The Canadian Press
EDMONTON — Connor McDavid scored his second goal of the night 42 seconds into overtime as the Edmonton Oilers defeated the Toronto Maple Leafs 4-3 on Saturday. McDavid, who also had an assist, redirected a pass from Leon Draisaitl off the rush for his seventh goal of the season. Dominik Kahun and Josh Archibald also scored for Edmonton (4-6-0). Mikko Koskinen stopped 26 shots. Draisaitl and Tyson Barrie each added two assists for the Oilers, who halted a two-game slide. Auston Matthews, William Nylander and Zach Hyman replied for Toronto (7-2-1), while John Tavares added two assists as the Leafs saw their four-game winning streak come to an end. Frederik Andersen, who made 27 saves, dropped to 14-1-2 in his career against the Oilers. The expected offensive fireworks with McDavid, Matthews, Leon Draisaitl and Mitch Marner sharing the ice didn’t materialize when the teams split a pair of games in Toronto last week, but the Leafs’ 4-3 victory Thursday served as Saturday’s undercard. Tied 3-3 in the third period, the Leafs’ second-ranked power play — which knotted the score in the second — went to work when Kailer Yamamoto was whistled for holding, but the Oilers’ penalty kill held firm as Koskinen robbed Marner with a desperation glove save. Andersen, who came in with a perfect 7-0-0 career record in Edmonton, made his best stop of the night in the dying seconds of regulation when he stretched to stop Archibald on a 2-on-1 rush. With his team leading 2-1 after the first, McDavid added another highlight-reel goal against Toronto to his resume in the second. The Oilers captain collected the puck in Edmonton’s end on a power play, sliced through the neutral zone and stepped around Leafs defenceman Jake Muzzin like he wasn’t even there before going backhand forehand on Andersen for his sixth of the campaign at 6:13. The usually-stoic McDavid cracked a wide smile in celebration of a sequence that harkened back to the goal he scored in Toronto last January when No. 97 stepped past Morgan Rielly. But the Leafs, who took two from the Calgary Flames before Thursday’s victory in Edmonton, responded 1:55 later when Matthews scored his sixth — and fifth in as many games — from a sharp angle after Marner heeled his shot to make it 3-2. Toronto then tied things just 68 seconds after that on a man advantage when Mikko Lehtonen’s point shot that was tipped by Tavares dropped at Hyman’s feet for him to sweep home his second. Lehtonen’s assist was the former KHL star’s first in North America after signing with the Leafs in the off-season. McDavid came close to finding the range again later in the period, but his shot hit the post, struck the back of Andersen’s leg and stayed out. On the heels of Thursday’s game that lacked much flow with 11 combined power plays, the teams traded chances early — including Tyler Ennis missing the net on a penalty shot after Lehtonen saved a goal by covering the puck with his glove in the crease — in a fast-paced opening 20 minutes before Edmonton nudged in front when Kahun scored his first with the Oilers at 11:28. The German winger took a pass from Draisaitl, his childhood friend, and fanned on his first shot before scooping his second up and over Andersen, who went down on the initial effort. Toronto got even with 2:14 left in the period when Nylander took advantage of an Edmonton turnover by scoring his fourth, and second in as many games. But the Oilers retook the lead with 14 seconds when McDavid fed a pass against grain from behind Andersen’s net to Archibald, who deposited his second. Notes: Edmonton and Toronto will play five more times in the all-Canadian North Division…McDavid recorded his fourth straight multi-point game… Both teams wore their Reverse Retro jerseys for the first time… Claimed by Edmonton off waivers Jan. 16 from the Los Angeles Kings, Troy Grosenick dressed as Koskinen’s backup completing a 14-day quarantine after crossing the Canada-U.S. border…The Oilers will host the Ottawa Senators on Sunday and Tuesday….Toronto now heads home to prepare for three straight against the Vancouver Canucks beginning Thursday. This report by The Canadian Press was first published Jan. 30, 2021. ___ Follow @JClipperton_CP on Twitter The Canadian Press
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Ukraine war: McDonald's to sell its Russian business – CTV News
More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald’s said Monday that it has started the process of selling its business in Russia, another symbol of the country’s increasing isolation over its war in Ukraine.
The company, which has 850 restaurants in Russia that employ 62,000 people, pointed to the humanitarian crisis caused by the war, saying holding on to its business in Russia “is no longer tenable, nor is it consistent with McDonald’s values.”
The Chicago-based fast food giant said in early March that it was temporarily closing its stores in Russia but would continue to pay its employees. Without naming a prospective Russian buyer, McDonald’s said Monday that it would seek one to hire its workers and pay them until the sale closes.
CEO Chris Kempczinski said the “dedication and loyalty to McDonald’s” of employees and hundreds of Russian suppliers made it a difficult decision to leave.
“However, we have a commitment to our global community and must remain steadfast in our values,” Kempczinski said in a statement, “and our commitment to our values means that we can no longer keep the arches shining there.”
As it tries to sell its restaurants, McDonald’s said it plans to start removing golden arches and other symbols and signs with the company’s name. It said it will keep its trademarks in Russia.
Western companies have wrestled with extricating themselves from Russia, enduring the hit to their bottom lines from pausing or closing operations in the face of sanctions. Others have stayed in Russia at least partially, with some facing blowback.
French carmaker Renault said Monday that it would sell its majority stake in Russian car company Avtovaz and a factory in Moscow to the state — the first major nationalization of a foreign business since the war began.
For McDonald’s, its first restaurant in Russia opened in the middle of Moscow more than three decades ago, shortly after the fall of the Berlin Wall. It was a powerful symbol of the easing of Cold War tensions between the United States and Soviet Union, which would collapse in 1991.
Now, the company’s exit is proving symbolic of a new era, analysts say.
“Its departure represents a new isolationism in Russia, which must now look inward for investment and consumer brand development,” said Neil Saunders, managing director of GlobalData, a corporate analytics company.
He said McDonald’s owns most of its restaurants in Russia, but because it won’t license its brand, the sale price likely won’t be close to the value of the business before the invasion. Russia and Ukraine combined accounted for about 9% of McDonald’s revenue and 3% of operating income before the war, Saunders said.
McDonald’s said it expects to record a charge against earnings of between US$1.2 billion and $1.4 billion over leaving Russia.
Its restaurants in Ukraine are closed, but the company said it is continuing to pay full salaries for its employees there.
McDonald’s has more than 39,000 locations across more than 100 countries. Most are owned by franchisees — only about 5% are owned and operated by the company.
McDonald’s said exiting Russia will not change its forecast of adding a net 1,300 restaurants this year, which will contribute about 1.5% to companywide sales growth.
Last month, McDonald’s reported that it earned $1.1 billion in the first quarter, down from more than $1.5 billion a year earlier. Revenue was nearly $5.7 billion.
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Canadian home prices fall 6% in April, down for 2nd month in a row – CBC News
Canadian home prices fell six per cent to $746,000 in April, as higher interest rates poured cold water on a red-hot real estate market.
Home sales fell 12 per cent nationally in April, with the biggest drops seen in big cities like Toronto, the Canadian Real Estate Association said Monday.
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Prices peaked at a record high of more than $816,000 in February this year and average home prices have now declined for two months in a row. In March, the average price stood at $796,000, before falling another six per cent in April, which is typically a strong month for the housing market.
“Following a record-breaking couple of years, housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue,” CREA chair Jill Oudil said in a statement.
CREA says the average selling price can be misleading because it is easily skewed by expensive and numerous sales in big cities like Toronto and Vancouver. It highlights a different number called the House Price Index as a better gauge of the market because it adjusts for the volume and type of homes sold.
The HPI shrank by 0.6 per cent in April, the first monthly decline in two years.
While prices are down from their recent peak, they remain up by about seven per cent from where they were a year ago.
Still, the numbers paint a picture of a housing market cooling from its feverish activity just a few months ago.
“The exorbitant run-up for more expensive units (like detached homes) during the pandemic may give way to a steeper decline,” TD Bank economist Rishi Sondhi said in a note to clients.
“Moving forward, we expect prices to continue falling, reflecting the cooler demand backdrop.”
A problem for sellers — and some buyers, too
Lower prices may be welcome news for buyers trying to get into the market, but they’re anxiety-inducing for those trying to sell — especially if they’ve already bought somewhere else themselves.
For some recent buyers, a market that’s cooled after they’ve bought can cause major headaches. Some who bought at the highs assuming their lenders would loan them a certain amount are discovering in the appraisals process that the bank is valuing that property by less than anticipated, which forces the buyers to have to come up with more than they were expecting up front.
Leah Zlatkin, a mortgage broker with Lowestrates.ca, gives the example of a buyer who offered $1.2 million on a home and assumed their lender would finance 80 per cent of the cost. On appraisal, however, the lender valued the property at $1.1 million, which forces the buyer to come up with tens of thousands of dollars more than they anticipated.
“When home purchasers have really stretched their budget and bid over asking price, we are starting to see those appraisals come in a little bit lower in some cases,” Zlatkin told CBC News.
Keith Lancastle, CEO of the Appraisal Institute of Canada, says it’s not uncommon in frothy markets for buyers to get carried away and offer far more than an appraiser values the property at — and the same is true of down markets.
“The selling price doesn’t drive the mortgage, the appraised value drives the mortgage, and that’s the value that the lenders base their decision on,” he said.
Have questions about this story? We’re answering as many as we can in the comments.
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