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One dead after overnight shooting in Scarborough: Toronto police

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Toronto police are investigating after an overnight shooting in the city’s east end left one person dead.

Police say they responded to reports of a person shot just after 11 p.m., on Saturday near Kingston Road and Markham Road in Scarborough.

They say police and paramedics located a person with injuries at the scene.

They say the victim was taken to hospital with life-threatening injuries, where they later died.

Police have not provided a suspect description and have not released further details about the victim’s identity.

They say the investigation is ongoing and anyone with information is asked to contact police.

This report by The Canadian Press was first published Sept. 22, 2024.

The Canadian Press. All rights reserved.



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Hezbollah hits back with rockets as it declares an ‘open-ended battle’ with Israel

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NAHARIYA, Israel (AP) — Hezbollah fired over 100 rockets early Sunday across northern Israel, with some landing near the city of Haifa, as Israel launched hundreds of strikes on Lebanon. A Hezbollah leader declared an “open-ended battle” was underway as both sides appeared to be spiraling closer toward all-out war.

The overnight rocket barrage was in response to Israeli attacks in Lebanon that have killed dozens, including a veteran Hezbollah commander, and an unprecedented attack targeting the group’s communications devices. Air raid sirens across northern Israel sent hundreds of thousands of people scrambling into shelters.

One struck near a residential building in Kiryat Bialik, a city near Haifa, wounding at least three people and setting buildings and cars ablaze. Israel’s Magen David Adom rescue service said four people were wounded.

Avi Vazana raced to a shelter with his wife and 9-month-old baby before he heard the rocket hitting. Then he went back outside to see if anyone was hurt.

“I ran without shoes, without a shirt, only with pants. I ran to this house when everything was still on fire to try to find if there are other people,” he said.

Lebanon’s Health Ministry said three people were killed and four wounded in Israeli strikes near the border, without saying whether they were civilians or combatants.

Hezbollah responds to unprecedented blows

The rocket attacks followed an Israeli airstrike Friday in Beirut killed at least 45 people, including Akil, one of Hezbollah’s top leaders, several other fighters, and women and children.

Hezbollah was already reeling from a sophisticated attack that caused thousands of pagers and walkie-talkies to explode just days earlier. But it faces a difficult balance of stretching the rules of engagement by hitting deeper into Israel, while at the same time trying to avoid large-scale attacks on civilian areas and infrastructure that could trigger a full-scale war that it would rather not start and take the blame for.

Hezbollah’s deputy leader Naim Kassem said Sunday’s rocket attack was just the beginning of what’s now an ″open-ended battle” with Israel.

“We admit that we are pained. We are humans. But as we are pained — you will also be pained,” Kassem said at the funeral of top Hezbollah commander Ibrahim Akil. He vowed Hezbollah will continue military operations against Israel in support of Gaza but also warned of unexpected attacks “from outside the box,” pointing to rockets fired deeper into Israel.

Prime Minister Benjamin Netanyahu said Israel would take whatever action was necessary to restore security in the north and allow people to return to their homes.

“No country can accept the wanton rocketing of its cities. We can’t accept it either,” he said.

White House national security spokesman John Kirby remained hopeful for a peaceful resolution, telling “Fox News Sunday” the U.S. has been “involved in extensive and quite assertive diplomacy.”

“We are watching all these escalating tensions that have been occurring over the last week or so, with great concern, and we want to make sure that we can continue to do everything we can to try to prevent this from becoming an all-out war there with Hezbollah across that Lebanese border,” he said.

Israel says it thwarted an even larger attack from Hezbollah

The Israeli military said it struck about 400 militant sites, including rocket launchers, across southern Lebanon in the past 24 hours, thwarting an even larger attack.

“Hundreds of thousands of civilians have come under fire across a lot of northern Israel,” said Israeli military spokesman Lt. Col. Nadav Shoshani. “Today we saw fire that was deeper into Israel than before.”

The military also said it intercepted multiple aerial devices fired from the direction of Iraq, after Iran-backed militant groups there claimed to have launched a drone attack on Israel.

School was canceled across northern Israel, and the Health Ministry said all hospitals in the north would begin moving operations to protected areas within the medical centers.

Separately, Israeli forces raided the West Bank bureau of Al-Jazeera, which it had banned earlier this year, accusing it of serving as a mouthpiece for militant groups, allegations denied by the pan-Arab broadcaster.

U.N. envoy says the region is on the brink of catastrophe

Israel and Hezbollah have traded fire since the outbreak of the war in Gaza nearly a year ago, when the militant group began firing rockets in solidarity with the Palestinians and its fellow Iran-backed ally Hamas. The low-level fighting has killed dozens of people in Israel, hundreds in Lebanon, and displaced tens of thousands on both sides of the frontier.

Until recently, neither side was believed to be seeking an all-out war, and Hezbollah has so far stopped short of targeting Tel Aviv or major civilian infrastructure. But in recent weeks, Israel has shifted its focus from Gaza to Lebanon. Hezbollah has said it would only halt its attacks if the war in Gaza ends, as a cease-fire there appears increasingly elusive.

The war in Gaza began with Hamas’ Oct. 7 attack into Israel, in which Palestinian militants killed about 1,200 people and took about 250 others hostage. They are still holding about 100 captives, a third of whom are believed to be dead. Over 41,000 Palestinians have been killed, according to Gaza’s Health Ministry. It doesn’t say how many were fighters, but says women and children make up more than half of the dead.

“With the region on the brink of an imminent catastrophe, it cannot be overstated enough: there is NO military solution that will make either side safer,” Jeanine Hennis-Plasschaert, the U.N. envoy for Lebanon, said in an X post.

Families of Israeli hostages and residents of Gaza expressed fears the fighting in Lebanon will direct international attention from their own plights.

“I’m incredibly concerned with the increased tensions with Hezbollah because, my biggest concern is that, all the public’s attention and the world’s attention” would be distracted, said Udi Goren, a relative of Tal Haimi, an Israeli man who was killed Oct. 7 and whose body was taken into Gaza.

Enas Kollab, a Palestinian displaced from Gaza, voiced similar fears. “We are afraid that the situation in Lebanon will affect us — that all attention will turn to Lebanon and we will become forgotten,” she said.

Hezbollah says it’s using new weapons

Hezbollah said it had launched dozens of Fadi 1 and Fadi 2 missiles — a new weapon the group hadn’t used before — at the Ramat David airbase, southeast of Haifa, “in response to the repeated Israeli attacks that targeted various Lebanese regions and led to the fall of many civilian martyrs.”

In July, the group released what it said was video it had taken of the base with surveillance drones.

Hezbollah also said it had targeted the facilities of the Rafael defense firm, headquartered in Haifa, calling it retaliation for the wireless devices attack. It didn’t provide evidence, and the Israeli military declined to comment on the statement.

Hezbollah has vowed to retaliate for a wave of explosions that hit pagers and walkie-talkies belonging to Hezbollah members on Tuesday and Wednesday, killing at least 37 people — including two children — and wounding about 3,000. The attacks were widely blamed on Israel, which hasn’t confirmed or denied responsibility.

An Israeli airstrike Friday took down an eight-story building in a densely populated neighborhood in Beirut’s southern suburbs as Hezbollah members met in the basement, according to Israel. Among those killed was Akil., who commanded the group’s special forces unit.

___

Kareem Chehayeb reported from Beirut. Moshe Edri in Kiryat Bialik; Wafaa Shurafa in Deir al-Balah, Gaza Strip; and Shlomo Mor in Tel Aviv, Israel, contributed.

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Liberals’ Bonnie Crombie takes aim at premier in campaign-style speech at AGM

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Ontario’s new Liberal leader took aim at the premier over the weekend as she tested out a new slogan in a campaign-style speech at her party’s annual general meeting.

Bonnie Crombie’s address to members came on Saturday while the party gathered in London, Ont., to set policies amid the threat of an early election call.

“It’s time for a government that does less for them and more for you,” Crombie said.

She used the “more for you” line a number of times, saying it’s what Ontarians deserve.

It was Crombie’s first speech at the annual meeting since winning the party’s leadership race late last year.

She used much of her speech to blast Premier Doug Ford and his Progressive Conservative government, refering to the party nearly two dozen times throughout her remarks.

“Right now people aren’t thriving, they’re barely surviving,” Crombie said.

“And you know what? Doug Ford’s to blame.”

The former mayor of Mississauga, Ont., pledged to do more on health care, education and housing, but did not offer details about how she would do so.

Ontario, like the rest of Canada, continues to grapple with an affordability crisis, especially in housing. Ford has promised to build 1.5 million homes by 2031, but a difficult market with high interest rates and several missteps has kept his government well off the pace to achieve that goal.

The RCMP is currently investigating Ford’s Greenbelt fiasco, which saw the province open up 15 parcels of protected land to build 50,000 homes. Two provincial investigative bodies have said the province favoured certain developers over others during that process.

Ford eventually returned those lands to the Greenbelt and his government has tried a number of different approaches to spur housing development.

Health care organizations across the province continue to deal with staffing shortages among doctors, nurses and a variety of other support workers.

While Crombie spoke at length about Ford, she did not mention her federal Liberal counterparts, namely embattled Prime Minister Justin Trudeau.

But the annual meeting heard from several outspoken Liberal critics of Trudeau, including former B.C. premier Christy Clark.

She said the Ontario Liberals must be focused on one issue to be successful.

“If you want to win elections, you need to put the economy front and centre,” Clark said in an interview.

“The Liberal party has always been a party that understands that we want to have generous social programs and we’re committed to that and we know that we have to grow the economy in order to be able to pay for that.”

Crombie is positioning the Liberals as a scrappy party and the only challenger to Ford, despite the fact they currently hold the third-most seats at Queen’s Park behind the Official Opposition New Democrats.

Ford has mused about an early election instead of the fixed election date set for June 2026 and has not ruled out calling one next year.

This report by The Canadian Press was first published Sept. 22, 2024.

-With files from Mia Rabson in Ottawa

The Canadian Press. All rights reserved.



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Challengers make gains in banking, but it’s a long road to higher market share

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TORONTO – It’s not easy going up against Canada’s banking oligopoly, but some are trying.

Challengers like EQ Bank and Wealthsimple are rolling out new and cheaper offerings, growing their base and gaining brand recognition. But experts say that rather than creating a disruptive threat to the big banks, mid-sized players are more likely to be bought up by the majors.

“The banking market in Canada is not known to be very competitive. It’s not going to improve,” said Claire Célérier, Canada Research Chair in household finance at the University of Toronto’s Rotman School of Management, who expects more consolidation ahead.

The outlook comes after RBC closed its $13.5-billion takeover of HSBC Canada in March, while National Bank is in the midst of buying Canadian Western Bank in a $5-billion deal.

Fee competition

The loss of the two mid-sized players in what was already a small pool of competitors to the Big Six banks leaves few others with enough scale to even distract the majors.

Wealthsimple is emerging as one, after reporting this past week that it has more than $50 billion in assets, more than double from last year and more than seven times what it had five years ago.

The growth seen with the firm’s business model has led chief executive Michael Katchen to declare that Wealthsimple is the “first and only credible alternative to the big banks in Canada.”

The fintech company’s low fees are a central draw, offering no-commission trading and low investment management rates as part of a growing suite of products as it tries to fill a void of competition.

“When you take out the mid-range players, you make it even more less competitive, and I think the way that shows up is Canadians suffer when it comes to fees,” said Katchen.

The big banks maintain the sector is intensely competitive, especially on areas like mortgage rates.

But consultancy North Economics estimated in March that Canadians pay more than seven billion dollars a year in excess fees. The rough estimate was made by comparing financial results at Canada’s Big Five banks to those in the U.K. and Australia, where charges on accounts, overdrafts, ATM withdrawals and the like are much cheaper or free.

Consumers in countries like the U.K. benefit from aggressive regulators that have put in measures like making account switching easier, by putting the onus on banks to move all payment data and other information over to a new account.

There’s little sign of such switching ease coming to Canada, so competitors like EQ Bank are instead focusing on getting consumers to switch gradually.

“We’re trying to make that seem like a low-risk activity for somebody so you can open a bank account while keeping your other bank account open,” said chief executive Andrew Moor.

The bank pays higher interest rates on accounts where a customer has switched over their payroll, which can provide an anchor, he said.

EQ has also rolled out new products like its notice savings account launched in June, which pays out higher interest rates when consumers agree to give at least 10 or 30 days notice of a withdrawal, and just this last week it launched a bank account targeted specifically at small businesses.

“The nice thing about being a medium-sized bank, it’s much easier to think about bringing that kind of product innovation to the market,” said Moor.

The bank’s efforts have led to its assets roughly doubling in the last five years to some $54 billion.

The wider market

The jumps in size at Wealthsimple and EQ are in contrast to some others smaller players like Laurentian Bank, which has seen its assets grow seven per cent to $47.5 billion in the same time.

Laurentian has been working on a turnaround including numerous executive shuffles, the selling off of business lines and other restructurings, but analysts are still skeptical of how much traction the bank can get even if it solves its operational issues.

“It’s not clear what Laurentian Bank’s structural advantage and competitive advantage will be at the end of all this,” said Vertias Corp. analyst Nigel D’Souza.

It’s not the only one struggling to see much growth. Manulife Bank has grown around 11 per cent to $30 billion since 2019, and ATB Financial is up some 14 per cent to $62 billion.

Canadian Western Bank was seeing higher growth, up 38 per cent to $42.5 billion, but of course it’s being bought up. In the co-operative world, Desjardins has managed to grow around 43 per cent to $444 billion, not too far behind National Bank, the smallest of the Big Six, at $454 billion.

Meanwhile RBC, the country’s largest publicly traded company, has about $2.08 trillion in assets.

Challenges for smaller players

While some of the smaller banks are doing better than others, they all face the challenge of it being more expensive to raise money, in part through paying out those higher interest rates to attract deposits, said D’Souza. They also have to keep more capital on hand because they’re seen as less stable.

Perceptions of stability can also make it harder to convince people to park more cash at the bank than the $100,000 that’s federally insured, though Wealthsimple has gotten around this by partnering with several banks to offer upwards of $500,000 in insured deposits.

The overall hesitations on stability, however, along with other barriers like a lack of a branch network, limited economies of scale and less diversification, mean it will always be hard for mid-sized players to gain market share, said D’Souza.

“Our view has always been that there’s going to be more consolidation within the Canadian banking space, because the larger banks have structural competitive advantages.”

The consolidation could in its own way lead to lower fees, he said, as banks benefit from more economies of scale. Canada’s banking sector is already quite competitive on lending rates, he said.

And while a concentrated financial industry is something especially notable in Canada, it is part of a broader long-term trend, said Célérier.

“Banking markets are more and more concentrated, and this is the case more or less everywhere.”

This report by The Canadian Press was first published Sept. 22, 2024.

Companies in this story: (TSX:EQB; TSX:LB)



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