Should that happen, debt-laden governments would have far less firepower to deal with the economic and social fallout of any major downturn. Total global debt stands at more than US\$350-trillion, a record, according to the Institute of International Finance. That figure is almost three times the size of the global economy.

Current fissures among traditional alliances may make it more difficult for leading economies to come together as they did with rescue packages and monetary stimulus during the 2008 global financial crisis, said Tina Fordham, founder and geopolitical strategist at Fordham Global Foresight. With less coordination, a 2008-level event now could trigger a global depression, she said.

Should AI spending falter, the shock-waves could ripple worldwide. Foreign investors are heavily exposed to the U.S. market; their net purchases of US securities jumped to nearly US\$280-billion in August, a record for a single month, the latest Treasury International Capital data shows.

Ms. Fordham referred to billionaire investor Warren Buffett's famous remark about market risks: it is only when the tide goes out that one discovers who has been swimming naked.

"The tide is AI," she said.

REUTERS

RISING RISKS OF GLOBAL SHOCKS

The Iran war, which has dragged on for months, has disrupted oil supplies and sent prices soaring, adding to current economic fragility. At US\$105 a barrel, oil is up almost 75 per cent so far this year. Trump has signalled the U.S. and Israel could restart attacks on Iran after the midterms.

From Indonesia to the Philippines, some emerging-market currencies have hit record lows as the cost of crude oil has surged, forcing their central banks to raise rates.

In its July financial stability report, the Bank of England warned that the unpredictable global environment raises the likelihood of additional large global shocks that “could interact with one another, increasing their combined impact.”

Should that happen, debt-laden governments would have far less firepower to deal with the economic and social fallout of any major downturn. Total global debt stands at more than US\$350-trillion, a record, according to the Institute of International Finance. That figure is almost three times the size of the global economy.

Current fissures among traditional alliances may make it more difficult for leading economies to come together as they did with rescue packages and monetary stimulus during the 2008 global financial crisis, said Tina Fordham, founder and geopolitical strategist at Fordham Global Foresight. With less coordination, a 2008-level event now could trigger a global depression, she said.

Should AI spending falter, the shock-waves could ripple worldwide. Foreign investors are heavily exposed to the U.S. market; their net purchases of US securities jumped to nearly US\$280-billion in August, a record for a single month, the latest Treasury International Capital data shows.

Ms. Fordham referred to billionaire investor Warren Buffett's famous remark about market risks: it is only when the tide goes out that one discovers who has been swimming naked.

"The tide is AI," she said.

REUTERS

RISING RISKS OF GLOBAL SHOCKS

The Iran war, which has dragged on for months, has disrupted oil supplies and sent prices soaring, adding to current economic fragility. At US\$105 a barrel, oil is up almost 75 per cent so far this year. Trump has signalled the U.S. and Israel could restart attacks on Iran after the midterms.

From Indonesia to the Philippines, some emerging-market currencies have hit record lows as the cost of crude oil has surged, forcing their central banks to raise rates.

In its July financial stability report, the Bank of England warned that the unpredictable global environment raises the likelihood of additional large global shocks that “could interact with one another, increasing their combined impact.”

Should that happen, debt-laden governments would have far less firepower to deal with the economic and social fallout of any major downturn. Total global debt stands at more than US\$350-trillion, a record, according to the Institute of International Finance. That figure is almost three times the size of the global economy.

Current fissures among traditional alliances may make it more difficult for leading economies to come together as they did with rescue packages and monetary stimulus during the 2008 global financial crisis, said Tina Fordham, founder and geopolitical strategist at Fordham Global Foresight. With less coordination, a 2008-level event now could trigger a global depression, she said.

Should AI spending falter, the shock-waves could ripple worldwide. Foreign investors are heavily exposed to the U.S. market; their net purchases of US securities jumped to nearly US\$280-billion in August, a record for a single month, the latest Treasury International Capital data shows.

Ms. Fordham referred to billionaire investor Warren Buffett's famous remark about market risks: it is only when the tide goes out that one discovers who has been swimming naked.

"The tide is AI," she said.

REUTERS

TSX hits nearly four-week low as Shopify, Thomson Reuters slide on earnings

Canada's main stock index fell to a nearly four-week low on Tuesday as shares of Shopify and Thomson Reuters lost ground after reporting quarterly results, while investors awaited detailed evidence that a trade deal between the US and Canada was at hand. The S&P 500 ended higher as AI heavyweights edged up ahead of U.S. midterm election results.

The S&P/TSX Composite Index ended down 268.81 points, or 0.8 per cent, at 35,532.28.

U.S. President Donald Trump said the United States was close to making a trade deal with Canada. The imposition of tariffs on

Canada has emerged as an issue in some northern U.S. border states such as Michigan and Maine before the midterm elections on Tuesday.

“With any trade deal the devil is always in the details, and until we see something concrete come out of that, which could be weeks or even months, I think the market is still going to be in a very volatile state,” said Michael Sprung, president at Treegrove Investment Management.

The TSX's technology sector fell 1.7 per cent on Tuesday, with shares of Shopify down 8 per cent after the e-commerce company's third-quarter revenue slightly missed estimates.

Thomson Reuters reported higher third-quarter revenue, but its shares fell 9 per cent on what some investors said were concerns over the impact on profit of higher AI spending.

The materials group lost 1.5 per cent as a stronger U.S. dollar and higher U.S. Treasury yields contributed to a 0.6 per cent decline in the price of gold.

5N Plus was one bright spot. Its shares jumped 24.7 per cent after the semiconductor producer's quarterly revenue beat estimates.

The S&P 500 climbed 0.36 per cent to end the session at

7,568.92 points. The Nasdaq gained 0.83 per cent to 25,372.01 points, while the Dow Jones Industrial Average declined 0.38 per cent to 51,787.04 points.

Apple dropped 1.9 per cent after it warned that the cost of memory chips would continue to rise, pressuring its holiday-quarter gross margin.

Memory-chip maker Micron Technology gained 2.6 per cent, while Nvidia rose 2.3 per cent after falling in the last four sessions.

The S&P 500 is down about 3 per cent from its record-high close on Oct. 6, and it remains up more than 10 per cent in 2026.

Oil prices eased as investors weighed talks to end the wars in Ukraine and Iran against worries about additional supply disruptions from recent attacks in both conflicts. Iran and the United States are still far from a deal to end their war, a senior Iranian official told Reuters. US West Texas Intermediate crude fell 37 US cents to settle at US\$96.09, its lowest since Oct.14.

Six of the 11 S&P 500 sector indexes declined, led lower by consumer staples, down 1.76 per cent, followed by a 1.75 per cent loss in materials.

EYE ON EQUITIES DAVID LEEDER

CAPITAL POWER (CPX-TSX)

CLOSE \$63.76, UP 35¢

In the wake of its third-quarter earnings beat, National Bank Financial analyst Patrick Kenny emphasized Capital Power Corp.'s "utility-like cash flow quality profile" after the Edmonton-based company "reiterated its 75-per-cent contracted EBITDA profile with a weighted average contract duration of nine to 11 years, 90 per cent from A-rated counterparties."

Target: Mr. Kenny trimmed his target for Capital Power shares by \$1 to \$83, keeping an “outperform” rating. Consensus is \$78.55.

EBQ (EQB-TSX)

CLOSE \$122.25, UP 34¢

While acknowledging “a weak housing market and rising interest rates continue to pressure near-term fundamentals,” Raymond James analyst Stephen Boland thinks EQB Inc.’s recent share price decline has improved its valuation. Accordingly, after updating his forecast to reflect its sale of Bennington Financial Corp., he raised his rating to “market perform” from “underperform” previously.

Target: Mr. Boland's target is now \$124, up from \$120. Consensus is \$137.

EXCHANGE INCOME (EIF-TSX)

CLOSE \$117.60, UP \$3.17

Ventum Capital Markets analyst Rob Goff sees Exchange Income Corp. as a “disciplined compounder playing offence” and poised to “harness generational tailwinds.” Believing it’s “poised for extended growth,” he resumed coverage with a “buy” rating.

Target: Touting its “exceptional financial track record qualifies it as an elite compounder, fuelled by organic and inorganic growth governed by strict capital allocation discipline,” Mr. Goff set a target of \$150. Consensus is \$149.

GILDAN ACTIVEWEAR (GIL-TSX)

CLOSE \$56.80, DOWN 47¢

Ahead of its earnings release on Thursday, Desjardins Securities analyst Chris Li thinks macroeconomic headwinds “temper” the near-term outlook for Gildan Activewear Inc., however, he continues to see its long-term value “intact.” “At 8-times forward P/E, we believe valuation largely reflects macro challenges weighing on demand, resulting in downward estimate revisions,” he said. Target: Mr. Li lowered his target to \$90 from \$108, maintaining a “buy” rating. Consensus is \$96.02.

While RBC Dominion Securities analyst Ryland Conrad made a modest reduction to his revenue forecast for Premium Brands Holdings Corp. in anticipation of the release of its third-quarter results on Thursday, he thinks a recent decline in its share price “provides an attractive accumulation opportunity.”

Target: Reaffirming his “outperform” rating, Mr. Conrad cut his target to \$110 from \$120. Consensus is \$109.75.

TSX VOLUME

TOP 20 FOR STOCKS \$1 OR MORE

CURRENCIES

FOREIGN EXCHANGE CROSS RATES

S&P/TSX COMPOSITE INDEX

PAST 12 MONTHS

TSX INDEXES AND SUB INDEXES

S&P 500

PAST 12 MONTHS

TOP 20 FOR STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | VNP 5N PLUS INC. | 32.62 | 6.47 | 24.74 | 1341 | 84.09 | ACB AURORA CANNAB | 7.21 | 1.32 | 22.41 | 2706 | 24.96 | SHPD SAVVYSHORT - HUT HUT 8 CORP | 5.87 | 0.84 | 16.70 | 51 | -51.77 | 88.90 | 11.97 | 15.56 | 1042 | 40.84 | KEEL KEEL INFRAST | 3.07 | 0.41 | 15.41 | 3581 | 2.33 | ECO ECOSYNTHETIX | 1.55 | 0.20 | 14.81 | 8 | -61.25 | CNL COLLECTIVE MI | 16.05 | 1.77 | 12.39 | 433 | -19.75 | FISV FISERV CDR ( COIU SAVVYLONG 2X | 5.84 | 0.61 | 11.66 | 289 | -12.31 | 14.76 | 1.52 | 11.48 | 3 | -77.36 | MTY MTY FOOD GROU | 36.35 | 3.60 | 10.99 | 641 | -4.64 | CURA CURALEAF HOL | 14.23 | 1.40 | 10.91 | 678 | 39.10 | BE BLOOM ENERGY C | 16.74 | 1.46 | 9.55 | 37 | -3.79 | TIH TOROMONT IND | 209.40 | 16.34 | 8.46 | 460 | 26.11 | AMDU SAVVYLONG 2X | 15.50 | 1.19 | 8.32 | 8 | -28.24 | SOXU MEGALONG 3X | 22.44 | 1.63 | 7.83 | 141 | 69.42 | TSAT TELESAT CORP | 56.64 | 4.10 | 7.80 | 41 | 43.14 | ASTL ALGOMA STEEL | 7.47 | 0.54 | 7.79 | 1157 | 32.21 | MSTU SAVVYLONG 2X | 28.59 | 2.04 | 7.68 | 151 | -65.80 | ORBU SAVVYLONG 2X | 8.31 | 0.58 | 7.50 | 9 | -56.03 | HPS-A HAMMOND POW | 237.35 | 16.54 | 7.49 | 73 | 48.83 | TSX LOSERS

TOP 20 FOR STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | SHPU SAVVYLONG 2X | 9.36 | -1.94 | -17.17 | 27 | -47.06 | COID SAVVYSHORT - | 5.47 | -0.80 | -12.76 | 6 | -64.15 | SHHI NINEPOINT SH | 7.03 | -0.75 | -9.64 | 202 | -34.05 | HFPC-U HELIOS FAI | 1.82 | -0.18 | -9.00 | 5 | 23.81 | TRI THOMSON REUTE | 155.07 | -15.34 | -9.00 | 1636 | -14.39 | SHPE HARVEST SHOP | 7.99 | -0.75 | -8.58 | 94 | -39.24 | AP-UN ALLIED PROP | 3.71 | -0.33 | -8.17 | 3348 | -72.25 | MSTZ SAVVYSHORT - | 2.16 | -0.19 | -8.09 | 38 | -90.02 | URE UR-ENERGY INC | 1.03 | -0.09 | -8.04 | 306 | -45.21 | SHOP SHOPIFY INC | 200.19 | -17.45 | -8.02 | 3365 | -9.42 | TLF-U BROMPTON TE | 33.77 | -2.79 | -7.63 | 8.90 | SOXD MEGASHORT -3 | 18.12 | -1.49 | -7.60 | 60 | -91.19 | QQQT-U EVOLVE NAS | 49.24 | -3.08 | -5.89 | 17.10 | OGI ORGANIGRAM GL | 1.28 | -0.08 | -5.88 | 1081 | -44.59 | HLS HLS THERAPEUT | 4.23 | -0.24 | -5.37 | 56 | -12.24 | STLR STLLR GOLD I | 1.07 | -0.06 | -5.31 | 71 | -34.36 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | IAU I 80 GOLD COR | 1.83 | -0.10 | -5.18 | 2184 | -9.41 | TBL TAIGA BUILDIN | 3.49 | -0.19 | -5.16 | 1 | -2.24 | III IMPERIAL META | 5.95 | -0.32 | -5.10 | 92 | -40.50 | TSX 52-WEEK HIGHS

STOCKS \$1 OR MORE

S&P/TSX COMPOSITE INDEX STOCKS

LARGEST STOCKS BY MARKET CAPITALIZATION | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | CEU CES ENERGY SO | 20.45 | 0.32 | 1.59 | 370 | 66.67 | CSH-UN CHARTWELL | 21.57 | 1.00 | 4.86 | 709 | 7.31 | CHP-UN CHOICE PRO | 14.95 | 0.03 | 0.20 | 599 | 0.95 | CCA COGECO COMMUN | 52.72 | 0.14 | 0.27 | 273 | -20.69 | CIGI COLLIERS INT | 144.64 | -1.49 | -1.02 | 154 | -28.30 | CSU CONSTELLATION | 3438 | -9.02 | -0.26 | 50 | 4.14 | CRR-UN CROMBIE RE | 16.17 | 0.07 | 0.43 | 186 | 5.89 | CURA CURALEAF HOL | 14.23 | 1.40 | 10.91 | 678 | 39.10 | DFY DEFINITY FINA | 73.71 | -0.21 | -0.28 | 126 | -2.92 | DML DENISON MINES | 2.96 | -0.01 | -0.34 | 2747 | -18.68 | DSG DESCARTES SYS | 127.76 | 0.00 | 0.00 | 270 | 6.10 | DSV DISCOVERY MIN | 9.62 | -0.22 | -2.24 | 1677 | 14.80 | DOL DOLLARAMA INC | 209.97 | -2.03 | -0.96 | 479 | 2.35 | DPM DPM METALS IN | 49.03 | -1.07 | -2.14 | 919 | 15.58 | DIR-UN DREAM INDU | 12.68 | -0.03 | -0.24 | 639 | 0.79 | EQB EQB INC | 122.25 | 0.34 | 0.28 | 88 | 17.67 | ELD ELDORADO GOLD | 44.38 | -0.63 | -1.40 | 1030 | -10.03 | EFN ELEMENT FLEET | 22.42 | 0.30 | 1.36 | 1514 | -37.81 | EMA EMERA INCORPO | 70.08 | 0.15 | 0.21 | 2847 | 3.61 | EMP-A EMPIRE COMP | 49.55 | -0.55 | -1.10 | 369 | 3.83 | ENB ENBRIDGE INC | 68.58 | -0.24 | -0.35 | 8281 | 4.42 | EDR ENDEAVOUR SIL | 9.86 | -0.26 | -2.57 | 1274 | -23.63 | EFX ENERFLEX LTD | 32.71 | 1.59 | 5.11 | 769 | 54.58 | EFR ENERGY FUELS | 10.18 | -0.13 | -1.26 | 977 | -48.79 | EQX EQUINOX GOLD | 14.03 | -0.08 | -0.57 | 2595 | -27.27 | ERO ERO COPPER CO | 42.59 | 1.83 | 4.49 | 1026 | 9.68 | EIF EXCHANGE INCO | 117.81 | 3.47 | 3.03 | 117 | 43.74 | EXE EXTENDICARE I | 28.29 | 1.54 | 5.76 | 835 | 32.51 | FFH FAIRFAX FINAN | 2488.86 | -1.75 | -0.07 | 87 | -4.86 | FTT FINNING INTL | 98.21 | 5.73 | 6.20 | 640 | 32.06 | FCR-UN FIRST CAPI | 23.16 | 0.11 | 0.48 | 813 | 22.54 | AG FIRST MAJESTIC | 19.77 | -0.27 | -1.35 | 1095 | -13.67 | FM FIRST QUANTUM | 32.11 | -0.27 | -0.83 | 1817 | -12.74 | FSV FIRSTSERVICE | 208.64 | -3.67 | -1.73 | 120 | -2.25 | FTS FORTIS INC | 83.58 | 0.63 | 0.76 | 2595 | 17.12 | FVI FORTUNA MININ | 12.42 | -0.30 | -2.36 | 741 | -7.66 | FNV FRANCO-NEVADA | 316.55 | -4.39 | -1.37 | 273 | 11.26 | FRU FREEHOLD ROYA | 17.10 | 0.07 | 0.41 | 387 | 12.57 | GMIN G MINING VEN | 38.80 | -0.85 | -2.14 | 1027 | -6.48 | GFL GFL ENVIRONME | 64.06 | -0.29 | -0.45 | 732 | 8.65 | GEI GIBSON ENERGY | 34.14 | 0.75 | 2.25 | 661 | 35.91 | GIL GILDAN ACTIVE | 56.80 | -0.47 | -0.82 | 552 | -33.79 | GRT-UN GRANITE RE | 84.88 | -0.95 | -1.11 | 135 | 3.88 | GWO GREAT-WEST LI | 92.53 | 0.71 | 0.77 | 773 | 36.70 | HPS-A HAMMOND POW | 237.35 | 16.54 | 7.49 | 73 | 48.83 | HWX HEADWATER EXP | 12.97 | -0.20 | -1.52 | 826 | 38.42 | HR-UN HR REAL EST | 9.60 | 0.08 | 0.84 | 806 | -6.16 | HBM HUDBAY MINERA | 30.02 | -0.34 | -1.12 | 2177 | 10.17 | H HYDRO ONE LIMIT | 56.03 | 0.14 | 0.25 | 1002 | 2.54 | IAU I 80 GOLD COR | 1.83 | -0.10 | -5.18 | 2184 | -9.41 | IAG IA FINANCIAL | 216.87 | 1.69 | 0.79 | 297 | 21.95 | IMG IAMGOLD CORP | 22.19 | -0.19 | -0.85 | 1358 | -2.03 | IGM IGM FINANCIAL | 82.35 | -1.14 | -1.37 | 451 | 33.23 | IMO IMPERIAL OIL | 188.43 | 1.15 | 0.61 | 869 | 58.91 | IFC INTACT FINANC | 262.73 | -1.93 | -0.73 | 390 | -8.05 | IPCO INTERNATIONA | 38.45 | 1.54 | 4.17 | 331 | 54.85 | IVN IVANHOE MINES | 8.88 | -0.12 | -1.33 | 4547 | -43.11 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | VNP 5N PLUS INC. | 32.62 | 6.47 | 24.74 | 1304 | 84.09 | ABRA ABRASILVER R | 10.18 | -0.20 | -1.93 | 433 | -4.68 | AAV ADVANTAGE ENE | 11.54 | 0.24 | 2.12 | 1059 | -1.70 | ARE AECON GROUP I | 56.80 | 3.79 | 7.15 | 685 | 81.59 | AEM AGNICO EAGLE | 234.19 | -4.22 | -1.77 | 593 | 0.61 | AC AIR CANADA | 21.10 | 0.01 | 0.05 | 2347 | 9.38 | AGI ALAMOS GOLD I | 37.91 | -0.92 | -2.37 | 1080 | -28.47 | AQN ALGONQUIN POW | 7.74 | -0.11 | -1.40 | 2499 | -8.29 | ATD ALIMENTATION | 81.77 | -0.37 | -0.45 | 1413 | 9.08 | AAUC ALLIED GOLD | 26.55 | -0.60 | -2.21 | 360 | -15.58 | AP-UN ALLIED PROP | 3.71 | -0.33 | -8.17 | 3348 | -72.25 | ALA ALTAGAS LTD. | 55.45 | 0.35 | 0.64 | 794 | 32.50 | ALS ALTUS MINERA | 49.64 | -0.28 | -0.56 | 117 | 21.55 | AIF ALTUS GROUP L | 52.44 | 0.00 | 0.00 | 140 | -7.53 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | ARIS ARIS MINING | 20.23 | -0.24 | -1.17 | 836 | -9.12 | ATZ ARITZIA INC | 150.10 | -0.76 | -0.50 | 462 | 27.91 | ACO-X ATCO LTD. C | 84.39 | 1.13 | 1.36 | 242 | 49.68 | ATH ATHABASCA OIL | 11.79 | 0.02 | 0.17 | 2551 | 67.71 | ATRL ATKINSREALIS | 93.02 | 2.91 | 3.23 | 540 | 4.99 | ATS ATS CORPORATI | 26.50 | 0.05 | 0.19 | 203 | -29.91 | ASM AVINO SILVER | 5.97 | -0.15 | -2.45 | 443 | -30.09 | AYA AYA GOLD AND | 32.28 | -0.80 | -2.42 | 485 | 64.36 | BTO B2GOLD CORP. | 6.57 | -0.11 | -1.65 | 2626 | 6.31 | BCE BCE INC. | 28.80 | -0.13 | -0.45 | 5352 | -12.03 | BDGI BADGER INFRA | 90.12 | 5.72 | 6.78 | 213 | 23.23 | BMO BANK OF MONTR | 240.56 | -1.47 | -0.61 | 5536 | 34.96 | BNS BANK OF NOVA | 131.17 | -0.44 | -0.33 | 3742 | 29.58 | ABX BARRICK MININ | 51.93 | -1.17 | -2.20 | 5594 | -13.15 | BHC BAUSCH HEALTH | 11.41 | 0.16 | 1.42 | 641 | 19.73 | BTE BAYTEX ENERGY | 6.71 | 0.02 | 0.30 | 5386 | 51.13 | BIR BIRCHCLIFF EN | 7.12 | 0.10 | 1.42 | 1300 | -4.69 | BDT BIRD CONSTRUC | 74.56 | 4.26 | 6.06 | 219 | 161.43 | BB BLACKBERRY LIM | 11.48 | 0.26 | 2.32 | 1595 | 121.62 | BEI-UN BOARDWALK | 63.05 | -0.16 | -0.25 | 91 | -2.22 | BBD-B BOMBARDIER | 340.16 | 13.15 | 4.02 | 214 | 45.68 | BYD BOYD GROUP SE | 123.12 | -0.40 | -0.32 | 83 | -43.69 | BAM BROOKFIELD AS | 71.32 | -0.64 | -0.89 | 1439 | -0.81 | BBUC BROOKFIELD B | 42.26 | 0.26 | 0.62 | 133 | -13.84 | BN BROOKFIELD COR | 56.85 | -1.10 | -1.90 | 6167 | -9.79 | BIP-UN BROOKFIELD | 52.45 | -0.79 | -1.48 | 378 | 9.94 | BEP-UN BROOKFIELD | 42.30 | 0.39 | 0.93 | 553 | 14.05 | DOO BRP INC | 87.09 | -1.23 | -1.39 | 137 | -10.26 | CAR-UN CDN APARTM | 31.40 | 0.01 | 0.03 | 592 | -14.84 | CNQ CDN NATURAL R | 74.97 | -0.15 | -0.20 | 4169 | 61.26 | GIB-A CGI INC | 113.63 | -1.69 | -1.47 | 828 | -10.37 | CRT-UN CT REAL ES | 17.61 | 0.10 | 0.57 | 210 | 8.24 | CAE CAE INC | 37.32 | 0.43 | 1.17 | 588 | -10.59 | CCO CAMECO CORP | 101.73 | -0.77 | -0.75 | 1504 | -19.06 | CM CANADIAN IMPER | 163.36 | -0.24 | -0.15 | 2430 | 31.29 | CNR CANADIAN NATI | 176.95 | -0.40 | -0.23 | 1001 | 30.35 | CP CANADIAN PACIF | 127.72 | -0.18 | -0.14 | 1289 | 26.39 | CTC-A CANADIAN TI | 202.68 | -1.66 | -0.81 | 186 | 16.52 | CU CANADIAN UTILI | 52.20 | 0.77 | 1.50 | 1519 | 22.16 | CPX CAPITAL POWER | 63.76 | 0.35 | 0.55 | 627 | 8.90 | CS CAPSTONE COPPE | 11.11 | -0.28 | -2.46 | 2328 | -19.38 | CJT CARGOJEIT INC. | 93.99 | 3.95 | 3.49 | 148 | 11.97 | CCL-B CCL INDUSTR | 99.45 | -0.55 | -0.55 | 350 | 14.71 | CLS CELESTICA INC | 363.50 | 15.05 | 4.32 | 430 | -10.47 | CVE CENOVUS ENERG | 43.03 | 0.08 | 0.19 | 6527 | 85.31 | CG CENTERRA GOLD | 27.45 | -1.33 | -4.62 | 1339 | 38.92 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | PLZ-UN PLAZA RETA | 5.30 | -0.04 | -0.75 | 64 | 23.54 | SEC SENVEST CAPIT | 442.99 | 0.79 | 0.18 | 19.24 | NWC THE NORTH WES | 56.90 | -0.68 | -1.18 | 102 | 16.34 | WCN WASTE CONNECT | 261.15 | -2.18 | -0.83 | 232 | 8.49 | WRG WESTERN ENERG | 3.84 | -0.16 | -4.00 | 2 | 83.73 | DOW JONES INDUSTRIAL AVERAGE

PAST 12 MONTHS

ETFS

STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | SQQQ BETAPRO -3X | 8.41 | -0.16 | -1.87 | 341 | -36.00 | TGED TD ACTIVE GL | 30.44 | 0.22 | 0.73 | 315 | 5.51 | TQQQ BETAPRO 3X N | 30.51 | 0.51 | 1.70 | 299 | 11.43 | VEQT VANGUARD ALL | 60.78 | -0.06 | -0.10 | 433 | 13.16 | VXC VANGUARD FTSE | 82.51 | 0.18 | 0.22 | 639 | 11.85 | XEG ISHARES SP TS | 30.03 | 0.01 | 0.03 | 3243 | 56.24 | XEQT ISHARES CORE | 44.65 | -0.04 | -0.09 | 623 | 11.93 | XGD ISHARES S&P/T | 48.73 | -0.77 | -1.56 | 327 | -4.68 | XIC ISHARES CORE | 56.75 | -0.48 | -0.84 | 796 | 12.27 | XIU ISHARES SP TS | 53.47 | -0.60 | -1.11 | 4299 | 13.79 | ZAG BMO AGGREGATE | 13.50 | -0.03 | -0.22 | 479 | -2.03 | ZEB BMO EQUAL WEI | 75.72 | -0.38 | -0.50 | 2484 | 29.88 | TSX 52-WEEK LOWS

STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | XLY AUXLY CANNABI | 3.68 | -0.08 | -2.13 | 162 | 81.28 | BRK BERKSHIRE HAT | 40.21 | 0.07 | 0.17 | 114 | 8.85 | CWL CALDWELL PART | 1.32 | -0.02 | -1.49 | 56 | 29.41 | CCL-A CCL INC. CL | 99.30 | 3.81 | 3.99 | 14.02 | CHR CHORUS AVIATI | 31.28 | 0.35 | 1.13 | 43 | 45.83 | CXI CURRENCY EXCH | 32.97 | -0.23 | -0.69 | 2 | 45.43 | CYB CYMBRIA CORPO | 101.11 | 0.78 | 0.78 | 5 | 16.86 | DXT DEXTERRA GROU | 19.60 | 0.53 | 2.78 | 97 | 68.38 | DPAY-U DYNAMIC PR | 1.97 | 0.00 | 0.00 | DPAY-V DYNAMIC PR | FTS FORTIS INC | 83.58 | 0.63 | 0.76 | 2595 | 17.12 | GEI GIBSON ENERGY | 34.14 | 0.75 | 2.25 | 661 | 35.91 | HLF HIGH LINER | 26.81 | 0.02 | 0.07 | 65 | 81.15 | LAS-A LASSONDE IN | 258.25 | -1.75 | -0.67 | 17.65 | S&P GLOBAL 100 INDEX

PAST 12 MONTHS | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | CASH GLOBAL X HIG | 50.01 | 0.00 | 0.00 | 336 | 0.06 | DLR-U GLOBAL X US | 10.12 | 0.00 | 0.00 | 1117 | -0.20 | DLR GLOBAL X US D | 14.17 | 0.02 | 0.14 | 1294 | 1.80 | GDXD BETAPRO CDN | 10.81 | 0.38 | 3.64 | 311 | -33.84 | HHIS HARVEST DIVE | 10.45 | 0.16 | 1.55 | 742 | -14.62 | HHL HARVEST HEALT | 7.73 | -0.03 | -0.39 | 324 | 0.52 | HNU BETAPRO NAT G | 6.10 | 0.15 | 2.52 | 1549 | -62.58 | HOD BETAPRO CRUDE | 14.03 | -0.32 | -2.23 | 765 | -90.31 | HOU BETAPRO CRUDE | 29.33 | 0.60 | 2.09 | 481 | 234.44 | MSTE HARVEST STRA | 2.28 | 0.09 | 4.11 | 463 | -46.98 | QQU BETAPRO NASDA | 34.08 | 0.44 | 1.31 | 370 | 13.15 | RING GLOBAL X EQL | 14.96 | -0.10 | -0.66 | 1034 | -18.34 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | FAP ABRDN ASIA PA | 2.59 | 0.01 | 0.39 | 38 | -9.12 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | ANRG ANAERGIA INC | 1.79 | -0.02 | -1.10 | 46 | -20.80 | ATX ATEX RESOURCE | 1.68 | 0.01 | 0.60 | 312 | -49.24 | CADY CADILLAC MIN | 3.73 | -0.03 | -0.80 | 191 | -47.32 | CCO CAMECO CORP | 101.73 | -0.77 | -0.75 | 1504 | -19.06 | CAML CENTRAL ASIA | 2.39 | -0.01 | -0.42 | 2 | CIA CHAMPION IRON | 1.80 | -0.07 | -3.74 | 2784 | -67.21 | DDOG DATADOG CDR | 18.70 | -0.30 | -1.58 | 1 | -14.49 | DML DENISON MINES | 2.96 | -0.01 | -0.34 | 2747 | -18.68 | DPAY-U DYNAMIC PR | 1.97 | 0.00 | 0.00 | DPAY-V DYNAMIC PR | EFR ENERGY FUELS | 10.18 | -0.13 | -1.26 | 977 | -48.79 | FC FIRM CAPITAL M | 10.39 | 0.11 | 1.07 | 100 | -11.35 | GFP GREENFIRST FO | 1.38 | 0.03 | 2.22 | 1 | -23.33 | III IMPERIAL META | 5.95 | -0.32 | -5.10 | 92 | -40.50 | IVN IVANHOE MINES | 8.88 | -0.12 | -1.33 | 4547 | -43.11 | LAC LITHIUM AMERI | 2.65 | -0.09 | -3.28 | 1061 | -55.61 | LUME LUMENTUM CDR | 14.46 | -0.06 | -0.41 | 7 | -17.93 | LTCE LYSANDER TRI | 9.89 | -0.07 | -0.70 | 9 | -1.40 | MMEM MACKENZIE MO | 19.43 | -0.15 | -0.77 | -3.24 | MARI MARIMACA COP | 6.64 | 0.12 | 1.84 | 343 | -40.34 | OGI ORGANIGRAM GL | 1.28 | -0.08 | -5.88 | 1081 | -44.59 | PPTA PERPETUA RES | 22.51 | -0.08 | -0.35 | 128 | -32.26 | PTM PLATINUM GROU | 1.36 | -0.04 | -2.86 | 45 | -58.15 |

BONDS CANADA | TERM | YIELD | CHG | 2-YEAR | 3.27 | -0.01 | 5-YEAR | 3.51 | 0.03 | 10-YEAR | 3.78 | 0.03 | 30-YEAR | 4.10 | 0.03 | RATES | RATE | CHG | BOFC OVERNIGHT TARGET | 2.50 | UNCH | CANADIAN PRIME | 4.70 | UNCH | Source: wires | CAD | USD | AUD | EUR | GBP | JPY | CHF | CAD | - | 0.7138 | 1.0243 | 0.6378 | 0.5321 | 113.29 | 0.5861 | USD | 1.4009 | - | 1.4351 | 0.8935 | 0.7455 | 158.69 | 0.8210 | AUD | 0.9762 | 0.6969 | - | 0.6227 | 0.5195 | 110.58 | 0.5720 | EUR | 1.5677 | 1.1191 | 1.6059 | - | 0.8343 | 177.61 | 0.9188 | GBP | 1.8791 | 1.3415 | 1.9250 | 1.1986 | - | 212.88 | 1.1012 | JPY | 0.0088 | 0.0063 | 0.0091 | 0.0056 | 0.0047 | - | 0.0052 | CHF | 1.7063 | 1.2180 | 1.7483 | 1.0884 | 0.9081 | 193.32 | - | TERM | YIELD | CHG | 2-YEAR TREASURY | 4.61 | 0.02 | 5-YEAR TREASURY | 4.74 | 0.04 | 10-YEAR TREASURY | 4.95 | 0.04 | 30-YEAR TREASURY | 5.32 | 0.04 | CANADIAN DOLLAR \$0.7138 +0.0024 (0.3359%) PAST YEAR, AS OF 5:37 P.M. | RATES | RATE | CHG | FED TARGET RATE | 3.75-4.00 | UNCH | U.S. PRIME | 7.00 | UNCH | Source: wires |

DATA PROVIDED BY BARCHART, EXCEPT WHERE NOTED

NOV. 4, 2026 \$0.7138

TSX hits nearly four-week low as Shopify, Thomson Reuters slide on earnings

Canada's main stock index fell to a nearly four-week low on Tuesday as shares of Shopify and Thomson Reuters lost ground after reporting quarterly results, while investors awaited detailed evidence that a trade deal between the US and Canada was at hand. The S&P 500 ended higher as AI heavyweights edged up ahead of U.S. midterm election results.

The S&P/TSX Composite Index ended down 268.81 points, or 0.8 per cent, at 35,532.28.

U.S. President Donald Trump said the United States was close to making a trade deal with Canada. The imposition of tariffs on

Canada has emerged as an issue in some northern U.S. border states such as Michigan and Maine before the midterm elections on Tuesday.

“With any trade deal the devil is always in the details, and until we see something concrete come out of that, which could be weeks or even months, I think the market is still going to be in a very volatile state,” said Michael Sprung, president at Treegrove Investment Management.

The TSX's technology sector fell 1.7 per cent on Tuesday, with shares of Shopify down 8 per cent after the e-commerce company's third-quarter revenue slightly missed estimates.

Thomson Reuters reported higher third-quarter revenue, but its shares fell 9 per cent on what some investors said were concerns over the impact on profit of higher AI spending.

The materials group lost 1.5 per cent as a stronger U.S. dollar and higher U.S. Treasury yields contributed to a 0.6 per cent decline in the price of gold.

5N Plus was one bright spot. Its shares jumped 24.7 per cent after the semiconductor producer's quarterly revenue beat estimates.

The S&P 500 climbed 0.36 per cent to end the session at

7,568.92 points. The Nasdaq gained 0.83 per cent to 25,372.01 points, while the Dow Jones Industrial Average declined 0.38 per cent to 51,787.04 points.

Apple dropped 1.9 per cent after it warned that the cost of memory chips would continue to rise, pressuring its holiday-quarter gross margin.

Memory-chip maker Micron Technology gained 2.6 per cent, while Nvidia rose 2.3 per cent after falling in the last four sessions.

The S&P 500 is down about 3 per cent from its record-high close on Oct. 6, and it remains up more than 10 per cent in 2026.

Oil prices eased as investors weighed talks to end the wars in Ukraine and Iran against worries about additional supply disruptions from recent attacks in both conflicts. Iran and the United States are still far from a deal to end their war, a senior Iranian official told Reuters. US West Texas Intermediate crude fell 37 US cents to settle at US\$96.09, its lowest since Oct.14.

Six of the 11 S&P 500 sector indexes declined, led lower by consumer staples, down 1.76 per cent, followed by a 1.75 per cent loss in materials.

EYE ON EQUITIES DAVID LEEDER

CAPITAL POWER (CPX-TSX)

CLOSE \$63.76, UP 35¢

In the wake of its third-quarter earnings beat, National Bank Financial analyst Patrick Kenny emphasized Capital Power Corp.'s "utility-like cash flow quality profile" after the Edmonton-based company "reiterated its 75-per-cent contracted EBITDA profile with a weighted average contract duration of nine to 11 years, 90 per cent from A-rated counterparties."

Target: Mr. Kenny trimmed his target for Capital Power shares by \$1 to \$83, keeping an “outperform” rating. Consensus is \$78.55.

EBQ (EQB-TSX)

CLOSE \$122.25, UP 34¢

While acknowledging “a weak housing market and rising interest rates continue to pressure near-term fundamentals,” Raymond James analyst Stephen Boland thinks EQB Inc.’s recent share price decline has improved its valuation. Accordingly, after updating his forecast to reflect its sale of Bennington Financial Corp., he raised his rating to “market perform” from “underperform” previously.

Target: Mr. Boland's target is now \$124, up from \$120. Consensus is \$137.

EXCHANGE INCOME (EIF-TSX)

CLOSE \$117.60, UP \$3.17

Ventum Capital Markets analyst Rob Goff sees Exchange Income Corp. as a “disciplined compounder playing offence” and poised to “harness generational tailwinds.” Believing it’s “poised for extended growth,” he resumed coverage with a “buy” rating.

Target: Touting its “exceptional financial track record qualifies it as an elite compounder, fuelled by organic and inorganic growth governed by strict capital allocation discipline,” Mr. Goff set a target of \$150. Consensus is \$149.

GILDAN ACTIVEWEAR (GIL-TSX)

CLOSE \$56.80, DOWN 47¢

Ahead of its earnings release on Thursday, Desjardins Securities analyst Chris Li thinks macroeconomic headwinds “temper” the near-term outlook for Gildan Activewear Inc., however, he continues to see its long-term value “intact.” “At 8-times forward P/E, we believe valuation largely reflects macro challenges weighing on demand, resulting in downward estimate revisions,” he said. Target: Mr. Li lowered his target to \$90 from \$108, maintaining a “buy” rating. Consensus is \$96.02.

While RBC Dominion Securities analyst Ryland Conrad made a modest reduction to his revenue forecast for Premium Brands Holdings Corp. in anticipation of the release of its third-quarter results on Thursday, he thinks a recent decline in its share price “provides an attractive accumulation opportunity.”

Target: Reaffirming his “outperform” rating, Mr. Conrad cut his target to \$110 from \$120. Consensus is \$109.75.

TSX VOLUME

TOP 20 FOR STOCKS \$1 OR MORE

CURRENCIES

FOREIGN EXCHANGE CROSS RATES

S&P/TSX COMPOSITE INDEX

PAST 12 MONTHS

TSX INDEXES AND SUB INDEXES

S&P 500

PAST 12 MONTHS

TOP 20 FOR STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | VNP 5N PLUS INC. | 32.62 | 6.47 | 24.74 | 1341 | 84.09 | ACB AURORA CANNAB | 7.21 | 1.32 | 22.41 | 2706 | 24.96 | SHPD SAVVYSHORT - HUT HUT 8 CORP | 5.87 | 0.84 | 16.70 | 51 | -51.77 | 88.90 | 11.97 | 15.56 | 1042 | 40.84 | KEEL KEEL INFRAST | 3.07 | 0.41 | 15.41 | 3581 | 2.33 | ECO ECOSYNTHETIX | 1.55 | 0.20 | 14.81 | 8 | -61.25 | CNL COLLECTIVE MI | 16.05 | 1.77 | 12.39 | 433 | -19.75 | FISV FISERV CDR ( COIU SAVVYLONG 2X | 5.84 | 0.61 | 11.66 | 289 | -12.31 | 14.76 | 1.52 | 11.48 | 3 | -77.36 | MTY MTY FOOD GROU | 36.35 | 3.60 | 10.99 | 641 | -4.64 | CURA CURALEAF HOL | 14.23 | 1.40 | 10.91 | 678 | 39.10 | BE BLOOM ENERGY C | 16.74 | 1.46 | 9.55 | 37 | -3.79 | TIH TOROMONT IND | 209.40 | 16.34 | 8.46 | 460 | 26.11 | AMDU SAVVYLONG 2X | 15.50 | 1.19 | 8.32 | 8 | -28.24 | SOXU MEGALONG 3X | 22.44 | 1.63 | 7.83 | 141 | 69.42 | TSAT TELESAT CORP | 56.64 | 4.10 | 7.80 | 41 | 43.14 | ASTL ALGOMA STEEL | 7.47 | 0.54 | 7.79 | 1157 | 32.21 | MSTU SAVVYLONG 2X | 28.59 | 2.04 | 7.68 | 151 | -65.80 | ORBU SAVVYLONG 2X | 8.31 | 0.58 | 7.50 | 9 | -56.03 | HPS-A HAMMOND POW | 237.35 | 16.54 | 7.49 | 73 | 48.83 | TSX LOSERS

TOP 20 FOR STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | SHPU SAVVYLONG 2X | 9.36 | -1.94 | -17.17 | 27 | -47.06 | COID SAVVYSHORT - | 5.47 | -0.80 | -12.76 | 6 | -64.15 | SHHI NINEPOINT SH | 7.03 | -0.75 | -9.64 | 202 | -34.05 | HFPC-U HELIOS FAI | 1.82 | -0.18 | -9.00 | 5 | 23.81 | TRI THOMSON REUTE | 155.07 | -15.34 | -9.00 | 1636 | -14.39 | SHPE HARVEST SHOP | 7.99 | -0.75 | -8.58 | 94 | -39.24 | AP-UN ALLIED PROP | 3.71 | -0.33 | -8.17 | 3348 | -72.25 | MSTZ SAVVYSHORT - | 2.16 | -0.19 | -8.09 | 38 | -90.02 | URE UR-ENERGY INC | 1.03 | -0.09 | -8.04 | 306 | -45.21 | SHOP SHOPIFY INC | 200.19 | -17.45 | -8.02 | 3365 | -9.42 | TLF-U BROMPTON TE | 33.77 | -2.79 | -7.63 | 8.90 | SOXD MEGASHORT -3 | 18.12 | -1.49 | -7.60 | 60 | -91.19 | QQQT-U EVOLVE NAS | 49.24 | -3.08 | -5.89 | 17.10 | OGI ORGANIGRAM GL | 1.28 | -0.08 | -5.88 | 1081 | -44.59 | HLS HLS THERAPEUT | 4.23 | -0.24 | -5.37 | 56 | -12.24 | STLR STLLR GOLD I | 1.07 | -0.06 | -5.31 | 71 | -34.36 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | IAU I 80 GOLD COR | 1.83 | -0.10 | -5.18 | 2184 | -9.41 | TBL TAIGA BUILDIN | 3.49 | -0.19 | -5.16 | 1 | -2.24 | III IMPERIAL META | 5.95 | -0.32 | -5.10 | 92 | -40.50 | TSX 52-WEEK HIGHS

STOCKS \$1 OR MORE

S&P/TSX COMPOSITE INDEX STOCKS

LARGEST STOCKS BY MARKET CAPITALIZATION | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | CEU CES ENERGY SO | 20.45 | 0.32 | 1.59 | 370 | 66.67 | CSH-UN CHARTWELL | 21.57 | 1.00 | 4.86 | 709 | 7.31 | CHP-UN CHOICE PRO | 14.95 | 0.03 | 0.20 | 599 | 0.95 | CCA COGECO COMMUN | 52.72 | 0.14 | 0.27 | 273 | -20.69 | CIGI COLLIERS INT | 144.64 | -1.49 | -1.02 | 154 | -28.30 | CSU CONSTELLATION | 3438 | -9.02 | -0.26 | 50 | 4.14 | CRR-UN CROMBIE RE | 16.17 | 0.07 | 0.43 | 186 | 5.89 | CURA CURALEAF HOL | 14.23 | 1.40 | 10.91 | 678 | 39.10 | DFY DEFINITY FINA | 73.71 | -0.21 | -0.28 | 126 | -2.92 | DML DENISON MINES | 2.96 | -0.01 | -0.34 | 2747 | -18.68 | DSG DESCARTES SYS | 127.76 | 0.00 | 0.00 | 270 | 6.10 | DSV DISCOVERY MIN | 9.62 | -0.22 | -2.24 | 1677 | 14.80 | DOL DOLLARAMA INC | 209.97 | -2.03 | -0.96 | 479 | 2.35 | DPM DPM METALS IN | 49.03 | -1.07 | -2.14 | 919 | 15.58 | DIR-UN DREAM INDU | 12.68 | -0.03 | -0.24 | 639 | 0.79 | EQB EQB INC | 122.25 | 0.34 | 0.28 | 88 | 17.67 | ELD ELDORADO GOLD | 44.38 | -0.63 | -1.40 | 1030 | -10.03 | EFN ELEMENT FLEET | 22.42 | 0.30 | 1.36 | 1514 | -37.81 | EMA EMERA INCORPO | 70.08 | 0.15 | 0.21 | 2847 | 3.61 | EMP-A EMPIRE COMP | 49.55 | -0.55 | -1.10 | 369 | 3.83 | ENB ENBRIDGE INC | 68.58 | -0.24 | -0.35 | 8281 | 4.42 | EDR ENDEAVOUR SIL | 9.86 | -0.26 | -2.57 | 1274 | -23.63 | EFX ENERFLEX LTD | 32.71 | 1.59 | 5.11 | 769 | 54.58 | EFR ENERGY FUELS | 10.18 | -0.13 | -1.26 | 977 | -48.79 | EQX EQUINOX GOLD | 14.03 | -0.08 | -0.57 | 2595 | -27.27 | ERO ERO COPPER CO | 42.59 | 1.83 | 4.49 | 1026 | 9.68 | EIF EXCHANGE INCO | 117.81 | 3.47 | 3.03 | 117 | 43.74 | EXE EXTENDICARE I | 28.29 | 1.54 | 5.76 | 835 | 32.51 | FFH FAIRFAX FINAN | 2488.86 | -1.75 | -0.07 | 87 | -4.86 | FTT FINNING INTL | 98.21 | 5.73 | 6.20 | 640 | 32.06 | FCR-UN FIRST CAPI | 23.16 | 0.11 | 0.48 | 813 | 22.54 | AG FIRST MAJESTIC | 19.77 | -0.27 | -1.35 | 1095 | -13.67 | FM FIRST QUANTUM | 32.11 | -0.27 | -0.83 | 1817 | -12.74 | FSV FIRSTSERVICE | 208.64 | -3.67 | -1.73 | 120 | -2.25 | FTS FORTIS INC | 83.58 | 0.63 | 0.76 | 2595 | 17.12 | FVI FORTUNA MININ | 12.42 | -0.30 | -2.36 | 741 | -7.66 | FNV FRANCO-NEVADA | 316.55 | -4.39 | -1.37 | 273 | 11.26 | FRU FREEHOLD ROYA | 17.10 | 0.07 | 0.41 | 387 | 12.57 | GMIN G MINING VEN | 38.80 | -0.85 | -2.14 | 1027 | -6.48 | GFL GFL ENVIRONME | 64.06 | -0.29 | -0.45 | 732 | 8.65 | GEI GIBSON ENERGY | 34.14 | 0.75 | 2.25 | 661 | 35.91 | GIL GILDAN ACTIVE | 56.80 | -0.47 | -0.82 | 552 | -33.79 | GRT-UN GRANITE RE | 84.88 | -0.95 | -1.11 | 135 | 3.88 | GWO GREAT-WEST LI | 92.53 | 0.71 | 0.77 | 773 | 36.70 | HPS-A HAMMOND POW | 237.35 | 16.54 | 7.49 | 73 | 48.83 | HWX HEADWATER EXP | 12.97 | -0.20 | -1.52 | 826 | 38.42 | HR-UN HR REAL EST | 9.60 | 0.08 | 0.84 | 806 | -6.16 | HBM HUDBAY MINERA | 30.02 | -0.34 | -1.12 | 2177 | 10.17 | H HYDRO ONE LIMIT | 56.03 | 0.14 | 0.25 | 1002 | 2.54 | IAU I 80 GOLD COR | 1.83 | -0.10 | -5.18 | 2184 | -9.41 | IAG IA FINANCIAL | 216.87 | 1.69 | 0.79 | 297 | 21.95 | IMG IAMGOLD CORP | 22.19 | -0.19 | -0.85 | 1358 | -2.03 | IGM IGM FINANCIAL | 82.35 | -1.14 | -1.37 | 451 | 33.23 | IMO IMPERIAL OIL | 188.43 | 1.15 | 0.61 | 869 | 58.91 | IFC INTACT FINANC | 262.73 | -1.93 | -0.73 | 390 | -8.05 | IPCO INTERNATIONA | 38.45 | 1.54 | 4.17 | 331 | 54.85 | IVN IVANHOE MINES | 8.88 | -0.12 | -1.33 | 4547 | -43.11 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | VNP 5N PLUS INC. | 32.62 | 6.47 | 24.74 | 1304 | 84.09 | ABRA ABRASILVER R | 10.18 | -0.20 | -1.93 | 433 | -4.68 | AAV ADVANTAGE ENE | 11.54 | 0.24 | 2.12 | 1059 | -1.70 | ARE AECON GROUP I | 56.80 | 3.79 | 7.15 | 685 | 81.59 | AEM AGNICO EAGLE | 234.19 | -4.22 | -1.77 | 593 | 0.61 | AC AIR CANADA | 21.10 | 0.01 | 0.05 | 2347 | 9.38 | AGI ALAMOS GOLD I | 37.91 | -0.92 | -2.37 | 1080 | -28.47 | AQN ALGONQUIN POW | 7.74 | -0.11 | -1.40 | 2499 | -8.29 | ATD ALIMENTATION | 81.77 | -0.37 | -0.45 | 1413 | 9.08 | AAUC ALLIED GOLD | 26.55 | -0.60 | -2.21 | 360 | -15.58 | AP-UN ALLIED PROP | 3.71 | -0.33 | -8.17 | 3348 | -72.25 | ALA ALTAGAS LTD. | 55.45 | 0.35 | 0.64 | 794 | 32.50 | ALS ALTUS MINERA | 49.64 | -0.28 | -0.56 | 117 | 21.55 | AIF ALTUS GROUP L | 52.44 | 0.00 | 0.00 | 140 | -7.53 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | ARIS ARIS MINING | 20.23 | -0.24 | -1.17 | 836 | -9.12 | ATZ ARITZIA INC | 150.10 | -0.76 | -0.50 | 462 | 27.91 | ACO-X ATCO LTD. C | 84.39 | 1.13 | 1.36 | 242 | 49.68 | ATH ATHABASCA OIL | 11.79 | 0.02 | 0.17 | 2551 | 67.71 | ATRL ATKINSREALIS | 93.02 | 2.91 | 3.23 | 540 | 4.99 | ATS ATS CORPORATI | 26.50 | 0.05 | 0.19 | 203 | -29.91 | ASM AVINO SILVER | 5.97 | -0.15 | -2.45 | 443 | -30.09 | AYA AYA GOLD AND | 32.28 | -0.80 | -2.42 | 485 | 64.36 | BTO B2GOLD CORP. | 6.57 | -0.11 | -1.65 | 2626 | 6.31 | BCE BCE INC. | 28.80 | -0.13 | -0.45 | 5352 | -12.03 | BDGI BADGER INFRA | 90.12 | 5.72 | 6.78 | 213 | 23.23 | BMO BANK OF MONTR | 240.56 | -1.47 | -0.61 | 5536 | 34.96 | BNS BANK OF NOVA | 131.17 | -0.44 | -0.33 | 3742 | 29.58 | ABX BARRICK MININ | 51.93 | -1.17 | -2.20 | 5594 | -13.15 | BHC BAUSCH HEALTH | 11.41 | 0.16 | 1.42 | 641 | 19.73 | BTE BAYTEX ENERGY | 6.71 | 0.02 | 0.30 | 5386 | 51.13 | BIR BIRCHCLIFF EN | 7.12 | 0.10 | 1.42 | 1300 | -4.69 | BDT BIRD CONSTRUC | 74.56 | 4.26 | 6.06 | 219 | 161.43 | BB BLACKBERRY LIM | 11.48 | 0.26 | 2.32 | 1595 | 121.62 | BEI-UN BOARDWALK | 63.05 | -0.16 | -0.25 | 91 | -2.22 | BBD-B BOMBARDIER | 340.16 | 13.15 | 4.02 | 214 | 45.68 | BYD BOYD GROUP SE | 123.12 | -0.40 | -0.32 | 83 | -43.69 | BAM BROOKFIELD AS | 71.32 | -0.64 | -0.89 | 1439 | -0.81 | BBUC BROOKFIELD B | 42.26 | 0.26 | 0.62 | 133 | -13.84 | BN BROOKFIELD COR | 56.85 | -1.10 | -1.90 | 6167 | -9.79 | BIP-UN BROOKFIELD | 52.45 | -0.79 | -1.48 | 378 | 9.94 | BEP-UN BROOKFIELD | 42.30 | 0.39 | 0.93 | 553 | 14.05 | DOO BRP INC | 87.09 | -1.23 | -1.39 | 137 | -10.26 | CAR-UN CDN APARTM | 31.40 | 0.01 | 0.03 | 592 | -14.84 | CNQ CDN NATURAL R | 74.97 | -0.15 | -0.20 | 4169 | 61.26 | GIB-A CGI INC | 113.63 | -1.69 | -1.47 | 828 | -10.37 | CRT-UN CT REAL ES | 17.61 | 0.10 | 0.57 | 210 | 8.24 | CAE CAE INC | 37.32 | 0.43 | 1.17 | 588 | -10.59 | CCO CAMECO CORP | 101.73 | -0.77 | -0.75 | 1504 | -19.06 | CM CANADIAN IMPER | 163.36 | -0.24 | -0.15 | 2430 | 31.29 | CNR CANADIAN NATI | 176.95 | -0.40 | -0.23 | 1001 | 30.35 | CP CANADIAN PACIF | 127.72 | -0.18 | -0.14 | 1289 | 26.39 | CTC-A CANADIAN TI | 202.68 | -1.66 | -0.81 | 186 | 16.52 | CU CANADIAN UTILI | 52.20 | 0.77 | 1.50 | 1519 | 22.16 | CPX CAPITAL POWER | 63.76 | 0.35 | 0.55 | 627 | 8.90 | CS CAPSTONE COPPE | 11.11 | -0.28 | -2.46 | 2328 | -19.38 | CJT CARGOJEIT INC. | 93.99 | 3.95 | 3.49 | 148 | 11.97 | CCL-B CCL INDUSTR | 99.45 | -0.55 | -0.55 | 350 | 14.71 | CLS CELESTICA INC | 363.50 | 15.05 | 4.32 | 430 | -10.47 | CVE CENOVUS ENERG | 43.03 | 0.08 | 0.19 | 6527 | 85.31 | CG CENTERRA GOLD | 27.45 | -1.33 | -4.62 | 1339 | 38.92 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | PLZ-UN PLAZA RETA | 5.30 | -0.04 | -0.75 | 64 | 23.54 | SEC SENVEST CAPIT | 442.99 | 0.79 | 0.18 | 19.24 | NWC THE NORTH WES | 56.90 | -0.68 | -1.18 | 102 | 16.34 | WCN WASTE CONNECT | 261.15 | -2.18 | -0.83 | 232 | 8.49 | WRG WESTERN ENERG | 3.84 | -0.16 | -4.00 | 2 | 83.73 | DOW JONES INDUSTRIAL AVERAGE

PAST 12 MONTHS

ETFS

STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | SQQQ BETAPRO -3X | 8.41 | -0.16 | -1.87 | 341 | -36.00 | TGED TD ACTIVE GL | 30.44 | 0.22 | 0.73 | 315 | 5.51 | TQQQ BETAPRO 3X N | 30.51 | 0.51 | 1.70 | 299 | 11.43 | VEQT VANGUARD ALL | 60.78 | -0.06 | -0.10 | 433 | 13.16 | VXC VANGUARD FTSE | 82.51 | 0.18 | 0.22 | 639 | 11.85 | XEG ISHARES SP TS | 30.03 | 0.01 | 0.03 | 3243 | 56.24 | XEQT ISHARES CORE | 44.65 | -0.04 | -0.09 | 623 | 11.93 | XGD ISHARES S&P/T | 48.73 | -0.77 | -1.56 | 327 | -4.68 | XIC ISHARES CORE | 56.75 | -0.48 | -0.84 | 796 | 12.27 | XIU ISHARES SP TS | 53.47 | -0.60 | -1.11 | 4299 | 13.79 | ZAG BMO AGGREGATE | 13.50 | -0.03 | -0.22 | 479 | -2.03 | ZEB BMO EQUAL WEI | 75.72 | -0.38 | -0.50 | 2484 | 29.88 | TSX 52-WEEK LOWS

STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | XLY AUXLY CANNABI | 3.68 | -0.08 | -2.13 | 162 | 81.28 | BRK BERKSHIRE HAT | 40.21 | 0.07 | 0.17 | 114 | 8.85 | CWL CALDWELL PART | 1.32 | -0.02 | -1.49 | 56 | 29.41 | CCL-A CCL INC. CL | 99.30 | 3.81 | 3.99 | 14.02 | CHR CHORUS AVIATI | 31.28 | 0.35 | 1.13 | 43 | 45.83 | CXI CURRENCY EXCH | 32.97 | -0.23 | -0.69 | 2 | 45.43 | CYB CYMBRIA CORPO | 101.11 | 0.78 | 0.78 | 5 | 16.86 | DXT DEXTERRA GROU | 19.60 | 0.53 | 2.78 | 97 | 68.38 | DPAY-U DYNAMIC PR | 1.97 | 0.00 | 0.00 | DPAY-V DYNAMIC PR | FTS FORTIS INC | 83.58 | 0.63 | 0.76 | 2595 | 17.12 | GEI GIBSON ENERGY | 34.14 | 0.75 | 2.25 | 661 | 35.91 | HLF HIGH LINER | 26.81 | 0.02 | 0.07 | 65 | 81.15 | LAS-A LASSONDE IN | 258.25 | -1.75 | -0.67 | 17.65 | S&P GLOBAL 100 INDEX

PAST 12 MONTHS | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | CASH GLOBAL X HIG | 50.01 | 0.00 | 0.00 | 336 | 0.06 | DLR-U GLOBAL X US | 10.12 | 0.00 | 0.00 | 1117 | -0.20 | DLR GLOBAL X US D | 14.17 | 0.02 | 0.14 | 1294 | 1.80 | GDXD BETAPRO CDN | 10.81 | 0.38 | 3.64 | 311 | -33.84 | HHIS HARVEST DIVE | 10.45 | 0.16 | 1.55 | 742 | -14.62 | HHL HARVEST HEALT | 7.73 | -0.03 | -0.39 | 324 | 0.52 | HNU BETAPRO NAT G | 6.10 | 0.15 | 2.52 | 1549 | -62.58 | HOD BETAPRO CRUDE | 14.03 | -0.32 | -2.23 | 765 | -90.31 | HOU BETAPRO CRUDE | 29.33 | 0.60 | 2.09 | 481 | 234.44 | MSTE HARVEST STRA | 2.28 | 0.09 | 4.11 | 463 | -46.98 | QQU BETAPRO NASDA | 34.08 | 0.44 | 1.31 | 370 | 13.15 | RING GLOBAL X EQL | 14.96 | -0.10 | -0.66 | 1034 | -18.34 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | FAP ABRDN ASIA PA | 2.59 | 0.01 | 0.39 | 38 | -9.12 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | ANRG ANAERGIA INC | 1.79 | -0.02 | -1.10 | 46 | -20.80 | ATX ATEX RESOURCE | 1.68 | 0.01 | 0.60 | 312 | -49.24 | CADY CADILLAC MIN | 3.73 | -0.03 | -0.80 | 191 | -47.32 | CCO CAMECO CORP | 101.73 | -0.77 | -0.75 | 1504 | -19.06 | CAML CENTRAL ASIA | 2.39 | -0.01 | -0.42 | 2 | CIA CHAMPION IRON | 1.80 | -0.07 | -3.74 | 2784 | -67.21 | DDOG DATADOG CDR | 18.70 | -0.30 | -1.58 | 1 | -14.49 | DML DENISON MINES | 2.96 | -0.01 | -0.34 | 2747 | -18.68 | DPAY-U DYNAMIC PR | 1.97 | 0.00 | 0.00 | DPAY-V DYNAMIC PR | EFR ENERGY FUELS | 10.18 | -0.13 | -1.26 | 977 | -48.79 | FC FIRM CAPITAL M | 10.39 | 0.11 | 1.07 | 100 | -11.35 | GFP GREENFIRST FO | 1.38 | 0.03 | 2.22 | 1 | -23.33 | III IMPERIAL META | 5.95 | -0.32 | -5.10 | 92 | -40.50 | IVN IVANHOE MINES | 8.88 | -0.12 | -1.33 | 4547 | -43.11 | LAC LITHIUM AMERI | 2.65 | -0.09 | -3.28 | 1061 | -55.61 | LUME LUMENTUM CDR | 14.46 | -0.06 | -0.41 | 7 | -17.93 | LTCE LYSANDER TRI | 9.89 | -0.07 | -0.70 | 9 | -1.40 | MMEM MACKENZIE MO | 19.43 | -0.15 | -0.77 | -3.24 | MARI MARIMACA COP | 6.64 | 0.12 | 1.84 | 343 | -40.34 | OGI ORGANIGRAM GL | 1.28 | -0.08 | -5.88 | 1081 | -44.59 | PPTA PERPETUA RES | 22.51 | -0.08 | -0.35 | 128 | -32.26 | PTM PLATINUM GROU | 1.36 | -0.04 | -2.86 | 45 | -58.15 |

BONDS CANADA | TERM | YIELD | CHG | 2-YEAR | 3.27 | -0.01 | 5-YEAR | 3.51 | 0.03 | 10-YEAR | 3.78 | 0.03 | 30-YEAR | 4.10 | 0.03 | RATES | RATE | CHG | BOFC OVERNIGHT TARGET | 2.50 | UNCH | CANADIAN PRIME | 4.70 | UNCH | Source: wires | CAD | USD | AUD | EUR | GBP | JPY | CHF | CAD | - | 0.7138 | 1.0243 | 0.6378 | 0.5321 | 113.29 | 0.5861 | USD | 1.4009 | - | 1.4351 | 0.8935 | 0.7455 | 158.69 | 0.8210 | AUD | 0.9762 | 0.6969 | - | 0.6227 | 0.5195 | 110.58 | 0.5720 | EUR | 1.5677 | 1.1191 | 1.6059 | - | 0.8343 | 177.61 | 0.9188 | GBP | 1.8791 | 1.3415 | 1.9250 | 1.1986 | - | 212.88 | 1.1012 | JPY | 0.0088 | 0.0063 | 0.0091 | 0.0056 | 0.0047 | - | 0.0052 | CHF | 1.7063 | 1.2180 | 1.7483 | 1.0884 | 0.9081 | 193.32 | - | TERM | YIELD | CHG | 2-YEAR TREASURY | 4.61 | 0.02 | 5-YEAR TREASURY | 4.74 | 0.04 | 10-YEAR TREASURY | 4.95 | 0.04 | 30-YEAR TREASURY | 5.32 | 0.04 | CANADIAN DOLLAR \$0.7138 +0.0024 (0.3359%) PAST YEAR, AS OF 5:37 P.M. | RATES | RATE | CHG | FED TARGET RATE | 3.75-4.00 | UNCH | U.S. PRIME | 7.00 | UNCH | Source: wires |

DATA PROVIDED BY BARCHART, EXCEPT WHERE NOTED

NOV. 4, 2026 \$0.7138

TSX hits nearly four-week low as Shopify, Thomson Reuters slide on earnings

Canada's main stock index fell to a nearly four-week low on Tuesday as shares of Shopify and Thomson Reuters lost ground after reporting quarterly results, while investors awaited detailed evidence that a trade deal between the US and Canada was at hand. The S&P 500 ended higher as AI heavyweights edged up ahead of U.S. midterm election results.

The S&P/TSX Composite Index ended down 268.81 points, or 0.8 per cent, at 35,532.28.

U.S. President Donald Trump said the United States was close to making a trade deal with Canada. The imposition of tariffs on

Canada has emerged as an issue in some northern U.S. border states such as Michigan and Maine before the midterm elections on Tuesday.

“With any trade deal the devil is always in the details, and until we see something concrete come out of that, which could be weeks or even months, I think the market is still going to be in a very volatile state,” said Michael Sprung, president at Treegrove Investment Management.

The TSX's technology sector fell 1.7 per cent on Tuesday, with shares of Shopify down 8 per cent after the e-commerce company's third-quarter revenue slightly missed estimates.

Thomson Reuters reported higher third-quarter revenue, but its shares fell 9 per cent on what some investors said were concerns over the impact on profit of higher AI spending.

The materials group lost 1.5 per cent as a stronger U.S. dollar and higher U.S. Treasury yields contributed to a 0.6 per cent decline in the price of gold.

5N Plus was one bright spot. Its shares jumped 24.7 per cent after the semiconductor producer's quarterly revenue beat estimates.

The S&P 500 climbed 0.36 per cent to end the session at

7,568.92 points. The Nasdaq gained 0.83 per cent to 25,372.01 points, while the Dow Jones Industrial Average declined 0.38 per cent to 51,787.04 points.

Apple dropped 1.9 per cent after it warned that the cost of memory chips would continue to rise, pressuring its holiday-quarter gross margin.

Memory-chip maker Micron Technology gained 2.6 per cent, while Nvidia rose 2.3 per cent after falling in the last four sessions.

The S&P 500 is down about 3 per cent from its record-high close on Oct. 6, and it remains up more than 10 per cent in 2026.

Oil prices eased as investors weighed talks to end the wars in Ukraine and Iran against worries about additional supply disruptions from recent attacks in both conflicts. Iran and the United States are still far from a deal to end their war, a senior Iranian official told Reuters. US West Texas Intermediate crude fell 37 US cents to settle at US\$96.09, its lowest since Oct.14.

Six of the 11 S&P 500 sector indexes declined, led lower by consumer staples, down 1.76 per cent, followed by a 1.75 per cent loss in materials.

EYE ON EQUITIES DAVID LEEDER

CAPITAL POWER (CPX-TSX)

CLOSE \$63.76, UP 35¢

In the wake of its third-quarter earnings beat, National Bank Financial analyst Patrick Kenny emphasized Capital Power Corp.'s "utility-like cash flow quality profile" after the Edmonton-based company "reiterated its 75-per-cent contracted EBITDA profile with a weighted average contract duration of nine to 11 years, 90 per cent from A-rated counterparties."

Target: Mr. Kenny trimmed his target for Capital Power shares by \$1 to \$83, keeping an “outperform” rating. Consensus is \$78.55.

EBQ (EQB-TSX)

CLOSE \$122.25, UP 34¢

While acknowledging “a weak housing market and rising interest rates continue to pressure near-term fundamentals,” Raymond James analyst Stephen Boland thinks EQB Inc.’s recent share price decline has improved its valuation. Accordingly, after updating his forecast to reflect its sale of Bennington Financial Corp., he raised his rating to “market perform” from “underperform” previously.

Target: Mr. Boland's target is now \$124, up from \$120. Consensus is \$137.

EXCHANGE INCOME (EIF-TSX)

CLOSE \$117.60, UP \$3.17

Ventum Capital Markets analyst Rob Goff sees Exchange Income Corp. as a “disciplined compounder playing offence” and poised to “harness generational tailwinds.” Believing it’s “poised for extended growth,” he resumed coverage with a “buy” rating.

Target: Touting its “exceptional financial track record qualifies it as an elite compounder, fuelled by organic and inorganic growth governed by strict capital allocation discipline,” Mr. Goff set a target of \$150. Consensus is \$149.

GILDAN ACTIVEWEAR (GIL-TSX)

CLOSE \$56.80, DOWN 47¢

Ahead of its earnings release on Thursday, Desjardins Securities analyst Chris Li thinks macroeconomic headwinds “temper” the near-term outlook for Gildan Activewear Inc., however, he continues to see its long-term value “intact.” “At 8-times forward P/E, we believe valuation largely reflects macro challenges weighing on demand, resulting in downward estimate revisions,” he said. Target: Mr. Li lowered his target to \$90 from \$108, maintaining a “buy” rating. Consensus is \$96.02.

While RBC Dominion Securities analyst Ryland Conrad made a modest reduction to his revenue forecast for Premium Brands Holdings Corp. in anticipation of the release of its third-quarter results on Thursday, he thinks a recent decline in its share price “provides an attractive accumulation opportunity.”

Target: Reaffirming his “outperform” rating, Mr. Conrad cut his target to \$110 from \$120. Consensus is \$109.75.

TSX VOLUME

TOP 20 FOR STOCKS \$1 OR MORE

CURRENCIES

FOREIGN EXCHANGE CROSS RATES

S&P/TSX COMPOSITE INDEX

PAST 12 MONTHS

TSX INDEXES AND SUB INDEXES

S&P 500

PAST 12 MONTHS

TOP 20 FOR STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | VNP 5N PLUS INC. | 32.62 | 6.47 | 24.74 | 1341 | 84.09 | ACB AURORA CANNAB | 7.21 | 1.32 | 22.41 | 2706 | 24.96 | SHPD SAVVYSHORT - HUT HUT 8 CORP | 5.87 | 0.84 | 16.70 | 51 | -51.77 | 88.90 | 11.97 | 15.56 | 1042 | 40.84 | KEEL KEEL INFRAST | 3.07 | 0.41 | 15.41 | 3581 | 2.33 | ECO ECOSYNTHETIX | 1.55 | 0.20 | 14.81 | 8 | -61.25 | CNL COLLECTIVE MI | 16.05 | 1.77 | 12.39 | 433 | -19.75 | FISV FISERV CDR ( COIU SAVVYLONG 2X | 5.84 | 0.61 | 11.66 | 289 | -12.31 | 14.76 | 1.52 | 11.48 | 3 | -77.36 | MTY MTY FOOD GROU | 36.35 | 3.60 | 10.99 | 641 | -4.64 | CURA CURALEAF HOL | 14.23 | 1.40 | 10.91 | 678 | 39.10 | BE BLOOM ENERGY C | 16.74 | 1.46 | 9.55 | 37 | -3.79 | TIH TOROMONT IND | 209.40 | 16.34 | 8.46 | 460 | 26.11 | AMDU SAVVYLONG 2X | 15.50 | 1.19 | 8.32 | 8 | -28.24 | SOXU MEGALONG 3X | 22.44 | 1.63 | 7.83 | 141 | 69.42 | TSAT TELESAT CORP | 56.64 | 4.10 | 7.80 | 41 | 43.14 | ASTL ALGOMA STEEL | 7.47 | 0.54 | 7.79 | 1157 | 32.21 | MSTU SAVVYLONG 2X | 28.59 | 2.04 | 7.68 | 151 | -65.80 | ORBU SAVVYLONG 2X | 8.31 | 0.58 | 7.50 | 9 | -56.03 | HPS-A HAMMOND POW | 237.35 | 16.54 | 7.49 | 73 | 48.83 | TSX LOSERS

TOP 20 FOR STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | SHPU SAVVYLONG 2X | 9.36 | -1.94 | -17.17 | 27 | -47.06 | COID SAVVYSHORT - | 5.47 | -0.80 | -12.76 | 6 | -64.15 | SHHI NINEPOINT SH | 7.03 | -0.75 | -9.64 | 202 | -34.05 | HFPC-U HELIOS FAI | 1.82 | -0.18 | -9.00 | 5 | 23.81 | TRI THOMSON REUTE | 155.07 | -15.34 | -9.00 | 1636 | -14.39 | SHPE HARVEST SHOP | 7.99 | -0.75 | -8.58 | 94 | -39.24 | AP-UN ALLIED PROP | 3.71 | -0.33 | -8.17 | 3348 | -72.25 | MSTZ SAVVYSHORT - | 2.16 | -0.19 | -8.09 | 38 | -90.02 | URE UR-ENERGY INC | 1.03 | -0.09 | -8.04 | 306 | -45.21 | SHOP SHOPIFY INC | 200.19 | -17.45 | -8.02 | 3365 | -9.42 | TLF-U BROMPTON TE | 33.77 | -2.79 | -7.63 | 8.90 | SOXD MEGASHORT -3 | 18.12 | -1.49 | -7.60 | 60 | -91.19 | QQQT-U EVOLVE NAS | 49.24 | -3.08 | -5.89 | 17.10 | OGI ORGANIGRAM GL | 1.28 | -0.08 | -5.88 | 1081 | -44.59 | HLS HLS THERAPEUT | 4.23 | -0.24 | -5.37 | 56 | -12.24 | STLR STLLR GOLD I | 1.07 | -0.06 | -5.31 | 71 | -34.36 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | IAU I 80 GOLD COR | 1.83 | -0.10 | -5.18 | 2184 | -9.41 | TBL TAIGA BUILDIN | 3.49 | -0.19 | -5.16 | 1 | -2.24 | III IMPERIAL META | 5.95 | -0.32 | -5.10 | 92 | -40.50 | TSX 52-WEEK HIGHS

STOCKS \$1 OR MORE

S&P/TSX COMPOSITE INDEX STOCKS

LARGEST STOCKS BY MARKET CAPITALIZATION | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | CEU CES ENERGY SO | 20.45 | 0.32 | 1.59 | 370 | 66.67 | CSH-UN CHARTWELL | 21.57 | 1.00 | 4.86 | 709 | 7.31 | CHP-UN CHOICE PRO | 14.95 | 0.03 | 0.20 | 599 | 0.95 | CCA COGECO COMMUN | 52.72 | 0.14 | 0.27 | 273 | -20.69 | CIGI COLLIERS INT | 144.64 | -1.49 | -1.02 | 154 | -28.30 | CSU CONSTELLATION | 3438 | -9.02 | -0.26 | 50 | 4.14 | CRR-UN CROMBIE RE | 16.17 | 0.07 | 0.43 | 186 | 5.89 | CURA CURALEAF HOL | 14.23 | 1.40 | 10.91 | 678 | 39.10 | DFY DEFINITY FINA | 73.71 | -0.21 | -0.28 | 126 | -2.92 | DML DENISON MINES | 2.96 | -0.01 | -0.34 | 2747 | -18.68 | DSG DESCARTES SYS | 127.76 | 0.00 | 0.00 | 270 | 6.10 | DSV DISCOVERY MIN | 9.62 | -0.22 | -2.24 | 1677 | 14.80 | DOL DOLLARAMA INC | 209.97 | -2.03 | -0.96 | 479 | 2.35 | DPM DPM METALS IN | 49.03 | -1.07 | -2.14 | 919 | 15.58 | DIR-UN DREAM INDU | 12.68 | -0.03 | -0.24 | 639 | 0.79 | EQB EQB INC | 122.25 | 0.34 | 0.28 | 88 | 17.67 | ELD ELDORADO GOLD | 44.38 | -0.63 | -1.40 | 1030 | -10.03 | EFN ELEMENT FLEET | 22.42 | 0.30 | 1.36 | 1514 | -37.81 | EMA EMERA INCORPO | 70.08 | 0.15 | 0.21 | 2847 | 3.61 | EMP-A EMPIRE COMP | 49.55 | -0.55 | -1.10 | 369 | 3.83 | ENB ENBRIDGE INC | 68.58 | -0.24 | -0.35 | 8281 | 4.42 | EDR ENDEAVOUR SIL | 9.86 | -0.26 | -2.57 | 1274 | -23.63 | EFX ENERFLEX LTD | 32.71 | 1.59 | 5.11 | 769 | 54.58 | EFR ENERGY FUELS | 10.18 | -0.13 | -1.26 | 977 | -48.79 | EQX EQUINOX GOLD | 14.03 | -0.08 | -0.57 | 2595 | -27.27 | ERO ERO COPPER CO | 42.59 | 1.83 | 4.49 | 1026 | 9.68 | EIF EXCHANGE INCO | 117.81 | 3.47 | 3.03 | 117 | 43.74 | EXE EXTENDICARE I | 28.29 | 1.54 | 5.76 | 835 | 32.51 | FFH FAIRFAX FINAN | 2488.86 | -1.75 | -0.07 | 87 | -4.86 | FTT FINNING INTL | 98.21 | 5.73 | 6.20 | 640 | 32.06 | FCR-UN FIRST CAPI | 23.16 | 0.11 | 0.48 | 813 | 22.54 | AG FIRST MAJESTIC | 19.77 | -0.27 | -1.35 | 1095 | -13.67 | FM FIRST QUANTUM | 32.11 | -0.27 | -0.83 | 1817 | -12.74 | FSV FIRSTSERVICE | 208.64 | -3.67 | -1.73 | 120 | -2.25 | FTS FORTIS INC | 83.58 | 0.63 | 0.76 | 2595 | 17.12 | FVI FORTUNA MININ | 12.42 | -0.30 | -2.36 | 741 | -7.66 | FNV FRANCO-NEVADA | 316.55 | -4.39 | -1.37 | 273 | 11.26 | FRU FREEHOLD ROYA | 17.10 | 0.07 | 0.41 | 387 | 12.57 | GMIN G MINING VEN | 38.80 | -0.85 | -2.14 | 1027 | -6.48 | GFL GFL ENVIRONME | 64.06 | -0.29 | -0.45 | 732 | 8.65 | GEI GIBSON ENERGY | 34.14 | 0.75 | 2.25 | 661 | 35.91 | GIL GILDAN ACTIVE | 56.80 | -0.47 | -0.82 | 552 | -33.79 | GRT-UN GRANITE RE | 84.88 | -0.95 | -1.11 | 135 | 3.88 | GWO GREAT-WEST LI | 92.53 | 0.71 | 0.77 | 773 | 36.70 | HPS-A HAMMOND POW | 237.35 | 16.54 | 7.49 | 73 | 48.83 | HWX HEADWATER EXP | 12.97 | -0.20 | -1.52 | 826 | 38.42 | HR-UN HR REAL EST | 9.60 | 0.08 | 0.84 | 806 | -6.16 | HBM HUDBAY MINERA | 30.02 | -0.34 | -1.12 | 2177 | 10.17 | H HYDRO ONE LIMIT | 56.03 | 0.14 | 0.25 | 1002 | 2.54 | IAU I 80 GOLD COR | 1.83 | -0.10 | -5.18 | 2184 | -9.41 | IAG IA FINANCIAL | 216.87 | 1.69 | 0.79 | 297 | 21.95 | IMG IAMGOLD CORP | 22.19 | -0.19 | -0.85 | 1358 | -2.03 | IGM IGM FINANCIAL | 82.35 | -1.14 | -1.37 | 451 | 33.23 | IMO IMPERIAL OIL | 188.43 | 1.15 | 0.61 | 869 | 58.91 | IFC INTACT FINANC | 262.73 | -1.93 | -0.73 | 390 | -8.05 | IPCO INTERNATIONA | 38.45 | 1.54 | 4.17 | 331 | 54.85 | IVN IVANHOE MINES | 8.88 | -0.12 | -1.33 | 4547 | -43.11 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | VNP 5N PLUS INC. | 32.62 | 6.47 | 24.74 | 1304 | 84.09 | ABRA ABRASILVER R | 10.18 | -0.20 | -1.93 | 433 | -4.68 | AAV ADVANTAGE ENE | 11.54 | 0.24 | 2.12 | 1059 | -1.70 | ARE AECON GROUP I | 56.80 | 3.79 | 7.15 | 685 | 81.59 | AEM AGNICO EAGLE | 234.19 | -4.22 | -1.77 | 593 | 0.61 | AC AIR CANADA | 21.10 | 0.01 | 0.05 | 2347 | 9.38 | AGI ALAMOS GOLD I | 37.91 | -0.92 | -2.37 | 1080 | -28.47 | AQN ALGONQUIN POW | 7.74 | -0.11 | -1.40 | 2499 | -8.29 | ATD ALIMENTATION | 81.77 | -0.37 | -0.45 | 1413 | 9.08 | AAUC ALLIED GOLD | 26.55 | -0.60 | -2.21 | 360 | -15.58 | AP-UN ALLIED PROP | 3.71 | -0.33 | -8.17 | 3348 | -72.25 | ALA ALTAGAS LTD. | 55.45 | 0.35 | 0.64 | 794 | 32.50 | ALS ALTUS MINERA | 49.64 | -0.28 | -0.56 | 117 | 21.55 | AIF ALTUS GROUP L | 52.44 | 0.00 | 0.00 | 140 | -7.53 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | ARIS ARIS MINING | 20.23 | -0.24 | -1.17 | 836 | -9.12 | ATZ ARITZIA INC | 150.10 | -0.76 | -0.50 | 462 | 27.91 | ACO-X ATCO LTD. C | 84.39 | 1.13 | 1.36 | 242 | 49.68 | ATH ATHABASCA OIL | 11.79 | 0.02 | 0.17 | 2551 | 67.71 | ATRL ATKINSREALIS | 93.02 | 2.91 | 3.23 | 540 | 4.99 | ATS ATS CORPORATI | 26.50 | 0.05 | 0.19 | 203 | -29.91 | ASM AVINO SILVER | 5.97 | -0.15 | -2.45 | 443 | -30.09 | AYA AYA GOLD AND | 32.28 | -0.80 | -2.42 | 485 | 64.36 | BTO B2GOLD CORP. | 6.57 | -0.11 | -1.65 | 2626 | 6.31 | BCE BCE INC. | 28.80 | -0.13 | -0.45 | 5352 | -12.03 | BDGI BADGER INFRA | 90.12 | 5.72 | 6.78 | 213 | 23.23 | BMO BANK OF MONTR | 240.56 | -1.47 | -0.61 | 5536 | 34.96 | BNS BANK OF NOVA | 131.17 | -0.44 | -0.33 | 3742 | 29.58 | ABX BARRICK MININ | 51.93 | -1.17 | -2.20 | 5594 | -13.15 | BHC BAUSCH HEALTH | 11.41 | 0.16 | 1.42 | 641 | 19.73 | BTE BAYTEX ENERGY | 6.71 | 0.02 | 0.30 | 5386 | 51.13 | BIR BIRCHCLIFF EN | 7.12 | 0.10 | 1.42 | 1300 | -4.69 | BDT BIRD CONSTRUC | 74.56 | 4.26 | 6.06 | 219 | 161.43 | BB BLACKBERRY LIM | 11.48 | 0.26 | 2.32 | 1595 | 121.62 | BEI-UN BOARDWALK | 63.05 | -0.16 | -0.25 | 91 | -2.22 | BBD-B BOMBARDIER | 340.16 | 13.15 | 4.02 | 214 | 45.68 | BYD BOYD GROUP SE | 123.12 | -0.40 | -0.32 | 83 | -43.69 | BAM BROOKFIELD AS | 71.32 | -0.64 | -0.89 | 1439 | -0.81 | BBUC BROOKFIELD B | 42.26 | 0.26 | 0.62 | 133 | -13.84 | BN BROOKFIELD COR | 56.85 | -1.10 | -1.90 | 6167 | -9.79 | BIP-UN BROOKFIELD | 52.45 | -0.79 | -1.48 | 378 | 9.94 | BEP-UN BROOKFIELD | 42.30 | 0.39 | 0.93 | 553 | 14.05 | DOO BRP INC | 87.09 | -1.23 | -1.39 | 137 | -10.26 | CAR-UN CDN APARTM | 31.40 | 0.01 | 0.03 | 592 | -14.84 | CNQ CDN NATURAL R | 74.97 | -0.15 | -0.20 | 4169 | 61.26 | GIB-A CGI INC | 113.63 | -1.69 | -1.47 | 828 | -10.37 | CRT-UN CT REAL ES | 17.61 | 0.10 | 0.57 | 210 | 8.24 | CAE CAE INC | 37.32 | 0.43 | 1.17 | 588 | -10.59 | CCO CAMECO CORP | 101.73 | -0.77 | -0.75 | 1504 | -19.06 | CM CANADIAN IMPER | 163.36 | -0.24 | -0.15 | 2430 | 31.29 | CNR CANADIAN NATI | 176.95 | -0.40 | -0.23 | 1001 | 30.35 | CP CANADIAN PACIF | 127.72 | -0.18 | -0.14 | 1289 | 26.39 | CTC-A CANADIAN TI | 202.68 | -1.66 | -0.81 | 186 | 16.52 | CU CANADIAN UTILI | 52.20 | 0.77 | 1.50 | 1519 | 22.16 | CPX CAPITAL POWER | 63.76 | 0.35 | 0.55 | 627 | 8.90 | CS CAPSTONE COPPE | 11.11 | -0.28 | -2.46 | 2328 | -19.38 | CJT CARGOJEIT INC. | 93.99 | 3.95 | 3.49 | 148 | 11.97 | CCL-B CCL INDUSTR | 99.45 | -0.55 | -0.55 | 350 | 14.71 | CLS CELESTICA INC | 363.50 | 15.05 | 4.32 | 430 | -10.47 | CVE CENOVUS ENERG | 43.03 | 0.08 | 0.19 | 6527 | 85.31 | CG CENTERRA GOLD | 27.45 | -1.33 | -4.62 | 1339 | 38.92 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | PLZ-UN PLAZA RETA | 5.30 | -0.04 | -0.75 | 64 | 23.54 | SEC SENVEST CAPIT | 442.99 | 0.79 | 0.18 | 19.24 | NWC THE NORTH WES | 56.90 | -0.68 | -1.18 | 102 | 16.34 | WCN WASTE CONNECT | 261.15 | -2.18 | -0.83 | 232 | 8.49 | WRG WESTERN ENERG | 3.84 | -0.16 | -4.00 | 2 | 83.73 | DOW JONES INDUSTRIAL AVERAGE

PAST 12 MONTHS

ETFS

STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | SQQQ BETAPRO -3X | 8.41 | -0.16 | -1.87 | 341 | -36.00 | TGED TD ACTIVE GL | 30.44 | 0.22 | 0.73 | 315 | 5.51 | TQQQ BETAPRO 3X N | 30.51 | 0.51 | 1.70 | 299 | 11.43 | VEQT VANGUARD ALL | 60.78 | -0.06 | -0.10 | 433 | 13.16 | VXC VANGUARD FTSE | 82.51 | 0.18 | 0.22 | 639 | 11.85 | XEG ISHARES SP TS | 30.03 | 0.01 | 0.03 | 3243 | 56.24 | XEQT ISHARES CORE | 44.65 | -0.04 | -0.09 | 623 | 11.93 | XGD ISHARES S&P/T | 48.73 | -0.77 | -1.56 | 327 | -4.68 | XIC ISHARES CORE | 56.75 | -0.48 | -0.84 | 796 | 12.27 | XIU ISHARES SP TS | 53.47 | -0.60 | -1.11 | 4299 | 13.79 | ZAG BMO AGGREGATE | 13.50 | -0.03 | -0.22 | 479 | -2.03 | ZEB BMO EQUAL WEI | 75.72 | -0.38 | -0.50 | 2484 | 29.88 | TSX 52-WEEK LOWS

STOCKS \$1 OR MORE | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | XLY AUXLY CANNABI | 3.68 | -0.08 | -2.13 | 162 | 81.28 | BRK BERKSHIRE HAT | 40.21 | 0.07 | 0.17 | 114 | 8.85 | CWL CALDWELL PART | 1.32 | -0.02 | -1.49 | 56 | 29.41 | CCL-A CCL INC. CL | 99.30 | 3.81 | 3.99 | 14.02 | CHR CHORUS AVIATI | 31.28 | 0.35 | 1.13 | 43 | 45.83 | CXI CURRENCY EXCH | 32.97 | -0.23 | -0.69 | 2 | 45.43 | CYB CYMBRIA CORPO | 101.11 | 0.78 | 0.78 | 5 | 16.86 | DXT DEXTERRA GROU | 19.60 | 0.53 | 2.78 | 97 | 68.38 | DPAY-U DYNAMIC PR | 1.97 | 0.00 | 0.00 | DPAY-V DYNAMIC PR | FTS FORTIS INC | 83.58 | 0.63 | 0.76 | 2595 | 17.12 | GEI GIBSON ENERGY | 34.14 | 0.75 | 2.25 | 661 | 35.91 | HLF HIGH LINER | 26.81 | 0.02 | 0.07 | 65 | 81.15 | LAS-A LASSONDE IN | 258.25 | -1.75 | -0.67 | 17.65 | S&P GLOBAL 100 INDEX

PAST 12 MONTHS | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | CASH GLOBAL X HIG | 50.01 | 0.00 | 0.00 | 336 | 0.06 | DLR-U GLOBAL X US | 10.12 | 0.00 | 0.00 | 1117 | -0.20 | DLR GLOBAL X US D | 14.17 | 0.02 | 0.14 | 1294 | 1.80 | GDXD BETAPRO CDN | 10.81 | 0.38 | 3.64 | 311 | -33.84 | HHIS HARVEST DIVE | 10.45 | 0.16 | 1.55 | 742 | -14.62 | HHL HARVEST HEALT | 7.73 | -0.03 | -0.39 | 324 | 0.52 | HNU BETAPRO NAT G | 6.10 | 0.15 | 2.52 | 1549 | -62.58 | HOD BETAPRO CRUDE | 14.03 | -0.32 | -2.23 | 765 | -90.31 | HOU BETAPRO CRUDE | 29.33 | 0.60 | 2.09 | 481 | 234.44 | MSTE HARVEST STRA | 2.28 | 0.09 | 4.11 | 463 | -46.98 | QQU BETAPRO NASDA | 34.08 | 0.44 | 1.31 | 370 | 13.15 | RING GLOBAL X EQL | 14.96 | -0.10 | -0.66 | 1034 | -18.34 | CLOSE | NET CHG | % CHG | VOL 000s | YTD %CHG | FAP ABRDN ASIA PA | 2.59 | 0.01 | 0.39 | 38 | -9.12 | USA AMERICAS GOLD | 3.79 | -0.21 | -5.25 | 1753 | -46.16 | ANRG ANAERGIA INC | 1.79 | -0.02 | -1.10 | 46 | -20.80 | ATX ATEX RESOURCE | 1.68 | 0.01 | 0.60 | 312 | -49.24 | CADY CADILLAC MIN | 3.73 | -0.03 | -0.80 | 191 | -47.32 | CCO CAMECO CORP | 101.73 | -0.77 | -0.75 | 1504 | -19.06 | CAML CENTRAL ASIA | 2.39 | -0.01 | -0.42 | 2 | CIA CHAMPION IRON | 1.80 | -0.07 | -3.74 | 2784 | -67.21 | DDOG DATADOG CDR | 18.70 | -0.30 | -1.58 | 1 | -14.49 | DML DENISON MINES | 2.96 | -0.01 | -0.34 | 2747 | -18.68 | DPAY-U DYNAMIC PR | 1.97 | 0.00 | 0.00 | DPAY-V DYNAMIC PR | EFR ENERGY FUELS | 10.18 | -0.13 | -1.26 | 977 | -48.79 | FC FIRM CAPITAL M | 10.39 | 0.11 | 1.07 | 100 | -11.35 | GFP GREENFIRST FO | 1.38 | 0.03 | 2.22 | 1 | -23.33 | III IMPERIAL META | 5.95 | -0.32 | -5.10 | 92 | -40.50 | IVN IVANHOE MINES | 8.88 | -0.12 | -1.33 | 4547 | -43.11 | LAC LITHIUM AMERI | 2.65 | -0.09 | -3.28 | 1061 | -55.61 | LUME LUMENTUM CDR | 14.46 | -0.06 | -0.41 | 7 | -17.93 | LTCE LYSANDER TRI | 9.89 | -0.07 | -0.70 | 9 | -1.40 | MMEM MACKENZIE MO | 19.43 | -0.15 | -0.77 | -3.24 | MARI MARIMACA COP | 6.64 | 0.12 | 1.84 | 343 | -40.34 | OGI ORGANIGRAM GL | 1.28 | -0.08 | -5.88 | 1081 | -44.59 | PPTA PERPETUA RES | 22.51 | -0.08 | -0.35 | 128 | -32.26 | PTM PLATINUM GROU | 1.36 | -0.04 | -2.86 | 45 | -58.15 |

BONDS CANADA | TERM | YIELD | CHG | 2-YEAR | 3.27 | -0.01 | 5-YEAR | 3.51 | 0.03 | 10-YEAR | 3.78 | 0.03 | 30-YEAR | 4.10 | 0.03 | RATES | RATE | CHG | BOFC OVERNIGHT TARGET | 2.50 | UNCH | CANADIAN PRIME | 4.70 | UNCH | Source: wires | CAD | USD | AUD | EUR | GBP | JPY | CHF | CAD | - | 0.7138 | 1.0243 | 0.6378 | 0.5321 | 113.29 | 0.5861 | USD | 1.4009 | - | 1.4351 | 0.8935 | 0.7455 | 158.69 | 0.8210 | AUD | 0.9762 | 0.6969 | - | 0.6227 | 0.5195 | 110.58 | 0.5720 | EUR | 1.5677 | 1.1191 | 1.6059 | - | 0.8343 | 177.61 | 0.9188 | GBP | 1.8791 | 1.3415 | 1.9250 | 1.1986 | - | 212.88 | 1.1012 | JPY | 0.0088 | 0.0063 | 0.0091 | 0.0056 | 0.0047 | - | 0.0052 | CHF | 1.7063 | 1.2180 | 1.7483 | 1.0884 | 0.9081 | 193.32 | - | TERM | YIELD | CHG | 2-YEAR TREASURY | 4.61 | 0.02 | 5-YEAR TREASURY | 4.74 | 0.04 | 10-YEAR TREASURY | 4.95 | 0.04 | 30-YEAR TREASURY | 5.32 | 0.04 | CANADIAN DOLLAR \$0.7138 +0.0024 (0.3359%) PAST YEAR, AS OF 5:37 P.M. | RATES | RATE | CHG | FED TARGET RATE | 3.75-4.00 | UNCH | U.S. PRIME | 7.00 | UNCH | Source: wires |

DATA PROVIDED BY BARCHART, EXCEPT WHERE NOTED

NOV. 4, 2026 \$0.7138