THE GLOBE AND MAIL*

OTTAWA/QUEBEC EDITION ■ TUESDAY, AUGUST 25, 2026 ■ GLOBEANDMAIL.COM

TRADE

Canada won't return to negotiating table until U.S. changes its attitude, PM says

- Carney accuses Americans of trying to destroy country's major industries, puts onus on Washington to restart talks ■ Trump threatens to raise tariffs further by doubling auto levies to 50 per cent and extending them to parts

ADRIAN MORROW WASHINGTON BILL CURRY OTTAWA MARIEKE WALSH OTTAWA MARK RENDELL TORONTO

Prime Minister Mark Carney says the U.S. must change its attitude toward trade talks before Canada will return to the negotiating table, signalling that there are no immediate plans for further bargaining as the two sides dig in for

Ford acknowledges telling Ottawa he wouldn't agree to aborted deal's terms ■ A3 escalating economic warfare.

Mr. Carney on Monday said that, during negotiations, it became clear the Americans “want to destroy our major industries” and “that is one of the major reasons that led us to say no – it was a bad deal.”

The Prime Minister ended the talks on Friday night shortly before the deadline for an agreement. U.S. President Donald Trump imposed new 50-per-cent

How this country can hit back most effectively, according to experts ■ B1 tariffs on roughly \$28-billion worth of Canadian goods, which Mr. Carney has vowed to match with levies of his own on Sept. 8.

Now, he said, it is up to the United States to restart talks.

"When the Americans go to the negotiation table first, with the right attitude toward our industries and a true partnership, of course we'll come to the negotiating table," Mr. Carney told reporters at the Davie shipyard in Lévis, Que., where he was announcing the construction of new icebreakers. "But an attitude at the negotiation table that Canada is a subsidiary of the United States ... that's not something we're going to accept."

Two government sources with knowledge of the negotiations confirmed that there is currently no plan to ask Mr. Trump for more talks. The Globe and Mail is not identifying the sources in order to learn details of the government's

With fighting words, the Prime Minister digs in, Campbell Clark writes ■ A4

strategy.

The rupture leaves Canada as one of the few major U.S. trading partners, along with China and Mexico, not to have signed one of the President's lopsided trade deals.

On Monday, Mr. Trump threatened even more tariffs in a few months' time and engaged in a war of words with Ontario Premier Doug Ford.

TRADE, A4

This wasn't a negotiation, Andrew Coyne writes. It was a shakedown ■ A11

- [ EUROPE ]

Ukrainian President Volodymyr Zelensky waves the flag of a military unit during an Independence Day ceremony in Kyiv on Monday. Mr. Zelensky says his country ‘wants peace, but it is not ready to simply surrender.’ EFREM LUKATSKY/AP

ALLIES UNITE BEHIND KYIV

British and French leaders pledge to step up military support as Ukraine marks the 35th anniversary of its independence ■ A6

It takes a village: At this growing Ontario hospital, a volunteer team preserves small-town warmth

LANA HALL

CARE BETWEEN THE LINES

Susan Heydon didn't immediately recognize the woman walking toward her.

Then the woman stopped at the information desk just inside the main doors of the rural Ontario hospital. She pointed to the man standing beside her, who looked to be in his 30s.

“You remember him? You were with me when he was born,” she told Ms. Heydon.

As it turned out, Ms. Heydon did remember. Three decades ago, she had just started working as an assistant on the maternity ward when she encountered the woman, who was in labour. “We just kind of connected and she said, ‘You wouldn’t just stay with me, would you?’”

So Ms. Heydon held the woman's hand and talked her through a series of breathing exercises.

"This many years later, that was pretty nice," Ms. Heydon says of the chance reunion. There she was, once again, guiding the woman and her son toward their destination.

More than 50 years after starting as a paid staff member, Ms. Heydon is now part of a team of volunteers at Stevenson Memorial Hospital. In the quiet farming community of Alliston, Ont., about 90 kilometres northwest of Toronto, Stevenson's volunteers provide a friendly, small-town feel when assisting hospital patients and visitors. Many already know each other, perhaps from church, or the bank, or the Alliston Potato Festival held every August.

Volunteers spend roughly 12,000 hours a year working to provide an extra element of human connection. With a major hospital expansion under way that could bring in patients from farther afield, the volunteers are hoping to preserve the community spirit that has always kept the place going. It takes a village.

First Nations, conservationists fear Ottawa may walk back pledge to ban salmon farms ■ A5

BRITISH COLUMBIA

INSIDE

FOLIO....A8-9 EDITORIAL & LETTERS....A10 OPINION....A11 LIFE & ARTS....A12 WEATHER & FIRST PERSON....A13 PUZZLES....A14

ONTARIO

Legal groups to argue province overstepped constitutional powers with new cash bail rules ■ A7

LIFE & ARTS

REPORT ON BUSINESS ....B1 OPINION & ANALYSIS....B4 GLOBE INVESTOR....B8 SPORTS....B11 COMICS....B12 OBITUARIES....B16

Anthony Hopkins channels a lifelong love of music with new orchestral album ■ A12

Explore our national database of freedom of information requests SecretCanada.com

PODCAST Jameson Berkow looks at how Canadian businesses are preparing as the trade war heats up tgam.ca/TheDecibel

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U.S. readies new sanctions to isolate Iran, warns others to sever ties

FARNOUSH AMIRI CHRISTOPHER RUGABER AAMER MADHANI DIDI TANG

U.S. Treasury Secretary Scott Bessent announced a new round of sanctions aimed at Iran on Monday and warned every country that does business with the Islamic Republic to sever those financial ties or face retaliation from the United States.

U.S. President Donald Trump's pledge last week to unleash an “economic D-Day” against Tehran turned out to be a new warning to cut off Iran from the rest of the global economy.

Asked why the U.S. was not imposing secondary sanctions on Iran's trading partners, Mr. Bessent told reporters he wanted countries to have an opportunity to shift away from Iran before it was too late. "Why would I want to blow up the global financial system?" Mr. Bessent said.

The Trump administration is struggling to find an off-ramp nearly six months into an unpopular war with an increasingly obstinate Iran.

Diminishing stockpiles of key weapons appear to have forced U.S. officials to pivot to economic warfare, though Defence Secretary Pete Hegseth said later Monday that he was not ruling out resuming strikes to hit Iran during a lull in hostilities.

Washington had promised new sanctions would put even more pressure on an Iranian economy already battered by previous penalties and a U.S. naval blockade.

But the announcement Mon- day provided little detail and did not name which countries could face secondary sanctions. China, Turkey and the United Arab Emir- ates are Iran's largest trade part- ners.

“We are level-setting with every country to tell them our expectations. We know who they are. They know who they are,” Mr. Besent said. “So when the hammer of U.S. Treasury actions falls upon them, they will have no one to blame but themselves.”

IRAN, A6

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Located in Whistler, B.C., the Audain Art Museum was founded through a philanthropic gift from Michael Audain and Yoshiko Karasawa. One of Canada's newer museums, it opened to the public in 2016. The AAM's permanent collection features more than 300 works representing the art of British Columbia. Special exhibitions throughout the year feature artists of national and international significance. audainartmuseum.com

JAN WADE'S SERVED COLOURED ENTRANCE

JAN WADE, SERVED COLOURED ENTRANCE, 2023, PAINT, FOUND OBJECTS, VESSEL, 71.12 × 20.32 × 27.94 CM, AUDAIN ART MUSEUM COLLECTION. PURCHASED WITH FUNDS FROM THE AUDAIN FOUNDATION. PHOTO: OISIN McHUGH

Jan Wade grew up in Hamilton and is best known for assemblages, paintings and textiles rooted in her multicultural history that includes the United States' slavery era. This piece is part of a larger series focusing on the entrance of Black people to North America, and it features a fetish-like treatment of buttons affixed to stacked found objects, including a teapot and carved African statue acquired from souvenir shops. The arrangement is topped by a miniature ship in a glass bottle, referencing the transatlantic slave trade from the 17th to 19th centuries.

ANDREW COYNE

OPINION

Trump's objective is to use tariffs as a weapon for hemispheric domination ■ A11

FIRST PERSON

Monday's First Person column was published with an incorrect byline. The essay about making peace with aging was written by Isabella Mindak.

COLUMNISTS

Cultures meet over curry and poutine in Jagjeet Sharma's fusion household ■ A13

[ CORRECTIONS ]

TONY KELLER

OPINION

Making Canada poorer won't lead to us buying more from the U.S. ■ B1

A Saturday Opinion article about plans to expand passenger rail in Alberta incorrectly said the sole remaining passenger rail line in the province is operated by Via Rail, and runs from Edmonton, through Jasper, and on to British Columbia, implying train travel between Edmonton and Prince Rupert is no longer possible. Via Rail operates the only remaining regular passenger rail line in Alberta, which runs from Edmonton, through Jasper, and on to Prince Rupert and Vancouver.

The Globe and Mail is committed to maintaining the highest ethical, legal and editorial standards. SANDRA E. MARTIN, STANDARDS EDITOR, standardiseditor@globeandmail.com

Politicians and Indigenous leaders mark the 150th anniversary of Treaty 6

JACK FARRELL DUCK LAKE, SASK.

Dignitaries take part in the Grand Entry during an event marking the 150th anniversary of Treaty 6, at Fort Carlton in Duck Lake, Sask., on Sunday. MATT SMITH/THE CANADIAN PRESS

Standing in the same place where it was signed, politicians, Crown representatives, Indigenous chiefs and elders marked the 150th anniversary of Treaty 6 on Sunday by saying they hoped the future would be nothing like the past.

"This treaty recognized a shared relationship with the land, the waters, and the living things," Governor-General Louise Arbour told a crowd at Fort Carlton, about 100 kilometres north of Saskatoon.

“History, unfortunately, tells a very different story.”

The treaty was the sixth of 11 treaties signed in the years after Canada was established through Confederation. It covers most of what's now central Alberta and Saskatchewan, though the treaty is older than both provinces.

Like the treaties signed before and after it, Treaty 6, by all accounts, is an agreement toward co-existence and collaboration between First Nations and the Crown.

But dignitaries and federal officials agreed on Sunday that the first 150 years were marred by broken promises and unrealized dreams, ranging from the historic medicine chest clause being unfulfilled to the pain and trauma of residential schools.

They also agreed that it was time to right historic wrongs and move forward together.

"The next 150 years must be more than about remembering treaty. They must be about implementing it," said Christine Longjohn, chief of Sturgeon Lake First Nation.

"Our children should inherit healthy communities, strong nations, thriving languages, safe homes and a treaty relationship grounded in honour and respect."

Those on hand representing the Crown, including Ms. Arbour, Minister of Indigenous Services Mandy Gull-Masty, and Buckley Belanger, secretary of state for rural development, said they understood what was being asked of them and promised to deliver.

“More than ever, our collective well-being depends on the trust that we place in one another. Today marks our commitment to keeping that trust alive,” Ms. Arbour said.

On the Alberta side of the border, the signing anniversary comes as relations between Indigenous chiefs and Premier Danielle Smith's government are strained over the Oct. 19 referendum on whether the province should hold a separation vote.

First Nations in Alberta have vehemently opposed the separatist movement and have fought in court efforts to hold a binding vote. Some chiefs have gone as far as to accuse the Premier of acting treasonously.

Ms. Smith has defended the referendum by arguing that the hundreds of thousands of Albertans who have signed petitions on either side of the debate deserve to have their voices heard.

The fractured relationship recently made headlines again when Joey Pete, Grand Chief of the Confederacy of Treaty 6 First Nations, called out Ms. Smith's government for missing an event in Edmonton commemorating the treaty anniversary.

Sunday's program marked the end of four days of events and ceremonies at Fort Carlton to commemorate the anniversary.

The original Treaty 6 parchment was also on display.

THE CANADIAN PRESS

Ontario Premier trades barbs with Trump

Premier Doug Ford speaks Monday at a construction site in Hamilton. In addition to trading insults with U.S. President Donald Trump, Mr. Ford also says he told Prime Minister Mark Carney before talks broke down that he wouldn't support a deal. CARLOS OSORIO/REUTERS

Ford says he wasn't going to support aborted trade deal anyway, because proposed tariff relief was too meagre

JEFF GRAY HAMILTON MARIEKE WALSH OTTAWA ADRIAN MORROW WASHINGTON

Ontario Premier Doug Ford traded insults with U.S. President Donald Trump on Monday, while acknowledging he had told Prime Minister Mark Carney last week that his province would not support the now-aborted U.S. trade deal nor would it lift its ban on American booze at liquor stores.

Mr. Ford said that, from the start, he objected to the U.S. tariff reductions on autos and steel floated last week as too meagre. And, as the week wore on, industry and union leaders also increasingly urged him to reject the deal, which was first outlined to premiers in a call with Mr. Carney last Wednesday.

Addressing reporters on Monday, the Premier was asked when he told the Prime Minister he would not sign on to the deal and would not heed Mr. Carney's request – a key demand from U.S. negotiators – to allow U.S. alcohol back into the Liquor Control Board of Ontario stores. Mr. Ford said he told Mr. Carney on Friday, before the public announcement that Canada was walking away from the table, that Ontario was out.

"The day, and the night, I did tell him I can't support it," Mr. Ford said. "I can't go to Dofasco and look a steel worker in the eyes, knowing that if we took this deal, he wouldn't have a job in a couple years."

One source with knowledge of the discussion between Mr. Ford and the Prime Minister said the Premier told Mr. Carney late on Friday that Ontario would not put American booze back on the shelves and would not change procurement policies that disadvantaged U.S. businesses – potential dealbreakers for American negotiators.

On Monday, the Premier said that when the deal was first outlined last Wednesday, he had told the Prime Minister that it “wasn’t a good deal” but that he was willing to back “Team Canada.”

Two other sources with knowledge of that conversation, which took place on a conference call with all premiers, said Mr. Ford pledged to co-operate with the request to put booze back on the shelves and to change procurement rules.

The Globe and Mail is not identifying the sources who were not authorized to disclose details of the private talks.

Mr. Ford, who was uncharacteristically out of the public eye as the clock ticked down on the negotiations last week, started Monday off by telling a Toronto talk-radio station, just after Mr. Trump threatened more industry-crushing tariffs, that the U.S. President could “kiss my ass,” and that Canada would be “controlling the oil and gas going down there.”

Later, hopping out of an SUV to speak to reporters at a new housing development in Hamilton, he said Ontario was considering reimposing a surcharge on electricity sent to the U.S. – something Mr. Ford enacted but then quickly withdrew last year, after the move prompted a public reprimand and renewed tariff threat from Mr. Trump.

The Ontario Premier said he was also considering using critical minerals as a bargaining chip, saying “everything’s on the table.” And he suggested Saskatchewan’s uranium and potash and Alberta’s oil should be included in this discussion, moves previously opposed by Saskatchewan Premier Scott Moe and Alberta Premier Danielle Smith. Mr. Ford said he planned to speak with Ms. Smith later Monday.

Then, reporters' phones stared buzzing: The U.S. President had issued a screed on his Truth Social social-media platform targeting Mr. Ford.

“Lots of ‘bluster’ from Doug Ford, who is the Premier of the Canadian Province of Ontario, but who is better known as the less charismatic, intelligent, and overall unimpressive brother of the late, great, Rob Ford,” the post reads.

The post goes on to call the Prime Minister “Governor Carney” and refers to Mr. Ford as Mr. Carney’s “Flunky.” It also warns against any move to leverage electricity or oil. “Remember, much of the Electricity, Oil, and Gas that Canada gets is transported through the U.S.A. Someone should get these clowns to ‘fall in line’ or, the consequences for Canada will be far WORSE!”

Asked several times about the post, Mr. Ford said Mr. Trump was a “dictator” and the “king of bankruptcies” as a businessman. And he urged Americans to vote against Trump-supporting Republicans in the coming midterm elections.

“I’m not going to take the bait,” Mr. Ford said. “This guy’s a loser. He’s going to be a loser, simple as that. We’re going to fight with everything we have, and you know something, I have more courage, more brains, in my baby toe that he has in his whole body.”

It's not clear the war of words is over. The Premier has plans to return to U.S. cable TV news channels on Tuesday, to continue to hit back at the President and his tariffs. Mr. Ford did say that he would hold off from running another pro-free-trade TV ad in the U.S., like the one that angered Mr. Trump and that Mr. Carney blamed for scuppering trade talks last October.

On Monday evening, Alberta's Premier said in a post on X that she spoke with Mr. Ford. She said she recognizes “that these tariffs have a disproportionate impact on Ontario businesses” and that she supports working together to strengthen the Canadian economy. But she also nixed the idea of any energy embargo: “As I’ve said in the past, cutting off Alberta energy exports to the U.S. would be extremely harmful to Canadians and is not a viable option.”

Also on Monday, Mr. Ford announced a move to immediately expand his \$1-billion fund that offers loans to tariff-hit businesses, in order to include the new sectors affected by the latest U.S. levies.

And he repeated his call for the federal government to exempt tariff-hit sectors from emissions rules, such as the industrial carbon tax, and to “eliminate federal greenhouse gas emissions standards for Canadian-made vehicles.”

Mr. Ford said the changes – demands he made to Mr. Carney in a letter about the tariff talks last week – would provide hundreds of millions of dollars' worth of relief to the auto and steel industries.

Mexico's Sheinbaum stays on the sidelines of Canada-U.S. dispute

DAVID AGREN

Mexican President Claudia Sheinbaum is playing down the trade dispute between Canada and the United States, describing the breakdown of talks as a “disagreement,” while expressing optimism that Mexico will reach its own deal on tariffs with its northern neighbour.

“I wouldn’t want to call it a rupture,” Ms. Sheinbaum said at her Monday news conference, the first time she has publicly addressed the suspension of the Canada-U.S. trade negotiations, news of which has been overshadowed in Mexico by domestic political drama.

"This misunderstanding, let's put it that way, this misunderstanding in the talks over the increase on tariffs that the U.S. raised towards Canada," she continued, before pivoting to comments on her phone call last Thursday with Prime Minister Mark Carney. "When I spoke, it seemed like everything was going to be agreed upon because obviously we have to keep an eye

on things."

She acknowledged that Mexico had paid close attention to the talks and that Economy Secretary Marcelo Ebrard, the country's point person on trade, would remain in Washington.

“We hope to reach an agreement with the United States. What does this agreement have to guarantee? The well-being of Mexico and the well-being of the United States from each country’s perspective. And we’ll wait this week to see how things are. I’m optimistic that an agreement can be reached.”

The Canada-U.S. talks collapsed late Friday night when Mr. Carney withdrew Canadian negotiators ahead of a deadline set by U.S. President Donald Trump to impose 50-per-cent tariffs on \$28-billion worth of Canadian goods, reportedly because the U.S. side made last-minute demands that Ottawa deemed unacceptable.

In response, Mr. Trump has vowed to double tariffs on Canadian-made cars from 25 per cent to 50 per cent as of Jan. 1, 2027, and has added auto parts to the scope of the levies.

Analysts say Mexico followed the talks closely with an eye toward rules of origin in the automotive sector. U.S. negotiators had offered to reduce tariffs on Canadian autos to 15 per cent in exchange for Canada agreeing to a list of demands. Mexico's automotive sector would find it difficult to accept tariffs of more than 12.5 per cent, according to a source familiar with the industry.

The Globe and Mail is not identifying the source because he was not authorized to speak publicly about negotiations.

A Canada-U.S. deal, analysts say, would have provided a template for the continuing Mexico-U.S. talks.

Mexico has held three rounds of talks to review the United States-Mexico-Canada Agreement. A fourth round is scheduled for early September in Washington.

“We have some of the lowest tariffs of any country in the world,” Ms. Sheinbaum said of Mexico’s trade situation with the U.S. “We’ve achieved this thanks to communication, negotiation and the collaborative work of the team that has been travelling to the United States."

Ms. Sheinbaum has made a series of major concessions to the Trump administration on a number of non-trade issues in order to keep the U.S. border open to Mexican exports.

Her administration scrapped her predecessor's conciliatory security policy regarding drug cartels, known as “hugs, not bullets.” Mexico has handed over 92 accused cartel bosses to the U.S. And the country has settled water debts with America, stopped sending oil to Cuba and established a dragnet across its southern states to stop migrants heading toward the U.S. border.

Ms. Sheinbaum has also kept her criticisms in check and avoided being seen as forming a common front with Ottawa against the Trump administration.

“Injecting herself into the Canada dispute, even rhetorically, cuts against everything that has protected Mexico’s own file so far, in her view,” said Arturo Sarukhán, a former Mexican ambassador to Washington. “It’s about not letting Canada's crisis become hers."

Mexico has said it wants to preserve a trilateral agreement between the three North American countries. But “it’s behaving, in practice, as if Mexico’s fate is fully decoupled from Canada’s,” Mr. Sarukhán said. “Both things can’t be entirely true.”

The ruling Morena party is heavily nationalist but largely deferred to Ms. Sheinbaum's dealings with Mr. Trump. But the U.S. has indicted 10 Morena officials, including Governor Rubén Rocha Moya of western Sinaloa state, on drug charges, which has rallied the Morena base. Mr. Rocha Moya unexpectedly returned to his office Friday from a leave of absence but stepped down again less than 36 hours later, after Ms. Sheinbaum withheld her approval.

“She walks on eggshells when she speaks about the USMCA,” said Brenda Estefan, a geopolitics professor at the IPADE business school. “Regardless of her ideological background, she knows that Mexico’s vulnerability to the U.S. is extreme.”

Ottawa could now bring U.S. streamers back to table: cultural sector groups

MARIE WOOLF OTTAWA

Groups representing Canada's cultural sector say the collapse of trade talks with the United States creates an opportunity to restart conversations with American streamers, including on their funding of Canadian content.

On Friday, Ottawa's negotiators rejected an 11th-hour demand from the Trump administration to ditch requirements that U.S. streaming platforms such as Netflix, Apple TV and Amazon Prime Video promote Canadian film, TV and music for users north of the border.

Reynolds Mastin, president and chief executive officer of the Canadian Media Producers Association, said that up until Friday, those platforms may not have had enough incentive to come to an arrangement on supporting Canadian content. He said this was likely because they thought the Trump administration could press Ottawa to get rid of the Online Streaming Act.

But Canada stood firm on preserving the act. Now, Mr. Mastin said in an interview Monday, the country is at “an inflection point.” This presents “an opportunity to make it very clear that Canadians are going to make decisions about their cultural destiny and no one else," he said.

Mr. Mastin said the new landscape allows space for a fresh conversation with U.S. streamers “about what the future could look like: where we strengthen and reinforce the Canadian media production industry in a way that also is aligned with the commercial objectives of these players.”

"The opportunity for that dialogue now exists," he said. "It may not have existed until around 11:30 p.m. last Friday night, and we have the government to thank for that."

Prime Minister Mark Carney confirmed at a press conference in Quebec on Monday that U.S. negotiators had introduced an unexpected demand in trade talks late last Friday, asking that Ottawa rejig laws requiring major American streamers to make Canadian content, including in French, easy to find in Canada.

Ottawa rejected the demand, made hours before the talks broke down, regarding it as a threat to this country's culture and sovereignty.

At the press conference, Mr. Carney said that U.S. negotiators regarded the French language, Francophone culture and Canadian culture as irritants, but to Canadians they are fundamental rights.

Canada's cultural sector has widely welcomed Mr. Carney's decision to walk away from the trade talks rather than compromise.

In a statement Monday, the International Alliance of Theatrical Stage Employees commended Mr. Carney's move. John Lewis, the group's international vice-president and director of Canadian affairs, said it supports the decision "to walk away from the table and refuse to accept a deal that jeopardizes working families and weakens Canadian sovereignty."

The Association québécoise de la production médiatique, which represents independent film, television and web production companies in Quebec, applauded Ottawa on standing firm on requirements to promote French-Canadian content on streaming platforms.

Hélène Messier, the association's president and CEO, said the federal government may now want to consider pausing its direction to Canada's broadcast regulator to reduce the percentage of

Canadian revenue foreign streaming companies would have to spend to support homegrown content.

But she also said it is crucial that the government quickly deliver the \$600-million in annual funding it has promised to bolster Canada's cultural sector. Quebec's TV and film industry has been starved of funds because of legal challenges from streamers and delays to the implementation of the 2023 Online Streaming Act, she said.

In June, the Department of Canadian Heritage said it would direct the Canadian Radio-Television and Telecommunications Commission to re-examine its recent decision to triple the percentage of revenue that streaming platforms must contribute toward creating Canadian content. The broadcasting regulator had released a framework in May that would require large streamers to contribute 15 per cent of their Canadian revenue.

Marie-Julie Desrochers, executive director of the Coalition for the Diversity of Cultural Expressions, said the government should give the CRTC the freedom to implement the act and make its own decisions on funding levels.

“We want the CRTC to have the full latitude it is intended to have to implement the Act as quickly as possible,” she wrote in an email, “either through the government withdrawing its request that the CRTC reconsider its decision or by issuing a policy direction that maintains significant and predictable contributions from online undertakings to support a wide range of Canadian content involving Canadian creators, performers, professionals and producers.”

Mr. Mastin, of the Canadian Media Producers Association, recalled how Ottawa had announced in June that it would assume some of the financial obligations the CRTC planned to impose on streamers. He said his organization was concerned that, “knowing those players as we do, they were not going to say, ‘Thank you very much. We’re done.’”

“They were going to regard that solely as the appetizer. And late on Friday night the U.S. negotiators demanded the main course in the form of the Online Streaming Act,” he added. “Fortunately, our government said Canadian culture and sovereignty isn’t on the menu.”

Carney is digging in for a trade war against Trump

PM says he won't budge until the U.S. has the right attitude toward Canadian industries and offers true partnership

CAMPBELL CLARK

OPINION

It's rare to hear so many figures in the U.S. administration talking about Canada.

On Monday, U.S. President Donald Trump posted a threat to impose 50-per-cent tariff on all Canadian cars and Vice-President JD Vance was at a rally in Maine smiling at his own smarmy joke about Canada being a state. The day before, Transportation Secretary Sean Duffy was predicting a weak Canada would rush negotiators back to the table to avoid the devastating impact of U.S. tariffs.

But on Monday in Lévis, Que., Prime Minister Mark Carney didn't sound like he was planning for that. He sounded like he was digging in.

The things he said weren't smoothing the way for a quick return to the negotiating table. They were making that harder.

It's not that Mr. Carney ruled out ever negotiating with the Americans again. He didn't. But he described the U.S. administration's intent as malevolent and so destructive that the prospect of trying to revive last week's talks seems almost impossible.

Mr. Carney called the Trump administration's reaction to the breakdown of talks – which included new tariff threats and Mr. Trump's complaint that Canada wanted the benefits of a U.S. state without being one – was “very revealing.” And he said that the negotiations showed the U.S. wanted to “destroy” Canada's key auto, steel and aluminum industries.

There has been speculation that Canada's delay in imposing retaliatory tariffs to Sept.

posing retaliatory tariffs to Sept. 8 has left open a two-week window for the countries to avert escalation. Mr. Carney put the onus on the U.S.

"When the Americans go to the negotiation table first, with the right attitude towards our industries and a true partnership, of course we'll come to the negotiating table," he said.

The things Mr. Carney said weren't smoothing the way for a quick return to the negotiating table. They were making that harder.

The Prime Minister's tone was a long way from Ontario Premier

Doug Ford's comment that Mr. Trump can "kiss my ass," which probably expressed a widespread Canadian sentiment.

Nor did Mr. Carney echo Mr. Ford's wild-eyed call to cut off the supply of oil to the U.S., a cunning plan that disregards the fact that Toronto's oil supply is pumped through a pipeline across Michigan. The Prime Minister even said that Canada's countertariffs won't target Republican jurisdictions, which is hopefully more of a tactical answer than a truthful one.

But Mr. Carney's description of American negotiators out to destroy Canadian industry, to tie its hand in making trade agreements, to kill French-language labelling requirements, and all wrapped up in an attitude that Canada must be a vassal. Those are fighting words that rile up defiance.

After all that, Mr. Carney can't go back to the table and make a deal that's like the one that was supposed to be on the table last Tuesday, when the Canadian negotiators thought they had a tentative agreement. The Prime Minister doesn't have the political room to make that deal any more.

Canadians have already been summoned to the barricades.

Now, Mr. Carney's focus has to be on the mounting threats from Mr. Trump, who said he would slap 50-per-cent tariffs on Canadian cars and auto parts on Jan. 1, setting Canadian countertariffs this week – and shoring up the metaphorical defences for Canada's economy, with efforts to compensate industry and preserve jobs.

The Prime Minister's trip to Lévis for the announcement of an \$11-billion contract with the Davie shipyard to build icebreakers proved a perfect backdrop.

It was a coincidence in that the icebreaker deal was, according to Quebec Premier Christine Fréchette, the fruit of years of work, but still a symbol of the kind of thing Mr. Carney's government promises to reassure Canadians that they can get through a trade war: It's a big spend from Ottawa on a contract to build ships in Quebec with Ontario steel.

There will be more of that in the coming days. Mr. Ford was already talking about compensation and federal support for his province's hardest-hit sectors. Ms. Fréchette, a Quebec Premier about to lead an autonomist government into an election campaign against the front-running Parti Québécois, was standing beside the Prime Minister and talking about working together in a time of uncertainty.

All the attention coming from Mr. Trump's administration was only hardening the trade war sentiments, too, all bluster that Canada will have to cave and come back to the table.

Till this weekend, Mr. Carney always held out the idea of striking a deal with Mr. Trump despite all the differences. Now, he's discounting the possibility, and digging in for the trade war.

Prime Minister Mark Carney greets workers at Davie Shipyard in Lévis, Que., Monday. ANDREJ IVANOV/AFP VIA GETTY IMAGES

A transport truck carrying vehicles leaves an assembly plant in Windsor, Ont., on Monday. In last-minute trade talks, the Prime Minister said the U.S. excluded trucks from auto tariff relief. DAX MELMER/THE CANADIAN PRESS

Trade: U.S. source says tension between American officials complicated negotiations

FROM A1

In a Truth Social post, the President said he would double auto tariffs from 25 per cent to 50 per cent as of Jan. 1, 2027, and have them also apply to auto parts, which have so far been exempted.

Finance Minister François-Philippe Champagne and a troop of other cabinet ministers are scheduled to unveil the government's plan to support Canadian businesses hit by the tariffs on Tuesday.

In addition to Mr. Trump's new tariffs, Canada has been subject since last year to his levies on autos, steel, aluminum and forestry products. The latter are stacked on even older duties on softwood lumber from the President's first term.

As The Globe has reported, Mr. Carney last week was willing to accept some of Mr. Trump's sectoral tariffs – as well as concede on a list of U.S. trade demands – in exchange for the President lowering those levies and not imposing the new ones.

But after striking a preliminary agreement along those lines last Tuesday, the Prime Minister has said, the U.S. made several last-minute, deal-breaking demands. These would have threatened Canada's sovereign ability to make trade agreements with other countries, attacked its auto industry and rolled back cultural policies protecting Canadian content, including French-language content specifically.

Ottawa also made new demands after the tentative deal was reached last Tuesday, The Globe has reported.

One of the government sources on Monday described just how down-to-the-wire talks went on Friday. Less than 90 minutes before the midnight deadline, Canada's chief negotiator Janice Charette and her staff left U.S. Trade Representative Jamieson Greer's office near the White House to return to the Canadian embassy.

There, Ms. Charette conferred with Canada-U.S. Trade Minister Dominic LeBlanc, ambassador Mark Wiseman and Marc-André Blanchard, Mr. Carney's chief of staff. A van waited downstairs to take Ms. Charette and the negotiators back to Mr. Greer's office for more talks. Then, the source said, the call came from the Prime Minister: Canada was done negotiating.

The government official said that, in numerous places, the proposed text of the deal that U.S. negotiators presented Canada with was different than what had been agreed to last Tuesday.

For instance, the two sides had broadly agreed that Canada would have “most favoured nation” clauses in the deal that would ensure that if the U.S. gave more tariff relief to another country, Ottawa would get the same. But Washington took that language out of its proposed final deal.

The source said American negotiators also increasingly hardened their demands that the U.S. be able to dictate Canadian trade policy – which Canada saw as an infringement on its sovereignty.

The Americans, for example, demanded that Ottawa be obliged to impose the same levies on key products from third countries as Washington did. Such products included steel, aluminum and goods derived from those metals. Then, U.S. negotiators began demanding the ability to constrain Canada from signing free-trade deals with other countries. The two sides were negotiating this last point when

A different source said that Mr. LeBlanc has told

Canadian industry leaders that negotiators

leaders that negotiators had a deal with Mr. Greer, but it fell apart when he had to get approval for it from others in the administration. One government source said Canadian negotiators felt Mr. Greer was a professional who was dealing with them in good faith but others in the administration may not have been.

the talks ended.

This last point could have stopped Mr. Carney's attempts to land trade agreements with India, the Association of Southeast Asian Nations and others as he seeks to diversify Canada's economy away from the U.S. market.

The Prime Minister has pointed to other last-minute U.S. demands that tanked the deal: excluding trucks from auto tariff relief and ending Canadian rules that make U.S. streaming services such as Netflix and Amazon Prime surface Canadian content, including content in French, for users in Canada.

In his post on Truth Social on Monday, Mr. Trump wrote: “Canada has been ripping off the United States of America for years. Not sustainable, and NOT ANYMORE!”

The lengthy timeline for implementation ensures the levies will not be in place ahead of the U.S. November midterms, where Mr. Trump's Republicans are already facing voter anger over high consumer prices partly caused by the President's war on Iran.

The Ontario Premier, for his part, said on talk radio that the President can “kiss my ass” and suggested Canada should cut off the U.S.’s supplies of oil, gas, electricity, potash and uranium.

The President fired back with a threat to cut off Canadian energy that flows through the U.S. He described Mr. Ford as “the less charismatic, intelligent, and overall unimpressive brother of the late, great, Rob Ford,” the former Toronto mayor.

Mr. Ford also confirmed that, before the deal collapsed on Friday, he told Mr. Carney that he would not back it. "The day, and the night, I did tell him I can't support it," he told reporters in Hamilton.

The support of Mr. Ford and other premiers was key. One concession Canada had to make to get a deal was to have provinces end their bans on U.S. alcohol and drop retaliatory Buy Canadian procurement rules.

Two other sources with knowledge of the discussions said Mr. Ford told Mr. Carney on

Friday that he would not comply with these requests because the steel and auto terms the U.S. was offering were too punitive.

On autos, the U.S. would have reduced tariffs from 25 per cent to 15 per cent and exempted the value of American content, but it refused to also exempt Canadian content. On steel, the tariff would have been cut from 50 per cent to 25 per cent for the first four million tonnes exported per year, while anything above that would have remained at the higher tariff.

One U.S. source with knowledge of the negotiating dynamic pointed to two long-running factors that complicated talks.

The first was continuing tension between Mr. Greer and U.S. Commerce Secretary Howard Lutnick. While Mr. Greer and his team pushed repeatedly over the past 10 months for flexibility on steel and aluminum tariffs in order to land trade deals with Canada and Mexico, Mr. Lutnick held firm against giving ground, the source said. The steel industry, the source noted, holds a great deal of sway inside the Trump administration. When a steel magnate makes noise, the issue is dealt with promptly.

Mr. Greer is in charge of negotiating trade deals, but Mr. Lutnick oversees the administration of the tariffs.

The Globe has reported that Mr. Lutnick's interventions in favour of a harsher deal for Canada helped scuttle the agreement.

A different source said that Mr. LeBlanc has told Canadian industry leaders that negotiators had a deal with Mr. Greer, but it fell apart when he had to get approval for it from others in the administration. One of the government sources said Canadian negotiators felt Mr. Greer was a professional who was dealing with them in good faith but others in the administration may not have been.

The second factor, the U.S. source said, was that Canada only began offering meaningful concessions over the past month, after Mr. Trump threatened his latest tariffs.

Before that, Canadian officials would arrive abruptly in Washington to outline demands on tariff relief while offering little in return, the source said. This happened four or five times to the increasing frustration of Mr. Greer and his team. It meant that talks over the past month started with little groundwork in place to reach a deal on short notice.

On Monday, Mr. Champagne said Ottawa's tariff support package will primarily help small- and medium-sized businesses. He told reporters in Montreal that the support will be focused on British Columbia, Ontario and Quebec, the three provinces that are expected to be hardest-hit by the new U.S. tariffs.

Vice-President JD Vance, meanwhile, on Monday accused Canada of derailing trade talks with “unreasonable, last-minute demands,” but did not specify what these were.

He also tied the negotiations to national security.

“We have to remember, Canada is a state – sorry, Freudian slip, that was actually an accident,” he said at a rally in Maine. “Canada is a country that has underinvested in its military, that quite literally would get invaded by a foreign country were it not for the umbrella of protection provided by the United States of America.”

With reports from Eric-Andrew Gee in Lévis, Que., and Jeff Gray in Hamilton

Critics fear Carney may not ban B.C. salmon farms

Aquatic science biologist Howie Manchester picks a salmon to collect samples from during a Department of Fisheries and Oceans fish health audit at the Okisollo fish farm near Campbell River, B.C., in 2018. Critics claim fish farms are harming wild salmon populations, including by passing on sea lice. JONATHAN HAYWARD/CP

Indigenous groups and conservationists argue commercial fisheries are harming migrating wild pacific fish

MARIE WOOLF OTTAWA

Indigenous groups and conservationists are expressing concern about silence from Ottawa over a plan, proposed by the Trudeau government, to ban salmon farms off the coast of British Columbia.

They fear that Prime Minister Mark Carney's government may be preparing to roll back on a Liberal commitment to remove the commercial salmon farms from B.C. coastal waters.

In 2024, the Trudeau government released a draft transition plan to phase out by June, 2029, open-net salmon farms in B.C. – where the fish are raised in coastal waters – which Indigenous communities and conservationists argue are harming migrating wild pacific salmon.

“First Nations are extremely concerned about any backtracking on the 2029 ban of open-net pen fish farms. The ban is an outcome of years of government consultations and engagements, and the announced ban directly incorporates the collective voice of First Nations across B.C.,” said Bob (Galagame’) Chamberlin, chair of the First Nation Wild Salmon Alliance.

Some fish farms have already closed in B.C., while others remain open.

In a statement, a spokesperson for Innovation, Science and Economic Development Canada said that draft transition plan “served as the basis for consultations and engagement.”

Since then, an interdepartmental task force has engaged with First Nations and other groups with an interest in the future of the fish farms.

"This work has provided a deeper understanding of the industry and regional economy, as well as the diverse views on the transition," said ISED spokesperson Hans Parmar in a statement.

First Nations chiefs whose territories include such farms want to keep them open and say there is no conclusive scientific evidence that the farmed fish are passing on diseases to wild salmon.

But other Indigenous communities and conservationists say they want reassurances that the Carney government plans to phase out B.C's remaining ocean-based salmon farms, despite pressure from the commercial salmon-farm industry and some First Nations not to do so.

They argue that the fish farms are harming migrating wild salmon populations, for example by passing on sea lice, and should be moved to tanks on land. Wild salmon stocks have revived where fish farms have closed, including in B.C's Discovery Islands, conservationists and some First Nations leaders say.

Earlier this year, the Federal Court of Appeal upheld Ottawa's decision to phase out open-net salmon farms in B.C.'s Discovery Islands.

The court rejected an appeal from fish farm operator Mowi Canada West, and ruled that former Fisheries and Oceans Canada minister Joyce Murray had acted fairly and reasonably when she refused to renew aquaculture licences there in 2023.

Chief Don Svanvik of Namgis First Nation in B.C., said, “The Namgis are concerned that the Carney Liberal government will not hold up the mandate of the previous Liberal government to ban open-net pen fish farms in B.C. to insure the survival of Pacific wild salmon. They have been silent on the transition plan for far too long.”

B.C.'s fish-farming industry, which includes Norwegian-owned salmon farms, includes open-net pens in Indigenous communities.

Brian Kingzett, executive director of the BC Salmon Farmers Association, said in an e-mail that an announcement about the ban is expected soon.

“The sector is fully committed to ensuring that wild salmon are protected by its operations, will make further innovations in the sector, and will support research organizations such as the Centre for Aquatic Health Sciences if there is a favourable decision by the federal government,” he said in an e-mail.

Tony Allard, chair of advocacy group Wild Salmon Forever, which favours moving salmon farms on land, said the cost of phasing out the coastal farms, and possibly retraining employees, may be a factor in the delayed announcement.

"I believe that our Prime Minister knows that wild Pacific salmon are an irreplaceable renewable resource whose ecological, cultural and economic value to British Columbia is beyond calculation," he said, adding that allowing the farms to continue beyond June, 2029, "would be a moral failure and a serious risk-management mistake."

"We can't pretend any longer that we can have both healthy and abundant wild Pacific salmon and industrial scale pens of Atlantic salmon in the Pacific," he said.

Mr. Allard added in an interview that the draft plan to phase out fish farms may have “too many zeros attached to it.”

“We think DFO [the Department of Fisheries and Oceans] and industry have very successfully attached an unpalatable price to the transition, with the hope that the whole nasty idea will just go away,” he said.

At a news conference in Ottawa in April, chiefs from the Coalition of First Nations for Finfish Stewardship argued that reversing the proposed 2029 open-net ban could attract new foreign direct investment and create jobs.

In the April press statement, they said the next six-year salmon life cycle was due to begin in June, 2026, and without policy clarity, aquaculture companies face the option of proceeding with production “only to cull millions of healthy fish in 2029.” The other option would be to halt the growth cycle, triggering job losses across rural, remote, coastal and Indigenous communities.

Dallas Smith, a member of Tlowitsis First Nation and a spokesperson for the Coalition of First Nations for Finfish Stewardship, said, “Aquaculture is a contributor to the economy, and to food security, in the rural and remote coastal communities that need it most.”

He said in a statement: “The 2029 open-net pen ban policy has already resulted in job losses and economic shrinkage. In the middle of an affordability crisis, and now a trade war, now is not the time to be shutting down food production in Canada.”

“Salmon farming is our natural resource, and as Rightsholder Nations, we are asking this government to reverse the ban and work directly with us to take care of coastal communities, strengthen food security and allow us to steward our territories for future generations.”

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A6 | NEWS

Top U.S. court clears way for Trump to restrict mail-in voting

It remains unclear how much the administration can implement before the fast-approaching midterm elections

LINDSAY WHITEHURST WASHINGTON

The U.S. Supreme Court sided with the Trump administration Monday in a case over U.S. President Donald Trump's executive order restricting mail-in voting, though it remains unclear how much can be implemented before the fast-approaching midterm elections.

The decision leaves room for additional court challenges that could further slow Mr. Trump's order, and other similar cases have already been filed. The U.S. Postal Service laid out how it would implement the order last week, but time is running short to impose major changes with some states beginning to send mail ballots to voters in just a few weeks.

The court's conservative majority didn't decide the legality of Mr. Trump's order, instead ruling that the states did not have the legal right to challenge it.

"The Court's disposition of this application does not mean that any measure taken by the Government to implement the Order will necessarily be lawful. On that score, time will tell," the majority wrote in an unsigned order.

The three liberal-leaning justices publicly dissented, with Justice Ketanji Brown Jackson writing that the rule “lets another shoe drop in the Kafkaesque nightmare that our precedents have been steadily creating for certain plaintiffs who seek to bring election-related challenges.”

New York Attorney-General Letitia James foreshadowed more legal wrangling, calling the decision a “painful set-back” but vowing it would “not be the final word.”

The court's order opens a path for the administration to begin action to restrict mail voting, but it also could lead to a bevy of potential further litigation that could freeze the federal government again, all starting 10 days before the first mail ballots in the nation are scheduled to be sent to overseas and military voters from North Carolina. “This is just the first inning of a very fast nine-inning game,” said Derek Muller, a law professor at Notre Dame University.

Mail balloting has long been a favourite target for Mr. Trump, who has claimed that it breeds fraud despite strong evidence to the contrary and his own use of the voting method.

Mr. Trump's executive order, signed in March, calls on his administration to create lists of eligible voters and orders the U.S. Postal Service to deliver mail ballots only to people on those lists.

Democratic officials in 23 states and the District of Columbia sued to block the order. They argued that the Constitution gives states and Congress the power to run elections, and Mr. Trump's changes could lead to chaos and partisan abuse.

"The consequences of allowing such transformative changes to take effect so close to this fall's elections would be extreme," attorneys for the states wrote. Dozens of state and local election officials weighed in, asking the justices to leave the order frozen while election preparations are already under way.

A judge in Massachusetts blocked the plan for the midterm elections in those states. An appeals court upheld her decision. She later granted a second order blocking it nationwide, another potential stumbling block for Trump administration plan.

The Justice Department appealed to the Supreme Court on procedural grounds in late July, arguing that the states sued too soon. They also pointed to another ruling out of Washington, where a judge allowed Mr. Trump's order to proceed. An appeals court backed that decision, while still leaving room for future court action if the changes are implemented.

Federal attorneys argued that the Massachusetts order “blocks the government’s ability to finalize and implement the President’s proposed policies to promote election integrity for the upcoming federal elections in November.”

A dozen Republican-leaning states supported the federal government in their own appeal before the high court, saying states would have input on the final voter lists.

The Supreme Court has previously ruled against Trump-backed arguments on mail-in ballots, finding in June that states can count ballots that arrive after Election Day. That case was decided after full briefing and arguments, rather than on the court's emergency docket.

ASSOCIATED PRESS

A woman walks past an anti-U.S. billboard in Tehran on Monday. The Treasury Department said Monday that it was imposing sanctions on nearly 60 Iran-linked entities. AFP VIA GETTY IMAGES

Iran: Rial hits a record low but was already under pressure before the U.S., Israel attacked the country

FROM A1

Dubbing the campaign “Operation Economic Outcast,” Mr. Bessent said Mr. Trump has been “making phone calls to world leaders with specific requests to cease their interactions” with Iran and has already seen results.

The UAE announced last week that it was suspending all trade, commercial exchanges and financial transactions with Iran until further notice after a reported missile attack on the Gulf country. Mr. Bessent said the UAE decision was “not a coincidence.”

Shortly before the announcement, Iranian parliamentary Speaker Mohammad Bagher Qalibaf said the U.S. is not in an economic position to further restrict Tehran's relations with other countries.

"Iran's trading partners, both in the media and through messages sent to us, have made it clear that they don't take these statements into account anywhere," Mr. Bagher Qalibaf, who has been Iran's lead negotiator over the past six months, posted on X.

Asked whether the U.S. would target China, Mr. Bessent said that “no one is above the reach of U.S. sanctions,” despite the fragile trade truce in place between the world’s two largest economies.

“If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted,” he added.

Experts say the U.S. is likely to carefully calibrate its actions on China, just a month before Chinese leader Xi Jinping is expected to visit the U.S.

How much the announcement matters “depends on the aggressiveness with which President Trump is willing to enforce it,” said Ali Wyne, senior research and advocacy adviser for U.S.-China relations at the International Crisis Group. “Thus far, despite threatening severe economic consequences for countries that do business with Iran, he has largely given China a pass.”

The Treasury Department said

Monday that it was imposing sanctions on nearly 60 Iran-linked entities, accusing them of roles in Iran's nuclear and missile programs, cyberactivities and oil shipments.

That includes Hong Kong-based Sweet Ocean Industrial Limited and associated people and businesses, which were accused of helping Iran acquire sensitive goods such as laser optics equipment. Also penalized was China-based Shenzhen Huamei, which is a service provider for the Iran-based logistics company BRE Line, as well as BRE Line's branch in Hong Kong, for allegedly supporting the missile and nuclear programs.

Hours before Mr. Bessent's announcement, Iran's currency hit a record low.

The rial dropped to 2.02 million to the U.S. dollar as trading opened on currency markets. Iran's official Central Bank rate stood at around 1.5 million rials to the dollar, but the market rate is what most Iranians pay.

The currency had already been under pressure before the U.S. and Israel attacked Iran on Feb. 28, as Iran faced double-digit inflation and negative growth. The rial has repeatedly hit new lows as nearly six months of war have taken an even greater toll.

Iranians find daily staples increasingly unaffordable. Since the war began, rice is up some 60 per cent and beef prices are more than 150 per cent higher. The International Monetary Fund forecasts that gross domestic product will contract more than 5 per cent.

Still, economic pressure has not yet translated into political pressure. Iran retains a key strategic advantage: Its attacks and threats on ships in the Strait of Hormuz have brought traffic in the vital waterway to a near halt, damaging the world economy and heaping pressure on U.S. President Donald Trump ahead of congressional elections.

The war, as a result, has devolved into a fight over who controls the strait, through which one-fifth of the world's traded oil transited before the conflict. Iran is now refusing to fully reopen it unless it can charge ships.

Iran and Oman, which is on the opposite side of the strait, are reportedly in the final stages of agreeing on a plan for joint management of the waterway. Oman's Foreign Minister is set to visit Iran on Tuesday.

Pakistan, which played a key role in brokering a 60-day ceasefire in June, sent a high-level delegation to Iran on Monday to encourage the U.S. and Iran to return to negotiations, two senior officials said. The officials spoke on condition of anonymity because they were not authorized to speak to the media.

The military confirmed only Field Marshal Asim Munir's visit, saying it was aimed at de-escalating tensions in the region.

Mr. Trump spoke with Field Marshal Munir ahead of the army chief's visit to Iran, according to a person familiar with the discussion who spoke on condition of anonymity to confirm a private conversation. Reuters, citing Pakistani sources, first reported the call.

Field Marshal Munir met Iranian Interior Minister Eskandar Momeni in Tehran, according to the two senior officials. Field Marshal Munir was accompanied by Pakistani Interior Minister Mohsin Naqvi and other officials. Field Marshal Munir was expected to remain in Iran overnight and meet the Iranian President and other senior officials before returning to Pakistan.

His previous visit to Tehran in May helped pave the way for a memorandum of understanding signed by the U.S. and Iran in June.

In downtown Tehran, 73-year-old Sadegh Mahmoudi did not hold out hope for a resolution. He joined a line of about a dozen people to purchase U.S. dollars with his remaining savings to hedge against further declines.

“There is no hope for a deal and peace,” he said.

ASSOCIATED PRESS

Britain and France pledge stronger military support for Ukraine

DANIEL FLYNN ANNA PRUCHNICKA KYIV

The leaders of Britain and France pledged to provide Ukraine with stronger military support – including access to classified technology and faster deliveries of air defence missiles – at a meeting of allies to mark Kyiv's independence day celebrations.

British Prime Minister Andy Burnham, in Kyiv on his first foreign visit since taking office last month, urged the gathering of

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the “Coalition of the Willing” to “do everything we can” to bolster Ukraine’s defences against Russian air strikes.

President Volodymyr Zelensky had earlier praised the resilience of the Ukrainian people during more than four years of war.

At the United Nations in New York, dozens of countries issued a joint statement reaffirming support for Ukraine's sovereignty and territorial integrity and urging Russia to accept an immediate, full and unconditional ceasefire.

UKRAINE GETS TECH TO MAKE STORM SHADOW MISSILES

“Ukraine absolutely wants peace, but it is not ready to simply surrender,” Mr. Zelensky said, adding that Russia would not halt its aggression even if Ukraine ceded to its demands for more territory in the country’s east.

Wearing a traditional Ukrainian embroidered shirt, Mr. Zelensky thanked foreign leaders for travelling to Kyiv to show their support on the 35th anniversary of Ukraine's break from the Soviet Union.

Standing alongside Mr. Zelensky and European Council President Antonio Costa, Mr. Burnham said his choice of Kyiv for his first foreign visit showed the importance he attached to assisting in Ukraine's defence.

“We are with you in this struggle all the way, heart and soul,” Mr. Burnham said, vowing to continue that support “despite Russia’s outrageous threats to my country.”

“This is the moment to keep up the pressure on Russia. The moment to squeeze their ability to fund this illegal war,” Mr. Burnham said, calling for further economic sanctions.

UKRAINE NEEDS MORE

With Russia escalating its ballistic missile attacks on Ukrainian cities, Kyiv is suffering an acute shortage of the U.S.-made Patriot air defence interceptors – the only weapon in its arsenal capable of downing such missiles.

Mr. Zelensky said Ukraine needed at least 300 interceptors to make it through the winter, and he appealed to allies to deliver an air defence package before Russia renews its strikes on his country's energy infrastructure.

French President Emmanuel

Macron, co-chairing the coalition meeting via video link, said that a string of deadly attacks on Ukrainian cities in recent weeks had shown that allies needed to step up the deliveries of interceptors and France would do its part.

"I think it's very important that all of us accelerate in terms of delivery," Macron told the meeting, urging countries not to back down in the face of Russian intimidation. "The bottom line is, for me, very clear: keep calm and carry on."

Mr. Zelensky told the meeting that Ukraine's war effort was complicated by a US\$27-billion defence funding gap this year and appealed for additional financial support. He suggested that Russia's frozen overseas assets could be used to finance the deficit.

Paying tribute to Ukrainian people and soldiers defending Ukraine in the war, Mr. Zelensky called on allies to give it “everything” needed to stop the war.

“We are not asking you to fight for us,” he said.

DRONE DEMONSTRATION

Hundreds of thousands of people have been killed, and swathes of Ukrainian territory have been laid waste, since Russia launched its full-scale invasion on Feb. 24, 2022.

U.S.-led peace talks to bring a lasting end to the war fell apart earlier this year as Ukraine refused Russian demands to cede more territory. Fighting continues along a 1,200-km front line and Ukraine has succeeded in bringing Russian advances overall to a virtual halt this year.

Hovering in the sky above Kyiv, a squadron of aerial drones carried out a demonstration of the Ukrainian military technology, which has helped to keep Russian forces in check.

Naval drones swept along the Dnipro river, while unmanned ground vehicles – some equipped with heavy machine guns – trundled in formation along one of the city's main historical avenues.

Ukraine has increased its long-range attacks on Russian refineries and logistics infrastructure, aimed at undermining Moscow's war effort.

It hit four logistics hubs owned by Russia's second-largest online retailer Ozon in southern Russia in drone strikes on Monday, the company said.

REUTERS

Filing seeks to halt Ontario's cash bail rules

Province an outlier with revival of system curtailed in early 1970s

DAVID EBNER

Two legal groups are challenging Ontario's new cash bail rules in court on Thursday, arguing that the system violates the Constitution and the Charter of Rights and Freedoms.

The province instituted the widespread use of cash bail last week, and it sparked confusion in bail courts over how to administer the rules. Premier Doug Ford's government said the new system, which was first announced last November, will improve public safety.

Cash bail in Canada was mostly eliminated in the early 1970s and the Supreme Court of Canada has said judges should impose it only in exceptional circumstances.

The Canadian Civil Liberties Association and the Criminal Lawyers' Association argue that Mr. Ford overstepped Ontario's constitutional powers and are calling on the Ontario Superior Court to strike down the province's new rules.

The case is scheduled in Toronto on Thursday morning, to be heard by Justice William Chalmers. If a ruling is not rendered that day, the two legal groups plan to ask for an injunction from the judge to put cash bail on pause until a judgment is released.

The legal groups, in their court filing, assert that Ontario's cash bail rules “unconstitutionally rewrite the law of bail by eliminating the promise to pay.” The groups argue cash bail encroaches on exclusive federal jurisdiction over criminal law, as outlined in the Constitution. They further state that the federal Criminal Code specifically requires a court to favour a promise to pay rather than have actual cash handed over.

The groups also contend the cash bail rules violate the Charter of Rights' provision that reasonable bail not be denied without just cause.

Cash bail is an anomaly in Canada, unlike in the United States. In 1972, the federal government ended the system of paying cash to be freed from prison ahead of a trial, because it was deemed overly harsh for lower-income people.

In the Canadian system, when a person accused of a crime is required to provide a financial component as part of their release ahead of trial, it is generally a pledge of assets.

Ontario, under Mr. Ford's tough-on-crime ethos, has sought to make it harder to get bail by reviving the common use of cash bail. New regulations in mid-August, enacted after legislative changes became official in early June, demand that any financial component in a bail release order be “paid in cash or by money order or bank draft” within two business days of release.

“

It's a disaster of a law. The only motivation behind this is politics.

NICOLE MYERS CRIMINOLOGY PROFESSOR AT QUEEN'S UNIVERSITY

This makes Ontario an outlier in Canada, the only province to pursue such a strategy. Ottawa recently toughened federal bail laws, to make it harder for accused people to gain release from jail ahead of trial, but the question of cash bail hadn't been raised until Ontario surprised everyone in the justice system with its plan last November.

Nicole Myers, a criminology professor at Queen's University, said Ontario's move is an obvious violation of the Constitution and an egregious attack on accused people who are presumed innocent ahead of trial, especially those with lesser financial means. Cash bail, she said, creates a two-tier justice system in which wealthier people buy their freedom before trial and the poor are incarcerated.

In the United States, research from the Prison Policy Initiative advocacy group showed that several hundred thousand people were jailed in 2023 ahead of trial, presumed innocent, because they couldn't afford cash bail.

“It’s a disaster of a law,” said Prof. Myers of cash bail in Ontario. “The only motivation behind this is politics.”

Ontario Attorney-General Doug Downey last November said the province would craft regulations that abide by the Constitution. In mid-August, when Mr. Downey announced the system was ready to go, he cited the need to keep violent and repeat offenders behind bars.

Shakir Rahim, a director at the Canadian Civil Liberties Association, said such rhetoric does not jibe with the system Ontario introduced. Any accused person, whether a first-time offender or someone charged with a serious crime, must produce cash if there's a financial component in their bail release order.

Last Friday, a spokeswoman for Mr. Downey, Julia Facca, said in a statement: “Our government will never apologize for the actions we are taking to strengthen the bail system.”

Adam Weisberg, president of the Criminal Lawyers' Association, said the division of powers between the federal and provincial governments in the Constitution is clear. Criminal law, including how bail works, belongs to Ottawa.

“We have a strong argument,” said Mr. Weisberg. “The province doesn’t have the power to do what it’s done.”

The legal groups' case against Ontario is being argued in court by Matthew Gourlay of Henein Hutchison Robitaille LLP.

The Supreme Court of Canada in 2017, in a major ruling known as Antic on how bail laws should work, spoke strongly against cash bail. The top court instructed judges to order cash bail only in exceptional circumstances and, if levied, to choose a figure the accused could afford to pay.

Richard Wagner, who wrote the unanimous Antic judgment a few months before he became Chief Justice, highlighted the history of bail and cited Ottawa's reforms in the early 1970s that effectively ended cash bail.

“Parliament limited cash bail for good reason,” he wrote in the judgment.

Two MLAs who left B.C. Conservatives plan to form new party

MARISSA BIRNIE VICTORIA

There are plans for a new party in the British Columbia legislature as politicians return this fall, with two MLAs who recently left the provincial Conservatives saying they want to provide an option for frustrated voters.

Ian Paton, who has served as the MLA for Delta South since 2017, announced Monday that he was leaving the Conservative caucus to sit as an independent.

He's the second MLA to make the move this month after Peter Milobar, who had been one of the Conservatives' leading moderate voices, left citing a lack of “ideological alignment” with the party's new leader, Kerry-Lynne Findlay.

At the time, Mr. Milobar said he had concerns about the party's direction under Ms. Findlay, who has pushed the party right and said it will focus on "faith, freedom and family." Mr. Paton, too, said the direction no longer aligned with his beliefs.

The pair spoke to reporters in Victoria on Monday, saying they planned to register as an official party with Elections BC before the fall legislative session.

“We are in the process of getting things organized. There will be much more to come,” he said.

The former Opposition finance critic said he and Mr. Paton could be a party of two, but suggested there could be other defections from the Conservatives.

“I’m hearing and listening from caucus members, and some may still come, some may not. That is their choice and I respect that,” he said.

Mr. Milobar said there were real fears around vote splitting, but he and Mr. Paton wanted to provide an option for voters who are dissatisfied with the governing New Democrats but “do not see a path forward” with the Conservatives under Ms. Findlay.

“It’ll be an uphill climb, absolutely, but it’s one that many, many people over the last week have been reaching out saying that they want to get on board,” he said.

Mr. Paton said their intention was to “give a home to those who feel politically homeless” in B.C.

He provided few details about his decision, but said he felt there were “eyes” on him under Ms. Findlay’s leadership given he was previously a member of the former BC Liberals, then BC United, before joining the Conservatives in 2024.

Mr. Paton also said constituents in Delta South had been telling him they weren't happy with the way the Conservatives were moving

“Back in 2017, when [Mr. Milobar] and I first ran, 797,000 people voted for a centrist party back then, and I keep asking myself, where are they now?” he said.

Another party, CentreBC, has already sought to position itself as an alternative for voters dissatisfied with the Conservatives.

Formed in 2025 under Karin Kirkpatrick, a BC United MLA who lost her Metro Vancouver seat to the Conservatives in 2024, the party – which does not have a representative in the legislature – is now led by former BC Liberal cabinet minister Mike Bernier.

“B.C. needs a socially progressive, fiscally responsible choice,” Mr. Bernier said in July.

But Mr. Milobar said MLAs that have sat as independents and others, including Conservative caucus members who'd reached out to him over the last week, weren't interested in joining the party. “People, for whatever reasons, are not choosing to go to that vehicle,” he said Monday.

Mr. Milobar said it had become clear “they would prefer something new be created and try to as best as possible create that new energy for the public to get behind.”

Hamish Telford, an associate professor of political science at the University of the Fraser Valley, said Mr. Milobar and Mr. Paton's decision to form a new party instead of joining CentreBC was a mystery.

But he said the party would have an advantage over CentreBC because, with two sitting MLAs, it can obtain official status. "They'll be in the hallways, scrumming with reporters and getting their message out. And I rather suspect that others will join them," he said in an interview on Monday.

Prof. Telford said it was no surprise the more moderate members were leaving as Ms. Findlay pushes the party to be more “purely conservative and populist in tone.”

He said a new party could be detrimental to the Conservatives' goal of unseating Premier David Eby's NDP in the next election, as conservative governments that balance ideologies and focus on economic matters tend to fare better in B.C.

“If people want to campaign on divisive social issues, they’re free to do so, but they probably won’t win an election,” he said.

THE CANADIAN PRESS

Canadian Armed Forces members evacuate people from the Sandy Lake First Nation in Northern Ontario, then under threat from a nearby wildfire, in June, 2025. AVR NICHOLAS ZAHARI/NATIONAL DEFENCE MEDIA RELATIONS

Housing, infrastructure gaps a hindrance to First Nations during wildfires: report

ALESSIA PASSAFIUME OTTAWA

First Nations are stuck in a “spiralling cycle” during wildfire seasons due to a lack of co-ordinated emergency management supports and a severe housing gap, the federal housing advocate is warning in a report on the 2025 wildfire season.

Last year saw the second-worst wildfire season on record, with 165 emergency events impacting 134 First Nations. More than 40,000 people were evacuated by mid-August from at least 83 communities.

"The risk of wildfires is not new to First Nations, but the authority and the resourcing First Nations need to manage emergencies and steward their territories with traditional knowledge have been undermined," Marie-Josee Houle says in her new report released Monday alongside the Assembly of First Nations.

“Traditional knowledge should not only be respected but actively supported and funded as part of modern emergency governance and climate adaptation. Otherwise, the ability of First Nations to protect their communities is severely compromised.”

The report says wildfire displacement is becoming a feature of life for First Nations, linked to pre-existing housing and infrastructure gaps.

Climate change is making wildfire seasons worse, with drier conditions leading fires to spread more rapidly. While there are not necessarily more fires, the fires are becoming more intense, with a prolonged season and limited ability to extinguish them.

AFN National Chief Cindy Woodhouse Nepinak said while the report looked at the 2025 season, this year has also been devastating for First Nations, including the total loss of one community in Northern Ontario.

She said there are systemic gaps in emergency responses that threaten the safety and dignity of First Nations and their right to housing.

“First Nations, we are foundational partners in Canada. That is why we must mobilize our resources to protect our rights and showcase the strength of First Nations that are on the front line of climate change,” she said.

In the 2025 wildfire season, First Nations were provided little or no advance warning of changing conditions, the report says, and some were ignored by some provincial governments.

Ms. Houle and the AFN said in Manitoba, both the Assembly of Manitoba Chiefs and Manitoba Keewatinowi Okimakanak called for supports for northern First Nations who declared a state of emergency, but the province did not respond for 10 days. First Nations in Northern Saskatchewan called for similar, and received a slow response from the province.

Without action from the provincial governments, the federal government cannot respond to emergencies.

Supports also varied by jurisdiction during evacuations, with some municipalities and Indigenous organizations working together to support evacuees.

Others, the report says, were wholly unprepared for the number of evacuees and their needs, and some were unwilling to receive evacuees altogether.

Mass evacuation centres grouped everyone together, meaning elders with health conditions were made to sleep on cots and some victims of abuse were forced to stay in the same centres as their abusers.

Some hotels treated evacuees poorly, including by barring access to facilities like the gym or pool. The report says some evacuees were told to pick up their meals from a back entrance, and were not allowed to enter hotel restaurants.

"First Nations women, children, and youth became magnets for human traffickers, who, along with drug dealers, gained easy access to the hotels they were staying in. Many returned to their communities ill or in worse health," the report says.

The report notes it's also more difficult for First Nations to insure homes in their communities. Premiums can be prohibitive, and communities are generally underinsured.

Ms. Houle and the AFN offer 10 recommendations, including one to develop a national emergency management strategy to co-ordinate between First Nations and the federal and provincial governments. Other recommendations were to invest in First Nations-led fire safety and monitoring and improve on-reserve infrastructure.

A 2024 report from the AFN and the Conference Board of Canada found closing the First Nations infrastructure gap could generate \$635-billion in economic output over seven years, and pegged the cost for upgrades at \$349-billion.

The federal auditor-general said closing that gap means building more than 55,000 new hosing units and repairing another 80,000.

Ms. Houle and the AFN say that gap is not the result of poor choices by individuals or First Nations leadership, but are the reflection of a system where laws and policies have been used to isolate and marginalize First Nations.

“Governments must work in full partnership with First Nations to shift from reactive emergency responses to preventative, rights-based approaches grounded in First Nations leadership,” Ms. Houle said in a media statement.

"Now is the time to act to keep communities safe and housed in a changing climate."

THE CANADIAN PRESS

Hospital: A \$174-million redevelopment is expected to be completed in 2028

PHOTOGRAPHY BY LAURA PROCTOR/THE GLOBE AND MAIL

FROM A1

Aside from a short period during the Second World War, the auxiliary has been operating since 1928, when the hospital was first built. Originally consisting of a handful of female volunteers, the group has now grown to almost 100 people, ranging from high-school students to seniors in their 70s.

Auxiliary members stock and operate the hospital gift shop, fill supplies on medical wards and maintain the building's vending machines, which gross approximately \$45,000 a year that is donated, along with gift-shop revenue, to the hospital. Some work directly with patients and their families, fetching warm blankets, entertaining children with activity books or serving guests at the “coffee corner,” a makeshift kitchenette in the corner of the emergency department.

“You just kind of make your rounds and see if anyone needs anything,” as Ms. Heydon humbly describes it.

At Stevenson, where everyone filters through a single entrance, a friendly volunteer is often the first person a patient encounters when the doors open. “People go out and say, ‘This is the nicest hospital. I love this hospital. I wouldn’t go to any other place,’” Ms. Heydon says. “So we feel like we’re doing something right.”

Home to more than 23,000 residents, the town of Alliston has its roots in agriculture and auto manufacturing. The community is known for its rolling hills, a tiny downtown lined with historic brick buildings and a cinema built in 1938.

Stevenson Memorial Hospital serves almost 35,000 patients a year, including from the surrounding communities of Essa, Adjala-Tosorontio, Innisfil, New Tecumseth and the Canadian Forces base in Borden. Rebuilt in 1964, the tiny hospital still bears a sprinkling of mid-century touches from that decade, including a pair of brown-and-yellow tiled pillars standing sentinel at the front entrance.

Ms. Heydon began her career at Stevenson Memorial in high school, working in the laundry department. Despite not having any formal medical training, she did stints in the hospital's lab and maternity ward before eventually landing in the payroll department, where she worked until retirement.

She met her husband, a maintenance worker, on the job. Living in the tight-knit community meant they could walk or bike to work.

After her retirement three years ago, Ms. Heydon found herself unable to say goodbye to the place that had shaped so much of her life. She's volunteered at the information desk every Monday since.

"The volunteering's been good for me because I still see people that come in and they go, 'Oh my gosh, you're still here,' " she says. "It's just a comfort thing, I think, for people. It still feels like a small-town community."

Gary Munro has been a friendly face at the hospital for almost 15 years. As the auxiliary's president, one of his tasks is overseeing its fundraising efforts.

A talented carpenter, the 77-year-old builds wooden Muskoka chairs with matching ice chests, which are raffled off and purchased by people or businesses in the community.

Last year, the auxiliary raised \$50,000 for the hospital. This year, it's raising money for a new incubator, which comes with a price tag of \$56,000.

Mr. Munro also relishes the rare moments when he gets to put down his toolbelt and greet people at the information desk. He knows they might be in pain or simply overwhelmed.

A simple “How can I help you?” often yields a look of visible relief on a patient’s face.

“That made my whole day when I saw stuff like that,” Mr. Munro says.

“They’re there on a bad day, and you have the chance to make it a tiny bit better.”

Unlike a larger hospital that may have a dedicated staff member – or an entire department – assigned to managing volunteers, the auxiliary recruits and onboards all of its own members.

They ask for a one-year commitment and a minimum of one three-hour shift a week, but many members choose to spend even more of their time volunteering, seeing it as a way to socialize and connect with the community.

Six years ago, those recruitment efforts brought in Donna Ross, another long-time Alliston resident looking for an opportunity to give back to the community in her retirement. Ms. Ross's mother was also an auxiliary volunteer at Stevenson Memorial.

Ms. Ross handles many volunteer tasks at the hospital, but her favourite thing to do is knitting and handing out finger puppets to pediatric patients or kids accompanying a parent to an appointment.

How do kids react when given a finger puppet? "Great!" says Ms. Ross, using her fingers to draw an exaggerated smile on her face. "It keeps them busy if they're a little upset. It kind of takes their mind off things."

In fact, a simple walk-through of the emergency department makes it easy to tell when Ms. Ross is on shift, Mr. Munro says.

"I've seen mom, dad and the little one, all three of them with the finger puppets on," he says. "It's kind of cute."

Ms. Ross, who's also known to don an elf costume for her shifts during the holidays, estimates that she and her volunteers knit about 900 finger puppets each year. Sometimes she presses one or two into the hands of paramedics who are waiting to deliver or transport a patient.

“They usually ask, ‘What are they for?’ I said, ‘Well, you can entertain one another when you’re not working, or if you have to pick up a child that is scared to go in the ambulance.’”

She figures her finger puppets are probably “all over Alliston” by now.

As much as Stevenson Memorial holds on to its long-time volunteers, it also depends on a next generation to fill gaps. That's one of Susan Kean's volunteer tasks, and it's one she takes seriously.

She's been volunteering at the hospital for four years, following in the footsteps of her mother, who also spent many years as an auxiliary volunteer.

In addition to scheduling shifts for the information desk volunteers, Ms. Kean recruits, interviews, trains and oversees about 20 high-school student volunteers each year, many of whom go on to study medicine at the postsecondary level.

If a baby's parents want a celebratory bear or children need activity sheets to pass the time, the hospital is ready to provide those.

Ms. Heydon, left, and Ms. Ross share a laugh outside the hospital gift shop. Auxiliary members stock and operate the shop, with revenue going to the hospital.

Above: From left, Susan Kean, Gary Munro, Donna Ross and Susan Heydon, pictured at the Stevenson Memorial Hospital in Alliston, Ont., in July, are part of a team of volunteers, ranging from high-school students to seniors in their 70s.
Above: Stevenson Memorial handles almost 35,000 patients a year in Alliston and surrounding communities.

Left: Volunteers can serve visitors from a coffee station at the main entrance.

The auxiliary provides bursaries for some of those students. Depending on their interests and maturity level, Ms. Kean decides where best to place them: at the information desk, the gift shop, the emergency department or in the medical/surgical ward, where they help restock supplies such as alcohol swabs and latex gloves.

She has yet to see any of them return to work at Stevenson Memorial on staff, but she keeps tabs on them from afar.

"It's really neat to see how they're doing. All of a sudden, they send me an e-mail saying, 'I finished this term. I did really good. How's your family?' "

Like her mother, Ms. Kean is a self-described “talker” who loves to chat with patients and visitors, some of whom she also encounters at the cafés, thrift stores or churches that line Alliston’s historic downtown.

“It’s nice seeing old faces: people that know me and my parents and my grandparents.”

The hospital is at an inflection point.

As Alliston's population grows – driven by urban exodus and more housing development – so, too, does the need for more medical care. Earlier this year, the hospital broke ground on a \$174-million redevelopment that will double its capacity and see its emergency department triple in size.

A new addition is set to add more in-patient beds, two new operating rooms, expanded lab space and a new MRI machine, meaning more patients can be treated on-site instead of being sent to larger hospitals in Barrie or Newmarket.

The expansion is expected to be completed in 2028, just in time for the hospital's 100th anniversary.

Renderings show a three-winged building that wraps around the existing mid-century hospital, almost as though it's cradling it. Maintaining that original hospital building, which has strong roots in the community, will be important, the auxiliary volunteers say.

On a quiet Monday afternoon in mid-July, a storm is rolling in over the hospital grounds, where construction is well under way.

Under dark skies and a slowly rotating crane, Ms. Heydon walks a patient out of the main hospital doors and guides her into a waiting vehicle with a cheerful wave.

Most volunteers agree the expansion is necessary. The current emergency department, built in 1964, was designed to accommodate about 7,000 patients a year. Now, the hospital sees almost five times as many.

As she gazes upward at the looming crane, Ms. Heydon reflects on the 50 years of patients she's seen walk through the hospital doors and the tight-knit community she's helped support.

“I’m hoping that when we get bigger, we don’t lose that,” she says. “But I don’t think we will.”

Care Between the Lines is a summer series, which will introduce you to volunteers in health care who fill gaps and provide compassion in a system that can be isolating and scary.

Ms. Ross's finger puppets are a dose of levity for young patients. She estimates volunteers knit about 900 finger puppets each year.

Ms. Ross walks through the volunteers storage room at the hospital. The hospital recruits about 20 high-school student volunteers each year. Some get bursaries for helping out.

EDITORIAL

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

A free Canada is worth the sacrifice

A trade war can be measured in many ways. The value of goods crossing a border. The percentage rate of tariffs. The number of jobs gained or lost. But victory in the current confrontation with the United States will come down to an intangible: How much do Canadians value their freedom?

The trade terms proposed by the United States were unacceptable. Canada would have been a sovereign country in name but not in fact, its independence an illusion.

As this space argued yesterday, Prime Minister Mark Carney was right to walk away. And he was right to say that U.S. attacks would be countered and struggling Canadians would be helped.

Because there will be pain. Only days after the collapse of trade talks, U.S. President Donald Trump threatened 50-percent tariffs on vehicles, auto parts and steel, beginning at the start of next year.

This is a blatant attempt to destroy key parts of the Canadian economy, wiping out thousands of jobs. But it's more than that. It seeks subservience. It's the economic equivalent of setting out to bomb a city until its defeated and demoralized leaders seek peace at any cost.

Mr. Trump clearly wants to enact so much damage that Canadians are begging for relief, willing to accept whatever terms necessary to end the punishment.

The key question now is how much pain are Canadians willing to endure to stay a proud and free country.

Early indications are positive. An Angus Reid poll done over the weekend found strong majority support for Mr. Carney's trade stance in every province – including among more than half of respondents who voted Conservative in the last federal election.

Mr. Trump should not mistake Canadian politeness for passivity. A country that fought and died in the charnel houses of the world wars, in Korea and in Afghanistan knows the value of standing up for its ideals.

That same poll shows that one in eight people are “very” concerned about losing their jobs and a further 25 per cent are somewhat anxious about that prospect. These fears are legitimate and every lost job is a trauma for that person, with the effects rippling out from there.

However, Canadians should remain united and clear-eyed about who is at fault. There is only one answer: Mr. Trump. We did not seek this fight. It was Mr. Trump who caused the trade war by seeking to dominate Canada.

By acting so thuggishly, the U.S. administration shot itself in the foot. Mr. Carney might have been able to swallow trade concessions – not an assault on sovereignty. In taking that tack, Mr. Trump clarified that the real issue for Canada is no longer trade, but its survival as an independent country.

In spite of Mr. Trump's repeated musings about annexing Canada, his primary goal seems to have been simpler: turn Canada into a sort of protectorate.

In this scenario, Canada would not be a part of the United States but not truly independent either. It would be subject to the whims of the U.S. president, unable to set its own foreign or trade policy.

Last year, former prime minister Stephen Harper said that if he were still leader he would accept “any level of damage” to Canada rather than see it absorbed by the United States. “I would be prepared to impoverish the country,” he said.

That would be a terrible cost. It's also the right attitude. Freedom, to borrow a phrase, isn't free.

Given Mr. Trump's attacks on Canada, it may seem odd to quote here one of his predecessors. But a famous comment from John F. Kennedy's inaugural address offers inspiration for Canadians. He pledged in 1961 that his country would “pay any price, bear any burden, meet any hardship … to assure the survival and the success of liberty.”

Although Mr. Kennedy was speaking about liberty globally, not specifically in his own country, his is the determination now required of Canadians.

Principles are easy to claim when they are not challenged, when they require no sacrifice. Now Canada is being challenged and sacrifice will be required. The coming period will be hard, the damage may be awful, but no one should ignore what is at stake.

In his dystopian novel A Clockwork Orange, Anthony Burgess has a character who bemoans those who “will sell liberty for a quieter life.” That’s a trade Canadians can never make.

JAMES KELLER NATIONAL EDITOR CHRISTINE BROUSSEAU MANAGING EDITOR, PRIORITIES

ANDREW SAUNDERS PRESIDENT AND CEO DAVID WALMSLEY EDITOR-IN-CHIEF

LETTERS TO THE EDITOR

HOW DID WE DO?

Re “No deal was better than this deal. Mark Carney was right to call Donald Trump’s bluff” (Report on Business, Aug. 24): In its purest form, free trade, by definition, involves a win-win proposition.

But Donald Trump only seems to understand win-lose – he must win and the rest must lose. By imposing this imperative, he has made world trade lose-lose.

By pulling out of “negotiations” with the United States, the Prime Minister deserves our support for refusing to participate in yet another Trump-led farce on the world stage.

The rest of the trading world, perhaps led by Canada, should address the American people directly – ideally on prime-time television – on the economic facts of life.

J. David Murphy Barrie, Ont.

Ottawa must feel that we have the upper hand when compared to the economic muscle in the European Union, Japan and elsewhere. Yet they were able to put together decent trade agreements.

Did the Canadian team not look at the statistical data? We are fighting back with a sling-shot, so we should better understand who and what we represent before shouting at Washington and putting elbows up.

It seems we have lightweights handling negotiations. ■ Jorge Stathos Toronto

Re “Ottawa readies tariff-relief plan for businesses” (Aug. 24): Mark Carney promises support for Canadian industries affected by Trump tariffs. I agree with this approach, but I implore the government to include demands that this support be used for things such as improvements to production or opening new markets.

If it is used to keep prices down in order to retain American customers, then Donald Trump will be right: Canada pays the tariffs.

Kevin Howes Burlington, Ont.

COAST TO COAST TO COAST

Re “As premiers rally behind Carney in trade dispute, Alberta’s Smith questions retaliation plan” (Aug .24): Canada’s position in trade negotiations is weakened when political forces within the country appear more interested in aligning with American-style illiberal politics than in defending Canadian interests.

In Alberta, separatist influence within the governing party raises serious concerns about whether Canada can present a united and credible front at the bargaining table.

The federal government should stop appeasing separatist movements that undermine national unity and consider stronger measures, including an export tax on oil, to protect Canada's negotiating leverage and economic sovereignty.

Michael Hendzel Edmonton

It is generally understood that Canada will endure great pain in the trade war with the United States – and two provinces, Alberta and Saskatchewan, will suffer the least. Those same provinces are also the only ones still selling American alcohol.

It would cost them next to nothing to join with the rest of the country in banning U.S. booze and send the message that the country stands united.

Over to Danielle Smith and Scott Moe. ■ Phil Ford Ottawa

DRINKS ON US

Re “Canada, it may come back to the shelves, but do not buy the U.S. booze” (Aug. 21): “You know where the creamiest, butteriest Chards come from? California.”

Many of our own B.C. wineries produce very oaky and buttery Chardonnay. Opening our own trade borders would make buying Canadian easier and enable us to continue sending a message south of the border. ■Erica Allen, Toronto

Erica Allen Toronto

I suggest we collectively rethink the boycott-America ethos. While the underlying philosophy is sound – I'm all for avoiding the likes of red state Florida oranges and Kentucky bourbon – I do think that boycotting California wines is counterproductive.

In the first place, many are very good, well-priced and quite different from Canadian wines, thus avoiding them amounts to self-flagellation. Secondly, California is a solidly blue state and Canadians should support the resistance by buying things that Donald Trump likely does not want us to buy.

Indeed, of those applauding removal of California wines from Ontario shelves, Mr. Trump is probably the most delighted. ■ Mike Baird Kingston

IN DEFENCE

Re “The hunt for a Liberal defence plan” (The Sunday Editorial, Aug. 23): It is difficult to read about Canada’s commitment to a massive increase in defence spending without juxtaposing the newly reinvigorated trade war with the United States. And not just the trade war, but the underlying Trump attitude that Canada is less a partner and more a vassal state.

Up to 75 per cent of Canada's spending on military goods goes to the U.S. That pattern, that dependency, is part of the core of Canada's subservience to the U.S.

Canada's new defence industrial strategy, which aims to do more domestically and de facto diversify from the U.S. is bang on. Robert Walsh

Cavan Monaghan, Ont.

Re “Trade war could affect defence relationship between Canada and U.S., experts warn” (Aug. 24): A former deputy commander of NORAD argues that the F-35 fighter jet is the best option to defend North America. Are experts looking forward or historically?

My limited observation of the employment of fighter aircraft in current conflicts has been to attack, not defend. The United States used F-35s and other aircraft to attack Iran, but the aircraft have not been a defence against the drones and missiles of Iran's response.

In the Ukraine-Russia conflict, fighter aircraft do not seem to be playing a significant role. Drones, missiles and air-defence systems using the same are the weapons of choice.

Are we repeating the mistake of nearly a century ago? Is the F-35 today's Maginot Line? ■ John Rickards Oakville, Ont.

RED FLAGS

Re “Smith says Alberta could have a binding referendum on secession in early 2027” (Aug. 22): Given that Alberta does not yet have sufficient staff to supervise voting stations and foreign actors are actively intervening to influence the outcome, how could anyone take the results of this referendum, whether for or against separation, seriously?

Surely Danielle Smith can find another way to shore up her leadership of the United Conservative Party rather than continuing with this farce.

Martha Musgrove Ottawa

HARD TO SEE

Re “The trade cold war suddenly turns hot again” (Aug. 24): In Mark Carney’s masterful speech to Canadians, he stated that sometimes the American signature on agreements was “written in pencil.” That’s an insult to pencils, used in artwork that has endured for centuries.

In my view, the more accurate image is of disappearing ink. ■ Lise Hendlisz 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

PATRICK BRETHOUR EDITORIALS EDITOR

GARY SALEWICZ EDITOR, REPORT ON BUSINESS

NATASHA HASSAN OPINION EDITOR

MATT FRENCH HEAD OF VISUALS

MATT FREHNER MANAGING EDITOR, PRODUCTS AND PLATFORMS

MELISSA STASIUK HEAD OF NEWSROOM DEVELOPMENT

These aren't negotiations. It's a shakedown

The U.S. ‘trade talks’ have been built on threats, not offers – and Ottawa should not reward the behaviour

ANDREW COYNE

OPINION

The question is not whether the government of Canada should have walked away from the negotiating table with the United States. The question is why it was ever at the table in the first place.

The talks were aimed at averting the imposition of 50-per-cent U.S. tariffs on a range of Canadian goods; in addition, the Canadian side hoped to persuade the Donald Trump administration to reduce, if not eliminate, its previous tariffs on autos, aluminum, steel and lumber.

As the details have emerged on how much the U.S. side was demanding in return – and how little it was offering – opinion in Canada has hardened against a deal; the government's decision to end talks has enjoyed strong support.

And rightly so. A deal that left in place punitive tariffs on important Canadian industries – tariffs to which we would now have formally agreed – would be bad enough. A deal that also limited our ability to strike trade agreements with other countries was obviously unacceptable.

But if that's the case, why were we even talking? The Carney government frames the issue in terms of last-minute additions to the American position. But the agreement that was being talked about publicly before then was already unacceptable in its own right. And it prepared the ground for even worse deals to come.

Understand: this was not the USMCA renegotiation. That process still awaits us. This was merely the prelude to that, the admission fee if you will. So take all the concessions the Trudeau government yielded just to get USMCA signed in 2018. Add the concessions the Carney government has made, from scrapping the digital services tax to dismantling our retaliatory tariffs to the Gordie Howe Bridge debacle, to keep hopes of renegotiating USMCA alive. Then add whatever concessions they were prepared to make in the latest, abortive round.

Where does that leave us? At the starting line of the next round of negotiations. And should we get a deal, by means of whatever further concessions were required? That would set us up for the next round of talks, and the next round of concessions. That is why we were having these talks in the first place: the tariffs Mr. Trump has just imposed – and the further tariffs he has just announced, to take effect Jan. 1, 2027 – are explicitly prohibited by the free-trade deal Mr. Trump himself signed in 2018. If Mr. Trump could abrogate a deal he negotiated once, he could do it again. And again. And again.

This is not a negotiation in any meaningful sense. It is an extortion racket. A negotiation involves an exchange of offers. But there is no offer on the American side. There is only a threat: Give us what we want or we will hurt you. The demands, what is more, as often as not have nothing to do with tariffs, or trade, or the economy.

To say the Trump administration are not free traders is not just understatement: it's beside the point. They're not even protectionists, really. Their objective is not to replace free trade with managed trade. It is to use tariffs as a weapon to advance broader foreign policy objectives – namely, hemispheric domination.

They have no interest in a deal, ever. They want to perpetually hold out the threat of trade war to hammer us into submission. Either we agree to their demands – to align our external trade policy with theirs, to give the U.S. privileged access to our resources, to buy only from American defence contractors – and accept being reduced to a vassal state. Or they bomb us into the stone age, econominically speaking. But in fact that is not the choice. Because even if we accept their terms, there is nothing to stop Mr. Trump from bombing us anyway, or threatening to. Indeed, accepting his demands may simply persuade him to make further threats and further demands, since we would have proven threats work.

At the moment there is much concern that retaliation on our part might lead Mr. Trump to escalate (indeed, he already has). But returning to the bargaining table may as easily do the same. Mr. Trump, in short, will do what he will do. He plainly wishes us ill, for whatever reason, and there is nothing much we can do to alter his behaviour.

What we can do is refuse to ratify it. What we can do is refuse to reward it. What we can do is preserve our freedom, our independence, and our dignity – to show Mr. Trump that whatever he throws at us, we cannot be coerced. Walking out of the negotiations was the easy part. Staying out is the test.

New LGBTQ monument a reminder to keep standing up to wrongs

Officials in Ottawa cut a feather boa on Friday to mark the official unveiling of Thunderhead, a monument to members of the LGBTQ community who suffered generations of oppression. PATRICK DOYLE/CP

JOHN IBBITSON

OPINION

Writer and journalist

To these old eyes, the Thunderhead monument unveiled in Ottawa last week delightfully combines austerity with glitz: a concrete column some nine metres high with thousands of mirrored tiles lining its interior. Storm cloud meets disco ball.

The column, a garden and other features of the monument commemorate members of the LGBTQ community who suffered generations of oppression, some of it at the hands of their own government.

The monument also reminds us that minorities of all kinds stand at risk of persecution by intolerant majorities, and that everyone in society must watch for and struggle against that persecution.

Or, as Governor-General Louise Arbour stated at the official opening ceremony on Friday, “We confront the painful reality of the past to be reminded of our own shortcomings.”

Thunderhead is a tangible legacy of what became known as the LGBT Purge: decades of discrimination that targeted gays and lesbians in the military, Foreign Affairs Department and other areas of the federal government.

In 2016, The Globe and Mail published several stories chronicling past discrimination against LGBTQ Canadians. The first piece was a profile of Everett Klippert, who in the 1960s was declared a dangerous sexual offender – in essence, given a life sentence – for repeatedly committing homosexual acts, which was then a felony.

The outcry over Mr. Klippert's sentence contributed to the decision of Pierre Trudeau, then justice minister, to introduce legislation decriminalizing homosexual acts between consenting adults.

The Globe went on to tell the story of former members of the police, military and public service who, from the 1950s through to the early 1990s, were targeted, surveilled, harassed and often fired because of their sexuality. They were seen as security risks and generally considered undesirable.

Teams were established within both the Canadian military and the RCMP to seek out and identify possible offenders, as they were then considered. Investigators hung out at bars and cruising areas, interviewed friends, family and colleagues of those who were thought to be homosexual, going so far as to create a machine – the Fruit Machine, it was later called – that could purportedly identify homosexuals. It was both unscientific and, of course, unsuccessful.

One of those caught in the noxious net was Martine Roy, who was forced out of the Canadian military in 1983 because investigators discovered she was homosexual. “I was way gone,” Ms. Roy told

The Globe in 2016. “Frustration, resentment toward authority, everything. It took me 10 years to get out of that.”

Ms. Roy and several others filed a class-action lawsuit against the federal government, alleging past discrimination based on their sexual orientation.

Justin Trudeau empathized with those who had been purged or criminally charged. On Nov. 28, 2017, the prime minister rose in the House of Commons to offer a formal apology for “Canada’s role in the systemic oppression, criminalization, and violence against the lesbian, gay, bisexual, transgender, queer, and two-spirit

communities."

“[T]he number one job of any government is to keep its citizens safe,” he said. “And on this, we have failed LGBTQ2 people, time and time again.”

The government offered to ex-punge the record of anyone criminally convicted for homosexual acts. It settled the class-action lawsuit, providing financial compensation for the victims along with other provisions, which included establishing a memorial to commemorate the Purge and other acts of LGBTQ discrimination.

Ms. Roy co-chairs the LGBT Purge Fund with Todd Ross, who was forced out of the military in 1989.

For him, the memorial stands as both a commemoration and a warning. Sixty-five UN member states still criminalize homosexual acts and in seven of them, the punishment is death.

In the United States, the Trump administration has prohibited transgender people from serving in the military, while also limiting federal workplace protections and health services.

And in Canada, several provinces have moved to limit the rights of gender-questioning students and young people.

“We are backsliding,” Mr. Ross told me at the ceremony. The monument stands “both to celebrate our achievements but to keep acting, to keep standing up when we see wrongs that are being done.”

Ottawa is filled with monuments. Some pay tribute to those who served; others to those who suffered.

Now the city has a place of peace where Canadians can pause to reflect on those who were persecuted and prosecuted because of the people they loved.

Canadians are fighting for sovereignty. Americans don't even realize they're in a war

ROBYN URBACK

OPINION

Most Americans are dozing through the unveiling of the newest, dumbest front in the trade war launched by U.S. President Donald Trump. The majority, in fact, don't even know they are at war, much less what Mr. Trump and his convoy of obsequious votaries are fighting for.

According to a recent report prepared for the New North American Initiative at the University of Calgary, only 31 per cent of Americans surveyed in the spring believe the bilateral relationship between Canada and the U.S. is negative, compared to 81 per cent of Canadians. Roughly eight per cent of Americans think Canada poses a major economic challenge to the U.S., whereas 77 per cent of Canadians think the U.S. poses a major threat to us.

That was evident in the disparity in coverage of the Friday night breakdown in talks between Canada and the U.S. over Mr. Trump's then-looming, now-implemented 50-per-cent tariffs. In Canada, the coverage was wall-to-wall, and it included a Saturday morning media address by Prime Minister Mark Carney, who said the Americans “asked too much and offered too little” in negotiations. The Prime Minister said Canada is in a trade war simply because we “got attacked.”

In the U.S., by contrast, the rupture between the once-closest of allies was just one news story among many. On Sunday, Mr. Trump farted out a Truth Social post about how “Canada wants the benefits of being a State, without being one!!!” and then let another one slip on Monday that threatened to raise auto and steel tariffs to 50 per cent in January (steel tariffs, he should probably know, are already at 50 per cent). The breakdown in talks was a segment on Fox News, but so too was Meghan Markle’s return to Britain and the promise of new developments in the war in Iran. After all, the U.S. still has other, similarly dumb wars to worry about.

Americans aren't paying attention because they don't have to. Not yet, anyway. Fifty-per-cent tariffs on \$28-billion worth of goods won't rock their economy on a national scale the same way it will in Canada (though it may be a different story in certain border states). Indeed, they very clearly have the economic upper hand. But Canadians have something equally as valuable, and perhaps, far more enduring: a reason for fighting back. A reason for fighting at all.

According to a recent report prepared for the New North American Initiative at the University of Calgary, only 31 per cent of Americans surveyed in the spring believe the bilateral relationship between Canada and the U.S. is negative, compared to 81 per cent of Canadians.

This trade war was about sovereignty the moment Mr. Trump mused about making Canada the 51st state – when he threatened to use economic coercion to fulfill his 17th-century imperialist dreams. According to Mr. Carney, American negotiators attempted to slip in unreasonable conditions at the 11th hour of negotiations: language restricting Canada's ability to sign other trade deals, for example, and French-labelling requirements on products. As reported by the Globe Monday, the U.S. also tried to coerce Canada to drop CanCon requirements for streamers, which is an issue about which Canadians can and should debate. It is not, however, something that foreign powers can demand of Canada in order to avoid punishing and unreasonable tariffs.

Canada is fighting for its sovereignty. Americans are fighting for ... more expensive cans of Coke? (Coca-Cola imports some of its aluminum for its cans from Canada, which is now subject to a 50-per-cent tariff.) Higher-priced groceries? (Though Mr. Trump recently got spooked by the high price of beef and announced he would temporarily lower tariffs, which angered American cattle producers.) Americans are fighting for ... Canada to get its fentanyl crisis under control? To stop illegal immigration? To control wildfire smoke? To fix the trade deficit? Americans don't know, because there is no logical, satisfactory answer. The impetus for all of this is Mr. Trump's bizarre, lifelong fidelity to the concept of tariffs, which is a silly reason for sacrifice, and a bad reason to fight a war. You can't rouse a country to coddle one man's ego.

In spring, when gas prices peaked to around US\$4.50 per gallon, Americans became sharply critical of Mr. Trump's gambit in Iran. The Trump administration had failed to articulate what, exactly, Americans were fighting for (it was to destroy Iran's nuclear capabilities, they said, but also for oil, and for regime change, and to secure the Strait of Hormuz), and why they should accept higher prices as a result. It is in Canada's best interest that the same thing happens now, especially before midterm elections in the fall. Because Canadians have something to fight for, and they know why they are fighting. That gives us a reason to endure, which can be a salve in painful times. Many Americans, on the other hand, don't even realize a war has started. And those who do still won't know what they are fighting for.

ANDRÉ PICARD will return.

Anthony Hopkins says he feels 'astonished' seeing conductor Gustavo Dudamel and an orchestra bring his pieces alive. DECCA CLASSICS

For Anthony Hopkins, Life is a Dream

The actor, 88, released an orchestral album written over six decades, inspired by his family and native Wales

BRAD WHEELER

Actor Anthony Hopkins? That's Decca Classics recording artist Tony to you, thank you very much. The 88-year-old has just re-

The 88-year-old has just released Life is a Dream, a selection of often-cinematic orchestral works he's written across more than six decades inspired by his family and his native Wales. Grammy Award-winner Gustavo Dudamel conducted the London-based Philharmonia Orchestra for the project.

Speaking from Los Angeles, Hopkins, a knighted Academy Award winner, initially insists on being addressed informally as Tony. But he quickly changes his mind when I inform him that the record label that signed him, Decca, had once rejected the Beatles.

“They did?” he asks. “Call me Ringo, then.”

In the 2019 film The Two Popes, Hopkins, as Pope Benedict, asks the future Pope Francis if he knew the Beatles. Given the actor's accomplishments, perhaps the surviving Beatles should be asked if they know Hopkins.

The liner notes which accompany the album connect the compositions to your life and add an intimacy to the listening experience. Is the context important, or would you rather the pieces stand apart from your own history?

It may sound vain or flippant, but I'm at the age now where it's no big deal. I'm very grateful for having been given all this. I've had a little success in my life. Can I take credit for it? The answer really is no.

You're being modest.

Well, when I was a boy, my school report was terrible – way below the educational standard of the school. My father said, "God, I don't know what's going to happen to you." I said, "One day I'll show you." My father said, "I hope you do." My mother said, "I know you will."

Was it confidence or was it bravado on your part?

Within 10 years, I was auditioning for Laurence Olivier at the National Theatre. That is beyond my comprehension. How did it happen? I have no idea. But I believe the moment I said that to my parents, “I will show you,” I turned the magic key that opened something within me.

You said that if you had better grades as a child, you would have gone to music school. Is it true that you'd rather have been a musician or composer than an actor?

Not true. Take the word “rather” out of it. That doesn’t exist. Music happens to be a second part of my life. Acting has been my professional life. You can’t remove the acting. It has given me a great life.

Is composing music more satisfying than reciting and interpreting a script?

I have a different appreciation for it.

What does it feel like when conductor Gustavo Dudamel brings your pieces alive with an orchestra in front of an audience as he did last year at a concert in Saudi Arabia?

I'm astonished. I can't believe I wrote it,

but I did.

There's an interesting story about your piece Margam, an ode to your parents, which you originally wrote for your 1996 film August, yes?

That's right. In 1993, I was in a film called Shadowlands with Debra Winger. George Fenton did the music. In 1996, I did my own film, August. I approached George to compose the score. He came down from London to see it but told me he couldn't do it. I think he said he was doing a film with Julia Roberts. But he knew I played piano and asked me to play for him. It was a beautiful summer morning. I improvised something. He listened to it and said I should come to his studio and write the score.

You had never composed a score previously. What was the process?

He had synthesizers. He asked me what I wanted to do for the opening scene. I said I wanted strings. He said, "press these buttons here." I played something and it sounded pretty good. He asked what else I wanted on it. I said I'd like oboe and a horn. George looked at me and said, "You're a composer." I said, "Really?" He said, "Stop thinking, man. Just do it." I thought that sounded pretty good, so that's what I do.

So you're not a technician?

I'm not an aficionado. I'm not Bach or Beethoven in a dark room. I live my life, and music is part of my life.

The album includes compositions written over years, yet it's conceptual in a sense, is that fair to say?

In all this music there's a melancholy. A kind of sadness, because life is one long goodbye. The piece And the Waltz Goes On represents the Viennese style of the great struggle of life, the glory of living and then, finally, death. But the waltz itself goes on after we've died.

Your piece Farewell My Love is in the same vein.

It sums up the very cadence of my own life. Life is glorious, but finally, finally, you say goodbye.

This theme also appears in The Plaza, part of 1947: Suite for Solo Piano and Orchestra. You were inspired by the 1952 Charlie Chaplin film Limelight.

I saw it when I was 14 or 15. I remembered Chaplin wrote his own music. It was so beautiful. At the end he has a heart attack. He says, “I believe I’m dying, doctor. But then I don’t know. I’ve died so many times.” And then he dies and the music goes on and the young girl goes on dancing. That to me was the most poignant, tragic thing in my life, at that time of my life. At that age, you don’t want to regard tragedy. You want to have some fun. But I think I was a bit of a sad kid. I didn’t make sense of it all.

And now?

I don't look back with any sorrow or regret. I've lived my life, and if there's a god, there's a god for that. At the end of it all, underneath it all, there's the knowledge that one day you'll have passed. And that gives a great power in life itself. Enjoy it to the fullest and don't complain. We can't be perfect, but at least we have a go at it.

This interview has been edited and condensed.

Want a unique nightlife experience? Go somewhere without your phone

Attendees put their phones in pouches, which were provided by the company Before the Internet, during a phone-free gathering and listening party for Charli XCX's new album. BEFORE THE INTERNET

PANIZ VEDAVARZ

At some Toronto events, cellphones have only one job – to get guests through the door.

After scanning their tickets, guests place their devices inside lockable pouches that either restrict access to their phones or prevent them from recording the event. Long associated with nightlife in European cities such as Berlin, the practice is gaining traction in North America among Gen Z and millennials looking for a different kind of nightlife experience.

In June, American singer-songwriter Phoebe Bridgers announced that her 2026 arena world tour, including stops in Toronto and Vancouver, would be entirely phone-free. Guests at Bridgers's shows will be required to place their phones, smartwatches and related accessories in Yondr pouches, lockable fabric bags that have become a popular way to enforce phone-free spaces. Guests will keep their devices but will be able to access them only in designated areas of the venue. The announcement followed a series of surprise acoustic pop-up shows across the United States where Bridgers performed new material for crowds who were unable to record any of it.

According to data from Event-brite, the number of phone-free experiences rose 567 per cent internationally between 2024 and 2025. Attendance increased 121 per cent. In a separate survey, 49 per cent of Gen Z and millennials said they wanted live experiences to feel more authentic and less curated. The ticketing platform linked the appeal of going screen-free to young adults' desire for more spontaneous experiences and a broader turn toward analog activities.

In Toronto, an event company called Before the Internet has turned the desire to disconnect into a business, supporting events such as an official listening party for Charli XCX's latest album prior to its release.

Max Ward founded the company in 2025 with his brother, Mich Ward, and their friend, Christian Williamson. After hosting its own events across Canada and the United States, such as an aprèsski-themed event at Toronto bar Paris Texas, Before the Internet began providing phone-free services for other organizers.

They have two types of lockable pouches depending on the size of the event. For crowds with less than 250 people, the pouch is opaque on both sides, and guests must visit an unlocking station to access their phones. At larger events, one side of the pouch is semi-transparent, allowing guests to use their devices while keeping the cameras covered. If a guest needs their device for medical reasons, exemptions are provided.

Regardless of the format, Ward said the shared restriction changes how people interact with one another.

“Everyone seemingly has to agree to the newfound social contract of the event, and seems to really enjoy themselves,” said Ward.

Ward said the events often attract a Gen Z audience looking for something different from traditional nightlife. He attributes some of the appeal to worries around social media and the possibility of being recorded or posted online. Phone-free events, he said, help people feel less self-conscious. The biggest difference he has observed is the ways people interact with each other without having a phone as a buffer. He's seen people become more comfortable in the space, allowing them to dance or spark con- versation with a stranger.

"I think that's how music and nightlife were designed to be enjoyed, not what you see at Coachella, where it's literally just a sea of screens," explained Ward.

Sebastian Argamsilla, a Gen Z attendee at several of Before the Internet's events, said that while the phone-free approach has been refreshing, it's also challenged some of his habits around phone use.

"It's really eye-opening. There were many times that I reached for my phone and realized I can't use it," he said, recalling thinking, "I'm going to have to make conversation with someone or find something else to do instead."

For performers, the shift is visible from up on stage. Gina Shim, who performs under the stage name DJ Shimmy G, is a Canadian DJ based in Germany. She has played major events, including Lollapalooza Berlin, but says she prefers performing in phone-free spaces. While she's been to many phone free spaces in Germany, she is seeing the trend reach Canada. She's done multiple sets at Complex19, a queer-owned, phone-free Toronto nightclub that opened its doors in May.

Shim explained that promoting a sense of safety is especially important in queer spaces, where freedom from recording allows guests to express themselves without worrying that the moment will appear online.

“I think that magic only happens when there’s no phones there,” Shim said. “It’s really important to have these spaces for people to just feel free and really safe to be themselves.” While some performers may be concerned about how a lack of social media posts about their events may impact their outreach, DJ Shimmy G has found success through word of mouth.

The desire for tech-free experiences isn't just confined to nightlife. According to Narrative Research, nearly four in 10 Canadians are trying to reduce their screen time. Products such as dumbphones, which are largely limited to calling and texting, and Brick, a physical device that blocks selected smartphone apps, have emerged to meet that appetite for less screen time. Ward is also looking to expand beyond nightlife, recently launching Disconnect, an app that similarly promises to help “people spend less time on their phones and more time living.”

Ward thinks screen time reduction apps and phone-free night-life experiences are a response to people's desire to feel more present and to protect their privacy.

“I think it ultimately just kind of boils down to a fatigue with the way things have been,” said Ward. “People want to feel like they’re truly experiencing something.”

ILLUSTRATION BY TAI TAN

Making our cultural blend work at home

FIRST PERSON

The kitchen is the home's heartbeat, where the family converges and engages in conversation over food, Jagjeet Sharma writes

Our little six-year-old granddaughter calls it “Hindi food.” “I don’t want Hindi food,” she says, when I, her Nani, place a plate of matar paneer with boiled white rice in front of her. She loves paneer and naan at our house, but she likes to make a bit of fuss, to maybe seek attention.

TODAY'S SUDOKU SOLUTION

3	6	9	4	1	8	5	2	7
4	7	1	3	5	2	9	6	8
5	2	8	6	7	9	3	1	4
8	5	4	1	2	6	7	9	3
7	3	6	5	9	4	2	8	1
1	9	2	7	8	3	6	4	5
2	8	7	9	3	1	4	5	6
6	1	3	2	4	5	8	7	9
9	4	5	8	6	7	1	3	2

Her strong opposition to Indian food, or Hindi food, makes me chuckle and smile. Her words carry an echo, a thread that stretches back to my mother's kitchen, another country and another time. I, too, was like her when I was her age. I was a fussy eater, just like her. Mother always had to think of making different dishes, such as also parathas (potato-stuffed rotis) topped with loads of butter to make sure I ate something tasty, if not as healthy.

Now, our fusion household, a mix of Indian and French Canadian, is a place where cultures meet over a simmering pot of curry chicken, or everyone's favourites, matar paneer (peas and cheese curry) and poutine. Sometimes, when our daughter, her husband and their children come over for a visit, it feels like a feast. The table becomes a blend of curries mixed with French-Canadian favourites, such as tourtières and sugar pie.

TODAY'S KENKEN SOLUTION

3÷1	3	3+2	11+6	5	48×4
1-3	10×5	1	2-4	6	2
4	2	1-5	3+1	1-3	6
4-5	1	6	2	4	4+3
3÷6	13+4	3	12+5	1-2	1
2	6	4	3	1	5

The kitchen is the home's heartbeat, where the family converges and engages in a conversation over food, sprinkled with a dash of politics of the day. Cumin crackling in hot oil, the sweetness of sautéed onions, the swirl of yellow turmeric in a pot of lentils – these are the familiar scenes of our evening hours and special holidays.

Thanksgiving is a tradition that my husband and I have held on to ever since our kids were young, and it continues to this day, with our French-Canadian son-in-law now having the honour of carving and serving the turkey. Our children grew up with the tradition of a delicate mix of tender turkey slices along with chicken, a few curries and chickpeas, and matar paneer.

In India, and during our dad's diplomatic postings around the world, including in Kenya, Canada, Vietnam and Singapore, food was more than sustenance. It was the language of care, a display of cultures and cuisines. My mother's kitchen was alive with sound: the clatter of steel pots, dough hit ting the pan, her voice calling out to taste and stir.

She never followed recipes. She measured by instinct, tasting as she went, adjusting until the balance felt right. "Add a little more salt," she would say, or "Let it rest - rice and dough, always leave it to a bit of rest." Her cooking was intuitive, an act of memory and love rather than precision.

Years later, in our Canadian kitchen, I find myself doing the same, reaching for the same spices my mother once used, now lined up neatly beside olive oil, balsamic vinegar and soy sauce. Our pantry has an assortment of products from around the world, with basmati rice beside pasta shells, garam masala next to thyme and maple syrup. It's a culinary conversation between continents, carried out in jars and labels, and somehow, it feels right. This, too, is Canada – layered, plural, and quietly inclusive.

Our dinners reflect that blend. Some nights, it's butter chicken with roasted vegetables; other nights, pasta tossed with cumin and coriander. We don't plan it that way, it just happens naturally. Over time, our table has become a kind of bridge, connecting nostalgic flavours with the tastes of the present.

Food, I've come to realize, is a language that needs no translation. It carries emotion and identity in every spoonful. When our granddaughter says Hindi food, she isn't speaking about authenticity or geography. She is referring to connection, her own way of claiming a heritage that has quietly reshaped itself within her.

I love introducing her to different types of Hindi food: matar paneer along with potato-stuffed rotis, topped with enormous amount of butter. Her mother cooks Indian food at home, but when she's preoccupied with commitments, she leaves it to us, Nana and Nani.

Our house remains a fusion household, not just because of what we eat, but because each meal is a dialogue between generations, between continents. When the aroma of matar paneer drifts through the kitchen and our granddaughter calls out, “Are we having Hindi food tonight?” I smile. She may not know it, but in that moment, she’s keeping a lineage alive, fragrant, evolving and full of love.

Jagjeet Sharma lives in Ottawa.

WORLD FORECAST
NATIONAL FORECAST

	TODAY		TOMORROW		THURSDAY
AMSTERDAM	25/15	S	25/17	SH	26/17	T
ATHENS	36/27	S	35/26	S	36/26	S
BANGKOK	32/27	T	31/26	R	31/26	T
BEIJING	33/22	T	23/21	R	25/20	R
BERLIN	24/14	S	25/15	S	27/18	S
BRUSSELS	20/14	SH	26/18	SH	27/17	T
COPENHAGEN	20/15	S	21/15	S	21/17	PC
FRANKFURT	21/13	SH	26/15	SH	30/19	PC
HONG KONG	30/27	T	29/26	T	30/28	R
JERUSALEM	33/21	S	33/21	S	33/21	S
LAS VEGAS	41/29	S	43/29	S	42/29	S
LONDON	24/17	PC	26/18	SH	25/15	T
LOS ANGELES	36/24	S	38/26	S	38/27	S
MADRID	27/19	S	28/18	PC	24/13	SH
MIAMI	33/26	T	33/27	SH	33/27	SH
MOSCOW	16/12	SH	17/11	PC	19/11	PC
NEW DELHI	35/27	T	36/28	T	37/30	PC
NEW YORK	27/18	S	26/20	S	27/21	PC
NICE	29/23	S	29/24	PC	30/24	PC
ORLANDO	34/25	T	34/25	T	34/25	T
PARIS	26/18	SH	28/18	PC	25/17	T
PHOENIX	44/35	S	46/33	S	45/33	S
ROME	32/23	T	35/23	S	36/23	S
SAN FRANCISCO	17/14	C	20/15	S	20/13	S
SEOUL	31/25	T	30/25	C	31/24	C
SINGAPORE	32/27	T	30/27	T	29/26	T
SYDNEY	21/16	SH	20/13	SH	18/11	PC
TOKYO	31/27	S	32/27	PC	29/25	SH
WASHINGTON	28/19	S	30/22	SH	30/22	T

	TODAY		TOMORROW		THURSDAY
BANFF	24/10	T	26/12	S	22/7	SH
BARRIE	20/11	SH	24/16	SH	24/16	SH
BRANDON	22/15	T	25/10	S	24/11	S
CALGARY	24/12	S	27/13	S	28/12	S
CHARLOTTETOWN	24/17	PC	23/17	SH	24/18	S
CHICOUTIMI	21/14	SH	22/14	SH	25/16	S
CHURCHILL	19/12	PC	12/10	SH	14/9	S
CORNER BROOK	22/16	R	22/15	SH	21/14	SH
CORNWALL	20/15	SH	24/15	SH	26/18	S
EDMONTON	24/14	S	24/16	S	25/12	T
HALIFAX	24/16	PC	23/16	SH	24/17	SH
HAMILTON	23/13	SH	24/16	SH	25/17	PC
HUNTSVILLE	20/12	SH	23/15	S	22/16	SH
IQALUIT	9/4	R	9/4	PC	8/4	PC
JASPER	26/11	SH	27/12	S	18/8	T
KELOWNA	32/16	S	32/16	S	26/12	SH
KINGSTON	21/15	SH	23/18	SH	25/20	T
LONDON	23/13	S	24/17	SH	25/16	SH
MONTRÉAL	21/16	R	24/16	SH	25/19	S
NIAGARA FALLS	22/14	SH	24/17	S	25/18	S
NORTH BAY	20/12	PC	23/15	S	21/14	R
OTTAWA	21/14	SH	24/15	S	25/17	PC
PRINCE GEORGE	29/15	S	28/13	SH	19/10	SH
PETERBOROUGH	21/13	PC	24/16	S	24/17	T
QÜBEC	21/15	R	23/14	SH	25/17	S
REGINA	23/11	PC	25/12	S	27/15	S
SASKATOON	24/11	PC	25/13	S	27/16	S
SAULT STE MARIE	22/14	S	22/16	PC	21/15	R
SAINT JOHN	23/15	PC	23/15	SH	24/15	S
SEPTÈLES	18/15	PC	19/14	SH	19/15	S
ST JOHN'S	22/17	T	22/15	S	21/15	S
SUDBURY	22/12	PC	24/16	S	21/14	R
THUNDER BAY	20/15	SH	23/14	T	21/9	SH
THOMPSON	24/13	PC	17/8	PC	19/11	S
TORONTO	24/16	PC	24/20	S	25/18	T
VAL-D'OR	21/12	SH	23/16	PC	18/10	R
VANCOUVER	25/16	S	22/16	S	20/14	SH
VICTORIA	27/14	S	22/15	S	20/14	SH
WHISTLER	28/14	S	25/13	S	17/11	R
WHITEHORSE	19/6	S	13/9	SH	12/5	SH
WINNIPEG	23/17	T	23/12	S	23/12	S
YELLOWKNIFE	17/12	S	22/15	S	22/15	PC

C CLOUDY	RS RAIN/SNOW
FG FOG	S SUN
FR FREEZING RAIN	SN SNOW
HZ HAZE	SF SNOW FLURRIES
NA NOT AVAILABLE	SH SHOWERS
PC PARTLY CLOUDY	T THUNDERSTORMS
R RAIN	W WINDY

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UNIVERSAL CROSSWORD NOT A GOOD LOOK BY CARINA DA ROSA

ACROSS 1 Skirt cut 5 Symptoms before a period 8 State of neglect 14 Delicate material 15 Just swell 16 Venues that might have Zambonis 17 *Teeny Apple music player of the 2000s 19 Replied "Nuh-uh" 20 Web portal that once promoted Hotmail and Bing 21 Dutch cheese 22 Vietnamese holiday that's a palindrome 23 Polite assent 25 Gem unit 27 *India's first female prime minister 31 Diminutive diminutive 33 Trick-or-treating score 34 America's national tree 35 *“Let a person fantasize, will ya?!” 40 Tik____ 41 Layer of fur 42 “____ Miz” 43 *What lets you connect to the cloud while in the clouds 48 Mayhem 49 The whole package 53 Green prefix 54 Hot rod rod 55 Sense of self 56 Quick snooze 59 Judgy glances ... or, phonetically, features of the starred clues' answers 61 Cooks with high heat from above 62 ____ Lingus 63 Match up

BRIDGE BY STEVE BECKER TUESDAY, AUGUST 25, 2026

South dealer. Neither side vulnerable.

The bidding: South West North East 1 [C] Pass 1 [D] Pass 1 NT Pass 3 NT Opening Lead – queen of hearts.

64 "Can you tell me how to get to Sesame ____?" 65 Be a snoop 66 "Toodle-oo!"

DOWN 1 Like natto or okra 2 Temporary slip 3 Clickable images 4 "Bill & ____ Face the Music" (2020 film sequel) 5 Sponsored podcast interruption, for example 6 "My friend," in Montreal 7 Quickly read 8 Court figs. 9 Roth ____ 10 Meat substitute made from gluten 11 Needing to be cooked more 12 They're worn with red suits 13 That, in Spanish 18 Intend 24 Actress Kunis 25 Trig follower 26 Polynesian figure 28 Link's "Good Mythical Morning" co-host 29 Itty-bitty battery 30 It gets chewed up and spat out 31 Feline nickname for Richard I 32 Major turnoff triggered by cringey behavior 36 Procedural drama on 56-Down 37 ____ days of summer 38 Pep rally holler 39 Landed 40 ____-tac-toe 44 Canadian \$1 coin 45 Like Madame Tussauds figures, compared to the real celebs

NORTH ♠ K Q 5 4 ♥ 5 3 2 ♦ K Q 10 3 ♣ K 6

WEST ♠ 10 8 6 3 2 ♥ Q J ♦ 4 ♣ J 9 8 5 4

EAST ♠ J 9 ♥ K 9 8 7 4 ♦ A J 7 6 ♣ 7 2

SOUTH ♠ A 7 ♥ A 10 6 ♦ 9 8 5 2 ♣ A Q 10 3

46 "Let me help with the dishes" 47 Make like a banana and split 50 2003 Outkast hit 51 Actor's rep 52 Puccini opera

You don't have to be a great mathematician to be a good declarer (or defender). All you need is the ability to count to 13.

Consider this deal where West leads the Q-J of hearts, which South allows to hold, and then shifts to a low spade. It is reasonable for declarer to conclude West started with two hearts.

South wins East's jack of spades with the ace and plays a diamond to the queen. East takes the ace and returns a heart to declarer's ace, on which West discards a spade.

When South next leads a diamond to the king, West dis-

54 "Stat!" 56 "Survivor" network 57 Brewpub brew 58 Winter hrs. in LA 60 Winter hrs. in NYC

cards a club. Declarer cannot see West's hand, but it is clear West, who has thus far shown up with just two hearts and one diamond, started with five spades and five clubs, judging from his two discards.

South confirms West's 5-2-1-5 distribution by cashing the K-Q of spades, on which East shows out. Declarer's proper continuation is now clear-cut. He has an endplay in the making that guarantees four club tricks and the contract.

South cashes dummy's king of clubs and then leads the five of spades, forcing West to win with the 10. West's last three cards are the J-9-8 of clubs, and he must return one to South's A-Q-10, putting an end to the proceedings.

Declarer had to employ basic arithmetic as the play progressed, but at no point did his calculations get higher than the number 13. Counting out a hand can be extremely profitable if a player is willing to go through the rigamarole of adding and/or subtracting simple whole numbers. The only drawback is that it takes all the guesswork out of the game!

©2026 King Features Syndicate Inc.

CRYPTIC CROSSWORD

© 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 Fair, as all exams should be presumably (8) 6 Notes place to sit (4) 8 Thin scientific study of plants — no cheers at centre (4) 9 Indefatigable, lively sister captivating the French (8) 10 Speaks sharply, furious — quick assessment (8) 12 With that fellow? Fancy! (4) 13 Notice odd one out, the fanatic, strangest ultimately (6) 16 Greek character, diminutive, in act of defiance (6) 17 University rower, maybe, not happy (4) 18 Retiring soldiers were in the army? (8) 21 What provides choice of fewer suffering and ailing? (4,4) 22 Signify penny-pinching (4) 23 Broken step — nuisance (4) 24 Wonder about including European name, famous (8)

DOWN 2 Plant to begin with some lilac or nothing? (5) 3 Broadcaster extremely slick? Yes, primarily (3) 4 Club together with church collection (5) 5 English, strange, welcoming turncoat — mistake (7) 6 Stalwart excited about eastern ocean feature (4,5) 7 Kind doctor has info (7) 11 Example from past — physical training going around playground garden (9) 14 Zoom in general needs updating (7) 15 One making effort to accommodate former Queen's dog (7) 19 Relative introducing a learner where hair's done (5) 20 Dodge first lady to bring commercial material in? (5) 22 By sound of it, short time cut (3)

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.

Paper ordered to reinstate Black journalist

Washington Post opinion writer Karen Attiah was fired last September for social-media posts she made in the wake of activist Charlie Kirk's murder. ASHARA WILSON/VIA AP

Washington Post must compensate writer after her dismissal over Kirk posts: arbitrator

COREY WILLIAMS

An arbitrator has ordered The Washington Post to reinstate a Black opinion writer fired over social-media posts about violent white men following last year's killing of Charlie Kirk.

The ruling Thursday said the newspaper did not have sufficient cause to terminate Karen Attiah, who at the time was the last Black full-time member of the Post's opinion desk. The arbitrator, Sarah Miller Espinosa, also ordered the Post to award Ms. Attiah full back pay and lost benefits.

Mr. Kirk, who rose from a teenage conservative campus activist to become a top podcaster and ally of U.S. President Donald Trump, was shot and killed last Sept. 10 during a public appearance at Utah Valley University. He was 31.

Mr. Kirk launched Turning Point USA in 2012 and made provocative statements about race, gender and politics. He was critical of the Black Lives Matter movement on college campuses and called George Floyd, the Black man whose 2020 murder at the hands of Minneapolis police sparked protests, a “scumbag.”

His death elicited a torrent of comments about him, both pro and con, and some who spoke out against him in the days after the killing faced sanctions or dismissal at work.

After Mr. Kirk's killing, Ms. Attiah, the founding global opinion editor for the Post, made several posts to her Bluesky account.

One post read: “Refusing to tear my clothes and smear ashes on my face in performative mourning for a white man that espoused violence is ... not the same as violence.”

"If anything, the rush to coddle violent white men is self-protective – that we know they are not used to feeling vulnerable and mortal – and will react violently out of fear. And we will all suffer," read another post.

Ms. Attiah was e-mailed a termination letter on Sept. 11, accusing her of “gross misconduct.”

“Your public comments on social media regarding the death of Charlie Kirk violate the Post’s social media policies, harm the integrity of our organization, and potentially endanger the physical safety of our staff,” the letter read.

But Ms. Espinosa found in a June 4 hearing that the newspaper failed to establish that Ms. Attiah “engaged in gross misconduct” and that the Post “did not have good and sufficient cause to terminate” her employment, which violated the collective agreement with the newspaper’s union.

"After wrongfully firing me last year, an independent arbitrator has ordered the @washington-post to reinstate me immediately, with back pay," Ms. Attiah posted on Instagram on Monday. "It's been a year-long fight, but this is a victory for journalists everywhere. More to come soon."

The Democracy Defenders Fund, which, along with Washington-Baltimore News Guild, represented Ms. Attiah, said the ruling marks a landmark moment for press freedom, “confirming that corporate media institutions cannot use retaliatory discipline to silence journalists who address uncomfortable truths.”

The Post said in a statement that it respects the arbitration process, but declined to comment further.

At the time, Ms. Attiah's firing was among dozens of others across various professions stemming from comments about Mr. Kirk's assassination, igniting a debate over First Amendment rights as Mr. Trump vowed retribution for remarks he considers disparaging.

The National Association of Black Journalists, the nation's largest professional advocacy organization for journalists of colour, added at the time that Ms. Attiah's firing had "raised an alarm about the erosion of Black voices across the media."

During the organization's annual convention this month in Atlanta, the NABJ gave the Post a "Thumbs Down Award" because the newspaper has laid off Black journalists and eliminated race and culture beats.

"When the NABJ raises concerns about the treatment of Black journalists, we do so because the decisions news organizations make have real consequences for our members, our profession and the communities we serve," NABJ president Errin Haines said Monday in a statement supporting Ms. Attiah.

ASSOCIATED PRESS

U.S. strikes vessel in eastern Pacific, killing two people

KONSTANTIN TOROPIN BILL BARROW

After a pause of more than two months, the U.S. military announced Monday that it once again carried out a strike on a vessel in the eastern Pacific Ocean, killing two people accused of trafficking drugs.

It brings the overall death toll to 223 people killed in 67 strikes during the nearly yearlong U.S. campaign of bombing alleged drug boats off Latin America's Caribbean coast and in the eastern Pacific Ocean. U.S. Southern Command says the campaign has resulted in the destruction of 64 speed-boats, three "low-profile" ships and a semi-submersible craft.

The command said on social media early Monday that forces “executed a lethal kinetic strike on a low-profile vessel operating along established narcotrafficking routes in the Eastern Pacific.” The military said the strike occurred Sunday, and it marked the first since powerful back-to-back June 24 earthquakes in Venezuela killed thousands of people.

As with most of the military's statements, Southern Command did not provide evidence that the vessel was ferrying drugs.

“We are committed to imposing total systemic friction on narcoterrorists – disrupting their operations, dismantling their leadership, and eliminating cartel terror across the region,” said General Francis Donovan, who leads U.S. Southern Command.

The latest strike comes as the Trump administration pursues deals with allied nations to extend its offensive to land across multiple Latin American countries. Defence Secretary Pete Hegseth said during a visit to Panama this month that Colombia, Guatemala and Honduras had agreed to allow the U.S. to carry out joint military operations against criminal groups on their soil. Guatemala denied reaching such a deal.

Ecuador launched similar missions with the U.S. in March. The Trump administration's boat bombing campaign began in early September.

U.S. Southern Command said in a separate statement Monday that there have been more than 20 search and rescue efforts overall, almost all of which were unsuccessful.

According to data compiled from the command's social-media posts, the strikes have generated 28 survivors with only three people ever being rescued – one person during a strike in March who was transferred to the Costa Rican Coast Guard, and two wounded people who were later repatriated to their home countries of Ecuador and Colombia.

The very first strike in September, 2025 left two survivors who were killed in a second, follow-up strike. When that became public, it drew concern from some lawmakers and those who study military law. The White House insisted it was done “in self-defence” to ensure the boat was destroyed and in accordance with armed conflict laws. But some legal scholars said a second strike killing survivors would have been illegal under any circumstance, armed conflict or not.

President Donald Trump has said the U.S. is in “armed conflict” with cartels in Latin America and has justified the attacks as a necessary escalation to stem the flow of drugs into the United States and fatal overdoses claiming American lives. But his administration has offered little evidence to support its claims of killing “narcoterrorists.”

ASSOCIATED PRESS

A civilian grieves next to the covered body of a person killed during an armed gang raid on the outskirts of Port-au-Prince on Monday. PATRICE NOEL/REUTERS

Overnight gang raid attack on strategic Haitian town leaves at least 30 dead

HAROLD ISAAC IVES SURIN

At least 30 people were killed in an overnight gang raid on a town near Port-au-Prince, Kenscoff Mayor Jean Massillon said on Monday, prompting anger over lack of protection from repeated deadly attacks.

The hillside community, in a strategic position overlooking routes into the capital, has suffered a dozen attacks by armed gangs since last year, forcing thousands to flee their homes.

Powerful gangs under a broad alliance have for years cemented their influence over Haiti's capital and expanded to nearby regions, despite attempts by foreign nations to reinforce the country's outgunned police.

Haitian rights group RNDDH estimated 30 to 40 people were killed and 15 to 20 wounded in the raid, which began around 10:30 p.m. local time, but said it was difficult to assess a tally.

Even as Haiti's government decried a “heinous attack” and promised to reinforce security, residents demanded the local police chief step down, saying officers failed to protect people killed just minutes from the police station. Haiti's national police did not immediately respond to a request for comment.

“Kenscoff will not be abandoned,” the Prime Minister’s office said on social media. “The government’s authority will be restored, without weakness and without delay.”

Attacks in Kenscoff over two months in early 2025 saw more than 260 people killed and 200 homes destroyed or set on fire, forcing 3,000 people to flee, according to UN estimates.

Nearly a dozen more attacks have taken place since, including rapes, kidnapping, arson and livestock theft.

“My family are victims,” said Coriolan Kendy, standing by his cousin’s body, lying on the road in a blood-stained sheet. “People in Kenscoff are suffering and the government is to blame.”

Another resident, Orisme, who did not share his last name, pleaded for Prime Minister Alix Didier Fils-Aime's support. "We live in humiliation and they do nothing for us," he said.

Some residents said several dozen police had tried to rebuff the armed men during the night, and some were injured. They added that they did not identify gang members among the dead.

Local media said several houses were set on fire, including the home of Jean William Pape, a leading public health expert.

Kenscoff overlooks routes into Petion-Ville – home to several embassies, upscale hotels and the temporary seat of government – as well as a major road from the capital into southern Haiti.

The violence may deepen concerns over Haiti's ability to hold an election in December, its first in a decade. Successive governments have repeatedly postponed elections as armed gangs have expanded their influence.

The UN-backed Gang Suppression Force, which is mandated to help police fight gangs, aims to reach a capacity of more than 5,500 troops this autumn.

A spokesperson did not immediately respond to questions on whether the troops were reinforcing Kenscoff security.

REUTERS

Trump administration moves to increase H-1B visa fee to more than \$100,000

DANIEL WIESSNER

U.S. President Donald Trump's administration on Monday released a proposed regulation to codify an unprecedented more than US\$100,000 fee on new H-1B visas for highly skilled foreign workers that Mr. Trump first imposed last year but has been blocked by the courts.

The fee first imposed by Mr. Trump in a temporary proclamation last year vastly raises the cost of the visas that are heavily relied on in the tech, education and research sectors.

A federal judge in June ruled that the fee was illegal and blocked the Trump administration from collecting it. A Boston-based appeals court is reviewing that decision while a different court considers whether a judge in Washington properly rejected a challenge to the fee by a major business group.

Mr. Trump's 2025 proclamation imposing the fee expires in September, one year after it was issued, but directed the U.S. Department of Homeland Security to adopt regulations making it permanent.

The proposed US\$103,265 fee by DHS, posted online in the Federal Register on Monday to be formally published on Tuesday, kicks off a 30-day public comment period.

The rule could be finalized by the end of the year. The H-1B program allows U.S. employers to hire foreign workers with training in specialty fields and offers 65,000 visas annually, with another 20,000 for workers with advanced degrees, approved for three to six years.

The order Trump issued last year sharply increased the cost of obtaining some H-1B visas, which had typically come with about

US\$2,000 to US\$5,000 in fees, depending on various factors.

Mr. Trump, a Republican, and other critics of the H-1B program say it is abused by many companies who replace American workers with cheaper foreign labour.

But business groups and many individual companies have said the visa program is needed to address a lack of qualified American workers for some jobs and to allow U.S. businesses to recruit top talent.

About 70 employers had paid the US\$100,000 fee on a total of 85 visa applications as of late February, according to court filings.

In imposing the fee, Mr. Trump invoked the President's power under federal immigration law to restrict the entry of certain foreign nationals who would be detrimental to U.S. interests.

The fee is being challenged by the U.S. Chamber of Commerce, the largest U.S. business lobbying group, Democratic-led states and a coalition of unions and employers. Those lawsuits could be amended to challenge the rule proposed this week once it is finalized.

REUTERS

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REPORT ON BUSINESS*

OTTAWA/QUEBEC EDITION

TUESDAY, AUGUST 25, 2026

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GLOBEANDMAIL.COM

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A truck crosses the Gordie Howe International Bridge. Targeting U.S. products that are produced in Canada or can be imported from other countries is the best way to minimize the burden on the Canadian economy, economists say. CARLOS OSORIO/REUTERS

Ottawa faces dilemma as it weighs how to hit back at U.S.

JASON KIRBY MARIYA POSTELNYAK SOPHIA BERTUZZI

Eighteen months into the Canada-U.S. trade war, Prime Minister Mark Carney faces the same dilemma his predecessor did at the outset of the conflict: how to retaliate against a powerhouse economy without shooting yourself in the foot.

In that sense, dusting off the tariff playbook pursued by former prime minister Justin Trudeau might be a wise move, according to several experts.

After President Donald Trump imposed 50-per-cent tariffs on roughly \$28-billion of Canadian exports to the United States, Mr. Carney vowed to fight back with dollar-for-dollar tariffs on U.S. imports set to take effect on Sept. 8.

The government plans to announce its response to the tariffs on Tuesday. So far, it has yet to release any details of what products will be targeted, reviving a guessing game among trade watchers that led up to Mr. Trudeau's imposition of broad-based retaliatory tariffs in March, 2025.

Consumer products bore much of the brunt when the federal government first slapped countertariffs on \$30-billion worth of American goods in the first round of its response last year.

“That’s a good way to do it in that it’s likely to impose the least harm on the Canadian economy,” said Joseph Steinberg, a University of Toronto professor specializing in international economics and trade policy.

He said putting more focus on manufacturing inputs would have raised production costs for Canadian businesses and potentially caused broader economic damage.

“Of course, the downside of focusing tariffs on consumer products is that it’s the lowest-income people in the country who bear the brunt,” he said. “Those who are the most price-sensitive.”

Even though the initial round of countertariffs was in place for less than six months, Prof. Steinberg estimates it contributed about half a percentage point to inflation during that period, meaning prices were roughly 0.5 per cent higher than they otherwise would have been.

“Canadians will bear the brunt of any kind of retaliatory measures,” he said. ■ TARIFFS, B6

Trump's actions against Canada undermine his goal to Make America Great Again

world's industrial base.

TONY KELLER

OPINION

“Donald Trump’s brilliant plan to Make China Great Again.” That’s the headline I put on a column, more than a year-and-a-half ago. It’s holding up rather well and-a-nan ago. It's holding up rather well. The U.S. President owes his election and re-election in part to what is known as the "China shock." The rise of Chinese manufacturing at the start of the 21st century, the result of a Chinese economic model focused on boosting exports, restricting imports and plowing savings into manufacturing overcapacity, hollowed out large parts of the developed

The trend is continuing with “China shock 2.0,” which began several years ago. China is now a leader or challenger in many advanced technologies, including electric vehicles. It also has far more industrial capacity than its domestic market can absorb. It’s betting on huge export growth, even as it continues to repress domestic demand and restrict imports.

All of this has created real problems for the U.S. economy – and Europe, Japan, South Korea and Canada. The stage has also been set for the possibility of further reductions in the U.S. manufacturing base, and that of other developed countries.

Given the connection between industrial capacity and military capability, this is a major problem for U.S. national security, and that of Europeans, Japanese, South Koreans and Canadians.

The one insurmountable advantage the U.S. has always had over China is its friends. Beijing has no friends. It has buy or coerce followership. Washington is – was – at the centre of a network of like-minded, willing allies.

The best way for the United States to face the China shock is as the leader of an alliance of industrialized countries. There is shared interest in creating a non-China trade bloc. There is common ground for common action.

Or at least there was. ■ KELLER, B4

Opinion Canada was too soft on the U.S. for too long. That was our blunder ■ B4

FERNANDO LLANO/AP

TRADE

Reopening U.S. to Mexican cattle imports won't reduce beef prices, economists say ■ B2

MONETARY POLICY Bond market anxiety raises stakes for new Fed chair's debut at Jackson Hole ■ B3

OPINION Executives should have more personal liability for a company's actions B4

GLOBE INVESTOR Why investors need a crash course in the benefits of share buybacks ■ B8

Auto parts shares slide as industry warns of tariff disruptions

ANDREW GALBRAITH

Shares of major Canadian auto parts companies plunged on Monday as the industry warned that the threat of fresh U.S. tariffs on the sector could throw the North American auto industry into disarray after the collapse of a prospective trade deal on Friday.

Shares of Martinrea International Inc. were among the day's worst performers on the Toronto Stock Exchange, slumping 9.7 per cent to end at \$10.11. Linamar Corp. fell more than 8 per cent to \$99.62, and Magna International Inc. shares shed more than 6.5 per cent to close at \$93.85.

Martinrea, Linamar and Magna are Ontario's three largest publicly traded auto-parts suppliers, and have manufacturing facilities across North America and abroad.

While Canada and the U.S. had widely been expected to reach a trade deal last week, sources told The Globe and Mail that the agreement collapsed shortly before a midnight deadline, after Canada objected to a range of U.S. demands, including some to do with exports of Canadian trucks.

Ontario Premier Doug Ford and industry figures also pushed Prime Minister Mark Carney to get a better deal on steel and autos, The Globe reported. ■ AUTOS, B8

Trade war casts shadow over Carney's investment summit

JAMES BRADSHAW INSTITUTIONAL INVESTING REPORTER

Canada's escalating trade war with the United States will hang over a high-powered investment summit in Toronto three weeks from now, raising the stakes for a pivotal pitch to the world's largest money managers.

The Canada Investment Summit on Sept. 14 and 15 will bring together the largest gathering of top business leaders ever to assemble in the country – perhaps as many as 250, including some of the most influential names in global finance, who collectively manage more than \$120-trillion.

Led by Prime Minister Mark Carney and organized with help from two of the country's largest pension funds, it is framed as a chance to showcase Canada as a destination for foreign capital and to deliver on Ottawa's promise to attract \$500-billion in new private-sector investment within five years.

It looked last week as though Canada was close to reaching a trade deal with the U.S. that would have locked in a base level of tariffs on key sectors such as automobiles, steel and aluminum, but would also provide clarity about the country's economic outlook.

SUMMIT, B6

COMPANIES

DENISON MINES ....B9 ENDEAVOUR SILVER ....B9 ROGERS ....B9 ROYAL BANK OF CANADA ....B9 WESTPORT FUEL SYSTEMS ...B9

HOCKEY Mark Walter will not be selling his stake in the PWHL, the league says ■ B11

How farmers are coping as crop prices plunge

A farmer plants soybeans in Castana, Iowa, last year. Farm income is down and debt is increasing, according to the U.S. Agriculture Department. KC McGINNIS/THE NEW YORK TIMES

Many are treating their land as real estate investments, with a focus on the value of the soil

KEVIN DRAPER

When 36 acres of pristine north-west Iowa farmland came up for auction in December, Bob Wassenaar knew he had to

have it. Plots in this region rarely go on the market, and the land – with fertile soil and gentle slopes for drainage – is only a mile from a feedlot that he used to own and has since passed down to his sons.

But competition for the land was fierce. Four other bidders quickly pushed up the price at the auction. The US\$1.13-million Mr. Wassenaar ultimately paid is considered to make it the most expensive sale of Iowa farmland, on a per-acre basis.

He never had any intention to grow and sell crops. Since buying the land, he has rented it out to his sons to grow more feed for the cattle that they fatten.

"If you are just going to buy that land and crop farm, no, it won't work," Mr. Wassenaar said. "It don't add up."

As agricultural costs rise and the prices for corn, soybean and other cash crops fail to keep pace, farmers are increasingly treating their land as real estate investments, focusing on the value of the soil – not what can be grown from it.

Traditionally, the value of farmland was mostly based on the profitability of its crop production, said Rabail Chandio, an assistant professor of economics at Iowa State University. Now many owners treat farmland as a separate asset, she said, divorced from the crops grown on it, instead of a farm input, like seeds and fertilizer.

Call it the financialization of farmland. It is keeping land values high and helping to stave off waves of bankruptcies and collapses that plagued U.S. agriculture four decades ago, when farmers also faced dire economic conditions.

Most American crop farmers will lose money in 2026, the third straight year of losses. Farm income is down and debt is increasing, according to the Agriculture Department. Farm loan delinquency rates have ticked up, the Federal Reserve Bank of Kansas City found.

At the same time, land value is on the rise. The Agriculture Department says the value of cropland has risen a whopping 47 per cent since 2020.

Some of the most valuable land is in Iowa, which averages US\$10,700 an acre, federal data show, compared with the national average of US\$6,020.

Mark Zomer was the auctioneer of the plot that Mr. Wassenaar bought, and he sells much of the farmland in northwest Iowa. Two-thirds of his sales are to nearby farmers looking to add to their portfolio. But he estimated that up to one-third of sales are to investors, who then rent the land out to local farmers. (The share of investors would probably be higher if not for Iowa's restrictions on corporate ownership of farmland.)

“They realize it is a 1 or 2-per-cent return,” Mr. Zomer said. “Sometimes it is a 5- to 6-per-cent return. They like the steadiness.”

While some farmers are struggling to generate enough operating capital to pay for day-to-day expenses, the agricultural economy is staying afloat because of the equity they have in their land. Farm bankruptcies were up 16 per cent in the first half of 2026 compared with the first half of 2025, according to Epiq AACER, a bankruptcy data provider, but are still on a pace to be lower than the number of farm bankruptcies in every year of the 2010s.

“I feel like Chicken Little. I keep expecting the ag economy to tank, with this extended run of losses and persistently high land prices, and it keeps rolling along,” said Austin Peiffer, an Iowa

bankruptcy lawyer.

Today, 84 per cent of Iowa farmland is owned debt-free. At the beginning of the 1980s farm crisis – when many farmers faced annual interest payments that exceeded their crop revenue and the rate of farmer suicides soared – the figure was only 62 per cent.

Farmers then tended to have smaller plots and were more indebted, so when crop prices fell precipitously, catastrophe followed. More than 200,000 farms across the country went bankrupt, were foreclosed on or had their operations restructured in the 1980s.

“A lot of the family farms have been wiped out,” said John Rigler III, the president of Peoples Bank, one of Iowa’s largest farm lenders. “All the smaller little guys are out of the business.”

Mr. Wassenaar, 82, was almost one of them. As a younger farmer in the 1980s, he said, he had to walk away from 40 acres of land he owned and allow the bank to repossess it. When he recovered financially, he resumed buying land. He says property he paid US\$3,000 an acre for 25 years ago is now worth more than US\$25,000 an acre.

He now owns about 1,100 acres.

Farmland as an investment is nothing new. Prof. Chandio traces the first big financialization of U.S. farmland to the end of the First World War, before the Great Depression brought much of the investment to a halt.

Institutional investors looking for stable, inflation-resistant returns have led the recent waves of investment, first after the 1980s crisis and then after the financial crisis of 2007 to 2009. Today, it is logistically and financially easier than ever to invest in a few huge farms and outsource their management.

“Each boom and bust, each wave of institutional capital and each improvement in management slowly turned farmland into a modern, financialized 'real asset,'” Prof. Chandio said.

Only about 1 per cent of agricultural land in the Midwest comes up for sale a year, which can help explain why bidding for it is so fierce.

"These farms don't come up for 100 years or more," Mr. Rigler said. "These guys are notorious for 'overpaying.' You say they overpaid 10 years ago, but that is a fair price today."

Even when buyers of land are nearby farmers and not out-of-state investors, they tend to be older and wealthier farmers, like Mr. Wassenaar, whose holdings are worth millions of dollars.

The federal government also plays a large role in increasing land values. The Agriculture Department estimates it will spend more than US\$44-billion on direct payments to farmers this year, and the Trump administration is seeking US\$11-billion more. Research from Ming Wang, an agricultural economist from North Dakota State University, found that about 45 per cent of every dollar spent on commodity programs – which pay farmers when crop revenue or prices fall – ends up as higher cropland rent over time.

In essence, the government subsidy becomes permanently baked into the land's rent, and therefore value, propping it up. "Any subsidy like that just kicks the can down the road and distorts the free market," Mr. Rigler said.

The high price of land makes Mr. Wassenaar wistful. He was able to get his own start in farming. Even though he failed in the 1980s, he was able to revive his fortunes and give his children a head start. But it is evermore challenging for young farmers to afford the land, or the equipment, they need to get started. The average farmer is nearing 60, according to the Agriculture Department.

"As a young farmer, I could afford to go out there and buy some of this ground and make it work," he said, "but the young farmer can't these days."

U.S. reopening to Mexican cattle won't cut beef prices: experts

JOHN HANNA SARAH RAZA

Cows are fenced in before being displayed at an auction in Hermosillo, Mexico, last year. The U.S. Department of Agriculture has said concerns about the New World screwworm's spread have lessened enough to allow movement of cattle from Mexico. FERNANDO LLANO/AP

The U.S. is reopening a border crossing in Arizona to cattle from Mexico on Monday as part of a broader effort by the Trump administration to reduce record-high beef prices, though economists doubt the move will mean much to grocery store shoppers.

The U.S. Department of Agriculture has said concerns about the New World screwworm's spread lessened enough to allow the movement of cattle from Mexico at a crossing in Douglas, Ariz., about 370 kilometres southeast of Phoenix. Over time, it hopes to reopen other crossings in New Mexico and Texas.

Beef prices clearly are a concern for U.S. President Donald Trump, who announced Friday that he would allow up to 300,000 tonnes of imported ground beef into the U.S., tariff-free, to be sold at below-market prices over the next 90 days. In February, the White House said closing the border to livestock imports from Mexico more than a year ago was “essential” to containing the screwworm, but it has exacerbated a shortage of cattle for slaughter in the U.S.

"The administration obviously has a lot of incentive to try to be able to say that they're doing something about high beef prices in particular," said Derrell Peel, a professor of agribusiness at Oklahoma State University. "Beef has been singled out because it is an expensive product and because it's just high profile."

The Trump administration closed the border to cattle imports in May, 2025, as part of its response to the screwworm, a parasite with flesh-eating larvae that can infest and even kill cattle or other animals. The move came as the U.S. already was struggling to meet beef demand, thanks to a cattle herd that has been shrinking for five years and now is the smallest in decades.

Because the U.S. Department of Agriculture (USDA) plans a phased reopening of the border, it will take months for Mexican imports to return to their traditional levels, Prof. Peel said. Mexico has traditionally provided 1.1 million head, or about 3 per cent of the U.S. cattle supply.

"I don't expect to see any measurable impact on cattle prices or beef prices soon," Prof. Peel said.

The USDA reported that on Jan. 1, the U.S. cattle herd had dropped to 86.2 million head, the lowest figure in 75 years. Beef prices skyrocketed over the past five years, rising significantly faster than food prices as a whole, according to the U.S. Bureau of Labor Statistics.

The average price of a pound (453 grams) of ground beef rose nearly 57 per cent from July, 2021, to July, 2026, from US\$4.39 to US\$6.89 – hitting a peak of US\$6.90 in May – with a 10-per-cent increase over the previous year. Food prices have risen about 25 per cent overall in those five years, according to the bureau's numbers.

The price for a pound of uncooked steak rose 35 per cent over the past five years, reaching a record US\$13.06 a pound in July, also 10 per cent higher than a year before.

But Glynn Tonsor, a professor of agricultural economics at Kansas State University, said the potential effect on beef prices from the smaller supply of cattle was lessened because the U.S. beef industry is more efficient and has been able to get more meat from each animal than in past years.

U.S. government and industry officials view the New World screwworm fly as a major threat to the nation's US\$113-billion cattle industry. It was an annual warm-weather scourge for U.S. ranchers from at least the 1930s through the 60s, until the U.S. largely eradicated it. The fly was contained for years near the Panama Canal, but returned to southern Mexico in late 2024 and advanced toward the U.S., with the first case in Texas since 1966 reported June 3.

Since then, more than 40 cases have been confirmed in southern Texas and southeastern New Mexico, with infestations of cattle, sheep, goats and dogs.

In her July announcement of plans for a phased reopening of the border, U.S. Agriculture Secretary Brooke Rollins said it was possible to start with an Arizona crossing because the northern Mexican states of Sonora and Chihuahua had stronger animal health programs than other parts of Mexico. She also said each animal would be inspected and declared free of the parasite before crossing the border.

U.S. Senate agriculture committee chair John Boozman said the USDA is taking a “careful, science-based” approach to reopening the border and imposing strong animal health protocols.

“This is an important step for America’s cattle producers, especially our feeders in the border states,” Mr. Boozman, an Arkansas Republican, said in a statement. “Restoring this long-standing trade is critical to strengthening our cattle supply and supporting a healthy, competitive beef industry.”

Drought in cattle-producing regions of the U.S. is a major reason the national herd is so small, said David Anderson, professor of agricultural economics at Texas A&M University. If grass doesn't grow, cattle have nothing to graze upon, forcing ranchers to sell them off. Low cattle prices over the past two decades are also a factor.

“Where we are today is sort of the culmination of some 18, 19, 20 years of very low cattle prices,” he said. “That forces us to re-

Bond market anxiety raises stakes for Warsh

U.S. Federal Reserve chair Kevin Warsh, seen in Washington in late July, is scheduled to deliver a keynote address on Friday at the Kansas City Fed's annual research symposium in Jackson Hole, Wyo. EVELYN HOCKSTEIN/ REUTERS

Traders, analysts to seek guidance from U.S. Fed chair's debut speech at Jackson Hole conference amid recent economic developments

HOWARD SCHNEIDER

U.S. Federal Reserve chair Kevin Warsh's debut speech at the annual Jackson Hole conference this week, self-advertised as a choice between discussing near-term policy or broader principles, has taken on added weight as traders and analysts look for guidance about the recent jump in bond yields and for reassurance of his independence from the Trump administration.

Mr. Warsh has said he wants to wait for recommendations from five task forces established at the start of his tenure this spring before getting too detailed about his plans. But markets have already sped toward a conclusion that the Fed's policy interest rate needs to be higher, with U.S. inflation above the 2-per-cent target for more than five years and Mr. Warsh's colleagues concerned that if the policy-setting Federal Open Market Committee doesn't hike rates to get inflation back to that level, the central bank's credibility could suffer.

Globally, what former Fed chair and Nobel Economics Prize winner Ben Bernanke deemed a “global savings glut” that kept market interest rates low has evolved into a global savings squeeze with rising government debts, fractured international trade and supply lines, the costs of population aging, and booming private investment in artificial intelligence competing to divvy up the dollars available to invest and lend.

“Both the bond market and the FOMC have clearly decided to wake up” to account for higher inflation and what promises to become “a secular, multiyear uptrend in interest rates,” said Adam Posen, president of the Peterson Institute for International Economics.

Given the questions Mr. Warsh left open after his postmeeting news conference last month, Mr. Posen said the Fed chief needed to dwell less on the long-term ideas he wants to pursue and more on how the central bank is evaluating the economy in the here and now along with the implications of recent global mar- ket developments.

“What he should say is ‘I have watched the data, listened to the market as I said I would, listened to the committee, and clearly there is reason to consider a hike in coming months if data does not change,’ ” Mr. Posen said.

Mr. Warsh is scheduled to deliver a keynote address on Friday at the Kansas City Fed's annual research symposium in Jackson Hole, Wyo.

The conference, with its global audience and intense media coverage, offers U.S. central bank leaders a high-profile way to set a tone or emphasize a message. Former Fed chair Jerome Powell, for example, used the venue to unveil a new monetary policy framework, then later for a succinct, attention-grabbing pledge to fight inflation that helped cement market expectations for a series of swift rate hikes.

Asked after the July 28-29 meeting about his plans for the speech, Mr. Warsh told reporters he had not decided yet, but noted his desire to “frame the big questions. There is a tendency, especially with the proliferation of meetings and press conferences, to get caught up in the myopic.”

But the details matter. After that news conference left key policy questions unaddressed, Mr. Warsh was already facing calls to speak more clearly about how he evaluates the risks facing the economy and the Fed's likely reaction to them, topics he has avoided because of his distaste for “forward guidance.”

Since then, the situation has become even more complicated. The recent jump in U.S. and global bond yields and Treasury Secretary Scott Bessent's decision to intervene in the market have raised the possibility that Mr. Warsh will have to account for a more activist Treasury Department and rising government debt costs – in theory not the Fed's concern unless government financing starts to stumble or Treasury's financing choices start to influence short-term interest rates.

The Fed's key policy tool is an overnight interest rate, and gaps between that and short-term government debt rates, if they emerge, could make the central bank's management of rates more difficult. The impact on the value of the dollar, which has been falling over the last month against other major currencies, could also add to inflation.

“We are in a regime where activist Treasury policy is as material – for good and for bad – as central bank policy. The interaction of the two will be key to the outlook,” Krishna Guha, a former top New York Fed official who is now vice-chair of Evercore ISI, wrote last week as he and other analysts assessed rising bond yields.

“Warsh has tried to make the unconventional case that the Fed should stand back and let the market form an unguided yield curve ... while hinting long-end tightening might be preferable to short-end tightening. It is hard to make that case when investors see Bessent as trying to manage the long end,” Mr. Guha said.

Democrats on the Senate banking committee, meanwhile, have asked Mr. Warsh to provide details on his communications with U.S. President Donald Trump, a move that followed a Wall Street Journal report that the two men have been holding regular calls.

While Mr. Trump has so far withheld any criticism of Mr. Warsh, whom he chose for the top Fed job, for not cutting interest rates, as the president consistently demanded of Mr. Powell, Mr. Warsh's reluctance to talk about policy has left open questions about both his evaluation of the economy and whether he is holding back on his view of rate hikes to avoid angering Mr. Trump.

In the minutes of the July 28-29 meeting, some of Mr. Warsh's colleagues worried that waiting to hike rates would require steeper and costlier increases in borrowing costs later, while others worried that the longer inflation remains above 2 per cent the more likely the public is to lose faith in the Fed's commitment to its target.

The bond market's behaviour may be reflecting those concerns, said Maurice Obstfeld, a former International Monetary Fund chief economist who is now an economics professor at the University of California, Berkeley.

“He’s clearly finding his feet and operating in a very charged environment,” given upcoming U.S. midterm elections that could alter the final half of Mr. Trump’s second term in the White House and volatile bond markets, Prof. Obstfeld said.

“Markets are wondering what's the Fed going to do to address inflation that's persistently above target,” he said. “There's certainly the possibility that inflation pressures lead to the need for steeper rate increases down the road, which is why you see some of this action in longer-term yields.”

The speech this week “is a perfect opportunity to clarify his thinking,” Prof. Obstfeld said.

REUTERS

Euro zone bond yields steady near multiyear highs

SAMUEL INDYK LONDON

Euro zone government bonds held steady on Monday with yields close to multiyear highs hit last week as investors awaited details of threatened U.S. sanctions on Iran.

Germany's 10-year yield, the euro zone's benchmark, was flat on the day at 3.258 per cent. It rose to 3.275 per cent last week, its highest level in more than 15 years, as concerns about inflation and the fiscal outlook gripped markets.

Bond yields move inversely to prices.

"I have a difficult time seeing yields coming down in any meaningful way unless we have a more sustainable solution to the Iran conflict, and that is not in sight for the time being," said Jussi Hiljanen, chief strategist, U.S. and euro zone rates at SEB. Brent crude oil prices were down around 1.5 per cent on Monday to US\$92.91, providing some relief to bonds after oil rose by more than 6.5 per cent last week, but this was balanced by a 4-per-cent jump in benchmark European natural gas prices.

Bonds have been trading in response to moves in energy prices as they shape both inflation around the world and governments' fiscal positions. That means traders were nervously awaiting a news conference by Scott Bessent due later Monday, at which the U.S. Treasury Secretary will announce sanctions on Iran that aim to inflict economic pain and could further disrupt energy supplies from the Middle East.

Higher energy prices have prompted markets to price in increasingly tighter policy from the European Central Bank, with tighter supplies of refined fuels and dwindling gas inventories threatening to send inflation even higher.

Markets are almost fully pricing in a quarter-point rate hike to 2.5 per cent from the ECB next month. They see a further 25-basis-point hike by February next year, and see around a 60-per cent chance the ECB's key deposit rate reaches 3 per cent by September next year.

Germany's two-year yield, which is sensitive to changes in ECB policy expectations, was up 2.5 basis points to 2.863 per cent.

Bonds have been trading in response to moves in energy prices as they shape both inflation around the world and governments' fiscal positions.

Investors were also closely watching moves at the longer end of the yield curve with yields touching multidecade highs across the globe last week, in part owing to worries about fiscal sustainability.

Germany's 30-year yield was also flat on Monday at 3.757 per cent, just below its highest level in more than 15 years of 3.787 per cent reached last week.

Other countries in the euro zone faced similar moves with France's 30-year OAT yield touching its highest level since September, 2008, last week. It was last down one basis point on the day at 4.90 per cent.

“In Europe, long-end OATs are particularly exposed given looming budgetary and election uncertainty,” said Commerzbank rates strategist Hauke Siemssen. U.S. 30-year bond yields were down four basis points at 5.234 per cent, below last week’s 19-year high of 5.337 per cent that prompted the U.S. Treasury to expand purchases of older long-dated bonds.

REUTERS

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Canada was too soft on the U.S. for too long

Negotiators have made some unfortunate blunders in dealing with Trump over the past 18 months

LAWRENCE HERMAN

OPINION

Counsel at Herman & Associates, a member of the Expert Group on Canada-U.S. Relations and a senior fellow at the C.D. Howe Institute in Toronto

The collapse of trade negotiations in Washington last week should come as no surprise. Given unacceptable U.S. demands, some that surfaced at the 11th hour, Prime Minister Mark Carney was correct in ending the talks, recalling the team and confirming that Canada will be retaliating, dollar for dollar, against the latest U.S. tariffs, a show of combative resolve that reflects the country's mood.

Even so, and notwithstanding the Prime Minister's strategic acumen and the tough, competent Canadian negotiating team, there are lessons to be learned from some unfortunate blunders in dealing with U.S. President Donald Trump over the past 18 months. We can't afford to repeat these mistakes as we gird ourselves for the battles ahead.

The most serious strategic error – now that we see the results – was entering these negotiations in the first place. Once Mr. Trump threatened these latest 50-per-cent tariffs, resurrecting the discredited 1930 Smoot-Hawley Tariff Act, Canada should have refused further trade talks. Coming to the negotiating table with an unconscionable threat like this looming over the process was unwise.

To the contrary, Ottawa should have immediately said it would take countermeasures of its own if these tariffs came into effect, tabling a list of a range of U.S. sectors that it would target. Of course, we've now done just that, but announcing them last month would have been more effective. It might have torpedoed negotiations. But that's where we are now anyway.

As to the negotiations themselves, we don't have full details, but it's becoming clear that the Trump team was putting things forward that Canada could never have accepted short of total capitulation. Even before the 11th hour on Friday, many of these demands were known. It's not clear why Canada remained at the table for so long instead of walking away.

Some earlier mistakes also weakened Canada's negotiating position. The first was the decision to cancel the digital services tax, a measure that many European countries and others have in place. There was no strategic advantage in cancelling it. Instead, Ottawa should have temporarily postponed the tax, saying that any final decision would depend on how both the trade talks and the review of the United States-Mexico-Canada Agreement played out. That would have provided them some leverage. As it stands, Canada gained nothing from this gesture.

In the same vein are the government's June policy directions to the Canadian Radiotelevision and Telecommunications Commission to review requirements for streaming platforms to contribute more of their revenue toward funding Canadian content. U.S. tech giants had lobbied against this, even though the increased rate was similar to the kind of payments required in many European countries. Ottawa should have held firm on this.

Other mistakes could have easily been avoided. For example, knowing the belittling insults Mr. Trump directed at Canada, nothing substantive was gained by the Prime Minister visiting the Oval Office a second time in October, 2025. Given the kind of reality-show atmosphere Mr. Trump enjoys, once was enough. Mr. Trump cancelled trade talks with Canada later that month anyway. It's interesting that Mexican President Claudia Sheinbaum has never made this kind of pilgrimage.

Similarly, it was inappropriate for Mr. Carney to have said in his address to a New York business audience that Canada could help make America great again. It was a small thing, maybe, but an unfortunate and unnecessary endorsement of the MAGA refrain.

It is now clear that the Trump White House is not interested in any kind of mutually beneficial trade deal with Canada, let alone a balanced revision of North American free-trade arrangements under the USMCA. That's not in the MAGA ethos. Nothing exemplifies the Trump attitude toward Canada better than his cancelling the opening of the Gordie Howe International Bridge, an appalling shakedown that followed lobbying by the Moroun family, who own the competing Ambassador Bridge.

Dominic LeBlanc, the federal minister responsible for Canada-U.S. trade, leaves the U.S. Trade Representative's office in Washington this past week. Trade talks collapsed at the 11th hour given unacceptable U.S. demands, according to Ottawa. AMID FARAH/ AFP VIA GETTY IMAGES

All this is admittedly with the benefit of hindsight. At the end of the day, it may be that none of these errors mattered and we'd be where we are with the Americans anyway. But there are lessons to be learned – mainly, that the Trump White House has little regard for Canada, and a mutually balanced trade deal is not in the cards as long as the MAGA team is in office.

Corporate executives should have more liability for a company's actions

ELIE WAITZER ED WAITZER

OPINION

Elie Waitzer is an associate in the class action group at Koskie Minsky LLP.

Ed Waitzer is a former Chair of the Ontario Securities Commission and a senior fellow at the C. D. Howe Institute.

Limited liability, the long-standing legal concept that protects owners' personal assets in the event of a lawsuit, has encouraged the flow of capital to private enterprises. It does so by shifting the risk of a corporation's actions from shareholders (beyond the amount they invested) to other stakeholders. Insofar as growing the economy, limited liability has been a good thing.

But as the risks created by corporations become more devastating and harder to undo – examples such as climate change, PFAS contamination, social-media addiction and unregulated AI usage come readily to mind – courts should take the lead on adapting the scope of limited liability.

The theory behind limited liability is that ordinary shareholders lack the ability to effectively direct a corporation's activities to mitigate the risk of wrongdoing. Absent protection from lawsuits, such shareholders would be discouraged from risking their savings.

That logic should not apply to those who are part of a control group or “guiding mind” of a corporation (whether through ownership or their managerial roles) and, as a result, have full access to corporate information and the ability to influence corporate conduct. Such “controllers” can also mitigate their personal exposure contractually or through insurance.

Yet under the protection of limited liability, those who control corporations stand to enrich themselves as a result of activity that could wrongfully injure others. This “externalization of risk” creates powerful incentives for corporations to engage in activities which reduce social welfare and leave others (whether individuals, communities or governments) to foot the bill. While corporate directors and officers constantly make decisions that entail risks that may have unintended consequences, it is reasonable to expect those injured by a corporate wrong that is intentionally caused should be entitled to redress.

A classic example is the story of DuPont, which from 1951 to 2013 emitted PFOA (a toxic “forever” chemical used in the manufacture of Teflon), causing irreparable harm to human health and the environment. Litigation filings show that by 1984, DuPont executives knew that PFOA was toxic, didn’t break down and accumulated in human blood. While acknowledging (internally) the risk of substantial sanctions, they decided to double production.

It appears those executives determined (correctly, it turns out) that the profits from continuing to pollute outweighed the present value of any sanction they might ultimately have to pay. The executives responsible were not part of eventual regulatory and litigation settlements. Neither litigation, regulation nor reputational concerns deterred their conduct.

Today, DuPont reaps enormous profits as the world's leading producer of reverse osmosis filters that remove PFOA from water.

Over time, our courts have “pierced the veil” of a corporation to impose liability on controllers, in cases where to do otherwise would be unfair or objectionable. Likewise, legislators have overridden corporate law statutes to disregard separate legal personality in a range of circumstances (including tax, health and safety, consumer and environmental protection) as a matter of public interest. However, as the British Columbia Law Institute recently lamented, neither courts nor legislators have yet to explain veil-piercing in a consistent manner.

A clearer statutory framework for imposing liability on controllers could remove legal uncertainty, better align corporate interests with those of society and strengthen our economy by eliminating massive incentives to externalize risks. As such risks become more irreversible (if not existential) and the ability to otherwise regulate or insure against them is less feasible, the need for intervention becomes more acute.

However, legislative action is unlikely in Canada. Corporate law reform of this nature rarely attracts political interest.

Fortunately, case law is gradually evolving. According to a United Nations report, a cumulative 3,099 climate-related cases had been filed in 55 national jurisdictions and 24 international courts or quasi-judicial bodies, as of June, 2025. Many are predicated on corporate duties, corporate liability and claims for compensation.

For the courts, a principled and narrow exception to limited liability for controllers is low hanging fruit in the fight against many of the systemic risks we face today. The threat of piercing the corporate veil should cause corporate leaders to more carefully consider net social costs before they act.

A useful analogy may be made to the strict liability imposed in common law for the keeping of dangerous animals. To the extent that they are not otherwise effectively regulated, it makes sense to impose high standards of liability on those in the best position to mitigate systemic risks.

Keller: Trump's vision involves building trade barriers to force manufacturing south

FROM B1

Mr. Trump returned to office in 2025, talking tough on China. He quickly dropped that, after Beijing taught him painful lessons about U.S. dependence on Chinese supply chains in vital areas such as rare earths.

Mr. Trump moved on to the playground's softer targets: America's friends.

Getting manufacturers to move from Guangdong to the U.S. is difficult. But what about pushing industries to relocate from Windsor to Detroit?

"Our closest ally. Our critical trading partner. And Trump is hitting Canada with 50% tariffs," California Governor Gavin Newsom wrote last weekend on social media. "What the actual fuck are we doing?"

What the actual what is that the Trump administration believes it has discovered an easy way to boost American manufacturing: Steal it from the neighbours.

Previous U.S. administrations saw an economically strong Canada as an advantage. The bigger and richer Canada was, the bigger, richer and more competitive the common North American market would be. Auto manufacturing became the best-known example of mutually beneficial integration.

Free trade with China is an issue, and it should be, but free trade with Canada was always seen as a win-win. It was an input into American prosperity, not a barrier to it.

The Trump administration rejects all of that. It started its attacks with words and quickly escalated to action.

Its vision for North America involves building trade barriers to try to force Canadian manufacturing to move south of the border – or “move back,” as Mr. Trump and his minions are apt to say, as if our industry is stolen American property.

The pitch to Canada in the recently collapsed trade talks was

Making Canada poorer simply can't lead to Canada buying more from the U.S. The math doesn't sum.

the same as Mr. Trump made last year to the Europeans, Japanese and others: Accept higher tariffs on your manufacturers and don't retaliate, or we'll hit you with even higher tariffs.

We're going to block some of your exports, but you can't block any of our exports.

We punch. You keep your hands down.

We take. You give. Or else.

Canada also got hit with a new demand: Washington wanted restrictions on Ottawa's ability to pursue trade with other trading partners, and wanted us to agree to common trade barriers against them.

Banana republic, anyone?

All of this would turn Canada into a deindustrialized vassal state. A land of hewers of wood, drawers of water and diggers of oil – but no more makers of cars, steel and other manufactured goods.

It's Genghis Khan economics.

Using tariff walls to force Canada to export less to the U.S. won't cause Canada to import more from the U.S. It will merely diminish the Canadian economy and Canadian buying power – which means a reduction in imports.

Preventing Canada from counterbalancing the loss of U.S. markets by trading more with other countries would have the same impact. Making Canada poorer simply can't lead to Canada buying more from the U.S. The math doesn't sum.

The Trump administration's trade strategy with Canada, like it's trade strategy with the rest of the world, is not only bad for the country caught in its sights. It's bad for the U.S. It will raise prices for American consumers and businesses, cut established supply chains, make American industry less efficient, and undermine American exports.

It will also sever alliances and friendship.

Clumsily borrowing from China's playbook won't Make America Great Again. It will bring down the curtain on the American Century.

Shein starts process to sell 280 million shares

China-founded, Singapore-headquartered Shein, which caters to shoppers in about 160 countries, will announce its final IPO price on Aug. 31 and start trading on Sept. 1. SARAH MEYSSONNIER/REUTERS

Fast-fashion giant seeks to raise \$1.8-billion in IPO to value company 70 per cent below its private market peak

YANTOULTRA NGUI KANE WU

Shein aims to raise up to US\$1.8-billion in a Hong Kong IPO that values the fast-fashion retailer roughly 70 per cent below its private-market peak four years ago, with a slower growth outlook set to weigh on investor demand.

The long-awaited Hong Kong IPO comes after Shein, known for selling US\$5 dresses and US\$10 jeans to shoppers in about 160 countries, scrapped plans to list in New York and London over the past four years.

Shein on Monday launched the process to sell 280 million shares at between 47.60 Hong Kong dollars (\$8.41) and 49.50 Hong Kong dollars (\$8.74) a share, the company's filings showed, raising up to 13.86-billion Hong Kong dollars (\$2.45-billion) and valuing it at close to US\$27-billion at the top of that range.

The marked decline in valuation comes as tariffs, intensifying competition from rivals such as PDD-owned Temu and rising costs cloud Shein's outlook. Shein was valued at US\$64-billion in 2023 and April, 2024.

Reuters last week reported the IPO was set to value the company at around a quarter of the US\$100-billion it was worth in 2022. Even after the sharp cut, analysts said the growing headwinds in its core markets of the United States and Europe would weigh on the company's fundraising.

"The drop in Shein's valuation largely reflects the change in prospects for the company from, say, two to three years ago when its IPO was first mooted," said Lorraine Tan, Singapore-based director of equity research for Asia at Morningstar.

"We believe interest in Shein by global investors has probably cooled as a result, leading to the reduced listing price." At US\$27-billion, Shein is valued at around 0.7 times forecast sales, higher than European rival Zalando's 0.4 times, but cheaper than H&M and Inditex, which trade at around 1.1 times and four times, respectively.

“Public investors are no longer paying for hypergrowth,” said Winston Ma, an adjunct professor at New York University School of Law and former head of North America for China’s sovereign wealth fund CIC. “They are underwriting a mature cross-border platform that must now defend its profit margins against trade tariffs, higher compliance costs, and regulatory scrutiny in both the U.S. and China.”

The China-founded, Singapore-headquartered company will announce the final IPO price on Aug. 31 and start trading on Sept. 1.

Cornerstone investors led by existing shareholders Boyu, Tiger Global and General Atlantic have subscribed for about US\$383-million worth of Shein shares, the prospectus showed. Tencent, Greenwoods, Taikang Life and UBS Asset Management will also take stock. Shein said it would use about 80 per cent of the proceeds to improve its technology and increase its brand and global presence.

It has agreed to pay up to about US\$3.5-billion in cash to certain investors who bought special shares in earlier private funding rounds, according to the prospectus. The shares sold in the IPO will have one-10th the voting rights of the shares held by the company's founders.

Co-founders Sky Yangtian Xu, Maggie Gu, Molly Miao and Tony Ren will control 90 per cent of Shein's voting rights, the prospectus showed.

Slowing revenue growth and weaker core earnings are weighing on Shein's business, while shrinking margins have raised concerns its expansion is running into headwinds from higher trade costs, tighter regulatory scrutiny and intensifying competition.

Shein said in the prospectus its first-half 2026 revenue growth is expected to be broadly in line with the 1.1-per-cent growth posted in the first quarter, while its operating margin is expected to be slightly lower than the first-quarter level.

The company said this is owing to new European import charges, pricing pressure and weaker demand in the Middle East linked to the Iran war. “I’m not that positive on the Shein IPO. Their growth has slowed down a lot already,” Dickie Wong, executive director of research at uSMART Securities in Hong Kong.

"I expect the subscription response to be just average. While the valuation has come down significantly, I would not recommend subscribing at this stage given the slower growth outlook and regulatory pressures." Winning new customers is also getting more expensive. "The main concern is whether Shein can continue to grow profitably when acquiring incremental customers is becoming increasingly expensive," said Rui Ma, a China tech analyst and founder of China-focused research platform Tech Buzz China.

Shein swung to a US\$99-million quarterly loss after the U.S. removed an import duty exemption on small packages, and a US\$328-million fair-value charge on convertible redeemable preferred shares after an accounting change.

The de minimis rule had allowed packages worth less than US\$800 ordered online from China to enter the U.S. duty free. Shein previously said Chinese-origin products sold by it or through its marketplace and shipped to the U.S. are now subject to tax rates ranging from 10 per cent to 87.5 per cent.

In its prospectus, Shein said it faces a “significantly higher level of duties and taxes” in the U.S., which directly triggered a 14.3-per-cent drop in U.S. revenues during the first quarter this year. On Monday, rival PDD reported weaker-than-expected quarterly revenue owing to fierce competition and mounting regulatory pressures overseas.

The company said it has set aside about US\$80-million at end-March for continuing legal and regulatory cases. These include a U.S. Federal Trade Commission investigation that could result in significant payments, an EU Digital Services Act investigation and data privacy cases in France and Ireland.

Shein's purchase of U.S. clothing brand Everlane in May for US\$80-million is now facing a national-security review by the Committee on Foreign Investment in the United States, according to a person familiar with the matter. Shein did not immediately respond to a request for comment from Reuters.

Shein's IPO is the largest new share sale in Hong Kong in 2026, surpassing autonomous driving firm Momenta Global's US\$751-million offering in July.

REUTERS

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Tariffs: U.S. midterms will factor heavily into Canada's retaliatory response

FROM B1

Yet those retaliatory tariffs did leave a mark on U.S. exporters. Trade numbers show imports of items covered under that first round of retaliatory tariffs, which lasted from early March, 2025, until Mr. Carney removed them on Sept. 1, 2025, declined by close to 17 per cent during that period compared with the same period in 2024.

That was a steeper drop than the 5-per-cent decline in overall U.S. imports over the same time frame.

The flip side to that is the inflationary effect retaliatory tariffs have here at home, since tariff costs incurred by importers are inevitably passed on to consumers and domestic producers.

According to Bank of Canada research, prices of those tariffed products rose about 6 per cent relative to untariffed goods by mid-June, 2025, or about one-quarter of the 25-percent tariff.

It comes down to striking a balance between showing force and minimizing the burden on Canada's economy, said Randall Bartlett, deputy chief economist with Desjardins Group. That means targeting products that are either produced here or are easily substituted with imports from other countries.

“It’s a playbook that makes a lot of sense when you’re trying to minimize the domestic economic impact but have sufficient impact to bring the other side back to the table,” Mr. Bartlett said.

The real test is whether a tariff can move “an American boardroom” to lobby Washington to de-escalate the trade war, “without moving a Canadian grocery bill or factory cost,” said Andreas Schotter, international business professor at Ivey Business School. “Ottawa should target finished goods with ready substitutes and political leverage, while protecting inputs and necessities.”

For example, the Carney government could target premium consumer and leisure goods such as spirits, wine, cosmetics and recreational equipment, he said. “These are visible, deferrable and easier to substitute.”

Another strong option would be finished appliances and electronics, targeting only models and categories with strong non-U.S. supply, Prof. Schotter said. He suggested they “carve out repair parts, specialized equipment and inputs used by Canadian firms.”

The U.S. midterm elections in November will factor heavily into Canada's response, with Ottawa hoping the balance of power in Washington shifts in its favour.

The Carney government would maximize the impact of its response if it aimed countertariffs at states such as Michigan, Ohio, Maine, Alaska and Iowa, according to a Monday analysis from global strategy and advisory firm Capstone DC.

Andrew LaScaleia, the firm's vice-president, said Ottawa could direct those tariffs “where they are politically most punishing for the United States, for Trump.”

Maine, for example, might be targeted for its exports of lumber and seafood, while Iowa and Ohio have machinery and agricultural-equipment manufacturers such as John Deere.

These states are either part of Mr. Trump's base or have senators up for re-election. “That’s sort of the sweet spot because then you create political damage for Trump while at the same time bolstering your own domestic industry,” Mr. LaScaleia said, “and limiting the harm to consumers.”

Economists cautioned any tariff response from Canada is almost certain to garner another tariff attack from the U.S.

On Monday, Mr. Trump threatened to double auto tariffs on Canada from 25 per cent to 50 per cent starting in January, and said the tariffs would apply not only to finished vehicles but, for the first time, auto parts as well.

Such threats shouldn't cause Canada to back down, said Kevin Milligan, director of the Vancouver School of Economics.

“A bully takes your lunch money. And you say, ‘How much, sir? Can I give you more?’ That just leaves the bully to come back for one more, 20 more,” he said. “You’ve got to push back. You’ve got to push back smart.”

He said he doubts a dollar-for-dollar tariff response will have much sway on the U.S. administration because of the sheer size of the American economy.

As such, Canada should pursue tougher measures on par with the provincial bans on U.S. alcohol sales, he said. That could mean curbing energy and electricity exports, he added, echoing comments made by Ontario Premier Doug Ford on Monday.

“We should not back away from things that do have a cost on us because the goal here is to inflict pain on them in some way,” Prof. Milligan said. “And if that also includes some pain on us, that’s the cost of doing business here.”

Ultimately, the Canada-U.S. trade war is as much about optics as it is actual trade flows, so Canada's eventual tariff list will likely “add in some goods for political theatre in the same way that the U.S. targeted hockey sticks to make headlines,” said Bradley Saunders, North America economist at Capital Economics.

Yet, Mr. Saunders said the history of the trade conflict makes him optimistic Canadian negotiators will be back in Washington within “a month or two” working to get the United States-Mexico-Canada trade deal renewed.

“We’ll see both sides trying to act fierce and announce all these measures, but I doubt they’ll actually lead to much.”

CALIFORNIA ATTORNEY-GENERAL CANCELS TALKS WITH PARAMOUNT OVER WARNER BROS. DEAL

California Attorney-General Rob Bonta cancelled a meeting with Paramount Skydance Corp. representatives scheduled for Monday to begin settlement talks over the state's lawsuit seeking to block Paramount's proposed acquisition of Warner Bros. Discovery Inc., his office said. Paramount has pushed for a settlement in the case, as it faces a mountain of fees and costs to keep the deal together if the lawsuit continues to a trial scheduled for March. Mr. Bonta and his partner states have so far won key rulings, giving them leverage if settlement talks continue.

Mr. Bonta accused Paramount of leaking details of a meeting held on Friday and acting in bad faith, a claim Paramount has denied.

"Not only did Paramount leak the alleged substance of settlement discussions, but they misrepresented these discussions, demonstrating a lack of good faith," Mr. Bonta said, adding his office met with Paramount on Friday. "As soon as Paramount stops playing games and engages sincerely, my office is happy to meet again," Mr. Bonta added.

A Paramount spokesperson said the company shares “Bonta’s concerns about the public discussions and mis-reporting that has surrounded this deal.”

"As we have assured the Attorney-General's office, Paramount has not been the source of the leaks of any of our confidential discussions with the AG's office. We remain hopeful and stand ready to continue good faith discussions to resolve the Attorneys-General suit and move forward with our plans for increased competition and increased output to the benefit of the talent and entertainment workers," the spokesperson said.

When the world's largest investors arrive in three weeks, 'they'll find a Canadian economy that has never been more connected or more ambitious,' Prime Minister Mark Carney says. ANDREJ IVANOV/AFP VIA GETTY IMAGES

Summit: Event aims to build a broader coalition of trading relationships around the world

because they are not authorized to speak publicly about the event.

FROM B1

Instead, Canada's near-term prospects look highly uncertain after trade talks broke down, the U.S. imposed new tariffs and Mr. Carney promised to retaliate by matching them “dollar for dollar,” saying the two countries are now in a trade “war.” The situation further escalated on Monday when U.S. President Donald Trump threatened to raise tariffs on Canada’s auto sector on Jan. 1, 2027.

"If you're an investor, you will have reasonable questions" about the fallout, said Michel Leduc, chief public affairs officer at the Canada Pension Plan Investment Board, which is a co-organizer of the summit and the country's largest pension fund with \$864-billion in assets.

The Public Sector Pension Investment Board, which manages a \$321-billion pension fund for the federal public service, Canadian Armed Forces and the RCMP, is the summit's other co-organizer.

The Canadian political leaders and executives staging the summit will need to be ready with specific answers to questions about how the country's investment climate is improving, and how that progress can be insulated from trade turmoil, Mr. Leduc said in an interview.

Yet he is one of several sources from the investment sector who said that the expanding tariff battle won't change the summit's fundamental dynamic.

The Globe spoke to six sources who are involved in the summit or have knowledge of its planning, but is not identifying them

The plan to stage the summit came together at another moment of high uncertainty and rising tensions with the U.S., around the time Mr. Carney gave a blunt speech at the World Economic Forum in Davos, Switzerland, in January.

At the time, Mr. Carney called out attempts at economic coercion without naming the U.S. administration, arguing there had been a rupture in a familiar world order that is “not coming back.”

The summit was, in some sense, an extension of the Prime Minister's argument, aimed at jump-starting a strategy to build a broader coalition of trading relationships around the world, and attract major new flows of foreign capital to Canada.

Some executives expect Mr. Carney will adopt a similar tone in Toronto, pointing to the erratic trade talks with the U.S. as further proof that investors should diversify their portfolios with investments in more predictable countries such as Canada.

Mr. Carney mentioned the investment summit in his Saturday speech outlining why trade talks with the U.S. broke down. When the world's largest investors arrive in three weeks, “they'll find a Canadian economy that has never been more connected or more ambitious,” he said. “We are lowering tax. We are removing barriers and accelerating the transformation of our economy.”

The Prime Minister's Office did not immediately respond to a request for comment.

The country's pitch is expected to focus on projects in sectors such as infrastructure, natural resources, electricity generation and defence, as well as advanced technologies such as artificial intelligence, some of which are less reliant on a U.S. customer base to succeed, one source said.

Another source who has had recent discussions with investors in the United Arab Emirates and Saudi Arabia, before trade talks fell apart, said the biggest concern for many of them is regulatory red tape that bogs down projects, which is a pain point that Canada can control. The source also said those investors mostly expect the Canada-U.S. tensions to be temporary, and are focused on Canadian companies that can export their products and intellectual property to the Middle East and other regions, as well as to U.S. buyers.

For multinational companies such as foreign auto manufacturers that have long valued Canada's privileged access to the U.S. market when assessing where to build plants and supply chains, however, the rising tariffs will be a clear negative.

There is no realistic way Canada could attract enough additional investment from abroad to offset the economic pain from the punitive tariffs the U.S. has imposed, especially if tariff rates escalate in a tit-for-tat feud, investment executives said.

Even so, “we need to be thinking in those terms,” Mr. Leduc said.

They said the summit is a chance to build momentum toward future growth, especially as Canada's economic performance appears likely to get worse before it gets better.

U.K., Ukraine sign AI defence partnership linked to battlefield technology

SAM TABAHRITI

Britain said on Monday it had signed a partnership with Ukraine to jointly develop artificial-intelligence tools for defence and security, giving British researchers access to a Ukrainian battlefield data platform used to train military AI systems.

Prime Minister Andy Burnham and President Volodymyr Zelensky signed the agreement in Kyiv, making Britain the first international partner to access Ukraine's Avengers AI Labs, a government statement said.

Avengers Labs was built around an annotated dataset of 5 million battlefield images, Ukraine's Defence Ministry said earlier in August, largely drawn from the military's DELTA combat system – a domestically developed battlefield management and situational-awareness system.

Ukrainian President Volodymyr Zelensky, left, shakes hands with British Prime Minister Andy Burnham at Horodetskyi House in Kyiv on Monday ahead of their bilateral meeting. HENRY NICHOLLS VIA REUTERS

The platform uses data collected from cameras and sensors across Ukraine's battlefield, including information on tanks, artillery systems, drones and other military targets.

The Ukrainian ministry said AI models trained on the data were already being used in an automated target-detection system that analyses more than 100,000 drone video feeds each month and can identify about 70 per cent of enemy targets in real time.

Under the deal, Britain and Ukraine will collaborate on pilot projects including technology that uses fibre-optic cables as AI-enabled sensors to help protect military facilities, and research into low-power AI chips for drones and autonomous systems.

The British government said the partnership would initially focus on defence and national security projects bringing together researchers, engineers, technology companies and military experts from both countries.

Mr. Burnham on Monday visited Ukraine for his first trip abroad since becoming prime minister, where he had talks with Mr. Zelensky and co-chaired a meeting of the “Coalition of the Willing.”

His office had earlier announced Britain would allow missile maker MBDA to release classified information on British-made components used in the SCALP long-range cruise missile to help establish assembly lines in Ukraine.

REUTERS

What used to be a cramped bungalow has been transformed into a state-of-the-art, 15,000-square-foot facility for the University of Guelph's Luckevich Pinchin Honey Bee Research Centre, which champions training and education for future beekeepers. PHOTOS BY RILEY SNELLING

New honey bee research centre abuzz in Ontario

University of Guelph facility among oldest beekeeper training grounds worldwide

DAVID McPHERSON

From a cramped bungalow to a new purpose-built facility, the buzz surrounding the recently opened honey bee research centre in Guelph, Ont., is palpable.

A decade in the making, the 15,000-square-foot Luckevich Pinchin Honey Bee Research Centre (HBRC) at the University of Guelph officially opened this summer. The investment in the modern state-of-the-art building was long overdue for the centre, which is one of the oldest and most respected honey bee research, training and education institutes worldwide.

“Researchers come here from around the world as our university oversees the most extensive collection of honey bee colonies for research found at any North American institution,” says John Cranfield, dean at the Ontario Agricultural College at the University of Guelph.

The opening of the new centre comes at a critical time for Canadian honey bee populations, which are vital to pollinating many foods. According to Agriculture and Agri-Food Canada, last year saw historically high levels of overwinter honey bee colony loss, while the national number of honey bee colonies grew to a record high of 854,653.

MARKED MILESTONES IN HONEYBEE HISTORY

The University of Guelph's history in beekeeper training and research began in 1874, when the Ontario Agricultural College launched an apiculture program. The university built the program's first dedicated building in 1920, and the beekeeping centre remained there until the 1960s before a new student centre was built on the property.

In 1966, the beekeeping centre moved into a raised bungalow on Stone Road East. “Our former lab was a bedroom and our classroom a living room,” says Paul Kelly, manager of the university’s Honey Bee Research Centre. “Accessibility was a problem, especially when conducting our public education programs. We teach a lot of beekeeping courses, and we do a lot of demonstrations and tours, and the facility was not conducive for all of those functions.

The HBRC's new home, which staff have been working in since January, is located at 460 Stone Rd. E. in rural Guelph, Ont., near the university campus and next to the school's Arboretum, a 400-acre site of gardens, walking trails and natural woodlands that's open to the public.

"The site was right under our noses about 200 metres down the road from our former location," says Mr. Kelly. "At the official opening, somebody said to me, 'This building feels like it's always been here,' which is what we were after."

RAISING FUNDS AND AWARENESS

Once a decision was made to construct a new facility, rather than renovate the old bungalow, the university launched a fundraising campaign. The financing for the \$17.1-million project almost exclusively came from private donors, many of whom had previously enrolled in the HBRC's beekeeping courses.

Lydia Luckevich, a philanthropist and University of Guelph alumna whose husband's family owned an apple farm that relied on honey bees, was the campaign's principal donor. Ms. Luckevich previously took a course at the HBRC and donated nearly half the total cost of the newly constructed \$17-million facility.

“She saw firsthand that teaching beekeeping out of a living room was not ideal,” Mr. Kelly says. “Ms. Luckevich envisioned a more public-facing building than we originally had in mind – and also one with a more inspiring design.”

Prior to the construction of the new HBRC, the university used a crowdfunding campaign to help finance a YouTube channel that offers educational how-to beekeeping videos for beginner and expert apiarists – those who care for and manage bee colonies. Launched in 2016, there are now close to 80 informative and instructive videos that have been translated into 14 languages and viewed nearly 30 million times.

"If we had not started that outreach and education, I don't think we would be in this new building now because the YouTube channel gave the HBRC so much exposure and added to our credibility," Mr. Kelly says.

SUSTAINABLE DESIGN AND LETTING THE LAND LEAD

When conceptualizing the new facility, the HBRC envisioned something that was both inspiring and functional – an idea that Moriyama Teshima, the facility's lead architect, understood well.

After winning an international competition, the Toronto-based firm started on the building's design, which emphasizes accessibility, flexibility and sustainability.

"Our firm's approach is to always start from the land," says Olivia Keung, director of sustainability at Moriyama Teshima Architects and the HBRC's project manager. "Since the site was previously a tree nursery, it had

Above: The centre's main foyer connects its reception and retail shop. It also operates as an exhibit area that displays a curated collection of antique honey tins and beekeeping tools.

Left: The classroom in the centre's Discovery Zone has the capacity to seat up to 100 people. It opens onto an outdoor deck with an apiary setup where visitors can watch bees in their natural habitat.

this amazing tree canopy ... the final design was inspired by this canopy. We wanted the building to exist in this context – not take it over."

The property's systems are all electric, meaning it does not rely on fossil fuels to heat or operate the building. "It made a lot of sense, given the remote site, to build less infrastructure since there is no natural gas line," Ms. Keung adds.

FROM INNOVATIVE RESEARCH TO SWEET SALES

Upon entering the HBRC, a central foyer connects the reception and retail shop, the former of which doubles as an events gathering area. Additionally, the foyer dually functions as an exhibit space, showcasing a curated collection of antique honey tins and historic beekeeping tools.

Once inside, visitors can use an accessibility ramp or stairs to enter the centre's Discovery and Exhibit zones, where high ceilings create an open atmosphere that's conducive for learning.

The Discovery Zone classroom can seat between 65 to 100 people, depending on the setup. An outdoor deck adjacent to the classroom opens onto a demonstration apiary, where visitors observe bees in their natural habitat. The connecting indoor-outdoor environments are intended to support visitors' connection to nature.

“

Researchers come here from around the world as our university oversees the most extensive collection of honey bee colonies for research found at any North American institution.

JOHN CRANFIELD DEAN AT THE ONTARIO AGRICULTURAL COLLEGE AT THE UNIVERSITY OF GUELPH

A modern laboratory with honey bee production and processing areas is the most significant upgrade to the new HBRC. Previously, researchers worked out of a small converted bedroom. Now, they have a fully equipped lab with a safety shower, eyewash station, fume hood, fridge, freezer, incubators, microscopes and computers.

"I often tell people that we run a farm because we are beekeepers and we're into agriculture," Mr. Kelly says. "But we're also a research centre, an education centre and a retail business. It's a unique mix for a university, but they all fit together, and the funds we raise through sales of honey and hive products, and through our courses and tours, all gets plowed back into our research and education programming."

Special to The Globe and Mail

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Investors need a crash course in buybacks

The number of stocks held by four model basic buyback portfolios Buyback yield requirement for companies held by each portfolio

THE GLOBE AND MAIL, SOURCE: BLOOMBERG

Buybacks, or share repurchases, offer companies an alternate way to return money to shareholders other than paying dividends

NORMAN ROTHERY

OPINION

Founder of StingyInvestor.com

As we move into the end of August, it becomes harder to ignore the imminent arrival of a new school year.

While students are busy preparing, investors might bone up on the gains that stocks with buybacks can provide.

Buybacks, or share repurchases, offer companies an alternate way to return money to shareholders other than paying dividends. Companies that buy their own shares (or pay dividends) are usually profitable and, hopefully, have an excess of cash to deploy, which can make them good investments.

The basic buyback portfolio tracks such companies by investing in Canadian stocks that have reduced their share counts over the past year. It sports an average annual growth rate of 14.7 per cent over the roughly 26.6 years from the end of 1999 through to the end of July, 2026. In comparison, the overall Canadian stock market, as represented by the S&P/TSX Composite Index, climbed at an average annual rate of 8.3 per cent over the same period.

(The basic buyback portfolios are model portfolios. The returns herein are based on backtests using monthly data from Bloomberg. They include dividend reinvestment but not fund fees, taxes, commissions or other trading costs. The portfolios are equally weighted and rebalanced monthly.)

More specifically, the basic buyback portfolio starts with the largest 300 common stocks on the Toronto Stock Exchange by market capitalization. It then buys an equal dollar amount of those companies that reduced their shares outstanding over the prior four fiscal quarters.

Buyback yield is determined by calculating the percentage reduction in a company's shares outstanding over the prior four fiscal quarters. So, if a company recently cut its share count by 5 per cent, its buyback yield would

be 5 per cent.

Dividend investors tend to gravitate to stocks with higher dividend yields – and moving to higher buyback yields provided some benefit over the past 26.6 years. Mind you, the largest boost came from excluding stocks with very low buyback yields.

Four variations of the basic buyback portfolio help to show the impact of sticking to stocks with higher buyback yields. They all start with the largest 300 Canadian stocks but then pick those with buyback yields of more than 1 per cent, 2 per cent, 3 per cent or 5 per cent. The portfolios sported average annual gains of 15.3, 16.3, 15.5, and 15.1 per cent respectively over the 26.6 year period.

But it's important to be aware that the portfolios held fewer stocks as their buyback yield requirements climbed. The accompanying graph shows how the number of stocks in the portfolios varied over time. It highlights the portfolios with buyback yields in excess of 0 per cent, 1 per cent, 3 per cent and 5 per cent, which held an average of 65.9, 41.1, 21.0 and 10.4 stocks respectively.

Overall, corporate share repurchase programs became more popular over the 26.6 years with the number of companies buying back their own shares roughly doubling from near 60 in the late 1990s to about 120 today.

On a concerning note, the portfolio holding stocks with buyback yields of more than 5 per cent nearly ran out of stocks to buy in 2003 when only one company qualified for a couple of months. Similarly, there were five separate months during the 26.6 years when only two stocks passed the test.

On the other hand, the portfolio following stocks with buy-back yields of more than 3 per cent was a little more robust because it always held at least six stocks, and it held fewer than 10 stocks in only 11 months over the 26.6 years.

Investors should be mindful that the buyback portfolios are not risk free. For instance, the top performing portfolio of stocks with buyback yields of more than 2 per cent fell by 41 per cent from its former highs in the crash of 2008-09, which was just a tiny bit better than the 43 per cent decline of the market index. It lagged the index significantly in the crash of 2020 when the market index fell 22 per cent and the portfolio, again, plunged 41 per cent. On the other hand, the portfolio held up better in the early 2000s when the market index slumped as the internet bubble deflated.

Autos: Stakeholders fear new levies would further disrupt an integrated industry already affected by tariffs

A drone view shows the GM assembly plant in Oshawa, Ont., on Aug. 18, the day U.S. President Donald Trump paused new tariffs for three days. CARLOS OSORIO/REUTERS

FROM B1

The Globe is not naming the sources as they were not authorized to disclose information about the closed-door talks.

U.S. President Donald Trump said on Monday that he will raise tariffs on Canadian auto imports to 50 per cent and start tariffing auto parts on Jan. 1, 2027. Those tariffs would be in addition to 50-per-cent tariffs on \$28-billion worth of Canadian goods that came into effect on Saturday, as well as pre-existing levies on sectors including autos, steel, aluminum and forestry.

In a post on X, Flavio Volpe, president of Canada's Automotive Parts Manufacturers' Association, said that the new tariffs had the potential to cause huge disruptions, given the close links between the Canadian and American auto industries.

“Playing a game of chicken with a mirror is a fool’s errand. Only China auto wins,” he wrote.

The slump in Canadian auto parts shares was echoed across the border as Ford Motor Co. and Stellantis NV shares fell more than 3 per cent. General Motors Co. slipped 1 per cent.

Canada supplies about 13 per cent of total U.S. auto and parts imports, and roughly US\$45-billion of U.S. imports of Canadian autos and parts could be affected by the threatened tariffs, Olu Sonola, head of U.S. economics at Fitch Ratings, said in an e-mailed statement.

A 50-per-cent levy on autos on top of the tariffs that came into effect on Saturday would lift the effective U.S. tariff rate on Canadian goods to 6.5 per cent, more than double the 3.1-per-cent rate in place before the weekend, he added.

About 20 per cent to 25 per cent of Magna's parts exposure could be subject to a 50-per-cent tariff "if the threat is carried out," Tom Narayan, RBC Capital Markets lead equity analyst, global autos, said in a note.

Existing tariffs have already weighed on the Canadian auto parts sector. In a presentation to investors in July, industrial manufacturer Exco Technologies Ltd. partly attributed weaker financial results to the negative impact of “U.S. tariff related disruptions.”

Exco shares slipped more than 3 per cent on Monday to close at \$8.36.

“Tariffs are placing significant pressure on the integrated North American auto industry,” Brian Kingston, president of the

Canadian Vehicle Manufacturers' Association, said in an e-mailed statement. "We urge negotiators to get back to the table and reach a deal that strengthens competitiveness, protects jobs and investment, and accelerates the review of CUSMA."

Some analysts said they are holding out hope that the U.S. could still walk back some of its tariff threats. Mr. Narayan said he viewed Mon-

day's announcement "as a negotiating tactic rather than imminent policy."

Mr. Carney has also indicated that he is prepared to help Canadian businesses withstand a trade war, with a tariff-relief plan for businesses hurt by the latest round of U.S. levies expected this week.

Mr. Trump said on Monday that he will raise tariffs on Canadian auto imports to 50 per cent and start tariffing auto parts on Jan. 1, 2027.

"The failure of the latest Canada-U.S. trade talks is clearly disappointing, but we take some comfort from the fact that Canadian retaliation is not expected before early September," National Bank economists

Stéfane Marion and Matthieu Arseneau said in a note.

“That leaves a window for the latest U.S. tariffs to be reduced or lifted before Ottawa responds, to the benefit of North American supply chains.”

But Mr. Sonola said that “the uncertainty alone” could put a strain on North American auto supply chains.

"If implemented, the tariffs could force a significant and economically disruptive restructuring of Canada's auto industry, with lasting consequences for its manufacturing base and broader economy."

How investors can navigate a volatile week ahead

SCOTT BARLOW

OPINION

Evercore ISI strategist Julian Emanuel expects a bumpy ride for markets in the near term, making his positioning advice too convoluted for the average investor to follow. It does, however, serve an important purpose in providing a series of market indicators that bear close scrutiny in the weeks ahead.

Mr. Emanuel sees three big reasons to worry about markets this week: U.S. Treasury Secretary Scott Bessent discussed Iran policy on Monday, the biggest company in the world, Nvidia Corp., reports earnings Wednesday and Federal Reserve chair Kevin Warsh speaks at the annual Jackson Hole Economic Policy Symposium in Wyoming on Friday.

Mr. Emanuel finds stock options broadly cheap, with the CBOE Volatility Index (VIX) near the 16 level. He suggests buying puts on ETFs tracking the Russell 2000 index of U.S. small-cap stocks to protect portfolios against volatility in the very near term. U.S. small caps have substantially outperformed the S&P 500 recently and a risk-off market move would likely cause a significant retracement.

The strategist likes call options on the Nasdaq to prepare for when volatility concerns subside and AI stocks rally. He compares the potential rally to the tech runup when Y2K fears abated on Jan. 1, 2000, after which the Nasdaq 100 climbed 19 per cent to the end of March. The index then fell off a cliff, of course, marking the end of the dot-com bubble. (As an aside, the bear market in tech stocks that started in the second quarter of 2000 felt like the end of the world at the time but now looks like a tiny blip on the long-term Nasdaq chart).

Evercore suggests buying what Mr. Emanuel calls negative beta stocks to hedge against a potential sell-off in AI stocks. These are stocks that are inversely correlated to the tech-dominated market indexes but that have positive earnings revisions and high short interest. (The assumption is that the shorts will have to cover if AI stocks fall, driving stock prices sharply higher).

The negative beta stocks most likely to interest Canadian investors include Costco Wholesale Corp., Coca-Cola Co., CME Group Inc., Chubb Ltd., Mondelez International Inc., Keurig Dr Pepper, Halliburton Co., Dow Inc., Bunge Global SA and Quest Diagnostics.

Mr. Emanuel's report provides a road map for investors. Follow the Russell 2000 this week for signs of a sustainably risk-off market environment. If things remain reasonably stable, watch for a sharp rally in AI stocks, and if they don't, follow the negative beta stocks for new investment opportunities.

Gold lifts TSX as trade tensions rise

Canada's commodity-heavy stock index rose on Monday, boosted by gold stocks as bullion prices climbed, as investors weighed new U.S. tariffs on Canadian goods days after negotiations broke down last week.

The S&P/TSX Composite Index was up 0.26 per cent at 36,714.12 points.

The U.S. imposed 50-per-cent tariffs on some Canadian goods on Saturday, after the countries failed to reach a trade deal. Canada will impose tariffs on some U.S. goods starting Sept. 8 in retaliation.

President Donald Trump also said on Monday that U.S. tariffs on all cars and trucks, automotive parts and steel will be increased to 50 per cent starting Jan. 1, 2027.

Materials sector, which includes metal mining shares, rose 1.4 per cent as gold hit a three-month high against a subdued dollar, while investors awaited U.S. inflation data and remarks from Federal Reserve chair Kevin Warsh this week for clues on the interest-rate outlook.

I-80 Gold, Seabridge Gold and NovaGold Resources were up between 6.8 per cent and 10.5 per cent.

The heavyweight energy sector was the biggest drag on the index, falling 0.9 per cent as oil prices slipped, with investors taking profits ahead of expected new U.S. sanctions on Iran.

Manufacturers Bombardier, Magna International and Linamar were among the biggest losers, falling 5.9 per cent, 6.6 per cent and 8.3 per cent respectively.

The financial index was up 0.2 per cent. Canada's Big Six banks will report third-quarter results this week, starting with Bank of Montreal and Bank of Nova Scotia on Tuesday.

Analysts have said bank stocks are trading at historically high valuations, with gains so far this year outperforming the TSX.

The S&P 500 and Nasdaq ended lower on Monday, pulled down by technology stocks, as investors weighed fresh U.S. economic pressure against Iran and braced for a week that includes Nvidia earnings and a closely watched inflation report.

The Trump administration announced on Monday a possible expansion of sanctions on countries doing business with Iran as part of what it billed as an “economic D-Day,” but stopped short of actually imposing penalties.

Chip stocks sold off, dragging the Philadelphia SE Semiconductor Index lower. Nvidia dropped 2.9 per cent, Micron Technology fell 5.8 per cent and Broadcom slid 2.6 per cent, pressuring the S&P 500 Information Technology Index.

REUTERS

A banking feature for retirees in a high-cost era

Setting up multiple savings accounts can bring a higher level of organization to your finances

ROB CARRICK OPINION

PAST YEAR

Personal finance expert and former Globe and Mail staff columnist

The best banking feature no one talks about is the ability to set up multiple savings accounts, each with its own nickname.

I relied on six core savings accounts to keep our household finances organized while I worked full-time, one for property taxes, annual insurance bills, vacations, holiday season spending, miscellaneous expenses like gifts and, finally, an emergency fund. I added a seventh in retirement to cover taxes owing each April.

Made all the cuts you can in your household spending and explored all avenues for boosting your income? Bringing some organizational rigour to your savings is worth exploring as another way of managing your finances in this era of high costs.

I have our household savings spread among six different banks, which is more a reflection of my curiosity as a personal finance guy than necessity. Most of these banks let you set up multiple savings accounts, and assign a nickname to each, which helps to easily keep track of them.

The idea behind multiple savings accounts is to save for big expenses on a gradual basis, rather than scrambling to find the money when your property tax or term life insurance bill comes due. By separating your savings into buckets, you ensure you don't accidentally spend some of your property tax money on your summer vacation.

The banks I use include EQ Bank, Canadian Tire Bank, Haventree Bank, Oaken Financial, Tangerine and Wealthsimple. For each, I have set up automatic electronic transfers to and from our main chequing account.

This is simple to do – you just need the institution number for the bank holding your chequing account, plus the transit number for your branch and the account number. If you're a boomer or older, these numbers are found on your cheques. If you're all in on digital banking, look for a “void cheque” link to get the info you need.

To make a transfer, log into your savings accounts app or website and click on the button for moving or transferring money. Specify which external account you want the money to come from, and the savings account where you want the money to go.

The transferred amount should appear immediately in your savings account and start earning interest. But the funds are usually unavailable to you for five to eight business days – this is the so-called hold period.

You can set up both one-time and recurring transfers. The best saving is automatic, which means a recurring transfer of money from the chequing account where your paycheque and other forms of income go. Ideally, you set up these transfers to happen each payday. Your savings accounts take care of themselves that way.

In 2026, state-of-the-art savings accounts offer better rates of interest than the big banks and a high level of utility for paying your expenses. Most of the accounts I use allow clients to make bill payments and e-transfers at no cost. When our term life insurance premiums come due late in the year, I pay them directly from our Tangerine savings account to our insurer.

Side note: Our term policies date back to when our kids were young and are set to expire when we turn 65. We won't need to renew, which means the end of premiums of nearly \$1,000 per year.

Make sure you get a decent rate of interest on your savings, particularly with accounts carrying a big balance. That Tangerine account mentioned earlier pays all of 0.3 per cent interest, but I'm hanging on to it as a window on what's happening at this long-time player in online banking.

In the meantime, I was getting 2.8 per cent from Oaken as of mid-

August, 2.4 per cent from Haven-tree, 1.25 per cent from Wealth-simple and 1 per cent from EQ. I get 2.35 per cent interest on an EQ account I use for taxes – it requires 10 days notice to make a withdrawal. There's a 30-day notice account paying 2.75 per cent.

Note that these are risk-free returns. All banks mentioned here are members of Canada Deposit Insurance Corp., which means eligible deposits are covered to a maximum of \$100,000 in combined principal and interest per eligible account. Practically speaking, this could mean you get separate coverage for your single-name, joint and tax-free savings accounts.

If you have multiple standard-type savings accounts under your name at the same CDIC-member bank, the coverage limit for all combined is \$100,000.

Okay, multiple savings accounts are a bit of work to set up and monitor. But they bring a higher level of organization to your finances, which in turn brings a sense of calm when big bills come due. These days, that's worth a lot.

The case for Cronos Group as a contrarian bet on pot stocks

PHILIP MacKELLAR

Cronos Group is a global player in the legal cannabis business. As well as providing recreational and medical products in Canada, it supplies medical cannabis products in Israel and is branching out into Australia and various European countries. RICHARD VOGEL/ASSOCIATED PRESS

OPINION

CONTRA GUYS

General manager at Contra the Heard investment newsletter

Pot stocks have been on our radar for years. Before the pandemic, the sector was booming. Initial public offerings involving cannabis companies hit the market amid widespread hype and fanfare. For a while, no valuation, analyst scrutiny, or level of insider selling could undo the momentum or feel-good story associated with the legalization of marijuana.

Then the boom turned to bust. In 2022, many names were down more than 90 per cent, and we argued the sector was contrary but uninvestable. This was because most companies had poor revenue trends, lost stunning amounts of money, and devoured cash. Insiders were selling millions in stock, cash balances were thin, and the capex associated with the pot infrastructure build-out was expensive as sectoral competition was fierce. To paper over their woes, many corporations diluted existing owners into oblivion.

Then in 2025, we returned to the topic and discussed a marginally altered landscape. Though certain players were continuing to lose tons of money, dilute owners, and see their business prospects decline, others – including Aurora Cannabis and Cronos Group – were starting to look interesting and were showing signs of stabilization.

As such, we added both companies, and eventually a few more pot stocks, to our watchlist, and have taken a stake in the industry. In January, we added Cronos to our portfolio at \$3.52 a share and then during the March market selloff, a second smaller purchase occurred at \$3.36. This brings our average purchase price to \$3.47.

Cronos is a global player. It operates in Canada where it provides recreational and medical products. It also supplies medical cannabis products in Israel and is branching out into Australia and various European countries. It is in the process of acquiring CanA-delaar BV, for example, the largest recreational cannabis provider in the Netherlands.

Unlike many of its peers, Cronos has a lot going for it. In March, 2019, Altria (Philip Morris's parent company), invested US\$1.8-billion for a 45-per-cent stake. This backing occurred at cycle highs as Cronos shares had peaked in February, 2019.

Since then, Cronos has been able to build out its business without worrying about debt or dilution. At the end of the last quarter, the balance sheet was a fortress with US\$797-million in cash and short-term investments, US\$1.18-billion in total assets, and no debt. Though there has been some dilution since 2019, the top line has expanded faster, which means the dilution has been revenue per share accretive. In addition to Altria's support, directors and executives own roughly 8.1 per cent, according to INK Research, which means insiders are well aligned with other owners.

This financial strength basically guarantees Cronos will survive as the industry matures. Moreover, during this maturation phase, Cronos will have significant flexibility. It can invest more in research and development, enter new markets organically, or engage in M&A to access new markets or new products. The acquisition of CanAdelaar exemplifies this point.

In addition to having its finances in order, Cronos is a well-diversified player with strong brands in recreational and medical marijuana. In Canada, its recreational products cover everything from edibles to vaporizers. In Israel, it has a leading position in the country's medical space. Cronos is using its experience in Canada and Israel to push into new countries and make further gains in its existing markets.

The company's operations are supported by a robust supply chain. Cronos has a handful of wholly-owned facilities to produce medical marijuana in Canada and has established a joint venture with Greenhouse Partners called Cronos GrowCo. This joint venture operates a greenhouse facility in Kingsville, Ont., and gives Cronos the right, but not the obligation, to purchase the vast majority of the cannabis it produces. The story is similar in Israel, where it has a joint venture with Kibbutz Gan Shmuel. This supply chain control means Cronos is vertically integrated.

As for risks, in some ways, the organization's position within its sector reminds me of Major Drilling. It is an industry leader with good finances, a unique business, sectoral tailwinds, and high insider alignment. Despite these ingredients, Major Drilling has been a portfolio laggard for us and the risk is that it happens with Cronos, too.

The cannabis industry is still in its infancy, regulations are evolving, and the regulatory landscape between jurisdictions represents a complex patchwork. The industry's prospects are also subject to the vagaries of politics and election cycles. This generates a tricky regulatory framework, and that is before contemplating the possibility of health consequences, new regulations, and litigation associated with vaping.

Meanwhile, Cronos has been accused of dumping Canadian medical cannabis products into Israel. Israel's watchdog has launched an investigation into the matter, but the company disputes the allegations. The timing and outcome of the investigations are unknown, but a negative outcome could affect Cronos as the market accounted for roughly 28 per cent of sales in the latest quarter.

Potential M&A activity is something of a mixed blessing. While mergers can turn out great, as Bird Construction and Enerflex have demonstrated, a few poorly priced or integrated acquisitions can damage the corporation's prospects. An investment in Cronos is a bet on management deploying its war chest prudently.

Finally, the space is competitive. This has implications for profitability and valuations. If Cronos can boost profitability and buy peers on the cheap, the enterprise is likely inexpensive, but if it cannot improve profitability the shares could trade sideways for a long time.

Despite the risks, the shares have increased since it was purchased earlier this year, the fundamentals are impressive compared to industry peers, and we think significant upside remains.

EYE ON EQUITIES DAVID LEEDER

DENISON MINES (DML-TSX) CLOSE \$4.89, UP 8¢

Ventum Financial analyst Surya Sankarasubramanian thinks Denison Mines Corp. has built “an enviable portfolio of Athabasca Basin-focused assets and partnerships,” emphasizing its more than 75 years of history and calling it “an early player in the uranium sector.”

Target: Mr. Sankarasubramanian initiated coverage with a “buy” rating, believing its first-mover advantage “manifests in well-located assets” with its Phoenix project in northern Saskatchewan, and a \$5.50 target, exceeding the consensus of \$4.48.

WESTPORT FUEL SYS. (WPRT-NASDAQ) CLOSE US\$1.83, UP 1¢

Despite the ramp-up in its Cespira joint venture with Volvo Trucks gathering pace “significantly in Q2/26, as evidenced by the large jump in revenue (up 125 per cent year-over-year) and gross profit (up 298 per cent year-over-year) at the JV level,” ATB Cormark analyst MacMurray Whale downgraded Westport Fuel Systems Inc. to “speculative buy” from “outperform” previously.

Target: Mr. Whale's target for Wesport's Nasdaq-listed shares is US\$2.65. Consensus is US\$4.

SOURCE: BARCHART ROGERS COMM. (RCI-B-TSX) CLOSE \$50.36, UP 42¢

Desjardins Securities analyst Jerome Dubreuil thinks recent professional sports franchise sales reinforce “upside” for Rogers Communications Inc.’s sale of Maple Leaf Sports & Entertainment Ltd., which is expected in 2027. “Overall, these deals suggest that sports valuations, to which RCI has significant exposure, continue to climb at a rapid pace. This should help RCI get attractive offers,” he said.

Target: Mr. Dubreuil kept a "hold" rating and \$58 target. Consensus is \$59.

ENDEAVOUR SILVER (EDR-TSX) CLOSE \$14.92, UP 30¢

TD Cowen analyst Wayne Lam expects a positive reaction from shares of Endeavour Silver Corp. to the expected resumption of operations at its flagship Terronera underground silver-gold operation in Mexico. “EDR announced that the illegal blockade initiated on August 12 by the nearby Ejido community has been lifted, with operations expected to restart on August 24,” he said.

Target: He reaffirmed a “buy” rating and \$15 target. Consensus is \$21.37.

ROYAL BANK OF CANADA (RY-TSX) CLOSE \$282.62, UP 25¢

While the rise in bond yields “curbed” the rally in Canadian bank stocks last week, National Bank Financial analyst Gabriel Dechaine thinks the risks to his forecasts for the sector remained “limited.” “Unless we see more dramatic moves in the 5-year and another spurt of elevated inflation, we don’t see a reason to panic just yet,” he added. Target: He has an “outperform” rating and \$318 target for Royal Bank of Canada shares. Consensus is \$298.79.

TSX VOLUME TOP 20 FOR STOCKS \$1 OR MORE
CURRENCIES FOREIGN EXCHANGE CROSS RATES
S&P/TSX COMPOSITE INDEX PAST 12 MONTHS

S&P 500 PAST 12 MONTHS

TSX INDEXES AND SUB INDEXES

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
TSX COMPOSITE IND	36714.12	93.89	0.26	265095	15.77
TSX 60 INDEX	2150.30	5.35	0.25	136508	15.61
TSX COMPLETION IN	2421.02	6.84	0.28	128587	16.41
TSX SMALLCAP INDE	1467.32	-4.35	-0.30	87100	22.63
TSX VENTURE COMPO	993.93	5.56	0.56	61644	0.63
TSX CONSUMER DISC	410.45	-4.98	-1.20	6425	7.28
TSX CONSUMER STAP	1267.09	11.28	0.90	3807	2.34
TSX ENERGY CAPPED	447.56	-4.13	-0.91	55600	48.98
TSX FINANCIALS CA	739.31	1.16	0.16	41432	17.82
TSX HEALTH CARE C	23.32	0.26	1.13	1960	6.48
TSX INDUSTRIALS C	511.20	-5.84	-1.13	15320	9.46
TSX INFORMATION T	317.70	2.02	0.64	6704	-2.73
TSX MATERIALS CAP	930.81	13.17	1.44	78193	24.16
TSX REAL ESTATE C	316.65	3.17	1.01	6229	0.09
TSX GLOBAL GOLD I	1023.37	12.96	1.28	141269	25.22
TSX GLOBAL MINING	273.83	2.35	0.87	341578	30.60
TSX INCOME TRUST	240.27	1.22	0.51	6947	9.10
TSX PREFERRED SHA	715.23	-1.27	-0.18	427	2.73
TSX COMMUNICATION	151.26	1.08	0.72	12611	-3.57
TSX UTILITIES CAP	387.67	1.85	0.48	16574	10.04

TSX GAINERS TOP 20 FOR STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
CNQ CDN NATURAL R	70.27	-0.54	-0.76	20127	51.15
MFC MANULIFE FIN	59.34	0.73	1.25	8587	19.06
ENB ENBRIDGE INC	69.36	-0.18	-0.26	8020	5.60
ABX BARRICK MININ	66.63	1.07	1.63	7211	11.44
BTO B2GOLD CORP.	7.93	0.32	4.20	6212	28.32
CVE CENOVUS ENERG	44.57	-0.82	-1.81	5913	91.95
SU SUNCOR ENERGY	93.30	-0.95	-1.01	5705	53.15
K KINROSS GOLD CO	45.61	0.57	1.27	5563	17.98
SLF SUN LIFE FINA	109.59	0.79	0.73	5439	27.91
BTE BAYTEX ENERGY	6.54	-0.07	-1.06	5224	47.30
EQX EQUINOX GOLD	19.07	0.45	2.42	4610	-1.14
DML DENISON MINES	4.89	0.08	1.66	4208	34.34
FTS FORTIS INC	76.53	0.94	1.24	4158	7.24
BAM BROOKFIELD AS	72.42	0.45	0.63	4089	0.72
T TELUS CORPORATI	13.58	-0.03	-0.22	4034	-24.93
BN BROOKFIELD COR	58.09	0.69	1.20	3917	-7.82
WCP WHITECAP RESO	18.03	-0.11	-0.61	3691	56.78
KEEL KEEL INFRAST	4.51	-0.05	-1.10	3651	50.33
TD TORONTO-DOMINI	161.42	0.18	0.11	3439	24.78
BCE BCE INC.	32.98	0.33	1.01	3216	0.73

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
SEA SEABRIDGE GOL	45.86	4.35	10.48	209	12.71
ECO ECOSYNTHETIX	2.50	0.23	10.13	11	-37.50
VGC VALOR GOLD CO	4.64	0.41	9.69	123	-37.30
XRP EVOLVE XRP UN	6.57	0.54	8.96	113	-19.88
HWO HIGH ARCTIC E	1.03	0.08	8.42	1	22.62
SOXD MEGASHORT -3	1.68	0.13	8.39	1491	-91.83
XRPP PURPOSE XRP	6.46	0.50	8.39	88	-21.41
XRPQ 3IQ XRP ETF	9.22	0.71	8.34	63	-19.12
EPRX EUPRAXIA PHA	10.05	0.75	8.06	195	-2.62
TSLD SAVVYSHORT -	10.65	0.79	8.01	19	13.06
XRPP-B PURPOSE XR	6.77	0.49	7.80	20	-19.31
NG NOVAGOLD RES I	12.95	0.93	7.74	1330	1.17
XRPQ-U 3IQ XRP ET	6.66	0.46	7.42	2	-21.83
SLVR SILVER TIGER	1.05	0.07	7.14	1320	15.38
GDC GENESIS LAND	3.50	0.23	7.03	3	6.38
GRGD GROUPE DYNAM	64.15	4.12	6.86	319	-22.40
IAU I 80 GOLD COR	2.66	0.17	6.83	1883	31.68
PRM BIG PHARMA SP	16.00	0.99	6.60	14	15.02
NVDD SAVVYSHORT -	11.01	0.67	6.48	59	-37.59
DC-A DUNDEE CORP.	5.15	0.31	6.40	354	35.53

S&P/TSX COMPOSITE INDEX STOCKS LARGEST STOCKS BY MARKET CAPITALIZATION

TSX LOSERS TOP 20 FOR STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
FTG FIRAN TECHNOL	18.76	-3.02	-13.87	236	62.42
BCT BRIACELL THER	4.82	-0.74	-13.31	25	-50.82
ASTL ALGOMA STEEL	5.55	-0.85	-13.28	1343	-1.77
MUU SAVVYLONG 2X	13.44	-1.75	-11.52	472	-40.27
MRE MARTINREA INT	10.11	-1.09	-9.73	322	-2.41
LNR LINAMAR CORP	99.62	-9.38	-8.61	291	20.08
MAL MAGELLAN AERO	31.80	-2.95	-8.49	224	71.71
RBNU SAVVYLONG 2X	32.73	-2.81	-7.91	25	29.37
COIU SAVVYLONG 2X	5.17	-0.42	-7.51	16	-60.35
BOIL BEYOND OIL L	1.92	-0.15	-7.25	60	-34.47
SOXU MEGALONG 3X	33.48	-2.58	-7.15	31	152.77
TSLU SAVVYLONG 2X	13.84	-1.03	-6.93	46	-50.83
DII-B DOREL INDUS	1.49	-0.11	-6.88	66	0.00
AMDU SAVVYLONG 2X	14.79	-1.09	-6.86	3	-31.53
IFA IFABRIC CORP	4.21	-0.30	-6.65	690	128.80
MG MAGNA INTERNAT	93.85	-6.59	-6.56	2061	28.26
BU BURCON NUTRASC	1.59	-0.11	-6.47	32	-2.45
SNDK SANDISK CDR	36.30	-2.51	-6.47	717	12.18
BBD-A BOMBARDIER	320.13	-21.68	-6.34	4	37.51
WEF WESTERN FORES	18.49	-1.25	-6.33	36	68.24

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
VNP 5N PLUS INC.	26.14	-1.20	-4.39	1231	47.52
ABRA ABRASILVER R	15.80	-0.13	-0.82	467	47.94
AAV ADVANTAGE ENE	11.12	-0.08	-0.71	804	-5.28
ARE AECON GROUP I	44.11	-0.18	-0.41	301	41.02
AEM AGNICO EAGLE	301.17	3.35	1.12	1805	29.39
AC AIR CANADA	29.00	0.24	0.83	1554	50.34
AGI ALAMOS GOLD I	53.13	0.97	1.86	2210	0.25
AQN ALGONQUIN POW	7.86	0.00	0.00	1510	-6.87
ATD ALIMENTATION	85.99	0.33	0.39	948	14.71
AAUC ALLIED GOLD	32.30	-0.08	-0.25	609	2.70
AP-UN ALLIED PROP	9.17	-0.03	-0.33	620	-31.41
ALA ALTAGAS LTD.	52.85	0.60	1.15	705	26.28
ALS ALTIUS MINERA	65.15	0.88	1.37	174	59.52
AIF ALTUS GROUP L	47.89	0.27	0.57	114	-15.55
USA AMERICAS GOLD	7.45	0.09	1.22	1019	5.82
ARX ARC RESOURCES	33.81	-0.04	-0.12	1208	31.30
ARIS ARIS MINING	28.80	0.05	0.17	935	29.38
ATZ ARITZIA INC	134.29	3.10	2.36	770	14.44
ACO-X ATCO LTD. C	75.43	1.06	1.43	265	33.79
ATH ATHABASCA OIL	10.78	-0.31	-2.80	1356	53.34
ATRL ATKINSREALIS	84.55	-1.12	-1.31	601	-4.57
ATS ATS CORPORATI	26.71	-0.49	-1.80	469	-29.36
ASM AVINO SILVER	10.19	0.00	0.00	557	19.32
AYA AYA GOLD AND	36.78	0.12	0.33	832	87.27
BTO B2GOLD CORP.	7.93	0.32	4.20	6212	28.32
BCE BCE INC.	32.98	0.33	1.01	3216	0.73
BDGI BADGER INFRA	83.67	-0.91	-1.08	82	14.41
BMO BANK OF MONTR	238.63	-1.62	-0.67	2525	33.87
BNS BANK OF NOVA	120.29	-0.28	-0.23	2727	18.83
ABX BARRICK MININ	66.63	1.07	1.63	7211	11.44
BHC BAUSCH HEALTH	9.23	0.41	4.65	677	-3.15
BTE BAYTEX ENERGY	6.54	-0.07	-1.06	5224	47.30
BIR BIRCHCLIFF EN	6.38	-0.06	-0.93	1106	-14.59
BDT BIRD CONSTRUC	68.57	-0.43	-0.62	339	140.43
BB BLACKBERRY LIM	10.62	-0.47	-4.24	2629	105.02
BEI-UN BOARDWALK	65.50	0.60	0.92	142	1.58
BBD-B BOMBARDIER	321.70	-20.01	-5.86	433	37.77
BYD BOYD GROUP SE	120.25	-1.24	-1.02	173	-45.00
BAM BROOKFIELD AS	72.42	0.45	0.63	4089	0.72
BBUC BROOKFIELD B	39.10	-0.40	-1.01	65	-20.29
BN BROOKFIELD COR	58.09	0.69	1.20	3917	-7.82
BIP-UN BROOKFIELD	53.40	-0.15	-0.28	278	11.93
BEP-UN BROOKFIELD	44.80	-0.36	-0.80	300	20.79
DOO BRP INC	88.25	-5.57	-5.94	250	-9.07
CAR-UN CDN APARTM	34.34	0.21	0.62	302	-6.86
CNQ CDN NATURAL R	70.27	-0.54	-0.76	20127	51.15
GIB-A CGI INC	103.49	0.35	0.34	351	-18.37
CRT-UN CT REAL ES	17.92	0.03	0.17	359	10.14
CAE CAE INC	34.28	-0.04	-0.12	1027	-17.87
CCO CAMECO CORP	141.60	0.41	0.29	748	12.67
CM CANADIAN IMPER	159.26	-1.06	-0.66	1609	27.99
CNR CANADIAN NATI	176.54	-2.16	-1.21	1223	30.05
CP CANADIAN PACIF	131.06	-2.02	-1.52	1378	29.70
CTC-A CANADIAN TI	194.30	-5.28	-2.65	390	11.71
CU CANADIAN UTILI	52.39	0.69	1.33	958	22.61
CPX CAPITAL POWER	65.20	-0.48	-0.73	445	11.36
CS CAPSTONE COPPE	16.62	0.54	3.36	3128	20.61
CJT CARGOJEIT INC.	84.86	-1.56	-1.81	228	1.10
CCL-B CCL INDUSTR	95.17	0.08	0.08	393	9.77
CLS CELESTICA INC	407.36	-0.31	-0.08	422	0.33
CVE CENOVUS ENERG	44.57	-0.82	-1.81	5913	91.95

ETFS STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
CG CENTERRA GOLD	32.53	-0.16	-0.49	1022	64.63
CEU CES ENERGY SO	18.68	-0.47	-2.45	666	52.24
CSH-UN CHARTWELL	21.06	0.26	1.25	441	4.78
CHP-UN CHOICE PRO	15.58	0.24	1.56	363	5.20
CCA COGECO COMMUN	60.72	0.21	0.35	121	-8.65
CIGI COLLIERS INT	149.28	2.07	1.41	50	-26.00
CSU CONSTELLATION	3098.67	57.46	1.89	46	-6.14
CRR-UN CROMBIE RE	16.57	0.14	0.85	149	8.51
CURA CURALEAF HOL	13.45	-0.28	-2.04	164	31.48
DFY DEFINITY FINA	74.03	0.83	1.13	91	-2.50
DML DENISON MINES	4.89	0.08	1.66	4208	34.34
DSG DESCARTES SYS	108.78	0.98	0.91	382	-9.66
DSV DISCOVERY MIN	12.43	0.56	4.72	3009	48.33
DOL DOLLARAMA INC	187.27	0.95	0.51	782	-8.71
DPM DPM METALS IN	69.79	-0.36	-0.51	967	64.52
DIR-UN DREAM INDU	14.02	0.12	0.86	761	11.45
EQB EQB INC	133.52	0.10	0.07	138	28.52
ELD ELDORADO GOLD	64.25	1.28	2.03	745	30.25
EFN ELEMENT FLEET	27.28	-0.33	-1.20	803	-24.33
EMA EMERA INCORPO	69.80	0.78	1.13	1937	3.19
EMP-A EMPIRE COMP	48.29	0.65	1.36	327	1.19
ENB ENBRIDGE INC	69.36	-0.18	-0.26	8020	5.60
EDR ENDEAVOUR SIL	14.92	0.30	2.05	1098	15.57
EFX ENERFLEX LTD	27.29	-0.71	-2.54	484	28.97
EFR ENERGY FUELS	20.62	-0.25	-1.20	752	3.72
EQX EQUINOX GOLD	19.07	0.45	2.42	4610	-1.14
ERO ERO COPPER CO	53.42	-0.76	-1.40	391	37.57
EIF EXCHANGE INCO	126.00	-1.78	-1.39	110	53.73
EXE EXTENDICARE I	30.76	0.40	1.32	476	44.07
FFH FAIRFAX FINAN	2272.09	30.62	1.37	29	-13.14
FTT FINNING INTL	90.60	-1.01	-1.10	721	21.82
FCR-UN FIRST CAPI	22.79	0.10	0.44	220	20.58
AG FIRST MAJESTIC	28.88	-0.19	-0.65	1175	26.11
FM FIRST QUANTUM	47.64	0.13	0.27	1576	29.46
FSV FIRSTSERVICE	199.78	0.64	0.32	137	-6.40
FTS FORTIS INC	76.53	0.94	1.24	4158	7.24
FVI FORTUNA MININ	16.90	0.29	1.75	772	25.65
FNV FRANCO-NEVADA	374.01	8.18	2.24	348	31.46
FRU FREEHOLD ROYA	17.71	-0.02	-0.11	332	16.59
GMIN G MINING VEN	55.32	1.78	3.32	1187	33.33
GFL GFL ENVIRONME	57.44	0.86	1.52	374	-2.58
GEI GIBSON ENERGY	31.03	-0.07	-0.23	686	23.53
GIL GILDAN ACTIVE	76.00	-1.46	-1.88	1152	-11.41
GRT-UN GRANITE RE	90.68	1.81	2.04	114	10.98
GWO GREAT-WEST LI	89.16	0.42	0.47	1591	31.72
HPS-A HAMMOND POW	231.45	-8.24	-3.44	133	45.13
HWX HEADWATER EXP	14.19	-0.03	-0.21	679	51.44
HR-UN HR REAL EST	10.29	0.14	1.38	1271	0.59
HBM HUDBAY MINERA	41.02	-0.33	-0.80	2505	50.53
H HYDRO ONE LIMIT	53.40	0.15	0.28	1783	-2.27
IAU I 80 GOLD COR	2.66	0.17	6.83	1883	31.68
IAG IA FINANCIAL	196.53	0.16	0.08	315	10.52
IMG IAMGOLD CORP	30.22	1.15	3.96	2452	33.42
IGM IGM FINANCIAL	87.57	0.67	0.77	252	41.68
IMO IMPERIAL OIL	189.81	-0.19	-0.10	720	60.07
IFC INCTACT FINANC	265.84	1.22	0.46	245	-6.96
IPCO INTERNATIONA	35.22	0.04	0.11	127	41.84
IVN IVANHOE MINES	12.15	-0.22	-1.78	3103	-22.17

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
BANK EVOLVE CDN B	11.25	0.00	0.00	422	16.10
CNDD BETAPRO SP T	10.40	-0.04	-0.38	873	-27.37
DLR-U GLOBAL X US	10.14	0.00	0.00	1093	0.00
DLR GLOBAL X US D	14.04	0.08	0.57	1410	0.86
ETHX-B CI GALAXY	12.16	0.35	2.96	302	-15.96
GDXD BETAPRO CDN	6.60	-0.25	-3.65	700	-59.61
HHIS HARVEST DIVE	11.11	-0.04	-0.36	807	-9.23
HNU BETAPRO NAT G	7.83	0.20	2.62	1597	-51.96
HOD BETAPRO CRUDE	22.86	0.82	3.72	737	-84.21
HOU BETAPRO CRUDE	21.03	-0.84	-3.84	767	139.79
MSTE HARVEST STRA	2.28	0.08	3.64	1460	-46.98
QQU BETAPRO NASDA	36.92	-0.72	-1.91	339	22.58

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
SPXD BETAPRO SP50	8.93	0.05	0.56	317	-20.13
SQQQ BETAPRO -3X	7.83	0.22	2.89	421	-40.41
UMAX HAMILTON UTI	12.98	0.00	0.00	469	-1.44
VEQT VANGUARD ALL	62.11	0.12	0.19	372	15.64
XEG ISHARES SP TS	28.60	-0.25	-0.87	1253	48.80
XEQT ISHARES CORE	45.67	0.09	0.20	535	14.49
XGD ISHARES S&P/T	64.00	0.85	1.35	642	25.20
XIU ISHARES SP TS	54.47	0.11	0.20	2115	15.92
XSB ISHARES CORE	26.82	0.06	0.22	391	-0.56
ZCS BMO SHORT COR	13.93	0.02	0.14	553	-0.78
ZEB BMO EQUAL WEI	73.23	-0.26	-0.35	1886	25.61
ZMMK BMO MONEY M	49.91	0.01	0.02	324	0.14

	PRICE	NET CHG		PRICE	NET CHG		PRICE	NET CHG
GOLD	4697.80	17.20	LEAN HOGS	81.13	0.25	CORN	491.50	7.75
SILVER	68.59	-0.94	COFFEE	377.75	19.00	SOYBEAN	1216.00	-9.00
NATURAL GAS	2.78	0.01	ALUMINUM	3406.00	-76.50	CANOLA	770.60	-28.50
CRUDE OIL WTI	85.01	-2.05	HKFE NICKEL CNH	113890.0	1260.0	S&P 500 COMM SRVS	587.85	4.60
CRUDE OIL BRENT	94.39	0.61	WHEAT	681.75	0.25	FEED WHEAT	211.00	-0.50
HIGH GRADE COPPER	6.71	0.02	LUMBER PHYSICAL	574.50	0.50	BITCOIN FUTURES	79030.0	1850.0

Gold, Silver (USD/oz), Nat gas (USD/mmbtu), Oil (USD/barrel), Copper (USD/lb), Coffee (USD/lb), Aluminum (USD/tonne), HKFE Nickel (in Renminbi-Yuan/tonne), Canola and Barley (in Cdn dollars/tonne), Feed Wheat (in Br. pounds/tonne)

DOW JONES INDUSTRIAL AVERAGE PAST 12 MONTHS

S&P GLOBAL 100 INDEX PAST 12 MONTHS

TSX 52-WEEK HIGHS STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
ABNB AIRBNB CDR (	31.64	0.64	2.06	1	38.05
ALK ALKANE RESOUR	1.83	0.03	1.67	347	52.50
PRM BIG PHARMA SP	16.00	0.99	6.60	14	15.03
BBD-PR-D BOMBARDI	19.79	-0.04	-0.20		13.54
BPO-PR-W BROOKFIE	13.28	0.08	0.61		19.64
CF-PR-A CANACCORD	25.18	0.98	4.05	367	17.50
CF-PR-C CANACCORD	25.40	0.19	0.75	1	2.88
CG CENTERRA GOLD	32.53	-0.16	-0.49	1022	64.63
SCHW CHARLES SCHW	33.60	0.34	1.02	2	9.95
COLA COCA-COLA CD	32.05	0.45	1.42	8	29.49
CRON CRONOS GROUP	4.74	0.16	3.49	214	31.67
DPM DPM METALS IN	69.79	-0.36	-0.51	967	64.52
DC-A DUNDEE CORP.	5.15	0.31	6.40	354	35.53
ERO ERO COPPER CO	53.42	-0.76	-1.40	391	37.57
FIH-U FAIRFAX IND	19.69	-0.26	-1.30	28	13.88
FM FIRST QUANTUM	47.64	0.13	0.27	1576	29.46
FCXS FREEPORT-MCM	26.27	0.39	1.51	9	27.03
GDV-PR-A GLOBAL D	10.83	0.02	0.19	8	2.75

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
HMMC HEMLO MINING	8.06	0.27	3.47	389	55.60
KEL KELT EXPLORAT	10.50	0.33	3.24	701	36.90
LGD LIBERTY GOLD	1.93	0.00	0.00	1072	132.53
MSA MINEROS SA	8.44	0.27	3.30	200	50.18
MAU MONTAGE GOLD	20.85	0.38	1.86	781	111.03
ORV ORVANA MINERA	2.64	0.15	6.02	468	25.71
QSR RESTAURANT BR	112.86	1.75	1.58	727	20.50
RFA-PR-I RFA FINA	23.99	0.14	0.59	1	5.45
SSRM SSR MINING I	53.47	1.45	2.79	504	77.70
SWP SWISS WATER D	7.21	0.00	0.00		63.49
TRP-PR-F TC ENERG	22.15	0.25	1.14		12.15
TGO TERAGO INC.	1.50	0.05	3.45	20	130.77
TCCA TRADING CENT	22.94	0.36	1.59		14.13
TA-PR-G TRANSALTA	25.60	0.00	0.00		7.74
TKO TREKOR METALS	12.93	0.29	2.29	1007	66.41
VISA VISA CDR (CA	34.89	1.08	3.19	42	7.42
WDO WESDOME GOLD	35.84	0.87	2.49	499	57.61

TSX 52-WEEK LOWS STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
APPS APPLOVIN CDR	9.38	-0.24	-2.49	102	-57.19
ATS ATS CORPORATI	26.71	-0.49	-1.80	469	-29.36
BYD BOYD GROUP SE	120.25	-1.24	-1.02	173	-45.00
BRE BRIDGEMARQ RE	3.78	-0.10	-2.58	83	-71.41
BU BURCON NUTRASC	1.59	-0.11	-6.47	32	-2.45
GOOS CANADA GOOSE	11.40	-0.62	-5.16	590	-35.92
DUIG DESJARDINS U	19.51	-0.04	-0.20	3	-2.40
CAMO-B EVOLVE GLO	19.41	-0.13	-0.67	5	-1.12
CAMO EVOLVE GLOBA	19.34	-0.24	-1.23	12	-1.23
TECY EVOLVE NASDA	23.87	-0.26	-1.08	2	-4.52

TSX COMPOSITE INDEX

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
GLRA-PR-A GLOBAL	20.25	0.00	0.00	4	-13.72
GO-U GO RESIDENTI	8.42	-0.12	-1.41	211	-28.16
HON HONEYWELL TEC	12.13	-0.07	-0.57	10	-45.99
CGMD MEGASHORT -3	4.05	-0.23	-5.37	9	-80.43
MRG-UN MORGUARD N	16.19	0.07	0.43	44	-6.79
PDV-PR-A PRIME DI	10.52	-0.11	-1.03	1	-6.07
SLT SALTIRE CAPIT	2.68	-0.07	-2.55		-60.59
SLT-U SALTIRE CAP	1.90	0.00	0.00		-62.75
SJ STELLA JONES I	70.00	-1.38	-1.93	197	-17.77
TBL TAIGA BUILDIN	3.56	-0.08	-2.20	27	-0.28

AUG. 24, 2016

SOURCE: BARCHART

AUG. 24, 2026

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
JWEL JAMIESON WEL	45.63	-0.06	-0.13	156	35.60
KNT K92 MINING IN	30.75	0.53	1.75	669	35.52
KEL KELT EXPLORAT	10.50	0.33	3.24	701	36.90
KEY KEYERA CORP	60.08	1.37	2.33	1123	36.55
KMP-UN KILLAM APA	18.90	0.24	1.29	237	15.24
KXS KINAXIS INC	180.19	0.44	1.07	107	4.11
K KINROSS GOLD CO	45.61	0.57	1.27	5563	17.98
LIF LABRADOR IRON	27.06	0.07	0.26	110	-9.41
LB LAURENTIAN BAN	40.34	-0.06	-0.15	199	0.10
LSPD LIGHTSPEED C	14.64	0.05	0.34	421	-11.59
LNR LINAMAR CORP	99.62	-9.38	-8.61	291	20.08
LAC LITHIUM AMERI	4.32	-0.01	-0.23	714	-27.64
L LOBLAW CO	61.56	1.03	1.70	783	-0.79
LUG LUNDIN GOLD I	104.78	3.98	3.95	677	-8.10
LUN LUNDIN MINING	38.10	0.03	0.08	1663	29.15
MG MAGNA INTERNAT	93.85	-6.59	-6.56	2061	28.26
MFC MANULIFE FIN	59.34	0.73	1.25	8587	19.06
MFI MAPLE LEAF FO	26.88	-0.07	-0.26	285	7.82
MDA MDA SPACE LTD	41.18	-1.44	-3.38	1314	54.58
MX METHANEX CORP	81.81	-1.05	-1.27	126	50.28
MRU METRO INC	90.21	0.81	0.91	271	-8.69
MAU MONTAGE GOLD	20.85	0.38	1.86	781	111.03
MTL MULLEN GROUP	25.61	-0.37	-1.42	425	62.71
NA NATIONAL BANK	217.06	-1.28	-0.59	1822	25.75
NXE NEXGEN ENERGY	15.13	0.22	1.48	1319	19.79
NFI NFI GROUP INC	22.29	-0.79	-3.42	368	43.62
NGEX NGEX MINERAL	29.07	0.00	0.00	232	13.55
NPI NORTHLAND POW	21.11	-0.23	-1.08	994	18.26
NG NOVAGOLD RES I	12.95	0.93	7.74	1330	1.17
NTR NUTRIEN LTD	102.87	-0.84	-0.81	1065	21.42
OR OR ROYALTIES I	51.92	2.29	4.61	884	6.79
OGC OCEANAGOLD CO	43.22	0.47	1.10	780	11.11
ONEX ONEX CORPORA	115.28	1.89	1.67	135	2.05
OTEX OPEN TEXT CO	34.03	0.06	0.18	756	-23.87
PAAS PAN AMERICAN	74.15	1.26	1.73	992	4.20
POU PARAMOUNT RES	32.35	-0.46	-1.40	211	33.73
PXT PAREX RESOURC	27.50	-0.60	-2.14	791	49.05
PPL PEMBINA PIPEL	67.50	0.42	0.63	1373	29.09
PPTA PERPETUA RES	35.94	0.57	1.61	112	8.16
PEY PEYTO EXPLORA	25.05	-0.24	-0.95	730	10.30
POWER CORPORATION	91.70	0.31	0.34	947	25.70
PSK PRAIRIESKY RO	36.26	-0.03	-0.08	245	34.15
PBH PREMIUM BRAND	79.88	-0.80	-0.99	243	-21.46
PMZ-UN PRIMARIS R	21.83	0.27	1.25	495	40.03
QBR-B QUEBECOR IN	62.60	0.81	1.31	3146	21.08
RBA RB GLOBAL INC	116.55	-3.22	-2.69	535	-17.52
QSR RESTAURANT BR	112.86	1.75	1.58	727	20.50
RCH RICHELIEU HAR	35.38	0.24	0.68	126	-10.57
REI-UN RIOCAN REA	21.44	0.33	1.56	589	14.65
RCI-B ROGERS COMM	50.36	0.42	0.84	2093	-2.80
RY ROYAL BANK OF	282.62	0.25	0.09	2198	20.78
RUS RUSSEL METALS	73.85	-1.71	-2.26	199	68.61
SAP SAPUTO INC.	41.34	0.08	0.19	512	0.07
SEA SEABRIDGE GOL	45.86	4.35	10.48	209	12.71

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
SES SECURE WASTE	24.18	0.34	1.43	364	40.01
SHOP SHOPIFY INC	207.63	2.00	0.97	885	-6.05
SIA SIENNA SENIOR	21.58	0.07	0.33	202	5.63
SVM SILVERCORP ME	17.49	0.24	1.39	1512	52.35
SKE SKEENA RESOUR	48.52	0.55	1.15	333	48.83
SRU-UN SMARTCENTR	27.99	0.24	0.86	299	8.70
SOBO SOUTH BOW CO	51.64	-0.25	-0.48	551	36.79
SXGC SOUTHERN CRO	12.19	0.04	0.33	515	15.11
SDE SPARTAN DELTA	12.84	-0.54	-4.04	643	77.10
SII SPROTT INC.	187.19	4.86	2.67	94	39.24
SSRM SSR MINING I	53.47	1.45	2.79	504	77.70
STN STANTEC INC	102.73	0.84	0.82	503	-20.68
SJ STELLA JONES I	70.00	-1.38	-1.93	197	-17.77
SCR STRATHCONA RE	43.44	-0.76	-1.72	216	53.34
SLF SUN LIFE FINA	109.59	0.79	0.73	5439	27.91
SU SUNCOR ENERGY	93.30	-0.95	-1.01	5705	53.15
SPB SUPERIOR PLUS	7.14	-0.10	-1.38	672	1.42
TRP TC ENERGY COR	86.00	0.56	0.66	1789	13.79
X TMX GROUP LIMIT	53.58	1.04	1.98	912	2.58
TVE TAMARACK VALL	13.64	-0.14	-1.02	1053	70.93
TECK-B TECK RESOU	97.26	1.96	2.06	999	48.01
T TELUS CORPORATI	13.58	-0.03	-0.22	4034	-24.93
TVK TERRAVEST IND	118.16	-3.58	-2.94	64	-28.17
TFII TFI INTERNAT	187.96	-6.93	-3.56	181	32.49
NWC THE NORTH WES	49.06	0.06	0.12	129	0.31
TRI THOMSON REUTE	150.21	4.82	3.32	524	-17.07
TPZ TOPAZ ENERGY	32.28	0.15	0.47	568	17.21
TXG TOREX GOLD RE	70.76	0.92	1.32	458	7.96
TIH TOROMONT IND	202.63	-4.00	-1.94	280	22.03
TD TORONTO-DOMINI	161.42	0.18	0.11	3439	24.78
TOU TOURMALINE OI	62.16	-0.12	-0.19	1533	0.96
TA TRANSALTA CORP	16.78	-0.03	-0.18	2563	-3.34
TKO TREKOR METALS	12.93	0.29	2.29	1007	66.41
TFPM TRIPLE FLAG	48.08	1.55	3.33	165	5.42
TSU TRISURA GROUP	40.49	-0.42	-1.03	123	-5.22
VET VERMILION ENE	17.38	-0.13	-0.74	689	52.19
VZLA VIZSLA SILVE	5.45	0.00	0.00	1114	-27.53
WSP WSP GLOBAL IN	192.28	1.65	0.87	305	-22.63
WCN WASTE CONNECT	234.02	0.67	0.29	531	-2.78
WDO WESDOME GOLD	35.84	0.87	2.49	499	57.61
WFG WEST FRASER T	95.06	-1.03	-1.07	165	13.21
WN WESTON GEORGE	98.83	1.55	1.59	148	4.37
WPM WHEATON PRECI	221.94	4.87	2.24	1162	37.54
WCP WHITECAP RESO	18.03	-0.11	-0.61	3691	56.78

BONDS CANADA

TERM	YIELD	CHG
2-YEAR	2.96	-0.08
5-YEAR	3.28	-0.09
10-YEAR	3.68	-0.08
30-YEAR	4.11	-0.06
RATES	RATE	CHG
BOFC OVERNIGHT TARGET	2.25	UNCH
CANADIAN PRIME	4.45	UNCH
Source: wires

	CAD	USD	AUD	EUR	GBP	JPY	CHF
CAD	-	0.7223	1.0102	0.6193	0.5299	114.91	0.5796
USD	1.3843	-	1.3984	0.8573	0.7335	159.06	0.8023
AUD	0.9899	0.7150	-	0.6131	0.5245	113.73	0.5737
EUR	1.6146	1.1664	1.6312	-	0.8556	185.52	0.9357
GBP	1.8873	1.3634	1.9067	1.1689	-	216.85	1.0937
JPY	0.0087	0.0063	0.0088	0.0054	0.0046	-	0.0050
CHF	1.7256	1.2464	1.7431	1.0687	0.9143	198.25	-

TERM	YIELD	CHG
2-YEAR TREASURY	4.24	0.00
5-YEAR TREASURY	4.41	-0.02
10-YEAR TREASURY	4.70	-0.04
30-YEAR TREASURY	5.23	-0.04

CANADIAN DOLLAR \$0.7223 +0.0008 (0.1081%) PAST 'EAR, AS OF 4:34 .'M.

RATES	RATE	CHG
FED TARGET RATE	3.5-3.75	UNCH
U.S. PRIME	6.75	UNCH
Source: wires

DATA PROVIDED BY BARCHART, EXCEPT WHERE NOTED
AUG. 24, 2026 \$0.7223

SPORTS

Alberta's Hubbard should be ready for Panthers' opener ■ B13

Federer returns to the court, but not looking to play professional ■ B15

RANGERS VS. WHITE SOX

Sweet swing

White Sox outfielder Tristan Peters from Winkler, Man., hits a two-run home run during the second inning against the Texas Rangers at Rate Field on Monday in Chicago. For more MLB coverage, go to ■ GLOBESPORTS.COM

ZOE DAVIS/GETTY IMAGES

PWHL not for sale as co-founder Walters is investigated

JOHN CHIDLEY-HILL

There are no plans to sell the Professional Women's Hockey League or change its ownership structure in any way.

Stan Kasten, a member of the PWHL's advisory board, confirmed that the governance of the 12-team league would remain stable even as co-founder Mark Walter appears to be selling off pieces of his sports empire amid U.S. federal investigations into loans between his insurance companies and businesses with ties to Walter.

"There's absolutely no expected change to ownership of the

PWHL," Kastens said in a statement provided by the PWHL on Monday. "We continue to operate with the same long-term outlook and commitment to building a sustainable league that we had when we launched."

Walter, a Chicago-based billionaire, owns stakes in several professional sports teams through the multinational conglomerate TWG Global Holdings. His sports empire includes Major League Baseball's Los Angeles Dodgers, the National Basketball Association's Los Angeles Lakers, the WNBA's Los Angeles Sparks, Chelsea of the English Premier League, and the Formula One team Cadillac F1.

Multiple media outlets reported last month that Walter's businesses are under scrutiny from both United States federal prosecutors and the U.S. Securities and Exchange Commission in tax fraud investigations. Walter is cooperating with the investigations.

Walter agreed to a stunning sale of the NBA's Los Angeles Lakers on Aug. 12 to businessmen Josh Kushner and Bob Iger for a record-breaking price of US\$12.5-billion, according to a person familiar with the terms who spoke to The Associated Press on condition of anonymity. Walter bought a controlling stake in the franchise from the Buss family last year.

That sale has yet to be approved by the NBA's board of governors.

When asked if it had opened a similar investigation of Walter, the Canadian Securities Administrators directed The Canadian Press to regional securities commissions.

The PWHL has two subsidiaries based in Canada, one in Toronto and the other in Vancouver.

Spokesmen for the Ontario Securities Commission and British Columbia Securities Commission both say that as a matter of policy they do not confirm or deny the existence of an investigation, and do not provide details of their investigations.

Toronto-based Kilmer Sports Ventures and Detroit-based Ilitch Sports and Entertainment became the first outside investors in the PWHL in June. A source told The Canadian Press at the time that Kilmer's stake was \$100-million and that both companies hold advisory rather than operational roles.

A spokeswoman for Kilmer offered no comment on the PWHL's ownership situation or governance. Ilitch Sports and Entertainment did not immediately reply to a request for comment. ■ PWHL, B13

Canadian teen golfers made their mark at CPKC Women's Open

Low amateur Aphrodite Deng, left, of Calgary and low Canadian Anna Huang pose with their medals after the final round of the LPGA CPKC Women's Open in Edmonton on Sunday. DARRYL DYCK/THE CANADIAN PRESS

DONNA SPENCER EDMONTON

The 2026 CPKC Women's Open boded well for the future of Canadian women's golf.

Four Canadians age 18 and under made the cut, which was a first in the tournament.

Vancouver's Anna Huang did more than make the cut after two tries. The 17-year-old was the top Canadian in a tie for fourth at 12-under-par for the tournament.

Calgary's Aphrodite Deng finished a stroke behind Huang to tie for seventh. The 16-year-old was low amateur in Canada's LPGA tournament for a second straight year.

Michelle Xing, who turned 18 in July, was a late addition to the field under a sponsor's exemption. The golfer from Richmond Hill, Ont., also made the cut after two previous attempts to finish at three under.

Amateur Clairey Lin of Langley, B.C., made the cut in her tournament debut at 16 and finished three over.

"The young talent coming out of Canada right now is phenomenal," said Canada's women's head coach Salimah Mussani.

"When you have all these girls under the age of 18 doing these things, they are the future. They are the next Brooke Hendersons. They are the next 15, 20 years of Canadian women's golf. And they're going to be inspiring that next pool that starts to pick up the game."

Henderson, whose 14 career wins includes two CPKC titles, finished tied for 13th in Edmonton and was looking up the lead- erboard at a couple of Canadian teenagers.

“It’s amazing to see so many Maple Leaves at the top of the leaderboard,” Henderson said.

"Just amazing scores all week by all of them. It's really cool to see that and to be a part of it, and I feel like the future is really bright for the next few years.

"The national team has always had a really strong program, but it seems like they're really doing a great job right now, which is cool to see. The players, I don't know any of them that well, but what I have seen is that they work extremely diligently, very hard, and they're very eager to try to be better."

The 28-year-old from Smiths Falls, Ont., may not know the Canadian teenagers personally, but they know her.

“Brooke has been someone I looked up to the most,” Huang said. “Ever since I started playing golf she was definitely my idol. To play alongside her now in these big events is really special.”

Xing was thrilled that Henderson had a locker near hers at the Royal Mayfair Golf Club.

“She’s a role model for all of us,” Xing said.

The last time multiple players under 18 from any country made the LPGA cut in Canada was in 2014 – a 16-year-old Henderson and a 17-year-old Lydia Ko from New Zealand. CPKC, B13

Tempo learning through inaugural season's challenges

Toronto Tempo guard Kia Nurse, left, makes a lay up as Las Vegas Aces guard Ta'Niya Latson, right, defends during the second half in Vancouver on Sunday. The Tempo lost 88-78. JACOB MALLARI/THE CANADIAN PRESS

Out of WNBA playoff picture, Toronto shifts its focus to next season and beyond

GEMMA KARSTENS-SMITH VANCOUVER

Via Nurse does not think of herself as a patient person.

Being a leader on an expansion team has helped change that.

“I have a lot more patience than I thought I did,” said the Toronto Tempo guard. “I’m not a very patient person to begin with, but when there is a lot of new, it’s a learning curve for everybody. And so it’s being patient with some of the stuff that might have just popped up.”

Now in her eighth WNBA campaign, Nurse has experienced a lot across the league, from the grind of a long season to the heartbreak of injuries.

The Canadian Olympian, who hails from Hamilton has used those lessons with Toronto and stumbled upon situations she'd never encountered before.

“Everything’s new across the board,” she said. “We’ve got a lot of new people to the WNBA and our organization as well, and so it’s fun to kind of be able to start from scratch and build a lot of these different cultural foundations and organizational foundations as well, and the pieces that we’re continuing to grow here with the Toronto Tempo.

“And it’s been fun to bring the WNBA to a lot of new fans and a lot of new eyes, and get more people invested in the game.”

It hasn't been easy, though.

Toronto (11-26) was eliminated from playoff contention last week amid a 12-game losing skid.

The stretch was finally halted on Friday when the Tempo topped their expansion sisters, the Portland Fire, 82-79 in Vancouver. The team then fell 88-78 to A'ja Wilson and the Las Vegas Aces in the West Coast locale on Sunday.

Toronto has been plagued by injuries all season and was left with just eight players for Sunday's matchup with the reigning WNBA champions. That number was whittled to seven when point guard Julie Allemand hit her head on the hardwood late in the first half and exited the game.

“We played hard. And they’re exhausted. ... They never gave up,” Tempo head coach Sandy Brondello said of the result. “It shows you the character of this team, the players, and the resilience that they have. And we’ve faced a lot of adversity, but that’s when your true character comes out. And I think they’ve all shown that.”

Nurse led Toronto in scoring with 19 points – one of five Toronto players to hit double digits in scoring.

Working with a decimated roster was never part of Brondello's plan for the season.

“We always knew this was going to be difficult as an expansion team, but when you're trying to learn a lot about a new team without all your players available, that makes it really hard," said the veteran coach. "But you still have to look at the positives, and we're building something from the ground up. So that's important for us, making sure we have a strong foundation."

Nurse hopes seeing WNBA games live in Vancouver – and across Canada – helps coming generations of athletes.

Watching women's professional sports grow across the country has been exciting, she said, whether it's the WNBA's expansion to Toronto, or the creation of the Professional Women's Hockey League and the Northern Super League.

"In all honesty, it's been awesome to kind of see just across the board and across

Canada the excitement around women's sports," Nurse said. "And we didn't really have a landscape for it three years ago. Here in Canada, there was really no existence of women's professional leagues, and so it's been awesome to see them kind of blossom as we've gone through the last couple of years."

Getting to interact with young Canadian basketball fans has been special, she added, and something she's cherished.

“I don’t think throughout my career I’ve really felt it or understood it until the Toronto Tempo came into existence, and I’ve been able to kind of play at home,” she said.

THE CANADIAN PRESS

MLB

AMERICAN LEAGUE
EAST DIVISION

	W	L	Pct	GB
Tampa Bay	77	53	.592	—
New York	74	56	.569	3
Boston	71	59	.546	6
Toronto	64	68	.485	14
Baltimore	63	68	.481	$14\frac{1}{2}$

CENTRAL DIVISION

Chicago	68	62	.523	—
Cleveland	65	66	.496	$3\frac{1}{2}$
Minnesota	63	68	.481	$5\frac{1}{2}$
Detroit	61	69	.469	7
Kansas City	58	74	.439	11

WEST DIVISION
Houston	65	66	.496	—
Texas	65	66	.496	—
Seattle	62	69	.473	3
Los Angeles	52	79	.397	13
Athletics	51	80	.389	14

WILD CARD

	W	L	Pct	GB
New York	74	56	.569 +9 $\frac{1}{2}$
Boston	71	59	.546 +6 $\frac{1}{2}$
Texas	65	66	.496	—
Cleveland	65	66	.496	—
Toronto	64	68	.485	1 $\frac{1}{2}$
Minnesota	63	68	.481	2
Baltimore	63	68	.481	2
Seattle	62	69	.473	3
Detroit	61	69	.469	3 $\frac{1}{2}$

AMERICAN LEAGUE

Monday

Tampa Bay at Detroit Texas at Chicago White Sox Cleveland at L.A. Angels Minnesota at Athletics

Sunday

Tampa Bay 3, Baltimore 1 N.Y. Yankees 8, Toronto 3 Kansas City 11, Detroit 7 Texas 5, L.A. Angels 3 Athletics 7, Houston 6

Tuesday

All Times Eastern

Tampa Bay (Seymour 9-4) at Detroit (Jobe 1-1), 6:40 p.m.
Houston (Pecko 0-0) at N.Y. Yankees (Warren 8-6), 7:05 p.m.
Kansas City (Lugo 5-7) at Toronto (Scherzer 1-6), 7:07 p.m.
Texas (deGrom 9-8) at Chicago White Sox (Kay 9-6), 7:40 p.m.
Cleveland (Williams 12-7) at L.A. Angels (Ureña 8-9), 9:38 p.m.
Minnesota (Bradley 9-5) at Athletics (Jump 5-8), 9:40 p.m.

INTERLEAGUE

Monday

Boston at Miami Philadelphia at Seattle

Sunday

Chicago White Sox 2, N.Y. Mets 1 Boston 5, San Francisco 4 Cleveland 7, Colorado 2

NATIONAL LEAGUE
EAST DIVISION

	W	L	Pct	GB
Atlanta	76	55	.580	—
Philadelphia	73	58	.557	3
Miami	67	64	.511	9
Washington	61	71	.462	$15\frac{1}{2}$
New York	59	72	.450	17

CENTRAL DIVISION

Milwaukee	81	50	.618	—
Chicago	75	56	.573	6
St. Louis	66	66	.500	$15\frac{1}{2}$
Pittsburgh	63	69	.477	$18\frac{1}{2}$
Cincinnati	62	69	.473	19

WEST DIVISION

WEST DIVISION
Los Angeles	80	51	.611	—
San Diego	71	60	.542	9
Arizona	69	62	.527	11
San Francisco	52	78	.400	$27\frac{1}{2}$
Colorado	50	80	.385	$29\frac{1}{2}$

WILD CARD

	W	L	Pct	GB
Chicago	75	56	.573	+4
Philadelphia	73	58	.557	+2
San Diego	71	60	.542	—
Arizona	69	62	.527	2
Miami	67	64	.511	4
St. Louis	66	66	.500	$5\frac{1}{2}$

Chicago Cubs 19, Seattle 2 San Diego 8, Minnesota 1

Tuesday

All Times Eastern

Boston (Tolle 8-6) at Miami (TBD), 6:40 p.m.

p.m.

Baltimore (Bassitt 4-4) at St. Louis (Liberatore 5-11), 7:45 p.m. Philadelphia (Nola 5-9) at Seattle (Kirby 8-10), 9:40 p.m.

NATIONAL LEAGUE

Monday

Colorado at Washington Chicago Cubs at Arizona Pittsburgh at San Diego Cincinnati at San Francisco

Sunday

Philadelphia 6, St. Louis 4 Miami 6, Washington 2 L.A. Dodgers 4, Pittsburgh 0 Arizona 5, Cincinnati 3 Atlanta 4, Milwaukee 2

Tuesday

All Times Eastern

Colorado (Freeland 4-10) at Washington (Alvarez 2-5), 6:45 p.m.

Milwaukee (Harrison 10-3) at N.Y. Mets (Thornton 3-4), 7:10 p.m.

L.A. Dodgers (Glasnow 3-0) at Atlanta (Elder 8-7), 7:15 p.m.

Chicago Cubs (Holmes 5-6) at Arizona (Pfaadt 7-1), 9:40 p.m.

Pittsburgh (Skenes 9-11) at San Diego (King 8-9), 9:40 p.m.

Cincinnati (Singer 5-11) at San Francisco (Roupp 7-13), 9:45 p.m.

WNBA
EASTERN CONFERENCE

	W	L	Pct	GB
x-Atlanta	24	13	.649	—
x-Indiana	25	14	.641	—
x-New York	23	15	.605	$1\frac{1}{2}$
x-Washington	22	15	.595	2
Chicago	15	23	.395	$9\frac{1}{2}$
Toronto	11	26	.297	13
Connecticut	9	27	.250	$14\frac{1}{2}$

WESTERN CONFERENCE

	W	L	Pct	GB
x-Minnesota	31	7	.816	—
x-Golden State	25	11	.694	5
x-Las Vegas	26	13	.667	$5\frac{1}{2}$
Dallas	22	16	.579	9
Portland	15	22	.405	$15\frac{1}{2}$
Los Angeles	13	24	.351	$17\frac{1}{2}$
Phoenix	13	24	.351	$17\frac{1}{2}$
Seattle	7	31	.184	24

x — clinched playoff berth
Golden State at Minnesota Atlanta at Los Angeles

Sunday

Dallas 92, Seattle 70 Las Vegas 88, Toronto 78 Indiana 113, Chicago 90 Washington 105, Portland 100

Tuesday

All Times Eastern

Chicago at Connecticut, 7 p.m. Portland at Dallas, 8 p.m. Washington at Phoenix, 10 p.m.

CPL

	GP	W	L	T	GF	GA	Pt
Calgary	18	12	2	4	36	11	40
Hamilton	17	12	3	2	27	13	38
Ottawa	19	9	7	3	32	33	30
Vancouver	19	8	8	3	26	22	27
Halifax	19	5	9	5	25	30	20
Quebec	18	5	9	4	26	33	19
Toronto	16	4	6	6	21	35	18
Victoria	16	0	11	5	18	34	5

All Times Eastern

Air Times Eastern Hamilton at Quebec, 7 p.m. Toronto at Ottawa, 7 p.m.

Saturday

Vancouver at Calgary, 5 p.m.

NSL

	GP	W	L	T	GF	GA	Pt
Ottawa	17	10	4	3	38	28	33
Montreal	17	9	4	4	32	19	31
Toronto	17	8	5	4	28	17	28
Vancouver	17	7	9	1	32	39	22
Halifax	17	6	8	3	19	18	21
Calgary	17	2	12	3	18	46	9

Sunday

Calgary 2 Montreal 2 Toronto 2 Halifax 0

Saturday, Aug. 29 — All Times Eastern Halifax at Montreal, 2 p.m. Calgary at Vancouver, 6 p.m.

Sunday, Aug. 30

Sunday, Aug. 30 Ottawa at Toronto, 4 p.m.

MLS
EASTERN CONFERENCE

	GP	W	L	T	GF	GA	PT
Nashville	21	15	2	4	43	17	49
Miami	21	11	4	6	49	40	39
Chicago	20	11	6	3	37	26	36
New England	21	10	7	4	33	26	34
Charlotte	21	9	7	5	38	32	32
Cincinnati	21	8	6	7	49	47	31
N.Y. City F.C.	21	7	8	6	35	30	27
N.Y. Red Bulls	21	7	9	5	31	43	26
Orlando	21	7	11	3	34	51	24
Toronto	21	5	7	9	31	37	24
D.C.	21	5	7	9	28	36	24
Atlanta	21	6	12	3	25	36	21
Philadelphia	21	5	10	6	31	38	21
Montreal	21	5	10	6	29	39	21
Columbus	21	5	11	5	30	36	20

WESTERN CONFERENCE

	GP	W	L	T	GF	GA	PT
Vancouver	20	12	4	4	45	18	40
Houston	21	12	7	2	30	26	38
L.A. F.C.	22	10	7	5	36	22	35
San Jose	21	10	8	3	39	33	33
Dallas	21	9	6	6	38	34	33
St. Louis	21	9	6	6	30	27	33
Salt Lake	20	8	8	4	34	32	28
Colorado	21	9	11	1	30	28	28
Portland	21	8	9	4	38	37	28
Minnesota	21	7	7	7	27	29	28
San Diego	21	7	8	6	37	32	27
L.A. Galaxy	22	6	8	8	27	32	26
Seattle	20	7	9	4	22	27	25
Austin	21	5	10	6	26	40	21
Kansas City	21	4	14	3	20	51	15

Atlanta 2 Kansas City 1 New York City F.C. 1 New England 1

ENGLAND

PREMIER LEAGUE

Monday

Chelsea 3 Fulham 2

Sunday

Brighton 4, Aston Villa 0 Man City 2, Bournemouth 1 Newcastle 2, Liverpool 2

Friday — All Times Eastern

Crystal Palace vs. Man City, 3 p.m.

2026 LITTLE LEAGUE WORLD SERIES

DOUBLE ELIMINATION

At Williamsport, Pa.

Monday

Vancouver (Canada) 3, Chiriqui (Panama) 2 (7 inn.)

Hamilton (Ohio) 6, Boerne (Texas) 1 Tokyo (Japan) 3, Brno (Czechia) 2 West Chester (Pa.) vs. Phenix City (Al.)

Tuesday — All Times Eastern

Tijuana (Mexico) vs. TBD, 1 p.m. Tacoma (Washington) vs. TBD, 3 p.m. Vancouver (Canada) vs. Seoul (Korea), 5 p.m.

Hamilton (Ohio) vs. Bayonne (NJ), 7 p.m.

ATP WORLD TOUR

WINSTON-SALEM OPEN

Monday

At Winston-Salem, N.C. MEN'S

SINGLES — ROUND OF 64

Dhakshineswar Suresh, India, def. Marcos Giron, United States, 6-3, 7-5. James Duckworth, Australia, def. Quinn Vandecasteele, United States, 6-2, 6-1.

Benjamin Bonzi, France, def. Kamil Majchrzak, Poland, 6-4, 7-6 (7).

Lorenzo Sonego, Italy, def. Ferre-Hugues Herbert, France, 7-6 (4), 4-6, 6-3. Adam Walton, Australia, def. Jesper De Jong, Netherlands, 6-2, 6-4.

Cruz Hewitt, Australia, def. Sebastian Gorzny, United States, 1-6, 7-6 (3), 6-4. Martin Damm Jr, United States, def. Abdullah Shelbayh, Jordan, 6-4, 7-6 (2).

DOUBLES — ROUND OF 16

Petr Nouza, Czechia, and Neil Oberleitner, Austria, def. Michael Venus, New Zealand, and Yuki Bhambri, India, 3-6, 7-6 (4), 10-6.

LPGA TOUR

CPKC WOMEN'S OPEN

At Edmonton, Alberta

Sunday

Purse: \$2.8 million

FINAL ROUND

Miyu Yamashita, $412,500	62-64-65-66—257
Yuri Yoshida, $259,395	65-66-66-69—266
Sei Young Kim, $188,173	68-68-64-67—267
Anna Huang, $119,531	65-68-70-65—268
Gina Kim, $119,531	66-67-64-71—268
Ruoning Yin, $119,531	65-67-68-68—268
a-Aphrodite Deng, $0	70-67-63-69—269
Laney Frye, $75,270	66-67-68-68—269
Ariya Jutanugarn, $75,270	66-68-67-68—269
Yan Liu, $63,198	67-69-67-68—271
Nataliya Guseva, $55,386	67-71-65-69—272
Jennifer Kupcho, $55,386	66-68-64-74—272
P. Anannarukam, $45,302	69-68-69-67—273
Brooke Henderson, $45,302	67-68-68-70—273
Alison Lee, $45,302	69-70-67-67—273
Mao Saigo, $45,302	66-67-70-70—273
Robyn Choi, $34,842	71-66-70-67—274
Hye Jin Choi, $34,842	71-68-68-67—274
Jodi Ewart Shadoff, $34,842	70-68-67-69—274
Ayaka Furue, $34,842	68-66-70-70—274
Dongeun Lee, $34,842	68-69-64-73—274
Yuna Nishimura, $34,842	72-68-67-67—274
Na Rin An, $26,682	70-68-66-71—275
Ashleigh Buhai, $26,682	72-68-67-68—275
Nasa Hataoka, $26,682	63-69-71-72—275
Grace Kim, $26,682	67-69-71-68—275
N. Koerstz Madsen, $26,682	68-67-70-70—275
Nelly Korda, $26,682	67-70-69-69—275
Somi Lee, $26,682	69-65-65-76—275
Kiara Romero, $26,682	64-67-69-75—275
Nicole Broch Estrup, $20,190	69-70-69-70—276
Carlota Ciganda, $20,190	69-71-68-68—276
Also
a-Michelle Xing, $0	65-73-71-68—277
Savannah Grewal, $7,811	70-69-74-70—283
a-Clairey Lin, $0	68-72-72-71—283
M-Aimee Leblanc, $6,959	68-71-72-73—284

CFL

EAST DIVISION

	GP	W	L	PF	PA	Pt
Montreal	10	9	1	367	263	18
Toronto	10	5	5	304	311	10
Hamilton	11	4	7	257	319	8
Ottawa	10	0	10	223	368	0

	GP	W	L	PF	PA	Pt
Edmonton	11	8	3	323	279	16
Saskatchewan	9	6	3	293	241	12
Winnipeg	10	5	5	256	286	10
British Columbia	9	4	5	244	251	8
Calgary	10	4	6	378	327	8

Bye: Edmonton

Friday

Montreal at Winnipeg, 8:30 p.m. Saturday, Aug. 29 Hamilton at Calgary, 3 p.m. Toronto at Saskatchewan, 7 p.m. Sunday, Aug. 30 British Columbia at Ottawa, 7 p.m.

NFL PRESEASON

Sunday

Tennessee 19 Seattle 16

Thursday — All Times Eastern Pittsburgh at Buffalo, 7 p.m. New England at Cleveland, 8 p.m. San Francisco at Las Vegas, 8 p.m. L.A. Rams at L.A. Chargers, 10 p.m.

Friday, Aug. 28

Washington at Baltimore, 6 p.m.
Atlanta at Miami, 7 p.m.
Houston at Carolina, 7 p.m.
N.Y. Giants at N.Y. Jets, 7:30 p.m.
Tampa Bay at Jacksonville, 7:30 p.m.
Arizona at Green Bay, 8 p.m.
Cincinnati at Philadelphia, 8 p.m.
New Orleans at Dallas, 8 p.m.
Seattle at Kansas City, 8 p.m.
Minnesota at Denver, 9 p.m.

TELEVISION

TUESDAY (ALL TIMES EASTERN)

BASEBALL

Little League World Series:

Mexico vs. TBD, TSN 2, 1 p.m. Washington vs. TBD, TSN 2, 3 p.m. South Korea vs. Canada, TSN 2, 5 p.m. New Jersey vs. Ohio, TSN 2, 7 p.m. MLB: Houston vs. N.Y. Yankees, SN 1, 7 p.m.

MLB: Kansas City vs. Toronto, SN Ontario, East, West, Pacific, 7 p.m.

MLB: L.A. Dodgers vs. Atlanta, TSN 1, 7 p.m.

MLB: Chicago Cubs vs. Arizona, TSN 3, 9:30 p.m., TSN 1, 10 p.m.

BASKETBALL

WNBA: Portland vs. Dallas, TSN 4, 5, 8 p.m.

WNBA: Washington vs. Phoenix, NBA TV Canada, 10 p.m.

RESULTS AS OF MONDAY, AUGUST 24, 9:30 P.M.

CORNERED

OFF THE MARK
"It doesn't smell funny to me. You must have a better sense of humor."

SPEED BUMP

BIZARRO

Panthers expect Canadian RB Hubbard to be ready for season opener

Carolina Panthers running back Chuba Hubbard, left, missed a large chunk of the 2025 NFL season with a calf injury. He ended the season with 511 rushing yards and one touchdown. RUSTY JONES/THE ASSOCIATED PRESS

Albertan looks to get back to his 2024 form, when he ran for 1,195 yards and 10 TDs

STEVE REED CHARLOTTE, N.C.

Carolina Panthers starting running back Chuba Hubbard is expected to be ready for the team's Sept. 13 season opener against the Chicago Bears, coach Dave Canales said Monday.

Hubbard, from Sherwood Park, Alta., strained his hamstring earlier this month in training camp and has yet to play in a preseason game while working his way back to full strength.

Canales said Hubbard is progressing well. His speed is there, but the team has been reluctant to put him in contact drills.

“He’s expected to be ready for Week 1,” Canales said. “He hit over 20 miles per hour the other day, but that is on a controlled setting and right now we don’t want to put him back out there for someone to pull on his jersey and for him to have to pull his way through that. But he’s ahead of schedule and he’s doing a great job.”

Hubbard ran for 1,195 yards and 10 touchdowns in 2024, but a calf injury limited him to 511 yards and one score last season. Rico Dowdle excelled in Hubbard's absence in 2025, compiling 652 yards from scrimmage during one three-game stretch, but eventually took a back seat to Hubbard down the stretch.

Dowdle was unhappy about his reduced role in the offence late last season and left Carolina to sign with the Pittsburgh Steelers as an undrafted free agent.

When asked how he's feeling with the season opener approaching, Hubbard grinned and said, "pretty good."

“I think the training and coaching staff are just trying to take care of me," Hubbard said. "Last year I came back a little early and it kind of lingered on a little bit. So I think it's them protecting me from myself a little bit. But I feel good and feel healthy and I'm looking forward to Week 1."

Hubbard is expected to share carries with Jonathon Brooks, a former second-round draft pick who has struggled with knee injuries during his first two seasons in the league.

Brooks is viewed as a more explosive option in the backfield, but he has only run nine times for

22 yards since coming to Carolina in 2024.

Now entering his sixth season, Hubbard is viewed as one of the leaders on a Panthers team that won the NFC South last season and, despite an 8-9 record, nearly upset the Los Angeles Rams in the first round of the playoffs.

“Since I came to Carolina as a rookie that is something that I brought with me,” Hubbard said. “As a rookie, obviously a guy speaking up and being rah-rah, a lot of guys didn’t like that. But a big thing with me is I wanted to win and change the culture in Carolina.”

LEGETTE SIDELINED WITH FOOT INJURY

Panthers wide receiver Xavier Legette, the team's first-round pick in 2024, suffered a foot injury in Carolina's preseason win over Jacksonville that will keep him out of the remainder of the preseason.

Legette currently has a boot on his foot.

DECISION ON STARTERS' PLAYING TIME VS. HOUSTON NOT YET MADE Carolina's starters are expected to see extensive work during

Wednesday's joint practice with the Houston Texans in Charlotte. If all goes well, they won't play in the preseason finale.

"Yeah, that's still up in the air," Canales said after Monday's full-pad practice.

"Honestly, we have a really, really intense practice planned with the Texans on Wednesday. So, depending on how we come out of that, if we get the volume that we're looking for, the odds are they won't play. ... But we're going to make that decision after the practice."

THE ASSOCIATED PRESS

Missing PWHL championship Walter Cup trophy found and reunited with Montreal Victoire

JOHN WAWROW

The Montreal Victoire's missing Walter Cup championship trophy has been found after being lost during shipment and reunited with the team, the Professional Women's Hockey League announced Monday.

The PWHL provided few details. In a statement, the league thanked “everyone who helped track it down and to our fans for their concern and support.”

The trophy went missing last week when it failed to arrive in Lethbridge, Al-ta., where it was to spend Thursday with Victoire forward Dara Greig. A container did arrive, but not the one the PWHL shipped with the trophy inside.

“Turns out, even the Walter Cup can have a little off-season adventure,” the PWHL said.

“We’re looking forward to the Victoire continuing their celebrations alongside their Cup.”

It's unclear where the trophy was found or how it went missing, with the PWHL saying the cup was “lost in shipment.”

The league last week said it was working with its shipping company to locate the trophy.

The missing trophy was not the one presented to teams on the ice upon winning the championship. That one is permanently housed at the Hockey Hall of Fame in Toronto.

What went missing was the team's so-called “keeper” cup, a replica of the original sterling silver Tiffany & Co.-designed Walter Cup that weighs about 35 pounds (16 kilograms) and stands about 24 inches (61 centimetres) tall.

Montreal won the cup by defeating Ottawa in Game 4 of a best-of-five series in May to become the PWHL's first Canadian champion. Minnesota won the PWHL's first two titles.

The trophy is named after PWHL founder and primary financier Mark Walter and his wife, Kimbra. Walter owns the Los Angeles Dodgers and recently agreed to sell his controlling stake in the Los Angeles Lakers.

PWHL: Board member says ‘the future of the league is bright’

FROM B11

The 66-year-old Walter and his wife, Kim-

bra Walter, co-founded the PWHL in 2022 when, through a holding company called the Mark Walter Group, they entered into an agreement with the Professional Women's Hockey Players Association and Billie Jean King Enterprises to form a six-team women's hockey league.

It played its first season in 2024, then added two more teams for its third season in 2025-26. The Walter Cup, named after the Walters, is the PWHL's championship trophy. The PWHL announced this summer that it would expand to Hamilton, De-

The Dodgers are not being sold. They're not for sale. There's no process that has been started to sell

it, period. We are planning only to win.

STAN KASTEN LOS ANGELES DODGERS PRESIDENT

troit, San Jose and Las Vegas. The Hamilton franchise will be the fifth team in Canada, joining the Toronto Sceptres, Montreal

Toronto Sceptres, Montreal Victoire, Ottawa Charge and Vancouver Goldeneyes. All 12 teams are wholly owned by the league.

“This is such a thrilling time to be part of the PWHL, or, more importantly, to be a fan,” Kastens said in his statement. “We remain a startup, but we never thought we would be at 12 teams after just three seasons. The future of the league is bright, and our ownership is incredibly proud of both the progress

Los Angeles Dodgers, spoke to reporters on Friday to calm online speculation about the future of the Major League Baseball franchise, which is the crown jewel of Walter's sports properties.

we've made so far, as well as our future." Kasten, who is also the president of the

"The Dodgers are not being sold. They're not for sale. There's no process that has been started to sell it, period," he told reporters on the field before the team's game against Pittsburgh. "We are planning only to win."

Walter led Guggenheim Baseball Management's US\$2.15-billion purchase of the Dodgers in 2012. The deal was financed in part with money from Guggenheim-linked insurance companies. Through GBM, he owns 27 per cent of the reigning World Series champions.

CPKC: Trio of young Canadians headed to U.S. colleges

FROM B11

Deng was the first Canadian to win the U.S. Girls Junior Championship in 2025 and Lin kept the title in Canada this year.

“Everyone’s motivating each other and we see everyone winning these tournaments and we all want to be better,” Deng said.

Added Mussani: “Knowing how to win is a thing. How to close a tournament is a thing. These girls are doing it already.”

Deng and Lin have both committed to Stanford, which this year captured a third NCAA women's golf title in five years.

Xing was schedule to fly to California on Monday to start her freshman year at UCLA. All three are on Golf Canada's Next-Gen women's team.

“They’re some of my best friends, and they’re my teammates, and they are very talented,” said Lin, who will play in the world junior golf championship Sept. 30 to Oct. 3 in Brampton, Ont.

"When I met them on the team, I just immediately knew that these girls are so hard-working and they have the will to get better. I'm getting pushed to get better by them, and in return I hope that I kind of do the same."

Redblacks name Popp as a senior football adviser

OTTAWA

The Ottawa Redblacks appointed long-time CFL executive Jim Popp as a senior football adviser Mon-day.

The move comes after the 0-10 club fired vice-president of football operations Shawn Burke on Sunday. Burke's dismissal followed the departure of team president Adrian Sciarra, who stepped down six days earlier.

Popp has spent 28 seasons in the CFL as a coach and front-office executive and has been a part of five Grey Cup-winning teams. He most recently served as general manager of the Toronto Argonauts (2017-19).

“We need to get better, and there is no reason to wait until the off-season to start doing that,” Mark Goudie, the CEO of Ottawa Sports and Entertainment Group (OSEG), said in a statement. “Jim has spent 28 years in this league and has been a part of building championship teams throughout his career.

“He brings a proven ability to identify players who can succeed in the CFL, and he gives me an experienced and independent football perspective as we determine the right long-term structure for this organization.”

Ryan Dinwiddie, Ottawa's head coach and GM, welcomed Popp's involvement.

“I have known Jim for a long time, and I have a lot of respect for what he has accomplished in the CFL,” Dinwiddie said. “He brought me to Canada as a player and gave me my start in coaching.

“He has a tremendous network and a proven ability to identify football talent.”

Goudie said Popp's appointment is an advisory role through the remainder of the '26 season. He'll join the CFL club immediately. Popp spent 21 seasons as the Montreal Alouettes GM (1996-2016), leading the franchise to eight Grey Cup appearances, three championships and 19 playoff appearances.

THE CANADIAN PRESS

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DEATHS

JOHN HENRY BATHO ANDERSON

John Henry Batho Anderson (born August 25, 1941) passed away August 16, 2026, at the Ottawa Civic Hospital, in his 84th year. In his final days, he was surrounded by the love of his entire family to the very end. Devoted husband of over 55 years to Carin (Cornelia) Knottnerus; beloved father to Janice, Ian (Juhee), Maureen, and Kevin; and doting grandfather to Amy.

Born in Toronto, John pursued degrees at both the University of Saskatchewan and the University of Toronto, ultimately earning a Ph.D. in Physics from the former. He spent most of his career working as a professional engineer for the Department of National Defence, NATO, and later for private industry in defence technology, taking him from Medicine Hat to Brussels (and back), to Ottawa, and finally outside Montreal. After retirement in the early 2000s, he moved back to the Ottawa area. An avid student of military history, he took great pride in being a volunteer interpreter at the Canadian War Museum for many years. He was also immensely honoured to be the recipient of the Queen's Diamond Jubilee Medal in 2012. He loved to keep up with news and politics, and he loved simple pleasures like crispy bacon, cheese and crackers, and Tim Hortons coffee. Most of all, he was a devoted and loving family man. Nothing brought John greater joy than seeing his family together whenever the opportunity arose (grand-kitties included!). Christmas was particularly special, and there was never a year when the whole family wasn't together for at least part of Christmas Day. Summer road trips with the family across Alberta, Manitoba, Ontario, Quebec and the Maritimes, camping and trailering, were always an adventure. Dad's Saturday morning waffles had no equal, and air-popped popcorn with butter and salt from Dad somehow always tasted better. His granddaughter, Amy, was the apple of his eye. His love for Carin remains everlasting. We know he is watching over all of us now, and we will carry him with us always.

Heartfelt thanks to all the staff at the Ottawa area hospitals for their care and support, especially over the last year.

As per John's wishes, there will be no formal memorial service. In lieu of flowers, donations to the Friends of the Canadian War Museum (https://friends-amis.org/) would be greatly appreciated. Messages can be posted at www.hpmcgarry.ca.

KENNETH WILLIAM HANSON Born: July 2, 1923 – Died: August 19, 2026

DEATHS

Passed away peacefully at home in his 104th year. Predeceased by his beloved wife, Jean; brothers, Ed (late Grace) and twin Ron (late Alison); niece, Doreen (late Charlie); survived by son, Ron; daughters, Ailsa (late Larry) and Lesley (Rodney); nephews, Fred (late Deanna), David (Janice), Bruce (Janet). Leaves adored grandchildren, Caroline (Jamie), Alison (George) and Jane (Tim) and great-grandchildren, Edward, Jack, Anna, Isabella and Eloise.

Ken loved the Toronto of his youth, and with his twin brother, cycled much of it, delivering papers and doing errands and odd jobs. He loved the outdoors and became an incredibly strong swimmer in Lake Ontario at his parents' cottage near Scarborough Bluffs.

He often said his twin was "the smart one", but the truth was that Ken's skills and passions lay in different directions than his brother's. He trained as a draftsman, and if the second World War had not interrupted his education, he might have become an architect. Instead, he served in the Royal Canadian Air Force in England, and got away from the base as often as he could to sketch, draw and paint. While in Britain, he met and married Jean Whitelaw and brought her home to Toronto after the war ended.

They lived for a time in the Lawrence/Bathurst area, and then moved to Etobicoke. Ken worked as a draftsman, but he longed to express his deep love of nature with paints. He was tremendously grateful to Jean for enabling and encouraging him to take up art full-time. During his lifetime, he produced an amazing body of watercolours, which graced the walls of many galleries, corporate offices and homes internationally. He'd tried oils, but always returned to watercolours. In his 90s, he thought he should learn something new and began experimenting with acrylics.

He was a real family man, loving and supporting son, Ron and daughters, Lesley and Ailsa. He remained very close to his twin brother; sister-in-law, Alison and their two sons, Dave and Bruce, enjoying all the major holidays and milestone celebrations with them. His older brother, Ed had left home as a teenager and moved north when the twins were quite young. Eventually Ed settled in Sudbury with Grace and raised Fred and Doreen. Ken enjoyed trips to visit with them, travelling further to spend time camping and canoeing in Algonquin.

He learned early to work hard and to "make do", and before it was fashionable, to re-purpose, repair, recycle. He was a firm believer in the restorative power of duct tape and used it to fix everything from pipes and hoses to torn gloves or pockets. Friend Jan called Ken "the duct-tape king!"

He was quiet, shy and very self-effacing, but loved to laugh and had a great sense of humour. He was kind, generous, and in tune with nature. He was an avid gardener who at one time had over 100 different rose bushes in his Etobicoke backyard. He enjoyed animals, and all the family pets adored him.

Music was important to Ken, a love he inherited from his father. He sang in young people's groups and in church choirs and had a lovely, true tenor voice. We children remember him deeply engrossed in his art while listening to CBC's Saturday afternoon opera broadcasts.

From his mother he inherited an interest in politics and world events. Throughout his life, he was a generous supporter of many organizations and groups involved in the work of social justice, equity, and security, as well as those working for the preservation of the environment.

Ken was a true gentleman, and like many of his generation, he lived his life in gratitude for all he had and all he was given. He was particularly thankful for his faith communities and for our incredibly thoughtful and generous friends and neighbours, and in the last few years, the Bayshore nurses (especially Amy Shoust) and all the carers of the local PSW program who made it possible for him to remain in his home. He grew to think of all of these folks as extended family members of whom he was very fond.

There will be a graveside service at the St. Joseph Township Cemetery on Tuesday, August 25, 2026 at 3 p.m. with tea afterwards in the Harmony St. Mark's Fellowship Hall, Richards Landing. In lieu of flowers, donations would be gratefully received by the church (by cheque to Harmony St. Mark's United Church or e-transfer to harmonystmarks@gmail.com) or by the PSW Program (cheques to Township of St. Joseph, with PSW Program in the memo line or Westway United Church in Etobicoke.)

Author Matt Haig wrote, "I think everyone you meet you end up losing in some way, but if you love someone they don't really leave. Obviously they do. But not entirely. They live in your mind. You keep them alive. You can lose everything but you can't lose love." Love you, Dad.

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DEATHS

W. ROBERT HUTCHESON

Our father liked to say a grace before our large family meals that commenced with: "Thank you God for the mystery and magic in this world." With his passing on Sunday, August 16, 2026, sadly there is a little less of that now.

William Robert "Bob" Hutcheson was born on September 26, 1926, and almost made his 100th birthday celebration. He lived by the idea that he wanted to die young, as late as possible. He sure succeeded!

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Bob was the son of Francis "Frank" Wilson Hutcheson and Emily Agnes Hutcheson (nee Cockburn). Apart from his educational years, he spent his entire life calling Huntsville, Ontario, home. He was incredibly proud of his roots in this community, cared deeply and equally about absolutely everyone, never judged a soul, and had a lifetime gift of remembering people's names and stories, making them feel seen and valued. He could not have been a bigger champion of the Muskoka region and people.

Bob is survived by, and was a hero to, his children, Drew (Betty), Ann, Scott (Lesley) and Blake (Susan). He was “Yodel” (a name derived from his signature melody when skiing powder) to his adoring grandchildren and step-grandchildren: James, George, Bea, Patrick, Caitlin, Hutch, Ren, Cole, Syd, Parker, Avery, Camille and Trevor; and his many cherished great-grandchildren in Canada, Europe, and the United States.

He was predeceased by so many loved ones we can't possibly mention them here. After all, he was nearly 100!

Bob attended Huntsville Public School, Ridley College, and the University of Toronto. He met our mom, the lovely Phyllis Jane Echlin, while at U of T and they built a wonderful life together for 47 years, until her passing in 1997.

Shortly after university, Bob joined his family business, Muskoka Wood Manufacturing Company, and when it was sold his entrepreneurial instincts came to life, building multiple businesses rooted in the Muskoka region: Christmas Tree plantations, Oil and Gas distribution, Lake Vernon Realty (a real estate development and holding company), and Hutcheson Sand and Gravel, to name a few. He was also a caring custodian of forest and lake lands and an “environmentalist” long before people knew what that meant. While his businesses were local, some remarkably had international reach, including supplying his signature volleyball sand to Olympic games, from Sydney to Beijing and Paris, and distributing his specialty golf course sand across North America.

Our dad loved people and life, and was unfailingly optimistic, respectful, caring, and loving. He was an indominable presence and contributor. Just this week people have described him as "one of a kind," "a force of good and nature," "a giant," "a legend," "genuine, generous and warm," "a cheerleader and mentor," "a formidable storyteller," and a few even suggested "quite persistent" and "FOMO inclined." Many highlighted that "unmistakably Bob, twinkle in his eye" that indicated "mischief, humour, joy, playfulness, kindness and appreciation." His favourite word was "Finishiative" – and he modeled for a lifetime his belief that "we must all leave our campsites much better than how we found them."

Bob was the consummate sportsman and loved: paddling a canoe (including being our stern at the local Bella-Rebecca Lake Regatta and navigating the Nahanni River), sailing, paddle boarding, rowing, boating, and scuba diving; hunting and fishing across generations; golfing and playing tennis badly; and participating in every activity his family staged. He also loved to ski from his earliest days, was the captain of the U of T Varsity Ski Team, and was enormously grateful for the countless memories with family and friends at Osler, the Yellowstone Club, and powder bowls everywhere. He would match his ski days with his age and defend Club Championships, well into his 90's. Further, at 92 years 286 days, he inspired us all by becoming the Guinness Book of World Record holder for being the world's oldest male water skier. He was a lifetime supporter of local sports, especially Huntsville Hawks lacrosse, and he would want us to mention his deep connection to, and love for, the Kansas City Chiefs. He is a Member of the Huntsville Sports Hall of Fame.

Bob was so humble and understated that you may never know these things, but some of his other lifetime achievements include: Ridleian of Distinction; University Training Officer of the Royal Canadian Navy; polio survivor; world traveler; Board Member of Thorneloe University, Alpine Canada, the Huntsville Hospital Foundation and dozens more; Warden of the All Saints Anglican Church; Huntsville Town Councilor, community builder and philanthropist; a recipient of the National Heritage Stewardship Award, the Queen Elizabeth II Jubilee Medal, and the King Charles III Coronation Medal.

What mattered to him above all else, always, was his family. We all knew it and were blessed to have him, honour him, and frankly share him, for so long. We take deep comfort knowing that he knew how much his family loved, revered, respected, and appreciated him – and each other. He was our: emotional and spiritual leader; beacon of decency, integrity and hope; glue; and North Star. Rest in peace, dear Dad. As an avid card player, you left nothing on the table.

We want to thank his lovely companion, Judy Kilbourne, for bringing him such joy, love and care during the last chapter of his life. We also want to thank both his incredibly loyal business support team, and in recent months, his outstanding medical support team. Our family is eternally grateful.

There will be a private family funeral. There are two opportunities for a visitation with his family at the All Saints Anglican Church, 30 High Street, Huntsville, Ontario, on Thursday, September 24th, between 4:00 p.m. and 7:00 p.m., and Friday, September 25th, between 1:00 p.m. and 4:00 p.m.

There will also be a Celebration of Life on what would have been his 100th birthday, Saturday, September 26th, at the Grandview Golf & Country Club (245 Grandview Dr. North, Huntsville, Ontario), between 3:00 p.m. and 6:00 p.m. (speeches at 4:30 p.m). A Livestream link will be available upon request.

Dad's final honour brought him great pride – the new hospital in his hometown will be named The Bob Hutcheson Huntsville Hospital. This symbolizes a lifetime of leadership and commitment to healthcare for the region and has been supported generously by so many family friends, supporters and admirers.

In lieu of flowers, please consider making a donation to this dream that will soon become a reality at Huntsvillehospitalfoundation.ca.

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DEATHS

JOAN SKELTON KURISKO November 14, 1929 August 15, 2026

In the obituary published Wednesday August 19th for Joan May Kurisko, the family wishes to correct the family information.

Her heart was with Lake Superior; and with her children, Kathryn (Kathy), veterinarian, the late Blake, lawyer, and wife Jane, Stanley (Lee), radiologist, and wife Joyce, and Andrea, retired teacher; her eleven grandchildren, Carla and husband Jeff; Bryce and wife Gloria, Brett and wife Amy; Cayli and fiancé Gary; Jeffrey and wife Carrie; Samantha and husband Nicholas; Daniel, Carolyn and husband Matthew, and Diana; Cameron and Danika; and her nine great-grandchildren, Max, Keira, Emma, Milo, Oscar, Jack, Eloise, Leo and Alice.

PERRY ROSEMOND C.M.

Passed away peacefully on August 20, 2026, surrounded by his loving family. He was born in Winnipeg, Manitoba, to Max and Mona Rosemond (Magid). Perry is survived by his devoted wife, Nora Rosemond (Niddery); loving father and father-in-law of Michael and Erica, and Calvin, and devoted grandfather to Maxwell.

Perry spent his childhood in Winnipeg's North End, in a bustling household of 14 Jewish immigrants whose resilience, humour and warmth would define him, and inspire his passion for the creative arts. He began his career as an actor. At the age of 18, he was a founding member of John Hirsch's Manitoba Theatre Centre. Early in his career, he applied for an entry level job as a production assistant at CBC Winnipeg, but was given the offer to direct the musical variety show Red River Jamboree. He went on to write, create, direct and produce international television for over 50 years. Some of his credits include: The Johnny Cash Show, Donny and Marie Show, Tom Jones Show, Fraggle Rock, David Steinberg Show, Good Times, Bizarre, Super Dave, ABC Silver Anniversary, The Juno and Gemini Awards, Hockey Night in Canada, and directing 15 seasons of Royal Canadian Air Farce.

Most recently, he executive-produced, When Jews Were Funny, which was named best Canadian Feature Film at the 2013 Toronto Film Festival.

Perry began his decades of association with CBC Toronto as head of school and preschool programming, where he produced Mr. Dress Up and Friendly Giant and also wrote and developed a Canadian edition of Sesame Street.

Perhaps his most iconic contribution to Canadian television is the creation of the King of Kensington series. Inspired by the neighbourhood characters of his youth, Perry based the show on the archetypal maven that everyone comes to for advice, and who can solve everyone's problems but his own. The show gave Canadians something rarely seen at the time, a warm, funny, and deeply human portrait of a multicultural neighbourhood; it became a landmark in Canadian television.

In 2003, Perry was appointed a member of the Order of Canada, a national recognition for a career that entertained, educated, and made Canadians laugh.

But Perry never measured his life by accolades, he measured it in smiles. He lived to spread laughter and joy. It was his way of making people feel seen and valued. He will be dearly missed and forever loved.

At Benjamin's Park Memorial Chapel, 2401 Steeles Avenue West (3 lights west of Dufferin) for service on Tuesday, August 25th at 12:00 p.m. Interment to follow at Mount Sinai Memorial Park, in the Pride of Israel section.

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Federer to play in U.S. Open exhibition, but not interested in pro tennis return

Twenty-time major champ to be enshrined in the International Tennis Hall of Fame on Saturday

BRIAN MAHONEY NEW YORK

Roger Federer is actually nervous about his tennis.

The man who won five straight U.S. Open championships during the height of his dominance of the sport is set to play again in Arthur Ashe Stadium on Tuesday night for the first time since 2019. And he's not quite sure how the game that perhaps nobody ever made look more elegant will appear now.

"I haven't played a singles set in, I don't know, [Hubert] Hurkacz at Wimbledon maybe, so it's been five years," Federer said Monday, referring to his 2021 quarter-final loss in his last Grand Slam match. "I don't know how it's going to go tomorrow. So there is a lot of uncertainty but a lot of happiness that I can return to Arthur Ashe, a place where I have had so many beautiful moments."

It's only one set of singles in an exhibition against Andy Roddick and one set of doubles with John McEnroe against Roddick and Andre Agassi. The winner of 20 Grand Slam singles titles should be fine for those.

But a return to tennis beyond that, competing in major tennis tournaments in his mid-40s like Venus and Serena Williams?

“No, no, no, no. No, not at all,” Federer said during a news conference. “Thanks for asking. I wasn’t sure if the question was going to get asked, but I’m happy you did so I can clarify in case anybody thought.”

At 45, Federer still looks fit, and said he enjoys working out in the gym. But he said he goes through long stretches where he is rarely on the court.

His lengthy absence from the U.S. Open has done little to dampen his popularity, based on the amount of people around the grounds who were mentioning his name. The appearance of “Roger Federer” up on the big board for all to see again, ahead of his afternoon practice on Ashe, where Federer collected the trophy every year from 2004-08, was a welcome sight for his fans.

The trip to New York is a stop for Federer on his way to Newport, R.I., where he will be enshrined in the International Tennis Hall of Fame on Saturday.

Federer never really had the chance to say goodbye to New York as a player, because there was no way to know his loss to Grigor Dimitrov in the 2019 quarter-finals would be his last match. He had reached the French Open semi-finals and the Wimbledon final earlier that year, falling to Rafael Nadal in Paris and then Novak Djokovic in a fifth-set tie-breaker at the All England Club.

It was easy to imagine him returning to the U.S. Open the next year and making another deep run. But after falling to Djokovic in the semi-finals of the Australian Open to begin 2020, he had knee surgery that February, then another procedure in May.

He returned to play in the French Open in 2021 but had to withdraw before his fourth-round match. After the loss to Hurkacz – where he appeared struggling and lost 6-o in the third set – Federer had another knee surgery that August and knew there would be no more comebacks.

"The knee can't do it any more. It's tired," he recalled thinking. "The mind can't be patient even more and wait for another couple years and see what happens."

Federer knows Tuesday night won't be real tennis, joking that he and Roddick hopefully would be respectful and not try to drop shot each other. But it will be different from when he did return to Ashe a couple of years back to watch.

“They gave me an ovation because they saw me on the big screen, but I just feel, like, tomorrow and I guess today, as well, and Monday next week, it really gives me a true opportunity to say thank you and goodbye, which I think is important for some,” Federer said. “It’s a nice thing to do, for sure.”

THE ASSOCIATED PRESS

Marino advances to second round of U.S. Open qualifying

Canadian Rebecca Marino made it through qualifying last year at the U.S. Open before losing to fellow Canadian Leylah Fernandez in the first round. CHRIS YOUNG/THE CANADIAN PRESS

NEW YORK

Canadian veteran Rebecca Marino moved a step closer to a second straight appearance in the U.S. Open women's singles main draw with a 6-1, 6-4 win over France's Fiona Fero in first-round qualifying action Monday.

The 35-year-old from Vancouver had eight aces and broke Fero four times on six chances.

Marino made it through qualifying last year at the final Grand Slam of the season before losing to fellow Canadian Leylah Fernandez in the first round.

She will next face Russia's Elena Pridankina in the three-round qualifying tournament.

Fellow Canadian Carson Branstine also moved on with a 6-2, 7-6 (3) win over Clervie Ngounoue of the United States. Branstine will next meet Czechia's Linda Fruhvirtova. Kayla Cross, of London, Ont., meanwhile, fell 6-1, 6-1 to Robin Montgomery of the U.S.

Bianca Andreescu of Mississauga, the 2019 U.S. Open champion, was set to face Eva Vedder of the Netherlands later Monday.

In men's action, Alexis Galarneau of Levis, Que., advanced to the second qualifying round with a 7-6 (4), 6-3 win over Keegan Smith of the United States. He will next face Czechia's Dalibor

Svrcina.

In the opening round of mixed doubles qualifying, the second-seeded team of Ottawa's Gabriela Dabrowski and Finland's Harri Heliovaara were upset 2-4, 4-1,

10-8 by Kristina Mladenovic of France and Marcelo Arevalo of El Salvador.

Dabrowski is also expected to compete in women's doubles at the U.S. Open. She won the title at last year's tournament alongside former partner Erin Routliffe, their second U.S. Open championship in three years.

THE CANADIAN PRESS

Enes Kanter Freedom, Royce White not eligible for the WNBA draft, source says

DOUG FEINBERG NEW YORK

Former NBA players Enes Kanter Freedom and Royce White are not eligible for the WNBA draft, a person familiar with the decision said Monday.

The person spoke to The Associated Press on condition of anonymity because of the sensitive nature of the situation. The person did not elaborate on the reasons for declaring the two men ineligible.

Freedom and White have declared their intention to enter next year's draft, but the WNBA has not publicly addressed their eligibility.

The WNBA has been the subject of recent debates on whether transgender women – people assigned male at birth who transition to align with their gender identity – should be allowed to participate in the league. There has never been such a player in the WNBA.

Although the league's collective agreement says the WNBA is restricted to women, it contains no more specific language about gender identity or sex assigned at birth. When they announced their intention to enter the draft, Freedom and White said they identified as women.

The 6-foot-10, 250-pound Freedom played 11 seasons in the NBA. White played in three NBA games.

Freedom was ejected from Sunday night's Indiana-Chicago game after he was confronted by Sky guard Natasha Cloud late in the third quarter.

Freedom was sitting along the baseline wearing a black shirt that read “WOMAN noun. adult human female.”

The Fever called for a timeout after Cloud scored inside with 1:22 left in the third. Cloud then did a chest bump with teammate Aicha Coulibaly before turning around and walking in Freedom's direction.

Cloud, 34, started yelling and pointing at Freedom, 34, as she approached him. A standing Freedom held his arms out and took one step on the court as security and a handful of Sky players moved in between the two.

Freedom stopped near the basket to plead his case to security as he was escorted from the court area. He spun around while holding his shirt out and encouraged the crowd to respond as he walked toward the front lobby.

He had a conversation with a group of police officers before departing Wintrust Arena.

“I just got kicked out of a @WNBA game for supporting WOMEN!” Freedom wrote on social media Sunday night. “Let that sink in, AMERICA!”

Cloud met with team and league security after the game. She did not speak with the media.

Fever guard Sophie Cunningham said in an ESPN profile published last month that she was opposed to transgender girls and women competing in girls' and women's sports, and since then the league has been embroiled in debates about transgender participation. Freedom joined a small rally in support of Cunningham outside the arena before the game.

THE ASSOCIATED PRESS

Astros, general manager Brown mutually agree to part ways after team falls into tie for first in AL West

KRISTIE RIEKEN HOUSTON

General manager Dana Brown and the Houston Astros have mutually agreed to part ways, the team announced Monday, when it was tied for first place in the AL West.

Brown's contract was set to expire at the end of the season. Senior adviser Jeff Bagwell and assistant general managers Charles Cook, Gavin Dickey and Connor Huff will take over Brown's responsibilities while team owner Jim Crane will oversee baseball operations during the transition.

The move comes after the Astros went 3-6 on a homestand that ended Sunday to fall into a tie with the Texas Rangers for the AL West lead.

Brown had been the team's general manager since January, 2023.

“Over the past four seasons, Dana has helped our organization win two division titles and has led our baseball front office through key scouting, draft and development efforts," Crane said in a statement. "On behalf of the Astros, I want to thank him for his commitment, energy, and contributions to our organization. We wish he and his family the best."

Brown came to Houston after four seasons as vice-president of scouting for the Atlanta Braves to replace James Click, who was not given a new contract and left the Astros just days after they won the 2022 World Series.

“I want to thank Jim Crane for the opportunity to serve in my first role as an MLB General Manager,” Brown said. “The Astros organization and the fans have welcomed me and my family, and I am grateful to have called Houston home for the past four seasons. I wish the organization well and I look forward to the future as I continue my 36-plus years in professional baseball.”

THE ASSOCIATED PRESS

DAVE MARSH

AUTHOR, EDITOR, 76

OPINIONATED MUSIC CRITIC LOVED SPRINGSTEEN AND HATED THE GRATEFUL DEAD

Music critic Dave Marsh speaks at the KACF A Night to Remember event at the Tribeca Grill in New York in April, 2013. In more recent years, Mr. Marsh was a host, with Jim Rotolo, of E Street Radio, a weekly program for Bruce Springsteen fanatics, and presided over another music show, Kick Out the Jams. MARC LEVINE/ASSOCIATED PRESS

He was proud of his blue-collar origins, and held tastes that ran from the Supremes to the Sex Pistols, and reserved ire for the bombastic music of progressive rock bands and what he considered slick, soulless corporate rock

ALEX WILLIAMS

Dave Marsh, an influential and idiosyncratic rock critic who championed passion over polish, helped catapult Bruce Springsteen to fame and damned the Grateful Dead as “the worst band in creation,” died Aug. 14 at his home in Norwalk, Conn. He was 76.

The cause was complications of posterior cortical atrophy, a form of dementia, said his wife, Barbara Carr.

Mr. Marsh, a star writer and editor for Creem, the taste-shaping Detroit rock magazine, and Rolling Stone, was among a generation of pioneering critics, including Lester Bangs, Jon Landau and Greil Marcus, who shaped how the world saw the golden age of rock.

He could be quirky. In a list of the 30 greatest rock 'n' roll guitarists included in The Book of Rock Lists (1981, written with Kevin Stein), he ranked Carl Wilson of the Beach Boys – a celestial voice, but no one's idea of a shredder – above fretboard leviathans Jimmy Page and Duane Allman.

“He was born with the DNA of a contrarian,” Mr. Landau, who went on to manage and produce Mr. Springsteen, said in an interview. “He loved to argue, sometimes just for the sake of arguing.”

But the opinions Mr. Marsh held, he held with conviction. Mr. Marcus once described his work as “heartfelt, heart on your sleeve, blood in your mouth.”

With tastes that ran from the Supremes to the Sex Pistols – with heavy helpings of garage rock, soul, R&B and heartland rock from Bob Seger along the way – Mr. Marsh, proud of his blue-collar origins, was a music populist as well as what Mr. Landau called a “classicist” who steered clear of ephemeral fashions.

The mission of rock, he once wrote, was to bring “a glorious possibility, a chance to communicate across all the gaps in our society – gaps of class, race, region, gender, generation, education.”

Given that Mr. Springsteen's goal was similar, it was little wonder that, among the more than two dozen books that Mr. Marsh published, including appraisals of Elvis Presley, George Clinton and the Who, five were about the bard of the Jersey swamps, starting with the bestselling Born to Run: The Bruce Springsteen Story (1979), the first major biography of the artist.

"My great friend Dave, with his straight-out-of-Detroit attitude, was a true rock 'n' roll lifer," Mr. Springsteen wrote on social media after Mr. Marsh's death.

“He deeply believed in what I was trying to accomplish,” Mr. Springsteen added, “and his lifetime of support meant the world to me."

A connoisseur of raw minimalism, Mr. Marsh was one of the first journalists to use the term punk rock, in a 1971 Creem column about the Michigan garage rockers ? and the Mysterians (Question Mark and the Mysterians). In 1993, he published an entire book on a timeless three-chord frat-house rav-er, Louie Louie: The History and Mythology of the World's Most Famous Rock 'n' Roll Song.

To him, rock did not need filigreed solos or 24-track production to touch the heart. “Rock ’n’ roll is an attitude,” he once wrote. “It’s not a musical form of a strict sort. It’s a way of doing things, approaching things.”

What good music required, he be-

What good music is believed, was emotional authenticity. In his 1989 book, The Heart of Rock & Soul: The 1,001 Greatest Singles Ever Made, considered a landmark of music criticism, he listed at No. 1 Marvin Gaye's recording of I Heard It Through the Grapevine. That 1968 version of the song, he wrote, isn't "a plea to save a love affair; it's Marvin Gaye's essay on salvaging the human spirit."

In a Rolling Stone re-

In a Rolling Stone review of Patti Smith's vulnerable and brutal 1978 album Easter, he called her "the most profoundly religious American popular performer since Jim Morrison."

Conversely, he felt that the bombastic music of progressive rock bands like Emerson, Lake & Palmer and Yes, with their Carnegie Hall-worthy orchestral arrangements and virtuoso musicianship, was “truly arrogant,” as he wrote in Rolling Stone in 1977, “because it refuses to articulate just what moods its complex structures are meant to evoke.”

He reserved equal ire for what he considered slick, soulless corporate rock. In The New Rolling Stone Record Guide (1983), he gave every one of Journey's nine albums up to that point – including the 1981 juggernaut Escape, which sold over 10 million copies – one out of five stars.

The band, he wrote, “made records perfectly calculated to be inserted into FM radio playlists: Stepford Wives rock, dead on its feet without any awareness of the utter triviality.”

He was born with the DNA of a contrarian. He loved to argue, sometimes just for the sake of

In the same record guide, Mr. Marsh called the Grateful Dead, with their interminable space jams and druggy aura, an “assertedly major oeuvre that’s virtually worthless except for documentary purposes.” In a Rolling Stone review of Queen’s 1978 album, Jazz, he

arguing.

JON LANDAU MUSIC CRITIC AND PRODUCER

said the group “may be the first truly fascist rock band.”

David Rodney Marsh was born March 1, 1950, in Pontiac, Mich., the eldest of three children of Oliver Marsh, a labour relations officer for the Grand Trunk Western Railroad, and Mary (Evon) Marsh, a teacher's assistant.

He grew up listening to R&B records at the height of the Motown era, and the music helped him realize that “all the inequality and segregation and racism I had been brought up with had to be wrong,” he said in a 1989 radio interview with author Studs Terkel.

He wrote for the newspapers at Waterford Kettering High School, outside Detroit, from which he graduated in 1968, and at Wayne State University,

which he abandoned after a year.

At 19, he “talked my way into Creem,” he later recalled. He became the “spark plug” for the magazine, as Mr. Landau put it, helping define the publication’s hard-edge Detroit sensibility and giving an early stamp of approval to ferocious local bands like Iggy and the Stooges and the MC5, who created a blueprint for punk rock.

After rising to become the editor-in-chief of Creem, Mr. Marsh left in the early 1970s because of mounting tensions with Barry Kramer, the magazine's publisher.

He moved to the Boston area and began writing for The Real Paper, a trail-blazing alternative newspaper. In the spring of 1974, he and Mr. Landau headed to the Harvard Square Theater to check out a shaggy troubadour out of Asbury Park, N.J.

“I expected nothing,” Mr. Marsh later wrote. “I got everything.”

He became a close friend of Mr. Springsteen's, as well as a leading interpreter of his work; his wife, Ms. Carr, helped Mr. Landau manage Mr. Springsteen. The cozy relationship drew scrutiny, which Mr. Marsh did not duck.

“Hidden conflicts of interest are not good,” he wrote in the introduction to his 1987 biography, Glory Days: Bruce Springsteen in the 1980s. “Open conflicts of interest are part of the story.”

In more recent years, he was a host, with Jim Rotolo, of E Street Radio, a weekly program for Springsteen fanatics, and presided over another music show, Kick Out the Jams, both on SiriusXM.

In addition to his wife, he leaves a step-grandchild and a sister.

NEW YORK TIMES NEWS SERVICE

LIVES LIVED

JENNIE GOLDSTINE

Mother. Teacher. Voter. Friend.

Born Sept. 25, 1929, in Kremenets, Poland; died March 6, 2026, in Winnipeg, of natural causes; aged 96.

ike many Eastern European Jews, Jennie Margolis's parents Aaron and Manya were looking for a better life, and they found it in Canada. The famand they found it in Canada. The family arrived with Jennie (an infant) and her older brother Boris in the summer of 1930, just as the Depression was settling in. It might not have been the perfect time but their family that remained in Europe all perished in the Holocaust. This haunted Jennie her entire life.

As a teenager, Jennie helped out in her parents' grocery store in the North End of Winnipeg. She delivered groceries on weekends, after school and, if necessary, before school. (Later in life she attributed her longevity to all the exercise she had while delivering to customers.)

After high school, she went on to get her Bachelor of Arts degree from United College (University of Winnipeg) in 1949. She was one of the few women of her generation to graduate from university and this was a point of pride.

Jennie would often say that nothing motivates like being poor. In winter, she was inspired to improve her lot in life when she awoke to find her pillow was frozen to her bedroom wall.

Jennie could always be found with a book or newspaper in her hands. She loved history and politics, and she took a keen interest in current events. She never understood how some people went through life without paying attention to what was going on in the world.

In 1949, Jennie met Allan Goldstine at a party. It was a quick romance; she had only just broken off with another man. Jennie probably would have waited a few years to get married, but Allan liked to move quickly, and they were wed in 1950. Jennie received calls of congratulations from people thinking she was engaged to her previous boyfriend.

The couple welcomed three sons, Marc, Ian and Lawrence. The 1950s and 60s were busy times with a lively house. She attended a lot of hockey and football games to watch her sons play. She always said hockey was her favourite sport. She loved the speed and action, but it wasn't until 2019 that she saw her first NHL Winnipeg Jets game in person, at the age of 90.

In 1967, Jennie returned to school and obtained her teaching certificate. She primarily taught young children and returned to the neighbourhood where she was raised to work as a substitute teacher. Her calm demeanour and caring attitude made her a popular substitute. With pride and a pinch of boasting, Jennie liked to recall how she received flowers from grateful principals and was often met with a “Thank God it’s you!” welcome from school staff. She taught until her retirement in 1992, then Jennie and Allan moved to the family cottage in Gimli.

For Jennie and Allan, the 11 $^{th}$ commandment was “thou must vote.” They told their children that for centuries Jews had been denied the right to vote and since we were fortunate to live in Canada, we had an obligation to use it. Even in the midst of a pandemic, Jennie (aged 91) insisted on getting to a polling station to cast her ballot.

When it came to decision making, Jennie's favourite response was often "We'll see," which could be frustrating – it kept everyone wondering what her plans would be.

When Allan died in 2014, Jennie stayed in her own apartment for seven more years. In 2021, she moved into assisted living and later a care home. But what always kept her going was a love of life and people.

When Lawrence took her out for coffee, he would return to the table and find his mother busy talking to other customers. Once, Jennie talked to a woman non-stop for 15 minutes. Finally, the woman announced that her coffee break was over and she had to return to work. As she got up to go, she gave Jennie a big hug and said that she was so glad she had met her.

Lawrence was amazed that a total stranger could sum up so quickly the person the family had known their entire lives.

Lawrence Goldstine is Jennie Goldstine's son.

Jennie Goldstine

To submit a Lives Lived: lives@globeandmail.com

Lives Lived celebrates the everyday, extraordinary, unheralded lives of Canadians who have recently passed. To learn how to share the story of a family member or friend, go online to tgam.ca/livesguide*