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S&P/TSX composite down Friday, U.S. markets reach new records

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TORONTO – Losses in the energy sector led Canada’s main stock index lower on Friday, while U.S. stock markets rose to new records.

Both Canada and the U.S. saw fresh jobs data today that came in weaker than expected, solidifying bets on both sides of the border for upcoming interest rate cuts.

The S&P/TSX composite index closed down 184.99 points at 22,059.03.

In New York, where markets were closed on Thursday for the July 4 holiday, the Dow Jones industrial average was up 67.87 points at 39,375.87. The S&P 500 index was up 30.17 points at 5,567.19, while the Nasdaq composite was up 164.46 points at 18,352.76.

The U.S. economy added 206,000 jobs in June. But though the headline number was slightly stronger than expected, the details revealed weakness, said Dustin Reid, vice-president and chief strategist for fixed income at Mackenzie Investments, including lower revisions for previous months as well as higher unemployment.

“That’s all suggesting that the so-called cracks in the labour market … are getting slightly larger,” he said.

The report helps solidify the growing consensus that the U.S Federal Reserve will start cutting its key interest rate in September, said Reid.

“It doesn’t necessarily move that needle too much. But it does help to solidify that,” he said.

The jobs report caps off a week of weaker-than-expected economic data that’s prompted Treasury yields to move steadily lower, said Reid, after they rose last week following the election debate.

In Canada, where the central bank has already made one rate cut, the jobs report solidified expectations that it will cut a second time later this month, he said.

The Canadian economy lost 1,400 jobs in June and the unemployment rate climbed to its highest level in more than two years, Statistics Canada reported Friday.

“This is a pretty weak report that really cannot be ignored, I think, by the (central) bank,” said Reid.

The fact that the economy lost jobs despite the population continuing to grow is “pretty sluggish,” he said.

The upcoming inflation report could provide further ammunition for a July cut, he added.

The Canadian economy has responded to higher interest rates more swiftly, while the U.S. economy has proven more resilient than expected.

The Canadian dollar traded for 73.35 cents UScompared with 73.46 cents US on Thursday.

The August crude oil contract was down 72 cents at US$83.16 per barrel from its settlement price Wednesday and the August natural gas contract was down 10 cents at US$2.32 per mmBTU.

The August gold contract was up US$28.30 at US$2,397.70 an ounceand the September copper contract was up 12 cents at US$4.65 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published July 5, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Motorcycle rider dead in crash that closed Highway 1 in Langley, B.C., for hours

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LANGLEY, B.C. – Police in Langley, B.C., say one person is dead in a crash between a car and a motorcycle on Highway 1 that shut down the route for hours.

Mounties say their initial investigation indicates both vehicles were travelling east when they collided shortly before 4:20 a.m. near 240 Street on the highway.

The motorcycle rider died from their injuries.

Highway 1 was closed for a long stretch through Langley for about 11 hours while police investigated.

RCMP say their integrated collision analysis reconstruction team went to the scene.

The Mounties are asking anyone who witnessed the crash or who may have dash-camera footage from the area to call them.

This report by The Canadian Press was first published Sept. 19, 2024.

The Canadian Press. All rights reserved.



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‘She is dying’: Lawsuit asks Lake Winnipeg to be legally defined as a person

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WINNIPEG – A court has been asked to declare Lake Winnipeg a person with constitutional rights to life, liberty and security of person in a case that may go further than any other in trying to establish the rights of nature in Canada.

“It really is that simple,” said Grand Chief Jerry Daniels of the Manitoba Southern Chiefs’ Organization, which filed the suit Thursday in Court of King’s Bench in Winnipeg.

“The lake has its own rights. The lake is a living being.”

The argument is being used to help force the provincial government to conduct an environmental assessment of how Manitoba Hydro regulates lake levels for power generation. Those licences come up for renewal in August 2026, and the chiefs argue that the process under which those licences were granted was outdated and inadequate.

They quote Manitoba’s Clean Environment Commission, which said in 2015 that the licences were granted on the basis of poor science, poor consultation and poor public accountability.

Meanwhile, the statement of claim says “the (plaintiffs) describe the lake’s current state as being so sick that she is dying.”

It describes a long list of symptoms.

Fish species have disappeared, declined, migrated or become sick and inedible, the lawsuit says. Birds and wildlife including muskrat, beavers, duck, geese, eagles and gulls are vanishing from the lake’s wetlands.

Foods and traditional medicines — weekay, bulrush, cattail, sturgeon and wild rice — are getting harder to find, the document says, and algae blooms and E. coli bacteria levels have increased.

Invasive species including zebra mussels and spiny water fleas are now common, the document says.

“In Anishinaabemowin, the (plaintiffs) refer to the water in Lake Winnipeg as moowaakamiim (the water is full of feces) or wiinaagamin (the water is polluted, dirty and full of garbage),” the lawsuit says.

It blames many of the problems on Manitoba Hydro’s management of the lake waters to prevent it flushing itself clean every year.

“She is unable to go through her natural cleansing cycle and becomes stagnant and struggles to sustain other beings like animals, birds, fish, plants and people,” the document says.

The defendants, Manitoba Hydro and the provincial government, have not filed statements of defence. Both declined to comment on the lawsuit.

Daniels said it makes sense to consider the vast lake — one of the world’s largest — as alive.

“We’re living in an era of reconciliation, there’s huge changes in the mindsets of regular Canadians and science has caught up a lot in understanding. It’s not a huge stretch to understand the lake as a living entity.”

The idea has been around in western science since the 1970s. The Gaia hypothesis, which remains highly disputed, proposed the Earth is a single organism with its own feedback loops that regulate conditions and keep them favourable to life.

The courts already recognize non-human entities such as corporations as persons.

Personhood has also been claimed for two Canadian rivers.

Quebec’s Innu First Nation have claimed that status for the Magpie River, and the Athabasca Chipewyan First Nation in Alberta is seeking standing for the Athabasca River in regulatory hearings. The Magpie’s status hasn’t been tested in court and Alberta’s energy regulator has yet to rule on the Athabasca.

Matt Hulse, a lawyer who argued the Athabasca River should be treated as a person, noted the Manitoba lawsuit quotes the use of “everyone” in the Charter of Rights and Freedoms.

“The term ‘everyone’ isn’t defined, which could help (the chiefs),” he said.

But the Charter typically focuses on individual rights, Hulse added.

“What they’re asking for is substantive rights to be given to a lake. What does ‘liberty’ mean to a lake?

“Those kinds of cases require a bit of a paradigm shift. I think the Southern Chiefs Organization will face an uphill battle.”

Hulse said the Manitoba case goes further than any he’s aware of in seeking legal rights for a specific environment.

Daniels said he believes the courts and Canadians are ready to recognize humans are not separate from the world in which they live and that the law should recognize that.

“We need to understand our lakes and our environment as something we have to live in cohesion with.”

This report by The Canadian Press was first published Sept. 19, 2024.

— By Bob Weber in Edmonton



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MPs want Canadians tied to alleged Russian influencer op to testify at committee

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OTTAWA – MPs on the public safety and national security committee voted unanimously to launch an investigation into an alleged Russian ploy to dupe right-wing influencers into sowing division among Americans.

A U.S. indictment filed earlier this month charged two employees of RT, a Russian state-controlled media outlet, in a US$10-million scheme that purportedly used social media personalities to distribute content with Russian government messaging.

While not explicitly mentioned in court documents, the details match up with Tenet Media, founded by Canadian Lauren Chen and Liam Donovan, who is identified as her husband on social media.

The committee will invite Chen and Donovan to testify on the matter, as well as Lauren Southern, who is among the Tenet cast of personalities.

The motion, which was brought forward by Liberal MP Pam Damoff and passed on Thursday, also seeks to invite civil society representatives and disinformation experts on the matter.

Court documents allege the Russians created a fake investor who provided money to the social media company to hire the influencers, paying the founders significant fees, including through a company account in Canada.

The U.S. Justice Department doesn’t allege any wrongdoing by the influencers.

Following the indictment, YouTube removed several channels associated with Chen, including the Tenet Media channel.

This report by The Canadian Press was first published Sept. 19, 2024.

The Canadian Press. All rights reserved.



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