Good morning. It’s day two of the Canada Investment Summit, so let’s catch up from yesterday. More on that below, along with the Quebec election debates and the Emmys.
From the Canada Investment Summit
Prime Minister Mark Carney said in an interview Monday that his government’s investment summit is part of a strategy to line up foreign capital behind Canada’s manufacturing sector while boosting trade with Asia and Europe. He spoke with The Globe hours ahead of the event, where he said capital is just one of many ingredients required to feed the growth needed to boost the economy.
On the side: Two other conferences are also taking place in Toronto: the Milken Institute Global Dialogues Toronto and the Canadian Global Growth Forum, hosted by the Canadian Venture Capital and Private Equity Association.
About taxes: At the Milken Institute’s event, Finance Minister François-Philippe Champagne announced a new federal measure to offer “advance tax rulings” for investments of $1-billion or more.
About data centres: Bell Canada announced it aims to quadruple the capacity of AI data centre operations in Saskatchewan. The news came from the Invest in Saskatchewan Forum at the summit.
Catch up:
Canadian municipalities brace for tariff impact
In Calgary, city officials are projecting new tariff costs reaching close to half a billion dollars. The issue is also becoming an increasingly important factor for voters in the lead up to municipal elections in Ontario, British Columbia, Manitoba and Prince Edward Island.
The big picture: Most municipalities across Canada haven’t assessed the extra costs that tariffs will inflict on their budgets. But with the possibility of tariffs and countertariffs lasting months or years, cities are starting to look into how the trade war could blow holes in their budgets and they are preparing for deep economic wounds
Cohere CEO says tech giants should not make AI rules
In an essay published Sunday, Cohere CEO Aidan Gomez criticized calls from top leaders in artificial intelligence to slow the pace of development, writing that the proposed approach will entrench power with a Silicon Valley “cartel.”
The details: The idea of slowing development was supported by OpenAI CEO Sam Altman and by SpaceXAI founder Elon Musk. Anthropic CEO Dario Amodei wrote in his own published essay that risk-prevention strategies need time to keep up. Gomez suggests a co-ordinated international effort to develop a framework around AI harms, similar to how financial institutions are licensed.
Ukraine will pause attacks on oil if Russia does the same
Ukrainian President Volodymyr Zelensky said Monday that Ukraine is ready to halt its strikes on Russian territory if allies can secure a genuine Russian commitment not to hit Ukraine’s critical infrastructure. His comments came after U.S. President Donald Trump claimed in a social-media post that Russia and Ukraine had agreed “not to hit” each other’s energy infrastructure.
The context: Trump also claimed that the rise in the price of global diesel fuel “is mostly caused by the Russian/Ukraine war” and not Iran. High fuel costs associated with the U.S. war on Iran have become a major issue for his party in upcoming congressional elections.
Party led by former B.C. Conservative gets a new member
Former B.C. Conservative legislator Peter Milobar’s new unnamed party has gained a seventh member. Donegal Wilson said she did not plan to join the new party when she quit the Conservatives on Sept. 2 but found many areas of agreement with the other MLAs.
What next: The party was founded by Milobar and Ian Paton. Other legislators who quit the Conservatives have since joined: Bruce Banman, A’a:liya Warbus, Rosalyn Bird and Teresa Wat. The new group plans to sit as a caucus when the B.C. Legislature resumes sitting next month.
Tyler Dawson asks: With five weeks to go before Alberta’s referendum vote, where is the pro-Canada campaign?
A Quebec golf course, once a hangout for the Anglo-American elite, now reflects on 150 years of change.
What else we’re following
At home: The doctor behind a controversy about Atlantic Canada’s physician licensing registry, has been found guilty of assault and counselling his then-girlfriend to forge a document.
Abroad: Iran condemned the exclusion of the head of its Atomic Energy Organization from the annual gathering of the UN nuclear agency in Vienna.
From the Emmys: Kelly Nestruck breaks down the best, worst and weirdest moments of last night’s Emmy Awards.
In Quebec: Party leaders are preparing for two debates this week in the provincial election campaign. The first one is tonight and will feature all five party leaders.
At the bank: New court documents show that Scotiabank paid music-industry funding non-profit FACTOR $11-million last March to settle a dispute over the theft of $9.8-million from its bank account two years ago.
New crime: South Africa’s motor city is in trouble. Beyond job losses and factory closings, criminals are targeting a new source of revenue here: severance.
Old friend: The Raptors and Los Angeles Clippers have agreed to send Kawhi Leonard back to Toronto. Reports say the trade will be made official pending a trade call.