‘Human traffickers prey on the most vulnerable members of our society – our children,’ Premier Ford, seen here on March 2, 2020, said in a statement.
Fred Lum
The Ontario government says it will invest a further $202-million over five years to combat human trafficking, a crime that includes forcing mostly women and girls across the country into the sex trade.
The anti-human-trafficking strategy, to be announced on Friday by Premier Doug Ford and others, is believed to be the largest total investment of any provincial or federal government in dedicated supports and services for victims. The $202-million in new funding is in addition to $105-million from an existing fund, and covers everything from a public awareness campaign to new law enforcement tools.
The government says it is planning to invest in specialized intervention teams, involving police and child protection services, to incorporate human trafficking awareness into the education curriculum and establish housing to support victims, including those under 16. It is also proposing to support survivors by investing in new funding for community support groups and Indigenous-led initiatives.
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“Human traffickers prey on the most vulnerable members of our society – our children,” Mr. Ford said in a statement.
“We must put an end to this disgusting industry and take immediate steps to keep our kids safe.”
Mr. Ford, who aides say is deeply concerned about the issue, is set to make the announcement in St. Catharines, Ont., alongside Solicitor-General Sylvia Jones and Jill Dunlop, Associate Minister of Children and Women’s Issues.
Ms. Dunlop said survivors of human trafficking require specific and continuing support to help them “heal from their trauma and rebuild their lives,” adding that the government’s strategy doubles investments for community-based services and provides new supports for children and youth.
According to the government’s statistics, approximately two-thirds of Canada’s police-reported human trafficking violations occur in Ontario. The average age of recruitment into sex trafficking is 13.
The funding also includes an additional $2-million for the province’s 42 sexual-assault centres. Advocates working in the sector said they had been informed by Attorney-General Doug Downey last week that the government would not renew an additional $1-million fund for the centres, sparking concerns that waiting lists for services will grow.
Megan Walker, the executive director of the London Abused Women’s Centre, called the strategy the “most comprehensive plan to address human trafficking” that she has ever seen.
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“It covers all of the pillars that we consider to be so crucial to helping end trafficking in the long-term, including public awareness, ensuing that the law is enforced or that new legislation is created and to make sure that survivors have immediate access to service as well as safe houses,” she said.
The London, Ont., centre serves 125 trafficked women and girls, she said.
Ms. Walker also praised the Ontario government for having specific counselling and support programs for Indigenous women and girls.
“This is not tokenism, there is $307-million that they are investing into this and … that is an incredibly significant amount of money that will go a long way in helping us keep women and girls safe.”
Mark Aston, the executive director of Covenant House, said the investment indicates a “serious commitment on the part of the government to address this very urgent and serious issue.”
Julia Drydyk, manager of research and policy with The Canadian Centre to End Human Trafficking, also welcomed the announcement, saying the organization is pleased to see the government make a significant commitment to address the issue.
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Last fall, the federal government announced a new investment of $57.22-million over five years beginning in 2019, and $10.28-million to follow annually to accompany its new national strategy. That investment is in addition to a previous federal investment in 2018 of $14.51-million over five years, and a continuing $2.89-million a year, which was used to fund a national human trafficking hotline.
Quebec has also invested heavily in efforts to fight human trafficking; its strategy announced in 2016 allocated $200-million, to be spent over five years.
British Columbia’s public safety ministry and solicitor-general provides $37-million in annual funding to victim services and violence against women programs across the province, and since 2011, the ministry has also provided more than $2.5-million in one-time grants to organizations working on the issue.
Other provinces invest fewer resources dedicated to fighting human trafficking. Outside of general law enforcement, prosecution and family justice services, the Justice Department spent about $2-million in 2018-19 to address sexual exploitation of youth.
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
