The Globe and Mail - 17.09.2026.pdf

环球邮报

渥太华 / 魁北克版 ■ 2026年9月17日，星期四 ■ GLOBEANDMAIL.COM

欧盟提议使加拿大成为首个“准会员”

特朗普将其视为“敌对行为”，而反对派警告卡尼此类举措需经议会批准

周三，加拿大总理马克·卡尼与英国首相安迪·伯纳姆共同出席在英格兰利物浦举行的一场埃弗顿足球赛。当天早些时候，卡尼先生在法国的欧洲议会受到了欢呼。保罗·埃利斯 / 法新社 经由 Getty Images

保罗·沃尔迪 伦敦 史蒂文·蔡斯 渥太华 坎贝尔·克拉克 法国斯特拉斯堡

欧盟委员会主席乌尔苏拉·冯德莱恩呼吁加拿大成为欧盟的首个“准会员”（associate member），这有力地支持了总理马克·卡尼寻求与该集团建立更深层关系的尝试。

冯德莱恩女士周三在法国斯特拉斯堡向欧洲议会发表的年度欧盟国情咨文（State of the Union address）中提出了这一超出预期的提议。尤其是在周日该想法首次公开时，卡尼先生曾表示加拿大并不寻求加入欧盟。

卡尼先生周三出席了会议，并一直在勤勉地争取欧盟领导人的支持，试图以此对冲与美国总统唐纳德·特朗普之间持续的贸易紧张局势，并推动与欧盟建立“独特联盟”的概念。

特朗普先生周三晚间表示，如果加拿大成为欧盟的首个准会员，这将是一种“敌对行为”，并补充说，如果此举出于“恶意”，他可能会以关税作为回应。

这种新颖的“准会员”类别在欧盟的创始条约或法律框架中均未提及，目前尚不清楚这是否会给加拿大带来任何可量化的经济收益，或者是否需要渥太华在与欧盟建立更紧密联系的过程中放弃任何主权。

而加拿大的反对党则表示，与该集团建立的任何新联盟都需要经议会批准。

冯德莱恩女士告诉欧洲议会议员们：“我们希望将与加拿大的关系提升到尽可能高的水平……我们必须紧迫地重新构想我们的伙伴关系。因此，我想与各位共同努力，为加拿大成为欧盟首个准会员打开大门。”

这段话引起了长时间的掌声，卡尼先生随后被邀请到讲台上与主席握手。

冯德莱恩女士告诉欧洲议会议员，欧盟希望在现有的加欧贸易协定——即《综合经济贸易协定》（CETA）的基础上，创建“一个共同的繁荣与经济安全空间”。 ■ 欧盟，A8

创意困局：在关税重击下，视觉艺术领域被迫寻求跨境贸易新路径

乔什·奥凯恩（JOSH O'KANE）

多伦多艺术交易商米里亚姆·希尔（Miriam Shiell）本月决定不再将一件亨利·摩尔（Henry Moore）的雕塑发送至纽约，供潜在买家考察。这件作品在过境时是否会被征收关税？她不确定，且不想冒险。

几十年来，艺术品在加美边境自由流动，但这种情况在去年美国总统唐纳德·特朗普开启第二任期后戛然而止。现在，8月22日对进入美国的加拿大产品征收的50%关税，涵盖了从绘画、雕塑到“拼贴画及类似装饰牌匾”的极广范围的艺术品。

据艺术家、画廊、交易商、货运商和顾问称，新关税正在切断很大一部分加拿大艺术品的销售，令他们感到沮丧且困惑。其结果是，在总理马克·卡尼正大力推介投资加拿大的同时，一个展示本土创造力的市场正在萎缩。

由于买卖双方都在等待这些贸易措施（他们希望是暂时的）结束，艺术市场中的每个人都面临收入损失，正如去年一轮艺术品关税的情况那样。

希尔女士对关税有无数疑问。摩尔可能是英国人，但雕塑是从加拿大发出的。“定义是艺术家必须是加拿大人，还是艺术品必须在加拿大制造？”她说，“在目前这个阶段，等待明确答复会更容易。”她补充道：“答案可能在几周内出现，也可能永远不会出现。这可能意味着交易无法达成。”

美国海关和边境保护局在周二的一封电子邮件中表示，最新一轮关税涵盖原产地为加拿大的商品。多伦多 Museumpros Art Services 的物流经理邓肯·林克斯（Duncan Links）负责监督许多跨境运输，他表示，换句话说，只要海关文件齐全，艺术品只有在加拿大制造时才会面临这些关税。

即便如此，这还取决于谁来运输艺术品。加拿大艺术交易商协会执行董事麦肯齐·辛克莱（Mackenzie Sinclair）表示，在去年的贸易摩擦期间，一些跨国货运公司自动要求对所有艺术品支付关税。对于希望凭借原产地获得某种关税豁免而将作品运过边境的艺术家和卖家来说，这并非好兆头。

秘密加拿大（SECRET CANADA）

内页

劳伦斯·马丁（LAWRENCE MARTIN）....A13 康拉德·雅卡布斯基（KONRAD YAKABUSKI）....A13 巴里·赫兹（BARRY HERTZ）....A14 丹尼·帕里斯（DANNY PARYS）....B4 蒂姆·塞斯尼克（TIM CESTNICK）....B10 戈登·佩普（GORDON PAPE）....B10

A 版

特写：多伦多汤米·汤普森公园的生态奇迹 A10-11

梅丽莎·泰特（MELISSA TAIT）/ 环球邮报

特写....A10-11 社论与读者来信....A12 观点....A13 生活与艺术....A14 天气与第一人称....A16 益智游戏....A17

马莎·莱德曼（MARSHA LEDERMAN）：艾德·希兰（Ed Sheeran）发现中东政治如何能让最友善的人也变成弃儿 ■ A13

商业报告：渥太华的机场私有化计划对加拿大旅客意味着什么 ■ B1

探索我们的国家信息自由请求数据库 SecretCanada.com

B 版

商业报告....B1 观点与分析....B4 环球投资者....B10 体育....B13 漫画....B14 讣告....B18

播客

机场、AI数据中心与卡尼的投资“超级周期”

报告称，分家可能使阿尔伯塔省损失高达 $170-billion

马修·斯凯斯 卡尔加里

一份由省政府委托的报告估计，放弃联邦制并建立一个主权国家，将在独立后的前五年内使阿尔伯塔省损失高达 $170-billion，并将摧毁一个规模缩减后的加拿大的经济。

报告称，即使在最理想的情况下，脱离联邦也只能为阿尔伯塔省带来极小的经济收益。而在一种更为痛苦的分家情况下，工资将大幅下降，国内生产总值（GDP）将骤减，政府债务将激增。

该省周三公布了这份报告，该报告由卡尔加里大学公共政策学院的一个独立专家小组编写。

报告提供了关于分家成本的一系列估算，描绘了两种场景：一种是相对乐观的场景，即渥太华在谈判中予以配合并给予该省有利的协议；另一种则是阿尔伯塔省与加拿大进入敌对且旷日持久的谈判，导致国家经济陷入停滞。

阿尔伯塔省目前正处于一场关于省分家的激烈竞选活动之中，选民们准备在 10 月 19 日决定是留在加拿大，还是为第二次具有约束力的全民公投奠定法律基础。

阿尔伯塔省对分家的支持率估计在 25 和 30 per cent 之间，多年来一直保持稳定。 ■ 阿尔伯塔省，A8

法官裁定维持“南方计划”关键文件保密

莫莉·海耶斯 (MOLLY HAYES) 科林·弗里兹 (COLIN FREEZE)

安大略省高等法院法官周三裁定，导致“南方计划”（Project South）被取缔的关键录音记录将继续维持出版禁令。法官认为，一名被指控参与该腐败案的多伦多警察所发表的煽动性言论将“深深冒犯”公众，并给潜在的陪审员留下不可磨灭的印象。

该裁定是对《环球邮报》及其他媒体申请公开今年早些时候解密的500多页法院文件和搜查令申请的回应。这些文件包括所谓的“获取信息文件”（information to obtain documents），调查人员利用此类文件获得司法授权以进行搜查和逮捕。

虽然这些文件的大部分内容已于7月公布，但部分内容被列入出版禁令，因为检方与媒体就其发布是否应为了保护公正审判权而受到屏蔽展开了争论。

在周三的裁定中，劳拉·伯德（Laura Bird）法官维持了对部分材料的出版禁令，其中包括一份据称是多伦多警察局警员蒂莫西·巴恩哈特（Timothy Barnhardt）与涉嫌组织犯罪人物布莱恩·达科斯塔（Brian Da Costa）之间对话的逐字记录。

记录，A6

《环球邮报》的 SecureDrop 服务提供了一种与我们的记者安全共享信息的方式 TGAM.CA / SECUREDROP

周一至周五：$5.00 周六：$9.00 部分地区价格可能更高

伊丽莎白·辛德勒 (ELIZABETH SCHINDLER) (416) 789-1919 – 莱斯利街 1987 号 (1987 LESLIE ST) 盖里·韦伯 多伦多 (GERRY WEBER TORONTO) (647) 258-7727 – 央街 1177 号 (1177 YONGE ST) 盖里·韦伯 伯灵顿 (GERRY WEBER BURLINGTON) (905) 681-0197 – 布兰特街 442 号 (442 BRANT ST)

绗缝背心 另有 蓝色、 海军蓝、 棕色、 波尔多红

煮绒羊毛大衣 另有 海军蓝、 黑色

伊丽莎白·辛德勒 (ELIZABETH SCHINDLER) 汤姆·汤姆森的《桦树林》 《环球邮报》致力于维持最高标准的伦理、法律和编辑准则。标准编辑 桑德拉·E·马丁 (SANDRA E. MARTIN)，standardiseditor@globeandmail.com

加拿大制造

汤姆·汤姆森 (TOM THOMSON，加拿大，1877-1917)。《桦树林》，秋季，1915-1916年，布面油画，99.0 X 115.4 厘米。由罗伊·G·科尔 (ROY G. COLE) 为纪念其父母马修和安妮·贝尔·吉尔摩·科尔 (MATTHEW AND ANNIE BELL GILMORE COLE) 捐赠，1967年。照片：迈克·拉利奇 (MIKE LALICH)

汉密尔顿美术馆成立于1914年，是该地区最古老、最大的艺术博物馆，其永久馆藏被公认为加拿大最优秀的馆藏之一。该馆藏涵盖了加拿大历史艺术、国际艺术和当代艺术，包含近 12,000 件作品。您可以欣赏到亚历克斯·科尔维尔 (Alex Colville)、汤姆·汤姆森 (Tom Thomson)、七人画派 (Group of Seven)、艾米莉·卡尔 (Emily Carr)、詹姆斯·蒂索 (James Tissot)、让-莱昂·热罗姆 (Jean-Léon Gérôme)、古斯塔夫·多雷 (Gustave Doré)、诺瓦尔·莫里索 (Norval Morrisseau)、基思·哈林 (Keith Haring)、爱德华·伯汀斯基 (Edward Burtynsky) 和金·亚当斯 (Kim Adams) 等人的作品。

这幅画中鲜艳的色彩和孤独感会立即吸引你。你几乎可以想象在温和的秋日进入这个神圣空间的情景。虽然汤姆·汤姆森并非七人画派的正式成员，但他极大地影响了该画派的成员。在许多方面，这幅画是该画派愿景的入门作：离开城市，去描绘北方自然界的威力、庄严与孤独。

玛莎·莱德曼 (MARSHA LEDERMAN)

[ 专栏作家 ]

观点

巴以问题如此剧毒，甚至能让“好先生”艾德·希兰 (Ed Sheeran) 也陷入困境 ■ A13

第一人称

凯伦·斯蒂勒 (Karen Stiller) 讨厌她那个较为常见的名字现在被用作一种侮辱 ■ A16

[ 更正 ]

周一的一篇体育报道在提及乔治·丘瓦洛（George Chuvalo）的陪练时，错误地称这位已故拳击手拥有塞尔维亚血统。他的背景实际上是克罗地亚裔。

丹尼 帕里斯

观点

渥太华的投资策略面临以微小收益换取出售生产性资产的风险 ■ B4

日本达成一项独特里程碑：百岁老人人数突破100,000人

上野久子 (HISAKO UENO) 蒂法尼·梅 (TIFFANY MAY)

二战老兵佐藤哲夫 (Tetsuo Sato) 与其儿媳佐藤邦子 (Kuniko Sato) 2025.年6月在日本新潟县拍摄的照片。KO SASAKI / 纽约时报

日本目前的百岁老人人数已超过100,000人，这对这个以长寿著称的国家来说创下了纪录。

日本厚生劳动省周二发布的数据显示，目前至少100岁的人数共有107,677人，比去年增加了近8,000人。最高龄女性是来自京都的岸本富代 (Fuyo Kishimoto)，现年114岁；最高龄男性是来自熊本的加藤光 (Hikaru Kato)，现年112岁。女性在该群体中占据绝大多数，比例高达88%。

日本厚生劳动大臣上野健一郎 (Kenichiro Ueno) 周二对这一消息表示欢迎，并承诺建立一个强大的社会保障体系，支持老年人长寿且健康地生活。他在东京举行的新闻发布会上表示：“我非常高兴看到这么多人能够如此长久地保持活跃。”

香港科技大学社会科学教授斯图尔特·吉特尔-巴斯滕 (Stuart Gietel-Basten) 表示，许多日本人长寿的原因可归功于健康的饮食、活跃的日常生活以及一个包含定期体检且负担得起的医疗体系。

他指出，女性在百岁老人中的比例较高，是因为那一辈的许多男性在第二次世界大战中丧生，而幸存者比女性抽烟和喝酒更多。男性也更有可能从事工业工作，这可能会产生长期的健康影响。他补充说，许多男性在退休或配偶去世后变得孤立，而女性则倾向于更多地参与社区活动，这改善了她们的心理健康。

106,岁的佐藤哲夫是这100,000,人之一，他与儿子、儿媳以及一只狗和一只猫住在新潟县山区种稻村庄大曾野 (Osonogo)。

佐藤先生听力下降且视力受损，他通过用旧日历和包装纸制作笔记本来充实生活。他还讲述自己在第二次世界大战期间参加英帕尔战役 (Battle of Imphal) 的经历。

他的儿媳，68,岁的佐藤邦子表示，他决心自力更生，并继续在无需帮助的情况下洗澡。

“去年我腿受伤时，爷爷开始自己洗饭碗，”她说，“我们最终在晚年互相照顾。”

除了人口迅速老龄化，日本还在应对全球最低的出生率之一，首相高市早苗 (Sanae Takaichi) 将这一困境称为“无声的紧急状态”。

根据政府预测，日本人口在2008,达到峰值1.28 亿，预计到2070,将下降至8700 万。该国目前的人口数量与1989.大致相当。在国家每增加一名新生儿的同时，就有两名死亡者。

人口危机给政府带来了挑战，因为它增加了不断萎缩的劳动力的税收负担。几十年来，日本当局一直试图通过鼓励夫妇多生孩子来重新平衡迅速老龄化的人口，但收效甚微。

一些专家认为，日本需要允许更多移民进入以抵消人口下降。但近期一股民族主义情绪席卷全国，一些活动人士作为“日本优先”运动的一部分，呼吁实施更严格的控制。

与此同时，该国的百岁老人们决心保持活跃。有些人甚至仍在工作。

两天后，佐藤哲夫将迎来107.岁生日。他的十几个家庭成员计划在一家传统温泉酒店庆祝，他们希望拍下一张四代同堂的合影。

纽约时报新闻服务 (NEW YORK TIMES NEWS SERVICE)

特朗普将加拿大产品从美国联邦采购系统中剔除

政府。

随着贸易战持续，此举进一步限制加拿大公司向美国政府销售商品和服务

艾德里安·莫罗（ADRIAN MORROW）华盛顿报道 杰森·柯比（JASON KIRBY）多伦多报道

唐纳德·特朗普总统正采取行动，进一步限制加拿大公司向美国政府销售商品和服务，这是他针对渥太华贸易战的最新升级举措。

在周三的一份备忘录中，特朗普先生命令白宫管理和预算办公室主任罗素·沃特（Russell Vought）以及美国贸易代表詹米森·格里尔（Jamieson Greer），在“适用法律允许的所有步骤”内，识别并从联邦民用采购系统中剔除“加拿大原产项目”。

总统表示，此举是为了回应各省政府在过去一年半中为了报复特朗普先生早前的关税政策而设立的“购买加拿大产品”计划。

他在备忘录中写道：“加拿大在寻求进入加拿大政府采购市场的美国公司面前，不合理地设置了新壁垒。”

他还指示沃特先生和格里尔先生向其他政府官员提供可替代加拿大产品的美国制造方案。

另外，他还威胁称，如果欧盟落实将加拿大设为该组织历史上首个准会员的提议，他将对欧盟施加更多关税。

周三晚上，特朗普先生告诉记者，欧盟委员会主席乌尔苏拉·冯德莱恩关于加拿大可能成为欧盟准会员的建议——

此项行动。

美国总统唐纳德·特朗普周三在北卡罗来纳州夏洛特市的夏洛特-道格拉斯国际机场走下空军一号。 ANNA MONEYMAKER/ GETTY IMAGES

根据对政府网站 USASpending.gov 报告的授标分析，在 2025 财年，美国政府的所有机构和部门共承诺投入约 US$2.02-billion 用于购买加拿大原产的商品和服务。

……认为加拿大可以成为欧盟准会员的建议是“可笑的”。但他说，如果这种情况发生，他可能会惩罚这个由 27 个成员国组成的贸易集团。

在北卡罗来纳州夏洛特市走下空军一号准备参加中期选举集会后，他表示：“加拿大一直是一个糟糕的贸易伙伴。如果他们那样做，如果我认为这在任何程度上都是一种敌对行为，我将征收非常严重的关税，或者在许多方面停止与欧洲贸易。”

特朗普先生周三关于从美国政府采购系统中剔除加拿大产品的命令，比他上周就同一主题发表的声明走得远得多。

在之前的声明中，他表示将禁止加拿大公司参与美国联邦总务局（GSA）的部分采购计划，该计划涵盖政府工作人员的信息技术和办公用品等项目。

周三的命令适用于更广泛的政府合同。该命令称，沃特先生和格里尔先生将与联邦收购监管委员会（Federal Acquisition Regulatory Council）合作，该委员会负责协调整个

尽管如此，备忘录的措辞赋予了沃特先生和格里尔先生一定的裁量权，决定是否剔除项目，要求他们在“有必要”时采取行动。

在上述金额中，绝大部分（约 US$1.75-billion）由国防部承诺，而 US$270-million 来自所有其他机构。

这些金额是义务金额而非合同价值，代表政府在合同项下实际承诺支付商品和服务的资金，而合同期限可能跨越多年。

负责美国贸易的部长多米尼克·勒布朗（Dominic LeBlanc）的一位发言人在一份声明中表示，加拿大政府“将审查”总统的最新措施。

“我们注意到美国政府的最新更新，该更新推进了此前宣布的采购限制，”勒布朗先生的通讯主管加布里埃尔·布鲁内（Gabriel Brunet）在电子邮件中写道。

华盛顿 Asmar, Schor & McKenna, PLLC 律师事务所专注于采购法的律师劳伦斯·肖（Laurence Schor）表示，该备忘录的措辞十分“严厉”，因为它涵盖了美国政府对加拿大商品和服务的所有使用，且范围涵盖法律所能“强加的程度”。

关于限制加拿大原产商品的措辞“通常与那些存在劳工酷刑和劳工贩卖国家的产地相关联”，这引发了关于其合法性的疑问

肖先生表示，特朗普先生最新的限制措施旨在给总理马克·卡尼和安大略省省长道格·福特（Doug Ford）一个“耳光”，因为他们在贸易战面前没有退缩。

加美贸易谈判在 8 月突然结束，当时卡尼先生拒绝了一项协议，他表示该协议将侵犯加拿大与其他国家签署贸易协定的主权权利，并保证会导致其汽车工业的毁灭。随后，特朗普先生对价值 280 亿加元的加拿大出口商品征收 50% 的关税，而卡尼先生则对价值 280 亿加元的美国出口商品采取报复性关税。

总统针对加拿大的报复性征税采取了反击，禁止加拿大酒精饮料和摩托车进入美国，并对更多产品征收 50% 的关税，包括奶酪和家具。

自去年起，两国一直陷入贸易战，当时特朗普先生对汽车、钢铁、铝和其他商品征收了此前的一系列特定行业关税。

周三，冯德莱恩女士在法国斯特拉斯堡向欧洲议会发表讲话时，提议加拿大加强与欧盟的联系，卡尼先生出席了此次演讲。

她并未具体定义准会员身份将包含哪些内容，也没有说明加拿大和欧盟将如何就此进行谈判。例如，加拿大和欧盟在十年前签署了一项贸易协定，但包括法国和意大利在内的该集团 10 个国家至今仍未批准该协定。

欧盟去年与特朗普先生签署了一项不对等的贸易协议，其中布鲁塞尔同意接受美国关税，以换取华盛顿不再进一步提高关税。

（本报道由 Dexter McMillan 共同报道）

呼吁渥太华资助强化住房

2021.年，多伦多莫斯公园（Moss Park）一个露营地中的帐篷和遮蔽所。加拿大终止无家可归者联盟表示，对于患有严重认知障碍的人群，强化住房可能是加拿大体系中缺失的一环。FRED LUM / THE GLOBE AND MAIL

该团体建议为患有认知问题的 加拿大无家可归者提供 安全或半安全单元

ALANNA SMITH 健康记者

一家领先的无家可归者组织认为，渥太华应为患有严重认知障碍的加拿大人投资建设强化住房。在无家可归人群中，这是一个规模虽小但极其显眼且成本高昂的子群体，目前的任何住房模式都无法满足其需求。

全国性慈善机构加拿大终止无家可归者联盟（CAEH）在联邦政府即将公布预算之前，就该问题向政府提交了一份提案。

倡导者、住房机构和一线临床医生表示，对于这一医疗情况复杂且服务不足的社会群体，强化住房可能是加拿大住房体系中缺失的一环。

在发送给总理马克·卡尼（Mark Carney）政府并提供给《环球邮报》的一份政策提案中，CAEH正游说渥太华投资$2-billion，在全国范围内建设6,250个强化单元，专门面向患有严重、永久性认知障碍的长期无家可归者。

拟议的强化住房模式将是设有24-7工作人员（包括护士和医疗护理助手）的安全或半安全单元，类似于失智症病房。

阿尔伯塔省的一位市区医生蒙蒂·戈什（Monty Ghosh）表示，他经常治疗这类极易受伤害的无家可归群体，这些人因创伤性脑损伤、胎儿酒精谱系障碍、创伤和药物滥用而患有严重且永久性的认知障碍。

他表示，这些人的认知障碍如此严重，以至于他们无法管理自己的住房或保障自身安全，但他们无处可去。他们陷入了医院、避难所和刑事司法系统之间循环往复的困境。

参与CAEH提案工作的戈什医生估计，在无家可归人群中，有20 per cent至30 per cent的人属于这一类别。

该组织总裁蒂姆·里希特（Tim Richter）表示，采取干预措施为这一医疗复杂人群提供住房，不仅能支持那些急需帮助的人，还能减少公共安全事件——而这正是各类政府关注的焦点问题。

“如果你在上班的火车上看到有人处于这种残疾状态，或者看到有人昏迷在路边，会感到不安，”里希特先生说。“我们只需要确保为他们提供一种人道、有效且适当的住房解决方案——而不是监狱。”

他表示，为该人群提供强化住房是强制性成瘾治疗的替代方案。强制性治疗在加拿大各地的政治支持度正在上升，并即将在萨斯喀彻温省和阿尔伯塔省付诸实践。就在上个月，安大略省的大城市市长团体要求该省审查现有的精神健康法律，目标是扩大强制治疗的范围。

但里希特先生强调，患有不可逆认知障碍的人群在接受强制干预后不会康复，他们将从终身住房中获益，而不是在强制治疗中心短期停留。他表示，这些人不应处于类似监狱的环境中。

根据提案，强化住房站点还将提供现场的职业治疗、物理治疗和认知康复，并在需要时提供成瘾和精神健康支持。该模式借鉴了长期护理而非“精神病院制度”，其核心目标是康复、稳定和尊严。

该提案指出，这种模式并不适用于所有经历无家可归状况的加拿大人，但对于那些无法在避难所或通过其他住房形式稳定生活，且不具备独立决策能力的群体而言则是合适的。

格什博士表示，他经常不得不将这些患者送回街头。

“我会将患有认知障碍症、阿尔茨海默症以及因车祸导致创伤性脑损伤的患者转入这些长期护理机构以获得终身支持，但对于这些个体，我却无法将他们转入此类设施，”他说道。

格什博士解释说，寻找这些患者的家属同样困难，这导致公共监护程序的办理周期漫长。

卡尼领导的自由党将住房作为一项关键承诺，近期宣布将投资 $2.7-billion 用于多伦多市内的 18 个项目。自由党还创建了一家联邦皇冠公司——Build Canada Homes，以加速在加拿大全境建设经济适用房。

加拿大住房与基础设施部长格雷戈尔·罗伯逊（Gregor Robertson）的新闻秘书阿里安娜·德格里安（Arianna Durgerian）拒绝就该强化住房提案发表评论。

她表示，联邦政府正专注于增加经济适用房和支持性住房的供应，并正与其他级别政府协作开展此项工作。

里希特先生表示，建设强化住房虽然昂贵，但比忽视该问题成本更低。

该提案指出，这一细分群体频繁出入急诊室（ED）并住院，每次急诊就诊费用在 $1,000 和 $3,000 之间，每日住院费用在 $1,500 和 $2,500 之间。

该文件在概述一项伦理义务之前指出：“通过将这一人群安置在适当的住宅护理中使其生活稳定，所带来的下游节省将非常可观，并直接惠及省级的医疗、司法和社会服务预算。”

“让认知功能仅相当于幼童的人在毫无保护的情况下在街头面对无家可归的困境，是对护理职责的放弃。”

北美最大的紧急避难所之一——卡尔加里 Drop-In 中心首席执行官桑德拉·克拉克森（Sandra Clarkson）表示，避难所系统在设计之初就不是为了服务于这类复杂人群，但这里却是这些个体唯一能去的地方。

她表示，强化住房迫在眉睫，可以帮助目前在 Drop-In 寻求庇护的数百人。

“这不仅仅是一个无家可归的问题。这是一个医疗保健和认知障碍问题，而它正通过无家可归的形式表现出来。”

安大略省启动医学院学费资助计划

来自安大略省的人员。

凯莉·格兰特 (KELLY GRANT) 高等教育记者

安大略省的家庭医生住院医师可于周四开始申请一项新资助。该资助将追溯支付其医学院学费，以换取他们在省内任何地区从事至少五年的综合初级医疗实践。

安大略省学院、大学、研究卓越与安全部长诺兰·奎因 (Nolan Quinn) 将在宣布申请开放之际，公布一项计划：在约四年内总共投入 $220-million，为 2,000 多名未来的家庭医生提供学费资助——这一数额高于政府两年前在原则上宣布该计划时所承诺的金额。

该计划的主要目标是激励更多接受家庭医学培训的医生真正提供目前严重短缺的、基于诊所的“从摇篮到坟墓”的初级医疗服务。

2025 年 5 月发表在《家庭医学年鉴》(Annals of Family Medicine) 上的一项研究发现，在 1993 年至 2022 年间进入安大略省医生队伍的 6,310 名家庭医生中，近 40% 在其他环境下工作，包括急诊室以及专门从事运动医学、成瘾治疗和美容医学的诊所。

“这是为了确保学生在完成学业后，将在安大略省的任何地方作为一名综合初级医疗家庭医生执业五年，这就是该计划的最终目标，”奎因先生在周四于伦敦举行新闻发布会前接受《环球邮报》采访时表示。

安大略省的这项资助还涵盖书籍和用品，面向已入读家庭医学住院医师培训计划的安大略省医学院毕业生开放，申请者需同意在包括大城市在内的任何地区，接手完整患者名单并从事综合初级医疗实践。

安大略省将其“学习并留任” (learn-and-stay) 资助计划扩展至家庭医生，这是省政府利用“胡萝卜加大棒”说服年轻医生以填补公共卫生系统缺口的方式执业的最新案例。该计划此前已面向同意在高需求地区工作的护士、急救人员和医学实验室技术员开放。

本案例的不同之处在于，该学费资助并不强迫医生在小镇或农村地区工作，而包括联邦计划在内的其他学生贷款豁免计划则有此要求。

申请者必须在没有从事全职高等教育的情况下，在安大略省连续居住 12 个月——这一规定旨在将资助保留给

省政府尚未说明多少名患者才算作“完整名单”。未能履行五年承诺的医生，其资助金将被转换为需偿还的贷款。

省政府在 1 月份表示，没有初级医疗服务提供者的安大略省居民人数已降至 198 万，低于 2023 年此前估计的 250 万。

安大略省和大多数其他省份都有其他方式促使医生前往极度缺乏医生的地区执业，尽管其中一项此类计划在上周五公布的一项裁决中被不列颠哥伦比亚省法院判定为非法。

不列颠哥伦比亚省最高法院法官马修·基希纳 (Matthew Kirchner) 裁定，如果不对被称为“服务回馈” (return of service) 的条款通过法律或法规进行强制规定，该省不能强迫国际医学毕业生 (IMGs) 在欠缺医疗服务的地区工作两到三年以换取住院医师培训名额。目前，这些条款是通过与个人国际医学毕业生的合同强加的。

“我认为，对那些获得国际医学毕业生（IMG）住院医师培训职位的IMG强制执行‘服务回馈’义务，侵犯了他们在不受政府干预的情况下决定居住地的自由权益，”基希纳法官写道。“一个人选择居住在哪里是

该案件是由一个代表在海外医学院毕业的加拿大人的团体发起的。

居住地是一个根本性的个人决定，涉及享受个人尊严和独立之于意味着什么。”

法官将裁决暂停 60 天，以便给省政府留出回应时间。

不列颠哥伦比亚省卫生部长拉维·卡隆周三告诉记者，他的政府将采取一切必要的法律步骤，以保留针对IMG的服务回馈规定。

“底线是：这个项目太重要了，”他说。“我们将采取任何必要措施，确保该项目能够继续运行。”

至于安大略省新扩大的资助计划，多伦多圣迈克尔医院的家庭医生兼研究员塔拉·基兰表示，该省为所有符合条件的家庭医生支付学费是“合理的”，无论他们在大型城市还是小城镇执业。

她参与撰写的一项研究发现，安大略省的许多家庭医生在初级保健诊所以外的场所工作。

“坦率地说，目前我们省几乎到处都缺乏家庭医生，”她说。

重型机械协助工人营救周三因以色列袭击加沙城而受损并倒塌的住宅楼下被困人员。DAWOUD ABU ALKAS / 路透社

加沙受损建筑倒塌致21人死亡，危险状况持续

杰哈德·阿尔什拉菲 (JEHAD ALSHRAFI) 瓦法·舒拉法 (WAFAA SHURAFA) 托卡·埃齐丁 (TOQA EZZIDIN) 加沙报道

周三清晨，加沙城一座住有数十人的建筑倒塌，救援人员用双手在瓦砾中挖掘，最终确认有21人在睡梦中丧生，其中包括11名儿童。

该建筑此前因战争早期的以色列袭击而受损，已知处于不稳定状态，此次突然倒塌凸显了在以色列与哈马斯停火协议陷入僵局之际，该飞地大多数人口的居住条件已变得多么危险和绝望。

自近一年前达成停火协议以来，一直没有开展重建工作。以色列表示，在哈马斯解除武装之前，不会允许任何重建。以色列仅允许极少数挖掘机进入加沙。

负责协调向加沙地带提供援助的以色列军方机构 COGAT 在被问及是否会允许机械进入以协助处理倒塌事件时，未作出回应。

据加沙卫生部发言人扎赫尔·阿尔-瓦希迪 (Zaher al-Wahidi) 称，截至周三下午，死亡人数为21, 包括11名儿童和5名妇女。他表示，至少有14人受伤，救援人员已完成挖掘工作。

据加沙民防部门称，大约有六个流离失所的巴勒斯坦家庭在那里避难，尽管他们知道该建筑已处于崩溃边缘。“缺乏选择和替代方案让他们别无选择，”加沙民防救援人员阿布德·马吉达拉维 (Aboud Majdalawi) 表示。

加沙约200万人口目前全部生活在不足原领土一半的狭长地带内。他们依然依赖援助，并被几乎每天进行袭击或攻击的以色列军队包围。在建筑倒塌后，人们在绝望地寻找亲人或其遗骸。

有人被看到搬运一名失去头部的儿童尸体。其他人坐在瓦砾堆上，拼命拉扯着他们认为可能是幸存者衣物的彩色碎片。然而，他们发现的只有卡在碎片中的覆盖着灰尘的毯子。

此次倒塌发生之际，加沙地带的救援人员正试图从战争早期被以色列袭击摧毁的建筑中挖掘出数百具尸体。他们只有几台可运行的挖掘机，且燃料供应正在枯竭。

周三，联合国人权事务负责人表示，他担心目前找回的尸体仅仅是“冰山一角”。

“令人心碎的是，那些失踪如此之久的人的亲属，直到现在才确认了他们最深层的恐惧，”沃尔克·图尔克 (Volker Türk) 表示。“加沙的大部分地区已被以色列的轰炸，或通过重型机械和炸药的拆除与清理而夷为平地。”

这场战争是由哈马斯领导的 7, 2023, 10月袭击引发的，当时武装分子冲入以色列南部，杀害了约1,200人，并绑架了251名人质。所有名人质或其遗骸均已获释或被移交。许多人讲述了长期的饥饿、身体和心理虐待，以及在某些情况下的性虐待。

尽管10月份的停火协议减少了加沙的战斗，但据当地卫生官员称，以色列继续进行袭击，自协议生效以来已造成至少1,375人死亡。据加沙卫生部数据，这场持续近三年的以色列-哈马斯战争已导致超过73,789名巴勒斯坦人死亡。

美联社 (ASSOCIATED PRESS)

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周三，在商人约根·费内克（Yorgen Fenech）被判定在 2017 年调查记者达芙妮·卡鲁阿纳·加利齐亚（Daphne Caruana Galizia）谋杀案中不构成共犯后，民众在瓦莱塔举行抗议活动。

DARRIN ZAMMIT LUPI / 路透社

城市就“购买安大略”规则收到警告

部长威胁将削减不遵守省政府国内采购指令的市政当局的资金

劳拉·斯通 (LAURA STONE) 皇后公园记者

省长道格·福特 (Doug Ford) 政府威胁要削减不遵守新“购买安大略” (Buy Ontario) 规则的市政当局的资金，但各城市表示，在与美国的贸易战背景下，他们已经在选择本地产品。

与此同时，安大略省的官方反对党指责福特先生无视其自身的采购政策，而代表安大略省 444 个市政当局的团体则表示，一些新的省级指令带来了额外的成本和复杂性。

在周三公布的一封致市政领导人的信函中，安大略省市政事务与住房部长罗布·弗拉克 (Rob Flack) 敦促当地领导人仔细审查供应链和即将进行的采购，以“寻找增加国内采购的每一个机会”。

该省去年通过了一项法律，要求公共部门优先选择总部位于安大略省或加拿大其他地区的公司所提供的商品和服务，并于今年 4 月增加了对市政当局的要求。

该指令适用于车队车辆以及资本基础设施项目采购等采购行为。

弗拉克先生在 9 月 15 日的信函中写道：“未能遵守‘购买安大略’的要求将迫使我们重新考虑向市政当局提供的省级资金。”

周三在被问及该信函时，福特先生表示，他正在强化其关于市政当局应优先考虑国内公司的预期。

“这只是在提醒他们，首先购买安大略产品，如果在安大略买不到，就购买加拿大其他地方的产品。令人遗憾的是，在说了大约 1000 万 次之后，我竟然还得发出这样的通知，而且你们知道——请配合计划，购买加拿大产品，”福特先生在周三于多伦多一家新生物制造设施开业的新闻发布会上说道。

安大略省市政当局协会 (Association of Municipalities of Ontario) 主席赖利·布罗金顿 (Riley Brockington) 表示，目前是省级经济一个“极具不确定性”的时期。他表示，即使在新规则实施之前，非建筑类商品和服务的市政采购中，已有超过 98% 来自拥有加拿大地址的企业。

该协会表示，一些新的“购买安大略”规则对市政当局来说具有挑战性——包括核实国内含量和供应链，以及在国内采购要求与性价比及项目时间表之间取得平衡。

“市政当局现在已经有了几个月执行新要求的经验，我们从市政当局和工业界听到，一些规则增加了采购的时间、成本和复杂性，”布罗金顿先生在的一份声明中说。

“共同努力使系统变得清晰、实用且可行，对于实现我们加强安大略经济的共同目标至关重要。”

美国关税对市政当局的影响已开始主导地方层面的讨论，因为各城市正开始研究贸易战可能会如何导致其预算出现缺口。

许多城市已经制定了自己的本地采购承诺，其中包括正在竞选连任的多伦多市长奥利维亚·乔 (Olivia Chow)。选举日为 10 月 26 日。

乔女士周三与福特先生一同出席新闻发布会，她表示自己已经在优先进行本地采购，并指出三级政府在今年早些时候达成一致，宣布新地铁车辆将在桑德贝 (Thunder Bay) 制造。

“在这个极不确定、压力巨大的时刻，在全球动荡、贸易对话产生破坏影响的背景下，采取‘加拿大团队’ (Team Canada) 的方式，团结协作，我们会更强大，而我们现在正证明这一点，”她说道。

福特先生还谈到了他与乔女士的合作关系，向这位他曾预言将给这座城市带来“彻底灾难”的现任市长表示支持。

“我只想说，市长和我之间的关系非常好，”他说。“我们将继续支持市长。她做得非常出色。所以，请读懂我的潜台词。”

关税问题已成为密西沙加市长竞选的关键议题。在该场选举中，现任市长卡罗琳·帕里什（Carolyn Parrish）正与邦妮·克隆比（Bonnie Crombie）展开竞争，后者此前曾连续三届担任该市最高职务。

克隆比女士周三表示，不应该需要省政府发信才能促使市政府采取行动。

她在一份声明中表示：“密西沙加不需要皇后公园（Queen’s Park，指安大略省议会）的警告，就应该利用其采购能力来支持安大略省的工人。然而，在当地企业面临真实的不确定性时，帕里什市长未能提出一项关税应对计划。”

与此同时，帕里什女士为自己的应对措施辩护，并表示自美国首次征收关税以来，该市一直执行本地采购政策，但对于属于北美贸易协定（T-MEC / CUSMA / USMCA）且不受关税影响的项目除外。

她在声明中表示：“我们尽最大努力执行这一战略。当省政府鼓励各市支持本地企业时，我们 100% 同意。这是一种基本方法，有助于我们继续建设强大的加拿大和密西沙加。”

然而，安大略省的官方反对党新民主党（NDP）指责省政府试图转移注意力，掩盖其在优先考虑本地公司方面的失败。

安大略省新民主党领袖玛丽特·斯泰尔斯（Marit Stiles）表示，省长给予了美国公司——例如目前运营省学校用品门户网站的 Staples 公司——高于加拿大公司的优先级。

她在一次采访中表示：“这位省长在应该先清理自己门户的时候，却在教训各市，这真是太讽刺了。”她补充说，福特先生应该召回立法机构（该机构原定于 10 月 27 日才复会）以修正采购规则。

省政府反驳了斯泰尔斯女士的批评，并指责她在玩政治游戏。公共与商业服务交付及采购部长斯蒂芬·克劳福德（Stephen Crawford）的发言人朱莉娅·派金（Giulia Paikin）表示，Staples 在加拿大的 300 多家门店中雇佣了 11,000 人，是通过竞争性采购程序被选中的。

庭审记录：发言人称多伦多警方已采取措施加强监督

来自 A1 版

两人当时并不知晓，他们是约克区警察局（York Regional Police）一项大规模警察腐败调查的核心目标，且调查人员一直在监听他们的通话。

“在对话过程中，巴恩哈特先生（Mr. Barnhardt）所说的话理应令公众深感愤慨，”伯德法官（Justice Bird）在描述这段涉嫌的往来对话时写道。“由于他宣誓维护公众安全，却对极端暴力表现出完全的漠视，这使得归于他的言论更加恶劣。”

虽然她在裁决中强调“本案中公众监督的重要性无论如何强调都不为过”，但她同意检方的观点，认为该警员的这些特定言论不应公开。她表示，“这些言论可能会在潜在陪审员心中留下不可磨灭的有罪印象，且极难消除。”

“南方计划”（Project South）是由一起涉嫌在住所企图谋杀一名惩教人员的事件引发的。搜查令于今年早些时候签发，随后在 2 月份的突击行动中，导致 7 名在职多伦多警察、1 名退休警察以及近 20 名平民被起诉。

调查人员指控巴恩哈特警员利用警察数据库，将袭击目标的相关信息泄露给达·科斯塔先生（Mr. Da Costa）。

数据库泄露是该计划所列指控的核心，而该计划是加拿大历史上规模最大的警察腐败打击行动之一。

获取文件的信息（ITO）包含未经证实的指控，尚未经过法庭审理。获取文件并不一定会导致刑事起诉，且文件中提到的部分人员并未面临指控。

正如《环球邮报》在 7 月份报道的那样，文件显示警方怀疑，这次企图暗杀的行为可能是由涉嫌可卡因头目瑞安·韦丁（Ryan Wedding）的一名在狱同伙下令的，并得到了该囚犯前女友的帮助，后者是多伦多南部拘留中心的一名警卫。文件称，虽然该囚犯和该女性惩教人员均未被起诉，但两人都是谋杀阴谋调查的核心目标。

伯德法官指出，约克区警察局在调查过程中仅是“偶然发现”了涉嫌的腐败行为，这或许是所有指控中“最令人担忧”的部分。

“他们进行了一次搜索，以确定近期是谁查询了受害者的地址，结果发现是巴恩哈特先生。在那个时刻之前，没有证据表明任何人怀疑过巴恩哈特先生或其同伙，”她写道。

“这应该是公众极其关注的事情，因为它表明一名受信任的公职人员可以从事广泛的非法行为而未被察觉。”

多伦多警方发言人斯特凡妮·塞耶（Stephanie Sayer）表示，她无法就伯德法官的裁决或涉嫌的警察失职行为发表评论。

警方计划在 11 月的平民监督警察委员会会议上，向公众通报在“南方计划”之后启动的反腐举措。

“多伦多警察局（TPS）已采取一系列措施来加强监督、问责制和专业标准，”塞耶女士说。

代表巴恩哈特警员的多伦多律师杰森·多斯·桑托斯（Jason Dos Santos）和代表达·科斯塔先生的律师克雷格·博托姆利（Craig Bottomley）在周三拒绝发表评论。

两人被共同指控行贿和受贿、未经授权使用计算机以及共谋妨碍司法等。

44, 岁的达·科斯塔先生面临的指控包括贿赂治安人员、未经授权使用警察计算机、贩卖警察制服、共谋妨碍司法以及持有和出口大麻。他在 3 月以 $1.5-million 的保释金获释，但在 5 月的保释审查后，该保释被撤销。

巴恩哈特警员（Constable Barnhardt），56岁，是目前唯一被拘留的警员，其保释申请已被两次拒绝。他面临的指控包括收受贿赂、未经授权使用警察电脑、贩卖警服、共谋妨碍司法以及贩卖可卡因。

除巴恩哈特警员外，多伦多警察局（TPS）的其他六名警员——罗伯特·布莱克警佐（Sgt. Robert Black）、卡尔·格雷莱特警佐（Sgt. Carl Grellette）、索拉布吉特·贝迪（Saurabjit Bedi）、埃利亚斯·穆阿瓦德（Elias Mouawad）、德里克·麦考密克（Derek McCormick）和约翰·马德利二世（John Madeley Jr.）——也被指控涉嫌包括贿赂和贩毒在内的一系列罪名。一名退休人员约翰·马德利一世（John Madeley Sr.）同样被起诉。

7月下旬，在被捕后于今年夏天从警队退休的麦考密克先生承认犯有背信罪和一项5,000加元以下的盗窃罪。这位57岁的男子在承认在市中心52分局前台工作期间盗窃公众上缴的手机后，被判处10个月的有条件监禁。法庭获悉，他当时正与止痛药成瘾作斗争。

针对其他警员的指控尚未在法庭上进行审理。

针对“南方项目”（Project South）腐败案，该省的警察总监启动了一项覆盖整个安大略省的警察服务全面审查。此次审查预计耗时一年半，将重点审查警员筛选、监督以及药物滥用问题。此外，还将审查证据管理以及如何保护执法数据库安全。

赖氏与津氏家属在习访问美国前呼吁释放亲属

华盛顿——在预计中国国家主席习近平访问美国的一周前，被监禁的前香港媒体大亨赖强（Jimmy Lai）之子周三在华盛顿的一次国会听证会上呼吁释放其父亲。

在国会-行政中国委员会的一次听证会上，赖启正（Sebastien Lai）以人道主义理由敦促释放其父亲。今年2月，香港法院在赖强被判定违反北京实施的国家安全法后，判处其有期徒刑20年。

同一天，一名在中国被拘留三个多月的美国学者之妻西尔维娅·津（Sylvia Zin）在众议院外交事务小组委员会面前出庭，请求帮助释放她的丈夫敏津（Min Zin）。

她说：“我深切希望特朗普总统在下周的峰会期间，能与习近平主席提及我丈夫的案件。”

津先生是美国国务院认为在中国被错误拘留的两名美国公民之一。另一名是陈友林（Youlin Chen），一名出生于中国的美国地震学家，已被在中国拘留近两年。他们的案件被美国政府视为外交高优先级事项。

美国总统唐纳德·特朗普在5月于北京与习近平会面后，促成了金明理（Ezra Jin Mingri）牧师的释放。特朗普先生也向习近平先生提及了赖强的案件，但表示这是一个棘手的问题。

赖强是北京的著名批评者，他创办了一家支持民主的报纸，该报在香港大规模反政府抗议活动后的打击行动中被关闭。

他的儿子说：“他今年78岁，是香港年龄最大的政治犯，20年的刑期笼罩着他。如果不能尽快获释，他极有可能在狱中去世。”

习近平先生和特朗普先生预计将于9月24日在华盛顿会面。这将是习近平先生十多年来首次访问华盛顿。他上一次访问美国是在2023年，当时他出席了在旧金山举行的亚太经济合作组织峰会。

赖强的女儿克莱尔（Claire）在被诊断出患有癌症后，未出席周三的听证会。她的哥哥表示，她上周已在伦敦开始化疗。 美联社

官员：导弹防御系统库存告急，沙特寻求援助

周三，朝圣者聚集在沙特阿拉伯圣城麦加的大清真寺建筑群中，围绕着伊斯兰教最神圣的圣地克尔白。法新社 经由 Getty Images

沙特指责胡塞武装 企图袭击麦加 该国在伊朗冲突的 新战线中陷入深渊

萨米·马格迪 (SAMY MAGDY) 苏珊·弗雷泽 (SUZAN FRASER) 穆尼尔·艾哈迈德 (MUNIR AHMED) 开罗报道

两名地区官员周三表示，由于与也门胡塞武装的僵持局面持续时间过长，沙特阿拉伯的导弹拦截弹库存已严重不足，目前正向地区及西方盟友寻求援助。

这些官员称，沙特已请求法国、英国、巴基斯坦和埃及向该地区部署防空支持，以协助防御胡塞武装及其他伊朗支持团体的导弹和无人机攻击。

一名官员表示，此次寻求援助是因为沙特的主要盟友和武器供应商美国在与伊朗进行为期六个月的战争过程中，自身的拦截弹库存也已减少。由于未获授权向媒体通报，两名官员均要求匿名。

沙特阿拉伯与胡塞武装之间的战斗是伊朗战争导致爆发的最新战线。周三，沙特指责胡塞武装企图使用无人机袭击伊斯兰教最神圣的城市；该地区对此表示谴责，但未显示出提供军事支持的迹象。

沙特王国宣布，先知穆罕默德的出生地麦加是“红线”，并称已拦截该无人机。胡塞武装否认攻击距离也门边境约 1,100 公里的麦加。

由于全球最大的石油出口国正遭到其地区对手支持的叛军攻击，该王国不仅需要军事援助，还需要一个安全的原油出口渠道。但目前这两者都没有明确的路径。

据报道，在伊拉克受伊朗支持的民兵组织发动袭击后，一条至关重要的沙特管道已被关闭数周。胡塞武装一直将目标对准该王国的基础设施及其在红海的航运，并在曼德海峡夺取了几个岛屿。而伊朗仍在针对霍尔木兹海峡的船只。油价维持在每桶 US$100 以上。

其中一名地区官员表示，沙特阿拉伯处于“非常困难的境地”，因为它不仅要保护军事基地和关键政府设施，还要保护遍布全国的石油设施。

第二名官员表示，沙特阿拉伯还试图集结国际盟友，对胡塞武装发起集体反击。

两名知情人士（包括一名胡塞武装官员）表示，上周末，阿曼主持了美国与胡塞武装代表之间的一次会议，以讨论地区紧张局势。

周二，英国首相发言人汤姆·威尔斯 (Tom Wells) 确认，英国与沙特阿拉伯拥有“密切的国防伙伴关系”。但他拒绝透露沙特是否请求了军事援助，也未说明英国军队是否在该国境内。

一名土耳其政府官员表示，土耳其正与伊朗和阿拉伯联合酋长国进行谈判，试图降低紧张局势。

这些袭击是对沙特阿拉伯、北约成员国土耳其以及核大国巴基斯坦之间新签署的国防协议的首次考验。但土耳其和巴基斯坦的官员告诉美联社，他们尚未收到沙特针对胡塞武装升级行动而提出的支持请求。

胡塞武装周三声称，他们在也门中部马里卜省击落了一架由沙特支持的联军操作的 F-15 战斗机，但未说明具体发生时间。

美联社

尼泊尔洪水数周后，数千人依然失踪，大多数遇难者身份尚未确认

尼泊尔当局周三表示，在毁灭性洪水后寻获的遗体中，仅有约 7% 的身份得到了确认，这凸显了帮助数千个家庭查明亲人下落所需面对的巨大工作量。

在冰川崩塌引发泥石流和洪水数周后，随着寻找幸存者的希望逐渐破灭，亲属们仍在继续向当局寻求答案。

尼泊尔国家减灾与管理署在给路透社的一封电子邮件声明中表示，在灾难席卷山村和水电站、造成至少 1,399 人死亡后，仍有约 5,200 人失踪，其中包括 636 名外国人。

该机构表示，已从 1,206 具遗体中采集了 DNA 样本，并从失踪者家属中采集了 1,889 份样本。

但该机构补充称，目前总共仅有 105 具遗体被确认身份并移交给家属。

当局已部署热成像无人机和直升机进行搜寻，并聘请专家营救被困在隧道中的工人。

对失踪者的搜寻导致尼泊尔水电站隧道中出现了一些令人惊叹的获救案例。

但外国公民的家属表示，关于救援工作的信息发布频率此前较为稳定，但现在已经放缓。

该部门表示：“狭窄的空域、艰险的山区地理地形以及堆积的碎片规模，是定位失踪者的主要挑战。”

该部门补充称，正通过直接和间接渠道向大使馆和家属提供定期更新。路透社

加拿大最佳着装 • 奇趣舒适针织衫 • 精美珠宝的高光时刻 • 愿望清单旅行

只要是时尚，尽在《Style Magazine》。

你穿着什么品牌？你在品尝什么美食？你将前往何方？ 每一期《环球邮报》旗下的《Style Magazine》都捕捉时尚、艺术、旅行、设计和高品质生活领域中丰富生命体验的经历与引领品味的时刻。

想要活出风格，请阅读每年出版四期的《Style Magazine》。印刷版及在线版请访问 tgam.ca / stylemag。

欧盟联盟：雄心大于定义

周三，欧盟委员会主席乌尔苏拉·冯德莱恩在欧洲议会与加拿大总理马克·卡尼握手。DIRK ZENGEL / DDP VIA REUTERS

邀请成为 准会员 是对建立新关系的 大胆号召

坎贝尔·克拉克（CAMPBELL CLARK）

观点

该如何称呼它？就在几天前的周日，马克·卡尼否认了关于加拿大寻求成为欧盟准会员的报道，称他寻求的并非会员身份，而是一种“独特的联盟”。

但到了周三，当欧盟委员会主席乌尔苏拉·冯德莱恩在法国斯特拉斯堡的欧洲议会发表《欧盟年度报告》演讲，邀请加拿大成为欧盟历史上首个准会员时，他正坐在第一排第一个座位上。这位总理起身与她拥抱。

这是对建立一种新型跨大西洋关系的大胆号召。而双方在名称上的分歧表明，这一计划目前的雄心仍大于其具体定义。

卡尼先生和冯德莱恩女士都希望拥有这些象征雄心的标签。

欧盟委员会主席将其定调为对全球体系“断裂”的回应。她表示，欧洲希望扩大与加拿大的联盟并非是“针对”任何人——但显而易见，对于两位领导人而言，这都是对美国总统唐纳德·特朗普撼动旧秩序的一种反应。双方，尤其是卡尼先生，希望传递一个信号：他们依然拥有志同道合的合作国家。

冯德莱恩女士将这一构想描述为创建一个“共同繁荣与经济安全空间”的提案。

“我们将致力于智能制造。我们将建立技术联盟。我们将整合国防工业基础。我们将把北极打造为一个旗舰合作项目。我们将合作开发能源、关键矿产和电池。以及在人工智能、量子技术、网络和经济安全领域开展合作。”

但准会员身份？在本周早些时候，卡尼先生一直试图避开关于加拿大在某种程度上加入欧盟的暗示，因为加入欧盟意味着要接受欧盟整体的贸易政策和统一的监管条例。

卡尼先生一直积极寻求与欧洲建立更紧密的关系，但他在应对特朗普的贸易战时，也强调要维护加拿大的主权。在周三，加拿大官员们并没有使用“准会员”这个词。

他们更倾向于指出，冯德莱恩女士同样将其称为一个“面向未来的联盟”。

就此而言，欧盟委员会主席提出的“准会员”标签在一些成员国中并不受欢迎：德国总理弗里德里希·梅尔茨的一位发言人表示，这个词——即使是对挪威这样联系紧密的非成员国也从未使用过——应当重新考虑。欧洲议会议员们在周三对合作表示赞赏，但欧盟最终可能会选择一个包装得更为低调的称呼。

加拿大拟任欧盟大使乔纳森·威尔金森（Jonathan Wilkinson）坚持认为，在定义其具体内容之前，名称并不重要。

而定义它并不容易。

卡尼先生一直推动采取大胆举措以深化关系。但一些欧洲外交官告诉《环球邮报》，他们不确定还能做些什么来匹配如此高的定位。

加拿大与欧盟之间已经有一项已有十年历史的贸易协定，尽管 27 个欧盟国家中有 10 个尚未批准该协定，因此协定部分条款在这些国家尚未生效。国防合作则通过北大西洋公约组织（NATO）进行。卡尼先生去年已经与欧盟签署了一系列协议。

卡尔顿大学教授、欧洲研究中心共同主任阿希姆·胡雷尔曼（Achim Hurrelmann）表示，接下来的步骤将更多是延续而非革命。

“我认为他们如此强调这种新级别的伙伴关系，其原因主要在于象征意义，”他表示。“我认为在法律上没有必要建立新级别的伙伴关系，而且对于这种关系具体会是什么样子，也没有真正的制度蓝图。”

不过，仍有一些可以开展倡议的领域。双方都有兴趣在人工智能和数据主权方面开展合作，以确保美国不会垄断该技术的控制权，同时在确保关键矿产供应链的协议上进行合作。

但对于新联盟可能带来的某些憧憬——例如加拿大与欧洲之间的免签流动——在现实中将会更为克制。

访客目前已经可以免签旅行，且学生交换和青年流动计划尚未被充分利用。加拿大不会向 4.5 亿 欧洲人开放不受限制的移民，而欧盟在已经看到极右翼反移民政党崛起的情况下，也不会对加拿大人这样做。双方更有可能扩大青年和教育交流，以及针对专业人士的流动协议。

这些仍将是实质性的措施。更多细节预计将在 10 月的加欧峰会之前敲定。与此同时，对于一个尚未定义且仍无法被正式命名的安排，存在着新的、宏大的象征性野心。

欧盟：关于与加拿大的新关系将包含哪些具体内容尚无细节

来自 A1

她表示，双方将在智能制造、建立技术联盟、整合国防生产以及将北极打造为“旗舰合作项目”方面共同努力。讨论还将聚焦于能源、关键矿产、电池、人工智能和量子科学，以及网络和经济安全。

在提到特朗普先生时，她补充道：“这并不是一个针对任何其他人的伙伴关系，而是为了我们的共同力量。”

在渥太华，保守党和新民主党（NDP）对冯德莱恩女士雄心勃勃的提议做出反应，警告称，卡尼先生在未寻求议会批准的情况下，不应让加拿大承诺成为欧盟的准会员。

保守党党魁皮埃尔·波利耶夫（Pierre Poilievre）在 X 平台的一篇帖子中表示，他将拒绝屈从于欧盟的法规，且加拿大必须保持“独立和主权”。

保守党负责加美关系的批评人士舒瓦洛伊·马朱姆达尔（Shuvaloy Majumdar）指出，卡尼先生 2025 年的竞选纲领中并未提及获得欧盟任何类别的会员资格。

“应该咨询议会。这件事应该提交给众议院审议，”马朱姆达尔先生说。

“我们想要欧洲的规则吗？我们想要欧洲的监管吗？我们想要欧盟的税收吗？”这位国会议员问道，“总理在多大程度上出让加拿大的主权，以成为欧盟的第 28 个成员？”

新民主党新闻秘书萨姆·赫什（Sam Hersh）表示，他的政党认为议会对与欧盟的新关系应拥有最终决定权。

“加拿大人是通过关于他访问欧洲议会的新闻报道，而非通过他在加拿大众议院的演说，才得知马克·卡尼对与欧洲建立新政治关系的兴趣，这是不可接受的，”赫什先生在声明中说。“新民主党支持与欧洲建立更紧密的经济联系，但进行此类辩论的地方应该是这里，在加拿大的众议院议事厅内。”

冯德莱恩女士和卡尼先生都没有就这种新关系将如何运作，或者它与欧盟同挪威、冰岛和瑞士等其他非成员国达成的安排有何不同提供细节。

那些安排提供了进入欧盟单一市场的机会，并保证人员、工人及资本的自由流动。但上述三个国家都必须向欧盟预算出资，且必须遵守欧盟法规而没有任何发言权。据报道，卡尼先生出于担心丧失过多主权的考量，已排除了这一选项。

卡尼先生的发言人奥德丽·尚普（Audrey Champoux）发表声明，对冯德莱恩女士的提议表示欢迎，认为这是双方可以共同定义的一项提议——但她指出，冯德莱恩女士将其称为一个面向未来的联盟。

加拿大拟任欧盟大使乔纳森·威尔金森（Jonathan Wilkinson）淡化了冯德莱恩女士使用“准会员”一词的影响，称在提议得到更明确定义之前，措辞并不重要。

“我认为，在真正确定我们认为最合适的描述方式之前，还有一段距离，”他说。

欧盟与 20 多个国家签署了协会协议。这些协议提供不同程度的市场准入和义务，但在许多情况下，谈判耗时数十年。它们还需要所有 27 个成员国的批准，而这一过程可能极其曲折。虽然与加拿大的贸易协定 CETA 在 2016 年签署，但包括法国、意大利和爱尔兰在内的 10 个欧盟成员国仍未批准。

“没有人确切知道它会是什么样子，因为正如欧盟委员会主席乌尔苏拉·冯德莱恩所说，这将是第一个准会员，”负责欧盟议会与加拿大关系代表团主席的西班牙议员哈维尔·莫雷诺·桑切斯（Javier Moreno Sánchez）表示。

莫雷诺·桑切斯先生排除了加拿大选举欧洲议会议员或在欧盟各委员会中拥有代表的可能性。但他表示，这种关系可能会超出协会协议的范畴。

“我们必须发挥创造力，共同努力以实现这一地位，”他说。“重要的是我们向世界发出的政治信号，即我们希望保持非常紧密的联系。”

他承认，一些欧洲议会议员对这一地位的合法性提出了质疑，因为欧盟的创始文件之一《欧盟条约》中并未对此做出规定。然而，他表示，欧盟此前曾有过在条约之外开展工作的经验，例如推出欧元以及制定关于人员自由流动的《申根协定》。“只要有政治意愿，我们就能做到。”

他补充说，这种新的会员地位也可以成为英国、日本或澳大利亚等其他国家的模板。

并非所有欧洲议会议员都欢迎给予加拿大的特殊待遇。

“在成为准会员这件事上，英国怎么可能没有优先权？”欧洲议会议员尼古拉·普罗卡奇尼（Nicola Procaccini）说道。他是右翼意大利兄弟党（Brothers of Italy）的成员，该党由意大利总理乔治亚·梅洛尼领导。

在向议会发表讲话期间，普罗卡奇尼先生还批评冯德莱恩女士“向卡尼总理低头”。

法国民粹主义国民联盟党（National Rally）主席乔丹·巴德拉（Jordan Bardella）则针对欧盟领导层发难，称“当前的体制正走向终结”。

他告诉欧洲议会议员们：“当资金是欧洲的，工作岗位就应该在欧洲。当资金是法国的，工作岗位就应该在法国。”

意大利兄弟党和国民联盟党都是怀疑欧盟的政党，尽管梅洛尼女士在一定程度上缓和了立场，现在称自己为“欧洲现实主义者”。

在美国，缅因州共和党参议员苏珊·柯林斯（Susan Collins）周三也对加拿大寻求与欧盟建立更深层联盟表达了负面看法。

她告诉加拿大广播公司（CBC）新闻：“这无助于重建我们曾经拥有、且我希望我们能再次拥有的良好关系。”

卡尼先生周三晚上离开法国前往利物浦，与总理安迪·伯纳姆（Andy Burnham）一起观看了一场埃弗顿队与伍尔弗汉普顿流浪者队的足球赛，伯纳姆总理是埃弗顿队的忠实支持者。这是自伯纳姆先生在7月就任总理以来，两国领导人的首次会面。预计他们将讨论与欧洲的更紧密联系、北约以及贸易问题。

总理办公室周三表示，加拿大已申请加入英国领导的联合远征部队（Joint Expeditionary Force），这是一个由10个国家组成的军事联盟，专注于北极和北大西洋安全。

卡尼先生计划在比赛后返回法国，并将于周四在欧洲议会发表讲话。

卡尔顿大学国际事务教授芬·汉普森（Fen Hampson）表示，欧盟的准会员身份不太可能让加拿大免受特朗普先生的经济攻击。他表示，尽管欧洲和加拿大的集体市场力量大于中国或美国，但面对美国的惩罚性关税和对加拿大商品的禁令，欧盟成员国多次未能为这个国家挺身而出。

“每当唐纳德·特朗普攻击我们时，他们总是按下静音键。”

（本文包含加拿大新闻社的报道）

阿尔伯塔省：关键点涉及巨大的短期成本及不确定的未来后果

来自 A1

此次全民公投发生在一个人们对国家统一高度担忧，且面对美国总统唐纳德·特朗普的贸易战和兼并言论，加拿大主权受到威胁的时刻。

与此同时，魁北克省的选民距离省级选举大约还有三周时间。主张独立之魁北克党（Parti Québécois）在过去近三年的民调中一直处于领先地位，但目前看来似乎不太可能组建多数政府。今年 6 月，该党发布了长达 524 页的《蓝皮书》（Livre bleu）——这是其最新的独立蓝图。

卡尔加里大学（UofC）公共政策学院院长玛莎·霍尔·芬德利（Martha Hall Findlay）在阿尔伯塔省报告中写道，该文件不具有党派色彩。她写道，该文件“既不主张也不反对分离”。

报告的主要作者蒂姆·萨金特（Tim Sargent）在一次采访中表示，在这次研究过程中，最大的挑战之一是寻找能够准确预判阿尔伯塔省可能与加拿大“离婚”后果的现实场景。

在过去一年中，阿尔伯塔省分离主义辩论中的众多团体和声音一直在试图确定脱离联邦的后果；该报告是第一份由学术机构发布的综合分析。

“你真的像是在盯着水晶球预测未来，”萨金特先生说道。

报告称，建立一个独立的阿尔伯塔省在最初五年内的成本可能在 $50-billion 和 $170-billion 之间。报告还指出，在最理想的情况下，阿尔伯塔省的债务将达到约 $324-billion；如果该省与加拿大之间的谈判不友好，债务将达到 $442-billion。

与此同时，加拿大的其他地区将因阿尔伯塔省的离开而遭受经济毁灭。作者预测，加拿大的全球经济地位将会下降，货币将会贬值，且省际和国际贸易路线将面临重大挑战。

专家组表示，其研究结果强调了两点：分离将涉及巨大的短期成本，且长期的经济和财政后果将具有高度的不确定性。

阿尔伯塔省财政部长杰森·尼克松（Jason Nixon）在周三回应该报告的一份声明中指出了这种不确定性。

他写道：“专家组的评估强调，报告中概述的两种情景都凸显了阿尔伯塔省在短期内脱离加拿大将付出多么高昂的代价，同时也凸显了阿尔伯塔省在长期内将面临的大量不确定性。”

新民主党（NDP）财政评论员考特·埃林森（Court Ellingson）在声明中表示，该报告证明分离主义对于“阿尔伯塔省的经济和家庭来说是一个糟糕的主意”，并表明 10 月 19 日的全民公投是“浪费金钱”。

报告称，阿尔伯塔省脱离联邦的路径将在很大程度上取决于渥太华的反应及其谈判策略。一次“平稳”的离开将需要加拿大政府——在这种情况下，其动力在于提供确定性并限制经济损失——迅速与阿尔伯塔省达成谈判结论。

与此同时，在“困难”情景下，渥太华可能会限制对阿尔伯塔省的让步，以防止其他省份效仿离开；作者表示，这正是英国投票脱离欧盟时，欧盟采取该策略的动机。

报告称，旷日持久的谈判将对投资、利率和汇率产生压力，因为在对未来有清晰认识之前，投资者将犹豫是否向阿尔伯塔省和加拿大投入资金。

潜在结果的巨大差异体现在部分估算数据中。

在“平稳”情景下，作者预计阿尔伯塔省政府在 20 年周期内的盈余约为 $7.8-billion，而 GDP 的增长将比留在加拿大境内时多出约 3%。而“困难”情景则预计该省的赤字将增长至 $31-billion，GDP 将萎缩 16%。

该报告还思考了阿尔伯塔省与美国的关系，以及新国家无需花钱投入的项目（例如海岸警卫队），以及它将如何建立军队。

报告称，阿尔伯塔省将无法继承战斗机等资产，这些资产“需要迅速获取”；而且作为一个新国家，它需要支出约 $10-billion 以满足北约成员国将国内生产总值（GDP）的 2 per cent 用于国防的要求。由于北约国家去年承诺到 2035 年每年将 GDP 的 5 per cent 投资于国防，这一数额将增加到 $25-billion。

支持独立组织“让阿尔伯塔决定”（Let Alberta Decide）的领导人基思·威尔逊（Keith Wilson）表示，他认为该报告“不切实际地悲观”，因为它忽略了该省在与加拿大其他地区谈判时的筹码。他说，即使是最乐观的情况也否定了该省的经济杠杆。

“加拿大没有那种经济实力。在这里，阿尔伯塔省掌握着主动权，”威尔逊先生说道。他最近在他所谓的“阿尔伯塔过渡委员会”（Alberta Transition Council）下发布了自己的经济预测。

阿尔伯塔商业委员会（Business Council of Alberta）主席亚当·莱格（Adam Legge）在一次采访中表示，“平稳”情景中所概述的相对微小的收益极不可能实现，这凸显了分离带来的有限上涨空间。

“可能性最高的是，我们将落在某个负面经济区域，”作为该报告咨询小组成员的莱格先生说道。

莱格先生补充说，之所以将最乐观的情况纳入其中，是为了使报告免受“仅关注分离负面后果”的批评。

“这实际上是为了确保该报告能够经受住质疑的考验，而不是一个预设的结论。”

杜特尔特出席国际法院预审听证会

周三，罗德里戈·杜特尔特在荷兰海牙的国际刑事法院出庭。PIROSCHKA VAN DE WOUW / 路透社

菲律宾前总统 被指控犯有 危害人类罪

莫莉·奎尔（MOLLY QUELL） 荷兰海牙

菲律宾前总统罗德里戈·杜特尔特周三出席了国际刑事法院的一场听证会，他正面临危害人类罪的指控。这是他一年多来首次公开露面，期间他面带微笑并向支持者挥手。

这位前领导人被指控犯有谋杀罪和企图谋杀罪，原因是他涉嫌在任职期间发起的所谓“禁毒战争”中参与了数十起杀戮。他否认针对自己的指控。

这位 81 岁的老人身着黑色西装和一件洁白的衬衫，参加了一场预审听证会。此次听证会主要集中在审判正式开始前的日程安排问题上，审判预计将于 11 月开始。

杜特尔特先生于 2025 年 3 月在菲律宾被逮捕并被送往海牙。他最初是通过视频链接在法院拘留中心出庭的，直到周三才再次出席会议。

他的法律团队曾试图以医疗理由请求撤销此案，但法官拒绝了他申请保释的请求，并最终在今年早些时候裁定他的健康状况足以接受审判。

国际刑事法院（ICC）一直在调查由杜特尔特先生监督的镇压行动中的大规模杀戮，首先是他担任菲律宾南部城市达沃市市长期间，随后是他担任总统期间。

关于杜特尔特总统任期内死亡人数的估计各不相同，从国家警察报告的 6,000 多人到人权组织声称的高达 30,000 人不等。

据检察官称，警察和政府特遣队在杜特尔特先生的命令下实施了数十起杀戮，其动机是金钱奖励或为了避免自己成为目标。

今年 6 月，该案的主审法官告诉杜特尔特先生的律师，她希望这位前领导人能亲自到场。乔安娜·科纳（Joanna Korner）法官表示：“除非有医疗问题，否则我们希望杜特尔特先生能出席。”

本周早些时候，他的法律顾问请求进行额外的医疗评估。

在禁毒镇压行动中遇难者的亲属在马尼拉举行了集体守夜，高喊“为所有杀戮受害者伸张正义！”

一小群抗议者也在听证会前聚集在国际刑事法院外，对审判程序表示支持。

在法院于 2018 年 2 月宣布对暴力禁毒镇压行动展开初步调查一个月后，杜特尔特先生表示菲律宾将退出国际刑事法院。

去年，法官拒绝了杜特尔特先生法律团队因菲律宾退出而请求撤销此案的申请。法官表示，各国不能通过“在涉及已在审理的涉嫌犯罪时掩护相关人员逃避司法”，来“滥用”其退出法院基础文件《罗马规约》的权利。

今年早些时候，当局试图逮捕另一名因禁毒杀戮而被国际刑事法院通缉的男子，该行动在 5 月的菲律宾参议院演变为枪战。无人受伤。法院此前已公开了对罗纳德·马拉蓬·德拉·罗萨（Ronald Marapon dela Rosa）的逮捕令，他曾在杜特尔特任内担任国家警察局局长。德拉·罗萨先生在参议院对峙后潜逃，目前仍在逃。

7 月，菲律宾参议院作为弹劾法院，启动了对杜特尔特女儿、副总统萨拉·杜特尔特（Sara Duterte）的审判。如果她被判定指控成立（指控包括积累不明财产以及公开威胁现任总统费迪南德·马科斯（Ferdinand Marcos Jr.）的家人），她可能会被永久取消担任公职的资格。她否认这些指控。

美联社

科索沃前总统因战争罪被判处25年监禁

迈克·科德（MIKE CORDER）

荷兰，海牙

科索沃前总统哈希姆·塔奇（Hashim Thaci）周三被判处25年监禁，此前他被裁定在1998-99年脱离塞尔维亚独立战争期间犯有战争罪。

塔奇在近六年前辞职，以便在海牙由欧盟支持的科索沃专门法庭面对指控。他被裁定四项战争罪名成立，包括谋杀、酷刑、残酷对待和任意拘禁。他本人以及要求更严厉判决的检察官均可提出上诉。

这一判决引发了塔奇支持者的愤怒，对于这个曾受到西方拥护、受邀参加1999年法国和平谈判并被视为能引导科索沃走向独立的领导人来说，这是一个沉重的打击。

主审法官查尔斯·史密斯（Charles Smith）表示，塔奇积极参与并鼓励犯罪，包括提拔参与犯罪的人员，并且“表现出一种残酷的能力，能够清除和消除”对他及其他指挥官领导地位构成威胁的政治障碍。

塔奇身着西装打着领带，在史密斯法官宣读判决书时保持沉默。

科索沃外交部长格劳克·孔尤夫查（Glauk Konjufca）谴责该裁决是“对科索沃、对我们的人民以及对我们的解放战争的一次可怕的审判”。

数百名支持者在海牙法院附近的一个公园等待，其中一些人与荷兰防暴警察发生了短暂冲突。警方在X平台上表示，他们拘留了两人。

在科索沃首都普里什蒂纳，数千人通过大屏幕观看实时听证会，并对判决结果感到震惊。一些人高喊“UCK”，这是塔奇在进入政坛前曾领导的科索沃解放军（Kosovo Liberation Army）的阿尔巴尼亚语缩写。

一名支持者贝基姆·费塔胡（Bekim Fetahu）表示，该裁决是一个“灾难性的决定”。

“他们（法官）将受害者与侵略者混为一谈，”费塔胡补充道。

随后，蒙面抗议者向普里什蒂纳郊区欧盟科索沃法治特派团（EULEX）大院的围墙投掷石块，击碎了数扇窗户。

主审法官史密斯表示，塔奇“利用其职位、领导力、权威和地位”来鼓励犯罪，且未能调查或惩罚科索沃解放军战士的虐待行为。

然而，这位美国法官同时强调，此次审判“并非针对科索沃解放军的合法性”，也不是针对其确保科索沃（当时为塞尔维亚的一个省）获得独立的最终目标。

特别检察官金伯利·韦斯特（Kimberly West）对判决表示赞赏。她在声明中说：“某些个人利用战争环境犯下严重罪行，而这些个人现在被追究责任，这对科索沃来说是一件好事。”

美联社（ASSOCIATED PRESS）

A10 FOLIO

这座多伦多公园如何成为生态修复的国际典范

汤米·汤普森公园（Tommy Thompson Park）曾是一个建筑垃圾填埋场，如今已成为鸟类、海狸以及多伦多市民的避风港

TAVIA GRANT, MELISSA TAIT

摄影：MELISSA TAIT

安德里亚·克雷斯顿（Andrea Chreston）正站在一片湿地边缘的观景点，指向一对正穿过一片睡莲的小天鹅及其三只雏鹅。

很难想象，在过去，多伦多滨水区这片绿色的绿洲曾是一片荒芜的废地。

“20年前这里像月球表面一样荒凉，”多伦多及地区保护局（TRCA）高级项目经理克雷斯顿女士说道，“植被已经有了长足的进步，并为野生动物群落提供了所有这些至关重要的栖息地。”

汤米·汤普森公园曾是一个建筑垃圾填埋场，如今是一座城市荒野公园，已成为生态修复的典范。

这里也是一个生物多样性热点，拥有河獭、白尾鹿、黑脉金斑蝶和红胸秋沙鸭，以及充满生机的野花草甸和湿地。它被认为是市内最佳的观鸟地点之一，记录到的物种超过300种。

这座吸引野生动物的公园以该市首任公园专员命名，位于莱斯利街尖端（Leslie Street Spit），这是一个距离市中心仅几分钟路程的半岛。这座长五公里的公园每年吸引约300,000名游客，其中大多数是骑行者、徒步者和观鸟者。许多当地人将其称为“尖端”（the Spit）。

它在加拿大，乃至可能在整个北美都是独一无二的，因为这片土地完全是人工制造的；它最初并非旨在成为公园，且四周被水环绕。TRCA表示，他们没有听说过其他类似的例子，即湖中由碎石地貌转化为荒野公园的案例。

莱斯利尖端的建设始于1959年，旨在为多伦多港创建一个防波堤。最初，它还被计划作为扩大多伦多港口能力的一部分，但预期的航运繁荣从未发生；多年来，这里仅仅是一个倾倒场。几十年来，多伦多将从湖底挖掘的沉积物以及拆除建筑和地铁建设的废料倾倒于此，慢慢形成了这个五公里的半岛。

1973年，省政府将制定公共公园计划的责任交给TRCA，该保护局自1995年以来一直致力于栖息地修复项目。如今的公园是针对性修复努力和自然演替共同作用的结果。克雷斯顿女士表示，野生动物是自行迁徙而来的。

“在汤米·汤普森公园发生的一切都是野生且自然的，但我们创造了这些让他们能够繁衍生息的栖息地。”

在最近一次两小时的访问中，公园里到处是活跃的野生动物。一只草原田鼠飞快地穿过小径；黑脉金斑蝶在乳草丛中翩翩起舞，一条环带蛇在小路上滑行。克雷斯顿女士指出了家燕和崖燕的巢穴、蝙蝠箱以及为普通燕鸥准备的浮筏。

它伸入安大略湖的地理位置，使其成为了鸟类和蝴蝶至关重要的中途停歇点。它已被正式指定为对鸟类重要、具有环境意义以及关键的生物多样性区域。事实上，这座公园是许多在大型城市中并不常见的动物的家园，包括彩龟、乳蛇和大口黑鲈，以及海狸、狐狸、貂和郊狼等哺乳动物。

它的成功引起了全球关注：今年春天，一个来自韩国的官员代表团访问了该公园，学习如何在这样的场地建立植被。“绝对有很多国际关注，”克雷斯顿女士说，此外还包括来自北美各地的关注。而在2025年11月，TRCA在瑞士日内瓦举行的全球人类住区论坛上，凭借该公园作为生态修复与保护典范而获奖。

TRCA 也在当地分享其学习成果。今年 5 月，密西沙加附近开设了一处新的保护区，其中采用了从汤米·汤普森公园（Tommy Thompson Park）学到的经验。吉姆·托维湖景保护区（Jim Tovey Lakeview Conservation Area）是一座滨水公园，为鸟类、蝴蝶和其他野生动物恢复了栖息地。

多伦多居民约翰·卡利（John Carley）自 20 世纪 80 年代起就一直访问该岬角（the Spit）。“我就喜欢走到那里，置身于水波之间，远离城市，”卡利先生说道。他是“岬角之友”（Friends of the Spit）的共同主席，该组织成立于 1977 年，主张将该岬角保持为无车公共城市荒野。

该组织在网站上列出了所有观察到的动植物清单——约 400 种植物、336 种鸟类、22 种哺乳动物、50 多种蝴蝶以及 40 多种蜻蜓和豆娘。

正如联邦政府今年所言，自然是加拿大身份认同的基石。渥太华在 3 月宣布了一项保护自然环境的新战略；其目标之一是恢复退化的生态系统。

而且该计划正在发挥作用。栖息地正蓬勃发展，动物们也随之而来。在过去几年中，白尾鹿开始在公园内繁衍。河獭也是如此。

“它们非常隐秘，所以很难找到，但这个物种在多伦多滨水区已经消失了一个世纪，”克雷斯顿女士说。那些原产于该地区且一度罕见的小喇叭天鹅数量正在增长：这已经是它们在公园筑巢的第 13 年，今年共有 3 个巢穴孵化出 16 只雏天鹅。

这很奇妙，是以一种美妙的方式。一座自然公园建立在生锈的钢筋、破碎的陶瓷砖、混凝土板、风化的砖块、碎石、石头和沙子之上。人们利用岸边随机且具有质感的拾得物创作自发的艺术品。

卡利先生希望这里能继续保持一个未经修剪、略显粗犷且在很大程度上听之任之的地方。他对公园的哲学是，“尽可能让自然主宰”。

一群游客在汤米·汤普森公园的一座桥附近自拍。这座全长 5 公里的公园每年吸引约 300,000 名游客，其中大多数是骑行者、徒步者和观鸟者。

最左侧：公园里居住着在大城市中并不常见的动物。海狸在这里生活了 20 多年。 中左侧：数量增长的小喇叭天鹅在这里筑巢已有约 13 年。 左侧：巢穴中的崖燕，使该公园成为观鸟者的关键中转点。 下方：一名游客在公园的桥上钓鱼。大口黑鲈是水域中发现的鱼类之一。

左侧：从公园看到的 D 湾（Embayment D）湿地景观和多伦多天际线。该区域曾是多伦多滨水区东侧的建筑垃圾填埋场，现在已成为一个繁荣的生物多样性热点。 在 20 世纪 50 年代至 70 年代之间，被称为莱斯利街岬角（Leslie Street Spit）的区域是由疏浚材料和建筑碎片组成的。1984 年，它被命名为公园，该区域一直被作为受保护的生态系统予以保存。

社论

真正忠于首席行政官的人，既不会建议也不会屈从于专断的措施 —— 朱尼厄斯（Junius）

道格·福特也应该“各司其职”

安大略省省长道格·福特（Doug Ford）最近在繁忙的日程中抽时间录制了一段视频，解释他的政府如何全力以赴地解决该省面临的一个关键问题。

他的办公桌上堆积着如此多紧急的文件，这件事一定至关重要。他是在应对威胁该省经济的贸易战吗？是医疗系统的难题？是校园暴力，还是下滑的住房开工量？

都不是。福特先生关注的其实是多伦多的当地基础设施。具体来说，他想吹嘘他的政府如何迅速行动，拆除该市 19 公里道路上广受欢迎的自行车道。

需要明确的是，省长在法律上有权拆除多伦多的自行车道。上个月，上诉法院的一项裁决认定，此类政策决定属于政治家的职权范围，而非法官。本专栏曾主张这是一个正确的决定，法官应当“各司其职”（stay in their lane）。

但很多事情虽然在法律上可行，却并不明智。请记住，安大略省是全国最大的省份，拥有 1600 万 人口，预计赤字达 $17-billion，且面临着一系列严重的挑战。福特先生有更重要的事情要处理。他也应该“各司其职”。

相反，他正沉溺于一种对自行车道的反感之中，这种反感可以追溯到他担任市议员时期。他当时就反对自行车道，但市议会的看法不同，自行车网络随后缓慢扩张。这有助于推动当地共享单车系统的增长，去年该系统的使用次数接近 800 万次。

现在，作为省长，福特先生有权推翻市议会的意愿。在被计划拆除的自行车道中，包括央街（Yonge Street）、布鲁尔街（Bloor Street）和大学大道（University Avenue）上的隔离车道——所有这些都已成为该市交通基础设施的关键组成部分。

福特先生坚称，这是解决拥堵的常识性方法。但一个可能揭示这更多是关于“文化战争”政治的迹象是，他完全没有努力去移除停车位，而停车位占据的空间比自行车道更多。

当然，支持拆除自行车道的论点是成立的。这样做可以为驾驶员释放道路空间。尽管历史和学术分析表明，这些额外空间最终仍会变得拥堵，但车辆吞吐量将会增加。也就是说，道路能容纳更多驾驶员。

然而，一条道路能移动多少驾驶员，仅仅是衡量其价值的一个指标。在一个并非所有人都在开车出行的城市里，其他出行方式必须得到适当的关注。

自行车道的主要价值在于它们能让人们在更高的安全性下骑行，这是一次公共卫生的胜利。自行车道还能通过说服部分驾驶员在不开车的情况下到达目的地，从而缓解拥堵。当然，如果骑行者因为感到不安全而占用整个车道，确实不利于提高交通速度。而且研究表明，自行车道对当地商业有利，因为骑行者比驾驶员更倾向于停下来消费，且消费更多。

多伦多市议会权衡了利弊，决定安装自行车道。这才是此类辩论的正确场所。人们如何在城市中出行，这种决定最好交给当地代表。

相反，福特先生却粗暴地干预市议会，涉足市政政治，尽管他有更多重要议题需要关注。为了帮他集中注意力，这里列出一份部分清单：

首先，他可以精简内阁。上周福特先生对内阁进行了洗牌，使其规模达到了历史之最——对于一个面临贸易战相关裁员的省份来说，这并不好看。省长需要一支精干且专注于核心事务的团队。他还应该认真对待学生袭击教师的问题，这是一个复杂的问题，不能简单地通过在学校部署警察来解决。此外，他可以采取更多措施帮助汽车行业的工人实现向新岗位的转型——根据省预算监督机构去年的一份报告，在制造业整体下滑的背景下，该行业的处境最为糟糕。

这些都是现实问题。而且该省并非处于强势地位。根据TD上个月的一项分析，其经济正“面临全国最严峻的逆风”，预计今年增长将十分乏力。在这种背景下，投入资金拆除当地的自行车基础设施，尤其难以证明其合理性。

人们有理由担心省政府的优先事项。他们对福特先生如此得意地关注区区几公里的自行车道感到诧异，也是正确的。

辛克莱·斯图尔特 (SINCLAIR STEWART) 副编辑 安吉拉·帕西恩扎 (ANGELA PACIENZA) 执行编辑

詹姆斯·凯勒 (JAMES KELLER) 国家 克里斯汀·布鲁索 (CHRISTINE BROUSSEAU) 管理，优先事项

安德鲁·桑德斯 (ANDREW SAUNDERS) 总裁兼首席执行官 大卫·沃尔姆斯利 (DAVID WALMSLEY) -总编辑

公开信

关于“渥太华计划推出‘巨额抵扣’税收激励以刺激投资”（9月 16）：传达出的信息是，加拿大确实是可以出卖的。真是可悲。

当一个人将所有有价值的东西交给最高出价者时，就不存在主权可言。 ■ 杰克·科恩布拉特 (Jack Kornblatt)，蒙特利尔

看到一个充满活力的加拿大在前进，以及一位专注于增长经济、营造更亲商环境并采取一切必要措施使国家强大且主权独立的总理，真是令人耳目一新。

长期以来，我们过于自满，关注的是为什么不能，而不是如何能。我们害怕改变，并设立障碍以维持现状。但希望这种情况不再发生。

现在取决于加拿大人是否能接纳这种决心。充满活力的经济将进一步保护我们的环境，并加强我们珍视的社会计划。我们的新方向使我们减少对唐纳德·特朗普领导下的美国的依赖，这是一个额外的奖赏。

一个能够高效办事并与世界贸易——其信誉不可磨灭，其人民卓越、受教育且多元——的加拿大，是一个值得自豪的加拿大，一个难以被击败的加拿大。

德斯蒙德·普亚特 (Desmond Pouyat)，多伦多

关于“渥太华不会将手从经济中抽离”（社论，9月 16）：对商业开放？更像是加拿大正被出卖给最高出价者。

加拿大投资峰会吸引了来自全世界的关注。但为了增加交易吸引力，马克·卡尼正在拟议的“生产力巨额抵扣”方案下提供税收激励。

凭借曾任加拿大银行及随后任英国银行行长的经验，他非常清楚税收对企业和个人的影响。通过修改税法的许多其他方面，他本可以引导更多国内投资进入加拿大。

如果我们能创办更多自己的企业并开发自己的资源，而不是屈从于另一种“分支工厂”局面的诡计，那不是更好吗？

莱斯利·马特尔 (Leslie Martel)，密西沙加

并非破产

关于“消息人士称，渥太华将宣布采取步骤向更多私人投资开放机场”（9月 15）：我认为，与加拿大非营利性、基于社区的机场管理局所取得的财务成功和积极经济影响相比，任何机场私有化的理由都显得苍白无力。

根据 20 世纪 90 年代的《国家机场政策》，约 20 多个主要机场和区域机场被移交给当地的独立管理机构。自那时起，这些机构通过起降费、特许经营权和机场改善费，为各项提升工程筹集了数百亿加元。

地方治理使机场能够通过包含商业领袖、市政代表和劳工代表的董事会来响应区域需求。既然这些资产已经产生了稳定的公共收入和社区利益，为什么还要将其出售，且可能出售给外国投资者？

机场私有化将使优先级从区域发展转向股东回报。一个碎片化的混合体系（部分机场由社区运行，部分由私人拥有）将削弱协调能力、合作伙伴关系以及加拿大人所依赖的无缝机场连接。

加里·萨莱维奇（GARY SALEWICZ） 《商业报告》编辑

马克·卡尼应该在这次令人揪心的飞行离开跑道之前将其终止。

杰里·加兰特（Gerry Gallant） 夏洛特敦机场管理局前主席；爱德华王子岛省苏里斯西区

关于血浆捐献

针对“加拿大卫生部发现 Grifols 允许手臂有穿刺伤、瘀伤的捐献者捐献血浆”（9 月 16 日）一文：我希望这次 Grifols 的溃败能向人们——以及立法者——揭示将医学交给那些唯利是图之人所带来的几乎不可避免的后果。

想象一下：人们被允许——甚至被付费——在没有经过适当医疗评估的情况下进行捐献。其中一人显然有可能是非法药物使用的迹象。一名捐献者申报曾与艾滋病（HIV / AIDS）患者有过性接触，却被允许捐献——而且是两次。

企业追求底线，而道德似乎并不是一个驱动因素，如果它真的存在的话。

艾伦·琼斯（Alan Jones），温哥华

评论回顾

针对“原住民领袖及家属要求就一名女性在被拒绝医疗旅行后死亡一事给出答案”（9 月 15 日）一文：联邦“非保险健康福利”计划在 2023-24, 年度在医疗交通上花费了 $789.6-million，比前一年增长了 11.1%。这些额外的支出换来了哪些在准入和健康方面的改善？

米兰达·马马夸（Miranda Mamakwa）的家人理应得到答案。加拿大原住民服务部能否解释，它是如何评估不断增长的交通预算是否让患者得到了必要的护理？它是否追踪已完成的预约、错过的随访以及对患者产生的后——

娜塔莎·哈桑（NATASHA HASSAN） 评论编辑

马特·弗伦奇（MATT FRENCH） 视觉主管

马特·弗雷纳（MATT FREHNER） 产品与平台管理编辑

果？

谁将这些发现与采购决策联系起来？与原住民及省医疗系统之间是否有共同计划，以确定社区诊所、诊断服务和可靠的人员配置是否能在减少不必要的旅行的同时提供更好的结果？该部门是否评估了重复购买旅行服务是否代表了这些资金的最佳用途？

加拿大原住民服务部的谁应对其支出采购的结果负责？

拉菲克·安丹尼（Rafiq Andani） MBBS, CCFP (EM), FCFP；温尼伯

揭下面具

针对“大科技公司和大石油公司已融合为一个我们可以称之为‘化石科技’的实体”（评论，9 月 12 日）一文：这篇文章阐明了大科技公司如何将其行业伪装成清洁行业，在早年间声称不对环境造成伤害并表示支持解决气候危机。

现在，它已与化石燃料行业结盟以支持数据中心，这些中心规模庞大，旨在满足运行需要巨量能源的野心。

我们应该恐惧这种对公众和政治家的巨大影响力，使他们接受这种联盟，即便它会以致命的方式损害环境。

■ 希迪·范瓦利斯（Hiedi Vamvalis），安大略省伦敦市

人文关怀

帕特里克·布雷瑟（PATRICK BRETHOUR） 社论编辑

针对“安大略省宣布在大学和学院增加 40,000 个新席位，重点关注实用职业培训”（9 月 11 日）以及“创造性破坏”（读者来信，9 月 15 日）两文：向那位提醒我们教育是为了生活而不仅仅是为了工作的写信者致敬。

丹尼斯·肖奎特（DENNIS CHOQUETTE） 《商业报告》副编辑

在1991年的马西讲座（Massey Lectures）中，哲学家查尔斯·泰勒（Charles Taylor）警告称，“工具理性的至高无上”——即优先考虑手段的经济效率——已经掩盖了关于“应当引导我们生活的独立目标”的讨论。

大多数关键的社会问题无法简单地通过工具性计算来解决，无论是我们主权的价值、我们的国际责任、环境保护，还是人工智能未来的角色。STEM（科学、技术、工程、数学）课程虽然在经济上至关重要，但仅靠它们无法帮助我们探索如何改善生活。

社会科学帮助我们理解思维和行为的复杂多样性；艺术则探索成为人类的新方式。在20世纪70年代的麦克马斯特大学，一门工程系学生必修的文学课程被戏称为“水管工英语”，这在早期就承认了技术技能需要人类判断力的参与。 切斯特·费多鲁克（Chester Fedoruk），多伦多

梅丽莎·斯塔西克（MELISSA STASIUK） 新闻编辑部发展主管

渥太华必须正视人工智能的可怕风险

马克·卡尼在中等强国中拥有推动人工智能安全的信誉

劳伦斯·马丁

观点

马克·卡尼举办的投资峰会这一盛事之前，出现了一则更大的新闻：关于人工智能进步所带来的人类灭绝威胁的披露。

我们以前听过恐怖故事，但一名 Anthropic 的员工将恐惧推向了新高度，他表示人工智能在未来十年内杀死所有人类的可能性为 10%。

为了给这些末日情景增加分量，随后出现了令人惊叹的一幕：人工智能行业的巨头们纷纷出面予以确认。他们表示，失控的人工智能必须被控制住。

但这些不祥的预兆虽然引发了美国关于人工智能监管的激烈辩论，却不足以给多伦多的投资派对泼冷水。卡尼政府对人工智能骚动反应相当冷淡。对于人工智能的危险，政府一直表现得相当冷淡，因为这是加拿大拥有竞争优势的领域。渥太华希望确保我们能从人工智能热潮中获益。为什么要强调那些令人毛骨悚然的东西？为什么要推动对这个巨大的增长引擎进行严厉监管？

但现在这种做法将难以维持。末日恐慌笼罩了市场，使其从热情转向不安。加拿大公众舆论可能会向自由党施加强大压力，迫使他们采取行动。

渥太华此前已经准备好了监管立法——《人工智能与数据法案》——但在上届议会中，该法案在议事日程中夭折。现在取而代之的是一套拼凑而成的措施，其力度弱于该立法原本能提供的保障。

当我们听到 Anthropic 首席执行官达里奥·阿莫代（Dario Amodei）敲响警钟，警告人工智能代理如何通过协调的代理集群有效地控制互联网的大部分区域，以及它们如何能够进行毁灭性的网络战争，以及先进的人工智能如何让不法分子能够轻易制造噩梦般的生物武器时，这些措施显得尤为乏力。

在军事方面，我们已经进入了这样一个阶段：正如最近在对乌克兰的袭击中所见，人工智能驱动的战斗无人机可以自主地——即在没有地球人监督的情况下——选择目标并进行打击。

针对人工智能大佬们的警告，卡尼本周告诉彭博社，需要一个更协调的国际响应。“我们在七国集团（G7）进行了初步讨论，探讨如何实现这一点，”他说，“最终，在我们看来，建立一个类似于金融稳定委员会的技术稳定委员会将是有意义的。”

但一个委员会远不足以平息恐惧。

“加拿大对从枪支到黄油的所有事物都有具有约束力的法律监管，”新民主党（NDP）领导人艾维·刘易斯（Avi Lewis）周一在 X 上发帖称，“但对人工智能却没有。”他说，现在是我们的政府停止“喝彩并开始为了公众利益进行监管”的时候了。

使情况复杂化的是唐纳德·特朗普的立场。尽管开发这项技术的人在发出严厉警告，但这位“非常稳定的天才”（他对自己如此称呼）却不屑一顾。他说，不应放缓人工智能的发展；人们提出的恐惧是一个“骗局”。

尽管存在生存威胁，美国总统仍全速前进。他也将气候危机视为骗局。他拆除应对气候危机的计划。他曾反对永无止境的战争。但考虑到他对乌克兰和伊朗的看法，现在不再如此。他依然喜欢独裁者，一个例子就是他与朝鲜疯子金正恩之间那种击掌相庆的关系。

在人工智能监管方面，鉴于美国人在该领域的主导地位，渥太华能做的事情有限。但一些限制措施是可能的，例如要求公司在部署其人工智能系统之前必须符合监管安全标准。

特朗普批准 AI 发展的依据在于一种足够合理的担忧，即美国将在 AI 竞赛中输给中国。为了避免这种情况，阿莫代（Mr. Amodei）表示，就像冷战时期针对核武器进行军备控制谈判那样，现在美国和中国之间也可以就 进行军备控制谈判。

卡尼先生在中等强国中拥有信誉。他可以帮助建立一个联盟，以向 安全以及大国在 出现时的合作施压。“中等强国必须共同行动，”卡尼先生在达沃斯表示，“因为如果我们不在谈判桌旁，我们就会成为菜单上的菜肴。”菜单？随着美国在 领域取得领先，竞争对手将更容易受到像特朗普先生这样领导者的征服。

到目前为止，渥太华在面对失控 的威胁时一直采取被动态度，且并未受到太多反弹。随着关于灾难性风险的新披露，现在不能再保持被动。

面对麦克莫尔争议，艾德·希兰未能给出“完美”回应

玛莎·莱德曼（MARSHA LEDERMAN）

观点

流行歌手艾德·希兰（Ed Sheeran）在纽约林肯中心爵士乐俱乐部举行的 2025 年 TIME100 盛典上进行表演。在支持艺人之一的音乐人麦克莫尔（Macklemore）被移出希兰目前的巡演名单后，希兰正面临指责。JEMAL COUNTESS / GETTY IMAGES FOR TIME

艾德·希兰是流行音乐界的“好先生”：一位拥有真诚笑容、为妻子写情歌且深受所有人喜爱的平民超级巨星——从青少年粉丝到 A 级明星的最顶层。

但现在不再如此了。

在支持艺人之一的音乐人麦克莫尔被移出希兰目前的巡演名单后，希兰正面临指责。此前，麦克莫尔在 9 月 4 日和 5 日的新泽西演出中加入了关于巴勒斯坦的环节，包括加沙被毁的照片。这引发了投诉，其中一些粉丝要求退款。

以色列-美国委员会发起了一项请愿，呼吁希兰解雇麦克莫尔。最终，在亿万富翁犹太慈善家兼 NFL 球队老板罗伯特·克拉夫特（Robert Kraft）的带领下，一些场馆所有者表示，要么麦克莫尔离开，要么演出无法继续。

希兰被逼入了绝境。麦克莫尔被除名了。

在周二发给其 4700 万粉丝的一篇社交媒体帖子中，希兰表示是推广方做出的决定。他强调，他的演出是“一个让每个人都感到受欢迎的地方”，且参加演出的人“并不期待一个政治论坛”。

“Loop”巡演的所有其他开场嘉宾全部退出。希兰的伴奏乐队也同样退出。

“金钱并不赋予你掌控对话的权利，”丹麦流行乐队 Lukas Graham 在帖子中写道，“任何人的银行余额都不应决定谁有权发言，或者我们被允许承认什么样的苦难。”

于是，故事变成了这样：麦克莫尔因为支持巴勒斯坦而被剔除，富有的犹太人强迫希兰出手，而这位没有骨气的歌手屈服了。

希兰曾表示他对这场冲突造成的人道主义悲剧感到震惊，但这并不重要。克拉夫特表示他同意麦克莫尔的观点，即“失去了太多生命，承受了太多苦难”，这同样不重要。

克拉夫特还指出了麦克莫尔“更广泛的反犹太主义言论和意象历史”。

事实上，人们可能会好奇，希兰在预订麦克莫尔时在期待什么。麦克莫尔不仅在巴勒斯坦问题上直言不讳——这本不该是个问题——而且在 2014 年曾戴着巨大的钩鼻、黑色假发和胡须出现在舞台上，这有时被称为“犹太脸”（Jew Face）。

但在如今这个奇怪的时代，那次过去的过错现在已变得足够可以被接受，以至于当麦克莫尔请求加入巡演时，希兰表示同意。

在麦克莫尔被除名前，犹太裔音乐人 P!nk 对这场争议发表了看法，她在社交媒体上发表了一篇充满激情的文章，质疑向热爱音乐的家庭展示暴力图像的选择。“我从未要求禁言另一位艺术家，现在我也没这么要求，”她写道。

当然，她遭到了诋毁。这就是在这个问题上发声——即便带着细微的差别和同情心——所要付出的代价。

最近，温哥华的 PNE 压力巨大，被要求除掉博伊·乔治（Boy George）作为博览会闭幕之夜的演出。他的“罪名”是他最近的歌曲《We Will Dance Again》，该曲表达了对以色列以及 2023 年 10 月 7 日 Nova 音乐节受害者的声援。在歌曲中，并非犹太人的博伊·乔治将加沙发生的事情称为战争，而非种族灭绝。他还批评一些同行音乐人“像羊一样随声附和 / 被互联网驱动的宣传所误导”。音乐会照常举行——是的，现场出现了抗议者。两天后，博伊·乔治获得了当地犹太社区的表彰。

这个问题如此具有毒性，以至于能让公众舆论在瞬间发生反转。希兰先生直到本周之前似乎还深受大众喜爱（即便人们不喜欢他的音乐，也依然喜欢他这个人），而现在他突然成了弃儿。毫无疑问，在他接下来的巡演中，抗议者仍会出现。我想还会有要求退款的声音，以及演出取消的情况。

希兰先生的错误在于最初邀请了麦克莫尔。这并非因为他的反以色列立场——当然，他完全有权持有这些观点——而是因为那个曾化装成犹太人面孔（Jew Face）表演的人，本身就应该被视为具有毒性，就这么简单。

尽管如此，希兰先生会没事的。平克、乔治男孩以及麦克莫尔也一样。在关注这场冲突的受害者之后，我们应该关注的是那些恰好是犹太人或以色列人，或者对10月7日受害者表示关切并敢于相信以色列应当存在的初出茅庐的艺术家。这些艺术家面临着在事业起飞前就被排挤和封杀的风险。同样面临这种风险的，还有许多公开支持巴勒斯坦人的艺术家。

当我们真正应该奋斗的目标是如何为该地区带来和平时，我们却在这些微不足道的争斗中互相诋毁。真是完美。

加强与加拿大的关系无法将欧洲从衰落的“缓慢痛苦”中拯救出来

康拉德·雅卡布斯基（KONRAD YAKABUSKI）

观点

就在两年前的这个月，前欧洲中央银行行长马里奥·德拉吉（Mario Draghi）曾警告称，如果不对旨在提高投资与创新、减少监管以及增强能源安全的领域进行激进改革，欧洲大陆将面临衰落的“缓慢痛苦”。

接下来的发展正是欧盟这个臃肿的官僚巨兽的典型写照。在德拉吉先生的报告之后，人们进行了大量讨论并做出了一些象征性的姿态。但布鲁塞尔很快就恢复了往常的运作模式。

由于对欧盟经济持续下滑感到沮丧，德拉吉先生上个月创建了莱茵小组（Rhine Group），这是一个由顶尖学者、商界人士和政策制定者组成的新智库，旨在提出经济改革方案。

莱茵小组的宣言称：“在将塑造未来几十年的每一项新兴技术中，欧洲都处于弱势。这关乎生存。如果停滞状态持续下去，欧洲大陆将逐渐失去资助现代国家核心功能的资金能力。”

这就是欧盟在向加拿大开启成为“准会员”大门时所面临的残酷现实。

很容易理解为什么欧盟委员会主席乌尔苏拉·冯德莱恩在渴望增长但又受限于这个由27个国家组成的集团内部的分歧时，会希望推动欧盟与加拿大的整合。但加拿大为何要将其未来与一个经济上的落后者绑定，则不那么明确。

关于马克·卡尼在就任总理以来为何如此强调深化与欧洲关系的说法不一。首先，与他之前的几任前任不同，他是一位亲欧派，在巴黎和柏林的社交圈中如鱼得水。随着美国的民主制度遭受攻击，卡尼先生由衷地相信，志同道合的中等强国需要团结起来以保护其价值观。

其次，为了减少对美国的依赖，使加拿大的贸易和安全关系多样化具有战略必要性。当你面对唐纳德·特朗普总统那些奉行零和博弈的贸易谈判代表时，即便并非事实，让自己看起来拥有美国市场和国防保护伞之外的替代方案也并非没有好处。

对于那些仅通过游客视角了解欧洲的加拿大人来说，加强加欧关系的吸引力可能看起来不可抗拒。欧洲大陆的历史、文化、高铁和宜居的步行城市确实令人钦佩。但在旅游区之外，欧盟正深受去工业化、人口下降以及比美国动荡局势更为严重的政治紧张局势之苦。

大多数欧盟国家极右翼政党的崛起，既是布鲁塞尔过度干预的结果，也是普通欧洲公民在移民危机和经济增长停滞中日益感到社会不安的结果。布鲁塞尔强加的气候和开放边境政策正是他们愤怒的根源。

如今寻求加入欧盟的国家，通常要么是希望获得丰厚补贴的贫困国家，要么是寻求免受敌对俄罗斯邻国威胁的国家。由21个国家组成的欧元区主要被一种共同的恐惧所维系：即如果没有欧洲中央银行提供的隐形借贷担保，几个成员国可能会面临债务挤兑。

卡尼先生定于周四发表讲话的欧洲议会，至多被视为欧盟官僚们构思出的法规的“橡皮图章”，或者在最坏的情况下，被视为政客们在等待国内出现更好机会时的闲职。

由于几个欧盟关键国家计划或可能在 2027 年举行全国选举，据报道，冯德莱恩女士正推动加速通过欧盟下一个七年预算，因为极右翼政党在法国、西班牙、意大利和波兰获胜或分享权力的前景，可能会颠覆她的议程。随着极右翼“德国选择党”支持率激增，德国总理弗里德里希·梅尔茨可能被罢免，这也威胁到欧盟的稳定。

法国国民联盟的领导人玛丽娜·勒庞在民调中领先其最接近的总统竞争对手近 20 个百分点，该党誓言要将法国每年向欧盟预算缴纳的 280 亿欧元（450 亿美元）分摊金削减一半，并收回欧盟在气候、边境和外交政策方面的权力。

将在七个月后离任的法国总统埃马纽埃尔·马克龙已经陷入了一场关于欧盟预算的激烈争论，因为梅尔茨先生抵制他提出的通过增加共同借贷来资助气候适应和国防开支的呼吁。马克龙先生还希望欧盟在 4 月的法国总统选举之前任命一名新的欧洲央行行长，以防止勒庞女士在决定谁控制欧洲货币政策方面拥有潜在的话语权。

冯德莱恩女士若采取任何强推不受欢迎的气候或预算政策的举措，可能会在各国选民投票时产生反作用。在她的任期于 2029 年结束之前，与加拿大达成一项令人愉悦的伙伴关系将是她面临的挑战中最小的一个。仅仅维持欧盟的统一就已足够困难。

柯里·巴克重返多伦多国际电影节，开启胜利巡礼

柯里·巴克的电影《执念》（Obsession）名副其实，甚至超越了其标题的含义，成为一场真正的文化狂热，全球票房高达 US$512-million。ANDY KROPA / 美联社

这位好莱坞炙手可热的电影制作人讲述了他从一名初出茅庐的导演成长为文化狂热创造者的心路历程。

巴里·赫兹（BARRY HERTZ）

荧幕时间

在多伦多国际电影节（TIFF）期间，有几种喝酒游戏可以让你在最短时间内喝到酩酊大醉。但没有什么比这更快让你醉倒的了：每当 TIFF 的节目组提到该电影节如何促成了柯里·巴克《执念》这一全球现象时，你就干一杯。

去年，这部预算 US$750,000 的“地狱级”浪漫喜剧在 TIFF 的“午夜疯狂”（Midnight Madness）单元全球首映，获得了极其热烈的反响，随后被 Focus Features 以 US$15-million 的价格买下。

从那时起，《执念》名副其实，甚至超越了其标题的含义，成为一场真正的文化狂热，全球票房高达 US$512-million。

现在，一年之后，巴克和《执念》团队本周末将回到 TIFF 进行胜利巡礼。电影节将举办一场特别的返场放映，并邀请导演与主演因德·纳瓦雷特（Inde Navarrette）进行现场小组讨论。

在一次披萨午餐（他点的是简单的奶酪披萨，而本记者点的是意式腊肠披萨）期间，《环球邮报》采访了巴克，讨论他如何从一名发布 YouTube 短片的初创电影人，变成了好莱坞最炙手可热的电影制作人。

在经历了一个改变人生的年份后，回到 TIFF 感觉如何？

这个电影节将永远被铭记为一个特殊的地方。这一年里我改变了很多。我变成了一个不同的人。例如，我第一次来到这里时，是我人生中第一次离开美国。而现在，我已经走遍了世界各地。我学会了更宽广地思考。

业内人士现在将《执念》视为他们的北极星。每个人都希望拍出下一部《执念》，买下下一部《执念》。创造出如此迅速成为标志性作品的东西，感觉如何？

这是一种很有趣的责任感，但当我们拍摄这部电影时，我并没有打算去挑战行业的权威或类似的事情。事情能这样发展令我震惊。成为一场运动的代表人物感觉既奇怪又兴奋，而我之前完全不知道这会演变成一场运动。不过，我的成名路径是非常普适的。这不应该让人觉得是其他任何人都无法实现的奇迹。我来自阿拉巴马州的一个小镇，18 岁时搬到了洛杉矶。我必须努力工作才能获得机会。但如果我能做到，任何人都能做到。

去年在 TIFF 放映时，你一定预感到《执念》会成为一部大作。

我在想，在 TIFF 首映之前，我是否曾在人群中看过《执念》。我们只进行过一次试映，而且那是非常早期的版本。所以我完全不知道它会产生怎样的效果。每个人都告诉我 TIFF 的观众是世界上最好的，任何作品都能得到反应。但我当时想，那么这个观众群会对任何东西都大笑大叫，对吧？电影的放映效果非常好，但我当时并不明白这意味着什么。

请带我回顾一下那场放映后的情况。

就像《随从》（Entourage）剧集里的情节一样。那一整天我的生活都像是在走马灯中度过的。我在城市中快步穿梭，与 A24、Neon、Focus 等公司会面，不断接到关于数据攀升的电话。感觉很不真实。而且即便它是真实的，它也不会在电影院公映，对吧？可能最多在院线放映一周。我彻夜未眠。

当你为网络观众制作电影时，你是否将院线电影制作视为最终目标——即 YouTube 是通往大银幕的跳板？

我们当时有一个频道，每周发布三次有趣的短视频。如果在那时问我，我会告诉你，我们会一直这么做下去，而我在业余时间制作这些发人深省的恐怖电影。但现在，我很高兴能处于一个反向而行的位置。我更多地在创作“高级恐怖片”（elevated horror），而网络平台对我来说优先级降低了。

在《执念》（Obsession）积累经验后，你在拍摄下一部电影《除了鬼什么都有》（Anything But Ghosts）时，在方法上有什么不同？

我在拍摄这部电影时，《执念》还没有上映，这真是太幸运了。我们在为《执念》拍摄补拍镜头的同时编写《除了鬼什么都有》的剧本，所以完全没有那种压力。祈祷这不会影响我的工作。我对事物依然持有强烈的个人见解，那些是我当时的感官认知。

关于你即将推出的《德州电锯杀人狂》（The Texas Chainsaw Massacre）重启版，你能透露些什么？

尽管人们会怎么说，但那个概念仍有很多可以挖掘的空间。回归原版之根是一个很好的起点，然后专注于其原始的真实感，并提出一个问题——这也是我在《执念》中非常喜欢做的事——如果你和你的朋友们处于那种境地，你会如何反应？去挑战那些陈词滥调。

本访谈经过精简和编辑。

关税：货运公司收到来自艺术家和展商的大量咨询电话

来自 A1

詹妮弗·勒福特（Jennifer Lefort）是一位来自加蒂诺（Gatineau）的艺术家，擅长创作具有手势抽象风格的大规模色彩作品。近年来，她在美国销售了 60 到 80 per cent 的作品。自从特朗普先生的关税开始增加 50-per-cent 的加价后，“那个客户群完全陷入了死寂。”

她补充说，后果几乎肯定会波及到加拿大已经捉襟见肘的资助计划，更多的视觉艺术家可能会争先恐后地申请那些通常停滞不前的资金池。

加拿大艺术家代表协会（Canadian Artists' Representation / Le Front des artistes canadiens），即更广为人知的 CARFAC，已经在敦促卡尼政府为艺术家创建紧急资金和其他救济措施。“这个问题不应该由艺术家来解决，”CARFAC 全国临时执行董事詹娜·费伊·鲍威尔（Jenna Faye Powell）表示，“艺术家们正在尽其所能地研究并调整他们的实践和业务，但个人创业精神和韧性无法解决更广泛的贸易障-

加拿大艺术经销商协会

广告请联系我们 ADVERTISING@GLOBEANDMAIL.COM 多伦多 416-585-5681 / 蒙特利尔 514-982-3050 / 温哥华 604-685-0308

艺术市场中的许多人指出，艺术品是买家特意向创作者寻求的特定物品，而非在有国内替代品的国家生产的大宗商品。

KATJA ZUBKOVA

KOSTUIKGALLERY 障碍、成本增加以及边境中断。”

info@kostuikgallery.com

在展览《Against the Grain》中，探索由温哥华艺术家 Katja Zubkova 创作的新型雕刻墙塑。

604.737.3969 @jkostuikgallery

每件作品均由切割、打磨并排列的木材组成，旨在传达有机形态与结构优雅之间的动态关系。

“对我而言，木材在自然与建筑、有机与精致、原始与刻意之间建立了一种对话。”

01001000 01101111 01101101 01100101 《(Home)》，木材上的丙烯颜料， 48 x 36 x 4 英寸，2026年

1070 Homer Street Vancouver, BC V6B 2W9

美国最大的年度艺术展之一——纽约军械库展（Armory Show）计划于本月晚些时候举行。在预定参展的七家加拿大画廊中，许多画廊为了规避关税，已提前将艺术品运至边境对面。

以自己名字命名的蒙特利尔画廊的创始总监 Hugues Charbonneau 提前发货。他说：“作为画廊主，我们的工作就是适应。在当代艺术领域，如果你不喜欢适应和改变，那么你进错行了。”

在蒙特利尔和多伦多均设有分店的 Blouin Division 画廊成功地在 8 月 19 日（关税原定生效日期）前几天，将其作品（包括 Wanda Koop 和 Tammi Campbell 的作品）运入了美国。

接下来的重点通常是 12 月在迈阿密举行的艺术博览会——但考虑到特朗普先生贸易情绪的多变性，现在发货艺术品已经太晚，而要确定届时是否会实施关税又太早。总监 Dominique Toutant 表示：“我们将不得不考虑这个问题。”他在当地与许多买家和顾问保持着想要维持的关系。

在特朗普先生 7 月首次宣布关税后，服务于加拿大艺术品的运输和物流配套产业接到了大量来自艺术家和参展者的咨询电话。Museumpros 的 Links 先生表示：“我看到独立艺术家受到的影响最大。”他补充道：“他们面临着一个糟糕的计算题。他们正在取消发货，因为要求某人承担 50% 的价值实在太苛刻了。”

多伦多由艺术家运营的运输服务公司 Artverb 的团队在去年的关税轮次后就已经深知其后果。创始人 Ryan Barrett 在纽约的一次交付行程中通过电话表示：“如果税率超过 10%，人们就不会支付。”在过去的几周里，该公司已经看到发货量下降了 20%。

人们还担心部分进入加拿大的艺术品——特别是照片，渥太华已将其列入面临反制关税的项目清单中。一些机构，如多伦多的 Stephen Bulger 画廊，专门从事这一媒介。Bulger 先生已经联系政府官员，请求他们重新考虑他在关税执行中希望只是由于疏忽而产生的问题。（在被问及此事时，财政部拒绝对任何未来的关税举措进行推测。）

“一位美国收藏家希望我帮他们分散处理一个收藏集，但全部都是美国素材；我无法处理，”Bulger 先生说。“这让我处于不利地位。”

美国最大的年度艺术展之一——纽约军械库展（Armory Show）计划于本月晚些时候举行。在预定参展的七家加拿大画廊中，许多画廊为了规避新关税，已提前将艺术品运至边境对面。SPENCER PLATT / GETTY IMAGES

联合路（United Way）如何帮助大多伦多地区非营利组织获得永久住所

新的房地产支持确保非营利组织能够扎根于其所在社区

在联合路（United Way）的赠款支持下，Knights Table 将这座位于布兰普顿（Brampton）的建筑变成了其核心食品与支持项目的永久住所。KNIGHTS TABLE

在位于安大略省布兰普顿的食品银行 ，工作从很早地开始。到 8 a.m.，客户们已经陆续抵达，以领取餐食、使用食品储藏室，或参加从儿童夏令营到成瘾康复支持等各类项目。

35 年多以来， 一直在支持面临粮食不安全和贫困的人群，包括新移民、难民和老年人。即便如此，寻找并维持一个永久的实体住所一直是一项重大挑战。

2019 年， 被房东告知其租约将不再续签。执行董事安妮·拜诺（Annie Bynoe）回忆说，当时被告知一名房地产经纪人曾向 展示过 30 多个潜在地点。但每次房东了解到 是做什么的以及服务于哪些人群后，都会予以拒绝。寻找新空间将变得非常复杂。

但对于这个每年提供 400,000 份餐食的组织来说，关闭大门将是一个沉重的打击。“对于许多人来说，我们是布兰普顿的一个支柱，”拜诺女士说道。

在多伦多，提供家庭支持服务 40 多年的非营利组织 College-Montrose 儿童之家（CMCP）也面临着类似的挑战。

十年来，该组织的主要地点位于市中心的 Trinity-Bellwoods 社区。在 3,917 平方英尺的空间里，CMCP 每年服务 4,000 多个家庭，提供食品银行、免费儿童教育项目、资源图书馆以及临时托儿服务。

随后在 2023, 拥有该建筑的组织宣布破产，该物业被置于法院监督下出售。CMCP 必须在应对搬迁成本和干扰的同时，匆忙在同一社区寻找另一个便捷且负担得起的地点——或者买下这座建筑。“寻找筹集[所需]资金的方法简直让人崩溃，”CMCP 执行董事科里娜·约翰（Corina John）表示。

根据大多伦多联合路（United Way Greater Toronto）发布的 2024 Essential Spaces: Real (Estate) Solutions for Community Needs 报告，65% 的社区服务机构租赁其空间。与此同时，过去十年的占用成本上涨了 88%，尽管对其服务的需求不断增加，但这些组织仍面临关闭风险。

为了应对这一情况，大多伦多联合路（UWGT）于 2024, 启动了其“社区房地产计划”，通过赠款、房地产能力建设以及将各项服务整合在同一屋檐下的社区中心，帮助像 和 CMCP 这样的社区服务机构获得稳定、长期的空间。

作为该计划的一部分，该组织承诺在未来 10 年内提供 $23-million 小额资本赠款流，并向永久性非营利空间投资 $100-million。尽管金额巨大，但需求已经超过了供应。大多伦多联合路社区房地产总监斯特芬·尼布斯（Stephon Nibbs）表示，其最新一轮资金提供约 $2.2-，而收到的资金申请约为 $6.2-。自 2024 年以来，联合路已在皮尔区（Peel）、多伦多和约克区（York Region）的 25 个项目和 27 个组织中投资了 $4- 以上。

“我们的社区机构正努力满足[其]社区的需求，但他们需要我们的支持才能做到这一点，”尼布斯先生说。“空间是人们能够获得所需服务的基础。”

2025年，Knights Table购买了一处永久住所，但拜诺女士（Ms. Bynoe）表示，这座建筑“有点像个仓库”，缺乏该组织所需的基础设施。在获得多伦多大区联合路（United Way Greater Toronto）250,000加元的资助后，Knights Table得以开始建设商业厨房、用餐区、食品银行和杂货空间，以及办公和项目执行区域。

“社区空间并非奢侈品，而是必需品，”拜诺女士说，“这不在于砖瓦，而在于人。”

对于CMCP而言，多伦多大区联合路提供了财务专业知识，参与与资助者及政府合作伙伴的讨论，共同制定该组织购买建筑的战略。凭借来自联合路的200,000加元以及其他资助、抵押贷款和储备资金，CMCP得以买下其过去10年一直占用的场所。

约翰女士（Ms. John）表示，对于许多父母来说，从怀孕或孩子婴儿时期起，CMCP就成为了他们生活的一部分。在谈到CMCP时，约翰女士说：“我们可以继续为接下来的每一代父母和孩子提供服务。为了他们，我们需要留在现在这个位置。”

社区房地产计划（Community Real Estate Initiative）还确保当地社区拥有一个聚集地：一个除家庭和工作之外的“第三空间”，让邻里之间能够见面并建立关系，同时获取基本服务。尼布斯先生（Mr. Nibbs）表示，这是多伦多大区联合路“社区中心”（Community Hubs）计划的一部分，旨在将从医疗保健到法律援助的多种服务整合为“一站式服务”。

在加拿大人努力应对当前生活成本、粮食不安全和孤独流行病之际，这一点尤为重要。“我们看到对社区服务的需求呈指数级增长，人们对真实连接和社区归属感的渴望也随之增加，”尼布斯先生说。

他补充道，虽然市政府会规划道路、下水道和公园绿地等城市基础设施，但人类服务（如难民安置）往往被忽略，尽管大多伦多地区是“世界上最多样化的地区之一”。

尽管面临这些挑战，尼布斯先生对未来持乐观态度，尤其是考虑到社区房地产计划为期10年的运行时间。到2034年，“我们希望看到的是社区福祉在长期层面的改变。”

对于像Knights Table和CMCP这样的组织来说，在所在社区拥有永久的实体据点，意味着居民无需远行或重新构建社区。“联合路正在投资于‘社区’的真正含义，”拜诺女士说，“它是为每天走进这个空间的个体创造一个安全空间和尊严。”

与我们同行，让帮助触手可及。

言语至关重要。让我们改用滑稽的侮辱词吧

插画：马利·艾伦-艾什（MARLEY ALLEN-ASH）

第一人称

凯伦·斯蒂勒（Karen Stiller）写道，当你使用“小傻瓜”（ding-a-ling）或“爱指挥的人”（bossy boots）这类词时，很难真正地感到愤怒

前几天，一个愤怒的男人对我说了那个绝不能被提及的糟糕词汇，尤其是女性最厌恶被这样称呼。

后来我想，如果那天早上我没有遇到一个棘手的建筑问题，接着在 Jiffy Lube 离开时发现新轮胎还没装上，因为我得去买轮毂螺母——说实话，那天对我来说压力实在太大了——那么我是否还会开启那场小争吵。

令人惊讶的是，有些事情真的能让你崩溃。对我而言，就是那 20 个轮毂螺母。

于是，我回到家，带着我们的狗拉塞尔去散步，我希望这次散步能洗涤心情、让人平静，而我的儿子则去买轮毂螺母。

就在那时，我看到一个开皮卡车的男人在对着面前停在停止标志前的女人大吼大叫。那个女人必须等待。后面的男人按喇叭，并对着那个女人大打手势，而她别无选择，不能直接开进一排车流之中。

“嘿！”我喊道，“她没办法。这里不是四向停止路口！”就在这时，那个男人对我说了那个糟糕的称呼。他瞬间祭出了脏话中的“核弹”，我觉得这有点好笑，因为这种做法简直是毫无想象力的夸张。我简直不敢相信我们这么快就进入了这种互相辱骂的阶段。

说了那个词之后，还能说什么呢？

当然，后来我想到了很多我可以说的有趣话语——那些犀利的反击。

但我也想到了像“小傻瓜”（ding-a-ling）和“笨蛋”（nincompoop）这样的词。你还记得这些词吗？几年前，我和丈夫将它们重新引入我们的词汇表，作为一种更温和、更有趣的表达沮丧的方式。

我们可能会说：“他表现得像个小傻瓜。”或者是个笨蛋。或者，那个“无赖”（Scalawag）和他那些“荒唐”（cockamamie）的计划怎么说？还有“笨拙的人”（lunkhead）和“纨绔子弟”（fopdoodle）。然后我们会嘲笑自己表现得多么有趣和可爱。

看，这一切是多么温和？它还会让你对那个让你有点生气的人产生一小簇好感。当你使用“小傻瓜”这个词，或者像“自以为是的人”（smarty pants）或“爱指挥的人”（bossy boots）这些经典词汇时，很难真正地感到愤怒。

我想知道，如果我回答：“噢，是吗？那你真是个自以为是的人，表现得像个年轻的无赖！”那个开车的男人会说什么。

也许他会笑，或者也许他会担心自己侮辱了“世界上最古怪的人”，而谁知道接下来会发生什么？

这就牵扯到了我的名字。你能想象，如果那个开皮卡的男人发现，那个大喊让他遵守交通规则的女人就叫凯伦（Karen）会怎样吗？

我无法充分表达整个“凯伦现象”（Karen Thing）对我产生的一种寒蝉效应，这影响了我要求见经理、在社交媒体发表评论、在给任何服务提供商打电话时提供姓名、向陌生人自我介绍、点咖啡，或者提醒某人最低价即法律的意愿。

我加入的一家相当不错的健身房有一个 Facebook 群组，在那里每个人都在抱怨每件事。课程规模、音乐音量、新教练、旧教练、提前离开热瑜伽的人、皮克球场的可用性、停车位等等。

几乎在所有时候，那些目前没有在抱怨的人都会称呼当前的抱怨者为“凯伦”。出于显而易见的原因，我还没有勇气对此提出抱怨。而且坦白说，我认为应该由那些体贴的“非凯伦”们来指出，将一个相当常见的名字变成目前最糟糕的侮辱语之一（虽然不是最糟糕的！）是有问题的。

曾有可爱的人告诉我：“但你不是一个‘凯伦’，凯伦。”

但这实际上没有帮助。这反而助长了这种迷思。

我们都知道有善良的“凯伦”（Karen），因为这个名字在 20 世纪 60 年代显然非常普遍。但是，在大约 40 年后，我们中的大多数人都将离世，届时地球上将很少有名为凯伦的人在行走，并为此感到不安。

如果我们停止将他人的名（first names）用作侮辱词，会怎么样？

如果我们不再把最糟糕的话作为开场白，又会怎么样？

我们依然可以指出人们的荒唐之处，但在这样做时，我们可以更加文明、更有创意，甚至更可爱。试着拿出一些陈旧的侮辱词，比如“便便头”（doo-doo head）、“鸟脑子”（bird brain），当然还有“傻鹅”（silly goose），看看效果如何。我猜测它们会起到缓解冲突的作用。此外还有一些季节性的热门词汇，比如“棉花头的小傻瓜”（cotton-headed ninny-muggins），每次看电影《精灵》（Elf）时我都会试着记住这个词。

我们如何与彼此交流（即使是陌生人），以及如何评价彼此，这很重要。我们不必成为如此刻薄（nashgabs）且心肠坏（meany-pants）的人。

哈利·波特无人机表演本周起将登陆加拿大城市

安伯·道林 (AMBER DOWLING)

如果本月加拿大主要城市的天空看起来格外明亮，那并不是什么魔术。这是“DroneArt Show: Harry Potter”的首次亮相，这是一场露天盛会，将使用无人机代替烟花，来庆祝这位小巫师及其著名好友诞生 25 周年。

此次首演是由现场娱乐技术平台 Fever、华纳兄弟 (Warner Bros.) 和 Nova Sky Stories 共同合作，将于 9 月 18 和 19, 在埃德蒙顿和蒙特利尔举行，9 月 25 和 26. 在多伦多举行。该表演于今年 6 月在洛杉矶的道奇体育场首次亮相，随后在全美及欧洲多地巡演。门票可在网上购买。

在每场表演之夜，1,200 架同步无人机群将起飞，其编舞配合八部《哈利·波特》电影的原声带和对话。由 Fever 全球音乐策划团队在每个城市选出的一名现场小提琴手将随着无人机的起伏进行演奏，观众还将佩戴同步 LED 手环，以增加整体的魔幻感。

“《哈利·波特》是我们能够引进加拿大的最宏大的项目之一，”Fever Originals 加拿大区域经理安妮-卢·圣-阿曼 (Annie-Lou St-Amant) 表示，“这是目前市场上规模最大的无人机表演之一。”

这场时长一小时的表演通过专业软件和 GPS 系统预先编程，使无人机能够严格遵循精确的飞行路径，从而创造出三维编舞和空中阵型。在经过培训的操作团队监督定位、电池电量和整体质量的情况下，表演通过单一指令启动。

“这就是让数百架无人机能够和谐统一移动的原因，”圣-阿曼女士补充道。

寻找能够承接这种级别盛会的场地是一项挑战。在埃德蒙顿，表演将在展览地 (Exhibition Lands) 赛道举行；蒙特利尔将其设在雅克-卡蒂埃码头 (Quai Jacques-Cartier)；多伦多则在 YZD（原唐斯维尤机场）预留了空间。

与任何户外表演一样，哈利·波特无人机体验受天气条件影响。雨水和强风不仅会对观众产生影响，还会影响主要“表演者”。

“无人机只能在一定温度以上飞行，否则电池电量消耗过快，”圣-阿曼女士说，“这就是为什么在加拿大我们优先选择夏季。此外，室外必须是黑暗的，所以表演的时间点非常重要。”

今年 11 月将迎来基于 J.K. 罗琳原著的第一部电影《哈利·波特与魔法石》上映 25 周年。该片在整个票房生命周期内全球总票房超过 $1.02-billion，并使其主演丹尼尔·雷德克利夫 (Daniel Radcliffe) 成为家喻户晓的名字。

近期，Cineplex 在加拿大部分影院重新上映了该系列全部八部电影以纪念这一周年。环球主题公园也举办了多场特别活动，伦敦和东京开展了工作室之旅，各大零售商还推出了大量特别商品和收藏品。

被粉丝自称为“波特迷” (Potterheads) 的人们，对即将推出、计划在 HBO（以及 Crave 的

今日数独答案

WORLD FORECAST

< / td>< colspan="2">今日< / >< colspan="2">明日< / >< colspan="2">周六< / >< / tr><><>阿姆斯特丹< / ><>19 / 12< / ><>SH< / ><>19 / 14< / ><>S< / ><>21 / 16< / ><>SH< / >< / ><><>雅典< / ><>28 / 19< / ><>S< / ><>29 / 20< / ><>S< / ><>30 / 21< / ><>S< / >< / ><><>曼谷< / ><>31 / 26< / ><>T< / ><>31 / 25< / ><>T< / ><>30 / 25< / ><>T< / >< / ><><>北京< / ><>31 / 20< / ><>PC< / ><>29 / 19< / ><>T< / ><>27 / 21< / ><>PC< / >< / ><><>柏林< / ><>19 / 13< / ><>SH< / ><>20 / 12< / ><>SH< / ><>21 / 16< / ><>< / >< / ><><>布鲁塞尔< / ><>18 / 11< / ><>C< / ><>19 / 14< / ><>S< / ><>21 / 16< / ><>C< / >< / ><><>哥本哈根< / ><>17 / 13< / ><>SH< / ><>17 / 14< / ><>SH< / ><>17 / 15< / ><>C< / >< / ><><>法兰克福< / ><>19 / 11< / ><>< / ><>18 / 9< / ><>< / ><>19 / 12< / ><>< / >< / ><><>香港< / ><>28 / 26< / ><>S< / ><>28 / 26< / ><>S< / ><>29 / 26< / ><>S< / >< / ><><>耶路撒冷< / ><>32 / 21< / ><>S< / ><>27 / 17< / ><>SH< / ><>26 / 17< / ><>S< / >< / ><><>拉斯维加斯< / ><>35 / 24< / ><>S< / ><>35 / 22< / ><>S< / ><>35 / 23< / ><>S< / >< / ><><>伦敦< / ><>20 / 11< / ><>SH< / ><>20 / 15< / ><>< / ><>21 / 14< / ><>R< / >< / ><><>洛杉矶< / ><>27 / 18< / ><>S< / ><>28 / 19< / ><>S< / ><>29 / 20< / ><>S< / >< / ><><>马德里< / ><>26 / 16< / ><>S< / ><>26 / 16< / ><>S< / ><>28 / 17< / ><>S< / >< / ><><>迈阿密< / ><>31 / 25< / ><>T< / ><>31 / 24< / ><>T< / ><>32 / 24< / ><>T< / >< / ><><>莫斯科< / ><>21 / 13< / ><>S< / ><>19 / 11< / ><>SH< / ><>20 / 11< / ><>< / >< / ><><>新德里< / ><>33 / 26< / ><>S< / ><>32 / 25< / ><>S< / ><>33 / 25< / ><>T< / >< / ><><>纽约< / ><>27 / 20< / ><>< / ><>27 / 16< / ><>S< / ><>22 / 18< / ><>< / >< / ><><>尼斯< / ><>27 / 20< / ><>T< / ><>26 / 20< / ><>< / ><>26 / 20< / ><>SH< / >< / ><><>奥兰多< / ><>31 / 24< / ><>SH< / ><>31 / 23< / ><>S< / ><>31 / 23< / ><>T< / >< / ><><>巴黎< / ><>22 / 13< / ><>< / ><>22 / 14< / ><>S< / ><>24 / 16< / ><>< / >< / ><><>菲尼克斯< / ><>35 / 27< / ><>< / ><>38 / 27< / ><>S< / ><>38 / 25< / ><>S< / >< / ><><>罗马< / ><>29 / 21< / ><>S< / ><>28 / 19< / ><>T< / ><>28 / 16< / ><>T< / >< / ><><>旧金山< / ><>18 / 14< / ><>< / ><>18 / 14< / ><>S< / ><>18 / 14< / ><>S< / >< / ><><>首尔< / ><>27 / 19< / ><>< / ><>29 / 18< / ><>S< / ><>29 / 17< / ><>S< / >< / ><><>新加坡< / ><>31 / 27< / ><>T< / ><>32 / 27< / ><>T< / ><>30 / 26< / ><>T< / >< / ><><>悉尼< / ><>18 / 9< / ><>S< / ><>19 / 13< / ><>S< / ><>28 / 15< / ><>S< / >< / ><><>东京< / ><>24 / 18< / ><>< / ><>23 / 21< / ><>C< / ><>25 / 22< / ><>SH< / >< / ><><>华盛顿< / ><>32 / 23< / ><>SH< / ><>30 / 19< / ><>< / ><>28 / 21< / ><>< / >< / table>

NATIONAL FORECAST

图例

白天最高气温，夜间最低气温及天气状况

C 多云< / td><>RS 雨 / 雪< / >< / tr><><>FG 雾< / ><>S 晴< / >< / ><><>FR 冻雨< / ><>SN 雪< / >< / ><><>HZ 霾< / ><>SF 小雪< / >< / ><><>NA 无数据< / ><>SH 阵雨 / 阵雪< / >< / ><><>PC 部分多云< / ><>T 雷阵雨< / >< / ><><>R 雨< / ><>W 大风< / >< / table>

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<><>< / >< colspan="2">今天< / >< colspan="2">明天< / >< colspan="2">周六< / >< / ><><>班夫< / ><>19 / 3< / ><>S< / ><>22 / 5< / ><>S< / ><>21 / 6< / ><>S< / >< / ><><>巴里< / ><>21 / 12< / ><>S< / ><>19 / 11< / ><>S< / ><>16 / 11< / ><>SH< / >< / ><><>布兰登< / ><>17 / 7< / ><>S< / ><>19 / 12< / ><>< / ><>18 / 12< / ><>< / >< / ><><>卡尔加里< / ><>19 / 5< / ><>S< / ><>20 / 7< / ><>S< / ><>21 / 8< / ><>S< / >< / ><><>夏洛特敦< / ><>18 / 13< / ><>PC< / ><>18 / 10< / ><>R< / ><>13 / 7< / ><>S< / >< / ><><>希库蒂米< / ><>17 / 9< / ><>< / ><>14 / 5< / ><>< / ><>14 / 6< / ><>S< / >< / ><><>丘吉尔< / ><>6 / 2< / ><>< / ><>15 / 7< / ><>< / ><>11 / 5< / ><>< / >< / ><><>科纳布鲁克< / ><>16 / 5< / ><>< / ><>13 / 6< / ><>R< / ><>9 / 3< / ><>< / >< / ><><>康沃尔< / ><>22 / 13< / ><>< / ><>19 / 8< / ><>S< / ><>17 / 11< / ><>S< / >< / ><><>埃德蒙顿< / ><>22 / 8< / ><>S< / ><>22 / 9< / ><>S< / ><>24 / 9< / ><>S< / >< / ><><>哈利法克斯< / ><>23 / 16< / ><>< / ><>19 / 10< / ><>R< / ><>16 / 9< / ><>S< / >< / ><><>汉密尔顿< / ><>22 / 13< / ><>R< / ><>21 / 13< / ><>S< / ><>19 / 14< / ><>R< / >< / ><><>亨茨维尔< / ><>22 / 11< / ><>S< / ><>17 / 8< / ><>S< / ><>16 / 9< / ><>< / >< / ><><>伊魁日特< / ><>7 / 0< / ><>< / ><>5 / 0< / ><>SN< / ><>5 / 0< / ><>< / >< / ><><>贾斯珀< / ><>22 / 4< / ><>S< / ><>22 / 5< / ><>S< / ><>21 / 6< / ><>S< / >< / ><><>基隆拿< / ><>23 / 8< / ><>S< / ><>26 / 9< / ><>S< / ><>25 / 10< / ><>S< / >< / ><><>金斯顿< / ><>22 / 14< / ><>< / ><>20 / 10< / ><>S< / ><>18 / 13< / ><>< / >< / ><><>伦敦< / ><>24 / 12< / ><>< / ><>22 / 14< / ><>S< / ><>19 / 15< / ><>R< / >< / ><><>蒙特利尔< / ><>21 / 14< / ><>< / ><>19 / 8< / ><>S< / ><>17 / 10< / ><>S< / >< / ><><>尼亚加拉瀑布< / ><>22 / 15< / ><>R< / ><>21 / 13< / ><>S< / ><>19 / 15< / ><>< / >< / ><><>北湾< / ><>20 / 8< / ><>S< / ><>15 / 6< / ><>S< / ><>16 / 8< / ><>S< / >< / ><><>渥太华< / ><>22 / 13< / ><>S< / ><>18 / 7< / ><>S< / ><>17 / 9< / ><>S< / >< / ><><>乔治王子城< / ><>21 / 7< / ><>S< / ><>23 / 9< / ><>S< / ><>21 / 9< / ><>< / >< / ><><>彼得伯勒< / ><>23 / 12< / ><>< / ><>20 / 9< / ><>S< / ><>17 / 11< / ><>< / >< / ><><>魁北克市< / ><>19 / 11< / ><>< / ><>17 / 6< / ><>< / ><>17 / 7< / ><>S< / >< / ><><>里贾纳< / ><>18 / 10< / ><>S< / ><>19 / 11< / ><>< / ><>19 / 10< / ><>< / >< / ><><>萨斯卡通< / ><>20 / 7< / ><>S< / ><>22 / 8< / ><>S< / ><>21 / 9< / ><>S< / >< / ><><>苏圣玛丽< / ><>20 / 9< / ><>< / ><>17 / 11< / ><>< / ><>18 / 10< / ><>< / >< / ><><>圣约翰< / ><>20 / 14< / ><>< / ><>20 / 8< / ><>< / ><>17 / 8< / ><>S< / >< / ><><>塞普特-伊莱斯< / ><>13 / 8< / ><>< / ><>12 / 6< / ><>R< / ><>12 / 6< / ><>S< / >< / ><><>圣

JOHN'S< / td> 20 / 11< / ><>S< / ><>14 / 9< / ><>PC< / ><>10 / 6< / ><>PC< / >< / tr> <>SUDBURY< / ><>22 / 9< / ><>S< / ><>16 / 7< / ><>S< / ><>17 / 8< / ><>S< / >< / ><><>THUNDER BAY< / ><>19 / 5< / ><>S< / ><>14 / 9< / ><>< / ><>18 / 11< / ><>S< / >< / ><><>THOMPSON< / ><>11 / 7< / ><>S< / ><>17 / 5< / ><>SH< / ><>15 / 7< / ><>S< / >< / ><><>TORONTO< / ><>23 / 16< / ><>SH< / ><>21 / 14< / ><>S< / ><>18 / 13< / ><>SH< / >< / ><><>VAL-D'OR< / ><>20 / 6< / ><>< / ><>13 / 2< / ><>S< / ><>15 / 7< / ><>S< / >< / ><><>VANCOUVER< / ><>22 / 12< / ><>S< / ><>21 / 13< / ><>S< / ><>20 / 12< / ><>< / >< / ><><>VICTORIA< / ><>23 / 11< / ><>S< / ><>21 / 12< / ><>S< / ><>21 / 12< / ><>< / >< / ><><>WHISTLER< / ><>24 / 11< / ><>S< / ><>22 / 10< / ><>S< / ><>22 / 10< / ><>< / >< / ><><>WHITEHORSE<

<>13 / 3< / ><>< / ><>10 / 6< / ><>SH< / ><>12 / 6< / ><>< / >< / ><><>WINNIPEG< / ><>16 / 7< / ><>S< / ><>18 / 13< / ><>< / ><>20 / 11< / ><>SH< / >< / ><><>YELLOWKNIFE< / ><>10 / 5< / ><>R< / ><>13 / 7< / ><>S< / ><>13 / 9< / ><>< / >< / table>

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向下

向下 1 VMAs频道 2 法语中的“我” 3 波托贝洛的一部分 4 “POW!”的近义词 5 对……感到懊悔 6 几何计算 7 身体图像？ 8 减少、____、回收 9 吞噬 10 担心 12 “____之烹饪”（韩国裔厨师2025年出版的书籍） 13 “这是____brainer！”（显而易见的事） 14 与肉豆蔻相关的香料精华 19 Aaron的首字母，但不是第二个字母 21 严厉的特质 23 与木纹平行的木工技术 24 部分苹果设备 26 K-6的中点 29 内衣品牌 30 例如遵循ABAB方案 32 一个常见冠词的拼写错误 33 《星球大战》中的阿米达拉女王 35 追随者 36 铁锈色的猛禽 37 研究弗洛伊德的学科 41 外星人：缩写 45 修订

北家 ♠ 8 5 4 ♥ A K 6 2 ♦ 9 7 4 ♣ A 9 3

西家 ♠ K Q 6 ♥ — ♦ K 8 6 3 2 ♣ J 10 8 5 2

东家 ♠ 9 7 3 2 ♥ Q 10 7 ♦ J 10 5 ♣ Q 7 4

南家 ♠ A J 10 ♥ J 9 8 5 4 3 ♦ A Q ♣ K 6

54 “整洁！” 55 西班牙语中的“姑姑 / 姨妈” 57 双连字符的ID 58 报税专业人士 59 “history”或“gallery”之前的词

假设你处于四心合约，西家领先打出梅花。合约看起来很容易达成，但当你用K赢下梅花并打出红心A时，你受到了一个残酷的冲击：西家出尽了红心，弃掉了一张方块。

你在第三轮转向黑桃，尝试用J进行虚惊（finesse），但输给了西家的Q。随后对方打回梅花给明手的A，但当你接着打出第二张黑桃并尝试用10虚惊时，西家用K赢下并再次领先打出梅花，你将其吃掉（ruff）。

起初看起来如此乐观的局面迅速恶化——你遇到了不幸的3-0王牌分布，并且两次黑桃虚惊失败。不过，你还保留着一次方块虚惊的机会。

于是你打到王牌K，然后打出方块Q，但这次虚惊也失败了，你最终输了一墩（go down one）。你可以说这是极大的不幸，因为在开局时，你获胜的概率大约是40比1。

然而，如果你客观地考虑这个问题，你会意识到如果你打得更好一点，本可以达成合约。在第二轮西家在红心A上出尽后，更明智的做法应该是先赢下梅花A，然后在第四轮吃掉一张梅花。

这样一来，先打王牌K，接着打黑桃J，就会让西家陷入难以支撑的境地。他会用Q赢下，但无论他接下来打什么都会丢掉一墩。如果他回打黑桃，会进入你的A-10；回打方块，会进入你的A-Q；而回打梅花，则允许你在明手吃牌时，从手中弃掉一张方块或黑桃。

©2026 King Features Syndicate Inc.

隐喻填字游戏

© News Licensing / Times Media Limited

横向 6 会面，爱尔兰人在教堂之前 (6) 7 标记，100，最终是最高级的 —— 难以获得 (6) 9 逃脱，船队？不完全是 (4) 10 一个数字经过排序，帐篷租赁 (8) 11 民主党人渴望改变冲突 (8) 13 紧急命令，放弃法庭 (4) 15 混乱，大部分难以协调 (4) 16 坚定的失败者回来，敦促巨大的努力之初 (8) 18 反对目标的一方 —— 没有正确！ (8) 20 扭曲的邪恶面具 (4) 21 声称一切，比如说，在结尾处具有攻击性 (6) 22 饮料，卡特尔失序 (6)

纵向 1 在所有之前，我担心实际的人类生存 (4,4) 2 在汽车场馆中未能达到预期：在国外隐藏 (12) 3 最初具有责任的人，要求极其广泛的参考范围 (6) 4 一个教堂特征，高，或者长？ (6) 5 跳弹，减少的线条，飞镖选手必须留在后面 (4) 8 老式的姨妈，懒散，虚荣，不幸地 (12) 12 定期被羡慕，节日之前的时期 (3) 14 商店，也许，口头叙述的来源？ (8) 16 在某种程度上，卑鄙的人，那个女人 (6) 17 修剪木材 (6) 19 舞蹈领域 (4)

数独难度评级：★★★★☆

© 2026 Andrews McMeel Syndication

说明 填充网格，使每一行九个方格、每一列九个方格以及每个九宫格（三乘三）包含 1 到 9 的数字，顺序不限。每个谜题只有一个解。

KENKEN

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说明

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2. 粗线框（称为“笼子”）内的数字必须使用给定的运算（顺序不限）组合，以得出左上角的目标数字。

3. 赠送项：在单格笼子中填入左上角的数字。

今日数独和 的答案可在 A 版的“生活与艺术”内容区域找到。填字游戏答案将随明天的谜题一起公布。

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美国联邦储备委员会提高利率，并暗示可能进一步加息

美国联邦储备委员会主席凯文·沃什（Kevin Warsh）周三在华盛顿向记者发表讲话。美联储提高利率的决定在广泛预期之中，但遭到了总统唐纳德·特朗普的批评。MARK SCHIEFELBEIN / AP

安德鲁·加尔布雷思（ANDREW GALBRAITH） 马克·伦德尔（MARK RENDELL）

美国联邦储备委员会周三首次自2023年以来提高利率，旨在抑制通货膨胀。此举遭到了美国总统唐纳德·特朗普的批评，他此前一直恳请央行大幅削减借贷成本。

负责制定政策的联邦公开市场委员会一致决定将基准利率提高0.25个百分点，至3.75%到4%的区间。在一份声明中，委员会表示此举将支持“更及时地回归”美联储2%的通胀目标。

自5月开始担任央行主席以来，投资者一直密切关注凯文·沃什，以寻找他将如何处理相互冲突的需求的迹象：一方面是遏制因美伊战争而加剧的成本压力，另一方面则是总统对极低借贷成本的愿望。

在作为美联储主席做出的第三次决定中，沃什先生展现了他对央行通胀职责的承诺，且他的沟通在投资者看来通常被视为鹰派。

特朗普先生批评了加息举措，但并未直接指责沃什先生——这与他经常抨击前美联储主席杰罗姆·鲍威尔（Jerome Powell）的情况不同。

他在社交媒体的一篇帖子中写道：“美国的利率应该是1%或更低，因为我们拥有世界上——且远超其他国家——最好的信用。”标准普尔全球评级（S&P Global Ratings）维持美国AA+的长期主权信用评级，比加拿大的顶级AAA评级低一个等级。

他补充道：“降低美利坚合众国的利率，而且要快。”

在周三的新闻发布会上，沃什先生将此次加息描述为从强劲的经济中移除“一部分宽松政策”。

他说：“我很难将广泛的金融状况描述为紧缩的。”

交易员此前已将加息视为几乎必然。但在决定公布后，美国短期国债收益率的跳升表明，他们认为随周三声明发布的材料以及沃什先生的新闻发布会比预期的更具鹰派色彩。

加拿大皇家银行首席经济学家弗朗西斯·唐纳德（Frances Donald）在一次采访中表示：“没有人对美联储今天的加息感到惊讶。关键在于联邦储备委员会将暗示会有更多次加息，还是仅再加一两次。” ■ 美联储，B6

加拿大面临挑战，难以将峰会后的积极氛围转化为新投资

蒂姆·基拉泽 (TIM KILADZE)

分析

在多伦多，有 48 小时的时间里，一条信息被不断重复：加拿大终于真正回归了。

在加拿大举办的首届投资峰会上，坐在讨论小组中的加拿大人不断地表达着类似的观点，而听众们则在与活动相关的小型论坛、鸡尾酒会和晚宴的私人交谈中不断重复这句话。

人们在说这句话时通常带着欣喜，暗示加拿大人再次变得严肃起来。正因如此，私人资本最终将会出现。

但情况并非如此简单。事实上，尽管峰会旨在解决此问题，但寻找资金一直不是加拿大的问题。现实地看，除了监管负担和税收激励之外，有些事情是政府无法控制的，而其中一些关键因素在多年来一直影响着加拿大。这份名单上的首位就是：大宗商品价格。

自总理马克·卡尼在 2025 年当选以来，他一直标榜加拿大作为资源大国的实力。石油、天然气、铜、铀，加拿大应有尽有。

从历史上看，这些大宗商品助力了该国的经济发展。多伦多道明银行的经济学家在最近一份关于投资超级周期潜力的报告中写道：“尽管加拿大近期的投资表现糟糕，但它拥有资本支出繁荣期长达十年的历史，这在很大程度上与资源部门相关。”

但在峰会上被掩盖的事实是，大宗商品价格曾多次崩盘，而一旦发生这种情况，就会吓跑投资者并导致资本干涸。

如果大宗商品价格再次像 2012 年矿业超级周期崩溃时或 2014 年油价暴跌时那样下滑，那么无论加拿大放宽多少监管或推出多少税收激励措施，都将难以吸引资本。

现在看来这似乎很遥远。由于中东的供应中断，以及为建设和规划的大量数据中心提供动力而激增的天然气需求，世界正渴求北美的石油和天然气。

但在 15 年前，当中国似乎对加拿大的金属和能源有无限需求时，当时的热情也同样高涨。

分析，B9

零售 Dollarama 上调销售预测，谨慎的购物者涌向折扣店

贾斯汀·博利欧-普德里耶 (JUSTINE BEAULIEU-POUDRIER) / 环球邮报

并购 史蒂夫·哈德森 (Steve Hudson) 启动 SPAC 以寻求收购一家加拿大金融服务公司 ■ B2

大卫·罗森伯格 (DAVID ROSENBERG) 关于 60 / 40 投资组合的肮脏小秘密，以及它为何不再奏效 ■ B11

渥太华将资助 Bengio 专注于 AI 系统安全开发的项目

乔·卡斯托尔多 (JOE CASTALDO) 亚历山德拉·波萨兹基 (ALEXANDRA POSADZKI)

由于对该技术的担忧日益增加，且顶尖 AI 公司领导人呼吁协调放缓开发进度，加拿大和德国政府正向由约书亚·本吉奥 (Yoshua Bengio) 创立的一家非营利组织提供高达 $300-million 的资金，该组织致力于开发安全的人工智能系统。

这位图灵奖得主兼蒙特利尔大学教授在担心强大的 AI 系统可能被滥用并脱离人类控制后，于去年利用近 US$30-million 的慈善资金创立了 LawZero。

来自加拿大和德国的新资金将用于雇佣更多员工，并支付与构建名为 Scientist AI 系统研究相关的计算处理成本。该组织表示，该系统将不会具有当今模型中存在的负面特征。

本吉奥教授在一次采访中表示：“在公众眼中，安全性已变得非常重要，这是有充分理由的。”

“我们迫切需要一个计划来构建 AI，使其不会做出真正糟糕且不一致的事情。”

非营利组织，B9

如果加拿大的四大机场私有化，旅客可以期待什么

玛丽亚·波斯特尔尼亚克 (MARIYA POSTELNYAK) 消费者事务记者

支持者表示，如果渥太华的机场私有化计划效仿其他国家的主要区域枢纽，旅客可能会看到航班取消次数减少，低成本航空公司提供的国际航线增加，以及更先进的配套设施。

但批评者警告称，其他地方的成功在加拿大难以复制，因为缺乏竞争带来了不同的考量因素。

马克·卡尼总理在首届加拿大投资峰会上提出的模式将涉及向加拿大主要机场开放私人投资，而联邦政府将保留底层土地和资产的所有权。

支持者认为，这种模式已经振兴了全球各地的机场。

美国国家经济研究局（NBER）一项关于机场所有权模式的开创性研究的共同作者迈克尔·魏斯巴赫（Michael Weisbach）在一次采访中表示，底线是“机场似乎得到了改善”。“它们开始赢得奖项，航班取消率下降，飞往城市的航线数量增加。”

事实上，这项在今年最新更新的研究发现，在私募股权所有权下，航班取消率最高下降了 39%。 ■ 机场，B9

公司

阿萨巴斯卡石油 (ATHABASCA OIL) ....B11 多乐美 (DOLLARAMA) ....B5 HIGH TIDE ....B11 NANOXPLORE ....B11 普洛斯 (PROLOGIS) ....B6 RICHELIEU HARDWARE ....B11

加拿大出口发展公司称加拿大必须提高出口价值

加拿大出口发展公司（EDC）以黄豌豆为例，说明在国内对大宗商品进行加工如何能增加价值并创造新的出口机会。 LIAM RICHARDS / THE GLOBE AND MAIL

销售原材料而非加工产品正导致“巨额利润”流失

MARK RENDELL 经济记者

加拿大出口发展公司（EDC）表示，如果希望贸易多元化的推动能带来显著的经济增长，加拿大需要专注于将大宗商品转化为更高价值的产品，并将企业纳入全球供应链。

在该机构周四发布的一份报告中，这家国家出口信贷机构认为，贸易多元化不仅仅是指签署新的贸易协定，或者将更多大宗商品运往沿海，进而销往亚洲和欧洲市场。

EDC认为，真正的机遇在于帮助加拿大公司通过在境内进行更多加工，从而获取出口产品中更多的价值。

“加拿大公司在结果上的差异令人震惊。通过出口原材料而非更复杂的加工产品，公司流失了巨额利润，”EDC首席执行官艾莉森·南基维尔（Alison Nankivell）在报告中表示。

“如果我们能扩大这些能力，生产出能让加拿大获得竞争优势的独特且复杂的产品，我们将能为经济带来切实的变化——在未来十年内，以今天的货币价值计算，可为国内生产总值增加近 $100-billion，同时提升能力并提高生产力。”

起步情况并不乐观。EDC指出，一个国家的“经济复杂性”衡量的是产品在出口前被转化的程度，而加拿大的排名一直在稳步下滑。

1995, 年，加拿大的经济复杂性在全球排名第 17 位。到 2024, 年，已跌至第 35 位。

南基维尔女士在一次采访中表示，当加拿大拥有进入贪婪的美国市场的保证时，这种下滑是可以被忽视的。但她说，与美国的贸易战正迫使企业更具战略性地思考其哪些产品能在全球舞台上竞争。

在某些行业中，向价值链上游移动是为了弥补失去的市场。例如，一些木材公司正在投资交叉层压材（CLT）的生产，希望在美方关税实际上切断了其 2x4 木方传统市场后，能将其销往亚洲或欧洲。

对于其他行业而言，这更多是为了追求新机遇。报告以黄豌豆为例。在原材料状态下，豌豆每吨可能售价 $30。将其磨成面粉每吨可带来 $300，而将面粉制成零食或意面则每吨可产生 $3,000 的收益。

当然，这种升级需要大量资本。EDC认为，在国家规模上提高经济复杂性将需要加拿大在融资生态系统、交通基础设施和工业政策方法上做出重大转变。

南基维尔女士表示，目前，希望在机械、设备和产品开发方面进行转型投资的中型企业往往发现很难获得资金。加拿大不像美国那样拥有深厚的私募股权投资者资源，且该国的商业银行在商业贷款方面往往更为保守。

“加拿大的处境稍微有些受限，因为我们的银行主要服务于国内，相当厌恶风险，而且我们有非常严格的 OSFI 监管，”南基维尔女士在提到该国银行监管机构——金融机构监理局（OSFI）时说道。

出口发展公司（EDC）及其同为国企的加拿大商业发展银行（Business Development Bank of Canada）已在填补风险较高的中型市场贷款缺口方面发挥了作用。但南基维尔女士表示，商业银行和其他类型的投资者需要加大投入。“不能只靠国企。要做的事情实在太多了。”

该报告概述了拼图的其他部分。出口更多高加工产品将需要对运输和仓储基础设施进行调整，并大幅扩建东西两岸的集装箱港口。

此外，企业自身需要更加适应 EDC 所称的“综合贸易”——即在关键海外市场建立实地据点，并努力成为全球重要企业的核心供应商。

任何多元化路径都将涉及大量的商品出口，EDC 并非建议加拿大放弃其在矿业、能源和农业方面的传统优势。相反，这意味着要支持这些行业中那些在进行创新并生产全球差异化产品的公司。

“我们总是花大量时间讨论上游生产商，但石油和天然气行业中最有趣的人是中游从业者，以及那些在非洲、亚洲和欧洲的加拿大设备制造商和技术专家，”南基维尔女士说道。

她表示，虽然风险很高，但时机恰到好处。由于美国的保护主义以及对中国工业实力的担忧，关键矿产和国防等领域的全球供应链正在被重构。而人工智能和量子计算等其他供应链仍处于开发阶段。

“对于公司来说，这提供了一个开放的空间，可以思考这些趋势并采取更具目的性的行动。所以，现在是一个完美的时机，”她说道。

亚马逊在工会争议中将加拿大仓库工资提高 $1

范马拉·苏布拉马尼亚姆 (VANMALA SUBRAMANIAM)

未来工作记者

Amazon's YVR2 fulfilment centre in Delta, B.C., on July 11, 2025. Unifor says the BC Labour Relations Board awarded union certification to workers at the facility, who will now begin negotiating a first contract. DARRYL DYCK / THE CANADIAN PRESS

在与温哥华一家推动达成历史性首份集体协议的工会发生劳工争议之际，亚马逊正将其数千名加拿大仓库工人的时薪提高 $1,。

这家科技巨头周三宣布，将把加拿大“运营员工”的平均小时基本工资从每小时 $25.27 提高到 $26.27，这实际上使薪资同比增长了 4%。

亚马逊还宣布，从 Oct. 1. 起，包括公司职员在内的所有员工在 Amazon.ca 购买在线杂货可享受 10% 的折扣。该公司在声明中表示，此次加薪和杂货折扣是对现有职场福利方案的补充，该方案包括医疗、视力及牙科福利。

该公司会定期提高仓库员工的工资和福利，通常是在秋季的 Prime Days（会员日）和节日季之前。

多年来，亚马逊一直试图抵制美国和加拿大多个司法管辖区工人的工会化尝试。恶劣的工作环境一直是推动工会活动的原动力，尽管纽约和温哥华的亚马逊工人已成功组建工会，但尚未有任何工会能够获得一份正式的集体协议。

Unifor 是加拿大最大的私营部门工会之一，于去年 7 月将温哥华的仓库工人组织成工会。该工会在周三的一份声明中表示，亚马逊的加薪时机与不列颠哥伦比亚省劳工关系委员会上个月决定强制双方就首份合同进行约束性仲裁的时间高度吻合。

“亚马逊是时候意识到，如果他们想在加拿大经营，就必须在尊重其雇佣工人之权利的前提下进行。我们将继续施压，以确保全加拿大的工人都能从集体谈判取得的成果中受益，”Unifor 全国主席拉娜·佩恩 (Lana Payne) 表示。

根据 2025 报告，该公司在加拿大雇佣了 46,000 人，其中包括 8,000 名公司员工。它在全国拥有 70 个运营和物流站点。

“每天，我们在全加拿大的员工都竭尽全力准备客户交付的包裹，我们对他们的奉献深表感激，”亚马逊加拿大物流主管贾斯敏·贝加吉奇 (Jasmin Begagic) 表示。

这家总部位于西雅图的科技巨头因其在工人安全和工作条件方面的记录而面临审查。2023, 亚马逊成为被安大略省工作安全与保险委员会因违反工人赔偿规定而处罚的 21 家雇主之一。具体而言，该公司未能就其安大略省布兰普顿的一家履约中心涉及一名工人的受伤索赔提交申请。

In October, 2025, Unifor 开始与亚马逊就 800 名温哥华仓库工人的集体协议条款进行讨论，但该过程充满了复杂情况。工会指责亚马逊通过未能及时提交关键的工资提案，从而“拖延”谈判进程。

随后在 June, 2026, 一名由不列颠哥伦比亚省劳工关系委员会任命的调解员支持了工会的观点，并在报告中称，这家科技巨头的谈判方式实际上是“不合理的”，并阻碍了达成新集体协议的进程。

上个月，省级劳工委员会下令进行约束性仲裁，以强制亚马逊同意首份合同的条款。该公司随后对该决定提出了上诉。

据 Unifor 西部区域总监加文·麦加里格尔 (Gavin McGarrigle) 称，在温哥华地区的工会化仓库 YVR2 工作的人员，时薪在 $18 和 $25 之间。

麦加里格尔先生表示，工会在首份集体协议中提议，2026年加薪4%，2027年加薪3.5%，2028年加薪3.5%，但亚马逊给出的反向方案是分别加薪2.5%、2%和0%。

双方争论的核心问题是工作节奏和受伤率。工会希望为工作量和生产力制定明确的规则，但亚马逊在6月告知劳工委员会的调解员，它不会就员工被要求工作的强度和速度进行谈判。

在周三的声明中，亚马逊表示，此次薪资提升将使每周工作40小时的全职仓库员工的年薪平均达到54,000加元。

企业家推出 SPAC 旨在收购加拿大金融服务公司

安德鲁·威利斯 (ANDREW WILLIS)

企业家史蒂夫·哈德森 (Steve Hudson) 正致力于寻找一家加拿大金融服务公司，他拥有 $1-billion 的资金储备、一套基于人工智能的战略以及在纽约证券交易所的上市地位。

哈德森先生曾创立并出售了三家总部位于多伦多的成功金融企业。今年 8 月，他为 Pinnacle Acquisition Corp. 完成了 US$200-million 的首次公开募股。该公司被称为特殊目的收购公司（SPAC），已安排好银行贷款，以支持最高 $1-billion 的潜在投资。

Pinnacle 的高管目前正在利基贷款和消费金融等领域寻找可以重新改造的企业。在一次采访中，哈德森先生表示，他的下一个创业项目将沿用近期在 Element Financial Corp.（一家 $9.8-billion 的上市公司）以及 ECN Capital Corp.（在过去五年中通过两笔总额达 $3.4-billion 的交易出售）所采用的相同计划。

Pinnacle 计划收购类似贷款机构的企业，通过将贷款转让给寿险公司等机构来实现轻资产资产负债表，并利用人工智能将此前的人工流程（如贷款审批和服务）自动化。

“我在人工智能方面的经验表明，它代表了信贷公司运营方式的一场革命，”哈德森先生说。他表示，人工智能可用于降低贷款损失，并提高生产力和利润率。

哈德森先生是多伦多本地人，曾任会计师。他将 Newcourt Credit Group 打造成为全球第二大非银行金融公司，并于 1999 年以 $2.4-billion 将其出售给竞争对手 CIT Group Inc.。

他的上一个创业项目 ECN Capital 为预制房屋和娱乐车的买家提供贷款。

Pinnacle 的目标包括目前由私募股权基金持有的金融企业。哈德森先生表示，许多管理人员正在寻找退出方式，以脱离他们持有多年且“没有明显流动性路径”的公司。

Pinnacle 还在寻找从寻求简化结构的大公司中剥离业务的机会。这种方法打造了 Element Financial，该公司源自十多年前由通用电气公司 (General Electric Co.) 出售的一个全球汽车和卡车金融平台。

来自加拿大帝国商业银行资本市场 (CIBC Capital Markets)、蒙特利尔银行资本市场 (BMO Capital Markets) 和加拿大皇家银行资本市场 (RBC Capital Markets) 的投资银行家正在为 Pinnacle 的收购计划提供咨询。

SPAC 结构给予哈德森先生直到 2028, 5 月的时间来购买一家企业。如果 Pinnacle 到那时还没有达成交易，投资者将获得资金返还。

哈德森先生表示，Pinnacle 决定在纽约证券交易所 (NYSE) 而非多伦多证券交易所上市，是因为 SPAC 在美国投资者中的追随者比在加拿大群体中更广泛且更热情。

今年以来，已有 148 家 SPAC 在美国市场筹集了 US$26.1-billion，这是该领域五年来出现的最大规模融资。

去年 11 月，加拿大量子计算机开发商 Xanadu Quantum Technologies Inc. 通过与一家 SPAC 合作，在一次 US$3-billion 的交易中于纳斯达克和多伦多交易所上市。

GPC 向成功获得 GPC.D 认证的人员表示衷心的祝贺。这一成就标志着他们在治理职业生涯发展中的一个重要里程碑，并证明了他们对该领域卓越标准的承诺。做得好

加拿大治理专业人士协会 (GOVERNANCE PROFESSIONALS OF CANADA)

Ajané A Adams 首席治理关系官， 百年学院学生会 (Centennial College Student Associ-)

Chantal Bedard 负责人，委员会秘书处， 国家首都委员会 (National Capital Commission)

经理，战略治理，OSFI

Mary Dollar 项目经理 – 会员参与，加拿大治理专业人士协会（Governance Professionals of Canada）

Patricia Gelo

Arla Hillis 许可经理， BrokerLink

Marissa Jordan

战略计划与董事会治理经理，省级信用合作社（Provincial Credit Union）

Andrée Lauzé 公司秘书，FPInnovations

Kelly A. McDonald 高级总监，多伦多港务局（Toronto Port Authority） 经营名称为多伦多港口（Ports Toronto）

Ewa Noganska 首席法律与治理官、首席合规官 Portage Mutual 保险公司

Brent Retzlaff

Brent Retzlaff 人力与文化及治理副总裁，温尼伯基金会（The Winnipeg Foundation）

Arjun Singh 非营利部门

Esther Wingate 滑铁卢大学本科生协会

Chantelle Abraham 哈弗加尔学院（Havergal College）

治理官，萨斯喀彻温省皇冠投资公司（Crown Investments Corporation of Saskatchewan）

公司治理顾问，加拿大国家研究委员会（National Research Council of Canada）

Michael Dorosz 顾问，安大略省能源委员会（Ontario Energy Board）

Carol Gerritsen 执行官，麦克马斯特大学（McMaster University）

Kyla Hillmer

未拍照人员：

副总裁，皇冠服务及公司秘书，萨斯喀彻温省皇冠投资公司（Crown Investments Corporation of Saskatchewan）

Katie Karn 治理总监，BC省医生协会（Doctors of BC）

Oluyomi Frances Lawson

公司治理与合规经理，A.T.S. Electro-lube International

Ruth Millard

执行业务负责人，董事会关系与治理，加拿大视力丧失康复协会（Vision Loss Rehabilitation Canada）

Tracy Richards 董事会治理专家，BC省工程师与地球科学家协会（Engineers and Geoscientists BC）

Anna Solnickova 执行官，房地产补偿基金公司（Real Estate Compensation Fund Corp） / Cove Mortgage / CFO Consulting

Shaun Wrubell

Stacey Aubrey 执行总监，曼尼托巴省保险理事会（Insurance Council of Manitoba）

Lauren Benesh 治理官，里贾纳展览协会有限公司（Regina Exhibition Association Limited）

子公司治理经理，蒙特利尔银行（Bank of Montreal）

Michelle Dupuis 战略与治理副总裁，Access 信用合作社（Access Credit Union）

Jodi Green 治理与执行助理，CDSA

Crystal Hood 执行总监，Hood & Dagger Productions

Shannon Ketelaars

执行董事，安大略省房地产经纪人关怀基金会 (Ontario REALTORS Care Foundation)

Tessa Mitchell 治理官员，加拿大投资委员会 (Crown Investments Corporation)

Anna Pinkowicz 治理与合作伙伴总监，阿尔伯塔省法律援助局 (Legal Aid Alberta)

Victoria Rumble 公司秘书，移民与公民顾问学院 (College of Immigration and Citizenship Consultants)

Connie Stewart 执行助理，Diversified M4 Holdings

Allison Wusaty 运营总监，阿尔伯塔原住民机会公司 (Alberta Indigenous Opportunities Corporation)

Saadiyya Ahmed 治理高级专家，安大略大学养老金计划 (University Pension Plan Ontario)

Teresa Black Hughes 财务规划师。

Melissa Clarke 公司治理法律助理，安全标准委员会 (Safety Codes Council)

Mandie Falcon-Prokopetz 公司秘书，加拿大光源中心 (Canadian Light Source)

治理与专项项目经理，滑铁卢区域卫生局 (Waterloo Regional Health)

Christina Huang 治理团队负责人，安大略省医师与外科医生学院 (College of Physicians and Surgeons of Ontario)

Kristyn Kolosky 执行助理，Sunrise Credit Union Limited

Renata Locke

董事会与执行联络官，加拿大心理健康协会 (Canadian Mental Health Association)

Adrian Mitescu

参议院秘书 / 机构问责总监，加拿大西部大学 (University Canada West)

Ruby Philip-Katyal 高级法律顾问，总检察长部

安大略省医师和外科医生学院，法庭案件协调员

Michelle Todoruk 治理顾问，Chell Todoruk 研究咨询公司

Ane Alanis 合同与法律运营负责人，Millenium EMS Solutions Ltd.

Christine Bradstock

治理与董事会秘书经理，Mitacs Inc.

Devon Gunderson 董事会经理， E-Comm 9-1-1

Julie Huffman 公司治理经理， Bulkley Valley 信用合作社

Kiran Kooner

加拿大公共雇员联合会 (CUPE) 不列颠哥伦比亚省分会执行主任

金罗斯黄金公司 (Kinross Gold Corporation)，治理与公司秘书总监

Francesca Morrison 董事会支持服务专家， Vestcor

Jean-François Prégent 执行秘书，加拿大公共服务专业协会

Ranjeev Sangra 副总法律顾问，巴拉德动力系统公司 (Ballard Power Systems Inc.)

Brittany Trafford 助理，Stewart McKelvey

Courtney Andrews- Peckford 治理经理，CRNA

Kyal Butler 参与经理，加拿大治理专业人士协会 (GPC)

Devon Nicole Cooper 公司治理经理， PenFinancial 信用合作社有限公司

Penelope Leticia Haro Aranda

Mel Ifada 首席执行官 / 项目经理，Koja Consulting

Tannisha Lambert

Kristy MacLean 执行助理兼董事会联络员， 乔治王子城机场管理局

Robert Moss MEARIE 集团

Jocelyn Reeves 治理负责人，阿尔伯塔省学校 雇员福利计划

首席治理官/ 高级顾问，工人安全与 赔偿委员会

Ian Whan Tong 集团法律顾问 / 公司秘书， 开曼国家公司 (Cayman National Corporation Ltd)

Stephanie Azak 公司秘书， Nations Royalty Corp

Tan Crombie

Naoka Feth 首席执行官办公室主任，汉密尔顿健康科学基金会（Hamilton Health Sciences Foundation）

Benjamin Hendriksen 市长， 黄刀镇（City of Yellowknife）

Stephanie Jamieson

Meghan Lamontagne

Pauline Manz 公司治理官， Crossroads Credit Union

Hilda Mounir 委员会秘书，国家首都委员会（National Capital Commission）

Lea Anne Sexton 负责人，Two Way Consulting

Debbie Watts 公司秘书， Opportunities NB

Joan Bard Miller

Janice Carkner 内部审计负责人，加拿大政府-加拿大共享服务部（Shared Services Canada）

Amanda Dench 董事会秘书，安大略省汽车工业委员会（Ontario Motor Vehicle Industry Council）

RaeAnne Friedenberg 幕僚长，TELUS世界科学馆-埃德蒙顿（TELUS World of Science-Edmonton）

Shaughnessy Hill 董事会秘书，信息治理总监，BC养老金公司（BC Pension Corporation）

Hanan Jibry 副注册员，安大略省验光师学院（College of Optometrists of Ontario）

Lisa Latchford 副首席执行官，CREB®

Roberta McArthur 治理高级专家，德勤 & 触（Deloitte & Touche LLP）

Rachel Myles 助理公司秘书，The McElhanney Group Ltd.

Deanne Reilly 助理公司秘书，Gay Lea Foods Co-operative

Rosemary Siblall 公司秘书，Impala Canada Ltd.

Wanda Wilson 治理专家兼首席执行官行政助理，新斯科舍省律师协会（Nova Scotia Barristers' Society）

GPC和Ivey非常荣幸地向成功完成首届Ivey-GPC治理领导力项目（GLD）的优秀专业人士表示衷心的祝贺。这一里程碑反映了他们致力于提升领导能力并加强治理未来的决心。

拉沙德·阿尔-阿尼（Rashad Al-Aani）；莱拉·鲁拉·阿尔曼苏尔（Layla Rula Almansour），加拿大心理健康委员会执行助理；艾米·博特（Amy Bott），Raymore信用合作社公司治理执行助理；奥利维亚·巴兰加-桑托斯（Olivia Balanga-Santos），加拿大国家研究委员会；格伦·坎贝尔（Glenn Campbell），Red Sands Advisory首席顾问；瓦妮莎·张（Vanessa Chang），金融机构监管局（OSFI）；盖伦·伊格尔（Galen Eagle），杜伦区教育局；阿曼达·埃尔萨瑟（Amanda Elsasser），Claystone Waste Ltd.公司秘书；克里斯托弗·加尔（Christopher Gall），Hall & Larocque高级法律顾问；马蒂娜·加兰特（Martina Gallant），纽芬兰与拉布拉多省农业产业审查委员会经理；南希·玛丽·冈萨尔维斯（Nancy Marie Goncalves），谢里登学院董事会助理秘书兼副总裁执行助理；詹姆斯·格兰奇（James Grange），First West信用合作社法律顾问；雅各布·赫利韦尔（Jacob Helliwell），交通投资公司运营副总裁兼首席财务官；尚塔尔·琳恩·赫里奥特（Chantal Lynne Herriot），Portage Mutual保险公司助理公司秘书兼执行行政官；米歇尔·霍德（Michelle Hoad），

MLPAO首席执行官；朱莉·霍夫曼（Julie Huffman），Bulkley Valley信用合作社公司治理经理；索菲亚·伊齐克森（Sophia Izikson），安大略省房地产协会前会员与领导力发展负责人；詹妮弗·詹米森（Jennifer Jamieson）；凯伦·江（Karen Jiang），艾尔德里市助理市书记员；安贾莉·卡尔拉（Anjali Kalra），TMF Canada Inc.主管；莱拉·凯利（Leila Kelly），多伦多病童医院公司治理负责人兼公司秘书；肖恩·奈特（Shawn Knight），阿尔伯塔省政府监管合规与数据管理执行董事；朱莉·拉罗克（Julie LaRocque），Clean Foundation公司秘书；曼迪·琳恩·拉马什（Mandy Lynn Lamarche），NOSM大学执行助理；杰克琳·拉维格（Jaclyn Lavigne），加拿大国家盲人协会（CNIB）治理与合规副总裁兼首席隐私官；安吉拉·勒布雷顿（Angela LeBreton），A.D. LeBreton法律专业公司律师兼兼职总法律顾问；杰西·刘（Jessie Liu），Wealth One银行公司秘书；大卫·洛文（David Loewen），萨斯喀彻温省彩票与博彩局政策总监；

米歇尔·隆（Michelle Long），金罗斯黄金公司（Kinross Gold Corporation）治理总监兼公司秘书；维迪亚·卢基拉姆（Vidya Luckiram），多伦多都会大学治理专家；妮可·海瑟·路德维希（Nicole Heather Ludwig），不列颠哥伦比亚省梅蒂斯民族治理经理；玛德琳·马什（Madeleine Marsh），交通投资公司助理公司秘书；皮埃特罗·马斯特罗马特奥（Pietro Mastromatteo），麦吉尔大学副总监；金伯利·麦克杜格尔（Kimberly McDougall），Federated Co-operatives Limited零售治理经理；索尼娅·米奥尔（Sonia Mior），Prospera信用合作社治理总监兼公司秘书；伊沙拉·穆图·阿拉奇格（Ishara Muthu Arachchige），安大略省大学养老金计划董事会治理高级法律助理；安东尼娅·纳迪莱（Antonia Nadile），加拿大商业发展银行公司秘书处官员；希拉·尼蒂（Sheila Nitti），Edmonton Global首席执行官执行助理兼董事会秘书；克里奥萨·奥雷根（Criosa O'Regan），西红湖金矿；薇拉·帕特森（Vera Patterson），安大略省按摩治疗师学院治理经理；

艾米·帕拉格（Amy Parrag），EfficiencyOne董事会秘书；迪安·赖利（Deanne Reilly），Gay Lea Foods合作社助理公司秘书；埃迪塔·罗戈夫斯卡（Edyta Rogowska），麦吉尔大学；埃林·西巴（Eryn Siba），萨斯喀彻温省皇冠投资公司；罗伯特·斯莱特（Robert Slater），Nova Scotia银行子公司治理经理；克里斯汀·斯泰尔马克（Christine Stelmack），泛美白银公司（Pan American Silver Corp）法律助理；凯尔西·苏尔塔娜（Kelsey Sultana），加拿大国家研究委员会（NRC）规划与治理总监；克利奥帕特拉·苏拉切（Cleopatra Surace），Mackenzie Health公司治理与执行董事会联络员；乔迪·托尔（Jody Tol），阿尔伯塔省牙科外科医生学院治理与政策协调员；伊策尔·欧金尼亚·拉米雷斯·维拉斯奎兹（Itzel Eugenia Ramirez Velazquez），ATEX Resources Inc.；吉莉安·文宁（Gillian Venning），杜伦区教育局学校董事会服务协调员；詹妮弗·温泽尔（Jenifer Wenzel），Nutrien Ltd.首席执行官助理兼运营支持；伊莉丝·威克特（Elise Wickett），安大略省兽医技术员协会执行董事兼注册主任

阿贾内·亚当斯（Ajané Adams） 百年学院学生会公司治理关系首席官

拉拉·多格（Lara D'oug） 加拿大保险金融机构协会运营高级经理

Chantel Laventure 萨斯喀彻温大学战略赋能与服务交付副总裁

David Veld BDO Canada LLP 合伙人

Jocelyn Chisamore 加拿大药物管理局战略与治理总监

James Grange Tru Cooperative 法律事务总监兼助理公司秘书

Sarah Morgenstern Girls E-Mentorship 执行总监

Ray Velestuk 萨里学区委员会秘书长兼首席财务官

Deena Chochinov 毕马威（KPMG）家族办公室家庭咨询总监

Karen Holz 卡尔加里市政府区域规划经理

Andrea Poptsis Amplify Capital 首席财务官

Nandini Dasgupta 波士顿咨询公司（BCG）资深名誉合伙人兼高级顾问

Jennifer Kacaba 安大略省能源委员会公司秘书兼高级法律顾问

Janet Taylor Libro Credit Union 治理与公司秘书总监

扫描以： 探索计划 注册 预约咨询

税收政策显示渥太华已意识到问题

通过降低投资的税后成本，抵扣政策将解决加拿大生产力滞后的问题

史蒂夫·苏亚雷斯 (STEVE SUAREZ)

观点

BLG多伦多办公室合伙人，兼加拿大商会税务与经济委员会共同主席

总理马克·卡尼周二宣布的“生产力巨额抵扣”是21世纪加拿大最重要的税收政策举措之一。加拿大政府通过这一举措向商业界发出了一个信号：“我们明白了。”

简单来说（简单正是该措施的优点之一），这项新的“即时费用化”抵扣是一项时间性措施：它允许企业在税务处理上，比现有规则更早地抵扣合格支出的成本。纳税人获得的抵扣额或税收节省并没有增加，只是获得了更快速的税收节省。

这是因为，虽然现有规则要求这些商业支出即使是预先支付的，也必须在数年内分期抵扣，但生产力巨额抵扣允许纳税人在相关财产变为“可使用”状态（基本上是指已安装并能够运行）的当年，抵扣全部支出。通常这意味着，纳税人在回收成本之前，支付利润税的可能性大大降低，这显然是公平的。

真正令人瞩目的是合格范围之广。大多数在9月15日或之后购置的新资本财产投资均符合条件。结合2025年联邦预算中针对其他财产的措施，政府估计，目前约三分之二的商业资本资产投资符合即时费用化的条件。总理办公室将扩大后的范围描述为包括“光纤电缆、矿业财产、油气管道、软件、研发、计算机设备、飞机和车辆、专利、铁轨、桥梁和道路”。

出于多种原因，这一举措对加拿大经济至关重要。最重要的是，它直接解决了加拿大在过去25年中糟糕的生产力记录。2026年3月，加拿大统计局估计，自20世纪90年代末以来，我们的劳动生产力相对于美国下降了26%，其中大部分发生在过去五年中。

这种规模的即时费用化通过降低急需投资的税后成本，推动了该问题的解决。以边际有效税率（对每增加一加元商业投资征收的税）衡量，政府估计，加拿大合格投资的METR将降低至6.4%，远低于美国相应的16.9%。以这种方式和规模降低生产性资产的投资成本，是加拿大商会在今年夏天向财政部长弗朗索瓦-菲利普·香槟提交的2026年预算前建议中的首项建议，促使总裁兼首席执行官坎蒂斯·莱因将该措施描述为“使加拿大在全球税收竞争中具备竞争力的发射台”。

虽然该措施不限于任何特定行业，但加拿大矿业协会总裁兼首席执行官皮埃尔·格拉顿将其描述为资源部门的“变革性”举措。建设新矿山是一项高风险、资本密集且通常跨越数年的工程。根据现有规则，大多数矿山开发成本在发生当年仅能抵扣30%。在即时费用化政策下，这些成本在发生时可100%抵扣：这是一个巨大的差异。

同样至关重要的一点是，广泛实施即时费用化是对 2025 年美国一系列亲商税收变革的回应。加拿大石油生产商协会总裁兼首席执行官丽莎·拜顿（Lisa Baiton）在周二承认了这一点，她观察到：“在上游石油和天然气投资方面，加拿大最大的竞争对手是美国，而这项生产力巨额抵扣政策缩小了两国在资本成本费用化方面的显著竞争差距。”加拿大企业理应拥有一个公平的竞争环境。

广泛的即时费用化有望标志着加拿大税收政策的一次重大且迟到已久的转变，即转向积极投资于我们的经济及其税基，而这正是资助那些构成加拿大特质的社会项目所必需的。财政部周二发布的消息将即时费用化描述为代表了“加拿大旨在刺激商业投资决策方式的重大转变”，而这正是我们的税收政策在当前环境下应当发挥的作用：积极支持我们的宏观经济战略。

根据估算，这些措施将带来 1.4 到 3 倍于政府成本的经济活动增长，且从现在起 10 年后，每年将增加高达 80,000 个长期就业岗位，因此，如今减少的税收收入将在未来产生更多的税收收入。除了这些企业外，如今参与建设这些投资项目的工人以及未来使用这些项目的人员本身也是纳税人，他们将进一步扩大我们的税基。

生产力巨额抵扣政策有力且令人欣喜地表明了联邦政府旨在大幅降低在加拿大开展业务成本的意图（希望各省也能效仿）。对于加拿大人和外国人而言，加拿大现在成为了一个更具吸引力的投资地。

投资峰会已抛出诱饵，但交易尚未达成

周二，总理马克·卡尼在多伦多出席加拿大投资峰会。NATHAN DENETTE / THE CANADIAN PRESS

威廉·罗布森 (WILLIAM ROBSON) 马瓦基娜·巴法莱 (MAWAKINA BAFALE)

观点

威廉·罗布森是 C.D. Howe 研究所的驻院研究员，同时担任该研究所名誉主席，并持有公共部门治理与问责制的威廉·罗布森讲席。

马瓦基娜·巴法莱是 C.D. Howe 研究所的研究员。

本周在多伦多举行的首届加拿大投资峰会之前，一个巨大的疑问是：总理马克·卡尼能否通过一项重大政策变革，来增强他吸引基金经理增加在加投资的说服力？他做到了。

他在峰会演讲中的亮点是一项“生产力超级抵扣”（PMD），该政策将允许企业立即抵扣大多数资本资产的新投资。财政部计算得出，PMD 将使全经济范围内新资本投资的边际有效税率降低一半——降至 6.4%，而美国为 16.9%，其他经合组织（OECD）国家的平均水平为 19%。其预计的财政成本同样惊人，未来五年将达到 360 亿加元。这是一项重大的政策举措。

总理需要一些大动作。在经历了十年的漠不关心之后，联邦政府将资本形成置于经济战略的核心，这是一个受欢迎的转变。自 2015 年以来，非住宅资本的商业投资一直如此疲软，以至于如今一名加拿大工人的平均可用资本比十年前减少了约 9%。这一事实，以及随之而来的生产力和收入停滞，使得加拿大成为了一个不那么吸引投资的地方。

加拿大每名工人的投资额一直略低于美国和其他经合组织成员国。

然而，从 20 世纪 90 年代中期到 2010 年代中期，这一差距正在缩小。到 2014 年，经合组织平均每名工人获得 1 加元新资本时，一名加拿大工人平均获得约 98 美分；而美国平均每名工人获得 1 加元时，加拿大工人获得约 89 美分。经合组织今年春季的预测表明，到 2026 年，经合组织平均每名工人获得 1 加元新资本时，一名加拿大工人将仅获得 64 美分；而美国每名工人获得 1 加元时，加拿大工人仅获得 50 美分。

这些数字不仅是吸引力下降的指标，而且因为它们影响着未来的前景。投资与生产力同步增长。在 20 世纪 90 年代，加拿大工人的产出低于美国同行，但略高于其他发达经济体的同行。如今，与美国的差距已经扩大，加拿大在国际排名中下滑。对于加拿大人来说，这意味着收入和生活标准的增长令人失望；对于国际投资者来说，这意味着一个活力不足且缺乏吸引力的经济体。

PMD 的规模足以产生影响。预测者将提高对加拿大投资和增长的预期，而那些考虑通过将更多北美市场份额转移至美国生产，以应对总统唐纳德·特朗普贸易侵略的企业，现在有了更好的理由在加拿大生产。重要的是，PMD 适用于大多数资本资产；与其将取代的、更具针对性的加速折旧政策不同，它看起来不像是偏向特定活动的产业政策，而更像是对全面投资的推动。

既然总理已在投资峰会上以“生产力巨额抵扣”（PMD）画上感叹号，且与会者正陆续离场，质疑之声随之而来。资本的即时费用化（Immediate expensing）对资本密集型产业比其他行业更有利。财政部的计算显示，6.4% 的全经济边际有效税率（METR）实际上是截然不同税率的平均值：零售和批发贸易的税率接近 20%，而农业与渔业、制造业与加工业，以及运输与仓储业的税率实际上为负值。

即时费用化未能解决小企业与大企业之间日益扩大的税率差距，这种差距将资本锁定在规模较小、生产力较低的公司中。高额的通用企业所得税率抑制了在加拿大申报收入的意愿，并鼓励杠杆操作——过多受 PMD 启发的新投资可能会通过债务融资。此外，该政策也未能解决加拿大高额的个人所得税率问题，而这正促使人才及其随之而来的投资流向美国或海外其他更具吸引力的司法管辖区。总理同样需要为这些问题提供答案。

接下来的挑战是将加拿大重新介绍给国内和国外投资者，将其塑造为一个经济驱动型项目能够在长期内（而非仅在快速折旧影响的短期内）产生稳健回报的地方。对企业和个人实施更低、更简单的税收，将证明加拿大不仅是一个优秀的峰会东道主，更是他们下一次资本投资的理想目的地——这将产生具有竞争力的产品，并在未来多年提升加拿大人的生产力和生活水平。

\$1-trillion in new investment, a big number that means everything and nothing

丹尼·帕里斯 (DANNY PARYS)

观点

战略与治理顾问，社会资本合伙人（Social Capital Partners）研究员

在越南战争的高峰期，如今声名狼藉的美国国防部长罗伯特·麦克纳马拉（Robert McNamara）痴迷于顶层的量化指标。这位哈佛MBA、前福特公司总裁认为，只要关注几个关键数字，就能理解并赢得这场战争。

而根据他的电子表格，美国人正在赢得战争。然而，实地的现实却描绘了一幅阴森得多的景象。

多年后，这种对可量化指标的过度依赖被赋予了一个名称：麦克纳马拉谬误（McNamara Fallacy）。

如今，联邦政府自称处于加强经济主权的“战时状态”，但在投资问题上，它正面临陷入同样谬误的风险。

在未来五年内催化\$1-trillion的对加投资，似乎已成为本届政府的指路明灯，为此，它组织了首届加拿大投资峰会。

但过度关注投资规模可能会对我们的经济和主权产生负面影响。

这是因为并非所有投资都是等同的。有些投资能建立新产能、创造就业并提高工资，而有些投资仅仅是改变了资产所在的资产负债表，以及最终由谁来控制这些资产。

通过将投资规模作为关键指标，联邦政府的战略使我们面临为了达成随意设定的目标而廉价出售生产性资产的风险。

而这种情况已经在发生了。

总理急于强调2025年外国投资的激增，以此作为经济走强地证据。

但其中近一半的投资来自对现有加拿大企业的收购。

更糟糕的是，许多此类收购投资是通过债务融资实现的，例如石油天然气巨头帕克兰（Parkland）被卖给总部位于美国的森科能源公司（Sunoco），后者通过US\$2.65-billion的债务为该交易融资。

外国投资者让本地公司背负债务，这绝非能驱动就业和工资增长的投资类型。

虽然自2015, 以来，工资增长停滞和生产力低下被归因于企业投资疲软，但某些行业却投资活跃，而这些投资对新资本形成几乎没有贡献，这让我们洞察到，当我们未能将“建设”置于“购买”之上时会发生什么。

以加拿大兽医行业为例。近年来，许多由外资拥有并控制的大型投资者向该领域投入了数百万美元，收购了大量现有诊所。

虽然政府可能在庆祝投资数据的改善，但这些收购在很大程度上损害了工人及其消费者的利益，导致了猖獗的整合、价格上涨和护理质量下降。

类似的收购驱动型投资趋势可见于全国各地的行业，从灾后修复到药房，再到保险经纪人，对工人及其消费者的影响如出一辙。

由于外国投资者将重点放在中小企业上，许多此类收购并未引起注意，很少触发《加拿大投资法》的“净利益”测试，因为对于大多数交易而言，该测试仅适用于超过\$2-billion的外国投资。

诚然，联邦政府不太可能在他们的投资峰会上推销那些家庭小店。

但这引发了一个问题：联邦政府能够达成什么样的交易？

在向与会者展示的处于不同开发阶段的160多个项目中，主要投资者是将资金投入到已经在建设的项目中，还是投入到全新的开发项目中，仍有待观察。

但在与全球最大的资产管理公司接触仅一天后，政府就详细披露了向私人投资者开放加拿大四大机场的计划，这表明联邦政府在追求投资规模，而非生产性资本的形成。

而且，包括贝莱德（BlackRock）和黑石（Blackstone）在内的许多参会者的过往记录表明，在场的投资者更倾向于收购而非建设。

加拿大风险投资与私募股权协会（Canadian Venture Capital and Private Equity Association）已经注意到了这一点。

该协会在加拿大投资峰会的同时举办自己的会议，无疑是希望向联邦政府正在争取的大型投资者展示可供收购的中型企业。

对于担心经济主权的加拿大人来说，这应该敲响警钟，尤其是渥太华表示将出售机场股份，而加拿大经济中的外资所有权已经达到了令人担忧的水平。

截至2023年，加拿大非金融企业中近四分之一的资产由外方控制。

在石油和天然气等关键部门，仅有67%的资产由加拿大人拥有。在批发贸易部门，加拿大人面临在自己国家成为少数股东的风险，49%的资产由外国实体持有。

如果不能将旨在建立新产能的投资与侵蚀主权的收购性投资区分开来并给予激励，这可能会成为我们的“沉默投降”。

Dollarama的增长是由其门店交易次数的增加以及客户每次光顾购买金额的增加共同驱动的。FRED LUM / THE GLOBE AND MAIL

消费者追求性价比，Dollarama 上调业绩预期

（该预期）发布于 3 月。

谨慎的消费者涌向折扣店，使同店销售额超出预期

苏珊·克拉辛斯基-罗伯逊 (SUSAN KRASHINSKY ROBERTSON) 零售业记者

由于谨慎的消费者继续涌向折扣店，从而推动了这家加拿大零售商的销售额和利润，Dollarama Inc. 上调了今年的销售增长预测。

首席执行官尼尔·罗西 (Neil Rossy) 在周三讨论第二季度财务业绩的电话会议上表示，购物者正在“做出谨慎的消费决定”，这带动了更多客流前往 Dollarama 门店。

受中东冲突引发的燃料价格飙升影响，家庭预算承受压力；同时，加拿大与美国之间的贸易战造成了显著的经济不确定性，压低了消费者信心。

“在困难时期，消费者的可支配资金减少。就这么简单，”罗西先生说。“同样地，在困难时期，消费者会转向低端消费，而这会让 Dollarama 受益。”

这家总部位于蒙特利尔的零售商报告称，截至 8 月 2 日的季度中，其同店销售额（一项追踪营业一年以上门店表现的重要指标，不包括新开店或关店的影响）增长了 5.4%。根据 S&P Capital IQ 汇总的共识预测，这一结果超过了分析师 4.2% 的销售增长预期。

Stifel 分析师马丁·兰德里 (Martin Landry) 在周三的一份研究报告中写道，这一结果与行业整体趋势相反。他提到其他零售商报告称“同店销售增长呈减速趋势”，其中包括 Costco 加拿大、TJX 加拿大以及部分加拿大杂货商。

Dollarama 的增长既得益于门店交易次数的增加，也得益于顾客每次光顾时的购买金额增加。

该公司目前预计本财年的同店销售增长率将在 4% 至 4.5% 之间，高于此前 3% 至 4% 的指引。

然而，影响消费者购物习惯的相同成本压力也同样影响着零售商本身，最显著的是，燃料价格上涨增加了从海外供应商进口商品以及将其运输至门店的成本。

首席财务官帕特里克·布伊 (Patrick Bui) 在电话会议中表示，由于燃料合同的谈判方式，成本上涨对 Dollarama 产生影响会有一定的滞后，压力将在今年下半年变得更加明显。

他补充说，公司正努力通过寻找更高效的运营方式，以及在某些情况下调整产品组合来减轻这些压力。布伊先生表示，提高消费者的价格将是“最后的手段”。

目前，Dollarama 门店中某些商品的最高价位为 $5，这是该公司在大约四年前引入的新上限。该公司一直表示，在看到竞争对手采取同样行动之前，不会提高价格。

“关键触发点将是成本通胀达到一个我们无法可持续支撑当前 $5 最高价位的水平。然而，根据我们目前看到的情况，我们认为没有必要增加新的价位，”罗西先生说。

Dollarama 的净利润增长至 $349.3-million 或每股摊薄后 $1.29，而去年同期为 $321.5-million 或摊薄后每股 $1.16。净利润和每股收益均超过了分析师的预期。

在第二季度，总销售额增长至约 $2-billion，与去年同期相比增长 17.6%。这些结果是由加拿大门店数量的增加以及同店销售额的增长所驱动的。

总销售额还受益于澳大利亚折扣店连锁店 The Reject Shop Ltd. 的并入，Dollarama 于去年收购了该公司。在交易完成后，2025 年第二季度仅记录了澳大利亚 13 天的销售业绩。

在加拿大，Dollarama 略微加快了其门店扩张计划，预计今年将开设 65 至 75 家新店，而之前的预期为 60 至 70 家。截至 8 月 2 日，该零售商在加拿大拥有 1,734 家门店，比去年同期增加了 69 家。

赛诺菲启用多伦多工厂，将生产季节性流感疫苗

克里斯·汉奈 (CHRIS HANNAY)

法国制药商赛诺菲 (Sanofi SA) 表示，其多伦多工厂将很快准备好为加拿大患者生产季节性流感疫苗。该项目始于疫情高峰期，而现在正值国内药品制造关注度再次激增之际正式启用。

这些疫苗将在查尔斯·贝斯特大楼 (Charles Best Building) 生产。周三，公司代表以及包括联邦工业部长梅拉妮·乔利 (Mélanie Joly) 和安大略省省长道格·福特 (Doug Ford) 在内的联邦、省和市级政治人物出席了新闻发布会，并正式为该大楼揭幕。

该设施于 2021 年动工，得益于 $925-million 的投资，其中包括来自联邦政府的 $415-million 和来自省政府的 $55-million。

赛诺菲计划从 2027 年初开始在加拿大生产面向老年人的 Fluzone 高剂量流感疫苗，预计在明年 8 月左右开始发货，以迎接 2027-28 年的流感季节。

该设施的设计还旨在为再次发生大流行病的情况提供新的疫苗生产能力。

乔利女士表示，COVID-19 大流行暴露了国内供应链的关键脆弱性，包括疫苗和医疗用品的生产。

近期，加拿大及其他国家的制药行业承受了来自美国总统唐纳德·特朗普的压力。特朗普政府向药企施压，要求将其制造环节转移到美国，并在其他司法管辖区提高价格。

乔利女士表示，近期的“贸易武器化”表明，投资于像赛诺菲工厂这样的本地生产具有持续的重要性。

赛诺菲 (Sanofi SA) 的多伦多工厂由 $925-million 投资建成，其中包括来自渥太华的 $415-million 和来自安大略省的 $55-million。SYLVAIN THOMAS / AFP VIA GETTY IMAGES

她说：“我们非常清楚，生命科学是一个在贸易谈判背景下被针对的领域，显然涉及欧盟和美国的许多司法管辖区，我们希望确保能够支持我们的企业并吸引更多投资。”

赛诺菲副总裁兼加拿大制造与供应负责人凯特·温彻斯特 (Kate Winchester) 表示，多伦多基地的主要重点是为国内市场生产疫苗，但如果需要，它将具备向其他全球市场供应的能力。

她表示，疫苗的整个端到端生产都将在赛诺菲园区内完成，从生产流感抗原到填充注射器。

温彻斯特女士表示，虽然对某些疫苗的兴趣可能会起伏，但由于流感病毒传播广泛且给公共医疗系统带来的压力巨大，对流感疫苗的需求相对稳定。

她说：“老年人接种这种流感疫苗具有额外的益处。它有助于每年减少 15,000 例住院病例。”

财富管理公司 Forthlane Partners 收购 June Inc. 以打造 $2-billion 平台

安德鲁·威利斯 (ANDREW WILLIS)

财富管理公司 Forthlane Partners Ltd. 周三收购了竞争对手 June Inc.，旨在扩大服务于该国最富裕家庭的平台规模。

总部位于多伦多的 和 均向加拿大富裕人士提供一项名为“外包首席投资官”（OCIO）的相对较新的服务。该概念旨在通过此前仅面向亿万富翁开放的投资管理方法，帮助那些积累了巨额财富的人群实现财富保值。

由前 TD Securities 投资银行主管罗比·普赖德 (Robbie Pryde) 领导。随着创始人 Ntazinda 及其在 的客户加入， 的资产管理规模将超过 $2-billion。

两年前，当普赖德先生和前 TD Asset Management 首席投资官罗伯特·范德胡夫 (Robert Vanderhooft) 加入该公司时，其资产规模为 $500-million。

其客户通常拥有 $10-million 和 $1-billion 之间的可投资资产。他们倾向于是企业家或第二代富豪。普赖德先生表示，这些客户希望避免市场波动，以及财富与家族企业绑定所带来的风险。

在收购 后， 拥有 28 名员工，该团队经常与律师和会计师等顾问合作，共同监管家族财富。

Ntazinda 女士在一次采访中表示， 决定与 强强联手，是为了让客户能够更好地获得富裕家庭所需的替代资产管理人、风险管理专业知识以及复杂的税务规划。

“ 让客户能够接触到全球最优秀的管理人，而这只有在具备规模效应的情况下才能实现，”Ntazinda 女士说道。她将担任 的合伙人和副主席。该公司在卡尔加里和开曼群岛设有办事处，并计划扩展至温哥华。

Ntazinda 女士在 12 年前通过从安永 (Ernst & Young) 购买她所经营的一家名为 i3 Advisors Inc. 的财富管理业务而创立了自己的公司。

普赖德先生表示，收购 “代表了 成长的关键一步，并增强了我们服务于投资需求日益复杂的超高净值家庭和基金会的能力”。

富裕家庭从外包首席投资官那里获得的“白手套”服务包括战略资产配置、全球管理人研究与筛选，以及投资组合风险管理。范德胡夫先生表示，一个典型的客户可能会投资于 8 个基金，旨在平衡单一资产类别的风险敞口。

的创始人、前 UBS Securities 银行家肯·格雷瓦尔 (Ken Grewal) 和前安大略省教师养老金计划 (Ontario Teachers' Pension Plan) 高管韦恩·科尊 (Wayne Kozun) 于 2018 年推出了该平台。

OCIO 概念在美国和欧洲已经存在了几十年。在最近的一项研究中，咨询公司 Cerulli Associates 估计，到 2030, 美国 OCIO 管理的资产将达到 US$5.6-trillion，高于 2015 年的 US$1-trillion。

这种方法起源于为资产超过 $1-billion 的超大型家族办公室管理持仓的首席投资官角色。

去年，联邦议会预算办公室发布的一项研究显示，在加拿大财富排名前 1% 的约 170,000 个家庭中，每个家庭的资产至少为 $7.4-million。

和 未披露此次交易的财务条款。

和 聘请了投资银行 TD Securities Inc. 和 Origin Merchant Partners 作为财务顾问，以及 Wildeboer Dellelce LLP 和 CCSB Law 律师事务所。

澳大利亚 RELIANCE WORLDWIDE 同意 BROOKFIELD 的 $2.9-BILLION 收购报价

悉尼——澳大利亚 Reliance Worldwide 周三表示，将支持全球投资公司 Brookfield Corporation 开展一项近 US$2.9-billion 的收购。这家管道供应公司目前正面临美国关税的持续影响以及经济的不确定性。

Reliance 的股价在周三早盘上涨超过 7%，达到 4.65 澳元，为去年 5 月以来的最高水平。随后股价回落，最终收盘上涨近 3.5%，报 4.48 澳元，表现优于 S&P / ASX 200 指数 0.3% 的涨幅。

Reliance 表示，Brookfield 已选择将其报价改为加元，每股出价 $3.38，相当于 8 月份提出的 4.75 澳元报价。 表示，如果交易继续进行并获得股东批准，投资者可以选择以加元或澳元获得支付。

Worldwide 主席罗素·切努（Russell Chenu）在的一份声明中表示：“董事会一致认为，此次交易符合 RWC 股东的最佳利益。”

澳大利亚两家最大的养老基金——AustralianSuper 和 Aware Super 持有 约 20.2% 的股份，将在该交易的批准过程中拥有重大话语权。AustralianSuper 拒绝就是否支持 Brookfield 的收购出价发表评论。Aware Super 未回应置评请求。

2023 年，AustralianSuper 对 Brookfield 以 $10.6 亿加元收购 Origin Energy 的出价投了反对票，该出价最终被投资者拒绝。

的大部分利润依赖于北美市场，首席执行官希斯·夏普（Heath Sharp）表示，该地区的业务前景受到了关税的沉重打击。路透社

商业分类广告，如需刊登请致电：1-866-999-9237 或发送电子邮件至：ADVERTISING@GLOBEANDMAIL.COM

法律公告

特此通知，魁北克高等法院于 2026年9月10日 发布了一项债权处理令（以下简称“该命令”）。根据该命令，法院要求接管人普华永道（PricewaterhouseCoopers Inc.）通知 Millennium Golden Jiachen Hotel Holdings Ltd.（以下简称“Millennium”）和 4345118 Canada Inc.（以下简称“4345”）（统称“债务人”）在《破产与资不抵债法》项下接管程序的潜在债权人，并建立债权处理流程。

任何认为自己持有任何性质的债权或债务（无论目前或未来、确定或或有、已量化或未量化，无论立即支付或在以后日期支付），且该债权或债务源于 Millennium 或 4345 承担的任何义务的人员，必须通过填写并提交在线债权申请表（网址：www.pwc.com / ca / millennium-hotel）向接管人提交债权证明，提交截止时间不得晚于 2026年11月9日 下午 5:00（蒙特利尔时间）（以下简称“债权截止日期”）。

未在债权截止日期前提交债权证明的债权人（定义见该命令）：(i) 将无权在本次接管程序中获得任何进一步通知；(ii) 将被永久禁止向 Millennium 和 4345 或向接管人提出或追究债权；(iii) 将无权作为债权人参与本次接管程序；(iv) 将无权对本次接管程序中的任何事项进行投票，包括针对可能与债务人相关的任何未来妥协或安排计划；(v) 将无权向债务人提出债权申请；以及 (vi) 将无权从剩余净收益中或根据与债务人相关的任何未来妥协或安排计划中获得任何分配。

除非本文另有说明，所有首字母大写的术语应具有 2026年9月10日 该命令中所赋予的含义。

如需就此获取进一步信息，请随时通过以下地址联系接管人：ca_pwc_qc@pwc.com

2026年9月17日，于蒙特利尔。

PRICEWATERHOUSECOOPERS INC., LIT 接管人 1250 René-Lévesque Boulevard West Suite 2500 Montréal, Quebec H3B 4Y1

贸易战担忧笼罩加拿大央行利率讨论

管理委员会 讨论了对支出、 企业投资和 招聘的风险

克雷格·洛德（CRAIG LORD）渥太华报道

本月初，加拿大银行在做出利率决定时，对于与美国重新引发贸易争端可能会损害商业和消费者信心的担忧占据了主导地位。

该央行周三公布了相关审议摘要，这些审议导致其决定在Sept. 2将关键政策利率维持在2.25%不变。此次维持利率不变——是该行的连续第七次维持原状——此前已获得经济学家的广泛预期。

加拿大银行管理委员会的会议始于Aug. 25，就在美国于Aug. 22对价值约$28-billion的加拿大商品征收50%关税的几天之后。

此举在央行利率决定后的几周内引发了一系列报复行动，包括加拿大的反制关税以及美国计划实施的进口禁令。

货币政策制定者当时认为，Aug. 22的关税将沉重打击目标行业，但对整体经济的影响可能较为温和。

货币政策制定者观察到，在最新一波关税浪潮到来之前，经济和劳动力市场一直显示出强劲迹象。住房市场在经历长期低迷后似乎正在回升，出口和企业支出有所增加，私营部门在增加就业，且消费者看来处于稳健状态。

但审议记录显示，管理委员会担心贸易争端的再次升级可能会给家庭支出、企业投资和招聘带来寒意。

审议记录写道：“虽然政府的财政应对措施以及企业为适应关税和贸易不确定性而做出的持续努力应有助于减轻部分影响，但成员们一致认为，最新进展使得这种复苏的可持续性变得更加不确定。”

央行并不认为加拿大的反制关税构成显著的通胀风险。由于报复性关税针对的是钢铁等中间投入品以及具有加拿大替代品的商品，审议记录称，“对通胀的影响可能会被削弱，并随时间分散。”

然而，加拿大银行正密切关注与伊朗战争相关的高能源价格。

货币政策制定者讨论了如果成本压力开始从加油站扩散到其他领域，未来会议可能需要调整政策利率。

审议记录写道：“虽然到目前为止几乎没有证据表明高汽油价格正在传导至其他商品和服务，但成员们一致认为，高价持续时间越长，传导的可能性就越大。这增加了通胀的上行风险。”

货币政策制定者还指出，如果关税争端确实阻碍了增长，这可能会抵消一部分来自能源价格冲击的通胀压力。

管理委员会在会议结束时达成一致，强调未来的利率决定将由其通胀前景以及为加拿大人维持价格稳定的承诺来引导。

该行将在Oct. 28的下一次利率决定中更新其对经济和通胀的预测。

10月也将标志着加拿大银行最后一次利率变动——下调0.25个百分点——满一周年。

美国联邦储备委员会周三将政策利率上调了四分之一百分点，试图遏制美国境内滋生的通胀压力。这一一致决定是美联储三年来的首次加息。

在周三的审议中，加拿大银行管理委员会指出，自7月份上次决定以来，全球金融状况已经收紧。

审议记录写道：“在对主权债务水平的担忧以及预期央行政策利率需要提高以抑制通胀的背景下，长期债券收益率有所上升。”

“加拿大债券收益率也有所上升，尽管涨幅低于其他几个主要发达经济体。”

加拿大新闻社（THE CANADIAN PRESS）

美联储主席凯文·沃什（Kevin Warsh）表示，美国经济和劳动力市场的强劲表现、通胀趋势以及地缘政治担忧，支撑了此次加息决定。EVAN VUCCI / 路透社

美联储：预测显示 18 位政策制定者中有 16 位预计今年年底前将再次加息

来自 B1 版

“他们今天的评论汇总告诉我们，这就像是试探性地迈入加息周期。”

在美联储做出决定后，对美联储利率决策市场预期较为敏感的两年期国债收益率跳升超过 0.1 个百分点，至 4.74% 以上。

美联储的政策预测显示，18 位政策制定者中有 16 位预计到今年年底前将至少再加息 0.25 个百分点。仅有两人表示预期利率将保持稳定。将限制前瞻性指引作为其领导核心主题的沃什先生未提交利率预测。

“我认为并没有出现单一的、特别强硬的因素。相反，它是几个较小信号的结合，”德贾尔丹（Desjardins）宏观策略师蒂亚戈·菲盖雷多（Tiago Figueiredo）在通过电子邮件回复提问时表示。

他强调了对加息缺乏异议、政策预测中删除了明年的宽松倾向、预计政策利率略有上升以及通胀预测提高。

周三的公告是在上周公布的美国通胀数据之后发布的，该数据被广泛认为高于预期。

在新闻发布会上，沃什先生表示，美国经济的强劲和劳动力市场的韧性、通胀趋势以及地缘政治担忧——尽管他没有具体提到中东战争——支持了加息的决定。菲盖雷多先生表示，能源价格的不确定性使美联储的前景复杂化。

“石油将仍然是货币政策的关键变数。如果价格能相对快速地恢复正常，委员会可能不需要进一步大幅加息，”他说。

“但价格维持高位的时间越长，

加拿大政府债券收益率对美联储的决定反应不大。五年期收益率维持在 3.659% 不变，10 年期收益率微跌 1 个基点至 3.941%。

能源成本上升波及到其他商品和服务的风险就越大，这将迫使美联储再次收紧政策。我目前还不认为今年晚些时候有必要再次加息，但风险显然倾向于在年底前提高政策利率。”

周三早盘曾有所回落的美国 10 年期国债基准收益率，最终收盘上涨 1 个基点，至 5.02%。一个基点等于 0.01 个百分点。

“很难说加拿大利率发生了剧烈的调整，”温哥华 Leith Wheeler Investment Counsel Ltd. 的首席执行官兼固定收益主管吉姆·吉兰兰（Jim Gilliland）表示。“加拿大收益率曲线已经消化了相当大程度的紧缩，并在美联储做出决定期间维持了这一状态，”他在一次采访中说道。

周三的掉期市场定价表明，市场预期加拿大银行在明年 6 月之前将加息 4 到 5 次，吉兰兰先生认为这很“激进”。

“我们认为这可能被过度贴现了。”

唐纳德女士表示，虽然许多加拿大人关注国内利率，但由全球债券市场波动主导的五年期收益率与持有抵押贷款的加拿大人更为相关。“美国五年期收益率如何走，也会随之拉高或拉低加拿大的五年期收益率，”她说。

“因此，加拿大人在思考加拿大银行下一步行动的同时，也应该花同样多的时间思考美国债券市场。”

密西沙加市议会批准暂停数据中心建设一年

乔丹·奥姆斯特德（JORDAN OMSTEAD）

密西沙加市议会周三一致投票决定，将新数据中心项目冻结一年。这是最新一个对人工智能驱动的建设热潮采取刹车措施的市政府。

此次暂停被视为一个机会，旨在研究市政府可以为新数据中心设置怎样的护栏，因为当地立法者正在努力应对居民对能源、水资源和噪音可能产生影响的担忧。

“我们已经清晰地听到了你们的声音，”发起此次暂停禁令的市议员马丁·里德（Martin Reid）在周三的议会会议上表示。

在如何处理安大略省各地涌现的新一波数据中心项目的辩论中，各市政府处于前线。虽然该省长期以来一直设有处理云存储、金融交易或网站的数据中心，但人工智能的繁荣导致能源需求强度远高于以往的项目激增。

省政府和联邦政府在很大程度上支持数据中心的建设，将其视为加强对数字经济国内控制并吸引投资的机会。但他们面临着批评者的质疑，后者认为城市在缺乏指导或可执行标准的情况下被抛弃了。

“这有点像‘西部荒野’，”里德先生说道。

密西沙加市的暂停禁令适用于能源需求超过10兆瓦的数据中心，这相当于大约10,000户家庭的用电量。该市加入了邻近的奥克维尔（Oakville）的行列，后者上个月通过了该省首个暂停禁令。包括汉密尔顿（Hamilton）和伯灵顿（Burlington）在内的其他城市已指示工作人员开展数据中心规划研究，但拒绝了暂停禁令。在各市政府的压力下，安大略省上个月发布了一份针对新数据中心项目的“指南”草案。

省长道格·福特（Doug Ford）一直对暂停禁令持批评态度，并将数据中心视为具有前景的投资，他表示项目将被要求支付所有电力成本并证明其能为社区带来利益。

里德先生表示，该指南虽然令人鼓舞，但缺乏约束力。

“没有追索手段，”他说，“这就是为什么在这个时间点，这次（暂停禁令）对我们至关重要，以确保密西沙加市能够获得成功。”

此次投票似乎使一家总部位于美国的巨头公司 Prologis, Inc. 在该市西北部推进的一个40兆瓦数据中心项目陷入僵局。该场地位于Highway 401, 以南，与一家宜家（Ikea）仓库相邻，靠近一个电力变电站，距离最近的居民区约一公里。

该公司在的一份声明中表示，对投票结果感到失望，并正在考虑下一步行动。

声明称：“我们依然致力于在密西沙加市发展，并坚信在梅多韦尔商业园区（Meadowvale Business Park）建设一个经过精心规划的数据中心能为社区带来显著的长期经济利益。”

这标志着一个可能具有重大意义的—。

美国8月零售销售反弹，增长1.2%

安妮·迪诺琴齐奥 (ANNE D'INNOCENZIO) 纽约

根据最新的政府快报，尽管消费者可能在抱怨加油站及其他地方的价格上涨，但他们仍在继续消费，助力经济增长。

美国商务部周三发布的数据显示，在7月份录得修正后的0.5%下滑后，上月的零售销售反弹，增长1.2%，高于预期。根据FactSet的数据，经济学家此前预计该月将增长0.7%。

7月份的下降值得关注，因为此前美国消费者几乎没有表现出疲态。

今年夏天，美国人在世界杯和亚马逊Prime Day促销期间投入了大量消费。在此之前，随着美国人动用政府退税款，4月和5月的零售销售也表现稳健。

即使剔除加油站的业务，8月的零售销售仍增长了1.1%，凸显了美国消费者的韧性。政府数据未经过通胀调整。根据会议委员会（Conference Board）的最新读数，尽管消费者信心在7月再次受挫，但消费支出依然强劲回升。

这份强劲的消费报告出炉之际，外界普遍预计美联储将在周三首次在三年内上调短期利率，以应对顽固的高通胀。

经济学家认为，上月零售业的大部分强势反映了非门店销售的反弹，而该项指标在7月大幅下降。牛津经济研究院（Oxford Economics）美国首席经济学家迈克尔·皮尔斯（Michael Pearce）表示，这是由亚马逊Prime Day购物活动时间变动引起的“季节性噪音”，且该活动恰逢其他主要在线零售商的大规模促销。他表示，油价上涨也支撑了加油站的销售额。

但皮尔斯写道，即使考虑到这些因素，大多数消费类别的增长依然“可观”，其中以餐饮服务、电子产品以及体育与娱乐等可选消费部门领先。

海军联邦信用合作社（Navy Federal Credit Union）首席经济学家海瑟·隆（Heather Long）在周三发布的一份报告中写道：“美国消费者仍在打开钱包购买商品。8月的零售销售在疲软的7月之后出现了大幅反弹。”

所谓的“控制组”——即剔除餐饮服务、汽车、建筑材料和加油站销售，用于计算经济增长的指标——上月较前一个月强劲增长了1.4%。

尽管中东地区战火重启导致油价飙升，许多美国人仍继续消费。根据汽车协会AAA的数据，周三普通汽油的平均价格一夜之间上涨至4.37加元 / 加仑。这大约是

加拿大霍拉肖·阿尔杰协会 (HORATIO ALGER ASSOCIATION OF CANADA)

卓越之夜盛典 (EXCELLENCE GALA)

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2026年度国际 霍拉肖·阿尔杰奖（Horatio Alger Awards）获奖者

Murad Al-Katib 总裁兼首席执行官 AGT食品与配料公司 (AGT FOOD AND INGREDIENTS INC.)

Glenn Cooke 首席执行官 COOKE INC.

Laura Dottori-Attanasio 总裁兼首席执行官 ELEMENT车队管理公司 (ELEMENT FLEET MANAGEMENT)

Simon Mailloux 中校，加拿大武装部队皇家第22团第1营指挥官

Hon. Frank McKenna 批发银行业务副主席 TD银行集团

多伦多费尔蒙皇家约克酒店 2026年10月27日 | 东部时间下午5:00

主持人： Steve Paikin

加拿大霍拉肖·阿尔杰协会成员：

Barry Avrich . Alain Bouchard . Michael Bublé . Stephan Crétier . Dominic D'Alessandro . Dr. Rola Dagher Bob Dhillon . Kap Dilawri . Victor G. Dodig . Amar S. Doman . N. Murray Edwards . Darren Entwistle . Peter E. Gilgan Serge Godin . Wayne D. Gretzky . Jay S. Hennick . David Johnston . Katherine Lee . Monique F. Leroux Rebecca MacDonald . Anthony von Mandl . Bharat B. Masrani . G. Wallace F. McCain* . Lorne Michaels Brian Mulroney* . Jim Pattison . Ryan Reynolds . David E. Ritchie . Tracy Robinson . Joanna Rotenberg Calin Rovinescu . Walter Schroeder . Gerald W.“Gerry” Schwartz . Isadore Sharp . Edward Sonshine . Jim Treliving Adam Waterous . V. Prem Watsa . Rick Waugh . Darryl White *已故

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Aqueduct 基金会如何帮助捐赠者将价值观转化为长期影响力

Aqueduct 基金会收藏了已故加拿大摄影师琳恩·科恩（Lynne Cohen）的大量艺术作品和档案，包括《无题（标志）》，2010. 图片由琳恩·科恩基金会提供。

马尔科姆·伯罗斯（Malcolm Burrows）， 基金会执行董事。

对于许多捐赠者来说，决定捐赠仅仅是一个开始。建立持久的遗产通常始于关于如何捐赠、何时捐赠以及向何处捐赠的问题。

在信息技术行业取得了近五十年的成功事业后，拉尔夫·特夫斯（Ralph Turfus）和他的妻子莎伦（Sharon）开始更认真地思考他们想要留下的遗产。

“我们非常幸运，所以想要回馈社会。我们只是不知道从哪里开始，以及有哪些可供选择的方案，”他说。

在探索方案的过程中，这对居住在西温哥华的夫妇发现，他们思考的不仅仅是捐赠去向。他们还希望以一种能够随时间增长和调整的方式来构建他们的捐赠，以反映他们眼下的慈善优先级和更长期的目标。

这些考量最终引导他们找到了 基金会，这是一个与丰业财富管理（Scotia Wealth Management）相关的加拿大独立公共慈善基金会。

通过与捐赠者及其顾问合作， 帮助将慈善捐赠纳入更广泛的财富、遗产和传承规划对话中。

作为一个立场中立的基金会， 支持具有广泛慈善兴趣的捐赠者，包括医疗保健、教育、社区发展和艺术领域。在过去的 20 年里， 已发放了超过 $1-billion 的赠款和项目，且每一项均由捐赠者推荐。

“慈善事业是非常私人化的。我们的角色是帮助个人和家庭做出深思熟虑的决定，以反映对他们而言最重要的事情，” 基金会执行董事马尔科姆·伯罗斯表示。“我们总是以‘告诉我您关心什么’作为开始。”

艾丽西亚·莫辛顿（Alicia Mossington）是丰业信托（Scotiatrust，丰业财富管理的一部分）的遗产与信托顾问，她观察到慈善事业在与个人和家庭进行的财富及遗产规划对话中发挥着越来越重要的作用。

“捐赠者越来越希望在有生之年看到其捐赠所能产生的影响，”莫辛顿女士说。“他们希望参与其中，帮助决定支持资金的去向，确定对他们及其家庭有意义的事业，并看到这些贡献所带来的改变。许多人还在寻找将这种影响力延伸至有生之年之后，并让后代参与捐赠的方法。”

通过捐赠者建议基金（DAF），捐赠者可以进行不可撤销的捐赠，立即获得慈善税务收据，并随着时间的推移推荐向慈善机构发放赠款。

许多设有 DAF 的基金会只能向注册慈善机构提供赠款。相比之下， 为捐赠者追求慈善目标提供了额外的灵活性，包括通过社区奖学金以及向国际慈善机构提供赠款。

每位捐赠者都有一名专属的基金会经理，与他们合作提供关于捐赠、赠款和慈善研究的支持。 基金会还负责行政、治理和合规职责。

“我们倾向于将我们的团队视为慈善合作伙伴，帮助捐赠者引导他们的捐赠，并与他们关心的事业建立联系，”伯罗斯先生补充道。

这就是图富斯先生及其妻子的例子。基金会的协助使他们能够投入更多时间支持加拿大各地的多项慈善计划，包括医疗保健、环境和动物福利。图富斯先生还将自己作为企业家的知识捐赠给其认同的组织。

“能够贡献我的时间和经验，与捐赠资金带来的成就感一样大，”他说道。

Aqueduct 的支持还可延伸至非传统的慈善捐赠形式。捐赠者可以选择捐赠广泛的资产，包括房地产、私营公司股份，以及艺术品和葡萄酒收藏。

对于那些在人生中积累或代代相传的资产而言，情况尤其如此。例如，Aqueduct 正在管理获奖加拿大摄影师琳恩·科恩（Lynne Cohen）的艺术遗产，她于 2014 年去世。设立在 的琳恩·科恩基金会目前持有约 1,700 件艺术作品及其相关的知识产权。

随着时间的推移，这些资产将被用于支持加拿大各地的各类艺术和文化组织，使其作品的影响力在未来多年得以延续。

基金会是一家注册公共基金会，商业编号（BN）为 86608 7034 RR0001。加拿大丰业银行信托公司（Scotiatrust）是 基金会的服务提供商，提供行政和管理服务。 基金会独立于 Scotiatrust。所有捐赠资金均由 基金会所有。

Cohere 与 Aleph Alpha 合并，共同推进企业级 AI 发展

合并后的公司将以 Cohere 名义运营，总部设在多伦多和柏林

LEO MARCHANDON

加拿大 公司与德国 Aleph Alpha 公司周三签署了最终合并协议，这两家 AI 公司如此表示。

合并后的业务将以 名义运营，在多伦多和柏林设立双总部，而 Aleph Alpha 的海德堡办公室将专注于研究。Aleph Alpha 的共同负责人 Ilhan Scheer 将出任 的首席运营官。

此次合并将一家加拿大 模型开发商与一家日益专注于帮助政府和企业部署人工智能的德国公司结合在一起。两家公司表示，市场对于能够在客户自有基础设施内运行并符合当地监管要求的 系统需求正在增长。

首席执行官 Aidan Gomez 表示，此次合作旨在满足对 的需求，即使其“足够强大以具备竞争力，同时足够安全且可控以值得信赖”。

此次交易正值欧洲 公司吸引新投资之际。

该计划最早于 4 月披露，当时的合并估值约为 US$20-billion。Lidl 的所有者 Schwarz 集团将向新实体投资 €500-million (US$572-million)。两家公司未披露更新后的财务条款，并表示该交易仍需获得监管部门的批准。

此次交易正值欧洲 公司吸引新投资之际。欧洲领先的模型制造商 Mistral 上周以超过 €21-billion (US$24.2-) 的估值筹集了 €3- (US$3.46-)。

开发了 Command 系列开源 模型，旨在客户自己的计算环境中运行，使公司能够服务于企业、政府和公共管理部门而非消费者。Aleph Alpha 曾被誉为德国的 冠军，后来退出了前沿 模型的开发，转而专注于 集成软件。联合创始人 Jonas Andrulis 在 2025 年放弃首席执行官职务后，于今年早些时候离开了公司。

根据最新的公开账目， 去年报告的年度经常性收入为 US$240-million，而 Aleph Alpha 在 2023, 报告的收入不足 €1-million (US$1.15-million)。

两家公司表示，Schwarz 集团将通过其云服务部门 StackIT 提供计算能力。这家零售商正投资 €11- (US$12.7-) 至 €13- (US$15-) 建设一个德国数据中心园区，预计将容纳多达 100,000 颗 芯片。

路透社

非营利组织：各国将向该机构提供最高 $150-million 的赠款资金

来自 B1

加拿大计算机科学家约书亚·本吉奥（Yoshua Bengio）一直公开主张需要对人工智能进行监管。ANDREJ IVANOV / AFP VIA GETTY IMAGES

该组织表示，每个国家将向 LawZero 提供最高 $150-million 的赠款资金。该组织总部位于蒙特利尔，雇佣了近 50 人。该非营利组织在全市举办的 All In AI 会议上宣布了这一消息。

本吉奥教授曾任 Mila 的科学总监，与加拿大人杰弗里·辛顿（Geoffrey Hinton）和理查德·萨顿（Richard Sutton）一起，在现代人工智能的发展中发挥了举足轻重的作用。

但在 2022, OpenAI 的 ChatGPT 发布后，他开始深切担忧这项技术可能带来的影响，因为该技术可能被用于网络攻击和制造生物武器等恶意目的。他认为，更强大的系统可能会比人类更聪明，而且目前的模型已经表现出欺骗、作弊和谄媚等有害特质。

他一直公开主张需要对人工智能进行监管，并在 2023 签署了一封公开信，主张暂停开发以建立防护栏。在本月 Anthropic 首席执行官达里奥·阿莫代（Dario Amodei）发表文章称 AI 公司应共同协作以控制开发速度后，类似的呼吁再次出现。

本吉奥教授的答案是构建一种不同的人工智能。按照设想，“科学家 ”（Scientist ）将是一个中立的系统，能够在优先保证诚实的前提下回答问题，且不表现出当前模型的任何负面特质。首要任务是建立一个防护栏，将其作为其他 系统的监控器，防止智能体采取可能造成伤害的行为。

他说：“我们不知道在绝对需要这类工具之前还有多少时间。”

目前 领域由美国和中国主导，本吉奥教授表示，LawZero 在政府资金支持下构建安全系统的方案，可以让其他国家在塑造这项技术方面发挥作用。

本吉奥教授说：“正如马克·卡尼一直强调的，像加拿大这样的中等强国需要掌握筹码，这样才能在全球谈判桌前占有一席之地并参与讨论。这样，人类的未来和地缘政治权力就不是由两个国家决定的。”

他指出，LawZero 还在与其他国家就潜在资金问题进行谈判。

“没有哪个国家能独立构建，”联邦 部长埃文·索罗门（Evan Solomon）周三上午在 All In 会议的舞台上说道，他提及了加拿大与德国之间的关系。“我们需要选择空间。”

在披露 7 月份一群 OpenAI 的智能体突破了测试环境并黑入 公司 Hugging Face，以在网络安全能力评估中作弊后，人们对 驱动的网络攻击的担忧日益增加。

对该攻击的调查揭露了其他几起最初未被 OpenAI 和 Anthropic 察觉的事件，后者最近披露了其 Claude 模型在测试期间黑入第三方系统的四起事件。本吉奥教授表示， 要想做出不希望看到的事情（例如攻击另一家公司），需要具备三个因素。

首先， 系统需要有做坏事的意图——就去年夏天而言，即黑入 Hugging Face。其次，它们需要具备足够的智能或能力来完成此操作。第三，环境必须足够脆弱，才能使攻击成功。他说：“去年夏天这三个因素全部具备。”

本吉奥教授表示，尽管可以加强防御，但随着 模型的不断发展，“最终，它们将能够穿透任何形式的软件防御。”

他最近在自己的网站上发表了一篇文章，概述了为什么该行业需要重新思考 AI 的设计方式。他认为，由于构建方式的问题，这些系统具有有害特性，尤其是由于一种被称为“强化学习”的机制。

这种教学方法与训练动物非常相似：对理想的结果给予奖励，从而增加此类行为出现的可能性。他写道，AI 系统在训练完成后，仍会像在等待奖励一样继续行动，这实际上构建了一种目标寻求行为。

而这反过来可能导致 系统为了完成任务而撒谎或作弊。本吉奥教授表示：“这些系统会不惜牺牲安全指令来寻找实现目标的方法。它们痴迷于达成目标，因为这就是强化学习的作用。”

他说，他对于“科学家 ”（Scientist ）的构建方法将不涉及强化学习——这与目前的惯例截然不同。

几年前，本吉奥教授在向强化学习研究人员做演讲时，在演示文稿中加入了一页幻灯片，称这种做法是“邪恶的”，部分原因是为了引发讨论。

在谈到 开发时，他说：“我们无法保证一切都会顺利进行。你必须面对这个残酷的现实，并思考‘我们该如何解决这个问题’。”

分析：正如卡尼不断强调的，加拿大拥有世界所需的一切

来自 B1

随后，由于金属价格处于典型的泡沫之中，价格随即崩盘；几年后，沙特阿拉伯开始大幅增加石油产量，随着供应量激增，价格骤跌。

加拿大银行的研究人员在研究该国大宗商品超级周期与崩盘的历史时写道：“虽然大宗商品出口的增加使加拿大变得更富有，但也使经济更容易受到价格周期波动的影响。”（自 20 世纪初以来，这种情况已发生过四次。）

研究人员写道：“特别是 2014 年中期之后出现的大宗商品价格剧烈下跌，导致加拿大人的收入和财富下降，并引发了加拿大经济中一次复杂且代价高昂的调整。”

从那时起，大宗商品公司的投资者对管理团队的标准也发生了很大变化。股东们过去主张增长。但在经历了因糟糕交易导致债务过高而产生的数千亿加元资产减记后，股东们现在主张资本保值。他们甚至希望通过股息和回购的形式将资本返还给他们。这很可能是加拿大能源公司目前尚未就增加产量以填补新提议的西海岸管道发表过多见解的原因之一。

加拿大人可能还需要面对另一个现实——一个更令人鼓舞的现实。在峰会上，一个主导性的论调是，该国必须创造奇迹才能再次吸引外国资本。

这并非事实。“在全球背景下，加拿大的定位实际上非常好，”全球房地产投资管理公司 Hines 的高级董事总经理兼美国中西部及加拿大区负责人 Syl Apps 表示。

外国投资者反复提及这里的法治以及加拿大丰富的自然资源。这些是多年来该国吸引大量外国资金的部分原因。沙特阿拉伯公共投资基金的一家子公司购买了草原省份的主要粮食处理资产，而美国私募股权巨头黑石（Blackstone）持有 $50-billion 的加拿大资产，其中许多是房地产。

尽管加拿大需要这些资金来帮助资助基础设施和资本投资，但这些公司同样需要这个国家。他们只是不想承认这一点。

在峰会期间，贝莱德（BlackRock）首席执行官拉里·芬克（Larry Fink）表示，西方各国的政府都深陷债务，无法承担更多借款来资助基础设施。相反，他说，他们将需要贝莱德管理的 US$15-trillion 中的一部分来资助其增长。

他没有提到的是，许多私人资本来源在近年来举步维艰。传统私募股权基金和私人信贷投资的回报疲软，其自身的股东也在失去信心。黑石的股价在过去一年中下跌了 33%。

因此，尽管有些事情超出了加拿大的控制范围，但该国不必自我贬低。正如总理卡尼不断强调的，加拿大拥有世界所需的一切，该国有充分的理由让外国投资者为此支付代价。

吹嘘并不符合加拿大人的习惯，但这个国家可以这样做，而且应该这样做。

机场：2023年研究显示私有化运营通常效率更高

来自 B1

研究发现，在不涉及私募股权的私有化收购后，并未出现类似的收益。

魏斯巴赫先生表示，当摩根资产管理公司（JPMorgan Asset Management）首次作为与地区政府签署的 99 年租约的一部分，购买澳大利亚昆士兰州凯恩斯机场（Cairns Airport）的股份时，对服务和基础设施的影响是立竿见影的。

一些改进是细微且偏向美学的。魏斯巴赫先生说：“其他机场看起来有点破旧，而他们那里有很棒的咖啡店和礼品店——商店都漂亮得多。”

但最大的变化在于可用国际航线的数量，包括来自低成本航空公司的航线。

“他们与整个亚洲的政府进行谈判，以开通从东京、首尔和新加坡直飞凯恩斯的航班，”同时也是俄亥俄州立大学金融学教授的魏斯巴赫先生说道，“整个社区都从中受益。”

虽然凯恩斯机场地处靠近澳大利亚一些最著名自然地标的独特有利位置，但它所经历的优势并非特例。

阿尔伯塔大学 2023 年一项针对 2,400 个机场的研究发现，私有化运营的机场通常运行效率更高，尤其是由私募股权基金收购的机场，其航班取消率平均下降了 50%。

但研究国际模式的研究人员认为，与其他司法管辖区的直接比较可能未能考虑到加拿大独特的竞争环境和监管条例，而这些因素将影响私有化的实际效果。

加拿大政策替代中心（Canadian Centre for Policy Alternatives）高级经济学家大卫·麦克唐纳（David Macdonald）表示，私有化机场需要同时审查机场费用和飞行相关成本，以最大限度地提高股东收益。

麦克唐纳先生说，机场费用包括“个人前往机场需要支付的所有费用”，例如停车费或行李车费。

例如，在英国和欧洲，许多私有化机场收取的行李车费用相当于最高 3.50 加元。

“你还会向航空公司收取更高的乘客下机费、起飞费和降落费，”麦克唐纳先生说。

在苏格兰最繁忙的爱丁堡机场（Edinburgh Airport），司机进入接送区需支付相当于约 17 加元的费用，英国其他几家私有化运营的机场也收取类似费用。

这些费用不仅令接机当地人反感，还增加了网约车服务的成本。

在爱丁堡的案例中，虽然这些费用是在英国机场管理局（British Airports Authority）私有化数十年后才引入的，但在过去 10 年里，费用被激进地提高了。

苏格兰保守党去年指责该机场将旅客视为“现金奶牛”。

机场管理层则表示，此举旨在减少汽车排放，他们称汽车是“污染最严重”的出行方式。

麦克唐纳先生表示，虽然一些国际私有化机场可能会吸引更多航线，且仍能防止机票价格大幅上涨，但竞争环境可能是一个重要因素。

他说：“如果你处于一个存在实际机场竞争的环境中，那么你可以从其他机场‘抢’航班。这样你就不需要增加乘客的成本，而是增加航班量，让更多的人通过你的机场，从而更好地利用空间。”

这种情况在机场分布密集的欧洲是可能的，但在加拿大则不然。麦克唐纳先生说：“蒙特利尔的人不会开车去渥太华。”

与此同时，加拿大劳工大会本周发布的一份报告称，澳大利亚机场的私有化不仅从乘客身上榨取了更多资金，还使机场就业岗位面临风险。

该工会组织发现，例如珀斯机场从每位乘客处收取的航空公司费用在10年内增长了60%以上，而悉尼机场在出售后的就业保护期满后，削减了40%的员工。

公共政策智库加拿大之盾研究所（Canadian Shield Institute）的研究总监马修·达·莫塔（Matthew da Mota）对渥太华的提议进行了研究。

他强调，虽然仍有许多未知因素，但卡尼先生的模型可能会在加拿大主要机场的旅行之外，产生更多的消费者利益。

他表示，向私人投资转型可能会为偏远社区的更多机场、更好的道路和数字基础设施解锁新资金，而无需政府借贷过多资金来为此融资。

渥太华引用的一项例子就是新的宽带互联网基础设施。

但他仍然认为，旅行者能获得的直接收益仍存疑。“在过去的一天里，有人问我：‘我们的机场运行状况是否真的存在严重问题？’”达·莫塔先生说。

“我认为对大多数人来说，虽然体验并不总是最好的，但还可以。”

仅靠税收激励无法扭转局面

随着联邦预算预计将于11月出台，政府若能考虑其他鼓励投资的措施将是明智之举

蒂姆·塞斯特尼克 (TIM CESTNICK)

观点

作者，Our Family Office Inc. 的联合创始人兼首席执行官。可通过 tim@ourfamilyoffice.ca 与其联系。

有人说，成功就是从一个失败走到另一个失败，而热情不减。我喜欢这个定义。

如果说本周在多伦多举行的加拿大投资峰会能说明一件事，那就是加拿大的政治家、首席执行官和资产管理人员对我国作为投资地的热情并未减退。至于“失败”的部分——那么，现在是我们领导者扭转局面的时候了。

在峰会期间，总理马克·卡尼公布了一项新的税收激励措施——生产力巨额抵扣（Productivity Mega Deduction, PMD）。该措施旨在将加拿大新商业投资的有效税率从约 13% 降低至约 6.4%。该抵扣将允许公司对某些资产的成本进行即时费用化——其资产清单较 2025 年联邦预算中此前公布的内容有所扩大。且该抵扣已变为“永久性”措施。

此外，财政部长弗朗索瓦-菲利普·香槟宣布，加拿大税务局（CRA）将优先处理涉及在加拿大投资 $1-billion 或以上的预先所得税裁定请求。这个消息并不值得大书特书。预先裁定计划已经存在 50 年以上。预先裁定通常在约 90 天内出具，仅是确认加拿大税务局将如何将加拿大税法应用于拟议的交易。

改善激励措施

我首先要指出，生产力巨额抵扣（PMD）是一件好事。此前在2018年，政府推出了加速投资激励计划，其中包括针对某些制造业和清洁能源设备的即时费用化。2023年，约有299,000家公司增加了符合该激励条件的资产。（诚然，我们不知道其中有多少企业无论如何都会进行这些投资。）

但仅靠PMD本身是不够的。随着联邦预算预计将于11月出台，政府明智之举是考虑其他鼓励投资的措施，例如：

确保激励措施的祖父条款：我知道渥太华方面表示PMD是一项“永久性”抵扣。但让我们面对现实吧——我们的税法中没有什么是永久的，很少有投资者会相信我们的政府会永远维持税收激励。然而，大型矿山、核技术、液化天然气工厂、管道、人工智能和数据基础设施以及电力项目都具有长期的投资周期。我们的政府应当承诺，一旦合格项目做出最终投资决定，就为其适用祖父条款以保留任何税收激励。投资者关心的是今天的税收规则在明天是否依然适用的概率。

提高税收激励的变现便捷度：对于多年内没有加拿大应纳税收入的投资者来说，大额税收抵扣——即使是PMD项下的即时费用化——其价值较低。许多基础设施和资源项目在产生应纳税收入之前会产生巨额抵扣。创建可退还或可转移的投资抵免可以解决这个问题——尽管这对渥太华政府来说成本要高得多。

创建投资加拿大公司的激励机制：加拿大需要的是总部设在这里的公司，而不仅仅是由外国人拥有的工厂和矿山。政府应考虑改善对投资加拿大成长型公司的资本利得处理，只要投资者承诺资本的最低持有期限，而不仅仅是鼓励对加拿大实物资产的投资。

改善重大项目的亏损利用：大型项目在产生收入之前可能会积累多年的税收亏损。更宽松的亏损回溯、对未使用税收亏损支付利息或精心设计的可退还机制，可以减轻由长期开发周期带来的税收劣势。这对于采矿、基础设施和技术开发尤为重要。

奖励知识产权商业化：目前，我们的税收制度奖励在科学研究和实验开发（SR&ED）上的支出。但支出不应是首要目标。加拿大的经常性问题不仅仅是缺乏发明，而是未能将加拿大的知识产权转化为大型的加拿大企业。政府可以通过创建一项与加拿大新增工资单、知识产权开发及投资挂钩的商业化激励措施来提供帮助。这可以与我们现有的SR&ED激励措施形成互补。

激励不足

尽管所有这些措施都很重要，但我们不要自欺欺人地认为，仅靠税收激励就能驱动那些能够改变我国财富创造格局的关键部门的投资。

假设一名投资者正在考虑一个$5-billion的矿山、液化天然气设施、管道或数据中心。虽然我讨论的激励措施可以显著提高项目的税后内部收益率，但它们无法解决其他关键问题。

我指的是长达数年的许可审批流程、项目能否获批的不确定性、不可预测的监管变化、省际壁垒、原住民磋商与协议的不确定性、无法建设输电线、管道或运输基础设施、贸易不确定性，以及在投入数十亿资金后规则可能会发生变化的政治风险。

对于我们的总理和各省省长而言，衡量成功的真正标准将在于能否解决这些非税收方面的挑战——而且要迅速地解决。

随着美国中期选举临近，股市奇迹即将到来

华盛顿的美国国会大厦。传统上，随着不确定性的降低，股市在中期选举后会出现上涨。 ELIZABETH FRANTZ / 路透社

肯·费舍尔（KEN FISHER）

观点

费舍尔投资（Fisher Investments）创始人、执行主席兼共同首席投资官

加拿大股市在夏末的波动看起来令人沮丧吗？请欢欣鼓舞吧——一个周期性出现的股市“奇迹”即将到来。

它源自一个出人意料的来源：美国嘈杂的中期立法选举。那些尖锐的竞选活动通常会演变为一种安抚市场的后果，即政治风险厌恶感的下降，从而开启美国股市历史上最稳定、最积极的九个月增长期。这种积极情绪会向美国北部……以及更远的地方扩散。

我对2026年的预测揭示了中期选举魔力的关键：选举几乎总是会加深政治僵局，导致重大且具有争议的立法在至少两年内无法通过——无论中期选举前哪个政党掌权，也无论该年早些时候股市表现如何。

请考虑：虽然在加拿大和欧洲大部分地区，提前大选很常见，但美国固定的四年总统任期创造了周期性的立法模式。通常，总统在支持浪潮中就职。党内成员则凭借总统的影响力赢得国会席位。在广泛的支持下，总统会在前两年的早期推动其最大、最具争议的法案——以免中期选举削弱其权力。在本轮周期中，唐纳德·特朗普总统在2025年上半年推动了他的《一个伟大美丽法案》（One Big Beautiful Bill Act）。但所有总统都会这么做。

在这样的立法攻势中，股市经常波动。从历史上看，总统任期的前两年上涨的概率仅略高于下跌的概率。为什么？重大立法会产生赢家和输家，从而引发股市所厌恶的不确定性。

总统的第二年还带来了中期选举的竞选活动。起初，由于候选人为赢得初选而迎合其基本盘，尖锐且极端的言论占据头条。这种言论的升级部分解释了为什么在过去一个世纪中，标普500指数在中期选举年第一季度的上涨概率仅为46%。这一比例在第二季度上升到58%，在第三季度上升到60%（截至2026年6月）。

但随后，解脱来了。中期选举通常会打击总统所属的政党。自1914年参议员直选开始以来，在89%的中期选举中，总统所属政党在拥有435个席位的众议院中失去了席位，平均损失高达30席。在71%的参议院中期选举中，该党表现不佳，平均减少四个席位。

结果就是：僵局加剧！选民讨厌随之而来的不作为，但股市却在不确定性降低、重大且分歧巨大的立法胎死腹中时而微笑。这就是中期选举奇迹！

自1925年以来，标普500指数在中期选举年第四季度的上涨概率为84%——在随后一年的第一和第二季度中，这一概率为88%。这三个季度在历史上的综合上涨概率为91%，平均回报率为19.8%！

这种趋势为何不断重复？政治偏见！大多数选民认为，如果对方那些糟糕的混蛋获胜，灾难就将降临。投票前情绪激昂，为随后的“僵局缓解反弹”做好了铺垫。

高度相关的市场将美国的奇迹全球化。美国股票与非美国股票的相关性为0.83——考虑到1.00意味着同步移动，-1.00意味着完全相反，这个数值相当高。多伦多证券交易所（TSX）与标普500指数的相关性同样高达0.81。

因此，对美国股市有利的因素对全球股市同样有利——就像四年前，标普500指数从2022年第四季度开始到2023年第二季度结束跃升了20.6%，而世界其他地区则飙升了24.5%。由于加拿大股市缺乏大型科技股的敞口且高度集中在能源领域，其涨幅较低，但仍有稳健的12%增长。

极端的竞选措辞目前占据主导。有些人担心民主社会主义候选人的崛起。民主党人憎恨特朗普总统，而他的支持率也低得离谱。请忽略这种党派之争和你的政治偏见——股市也会如此。无论发生什么，立法僵局通常会加剧。而这正是极佳的牛市信号。

特朗普先生领导的共和党目前在两院都仅持有微弱多数。11月，众议院的所有席位以及35个参议院席位都将面临改选。双方的选区重划操纵（Gerrymandering）意味着真正有竞争力的众议院选区很少。实际上只有大约25-30个席位可能发生变动。这些结果将决定这个原本几乎平分的议院的走向。在参议院，只有六或七个席位被认为是不确定席位（toss-ups）。共和党目前的优势是53-47。由于这些不确定席位主要由共和党持有，他们必须赢得几乎所有这些席位才能维持该优势。但他们做不到。

如果民主党赢得至少一个议院——考虑到特朗普总统糟糕的民调数据，这很有可能——那么纯粹的“黄金僵局”就到来了。即使共和党保住两院，其多数优势依然微小——特朗普先生那个愚蠢的5,000美元“分红”承诺不会产生实质性的影响。此外，随着当选官员开始将特朗普先生视为“跛脚鸭”，或设想一个后特朗普时代，党内挫败感将会积聚——这将使重大且具有分歧的立法真正变得不可能。

这是否意味着特朗普先生不能继续利用行政权力推行愚蠢的关税胡言？并非如此。如果没有国会批准，这些举措在法律依据上更为脆弱。但正如我所展示的，他那些疯狂的征税更多是虚张声势。过去16个月的情况表明，股市深谙此道。

令人不安的中期选举措辞将一直持续到11月3日的投票日。请忽略它。一个静悄悄的奇迹即将到来，将推动美国、加拿大及其他地区的股票价格上涨。

RBC 将 Chorus Aviation 评为“最佳投资机会”。以下是现实情况分析

戈登·佩普 (GORDON PAPE)

《互联网财富构建者》(Internet Wealth Builder) 与《收益投资者》(Income Investor) 通讯的编辑兼出版人

当一位备受尊敬的分析师称某家公司为他的“最佳投资机会”时，这值得关注。

这就是 RBC 资本市场 (RBC Capital Markets) 的詹姆斯·麦加格尔 (James McGarragle) 在上个月该公司发布第二季度业绩后，对总部位于哈利法克斯的 Chorus Aviation Inc. 的评价。

他将 Chorus 描述为“具有显著增长催化剂的极具吸引力的价值机会”，并将其目标股价提高了 $4，至每股 $39。

我之前没有仔细研究过这只股票，因此做了一些调研。以下是我的发现。

背景：大多数加拿大人从未听说过 Chorus，也不清楚它是做什么的。但任何经常旅行的人可能都熟悉 Jazz，它是加拿大最大的区域航空公司，以 Air Canada Express 品牌运营。Chorus 拥有 Jazz。它还拥有 Voyageur Aviation，一家提供特种包机、飞机改装、零部件供应和在役支持服务的供应商。

其业务的其他方面还包括 Cygnet 航空学院（一家经认证的培训学院，旨在为飞行员直接进入航空公司做准备）以及 Elisen & Associates（一家提供航空航天工程和认证服务的供应商）。

业绩：在过去五年中的大部分时间里，该股一直处于下跌状态。然而，今年的表现要好得多，自 1 月 1 日以来上涨了约 30%。

近期进展：该公司报告了强劲的第二季度业绩。营业收入为 $349.4-million，比去年同期的 $324.6-million 增长了 7.6%。

调整后净利润为 $19.100 万（每股 83 美分），而 2025 年第二季度为 $14.100 万（每股 54 美分）。2026 年前六个月，调整后净利润为 $31.7-，比前一年的 $29.4- 增长了 7.6%。

第二季度调整后 EBITDA 为 $50.7-，比 2025 年第二季度减少了 $600,000。

股息与回购：该股每季度支付 11 美分的股息（每年 44 美分），在当前 $28.07 的股价下，收益率为 1.6%。但投资者应意识到，在 2020 年，Chorus 将其季度股息从 28 美分削减至零。该股息于 2025 年 7 月恢复至每股 8 美分，并在今年 3 月提高到目前的水平。

该公司还在其常规发行人投标计划下回购股票。在第二季度，Chorus 以每股 $23.97 的加权平均价购买并注销了 616,891 股普通股，成本为 $14.8-。

收购：Chorus 于 2026 年 4 月 1 日完成了对 Kadex Aero Supply Ltd. 的收购。在第二季度，Kadex 贡献了 $16.4- 的收入和 $1.2- 的净利润。

风险：有几个因素需要考虑：

关税。到目前为止，该公司避开了特朗普关税的打击，但情况十分危急。今年早些时候，美国总统威胁要对加拿大制造的飞机征收 50% 的关税，并誓言在涉及美国制造的湾流 (Gulfstream) 喷气机的认证争议中，取消在美运营的加拿大飞机的认证。湾流问题虽然得到了解决，但美国商务部发布的一份报告批评了对飞机零部件的“外国依赖”。只有通过航空业的密集游说，才防止了对外国制造的喷气机或零部件征收关税。

现在，特朗普先生暗示他可能会禁止庞巴迪 (Bombardier) 在美国销售其飞机。

这可能会导致其他行动，从而对 Chorus 产生影响。该公司在其财务报表中已就此可能性发出了警告。

加拿大航空合同。目前的合同有效期至2035年，因此短期内无需担心。但任何影响航空公司盈利能力的进展（例如燃料价格上涨、客流量下降）都可能对底线产生负面影响。

劳资关系。这在航空业始终是一个令人担忧的问题。Jazz航空本周刚刚宣布，在1,000多名自1月1日起一直没有合同工作的乘务员以99%的赞成票通过罢工授权投票后，该公司已与加拿大乘务员工会达成一项初步协议。不过，应当指出的是，劳资问题通常对股价的影响仅限于短期。

当前行动：对于寻求资本增值和适度现金流的激进投资者而言，Chorus是买入标的。保守投资者可能会被该股历史上的波动性以及始终存在的关税威胁所劝退。

为什么 60 / 40 投资组合不再奏效

真正的多元化不再意味着经典的、僵化的股票-债券资产配置

BAHTIAR_MAULANA / GETTY IMAGES

大卫·罗森伯格 (DAVID ROSENBERG)

观点

罗森伯格研究公司 (Rosenberg Research) 创始人

投资者有一种惊人的能力，会将上涨的市场误认为是一个构建良好的投资组合。当同样的股票持续领涨时，多元化开始看起来像是一项不必要的开支。为什么要持有任何表现落后的资产？

人们很容易产生这样的诱惑：卖掉那些令人失望的资产，并买入更多已经见效的资产。如果沿着这个逻辑走得太远，整个投资组合最终将取决于某种单一市场结果的延续。无论预测听起来多么有说服力，将如此巨大的赌注押在预测上都是相当冒险的。

当投资项目具有不同的经济敏感度时，多元化才变得有用。但当我提到“多元化”时，我指的不是经典的 60 / 40 股票-债券资产配置，这种配置虽然易于解释，但实际上并非真正的多元化。

一个不为人知的秘密是，60 / 40 投资组合中 90% 以上的波动率来自股票部分。平衡基金中的“平衡”一直以来在某种程度上是一种虚构。每 1 加元中有 60 美分投入股票，40 美分投入债券，并定期进行再平衡以维持这一比例。在通货膨胀、利率和估值变动时，如果配置保持不变，投资者可能会在看似平衡的投资组合掩盖下，承担起截然不同的风险。

结果，这就是纯多头基金或单一主题基金的局限性，在较小程度上，也是盲目依赖 60 / 40 资产配置的局限性。宽基指数投资的问题在于，在环境改变之后才发现，投资者持有的几乎所有资产都需要同一个预测成真。在全球范围内以及所有资产类别中实现真正的多元化，能让我们为更广泛的结果做好准备。

多元化投资组合有时会让我们希望自己持有更多最新的赢家。为了减少对单一结果的依赖，这是一个可以接受的代价。

大多数平衡投资组合中的“60”已悄然变成了一场集中博弈

我入行足够久，已经见过这种情况——投资者将筹码押在少数几家巨头科技公司以及关于人工智能的单一叙事上。500 只股票，一笔交易，490 个乘客。

在被告知现金是垃圾 15 年之后，现在现金具有正的实际收益率。选择权总是有代价的，而现在的代价异常之低。

在我看来，投资者应该做的是减少在基准指数上花费的时间，而花更多时间创建一个广泛的授权，使他们能够应对不断变化的经济格局。这意味着在全球股票、债券、大宗商品和货币之间进行投资。从风险管理的角度来看，这一点至关重要，因为额外的资产提供了现有 60 / 40 资产配置所缺乏的风险敞口。

非美国股票，尤其是亚洲和部分新兴市场，对于多元化努力至关重要。“本土偏好”是普通投资者策略中最昂贵的习惯，而北美人的这种情况最为严重。美国约占全球股票基准的三分之二，且其估值比世界其他地区高出 50%。与此同时，日本终于通过公司治理革命、创纪录的股票回购以及回归，走出了三十年的通货紧缩。

真正的多元化来自于底层风险敞口的组合以及它们如何共同运作。主动的灵活性使投资者能够在相对价值和风险发生变化时调整该组合。此外，这还增加了保留流动性的空间，而 60 / 40 的资产配置无法提供这一点。

这就是研究工作发挥作用的地方，因为这一过程始于国家层面的经济、市场和政治状况，旨在寻找定价失误的资产以及经济模式的重大转变。资产配置应当能够在证据发生变化时做出响应，即便这样做令人不安或与主流情绪相悖。

改善 60 / 40 组合的机会取决于环境和所做的决策。如果通胀冲击同时损害了名义债券和股票，一个定位合理的更广泛配置可能会表现得更好。如果估值差异变得显著，脱离固定权重将提高在承担相同风险情况下的收益。更多的自由裁量权会创造更多机会，这也是为什么我刚刚与总部位于多伦多的投资组合经理 Corton Capital 合作，担任 ROSY ETF 的研究提供商。ROSY ETF 是一种低至中等风险、完全多元化的投资工具，由我和我的策略团队作为智囊提供灵感，而 Corton 则将这些主题和想法付诸实践。（披露：我持有该 ETF 的股份。）

诚然，我们应该预见到一种“多元化狂热”的出现，人们认为自己因为持有“整个市场”而实现了多元化，结果却发现市场本身就是一场单一的赌注。60 / 40 组合是为增长上升和通胀下降的环境而设计的。股票喜欢这种环境，债券也喜欢；每个人都能获益。在疫情之前的 40 年里，世界一直处于这个框架之中。但现在我们必须围绕其他框架进行投资，这就是为什么在北美之外、在股票和债券基准的限制之外进行投资的灵活性在现在以及未来几年都具有极大的意义。

因此，我一直看好大宗商品，并且持有日本资产，因为日元是目前全球被低估最严重的资产。而且不要忘记金条。我被称作“黄金迷”的次数之多，多到让我目瞪口呆。理由很简单：它是唯一真实且具有流动性、且没有对手方风险、没有会被通胀侵蚀的票息、也没有会被下调的盈利预期的资产。它在通胀框架中有效，在通缩恐慌框架中同样有效。

根据用途而定规模的久期（Duration）也值得提及。我并没有完全放弃国债市场，但我放弃了认为它默认应占 40% 的观念。长期债券是衰退对冲工具，也是通缩对冲工具，仅此而已。出于这个原因持有它们，并保持这个规模，同时接受当通胀意外上升时它们会带来损失。好消息是，在伊朗战争引发的重新定价之后，10 年期国债收益率在 5% 左右，这意味着持有这份“保险”至少能获得报酬，而六年前票息仅为 60 个基点时，情况绝非如此。

现金和短期国债（T-bills）是一种头寸，也是一个感叹号，标志着任何特定投资环境下不确定性的程度，尤其是在当今这种令人紧张的气候中。它是唯一能保证在底部可用且能用于抄底股票的资产，而这种逻辑在 1989 年根本不存在。不同的经济，不同的周期，不同的货币。这才是真正的多元化。

60 / 40 组合同样没有区分行业，包括那些由具有定价能力的防御性股票组成的行业。或者像医疗保健、管道、航空航天与国防以及电力基础设施等行业，这些行业的独特之处在于它们在经典定义上属于低贝塔（low beta）资产，支付股息，且其销售的产品在任何环境下都是人们必需的。

请记住，给定投资组合的收益是其各组成部分收益的加权平均值。但风险并非如此。风险取决于这些部分之间如何相对移动，这就是为什么必须拥有一个资产组合，使其持有的资产之间表现各异。

正是在这一点上，我与那些追随指数的大众以及声称 60 / 40 组合即是真正多元化的人们分道扬镳。如今持有 S&P 500 意味着你拥有 500 个股票代码，但前 10 大权重股目前占据了该指数 40% 以上的权重，这大约是十年前该数值的两倍，且在这一基准指数的现代历史上是前所未有的水平。因此，大多数平衡投资组合中的“60”已悄然变成了一场对少数几家超大市值科技公司以及关于人工智能单一叙事的集中押注。五百只股票，一笔交易，490 个乘客。

我将用传奇策略师鲍勃·法雷尔（Bob Farrell）及其市场准则第 9 条来结束这篇文章：“当所有专家和预测都达成一致时，事情将会向另一个方向发展。”如今的共识认为，AI 交易是唯一的交易，估值不再重要，经济能够抵御衰退，而债券配置则是过时时代的产物。我非常乐意站在所有这些论点的对立面。

美联储加息后股市收低

周三，美国和加拿大股市剧烈波动并走低。此前，美联储提高了关键利率，以应对因美伊战争期间原油价格飙升而导致的高企且顽固的通货膨胀。

在随附的声明中，美联储表示该决定是一致通过的，且在不久的将来可能会进一步收紧政策，以使通胀更及时地下降。

“正如广泛预期的那样，美联储在三年多以来首次提高利率，”奥马哈卡森集团（Carson Group）首席市场策略师瑞安·德特里克（Ryan Detrick）表示，“现实情况是，美联储在对抗通胀方面似乎达成了一致。”

在随后的新闻发布会上，美联储主席凯文·沃什（Kevin Warsh）表示，自上次美联储会议以来，美国经济有所增强，但通胀趋势几乎没有改善。

在美联储公布决定之前，美国三大股指均有所上涨，其中芯片股的反弹使科技股权重较大的纳斯达克指数占据优势。在本交易时段早些时候，强劲的美国零售销售数据表明，尽管价格上涨（尤其是加油站油价）导致购买力受压，但消费者仍在消费。

中东战争进一步扩大，沙特战机轰炸也门，而伊朗支持的胡塞武装向沙特城市发射无人机和导弹，这标志着伊朗在不断扩大的冲突中影响力在延伸。

即便如此，在报道称沙特阿拉伯通过阿曼提供额外原油货源、缓解了对供应中断担忧后，油价有所下跌。原油在过去两周半内上涨了超过 20%。近月 WTI 原油结算价下跌 3.2%，布伦特原油结算价下跌 2.7%。

道琼斯工业平均指数下跌 631.33 点，或 1.21%，至 51,461.78；标准普尔 500 指数下跌 33.59 点，或 0.44%，至 7,552.14；纳斯达克综合指数下跌 3.15 点，或 0.01%，至 25,978.43。

S&P / TSX 综合指数收低 90.8 点，或 0.3%，报 35,491.27，为 7 月 31 日以来的最低收盘水平。

TSX 能源板块下跌 3.4%。材料板块收低 0.6%，主因是美元走强对黄金造成压力。

TSX 十大主要板块中有六个上涨，其中公用事业板块领涨，上涨 1.9%，因长期债券收益率有所回落。然而，在美联储公布决定及举行新闻发布会后，美国短期债券收益率确实有所上升，表明市场正在对未来的进一步加息进行定价。美联储的政策决定对债券曲线短端产生了更大的即时影响。

Dollarama 表现突出。这家折扣零售商在提高年度可比销售增长预测后，股价上涨 5.5%。

在华尔街，科技股是标准普尔 500 指数 11 个主要板块中涨幅最大的，而能源板块跌幅最大，下跌 3.0%。

路透社，本报工作人员

股票观察 DAVID LEEDER

ATHABASCA OIL (ATH-TSX) 收盘价 $10.60，下跌 85¢

BMO Nesbitt Burns 分析师塔里克·萨德（Tariq Saad）对 Athabasca Oil Corp.采取“暂停观察”态度，将其评级从之前的“跑赢大盘”下调至“市场平均”，因为其股价目前已处于其目标价 10% 的阈值之内。他补充道：“从短期来看，我们认为 ATH 的溢价估值可能会限制股价进一步的超额表现。”

目标价：萨德先生 $12.50 的目标价低于华尔街 $12.83 的共识目标价。

RICHELIEU HARDWARE (RCH-TSX) 收盘价 $36.01，上涨 63¢

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国家银行金融分析师 Zachary Evershed 认为，Richelieu Hardware Ltd. 最近收购 The Penrod Company 硬件部门的交易（这是该公司迄今为止最大规模的收购）扩大了其在美国门窗市场的影响力，并使其能够交叉销售已在加拿大提供的产品。他补充道，虽然 Penrod 立即满足了该公司 $100-million 的年度收购销售目标，但 RCH 打算继续寻求并购。

目标价：Evershed 先生维持其“行业表现”评级，将其目标价从 $38. 上调至 $38.50。市场共识价为 $38.75。

HIGH TIDE (HITI-TSXV) 收盘价 $3.74，上涨 21¢ TD Cowen 分析师 Derek Lessard 认为 High Tide Inc. 的布局具有“吸引力”，并再次将这家总部位于卡尔加里的公司列为他在大麻领域的“加拿大最佳投资点”。他表示：“该公司拥有领先的零售份额、顶级的运营指标以及几个被低估的增长杠杆。” 目标价：Lessard 先生对 High Tide 股票给予“买入”评级，目标价为 $6.50。市场共识价为 $5.33。

NANOXPLORE (GRA-TSX) 收盘价 $1.51，上涨 8¢

尽管 NanoXplore Inc. 的财务指引“明显低于”他的预期，但 RBC Dominion Securities 分析师 James McGarragle 认为“存在多个机会，其中绝缘泡沫是最短期的，代表了指引中未体现的潜在上涨空间”。 目标价：McGarragle 先生将其目标价从 $2.50 下调至 $1.75，维持“行业表现”评级。市场共识价为 $2.65。

NEVADA KING GOLD (NKG-TSXV) 收盘价 $0.84，上涨 3¢

Canaccord Genuity 分析师 Steve Searles 开始对 Nevada King Gold Corp. 进行覆盖，给予“投机性买入”评级。他表示：“我们认为 Nevada King 为投资者提供了投资全球最成熟的矿业司法管辖区之一的高品位氧化金系统的机会，并得到了现有基础设施、经验丰富的领导和勘探团队以及 Centerra Gold 战略支持的支撑。”目标价：他的 $2.75 目标价高于公司的 $100.

目标价：他的 $2.75 目标价高于市场共识价 $2.50。

2026年9月16日 $0.7149

大宗商品

货币 外汇交叉汇率 ETF 股价 $1 或更高 S&P / TSX 综合指数 过去 12 个月

指数及子指数

S&P 500 过去 12 个月

< / ><>收盘价< / ><>净变动< / ><>% 变动< / ><>成交量 (千)< / ><>年初至今 % 变动< / >< / tr><><> 综合指数< / ><>35491.27< / ><>-90.80< / ><>-0.26< / ><>265362< / ><>11.91< / >< / ><><> 60 指数< / ><>2090.95< / ><>-3.61< / ><>-0.17< / ><>135686< / ><>12.42< / >< / ><><> 完工指数< / ><>2285.53< / ><>-13.77< / ><>-0.60< / ><>129676< / ><>9.90< / >< / ><><> 小盘股指数< / ><>1419.71< / ><>-14.79< / ><>-1.03< / ><>95717< / ><>18.65< / >< / ><><> Venture 综合指数< / ><>896.10< / ><>-4.88< / ><>-0.54< / ><>58009< / ><>-9.28< / >< / ><><> 非必需消费品< / ><>380.54< / ><>6.28< / ><>1.68< / ><>6414< / ><>-0.54< / >< / ><><> 必需消费品< / ><>1249.99< / ><>15.58< / ><>1.26< / ><>5006< / ><>0.95< / >< / ><><> 能源

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CAPPED< / td> 451.09< / ><>-15.76< / ><>-3.38< / ><>71473< / ><>50.15< / >< / tr> <>TSX 金融 CA< / ><>745.02< / ><>0.85< / ><>0.11< / ><>33646< / ><>18.73< / >< / ><><>TSX 医疗保健 C< / ><>22.27< / ><>0.01< / ><>0.04< / ><>1511< / ><>1.69< / >< / ><><> 工业 C< / ><>489.23< / ><>-3.41< / ><>-0.69< / ><>14846< / ><>4.76< / >< / ><><> 信息技术< / ><>306.56< / ><>1.03< / ><>0.34< / ><>6700< / ><>-6.14< / >< / ><><> 材料上限< / ><>848.75< / ><>-5.04< / ><>-0.59< / ><>62387< / ><>13.21< / >< / ><><> 房地产 C< / ><>292.87< / ><>-0.38< / ><>-0.13< / ><>6333< / ><>-7.43< / >< / ><><> 全球黄金 I< / ><>925.77< / ><>-10.13< / ><>-1.08< / ><>121032< / ><>13.26< / >< / ><><> 全球

矿业< / ><>245.90< / ><>-2.06< / ><>-0.83< / ><>320133< / ><>17.25< / >< / ><><> 收益信托< / ><>224.42< / ><>1.49< / ><>0.67< / ><>6935< / ><>1.90< / >< / ><><> 优先股< / ><>706.89< / ><>-2.28< / ><>-0.32< / ><>597< / ><>1.53< / >< / ><><> 通信< / ><>147.40< / ><>-0.58< / ><>-0.39< / ><>17305< / ><>-6.03< / >< / ><><> 公用事业上限< / ><>374.63< / ><>6.80< / ><>1.85< / ><>11536< / ><>6.34< / >< / table>

涨幅榜 股价 $1 或以上的股票前 20 名

成交量 股价 $1 或以上的股票前 20 名

<><>< / ><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / ><><>CNQ 加拿大自然资源< / ><>70.08< / ><>-1.62< / ><>-2.26< / ><>17947< / ><>50.74< / >< / ><><>ENB Enbridge Inc< / ><>67.70< / ><>0.30< / ><>0.45< / ><>10717< / ><>3.08< / >< / ><><>CVE 科诺哈斯能源< / ><>45.53< / ><>-1.70< / ><>-3.60< / ><>7723< / ><>96.08< / >< / ><><>BCE BCE Inc.< / ><>31.53< / ><>-0.37< / ><>-1.16< / ><>7710< / ><>-3.70< / >< / ><><>T TELUS 公司< / ><>12.45< / ><>-0.21< / ><>-1.66< / ><>7240< / ><>-31.18< / >< / ><><>SU 森科能源< / ><>96.46< / ><>-3.53< / ><>6880< / ><>58.34< / >< / ><><>TRP TC Energy 公司< / ><>85.53< / ><>0.57< / ><>0.67< / ><>6356< / ><>13.16< / >< / ><><>WCP Whitecap

资源< / ><>18.53< / ><>-0.77< / ><>-3.99< / ><>6156< / ><>61.13< / >< / ><><>BTE Baytex Energy< / ><>6.83< / ><>-0.38< / ><>-5.27< / ><>5779< / ><>53.83< / >< / ><><>ATH Athabasca Oil< / ><>10.60< / ><>-0.85< / ><>-7.42< / ><>5644< / ><>50.78< / >< / ><><> 多伦多道明< / ><>168.81< / ><>-0.18< / ><>-0.11< / ><>5080< / ><>30.50< / >< / ><><>XIU iShares SP TS< / ><>52.80< / ><>-0.11< / ><>-0.21< / ><>5028< / ><>12.36< / >< / ><><>CM 帝国石油< / ><>158.06< / ><>0.25< / ><>0.16< / ><>4983< / ><>27.03< / >< / ><><>BNS 新斯科舍银行< / ><>129.99< / ><>0.11< / ><>0.08< / ><>4974< / ><>28.41< / >< / ><><>BTO B2Gold Corp.< / ><>7.20< / ><>-0.04< / ><>-0.55< / ><>4575< / ><>16.50< / >< / ><><>PPL Pembina

管道< / ><>65.96< / ><>0.14< / ><>0.21< / ><>3609< / ><>26.14< / >< / ><><>BIR Birchcliff En< / ><>6.24< / ><>-0.30< / ><>-4.59< / ><>3427< / ><>-16.47< / >< / ><><>DML Denison Mines< / ><>3.93< / ><>-0.05< / ><>-1.26< / ><>3421< / ><>7.97< / >< / ><><>KEEL Keel Infrast< / ><>4.74< / ><>0.16< / ><>3.49< / ><>3375< / ><>58.00< / >< / ><><>CS Capstone Copper< / ><>13.50< / ><>-0.30< / ><>-2.17< / ><>3202< / ><>-2.03< / >< / table>

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< / td><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / tr><><>COID SAVVYSHORT -< / ><>5.17< / ><>0.79< / ><>18.04< / ><>< / ><>-66.12< / >< / ><><>ORBU SAVVYLONG 2X< / ><>10.02< / ><>0.98< / ><>10.84< / ><>14< / ><>-46.98< / >< / ><><>OILD SAVVYSHORT G< / ><>11.42< / ><>0.82< / ><>7.74< / ><>17< / ><>-91.46< / >< / ><><>NFGC NEW FOUND GO< / ><>2.42< / ><>0.17< / ><>7.56< / ><>814< / ><>-6.92< / >< / ><><>TELY TELYRX HOLDI< / ><>2.25< / ><>0.15< / ><>7.14< / ><>1< / ><>-35.71< / >< / ><><>HOD BETAPRO CRUDE< / ><>16.13< / ><>1.07< / ><>7.10< / ><>1561< / ><>-88.86< / >< / ><><>WEF WESTERN FORES< / ><>18.98< / ><>1.21< / ><>6.81< / ><>42< / ><>72.70< / >< / ><><>MSTZ SAVVYSHORT -< / ><>3.37< / ><>0.21< / ><>6.65< / ><>92< / ><>-84.43< / >< / ><><>NRGD BETAPRO SP T< / ><>5.88< / ><>0.36< / ><>6.52< / ><>43< / ><>-62.95< / >< / ><><>THNC THINKIFIC LA< / ><>1.27< / ><>0.07< / ><>5.83< / ><>< / ><>-34.54< / >< / ><><>GRA NANOXPLORE IN< / ><>1.51< / ><>0.08< / ><>5.59< / ><>454< / ><>-41.02< / >< / ><><>DOL DOLLARAMA INC< / ><>174.56< / ><>9.06< / ><>5.47< / ><>1591< / ><>-14.91< / >< / ><><>AVL AVALON ADVANC< / ><>8.30< / ><>0.43< / ><>5.46< / ><>48< / ><>-7.78< / >< / ><><>DCM DATA COMMUNIC< / ><>2.18< / ><>0.11< / ><>5.31< / ><>26< / ><>32.93< / >< / ><><>SPCX SPACEX CDR (< / ><>25.16< / ><>1.26< / ><>5.27< / ><>2468< / ><>-6.92< / >< / ><><>SXHI NINEPOINT SP< / ><>6.71< / ><>0.33< / ><>5.17< / ><>16< / ><>-34.34< / >< / ><><>BRAG BRAGG GAMING< / ><>2.05< / ><>0.10< / ><>5.13< / ><>12< / ><>-28.82< / >< / ><><>GEV GE VERNOVA CD< / ><>62.06< / ><>2.94< / ><>4.97< / ><>60< / ><>39.40< / >< / ><><>DBO DBOX TECHNOLO< / ><>1.10< / ><>0.05< / ><>4.76< / ><>481< / ><>17.02< / >< / ><><>SPXE HARVEST SPAC< / ><>9.90< / ><>0.45< / ><>4.76< / ><>312< / ><>-32.65< / >< / table>

TSX 跌幅榜 股价在 $1 或以上的股票前 20 名

<><>< / ><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / ><><>CRWN-NT CROWN CAP< / ><>66.01< / ><>-11.99< / ><>-15.37< / ><>18< / ><>217.66< / >< / ><><>CRWN CROWN CAPITA< / ><>1.18< / ><>-0.16< / ><>-11.94< / ><>4< / ><>81.54< / >< / ><><>RBNU SAVVYLONG 2X< / ><>32.03< / ><>-3.86< / ><>-10.76< / ><>26< / ><>26.60< / >< / ><><>SOLX CI GALAXY SO< / ><>4.63< / ><>-0.43< / ><>-8.50< / ><>2< / ><>-24.96< / >< / ><><>COIU SAVVYLONG 2X< / ><>20.60< / ><>-1.89< / ><>-8.40< / ><>8< / ><>-68.40< / >< / ><><>ATH ATHABasca OIL< / ><>10.60< / ><>-0.85< / ><>-7.42< / ><>5644< / ><>50.78< / >< / ><><>CRCY HARVEST CIRC< / ><>3.53< / ><>-0.28< / ><>-7.35< / ><>261< / ><>-39.66< / >< / ><><>HOU BETAPRO CRUDE< / ><>28.08< / ><>-2.14< / ><>-7.08< / ><>1225< / ><>220.18< / >< / ><><>NRGU BETAPRO SP T< / ><>70.11< / ><>-5.11< / ><>-6.79< / ><>128< / ><>114.80< / >< / ><><>QETH-U THE ETHER< / ><>36.10< / ><>-2.61< / ><>-6.74< / ><>< / ><>-22.30< / >< / ><><>AAV ADVANTAGE ENE< / ><>10.13< / ><>-0.73< / ><>-6.72< / ><>1397< / ><>-13.71< / >< / ><><>MOLY GREENLAND RE< / ><>1.53< / ><>-0.11< / ><>-6.71< / ><>134< / ><>2.00< / >< / ><><>SCR STRATHCONA RE< / ><>42.85< / ><>-3.08< / ><>-6.71< / ><>756< / ><>51.25< / >< / ><><>SDE SPARTAN DELTA< / ><>12.92< / ><>-0.92< / ><>-6.65< / ><>614< / ><>78.21< / >< / ><><>COP-U SPROTT PHYS< / ><>11.27< / ><>-0.80< / ><>-6.63< / ><>6< / ><>-0.35< / >< / ><><>OILU SAVVYLONG

GE< / td> 64.16< / ><>-4.48< / ><>-6.53< / ><>36< / ><>297.28< / >< / tr> <>GURU GURU ORGANIC< / ><>3.19< / ><>-0.21< / ><>-6.18< / ><>33< / ><>-36.07< / >< / ><><>OXY OCCIDENTAL PE< / ><>24.76< / ><>-1.63< / ><>-6.18< / ><>8< / ><>42.22< / >< / ><><>RBY RUBELLITE ENE< / ><>4.31< / ><>-0.27< / ><>-5.90< / ><>109< / ><>79.58< / >< / ><><>VET VERMILION ENE< / ><>17.63< / ><>-1.09< / ><>-5.82< / ><>1498< / ><>54.38< / >< / table>

S&P / TSX 综合指数股票 按市值排列的最大股票

<><>< / ><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / ><><>VNP 5N PLUS INC.< / ><>24.61< / ><>-0.02< / ><>-0.08< / ><>841< / ><>38.88< / >< / ><><>ABRA ABRASILVER R< / ><>12.73< / ><>-0.51< / ><>-3.85< / ><>1395< / ><>19.19< / >< / ><><>AAV ADVANTAGE ENE< / ><>10.13< / ><>-0.73< / ><>-6.72< / ><>1397< / ><>-13.71< / >< / ><><>ARE AECON GROUP I< / ><>44.71< / ><>0.80< / ><>1.82< / ><>225< / ><>42.93< / >< / ><><>AEM AGNICO EAGLE< / ><>273.36< / ><>-0.40< / ><>-0.15< / ><>1180< / ><>17.44< / >< / ><><>AC AIR CANADA< / ><>27.62< / ><>0.20< / ><>0.73< / ><>2190< / ><>43.18< / >< / ><><>AGI ALAMOS GOLD I< / ><>48.18< / ><>-0.74< / ><>-1.51< / ><>1214< / ><>-9.09< / >< / ><><>AQN ALGONQUIN

POW< / ><>7.45< / ><>0.10< / ><>1.36< / ><>2033< / ><>-11.73< / >< / ><><>ATD ALIMENTATION< / ><>80.04< / ><>0.37< / ><>0.46< / ><>1030< / ><>6.78< / >< / ><><>AAUC ALLIED GOLD< / ><>29.29< / ><>-0.10< / ><>-0.34< / ><>697< / ><>-6.87< / >< / ><><>AP-UN ALLIED PROP< / ><>7.86< / ><>-0.11< / ><>-1.38< / ><>597< / ><>-41.21< / >< / ><><>ALA ALTAGAS LTD.< / ><>52.61< / ><>0.80< / ><>1.54< / ><>843< / ><>25.71< / >< / ><><>ALS ALTUS MINERA< / ><>65.22< / ><>0.37< / ><>0.57< / ><>205< / ><>59.70< / >< / ><><>AIF ALTUS GROUP L< / ><>45.07< / ><>-0.61< / ><>-1.34< / ><>96< / ><>-20.53< / >< / ><><>USA AMERICAS GOLD< / ><>6.41< / ><>-0.11< / ><>-1.69< / ><>1877< / ><>-8.95< / >< / ><><>ARIS ARIS

MINING< / ><>25.46< / ><>-0.32< / ><>-1.24< / ><>635< / ><>14.38< / >< / ><><>ATZ ARITZIA INC< / ><>119.36< / ><>-0.79< / ><>-0.66< / ><>528< / ><>1.71< / >< / ><><>ACO-X ATCO LTD. C< / ><>72.29< / ><>1.77< / ><>2.51< / ><>256< / ><>28.22< / >< / ><><>ATH ATHABASCA OIL< / ><>10.60< / ><>-0.85< / ><>-7.42< / ><>5644< / ><>50.78< / >< / ><><>ATRL ATKINSREALIS< / ><>86.92< / ><>0.59< / ><>0.68< / ><>388< / ><>-1.90< / >< / ><><>ATS ATS CORPORATI< / ><>26.85< / ><>0.18< / ><>0.67< / ><>424< / ><>-28.99< / >< / ><><>ASM AVINO SILVER< / ><>8.34< / ><>-0.19< / ><>-2.23< / ><>1218< / ><>-2.34< / >< / ><><>AYA AYA GOLD AND< / ><>37.41< / ><>0.28< / ><>0.75< / ><>1141< / ><>90.48< / >< / ><><>BTO B2GOLD

CORP.< / ><>7.20< / ><>-0.04< / ><>-0.55< / ><>4575< / ><>16.50< / >< / ><><>BCE BCE INC.< / ><>31.53< / ><>-0.37< / ><>-1.16< / ><>7710< / ><>-3.70< / >< / ><><>BDGI BADGER INFRA< / ><>86.16< / ><>2.17< / ><>2.58< / ><>138< / ><>17.82< / >< / ><><>BMO BANK OF MONTR< / ><>241.64< / ><>-0.05< / ><>-0.02< / ><>1579< / ><>35.56< / >< / ><><>BNS BANK OF NOVA< / ><>129.99< / ><>0.11< / ><>0.08< / ><>4974< / ><>28.41< / >< / ><><>ABX BARRICK MININ< / ><>59.47< / ><>0.14< / ><>0.24< / ><>1957< / ><>-0.54< / >< / ><><>BHC BAUSCH HEALTH< / ><>7.98< / ><>0.10< / ><>1.27< / ><>548< / ><>-16.26< / >< / ><><>BTE BAYTEX ENERGY< / ><>6.83< / ><>-0.38< / ><>-5.27< / ><>5764< / ><>53.83< / >< / ><><>BIR BIRCHCLIFF

EN< / td> 6.24< / ><>-0.30< / ><>-4.59< / ><>3427< / ><>-16.47< / >< / tr> <>BDT BIRD CONSTRUC< / ><>75.50< / ><>2.16< / ><>2.95< / ><>400< / ><>164.73< / >< / ><><>BB BLACKBERRY LIM< / ><>10.70< / ><>-0.15< / ><>-1.38< / ><>2458< / ><>106.56< / >< / ><><>BEI-UN BOARDWALK< / ><>61.38< / ><>0.45< / ><>0.74< / ><>134< / ><>-4.81< / >< / ><><>BBD-B BOMBARDIER< / ><>301.48< / ><>1.37< / ><>0.46< / ><>150< / ><>29.11< / >< / ><><>BYD BOYD GROUP SE< / ><>115.82< / ><>-6.01< / ><>-4.93< / ><>100< / ><>-47.02< / >< / ><><>BAM BROOKFIELD AS< / ><>63.19< / ><>-0.60< / ><>-0.94< / ><>1627< / ><>-12.11< / >< / ><><>BBUC BROOKFIELD B< / ><>35.79< / ><>0.18< / ><>0.51< / ><>55< / ><>-27.03< / >< / ><><>BN BROOKFIELD

COR< / ><>51.82< / ><>0.16< / ><>0.31< / ><>2880< / ><>-17.77< / >< / ><><>BIP-UN BROOKFIELD< / ><>49.83< / ><>1.05< / ><>2.15< / ><>419< / ><>4.44< / >< / ><><>BEP-UN BROOKFIELD< / ><>40.76< / ><>0.73< / ><>1.82< / ><>346< / ><>9.89< / >< / ><><>DOO BRP INC< / ><>81.66< / ><>-0.38< / ><>-0.46< / ><>283< / ><>-15.86< / >< / ><><>CAR-UN CDN APARTM< / ><>31.58< / ><>0.14< / ><>0.45< / ><>545< / ><>-14.35< / >< / ><><>CNQ CDN NATURAL R< / ><>70.08< / ><>-1.62< / ><>-2.26< / ><>17947< / ><>50.74< / >< / ><><>GIB-A CGI INC< / ><>99.27< / ><>-1.21< / ><>-1.20< / ><>246< / ><>-21.70< / >< / ><><>CRT-UN CT REAL ES< / ><>16.74< / ><>-0.08< / ><>-0.48< / ><>214< / ><>2.89< / >< / ><><>CAE CAE INC< / ><>33.64< / ><>0.62< / ><>1.88< / ><>836< / ><>-19.41< / >< / ><><>CCO

CAMECO CORP< / ><>127.20< / ><>0.21< / ><>0.17< / ><>772< / ><>1.21< / >< / ><><>CM CANADIAN IMPER< / ><>158.06< / ><>0.25< / ><>0.16< / ><>4983< / ><>27.03< / >< / ><><>CNR CANADIAN NATI< / ><>167.34< / ><>-2.26< / ><>-1.33< / ><>1345< / ><>23.27< / >< / ><><>CP CANADIAN PACIF< / ><>122.83< / ><>-1.05< / ><>-0.85< / ><>1570< / ><>21.55< / >< / ><><>CTC-A CANADIAN TI< / ><>189.36< / ><>2.90< / ><>1.56< / ><>100< / ><>8.87< / >< / ><><>CU CANADIAN UTILI< / ><>50.56< / ><>1.42< / ><>2.89< / ><>319< / ><>18.32< / >< / ><><>CPX CAPITAL POWER< / ><>59.56< / ><>1.57< / ><>1.71< / ><>413< / ><>1.73< / >< / ><><>CS CAPSTONE COPPE< / ><>13.50< / ><>-0.30< / ><>-2.17< / ><>3202< / ><>-2.03< / >< / ><><>CJT CARGOJEET

INC.< / ><>81.32< / ><>0.06< / ><>0.07< / ><>76< / ><>-3.12< / >< / ><><>CCL-B CCL INDUSTR< / ><>96.25< / ><>1.21< / ><>1.27< / ><>458< / ><>11.01< / >< / ><><>CLS CELESTICA INC< / ><>452.39< / ><>12.17< / ><>2.76< / ><>452< / ><>11.42< / >< / ><><>CVE CENOVUS ENERG< / ><>45.53< / ><>-1.70< / ><>-3.60< / ><>7723< / ><>96.08< / >< / ><><>CG CENTERRA GOLD< / ><>30.63< / ><>-0.12< / ><>-0.39< / ><>995< / ><>55.01< / >< / table>

<><>< / ><>收盘价< / ><>净变化< / ><>百分比变化< / ><>成交量 (千股)< / ><>年初至今百分比变化< / >< / ><><>CEU CES ENERGY SO< / ><>19.28< / ><>-0.26< / ><>-1.33< / ><>716< / ><>57.13< / >< / ><><>CSH-UN CHARTWELL< / ><>20.23< / ><>0.02< / ><>0.10< / ><>159< / ><>0.65< / >< / ><><>CHP-UN CHOICE PRO< / ><>14.82< / ><>-0.08< / ><>-0.54< / ><>563< / ><>0.07< / >< / ><><>CCA COGECO COMMUN< / ><>58.05< / ><>0.08< / ><>0.14< / ><>88< / ><>-12.67< / >< / ><><>CIGI COLLIERS INT< / ><>124.97< / ><>-1.43< / ><>-1.13< / ><>116< / ><>-38.05< / >< / ><><>CSU CONSTELLATION< / ><>2836.43< / ><>-33.83< / ><>-1.18< / ><>26< / ><>-14.08< / >< / ><><>CRR-UN CROMBIE RE< / ><>15.58< / ><>-0.02< / ><>-0.13< / ><>305< / ><>2.03< / >< / ><><>CURA CURALEAF

HOL< / td> 14.01< / ><>-0.05< / ><>-0.36< / ><>207< / ><>36.95< / >< / tr> <>DFY DEFINITY FINA< / ><>73.31< / ><>1.75< / ><>2.45< / ><>162< / ><>-3.45< / >< / ><><>DML DENISON MINES< / ><>3.93< / ><>-0.05< / ><>-1.26< / ><>3421< / ><>7.97< / >< / ><><>DSG DESCARTES SYS< / ><>110.52< / ><>-0.55< / ><>-0.50< / ><>255< / ><>-8.21< / >< / ><><>DSV DISCOVERY MIN< / ><>11.16< / ><>-0.27< / ><>-2.36< / ><>2498< / ><>33.17< / >< / ><><>DOL DOLLARAMA INC< / ><>174.56< / ><>9.06< / ><>5.47< / ><>1591< / ><>-14.91< / >< / ><><>DPM DPM METALS IN< / ><>57.27< / ><>-0.80< / ><>-1.38< / ><>517< / ><>35.01< / >< / ><><>DIR-UN DREAM INDU< / ><>12.65< / ><>-0.16< / ><>-1.25< / ><>625< / ><>0.56< / >< / ><><>EQB EQB

INC< / ><>127.24< / ><>0.74< / ><>0.58< / ><>127< / ><>22.48< / >< / ><><>ELD ELDORADO GOLD< / ><>56.73< / ><>0.78< / ><>1.39< / ><>934< / ><>15.00< / >< / ><><>EFN ELEMENT FLEET< / ><>24.80< / ><>-0.25< / ><>-1.00< / ><>932< / ><>-31.21< / >< / ><><>EMA EMERA INCORPO< / ><>68.49< / ><>1.07< / ><>1.59< / ><>747< / ><>1.26< / >< / ><><>EMP-A EMPIRE COMP< / ><>47.46< / ><>1.05< / ><>2.26< / ><>950< / ><>-0.54< / >< / ><><>ENB ENBRIDGE INC< / ><>67.70< / ><>0.30< / ><>0.45< / ><>10717< / ><>3.08< / >< / ><><>EDR ENDEAVOUR SIL< / ><>13.30< / ><>-0.11< / ><>-0.82< / ><>1428< / ><>3.02< / >< / ><><>EFX ENERFLEX LTD< / ><>31.24< / ><>0.07< / ><>0.22< / ><>1064< / ><>47.64< / >< / ><><>EFR ENERGY

FUELS< / ><>16.42< / ><>-0.08< / ><>-0.48< / ><>822< / ><>-17.40< / >< / ><><>EQX EQUINOX GOLD< / ><>16.17< / ><>-0.31< / ><>-1.88< / ><>2834< / ><>-16.17< / >< / ><><>ERO ERO COPPER CO< / ><>45.15< / ><>-0.14< / ><>-0.31< / ><>324< / ><>16.28< / >< / ><><>EIF EXCHANGE INCO< / ><>116.25< / ><>1.39< / ><>1.21< / ><>126< / ><>41.84< / >< / ><><>EXE EXTENDICARE I< / ><>30.58< / ><>-0.16< / ><>-0.52< / ><>382< / ><>43.23< / >< / ><><>FFH FAIRFAX FINAN< / ><>2306.07< / ><>51.39< / ><>2.28< / ><>36< / ><>-11.84< / >< / ><><>FTT FINNING INTL< / ><>92.73< / ><>1.74< / ><>1.91< / ><>396< / ><>24.69< / >< / ><><>FCR-UN FIRST CAPI< / ><>22.42< / ><>-0.09< / ><>-0.40< / ><>408< / ><>18.62< / >< / ><><>AG FIRST

MAJESTIC< / ><>25.61< / ><>-0.35< / ><>-1.35< / ><>1722< / ><>11.83< / >< / ><><>FM FIRST QUANTUM< / ><>42.27< / ><>0.30< / ><>0.71< / ><>1603< / ><>14.86< / >< / ><><>FSV FIRSTSERVICE< / ><>185.37< / ><>2.47< / ><>1.35< / ><>109< / ><>-13.16< / >< / ><><>FTS FORTIS INC< / ><>75.43< / ><>0.97< / ><>1.30< / ><>715< / ><>5.70< / >< / ><><>FVI FORTUNA MININ< / ><>16.07< / ><>-0.10< / ><>-0.62< / ><>741< / ><>19.48< / >< / ><><>FNV FRANCO-NEVADA< / ><>362.82< / ><>-3.50< / ><>-0.96< / ><>219< / ><>27.52< / >< / ><><>FRU FREEHOLD ROYA< / ><>17.43< / ><>-0.59< / ><>-3.27< / ><>591< / ><>14.75< / >< / ><><>GMIN G MINING VEN< / ><>48.79< / ><>-0.30< / ><>-0.61< / ><>638< / ><>17.59< / >< / ><><>GFL GFL

ENVIRONME< / td> 57.47< / ><>-1.20< / ><>-2.05< / ><>650< / ><>-2.53< / >< / tr> <>GEI GIBSON ENERGY< / ><>31.45< / ><>0.45< / ><>1.45< / ><>603< / ><>25.20< / >< / ><><>GIL GILDAN ACTIVE< / ><>64.93< / ><>1.07< / ><>1.68< / ><>419< / ><>-24.32< / >< / ><><>GRT-UN GRANITE RE< / ><>83.00< / ><>-0.43< / ><>-0.52< / ><>83< / ><>1.58< / >< / ><><>GWO GREAT-WEST LI< / ><>92.94< / ><>0.35< / ><>0.38< / ><>777< / ><>37.30< / >< / ><><>HPS-A HAMMOND POW< / ><>233.25< / ><>1.83< / ><>0.79< / ><>33< / ><>46.26< / >< / ><><>HWX HEADWATER EXP< / ><>13.98< / ><>-0.69< / ><>-4.70< / ><>849< / ><>49.20< / >< / ><><>HR-UN HR REAL EST< / ><>9.60< / ><>-0.09< / ><>-0.93< / ><>364< / ><>-6.16< / >< / ><><>HBM HUDBAY

MINERA< / ><>35.29< / ><>0.17< / ><>0.48< / ><>1632< / ><>29.50< / >< / ><><>H HYDRO ONE LIMIT< / ><>51.64< / ><>1.00< / ><>1.97< / ><>1605< / ><>-5.49< / >< / ><><>IAU I 80 GOLD COR< / ><>2.31< / ><>-0.06< / ><>-2.53< / ><>780< / ><>14.36< / >< / ><><>IAG IA FINANCIAL< / ><>213.35< / ><>0.89< / ><>0.42< / ><>304< / ><>19.97< / >< / ><><>IMG IAMGOLD CORP< / ><>27.24< / ><>-0.04< / ><>-0.15< / ><>1317< / ><>20.26< / >< / ><><>IGM IGM FINANCIAL< / ><>86.56< / ><>-0.10< / ><>-0.12< / ><>359< / ><>40.04< / >< / ><><>IMO IMPERIAL OIL< / ><>182.56< / ><>-5.68< / ><>-3.02< / ><>1383< / ><>53.96< / >< / ><><>IFC INTACT FINANC< / ><>260.89< / ><>6.35< / ><>2.49< / ><>367< / ><>-8.69< / >< / ><><>IPCO

INTERNATIONA< / ><>35.50< / ><>-1.76< / ><>-4.72< / ><>118< / ><>42.97< / >< / ><><>IVN IVANHOE MINES< / ><>11.83< / ><>0.05< / ><>0.42< / ><>3138< / ><>-24.22< / >< / table>

<><>< / ><>收盘价< / ><>净变化< / ><>% 变化< / ><>成交量 (千股)< / ><>年初至今 % 变化< / >< / ><><>BANK EVOLVE CDN B< / ><>11.44< / ><>0.04< / ><>0.35< / ><>472< / ><>18.06< / >< / ><><>DLR-U GLOBAL X US< / ><>10.16< / ><>0.00< / ><>1067< / ><>0.20< / >< / ><><>DLR GLOBAL X US D< / ><>14.21< / ><>0.08< / ><>0.57< / ><>1665< / ><>2.08< / >< / ><><>GDXD BETAPRO CDN< / ><>8.08< / ><>0.07< / ><>0.87< / ><>599< / ><>-50.55< / >< / ><><>HHIS HARVEST DIVE< / ><>11.14< / ><>0.01< / ><>0.09< / ><>678< / ><>-8.99< / >< / ><><>HND BETAPRO NAT G< / ><>24.41< / ><>0.80< / ><>3.39< / ><>422< / ><>-35.17< / >< / ><><>HNU BETAPRO NAT G< / ><>8.10< / ><>-0.29< / ><>-3.46< / ><>1807< / ><>-50.31< / >< / ><><>HOD BETAPRO

CRUDE< / ><>16.13< / ><>1.07< / ><>7.10< / ><>1561< / ><>-88.86< / >< / ><><>HOU BETAPRO CRUDE< / ><>28.08< / ><>-2.14< / ><>-7.08< / ><>1225< / ><>220.18< / >< / ><><>HXT GLOBAL X SP T< / ><>94.80< / ><>-0.20< / ><>-0.21< / ><>663< / ><>14.02< / >< / ><><>MSTE HARVEST STRA< / ><>2.28< / ><>-0.05< / ><>-2.15< / ><>954< / ><>-46.98< / >< / ><><>QQD BETAPRO NASDA< / ><>24.14< / ><>-0.02< / ><>-0.08< / ><>518< / ><>-27.40< / >< / table>

< / td><>收盘价< / ><>净涨跌< / ><>% 涨跌< / ><>成交量 (千股)< / ><>年初至今 % 涨跌< / >< / tr><><>QQU BETAPRO NASDA< / ><>36.55< / ><>0.03< / ><>0.08< / ><>615< / ><>21.35< / >< / ><><>SPXD BETAPRO SP50< / ><>9.20< / ><>0.09< / ><>0.99< / ><>434< / ><>-17.71< / >< / ><><>SQQQ BETAPRO -3X< / ><>7.91< / ><>-0.01< / ><>-0.13< / ><>953< / ><>-39.80< / >< / ><><>TQQQ BETAPRO 3X N< / ><>34.34< / ><>0.07< / ><>0.20< / ><>517< / ><>25.42< / >< / ><><>VEQT VANGUARD ALL< / ><>61.23< / ><>0.02< / ><>0.03< / ><>474< / ><>14.00< / >< / ><><>XEG ISHARES SP TS< / ><>29.00< / ><>-1.00< / ><>-3.33< / ><>2427< / ><>50.88< / >< / ><><>XEQT ISHARES CORE< / ><>45.02< / ><>0.01< / ><>0.02< / ><>591< / ><>12.86< / >< / ><><>XGD ISHARES S&P / T< / ><>58.13< / ><>-0.52< / ><>-0.89< / ><>524< / ><>13.71< / >< / ><><>XIU ISHARES SP TS< / ><>52.80< / ><>-0.11< / ><>-0.21< / ><>5028< / ><>12.36< / >< / ><><>XUT ISHARES SP TS< / ><>33.96< / ><>0.64< / ><>1.92< / ><>928< / ><>6.42< / >< / ><><>ZEB BMO EQUAL WEI< / ><>74.35< / ><>0.01< / ><>640< / ><>27.53< / >< / ><><>ZEQT BMO ALL EQUI< / ><>23.16< / ><>0.02< / ><>0.09< / ><>2548< / ><>13.42< / >< / table>

<><>< / ><>价格< / ><>净涨跌< / > >< / ><><>黄金< / ><>4387.50< / ><>54.70< / ><>精瘦猪< / ><>78.68< / ><>-0.40< / ><>玉米< / ><>534.25< / ><>-1.50< / >< / ><><>白银< / ><>64.92< / ><>1.06< / ><>咖啡< / ><>295.85< / ><>-3.80< / ><>大豆< / ><>1320.50< / ><>1.75< / >< / ><><>天然气< / ><>2.89< / ><>-0.03< / ><>铝< / ><>3421.50< / ><>47.25< / ><>油菜籽< / ><>826.90< / ><>-2.40< / >< / ><><>原油 WTI< / ><>102.43< / ><>-3.40< / ><>香港期货镍 (CNH)< / ><>106370.0< / ><>-2530.0< / ><>S&P 500 商业服务< / ><>589.70< / ><>-5.35< / >< / ><><>原油布伦特< / ><>108.75< / ><>3.07< / ><>小麦< / ><>730.75< / ><>2.25< / ><>饲料小麦< / ><>214.00< / ><>0.50< / >< / ><><>高纯度铜< / ><>6.51< / ><>0.07< / ><>实物木材< / ><>553.50< / ><>-9.00< / ><>比特币期货< / ><>76200.0< / ><>35.0< / >< / table>

黄金、白银 (美元 / 盎司)，天然气 (美元 / 百万英热单位)，原油 ( / 桶)，铜 ( / 磅)，咖啡 ( / 磅)，铝 ( / 吨)，香港期货镍 (人民币-元 / 吨)，油菜籽和大麦 (加元 / 吨)，饲料小麦 (英镑 / 吨)

道琼斯工业平均指数 过去 12 个月

TSX 52 周最高价 股价 $1 或以上

S&P 全球 100 指数 过去 12 个月

<><>< / ><>收盘价< / ><>净涨跌< / ><>% 涨跌< / ><>成交量 (千股)< / ><>年初至今 % 涨跌< / >< / ><><>BCE-PR-D BCE INC.< / ><>21.41< / ><>-0.10< / ><>-0.46< / ><>3< / ><>7.00< / >< / ><><>SPLT-U BROMPTON S< / ><>11.03< / ><>0.01< / ><>0.09< / ><>4< / ><>< / >< / ><><>LFE-PR-B CANADIAN< / ><>11.09< / ><>0.02< / ><>0.18< / ><>16< / ><>2.12< / >< / ><><>CFP CANFOR CORP< / ><>16.24< / ><>0.26< / ><>1.63< / ><>403< / ><>38.45< / >< / ><><>CTF-UN CITADEL IN< / ><>3.30< / ><>0.09< / ><>2.80< / ><>< / ><>6.80< / >< / ><><>CRWD CROWDSTRIKE< / ><>74.80< / ><>-0.42< / ><>-0.56< / ><>40< / ><>102.16< / >< / ><><>FTN-PR-A FINANCIA< / ><>10.99< / ><>0.04< / ><>0.37< / ><>72< / ><>3.10< / >< / ><><>GDV-PR-A GLOBAL D< / ><>10.97< / ><>0.02< / ><>0.18< / ><>3< / ><>4.08< / >< / table>

< / td><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / tr><><>KEI KOLIBRI GLOBA< / ><>9.60< / ><>0.01< / ><>0.10< / ><>85< / ><>77.45< / >< / ><><>MATR MATTR CORP< / ><>20.77< / ><>0.15< / ><>0.73< / ><>323< / ><>160.28< / >< / ><><>EDHI NINEPOINT EN< / ><>9.97< / ><>-0.01< / ><>-0.10< / ><>2< / ><>< / >< / ><><>USHI NINEPOINT EN< / ><>9.97< / ><>0.00< / ><>12< / ><>-0.40< / >< / ><><>ORE OREZONE GOLD< / ><>2.91< / ><>0.08< / ><>2.83< / ><>3156< / ><>64.41< / >< / ><><>PWF-PR-A POWER FI< / ><>15.60< / ><>0.10< / ><>0.65< / ><>< / ><>12.72< / >< / ><><>TOT TOTAL ENERGY< / ><>36.18< / ><>-0.53< / ><>-1.44< / ><>337< / ><>142.82< / >< / ><><>VLE VALEURA ENERG< / ><>15.07< / ><>-0.25< / ><>-1.63< / ><>721< / ><>84.23< / >< / table>

TSX 52周低点 股价在 $1 或以上

<><>< / ><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / ><><>AP-UN ALLIED PROP< / ><>7.86< / ><>-0.11< / ><>-1.38< / ><>597< / ><>-41.21< / >< / ><><>CAGR AVANTIS CIBC< / ><>19.75< / ><>-0.02< / ><>-0.10< / ><>2< / ><>-1.64< / >< / ><><>BGAU BLOSSOM GOLD< / ><>1.33< / ><>-0.07< / ><>-5.00< / ><>14< / ><>-16.87< / >< / ><><>BN BROOKFIELD COR< / ><>51.82< / ><>0.16< / ><>0.31< / ><>2880< / ><>-17.77< / >< / ><><>BN-PF-I BROOKFIELD< / ><>25.05< / ><>-0.42< / ><>-1.65< / ><>< / ><>-1.96< / >< / ><><>BNT BROOKFIELD WE< / ><>51.82< / ><>0.08< / ><>0.15< / ><>68< / ><>-17.99< / >< / ><><>BNKR BUNKER HILL< / ><>4.15< / ><>-0.05< / ><>-1.19< / ><>46< / ><>-50.18< / >< / ><><>CAR-UN CDN APARTM< / ><>31.58< / ><>0.14< / ><>0.45< / ><>545< / ><>-14.35< / >< / ><><>CADY CADILLAC MIN< / ><>6.82< / ><>-0.28< / ><>-3.94< / ><>421< / ><>-3.67< / >< / ><><>CIA CHAMPION IRON< / ><>3.04< / ><>-0.04< / ><>-1.30< / ><>552< / ><>-44.63< / >< / ><><>CIGI COLLIERS INT< / ><>124.97< / ><>-1.43< / ><>-1.13< / ><>116< / ><>-38.05< / >< / ><><>ROSY CORTON ROSEN< / ><>25.02< / ><>-0.02< / ><>-0.08< / ><>68< / ><>-0.12< / >< / ><><>DGBG DESJARDINS G< / ><>19.49< / ><>-0.02< / ><>-0.10< / ><>28< / ><>-2.79< / >< / ><><>ECO ECOSYNTHETIX< / ><>2.11< / ><>0.04< / ><>1.93< / ><>5< / ><>-47.25< / >< / ><><>EFN ELEMENT FLEET< / ><>24.80< / ><>-0.25< / ><>-1.00< / ><>932< / ><>-31.21< / >< / table>

<><>< / ><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / ><><>GDL GOODFELLOW IN< / ><>11.33< / ><>0.13< / ><>1.16< / ><>< / ><>-5.11< / >< / ><><>GURU GURU ORGANIC< / ><>3.19< / ><>-0.21< / ><>-6.18< / ><>33< / ><>-36.07< / >< / ><><>HAI HAIVISION SYS< / ><>3.67< / ><>0.04< / ><>1.10< / ><>54< / ><>-29.96< / >< / ><><>LULU LULULEMON CD< / ><>4.15< / ><>-0.12< / ><>-2.81< / ><>629< / ><>-54.60< / >< / ><><>MCD MCDONALDS CDR< / ><>20.90< / ><>-0.36< / ><>-1.69< / ><>200< / ><>-7.32< / >< / ><><>MRG-UN MORGUARD N< / ><>15.00< / ><>0.01< / ><>0.07< / ><>18< / ><>-13.64< / >< / ><><>NKE NIKE CDR (CAD< / ><>6.42< / ><>-0.07< / ><>-1.08< / ><>210< / ><>-44.66< / >< / ><><>EDHI NINEPOINT< / >

EN< / td> 9.97< / ><>-0.01< / ><>-0.10< / ><>2< / ><>< / >< / tr> <>USHI NINEPOINT EN< / ><>9.97< / ><>0.00< / ><>12< / ><>-0.40< / >< / ><><>PZA PIZZA PIZZA R< / ><>11.10< / ><>-0.06< / ><>-0.54< / ><>153< / ><>-28.89< / >< / ><><>PBH PREMIUM BRAND< / ><>75.79< / ><>0.08< / ><>0.11< / ><>119< / ><>-25.48< / >< / ><><>REAL REAL MATTERS< / ><>3.83< / ><>-0.07< / ><>-1.79< / ><>13< / ><>-33.97< / >< / ><><>RGSI ROCKPOINT GA< / ><>22.77< / ><>-0.31< / ><>-1.34< / ><>397< / ><>-18.68< / >< / ><><>TJX TJX CDR (CAD< / ><>21.50< / ><>-0.31< / ><>-1.42< / ><>6< / ><>-21.65< / >< / ><><>T TELUS CORPORATI< / ><>12.45< / ><>-0.21< / ><>-1.66< / ><>7240< / ><>-31.18< / >< / table>

多伦多综合指数 过去 10 年

Jodi Green 治理，Adams 首席治理关系官，After West, Air Force One, Alan Jones 温哥华，艾伯塔省 原住民机会公司 (Indigenous Opportunities Corporation)

Saadiyya Ahmed 高级专家，艾伯塔省财政部长 Jason Nixon

2016年9月16日

来源：BARCHART

2026年9月16日

	收盘价	净涨跌	涨跌幅%	成交量 (千股)	年初至今涨跌幅%
JWEL JAMIESON WEL	45.36	-0.01	-0.02	395	34.80
KNT K92 MINING IN	27.91	-0.14	-0.50	476	23.01
KEL KELT EXPLORAT	11.00	-0.18	-1.61	1365	43.42
KEY KEYERA CORP	53.32	-0.66	-1.22	1046	21.18
KMP-UN KILLAM APA	17.10	-0.02	-0.21	231	4.27
KXS KINAXIS INC	178.14	1.43	0.81	105	2.92
K KINROSS GOLD CO	38.90	-0.13	-0.33	2347	0.62
LIF LABRADOR IRON	25.64	0.15	0.59	125	-14.16
LB LAURENTIAN BAN	40.68	0.05	0.12	88	0.94
LSPD LIGHTSPEED C	13.50	-0.19	-1.39	300	-18.48
LNR LINAMAR CORP	98.72	0.79	0.81	153	19.00
LAC LITHIUM AMERI	3.89	-0.03	-0.77	1050	-34.84
L LOBLAW CO	62.73	1.12	1.82	830	1.10
LUG LUNDIN GOLD I	90.28	-0.87	-0.95	534	-20.82
LUN LUNDIN MINING	31.86	-0.29	-0.90	2047	8.00
MG MAGNA INTERNAT	89.26	0.97	1.10	805	21.99
MFC MANULIFE FIN	61.22	0.08	0.13	2576	22.83
MFI MAPLE LEAF FO	26.53	-0.03	-0.11	177	6.42
MDA MDA SPACE LTD	40.62	0.37	0.92	2077	52.48
MX METHANEX CORP	86.08	-3.55	-3.96	350	58.12
MRU METRO INC	91.40	1.56	1.74	377	-7.48
MAU MONTAGE GOLD	18.33	-0.18	-0.97	610	85.53
MTL MULLEN GROUP	25.17	-0.92	-3.53	191	59.91
NA NATIONAL BANK	209.91	1.24	0.59	1453	21.61
NXE NEXGEN ENERGY	13.13	-0.02	-0.15	1312	3.96
NFI NFI GROUP INC	23.82	0.50	2.14	143	53.48
NGEX NGEX MINERAL	24.23	0.10	0.41	368	-5.35
NPI NORTHLAND POW	21.71	0.59	2.79	1250	21.62
NG NOVAGOLD RES I	9.76	-0.29	-2.89	1419	-23.75
NTR NUTRIEN LTD	108.61	-1.10	-1.00	1373	28.20
OR OR ROYALTIES I	49.55	0.11	0.22	504	1.91
OGC OCEANAGOLD

CO< / td> 39.64< / ><>-0.49< / ><>-1.22< / ><>619< / ><>1.90< / >< / tr> <>ONEX ONEX CORPORA< / ><>108.66< / ><>0.04< / ><>90< / ><>-3.81< / >< / ><><>OTEX OPEN TEXT CO< / ><>32.75< / ><>-0.18< / ><>-0.55< / ><>683< / ><>-26.73< / >< / ><><>PAAS PAN AMERICAN< / ><>66.47< / ><>-0.92< / ><>-1.37< / ><>665< / ><>-6.59< / >< / ><><>POU PARAMOUNT RES< / ><>32.74< / ><>-0.47< / ><>-1.42< / ><>406< / ><>35.35< / >< / ><><>PXT PAREX RESOURC< / ><>28.43< / ><>-1.39< / ><>-4.66< / ><>757< / ><>54.09< / >< / ><><>PPL PEMBINA PIPEL< / ><>65.96< / ><>0.14< / ><>0.21< / ><>3609< / ><>26.14< / >< / ><><>PPTA PERPETUA RES< / ><>31.42< / ><>-0.11< / ><>-0.35< / ><>146< / ><>-5.45< / >< / ><><>PEY PEYTO

EXPLORA< / ><>24.05< / ><>-0.86< / ><>-3.45< / ><>1075< / ><>5.90< / >< / ><><>POW POWER CORPORA< / ><>94.22< / ><>0.77< / ><>0.82< / ><>2190< / ><>29.16< / >< / ><><>PSK PRAIRIESKY RO< / ><>35.55< / ><>-1.54< / ><>-4.15< / ><>657< / ><>31.52< / >< / ><><>PBH PREMIUM BRAND< / ><>75.79< / ><>0.08< / ><>0.11< / ><>119< / ><>-25.48< / >< / ><><>PMZ-UN PRIMARIS R< / ><>20.66< / ><>-0.07< / ><>-0.34< / ><>396< / ><>32.52< / >< / ><><>QBR-B QUEBECOR IN< / ><>64.71< / ><>0.19< / ><>0.29< / ><>555< / ><>25.16< / >< / ><><>RBA RB GLOBAL INC< / ><>117.97< / ><>-1.84< / ><>-1.54< / ><>349< / ><>-16.52< / >< / ><><>QSR RESTAURANT BR< / ><>104.85< / ><>-0.29< / ><>-0.28< / ><>2532< / ><>11.95< / >< / ><><>RCH RICHELIEU

HAR< / ><>36.01< / ><>0.63< / ><>1.78< / ><>67< / ><>-8.97< / >< / ><><>REI-UN RIOCAN REA< / ><>20.51< / ><>0.13< / ><>0.64< / ><>936< / ><>9.68< / >< / ><><>RCI-B ROGERS COMM< / ><>50.28< / ><>0.38< / ><>0.76< / ><>1711< / ><>-2.95< / >< / ><><>RY ROYAL BANK OF< / ><>283.06< / ><>-1.15< / ><>-0.40< / ><>2581< / ><>20.97< / >< / ><><>RUS RUSSEL METALS< / ><>77.89< / ><>0.39< / ><>0.50< / ><>106< / ><>77.83< / >< / ><><>SAP SAPUTO INC.< / ><>39.93< / ><>0.34< / ><>0.86< / ><>776< / ><>-3.34< / >< / ><><>SEA SEABRIDGE GOL< / ><>40.77< / ><>0.05< / ><>0.12< / ><>74< / ><>0.20< / >< / ><><>SHOP SHOPIFY INC< / ><>181.77< / ><>0.97< / ><>0.54< / ><>1262< / ><>-17.75< / >< / table>

<><>< / ><>收盘价< / ><>净变化< / ><>百分比变化< / ><>成交量 (千股)< / ><>年初至今百分比变化< / >< / ><><>SIA SIENNA SENIOR< / ><>19.84< / ><>-0.02< / ><>-0.10< / ><>214< / ><>-2.89< / >< / ><><>SVM SILVERCORP ME< / ><>15.61< / ><>-0.24< / ><>-1.51< / ><>732< / ><>35.98< / >< / ><><>SKE SKEENA RESOUR< / ><>41.64< / ><>-0.97< / ><>-2.28< / ><>280< / ><>27.73< / >< / ><><>SRU-UN SMARTCENTR< / ><>26.70< / ><>0.01< / ><>0.04< / ><>203< / ><>3.69< / >< / ><><>SOBO SOUTH BOW CO< / ><>49.75< / ><>0.23< / ><>0.46< / ><>359< / ><>31.79< / >< / ><><>SXGC SOUTHERN CRO< / ><>11.59< / ><>-0.28< / ><>-2.36< / ><>231< / ><>9.44< / >< / ><><>SDE SPARTAN DELTA< / ><>12.92< / ><>-0.92< / ><>-6.65< / ><>614< / ><>78.21< / >< / ><><>SII SPROTT

INC.< / td> 173.67< / ><>-2.91< / ><>-1.65< / ><>42< / ><>29.18< / >< / tr> <>SSRM SSR MINING I< / ><>49.23< / ><>0.25< / ><>0.51< / ><>503< / ><>63.61< / >< / ><><>STN STANTEC INC< / ><>98.64< / ><>0.28< / ><>327< / ><>-23.84< / >< / ><><>SJ STELLA JONES I< / ><>68.39< / ><>0.39< / ><>0.57< / ><>360< / ><>-19.66< / >< / ><><>SCR STRATHCONA RE< / ><>42.85< / ><>-3.08< / ><>-6.71< / ><>756< / ><>51.25< / >< / ><><>SLF SUN LIFE FINA< / ><>112.36< / ><>0.19< / ><>0.17< / ><>835< / ><>31.14< / >< / ><><>SU SUNCOR ENERGY< / ><>96.46< / ><>-3.53< / ><>6880< / ><>58.34< / >< / ><><>SPB SUPERIOR PLUS< / ><>7.06< / ><>0.14< / ><>2.02< / ><>604< / ><>0.28< / >< / ><><>TRP TC ENERGY

COR< / ><>85.53< / ><>0.57< / ><>0.67< / ><>6356< / ><>13.16< / >< / ><><>X TMX GROUP LIMIT< / ><>52.99< / ><>-0.41< / ><>-0.77< / ><>393< / ><>1.46< / >< / ><><>TVE TAMARACK VALL< / ><>13.52< / ><>-0.75< / ><>-5.26< / ><>1975< / ><>69.42< / >< / ><><>TECK-B TECK RESOU< / ><>89.85< / ><>-0.14< / ><>-0.16< / ><>741< / ><>36.74< / >< / ><><>T TELUS CORPORATI< / ><>12.45< / ><>-0.21< / ><>-1.66< / ><>7240< / ><>-31.18< / >< / ><><>TVK TERRAVEST IND< / ><>115.97< / ><>3.04< / ><>0.69< / ><>69< / ><>-29.51< / >< / ><><>TFII TFI INTERNAT< / ><>176.18< / ><>-9.61< / ><>-5.17< / ><>175< / ><>24.18< / >< / ><><>NWC THE NORTH WES< / ><>52.49< / ><>0.47< / ><>0.90< / ><>88< / ><>7.32< / >< / ><><>TRI THOMSON

REUTE< / ><>141.64< / ><>-1.23< / ><>-0.86< / ><>482< / ><>-21.80< / >< / ><><>TPZ TOPAZ ENERGY< / ><>30.13< / ><>-1.44< / ><>-4.56< / ><>479< / ><>9.40< / >< / ><><>TXG TOREX GOLD RE< / ><>65.93< / ><>-0.87< / ><>-1.30< / ><>483< / ><>0.60< / >< / ><><>TIH TOROMONT IND< / ><>203.50< / ><>5.08< / ><>2.56< / ><>212< / ><>22.55< / >< / ><><> TORONTO-DOMINI< / ><>168.81< / ><>-0.18< / ><>-0.11< / ><>5080< / ><>30.50< / >< / ><><>TOU TOURMALINE OI< / ><>60.56< / ><>-3.16< / ><>-4.96< / ><>1968< / ><>-1.64< / >< / ><><>TA TRANSALTA CORP< / ><>16.73< / ><>0.71< / ><>4.43< / ><>1979< / ><>-3.63< / >< / ><><>TKO TREKOR METALS< / ><>11.10< / ><>0.03< / ><>0.27< / ><>1244< / ><>42.86< / >< / ><><>TFPM TRIPLE

FLAG< / ><>44.67< / ><>-0.60< / ><>-1.33< / ><>223< / ><>-2.06< / >< / ><><>TSU TRISURA GROUP< / ><>42.40< / ><>0.62< / ><>1.48< / ><>134< / ><>-0.75< / >< / ><><>VET VERMILION ENE< / ><>17.63< / ><>-1.09< / ><>-5.82< / ><>1498< / ><>54.38< / >< / ><><>VZLA VIZSLA SILVE< / ><>5.15< / ><>-0.06< / ><>-1.15< / ><>1020< / ><>-31.52< / >< / ><><>WSP WSP GLOBAL IN< / ><>181.57< / ><>-2.22< / ><>-1.21< / ><>249< / ><>-26.94< / >< / ><><>WCN WASTE CONNECT< / ><>219.06< / ><>-2.96< / ><>-1.33< / ><>394< / ><>-9.00< / >< / ><><>WDO WESDOME GOLD< / ><>33.24< / ><>-0.62< / ><>-1.83< / ><>591< / ><>46.17< / >< / ><><>WFG WEST FRASER T< / ><>101.90< / ><>2.19< / ><>2.20< / ><>212< / ><>21.35< / >< / ><><>WN WESTON

GEORGE< / ><>100.81< / ><>1.71< / ><>1.73< / ><>261< / ><>6.46< / >< / ><><>WPM WHEATON PRECI< / ><>205.18< / ><>-3.61< / ><>-1.73< / ><>746< / ><>27.16< / >< / ><><>WCP WHITECAP RESO< / ><>18.53< / ><>-0.77< / ><>-3.99< / ><>6156< / ><>61.13< / >< / table>

加拿大债券

期限< / td><>收益率< / ><>涨跌< / >< / tr><><>2年期< / ><>3.37< / ><>0.01< / >< / ><><>5年期< / ><>3.66< / ><>0.00< / >< / ><><>10年期< / ><>3.94< / ><>-0.01< / >< / ><><>30年期< / ><>4.26< / ><>-0.03< / >< / ><><>利率< / ><>利率< / ><>涨跌< / >< / ><><>加拿大央行隔夜目标利率< / ><>2.25< / ><>持平< / >< / ><><>加拿大基准利率< / ><>4.45< / ><>持平< / >< / ><>< colspan="3">来源：电讯< / >< / table>

1.0566< / ><>0.9050< / ><>189.21< / ><>-< / >< / >

<><><>期限< / ><>收益率< / ><>涨跌< / >< / ><><>2年期国债< / ><>4.74< / ><>0.07< / >< / ><><>5年期国债< / ><>4.86< / ><>0.03< / >< / ><><>10年期国债< / ><>5.01< / ><>0.01< / >< / ><><>30年期国债< / ><>5.35< / ><>-0.01< / >< / >

加拿大元 \$0.7149 -0.0130 (-1.7860%) 过去一年，截至下午 4:43

<><><>利率< / ><>利率< / ><>涨跌< / >< / ><><>美联储目标利率< / ><>3.75-4.00< / ><>+0.25< / >< / ><><>美国基准利率< / ><>7.00< / ><>+0.25< / >< / ><>< colspan="3">来源：电讯< / >< / >

数据由 BARCHART 提供，除非另有说明

体育

枫叶队队长马修斯支持休赛期的变革 ■ B17

[ 蓝鸟队 VS. 猛虎队 ]

渥太华投资 7600万美元 在多伦多建立新的国家篮球中心 ■ B17

追逐时刻

周三在多伦多，蓝鸟队二垒手欧尼·克莱门特在滑垒时安全通过底特律猛虎队捕手迪伦·丁格尔，蓝鸟队最终以 5-1 锁定胜局。欲了解更多比赛详情，请参阅 ■ B17

KEITO NEWMAN / 加拿大新闻社

伤病严重的多伦多FC重组医疗部门

NEIL DAVIDSON

深受伤病困扰的多伦多FC（Toronto FC）正与其首席医疗官分道扬镳。

由于这家MLS俱乐部尚未公布该消息，一名要求匿名的消息人士证实，在服务超过十年后，伊拉·史密斯博士（Dr. Ira Smith）已离开球队。据该消息人士称，这一决定是双方共同达成的。

这并非本赛季TFC医疗方面的首次变动。亚当·布雷特（Adam Brett）于7月初被聘为球员健康与高性能总监，其履历包括曾在英格兰托特纳姆热刺和布莱顿任职。

自从性能总监塞萨尔·梅兰（César Meylan）在季前赛前夕离开，重新加入前多伦多教练约翰·赫德曼（John Herdman）执教的印度尼西亚国家男子队以来，TFC一直缺少一名运动科学主管。

多伦多队冗长的伤病名单长期以来一直令人担忧。

史密斯离职的消息与TFC宣布防守中场内尔森·帕拉西奥（Nelson Palacio）在接受大腿手术后赛季报销的消息在同一天传出。这位 25 岁的哥伦比亚球员自7月初通过与皇家盐湖城队的交易加盟以来尚未为球队出场。该交易使多伦多队支付了 US$1.1-million，且在满足某些基于表现的指标后，还需支付最高 US$550,000 的条件性现金。

史密斯拥有广泛的体育界联系，曾担任多伦多猛龙队以及加拿大女子篮球队和加拿大同步滑冰队的助理队医。

史密斯在今年夏天的世界杯期间担任多伦多的FIFA医疗官员，周三未立即回应电话采访。

本赛季的大部分时间里，多伦多的训练室一直处于满员状态。截至7月初，在联赛官方每周伤病名单中，被列为缺阵或存疑的球员平均多达7名。

最低谷出现在世界杯休赛前的最后两场比赛。在 5 月 16 日对阵夏洛特队的比赛前，联赛伤病报告列出多伦多队有 12 名球员缺阵，1 名球员存疑。

当时，多伦多总经理杰森·赫尔南德斯（Jason Hernandez）表示，就本赛季的伤病负担而言，TFC在联赛中排名“前三”。

虽然这些数字在最近几周有所减少——在周六 3-0 负于奥兰多城队的比赛中，仅有队长乔纳森·奥索里奥（Jonathan Osorio，膝盖）、指定球员乔尔杰·米哈伊洛维奇（Djordje Mihailovic，大腿）和帕拉西奥被列为无法出战——但帕拉西奥的情况一直是个痛点。

这位哥伦比亚人在上赛季租借效力于苏黎世足球俱乐部期间，在各项赛事中出场 34 次。在此之前，他在 2023, 2024 和 2025 赛季为盐湖城队出场 55 次。

赫尔南德斯上周告诉记者，考虑到帕拉西奥没有伤病史且一直努力复出，俱乐部对他目前的健康问题感到“心碎”。TFC，B15

油人队训练营在 Formenton 签约争议中拉开帷幕

约翰·科罗巴尼克（JOHN KOROBANIK）埃德蒙顿报道

在经历了充满批评的 2025-26 赛季（从开局缓慢到首轮季后赛出局）之后，埃德蒙顿油人队（Edmonton Oilers）在周三开启训练营之际，陷入了新的场外争议。

6 月份聘请主教练迈克·巴布科克（Mike Babcock）在油人队球迷中引起了一阵批评，但上周签下前锋亚历克斯·福门顿（Alex Formenton）则在社交媒体上引发了一场愤怒风暴。福门顿是加拿大 2018 年世界青年锦标赛国家队五名被指控性侵但随后被判无罪的球员之一。

部分球迷（其中几位是性侵受害者）发起了一项请愿，要求油人队终止与福门顿的关联。一些报道称，该请愿书已获得超过 60,000 个签名。在油人队首场主场比赛期间，罗杰斯广场（Rogers Place）外还计划举行抗议活动。

埃德蒙顿总经理

部分球迷（其中几位是性侵受害者）发起了一项请愿，要求油人队终止与福门顿的关联。

斯坦·鲍曼（Stan Bowman）表示，每个人都有权拥有自己的观点，他对此表示尊重，但油人队在与福门顿签署一份为期一年、价值 $850,000 的合同之前，已经尽到了尽职调查的责任。

“我们在决定之前就意识到，这件事不会被所有人接受，”鲍曼在周三上午的新闻发布会上告诉媒体。“这就是为什么我们花费了大量时间研究细节并进行尽职调查，以确保在法律上这是一个正确的决定。”

“我理解人们会有不同的看法，这没关系。这是我深信的一点：我们不必在所有事情上都达成一致，人们有权拥有自己的观点并持有强烈的感情。我完全尊重这一点。”

鲍曼表示，组织知道这次签约将是一个“极具争议的话题”，但在深入调查情况后，球队对此感到放心。

“我和亚历克斯进行了很多次谈话，”鲍曼说。“从那时起直到现在，在中间的这些年里，他成长了很多。他展现出了这种成长。”

福门顿的签约是油人队近期一系列争议性签约中的最新一起。

当被问及如何看待油人队多年来被视为那些过去有问题的人（包括他自己和巴布科克）的“落脚点”这一名声时，鲍曼表示，他很感激组织给了他这样的机会。 ■ 油人队，B15

亚历克斯·福门顿于 24, 2025. 抵达安大略省伦敦市的法院。油人队总经理斯坦·鲍曼表示，组织知道签下福门顿将是“极具争议的”。SAMMY KOGAN / THE GLOBE AND MAIL

红黑队与印章队均急需一场胜利

单场比赛 — 16强赛 渥太华红黑队四分卫麦克劳德·贝塞尔-汤普森（右）预计将在周六球队客场挑战卡尔加里印章队时迎来本赛季首次首发。JON BLACKER / 加拿大新闻社

阿格斯队追求主场季后赛资格，并将主场迎战西部领先的麋鹿队

丹·拉尔夫（DAN RALPH）

麦克劳德·贝塞尔-汤普森和渥太华红黑队不会是本周唯一急需胜利的球队。

当渥太华（0-12）在周六晚上客场挑战卡尔加里印章队（5-8）时，贝塞尔-汤普森将迎来本赛季的首次首发。红黑队自2025年起已连续输掉18场比赛，创下了CFL现代时期的连续败绩纪录。

但卡尔加里同样渴望一场胜利。印章队在接连输给埃德蒙顿麋鹿队后，目前在西部赛区排名第五，落后第三名的温尼伯蓝炸弹队（7-6）和不列颠哥伦比亚狮队（7-6）4分。

目前，温尼伯、不列颠哥伦比亚和卡尔加里的胜场数均多于汉密尔顿虎猫队（4-9），后者在东部赛区排名第三。印章队可以通过在西部获得第三名，或者在排名第四且积分高于东部第三名球队的情况下进入季后赛。

这场比赛开启了卡尔加里的一段关键赛程。在9月26日完成与渥太华的主客场对决后，印章队将在客场挑战萨斯喀彻温（10月2日）和温尼伯（10月10日）来结束常规赛，最后在主场迎战不列颠哥伦比亚狮队（10月17日）。

卡尔加里在本赛季与萨斯喀彻温的首次交手中在加时赛中落败，且对阵温尼伯和不列颠哥伦比亚的战绩均为1胜1负。

在上周渥太华客场26-23负于多伦多的比赛中，贝塞尔-汤普森在第二节接替首发杰克·迈尔。贝塞尔-汤普森确实带来了活力，23次传球完成16次，获得192码和1个达阵，但红黑队未能充分利用最后两次机会，导致阿格斯队在五天内赢得了两场胜利。

在卡利尔·平普尔顿通过88码弃踢回攻将球推进至阿格斯队17码线，并在第四节10:09将比分扳至23-23后，渥太华只能依靠布雷特·劳瑟的一记射门得分。在多伦多队遭遇“两次进攻出局”后，红黑队在主队53码线接管球权，但拉尔夫·霍利在第二次进攻时对贝塞尔-汤普森的擒杀使客队失去了射门机会。

利里姆·哈吉鲁拉胡那记终结比赛的29码射门，为多伦多队（7-6）一次精彩的12次进攻、74码推进画上了句号；多伦多队在比赛还剩2:25时在自家14码线获得球权。

红黑队在上周的失利后已被排除在季后赛竞争之外。因此，他们现在的首要目标是赢得一场胜利。

卡尔加里上周对阵埃德蒙顿的劳动节收官战是一场令人难忘的惨败。首发四分卫小弗农·亚当斯在上半场两次传球被截，而麋鹿队在端区回收了一个被封堵的弃踢并获得达阵，最终以53-16获胜。

卡尔加里防守线球员克拉伦斯·希克斯确实完成了两次擒杀，使他本赛季的擒杀数达到CFL最高的11次。此外，资深接球手雷吉·贝格尔顿在2025年6月18日对阵多伦多时遭遇膝伤后，首次回归赛场。

贝格尔顿在比赛中被传球目标5次，最终完成2次接球，获得25码。 预测：卡尔加里

蒙特利尔铝鸟队 VS. 汉密尔顿虎猫队（周五晚上）

在汉密尔顿，虎猫队在经历三连败后结束了休息周。

加拿大球员特雷·福特（主将）在被强制退出劳动节与多伦多的对决后，本周恢复训练，但他将担任哈里森·弗罗斯特的替补，后者将迎来本赛季第三次首发。

弗罗斯特在主场37-22负于阿格斯队的比赛中，28次传球完成16次，获得218码，有2个达阵和一次被截球。

蒙特利尔（10-3）在最近三场比赛中输了两场，包括上周客场48-29负于不列颠哥伦比亚狮队。

狮队四分卫内森·鲁克传球获得317码和1个达阵，并凭借5次冲球获得77码和1个达阵。然而，铝鸟队在东部赛区的战绩为6胜0负。 预测：蒙特利尔

埃德蒙顿麋鹿队 VS. 多伦多阿尔戈诺号队（周六下午）

在多伦多，埃德蒙顿（10-3）已取得四连胜，并确保了自2019年以来的首个季后赛席位。科迪·法哈多在上周主场击败斯坦佩德队的比赛中传出三个达阵，其中两个由乔·罗布斯特利完成。约书亚·塞弗斯有6次接球，获得119码并完成一个达阵，而泰雷尔·福特记录了他的联盟最高第六次抄截。

阿尔戈诺号（7-6）如果能取得三连胜，且汉密尔顿队在周五晚上输球，则可确保一场主场季后赛。

查德·凯利在CFL的传球码数（4,404码）、达阵数（29次）和抄截数（20次）均排名第一。这支“蓝色之队”在回到BMO球场后取得了3-0的战绩，但面对西部球队战绩为3-4，面对麋鹿队战绩为0-1。预测：埃德蒙顿

上周：4-0 总计：39-19

加拿大新闻社

MLB

美国联盟

东区< / td>< / tr><><>< / ><>胜< / ><>负< / ><>胜率< / ><>落后场数< / >< / ><><>z-坦帕湾< / ><>91< / ><>59< / ><>.607< / ><>—< / >< / ><><>z-纽约< / ><>88< / ><>64< / ><>.579< / ><>4< / >< / ><><>波士顿< / ><>82< / ><>69< / ><>.543< / ><> $9\frac{1}{2}$ < / >< / ><><>多伦多< / ><>76< / ><>77< / ><>.497< / ><> $16\frac{1}{2}$ < / >< / ><><>巴尔的摩< / ><>74< / ><>78< / ><>.487< / ><>18< / >< / table>

中区

<><>克利夫兰< / ><>78< / ><>75< / ><>.510< / ><>—< / >< / ><><>芝加哥< / ><>77< / ><>75< / ><>.507< / ><> $1 / {2}$ < / >< / ><><>底特律< / ><>72< / ><>80< / ><>.474< / ><> $51 / {2}$ < / >< / ><><>明尼苏达< / ><>71< / ><>81< / ><>.467< / ><> $61 / {2}$ < / >< / ><><>堪萨斯城< / ><>66< / ><>85< / ><>.437< / ><>11< / >< / ><>< colspan="5">西区< / >< / ><><>休斯顿< / ><>76< / ><>75< / ><>.503< / ><>—< / >< / ><><>德克萨斯< / ><>75< / ><>76< / ><>.497< / ><>1< / >< / ><><>西雅图< / ><>70< / ><>82< / ><>.461< / ><> $61 / {2}$ < / >< / ><><>奥克兰< / ><>61< / ><>90< / ><>.404< / ><>15< / >< / ><><>洛杉矶< / ><>58< / ><>93< / ><>.384< / ><>18< / >< / table>

<><>< / ><>胜< / ><>负< / ><>胜率< / ><>GB< / >< / ><><>z-纽约< / ><>88< / ><>64< / ><>.579< / ><>+11< / >< / ><><>波士顿< / ><>82< / ><>69< / ><>.543< / ><> $+5\frac{1}{2}$ < / >< / ><><>芝加哥< / ><>77< / ><>75< / ><>.507< / ><>—< / >< / ><><>多伦多< / ><>76< / ><>77< / ><>.497< / ><> $1\frac{1}{2}$ < / >< / ><><>德克萨斯< / ><>75< / ><>76< / ><>.497< / ><> $1\frac{1}{2}$ < / >< / ><><>巴尔的摩< / ><>74< / ><>78< / ><>.487< / ><>3< / >< / table>

美国联盟

周三

周三 克利夫兰 6, 芝加哥白袜 3 明尼苏达 5, 纽约洋基 4, 13局 多伦多 5, 底特律 1 奥克兰 对 坦帕湾 波士顿 对 德克萨斯 堪萨斯城 对 休斯顿 西雅图 对 洛杉矶天使

周二

坦帕湾 2, 奥克兰 1 克利夫兰 7, 芝加哥白袜 6 底特律 10, 多伦多 1 纽约洋基 8, 明尼苏达 1 休斯顿 4, 堪萨斯城 2 德克萨斯 4, 波士顿 2 洛杉矶天使 2, 西雅图 1

周四

奥克兰 (Springs 4-13) 对 坦帕湾 (Rasmussen 14-5), 下午1:10 堪萨斯城 (Lugo 7-8) 对 休斯顿 (待定), 晚上7:15 底特律 (Valdez 10-10) 对 芝加哥白袜 (待定), 晚上7:40 波士顿 (Gray 17-5) 对 德克萨斯 (待定), 晚上8:05 明尼苏达 (Bradley 11-6) 对 洛杉矶天使 (Ureña 9-10), 晚上9:38

跨联盟

周三

巴尔的摩 对 纽约大都会

巴尔的摩 7, 纽约大都会 5, 11局

周二

周四

无比赛计划

国家联盟

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CORNERED

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<><>< / ><>胜< / ><>负< / ><>胜率< / ><>落后场数< / >< / ><><>芝加哥< / ><>84< / ><>68< / ><>.553< / ><> $+1\frac{1}{2}$ < / >< / ><><>费城< / ><>83< / ><>68< / ><>.550< / ><>+1< / >< / ><><>圣迭戈< / ><>82< / ><>69< / ><>.543< / ><>—< / >< / ><><>亚利桑那< / ><>80< / ><>72< / ><>.526< / ><> $2\frac{1}{2}$ < / >< / table>

国家联盟 WTA巡回赛 瓜达拉哈拉公开赛 周三

周三

旧金山 6, 圣路易斯 5, 10局 洛杉矶道奇 对 辛辛那提 密尔沃基 对 匹兹堡 费城 对 华盛顿 亚特兰大 对 芝加哥小熊 圣迭戈 对 科罗拉多 迈阿密 对 亚利桑那

周二

洛杉矶道奇 4, 辛辛那提 0 华盛顿 6, 费城 3 密尔沃基 5, 匹兹堡 1 亚特兰大 6, 芝加哥小熊 3 旧金山 10, 圣路易斯 3 科罗拉多 9, 圣迭戈 3 迈阿密 4, 亚利桑那 2, 11局

周四

所有时间均为东部时间

密尔沃基 (Harrison 10-4) 对 匹兹堡 (待定), 下午12:35 洛杉矶道奇 (待定) 对 辛辛那提 (Singer 6-14), 下午12:40 圣迭戈 (King 11-9) 对 科罗拉多 (Gordon 1-4), 下午3:10 费城 (Nola 6-10) 对 纽约大都会 (McLean 11-9), 晚上7:15

OHL

所有时间均为东部时间

金斯顿 对 彼得伯勒, 晚上7:05

周五

奥沙瓦 对 布兰普顿, 晚上7点 尼亚加拉 对 布兰特福德, 晚上7点 欧文萨وند 对 基奇纳, 晚上7点 温莎 对 伦敦, 晚上7点 巴里 对 北湾, 晚上7点 彼得伯勒 对 萨德伯里, 晚上7:05 伊利 对 圭尔夫, 晚上7:07 萨吉诺 对 圣玛丽河, 晚上7:07

玛尔塔·科斯秋克 (1)，乌克兰，胜 泰勒·汤森德，美国，不战而胜。

双打 — 四分之一决赛

双打 — 四分之一决赛 Peangtarn Plipuech，泰国，和 Momoko Kobori，日本，胜 Yvonne Cavalle-Reimers，西班牙，和 Lara Salden，比利时，6-3, 6-4。 Katarzyna Piter，波兰，和 Quinn Gleason (3)，美国，胜 Catherine Harrison 和 Dalayna Hewitt，美国，6-2, 7-5。

NFL

第二周

所有时间均为东部时间 底特律 对 布法罗, 晚上8:15

9月 20 日，周日

新奥尔良 对 巴尔的摩, 下午1点 辛辛那提 对 休斯顿, 下午1点 克利夫兰 对 坦帕湾, 下午1点 匹兹堡 对 新英格兰, 下午1点 明尼苏达 对 芝加哥, 下午1点 费城 对 田纳西, 下午1点 格林贝 对 纽约喷气机, 下午1点 卡罗来纳 对 亚特兰大, 下午1点 拉斯维加斯 对 洛杉矶闪电, 下午4:05 杰克逊维尔 对 丹佛, 下午4:05 华盛顿 对 达拉斯, 下午4:25 西雅图 对 亚利桑那, 下午4:25 迈阿密 对 旧金山, 下午4:25 印第安纳波利斯 对 堪萨斯城, 晚上8:20

9月 21 日，周一

纽约巨人 对 洛杉矶公羊, 晚上8:15

U SPORTS 橄榄球

第四周

周五

所有时间均为东部时间

毕晓普大学 对阵 蒙特利尔大学，晚上 7 点 萨斯喀彻温大学 对阵 阿尔伯塔大学，晚上 8:30 里贾纳大学 对阵 英属哥伦比亚大学，晚上 9 点

9 月 19 日，星期六

圣弗朗西斯·泽维尔大学 对阵 蒙特艾利森大学，下午 1 点 圣玛丽大学 对阵 阿卡迪亚大学，下午 1 点 麦吉尔大学 对阵 康考迪亚大学，下午 1 点 温莎大学 对阵 滑铁卢大学，下午 1 点 西安大略大学 对阵 多伦多大学，下午 1 点 女王大学 对阵 卡尔顿大学，下午 1 点 威尔弗里德·劳里埃大学 对阵 麦克马斯特大学，下午 1 点 圭尔夫大学 对阵 渥太华大学，下午 1 点 卡尔加里大学 对阵 曼尼托巴大学，下午 3 点 谢布鲁克大学 对阵 拉瓦尔大学，晚上 7 点

MLS 东部赛区

< / td><>场次< / ><>胜< / ><>负< / ><>平< / ><>进球< / ><>失球< / ><>积分< / >< / tr><><>纳什维尔< / ><>25< / ><>16< / ><>3< / ><>6< / ><>50< / ><>21< / ><>54< / >< / ><><>迈阿密< / ><>25< / ><>12< / ><>4< / ><>9< / ><>61< / ><>46< / ><>45< / >< / ><><>新英格兰< / ><>25< / ><>13< / ><>8< / ><>4< / ><>41< / ><>31< / ><>43< / >< / ><><>夏洛特< / ><>25< / ><>11< / ><>7< / ><>45< / ><>36< / ><>40< / >< / ><><>芝加哥< / ><>24< / ><>11< / ><>7< / ><>6< / ><>45< / ><>35< / ><>39< / >< / ><><>奥兰多< / ><>25< / ><>10< / ><>11< / ><>4< / ><>44< / ><>56< / ><>34< / >< / ><><>费城< / ><>25< / ><>9< / ><>10< / ><>6< / ><>46< / ><>39< / ><>33< / >< / ><><>辛辛那提< / ><>24< / ><>8< / ><>52< / ><>59< / ><>32< / >< / ><><>纽约城< / ><>25< / ><>8< / ><>9< / ><>8< / ><>39< / ><>33< / ><>32< / >< / ><><>纽约红牛< / ><>25< / ><>8< / ><>11< / ><>6< / ><>33< / ><>48< / ><>30< / >< / ><><>华盛顿< / ><>24< / ><>6< / ><>7< / ><>11< / ><>30< / ><>37< / ><>29< / >< / ><><>多伦多< / ><>25< / ><>6< / ><>8< / ><>11< / ><>38< / ><>46< / ><>29< / >< / ><><>哥伦布< / ><>25< / ><>6< / ><>14< / ><>5< / ><>35< / ><>42< / ><>23< / >< / ><><>亚特兰大< / ><>25< / ><>6< / ><>14< / ><>5< / ><>29< / ><>43< / ><>23< / >< / ><><>蒙特利尔< / ><>25< / ><>5< / ><>14< / ><>6< / ><>31< / ><>51< / ><>21< / >< / table>

西部赛区

<><>< / ><>场次< / ><>胜< / ><>负< / ><>平< / ><>进球< / ><>失球< / ><>积分< / >< / ><><>温哥华< / ><>24< / ><>14< / ><>6< / ><>4< / ><>53< / ><>23< / ><>46< / >< / ><><>休斯顿< / ><>25< / ><>13< / ><>8< / ><>4< / ><>32< / ><>28< / ><>43< / >< / ><><>达拉斯< / ><>25< / ><>12< / ><>6< / ><>7< / ><>49< / ><>42< / ><>43< / >< / ><><>圣何塞< / ><>25< / ><>12< / ><>8< / ><>5< / ><>44< / ><>36< / ><>41< / >< / ><><>圣路易斯< / ><>25< / ><>11< / ><>6< / ><>8< / ><>42< / ><>35< / ><>41< / >< / ><><>洛杉矶FC< / ><>26< / ><>11< / ><>8< / ><>7< / ><>41< / ><>27< / ><>40< / >< / ><><>科罗拉多< / ><>25< / ><>11< / ><>12< / ><>2< / ><>33< / ><>32< / ><>35< / >< / ><><>波特兰< / ><>25< / ><>9< / ><>11< / ><>5< / ><>47< / ><>32< / >< / ><><>圣迭戈< / ><>25< / ><>8< / ><>11< / ><>6< / ><>42< / ><>30< / >< / ><><>洛杉矶银河< / ><>26< / ><>7< / ><>10< / ><>9< / ><>31< / ><>40< / ><>30< / >< / ><><>盐湖城< / ><>24< / ><>8< / ><>11< / ><>5< / ><>37< / ><>39< / ><>29< / >< / ><><>明尼苏达< / ><>25< / ><>7< / ><>10< / ><>8< / ><>37< / ><>43< / ><>29< / >< / ><><>奥斯汀< / ><>25< / ><>7< / ><>10< / ><>8< / ><>32< / ><>44< / ><>29< / >< / ><><>西雅图< / ><>23< / ><>7< / ><>9< / ><>7< / ><>25< / ><>30< / ><>28< / >< / ><><>堪萨斯城< / ><>24< / ><>5< / ><>16< / ><>3< / ><>26< / ><>59< / ><>18< / >< / table>

星期五

所有时间均为东部时间

纽约红牛 对阵 纽约城FC，晚上 7:30

[...OMITTED...]

周六

夏洛特客场对阵华盛顿特区，晚上 7:30 哥伦布客场对阵蒙特利尔，晚上 7:30 洛杉矶 FC 客场对阵圣何塞，晚上 7:30 奥兰多客场对阵新英格兰，晚上 7:30 奥斯汀客场对阵达拉斯，晚上 8:30 辛辛那提客场对阵休斯顿，晚上 8:30 洛杉矶银河客场对阵明尼苏达，晚上 8:30 费城客场对阵堪萨斯城，晚上 8:30 多伦多客场对阵圣路易斯，晚上 8:30 芝加哥客场对阵纳什维尔，晚上 9:30 西雅图客场对阵科罗拉多，晚上 9:30 温哥华客场对阵盐湖城，晚上 9:30 亚特兰大客场对阵波特兰，晚上 10:30

FIFA U-20 女足世界杯

淘汰赛

16 强赛

周三

韩国 1 阿根廷 0 巴西 1 美国 1（巴西通过点球大战 5-4 晋级） 意大利 1 中国 1（意大利通过点球大战 5-4 晋级） 西班牙 2 葡萄牙 0

周四 — 所有时间均为东部时间

法国 vs. 加拿大，上午 9 点 英格兰 vs. 尼日利亚，上午 9 点 朝鲜 vs. 日本，中午 12:30 波兰 vs. 哥伦比亚，中午 12:30

SPEED BUMP 英格兰 英超联赛

< / td><>场次< / ><>胜< / ><>平< / ><>负< / ><>进球< / ><>失球< / ><>积分< / >< / tr><><>阿森纳< / ><>4< / ><>0< / ><>8< / ><>1< / ><>12< / >< / ><><>曼城< / ><>4< / ><>0< / ><>8< / ><>2< / ><>12< / >< / ><><>利兹< / ><>4< / ><>2< / ><>0< / ><>7< / ><>3< / ><>8< / >< / ><><>赫尔< / ><>4< / ><>2< / ><>0< / ><>5< / ><>2< / ><>8< / >< / ><><>布莱顿< / ><>4< / ><>2< / ><>1< / ><>13< / ><>5< / ><>7< / >< / ><><>切尔西< / ><>4< / ><>2< / ><>1< / ><>10< / ><>9< / ><>7< / >< / ><><>布伦特福德< / ><>4< / ><>1< / ><>3< / ><>0< / ><>7< / ><>4< / ><>6< / >< / ><><>利物浦< / ><>4< / ><>1< / ><>3< / ><>0< / ><>6< / ><>4< / ><>6< / >< / ><><>埃弗顿< / ><>4< / ><>1< / ><>3< / ><>0< / ><>5< / ><>3< / ><>6< / >< / ><><>伊普斯维奇< / ><>4< / ><>2< / ><>0< / ><>2< / ><>7< / ><>10< / ><>6< / >< / ><><>诺丁汉森林< / ><>4< / ><>1< / ><>2< / ><>1< / ><>4< / ><>5< / >< / ><><>纽卡斯尔< / ><>4< / ><>1< / ><>2< / ><>1< / ><>7< / ><>8< / ><>5< / >< / ><><>曼联< / ><>4< / ><>1< / ><>2< / ><>7< / ><>4< / >< / ><><>桑德兰< / ><>4< / ><>1< / ><>2< / ><>3< / ><>5< / ><>4< / >< / ><><>伯恩茅斯< / ><>4< / ><>0< / ><>3< / ><>1< / ><>6< / ><>7< / ><>3< / >< / ><><>水晶宫< / ><>4< / ><>1< / ><>0< / ><>3< / ><>6< / ><>11< / ><>3< / >< / ><><>托特纳姆< / ><>4< / ><>0< / ><>2< / ><>0< / ><>5< / ><>2< / >< / ><><>富勒姆< / ><>4< / ><>0< / ><>1< / ><>3< / ><>4< / ><>7< / ><>1< / >< / ><><>阿斯顿维拉< / ><>4< / ><>0< / ><>1< / ><>3< / ><>1< / ><>7< / ><>1< / >< / ><><>考文垂< / ><>4< / ><>0< / ><>4< / ><>0< / ><>10< / ><>0< / >< / table>

周五 — 所有时间均为东部时间 布伦特福德 vs. 切尔西，下午 3 点

CPL

<><>< / ><>场次< / ><>胜< / ><>负< / ><>平< / ><>进球< / ><>失球< / ><>积分< / >< / ><><>卡尔加里< / ><>21< / ><>15< / ><>2< / ><>4< / ><>41< / ><>12< / ><>49< / >< / ><><>汉密尔顿< / ><>21< / ><>14< / ><>4< / ><>3< / ><>33< / ><>15< / ><>45< / >< / ><><>渥太华< / ><>22< / ><>10< / ><>8< / ><>4< / ><>34< / ><>37< / ><>34< / >< / ><><>温哥华< / ><>22< / ><>9< / ><>10< / ><>3< / ><>30< / ><>28< / ><>30< / >< / ><><>多伦多< / ><>20< / ><>5< / ><>7< / ><>8< / ><>29< / ><>42< / ><>22< / >< / ><><>哈利法克斯< / ><>22< / ><>6< / ><>11< / ><>5< / ><>31< / ><>37< / ><>23< / >< / ><><>魁北克< / ><>21< / ><>6< / ><>11< / ><>4< / ><>29< / ><>38< / ><>22< / >< / ><><>维多利亚< / ><>21< / ><>1< / ><>13< / ><>7< / ><>25< / ><>43< / ><>10< / >< / table>

汉密尔顿客场对阵卡尔加里，下午 5 点 温哥华客场对阵维多利亚，晚上 8 点

9月20日，星期日

魁北克 对阵 渥太华，中午12点 多伦多 对阵 哈利法克斯，下午3点

NSL

< / td><>场次< / ><>胜< / ><>负< / ><>平< / ><>进球< / ><>失球< / ><>积分< / >< / tr><><>蒙特利尔< / ><>20< / ><>11< / ><>4< / ><>5< / ><>38< / ><>23< / ><>38< / >< / ><><>渥太华< / ><>20< / ><>10< / ><>7< / ><>3< / ><>41< / ><>37< / ><>33< / >< / ><><>多伦多< / ><>20< / ><>9< / ><>5< / ><>6< / ><>32< / ><>20< / ><>33< / >< / ><><>温哥华< / ><>20< / ><>8< / ><>10< / ><>2< / ><>38< / ><>42< / ><>26< / >< / ><><>哈利法克斯< / ><>20< / ><>7< / ><>10< / ><>3< / ><>20< / ><>24< / >< / ><><>卡尔加里< / ><>20< / ><>3< / ><>12< / ><>5< / ><>21< / ><>48< / ><>14< / >< / table>

SPORTLIGHT

所有时间均为东部时间

起飞时间（东部时间） 多伦多 对阵 哈利法克斯，下午2点 蒙特利尔 对阵 温哥华，下午5点

加拿大男子俱乐部足球锦标赛

半决赛

第二回合

星期三

温哥华白帽 (MLS) 对阵 蒙特利尔 (MLS)

(总比分 1-1 平)

星期二

汉密尔顿锻造 (CPL) 1 魁北克苏普拉 (CPL) 0 (汉密尔顿以总比分 2-1 获胜)

BIZARRO CFL 东区

<><>< / ><>场次< / ><>胜< / ><>负< / ><>得分< / ><>失分< / ><>积分< / >< / ><><>x-蒙特利尔< / ><>13< / ><>10< / ><>3< / ><>461< / ><>385< / ><>20< / >< / ><><>多伦多< / ><>13< / ><>7< / ><>6< / ><>391< / ><>384< / ><>14< / >< / ><><>汉密尔顿< / ><>13< / ><>4< / ><>9< / ><>302< / ><>384< / ><>8< / >< / ><><>渥太华< / ><>12< / ><>0< / ><>12< / ><>270< / ><>439< / ><>0< / >< / table>

<><>< / ><>场次< / ><>胜< / ><>负< / ><>得分< / ><>失分< / ><>积分< / >< / ><><>x-埃德蒙顿< / ><>13< / ><>10< / ><>3< / ><>414< / ><>323< / ><>20< / >< / ><><>萨斯喀彻温< / ><>13< / ><>8< / ><>5< / ><>375< / ><>340< / ><>16< / >< / ><><>不列颠哥伦比亚< / ><>13< / ><>7< / ><>6< / ><>397< / ><>357< / ><>14< / >< / ><><>温尼伯< / ><>13< / ><>7< / ><>6< / ><>345< / ><>352< / ><>14< / >< / ><><>卡尔加里< / ><>13< / ><>5< / ><>8< / ><>450< / ><>441< / ><>10< / >< / table>

第16周 轮空：不列颠哥伦比亚、萨斯喀彻温和温尼伯 星期五 — 所有时间均为东部时间 蒙特利尔 对阵 汉密尔顿，晚上7:30

9月17日

1897年 — 英格兰的乔·劳埃德（Joe Lloyd）以一杆之差击败苏格兰的威利·安德森（Willie Anderson），在伊利诺伊州惠顿赢得美国公开赛冠军。

1917年 — 霍努斯·瓦格纳（Honus Wagner），在 43, 岁时退役，海盗队退役了他的#33号球衣。

1920年 — NFL的前身，美国职业足球协会（American Professional Football Association），在俄亥俄州坎顿的一家汽车展厅成立。12支球队支付了 $100 费用以获得特许经营权。

电视节目

星期四（所有时间均为东部时间）

高尔夫

DP World：宝马PGA锦标赛，Golf Channel，上午7点

PGA Korn Ferry：全国儿童医院锦标赛，Golf Channel，下午1点 PGA：阿什维尔比尔特莫尔锦标赛，Golf Channel，下午3点

足球

U-20女足世界杯：法国 对阵 加拿大，TSN 5, 9 a.m.

棒球

MLB：奥克兰运动家 对阵 坦帕湾光芒，SN Ontario, East, West, Pacific，下午1点 MLB：堪萨斯城皇家 对阵 休斯顿太空人，SN Ontario, East, West, Pacific，晚上7点 MLB：费城费城人 对阵 纽约大都会，FOX，晚上7点 MLB：波士顿红袜 对阵 德州游骑兵，SN 1, 8 p.m.

篮球

WNBA：康涅狄格太阳 对阵 亚特兰大梦想，NBA TV Canada，晚上7:30

WNBA：洛杉矶火花 对阵 达拉斯飞翼，TSN 5, 8 p.m.

WNBA：拉斯维加斯王牌 对阵 西雅图风暴，TSN 5, 10 p.m.

美式足球

NCAA：锡拉丘兹 vs. 匹兹堡，TSN 2，晚上 7:30

NFL：底特律 vs. 布法罗比尔，CTV, TSN 3, 4, 5, ABC，晚上 8 点

截至 9 月 16 日星期三晚上 9:30 的赛果

OFF THE MARK

©2026Mark Parisi Dist by Andrews McKeel 获取签名版请发送至：otmCartoon@Smail.com 9-17

人工智能智慧（ARTIFICIAL WISDOM）

县集市上的马格里特（MAGRITTE AT THE COUNTY FAIR）

the Rams 寻求在对阵 Giants 的比赛中反弹

纽约巨人队（New York Giants）跑卫卡姆·斯卡特博（Cam Skattebo，右）在周日于新泽西州东卢瑟福举行的比赛中，面对达拉斯牛仔队持球推进。巨人队爆冷击败牛仔队，让主教练约翰·哈博（John Harbaugh）在加盟该球队的首秀中取得成功。YUKI IWAMURA / 美联社

比尔队将在新球场 迎来主场揭幕战， 对手是到访的 狮队

罗布·马迪（ROB MAADDI）

贾克森·达特（Jaxson Dart）、卡姆·斯卡特博以及焕发活力的纽约巨人队让约翰·哈博迎来了一个成功的首秀。

在澳大利亚的一次低迷表现让超级碗热门球队在第一场比赛后陷入困境。现在，洛杉矶公羊队（Los Angeles Rams）将在一个月内失去迈尔斯·加雷特（Myles Garrett）。此外，亚伦·唐纳德（Aaron Donald）的状态尚不确定。

尽管如此，在周一晚上的比赛中，公羊队 (0-1) 仍被看好，面对巨人队 (1-0) 拥有 7½ 分的让分优势。

预计肖恩·麦克维（Sean McVay）会带领他的球队做好反弹准备，此前不合理的旅行计划导致他们在对阵 49 人队时表现糟糕。

哈博的球队在对阵牛仔队的比赛中证明了自己。但在客场面对马修·斯塔福德（Matthew Stafford）、普卡·纳库亚（Puka Nacua）以及洛杉矶球队将是一次艰巨的挑战。

Pro Picks 认为公羊队将获胜，但巨人队将覆盖让分线。 公羊队：27-20

底特律 (1-0) 客场对阵 布法罗 (1-0)

盘口：比尔队 - $4^{1 / 2}$

乔什·艾伦（Josh Allen）在面对休斯顿队严密的防守时表现出色，尽管他差一点因为一次接球掉球而输掉比赛。乔·布雷迪（Joe Brady）率领的比尔队将充满斗志，在他们的新球场迎来主场揭幕战。贾里德·戈夫（Jared Goff）、贾米尔·吉布斯（Jahmyr Gibbs）以及全新的进攻线在对阵新奥尔良队时令人印象深刻。而防守端则像往常一样陷入苦战。

比尔队：30-23

克利夫兰 (0-1) 客场对阵 坦帕湾 (0-1) 盘口：海盗队 - 8 $^{1 / 2}$

德尚·沃森（Deshaun Watson）可能是为布朗队最后一次首发，该队在杰克逊维尔的表现极其糟糕。沃森必须打好，否则克利夫兰可能会更快地启用谢德尔·桑德斯（Shedeur Sanders）。海盗队自 2020 年赢得超级碗以来，首次在揭幕战中失利。贝克·梅菲尔德（Baker Mayfield）不能再次出现三次掉球。

海盗队：24-17

费城 (1-0) 客场对阵 田纳西 (0-1)

盘口：老鹰队 - 7

杰伦·赫茨（Jalen Hurts）、赛昆·巴克利（Saquon Barkley）以及费城队的其余进攻球员在新协调员的带领下迎来了一个成功的揭幕战，但仍有很大的提升空间。他们在对阵泰坦队时会有更好的表现。对于田纳西队的卡姆·沃德（Cam Ward）来说，面对强悍的防守，这将是艰难的一天。 老鹰队：27-16

格林贝 (0-1) 客场对阵 纽约喷气机 (1-0) 盘口：包装机队 - 3 $^{1 / 2}$

自从米卡·帕森斯（Micah Parsons）去年 12 月受伤以来，包装机队已连续六场比赛失利。他们的进攻线在保护乔丹·洛夫（Jordan Love）方面表现挣扎，且缺乏纪律性，在第一周比赛中犯了 12 次违例。而喷气机队登场了。是的，他们赢了揭幕战，但他们击败的是泰坦队。 包装机队：26-17

辛辛那提 (1-0) 对阵 休斯顿 (0-1)

盘口：休斯顿德州人 MINUS $2^{1} / _{2}$

孟加拉虎队可能终于拥有了一支能与乔·伯로우以及高效进攻端相匹配的强力防线。防守端的崩溃让德州人在揭幕战中失利，但C.J.斯特劳德在进攻端表现出色。虽然赛季刚开始，但休斯顿无法承受在主场遭遇两连败的开局。

德州人：26-23

匹兹堡 (1-0) 对阵 新英格兰 (0-1) 盘口：新英格兰爱国者 MINUS 5 $^{1 / 2}$

德雷克·梅伊不能频繁出现失误，否则爱国者队将无法接近上赛季的成功。他将失去A.J.布朗，因此罗密欧·杜布斯需要挺身而出。面对T.J.瓦特和匹兹堡坚固的防守前线，这场比赛可能会很艰难。亚伦·罗杰斯需要更好的地面进攻以及来自DK·麦特卡夫的帮助。 爱国者：22-20

明尼苏达 (1-0) 对阵 芝加哥 (1-0) 盘口：芝加哥熊队 MINUS 5 $^{1 / 2}$

卡勒布·威廉姆斯和熊队本周面对布莱恩·弗洛雷斯的防线不会再拿到 59 分，但他们也不需要那么高。卡森·温茨在维京人队对阵格林贝的比赛中替补出场，表现高效。他将有一整周时间与首发球员一起训练，但即便芝加哥的防线在上周丢了 37 分，这场比赛依然不会轻松。 熊队：27-16

卡罗来纳 (0-1) 对阵 亚特兰大 (0-1) 盘口：卡罗来纳黑豹 MINUS $1^{1 / 2}$

布赖斯·扬和卡罗来纳的进攻端在 Week 1 中表现活跃。但防守端糟糕透顶。猎鹰队拥有比詹·罗宾逊，但四分卫位置存在问题。自 2021. 以来，黑豹队在作为热门球队时正赛战绩为 0-9。是时候结束这一奇怪的连败记录了。 黑豹：24-18

新奥尔良 (0-1) 对阵 巴尔的摩 (1-0)

盘口：巴尔的摩乌鸦 MINUS 8 $^{1 / 2}$

拉马尔·杰克逊、德里克·亨利和扎伊·弗劳尔斯在大多数时候将显得不可阻挡。圣徒队几乎抹平了 21-0 的劣势并震惊了狮队。泰勒·肖在结尾阶段表现强劲，但需要更好地避免失误和被擒杀。 乌鸦：30-20

杰克逊维尔 (1-0) 对阵 丹佛 (0-1) 盘口：丹佛野马 MINUS 2 $^{1 / 2}$

如果特雷弗·劳伦斯能在客场击败野马队，他将尽早获得MVP的关注。博·尼克斯表现挣扎，而丹佛才华横溢的防线在对阵堪萨斯城的比赛中表现糟糕。野马队似乎也想念肖恩·佩顿的战术布置。 野马：24-20

拉斯维加斯 (1-0) 对阵 洛杉矶充电器 (0-1) 盘口：充电器 MINUS 6 $^{1 / 2}$

贾斯汀·赫伯特在迈克·麦丹尼尔进攻体系中的首秀表现平平。充电器队的新防守协调员克里斯·奥莱利的首秀同样令人失望。但他们应该在对阵突袭者队时重回正轨。克林特·库比亚克已经拿到了他的首场胜利。但击败海豚队以外的球队将会更困难。

迈阿密 (0-1) 对阵 旧金山 (1-0) 盘口：49人 MINUS 13 $^{1 / 2}$

唯一能拖慢布罗克·珀迪、克里斯蒂安·麦卡夫雷和49人队速度的，可能是在澳大利亚待了 10 天后的时差。海豚队将成为争夺 No. 1 总状元签和阿奇·曼宁的竞争者。本周在纳帕而非南滩度过将毫无帮助。

49人：30-13

盘口：西雅图海鹰 MINUS 4

亚利桑那红雀队在 Week 1 中制造了最大的冷门，击败了充电器队。现在，他们在额外的休息时间后将面对卫冕超级碗冠军。西雅图令人窒息的防线将给雅各比·布里塞特制造麻烦。德鲁·洛克在接替萨姆·达诺德时不需要做太多，只需保护好球并掌控比赛。 最佳预测：Sachowski 24-18

华盛顿 (0-1) 对阵 达拉斯 (0-1) 盘口：达拉斯牛仔 MINUS 3 $^{1 / 2}$

斯特丰·迪格斯一次愚蠢的庆祝违例以及在两分转换中可疑的打法，让指挥官队失去了在费城制造冷门的机会。在糟糕的揭幕战后，围绕牛仔队防线的乐观情绪迅速消退。达拉斯自 2010. 以来从未出现过 0-2 的开局。达克·普雷斯科特不会让这种情况发生。

牛仔：27-23

印第安纳波利斯 (0-1) 对阵 堪萨斯城 (1-0) 盘口：堪萨斯城 MINUS 6 $^{1 / 2}$

尽管九个月前接受了前十字韧带（ACL）手术，帕特里克·马霍姆斯已恢复往日状态。肯尼斯·沃克三世为堪萨斯城带来了多年来一直缺失的跑球进攻。印第安纳波利斯小队在与巴尔的摩乌鸦队的比赛中惨败，其新面貌的防线表现糟糕。自上赛季 8-2 的开局以来，印第安纳波利斯已遭遇 8 连败。想要避免第 9 场失利将非常困难。

冷门预测：小队，24-23

上周：胜负预测：10-6.。 让分预测：5-11。 总体：胜负预测：10-6.。让分预测：5-11。 最佳投注：胜负预测：1-0.。让分预测：0.-1。 冷门预测：胜负预测：0.-1。 让分预测：0.-1。

美联社（THE ASSOCIATED PRESS）

TFC：MLS的“冲刺赛季”将考验医疗团队

来自 B13

“他一直很强健。……我很同情他，”他说道。“他在一个有大量空档期的时候加入了我们。他进来后，显然通过了体检等所有环节，但在进入状态和处理那些琐碎的小伤病方面一直很艰难。”

埃尔南德斯提到球队在处理伤病时采取的“保守方法”——他表示，这种路径有时会导致采取“更激进”的措施。

“所以对我来说，一个真正的疑问是，我们在推动球员恢复方面被赋予的权限其效率如何。因为我们在浪费时间，”他补充道。

最初被认为是“一些下肢酸痛”的情况，最终变成了帕拉西奥需要进行赛季报销手术的重伤。

“我们都感到很失望，”埃尔南德斯说。“但归根结底，内尔森被带到这里来不是为了一个为期四个月的项目。……我们现在将克服这个挑战，让他恢复到应有的状态。”

“我认为当他恢复健康时，会让支持者们非常高兴，”他补充道。

在9月9日的虚拟媒体采访中，埃尔南德斯表示球队正在“研究医疗领域需要做出哪些改进”。

“最终，确保我们拥有所有正确的人员、正确的流程和正确的标准以支持所有球员，并让每个人都能在场上发挥出最佳水平，这项责任落在我们——以及我——身上。就像俱乐部里我们试图翻新、改进和修订的每一个部门一样，我们不会停止。我们将在这个俱乐部的每一个领域这样做……以确保我们以最高标准运行。”

虽然 MLS 要求球队必须配备一名首席医疗官，但 TFC 目前可以通过其他 MLSE 医疗人员来填补这一职位。

多伦多队（6-8-11）目前在由15支球队组成的东部联盟中排名第12位，但随着球员陆续回归，近几周在场上的表现有了显著提升。在输给奥兰多之前，TFC 在最近七场联赛中保持不败（3-4-0）。

帕拉西奥正处于作为“U-22计划”名单球员的最后一年，他当时是以该身份与盐湖城队签约的。根据联赛规则，“U-22计划”球员的薪资预算计费较低——20岁及以下球员为 $150,000，21至25岁球员为 $200,000。

帕拉西奥上赛季的实际薪资为 $473,167, 他曾于 2023, 3 月的一场对阵韩国的友谊赛中为哥伦比亚国家队出战一次，并在青年级别代表国家出赛。

保持球员健康的任务将在明年大联盟（Major League Soccer）所谓的“冲刺赛季”（Sprint Season）期间受到考验。这是一个缩短的 14 场常规赛，从 2 月开始，到 5 月的 MLS 杯结束。

这一缩短的赛程是 MLS 将其赛程与世界顶级联赛接轨的前奏。2027 MLS 常规赛将于 7 月中旬开赛，并于 2028 年 5 月以季后赛和 MLS 杯收官。

加拿大的气候不利于多伦多队保持球员健康。伤病是一个常态，尤其是在赛季开始时，冬季条件迫使球员在人造草坪上训练，然后又在天然草坪上比赛。

曾是 TFC 球员的埃尔南德斯表示，今年球队在西班牙进行集训期间遭遇的创纪录降雨，使得季前准备工作受到了影响。

俱乐部正寻求对其训练场进行重大改进，例如为其天然草坪球场增加地下加热系统，从而避免在冬季必须在覆盖室外场地的气泡式圆顶下的人造草坪上训练。

油人队：巴布科克在缺少关键球员的情况下开启任期

来自 B13

“在过去的几年里，曾出现过油人队愿意给人们机会来到这里重新开始的情况，”鲍曼说道。他在 2021 年 10 月辞去了芝加哥黑鹰队总经理一职，此前一项调查发现球队领导层掩盖了针对一名视频教练的性侵指控。

“我自己在这里确实感受到了支持。能在这座城市工作，为这里的球迷服务是一种荣幸。球迷们如此热情，令我深感震撼。而这种热情有时也会转化为对不同事情的沮丧。”

“我们要传达的信息是，我们正努力做正确的事，请给我们一个机会让他们感到自豪，并根据我们未来的表现来评判我们。”

油人队将于周四在巴布科克的指导下开始正式的冰上训练。在联盟完成对其 2023 年在哥伦布期间行为的调查后，巴布科克被允许为油人队工作。

巴布科克在就任蓝衣骑兵队不到三个月后便辞职。当时，他要求球员提供个人照片（他称这是为了了解球员的一部分努力），这被批评为侵犯隐私。这位新教练在开启油人队任期时，将缺少几名预计在本赛季扮演重要角色的关键球员。

预计在本赛季扮演重要角色的关键球员中。 休赛期自由签入队的守门员弗雷德里克·安德森和前锋马特·萨沃伊因伤预计不会参加训练营。前锋马蒂亚斯·詹马克和后卫亚历克斯·雷古拉也因伤缺席。

安德森在去年春天帮助卡罗来纳飓风队夺得斯坦利杯，他是油人队计划在本赛季使用的三名守门员之一。通过 2025 年 12 月与匹兹堡企鹅队的交易获得的特里斯坦·贾里，以及 7 月通过与布法罗军刀队的交易加入的德文·列维，预计将在赛季初共同承担职责。

加拿大新闻社（THE CANADIAN PRESS）

40 年来，里克以及里克·汉森基金会一直致力于打破障碍，创造一个无障碍且包容的世界。我们需要您的帮助来打破所有障碍。

里克·汉森基金会 周年纪念 里克·汉森“运动之人”世界巡演

叶子队队长马修斯支持球队休赛期的变革

枫叶队前锋奥斯顿·马修斯（Auston Matthews，居中）周三在多伦多向媒体发表讲话。SAMMY KOGAN / THE CANADIAN PRESS

在新的总经理和主教练带领下，该前锋迎来多伦多新赛季

JOSHUA CLIPPERTON 多伦多

奥斯顿·马修斯需要一些喘息的空间。

一些喘息的空间。在经历了十年来最糟糕的一个赛季——也是马修斯职业生涯中最糟糕的一个赛季后，枫叶队正在收拾残局。

一场变革性的夏天即将到来。

现在，在远距离观察了整个组织发生的剧烈变动后，这位多伦多的队长在迎接新赛季前已全身心投入。

周三，在枫叶队以体检开启训练营之际，马修斯向媒体发表了讲话，并对总经理约翰·查伊卡（John Chayka）自5月接手以来经历的19周紧张冲刺表示认可。

“我的意图一直是留在这里，”这位合同还剩两年的明星中锋说道。“去年结束时的那样——[前总经理布拉德·特雷利文（Brad Treliving）]在赛季结束前被解雇，有大量的变动接踵而至——你永远不知道谁会进来，他们的计划是什么，他们怎么想。”

“我只是退后一步，看看会发生什么，并与任何被雇佣的人保持开放的沟通渠道。”

在接受了修复严重膝伤的手术后，马修斯表示查伊卡对阵容做出了一些“极好的改变”，目前的阵容包括两届斯坦利杯冠军门将谢尔盖·博布罗夫斯基（Sergei Bobrovsky）、后卫达伦·拉迪什（Darren Raddysh）、重建后的底六前锋组以及1号总签新秀加文·麦肯纳（Gavin McKenna），以及新任主教练吉姆·希勒（Jim Hiller）。

“我非常喜欢他所做的一切，”马修斯说。“引进了一些优秀的人才、优秀的球员，以及优秀的外部雇员……冰场上的氛围非常积极，能量十足。”

枫叶队在2025-26赛季仅获得78分，在大西洋区排名垫底。为了重返东部会议的季后赛竞争，他们需要马修斯的得分重新接近他曾两次达到的60球大关——其中包括在2023-24赛季创下的惊人69球记录。

“他已经完全准备好，100%恢复了，”查伊卡说。“我对球迷想说的是，尽情享受吧。关于他及其合同状态有很多讨论……总有一天他将不再是多伦多枫叶队的球员。希望那是在退役之时。但最终，能够拥有与他共事并观察他的特权——不仅在冰上，而且在冰下——这是一项巨大的荣誉。”

“我们很兴奋能与他携手，在尝试实现目标的道路上并肩前行。”

希勒曾在多伦多担任迈克·巴布科克（Mike Babcock）的助手，与马修斯有过交集。他表示，自6月被雇佣以来，他与这位俱乐部的核心球员进行了一些良好的沟通。

“在我与他交谈的过程中，他表现得非常兴奋，”这位前洛杉矶国王队主教练说道。“我非常欣赏我们今天关系的现状，以及这种关系多年来的成长，现在与他交谈时，他给了我信心。我不知道这具体会如何体现，或者会转化为什么样的[进球]数字。”

“但当你与你的队长交谈，而你的队长能给你注入信心时，那么我会说你处于一个非常好的状态。”

在运气眷顾之后，多伦多在麦肯纳的问题上也处于一个良好的状态。这位18岁的少年将与资深中锋约翰·塔瓦雷斯（John Tavares）及其家人同住，以便在冰球界最大的媒体生态系统中度过他的首个NHL赛季。

“期望值将会更高，”周三坐在另外两位1号签球员马修斯和塔瓦雷斯身边的麦肯纳说道。“来到这样一个市场是一个很好的动力，你知道所有人都在关注你，如果你表现糟糕，你也会听到议论。”

“这是我在过去几年中学会应对的事情。”

马修斯非常熟悉这种被放大镜审视的感觉，因为他和他的球队都希望在经历了上赛季积分榜上惊人的30分下滑后实现反弹。

“这是令人沮丧的一年，”他说。“我们有很多时间去反思……在进入今年时，我们要尽可能地保持良好的状态。新的一组球员，很多新面孔。

“能回到冰场，再次感受到那种活力和兴奋，这令人期待。”

伤病名单

查伊卡表示，前锋马克斯·多米（Max Domi）在休赛期手术出现并发症后未能通过体检，将无限期缺阵；而后卫摩根·里利（Morgan Rielly）患有一种病毒性疾病，预计不会影响其常规赛的出勤。另一名后卫克里斯·塔内夫（Chris Tanev）已准备就绪，他在2025-26赛季因各种伤病仅出战了11场比赛。

留队情况

查伊卡被问及马修·奈斯（Matthew Knies）的情况——这位体型巨大的边锋非常独特，其名字频繁出现在交易传闻中。

多伦多的总经理表示，涉及前管理团队的讨论可能是原因所在。

“我们一直向马修强调，他是我们球队的重要组成部分，”查伊卡说。“当我们考虑在关键时刻赢得比赛时，能够拥有在场边表现出色、在门前有竞争力、能打身体对抗、能完成拦截，同时又具备创造机会和得分的天赋与技巧的球员，是非常关键的。

“这种球员很难找。”

加拿大新闻社（THE CANADIAN PRESS）

距离赛季结束仅剩九场比赛，正处于季后赛追逐战的蓝鸟队保持轻松心态

约翰·奇德利-希尔 (JOHN CHIDLEY-HILL)

如果多伦多蓝鸟队对能否进入季后赛感到紧张，那么这一点并未表现出来。

在周三以 5-1 击败底特律老虎队的比赛中，迈尔斯·斯特劳 (Myles Straw) 取得了 4 打 2 的成绩。赛后在回答记者提问时，他戴着一副银色的小型 90 年代风格太阳镜。在他说话时，蓝鸟队的队友路易斯·瓦兰德 (Louis Varland) 和谢恩·比伯 (Shane Bieber) 停下来拍照或录像，而安德烈斯·吉梅内斯 (Andrés Giménez) 则站在媒体围堵圈附近，无奈地摇着头。

“我觉得挺好看的。我不确定。这帮家伙在这儿笑我呢，”在第四局打入一分球的斯特劳说道。

目前，芝加哥白袜队占据着美国联盟第三个也是最后一个外卡席位，蓝鸟队落后他们 $1 \frac{1}{2}$ 场。

德克萨斯游骑兵队同样落后芝加哥 1 $^{1 / 2}$ 场，但他们计划在当天晚些时候对阵波士顿红袜队。

“今天至关重要。显然，这是一场必须赢的比赛，”斯特劳说。

马克斯·谢尔泽 (Max Scherzer) (3-8) 投了五局，仅失一分，虽然允许了三次安打和三次保送，但有三次三振。梅森·弗卢哈蒂 (Mason Fluharty)、斯宾塞·迈尔斯 (Spencer Miles) 和瓦兰德共同完成了四局无失分投球，保住了胜果。

在周三击败底特律之前，蓝鸟队主教练约翰·施耐德 (John Schneider) 表示，投手特雷·耶萨维奇 (Trey Yesavage) 在三 A 缓冲比森队 (Buffalo Bisons) 的一次状态调整首发后感觉良好，最早可能在周日为蓝鸟队出战。

施耐德表示，在耶萨维奇面对罗切斯特红翼队 (Rochester Red Wings) 投了 $\frac{1}{3}$ 局，被击出两次安打并失两分（其中一分为自责分）后，这位新秀的身体准备情况比他在比森队的统计数据更重要。

耶萨维奇本赛季为多伦多队取得了 5-5 的战绩，在 18 次首发中，防御率 (ERA) 为 3.65。他在投球的 $93 \frac{1}{3}$ 局中完成了 91 次三振。此前，他因 8 月 4 日对阵休斯顿太空人队时遭受半月板损伤并接受左膝手术而缺阵。

然而，前赛扬奖得主比伯遭遇了挫折，必须推迟下一次的侧投训练。比伯 (5-2) 今年的防御率为 4.37，在 $55 \frac{1}{2}$ 局中完成了 44 次三振。

常规赛仅剩九场比赛，比伯从右大圆肌炎症中恢复并回归的窗口期正变得非常短。

加拿大通讯社 (THE CANADIAN PRESS)

渥太华投资 $76-MILLION 在多伦多建设新国家篮球中心

联邦政府将注资 $76-million，在多伦多建设一座新的国家篮球中心。

亨伯理工学院 (Humber Polytechnic) 的北校区将成为加拿大篮球协会 (Canada Basketball) 的未来总部，设有六个用于省级、国家级和国际级篮球赛的体育馆。

“40 多年来，亨伯理工学院一直为加拿大篮球协会国家队的运动员提供临时训练场地，但今天我们为加拿大的篮球运动奠定了永久的基础，”加拿大篮球协会主席兼首席执行官迈克尔·巴特利特 (Michael Bartlett) 在周三的一份声明中表示。

“我们的目标是无论我们的球队何时登场，都能成为世界顶尖，并且在我们的运动代表国家价值观的方式上，成为加拿大的最佳代表。感谢这些历史性的投资以及我们与亨伯理工学院的合作伙伴关系，我们很快将拥有最好的篮球之家，以确保这两个承诺都能兑现。”

周三，加拿大男子队世界排名第五，女子队排名第七。加拿大在女子 3x3 篮球赛中排名第六。

加拿大女子轮椅篮球队在周三于渥太华击败日本队后，晋级世界锦标赛半决赛。

多伦多的这座设施将包括一个高性能训练中心、一个圆顶比赛场地以及其他用于社区、学术和体育用途的空间。

该项目的联邦资金来自“建设强韧社区基金” (Build Communities Strong Fund)，该基金在未来 10 年内提供 $51-billion，之后每年提供 $3-billion，用于建设和更新公共基础设施。

“在我们国家这个体育盛年持续之际，加拿大政府正投资在汉伯（Humber）建立加拿大篮球的新家园，”国务秘书亚当·范·库弗登（Adam van Koeverden）在的一份声明中表示。

“该中心将加强加拿大的体育体系，帮助各级运动员追求卓越，扩大参与度，并创造更多在本土举办重大体育赛事的机遇，再次证明加拿大是全球最佳的体育赛事举办国。”——加拿大新闻社（THE CANADIAN PRESS）

讣告

阿尔弗雷德·S·肖尔 (ALFRED S. SCHORR) 文学学士，法学学士

阿尔弗雷德于2026年9月15日在妻子乔安娜·布赖特豪普特 (Joanne Breithaupt) 的陪伴下安详离世。他的孩子们罗丝玛丽·瓦克斯曼 (Rosemary Waxman)（及其丈夫亚伦）、梅兰妮·肖尔 (Melanie Schorr)（及其丈夫詹姆斯·巴布拉尔）、塔拉·肖尔 (Tara Schorr)（及其丈夫乔什·克莱门茨）、维多利亚·肖尔 (Victoria Schorr)（及其丈夫克里斯·洛蒂）；他的妹妹安妮特·伦纳德 (Annette Leonard)（及其丈夫梅尔）；以及共事多年的秘书凯伦·班杜拉 (Karen Bandura) 对他深感悲痛。他是悉妮、本杰明和爱德华引以为傲的祖父。

阿尔弗雷德在多伦多长大，父母在大屠杀期间逃离奥地利，对他倾注了深厚的爱。他天生好奇且善于分析，因此选择在多伦多大学深造，随后进入法学院。在求学期间，他通过在当地爵士酒吧专业地弹奏钢琴来维持生计，尽管法律才是他真正的热情所在和终身志向。阿尔弗雷德于1967年毕业于奥斯古德霍尔法学院 (Osgoode Hall Law School)，并于1969年获得安大略省律师执业资格。

阿尔弗雷德在法律界享有盛誉，从业超过50年。他曾担任约克区律师协会 (York Region Law Association) 主席以及律师协会联合会 (Federation of Law Associations) 董事，为法律专业做出贡献。2017年，他被约克区律师协会授予终身成就奖。他曾在审理庭、小额索赔法院、县法院、地区法院、联邦法院、税务法院、联邦上诉法院、安大略省最高法院以及巴哈马最高法院出庭。阿尔弗雷德曾受邀担任律师执业资格课程的讲师和指导教师，并主持了众多经持续专业发展 (CPD) 认证的项目，旨在为他的许多实习学生、同行律师及组织提供指导和咨询。

人们将记得阿尔弗雷德是一位强大且充满激情的律师，他敏锐的思维和极具说服力的辩护使其在法庭上具有强大的影响力。在职业成就之外，阿尔弗雷德将同样的专注投入到个人爱好中：他是一位烧烤大师，也是一名热衷于高尔夫球的爱好者，对待比赛的专注和细致程度与对待法律案件一样。他热爱园艺、烹饪、体育以及在巴哈马度假。阿尔弗雷德珍视与妻子乔安娜共同建立的生活，深爱着他的女儿们、家人和朋友。他将被深深怀念。

近期将举行纪念仪式。葬礼和安葬仪式将私下进行。

希瓦 (Shiva) 悼念活动将于9月16日（周三）、17日（周四）下午1:00 - 4:00及晚上6:30 - 9:00，以及9月18日（周五）下午2:00 - 4:00，在索恩希尔 (Thornhill) Lawrie路74号举行。

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苏珊·莫斯 (SUSAN MOSS)

文化记录者，58岁

蒙特利尔著名摇滚摄影师捕捉永恒瞬间

她曾为《滚石杂志》等知名刊物拍摄，留下了近 200,000 张照片的档案，且尽管外表粗犷，她却是一位慷慨的导师

苏珊·莫斯在 20 世纪 80 年代被蒙特利尔的后朋克和新浪潮反主流文化所吸引，并在 90 年代与大牌明星和当地艺人组成的多元群体混在一起。作为一名摄影师，她随后捕捉到了众多明星的瞬间，例如下方的伊基·波普（Iggy Pop）、中下方（below middle）的发电站乐队（Kraftwerk）以及底部的尼克·凯夫（Nick Cave）。 TIM SNOW

亚历山大·哈克特（ALEXANDER HACKETT）

2010, 年，独立摇滚乐队 Pavement 在蒙特利尔的 Osheaga 音乐节登台后不久，一杯满溢的啤酒在空中划出一道不可思议的、缓慢的弧线，正中主唱兼吉他手斯蒂芬·马尔克姆斯（Stephen Malkmus）的脸。人群惊呼，乐队停止演奏。马尔克姆斯先生停了下来，擦了擦脸，然后面无表情地问：“那是摩尔森（Molson）还是拉巴特（Labatt's）的啤酒？”

不知怎的，那个精确的瞬间被拍了下来。这张照片瞬间成为了经典。而拍摄它的人正是苏珊·莫斯。

莫斯女士是蒙特利尔摇滚摄影师中的女王，是一位头发狂野、擅长粗鲁反击的大师，拥有朋克之魂，是一个 DIY 的工作狂，也是一位泼辣且深受喜爱的城中名媛。9 月 4, 日深夜，社交媒体上传出她于 58. 岁去世的消息。很少有人知道她患病了。

“苏珊非常懂得如何让自己处于正确的位置，”Barr Brothers 乐队的主唱兼吉他手布拉德·巴尔（Brad Barr）说道，他在 2005 年搬到蒙特利尔后不久便结识了她。“她擅长让自己‘隐身’，然后拍出这些令人惊叹的照片。对我来说，她始终代表着某种蒙特利尔式的酷——谦逊、不矫揉造作，从不煽情，始终坦诚。”

就在一个月前，这位蒙特利尔文化界亲切且干脆的常客被诊断出患有 Stage 4 胰腺癌。她直到最后都保持独立，选择了医疗辅助死亡（MAID）。起初她被告知还能活三个月，但病情进展比预期更快，对此她以其特有的坚韧予以应对。她在家人陪伴下于家中去世。

“当她发现自己只剩下两周时间时，她直接说：‘什么？！我需要更多时间！！’这是典型的苏珊式反应，”她的哥哥大卫·莫斯（David Moss）说，他在苏珊最后一个月里是她的主要护理者。“但她是清醒的，她是平静的，她很有趣。她总是直言不讳，而且并不总是那么委婉，但她有一颗金子般的心。这就是她性格中的矛盾之处。”

“直到最后，她还在接见人们，在他们来访时赠送东西，比如旧相机之类的，”他继续说道。“她将自己生活的不同方面分享给人们。她在告别，并且希望尽可能多地亲自完成这一切。她非常珍惜这一点。”

莫斯女士才华横溢且充满动力，同时她也泼辣、好斗且叛逆——完全地做自己。她拥有尖刻的幽默感和粗犷的外表，像个出自莫德凯·里奇勒（Mordecai Richler）小说中的角色，但她始终热情且平易近人，并且以乐于帮助这座城市的年轻音乐摄影师而闻名。这一点，与她令人印象深刻的照片遗产一样，是她去世后几天里社交媒体上许多评论的核心。

“每当我演出结束下台去抽烟时，苏珊总是第一个在那儿等着，”创作歌手帕特里克·沃森（Patrick Watson）说。“我们的友谊由此而生。你在一个城市做音乐，与所有这些可爱的人共事，你会觉得大家是在共同奋斗。有时候，有些人就是某种精神的一部分，你懂吗？”

[...OMITTED...]

“她总是拿我开玩笑，因为我刚开始的时候只是个弹钢琴的笨蛋，她觉得我最后竟然能以此为业简直太好笑了，”他笑着说。“音乐圈只有在所有这些不同的部分汇聚在一起时才能形成，而她就是这奇迹的一部分。她虽然脾气古怪且坚韧，但那是正向的。这对每个人来说都是巨大的损失。”

苏珊·贝丝·莫斯于1968年5月29日出生在蒙特利尔，在圣吕克海岸长大，她是地地道道的本地人。她的一生都在这座城市及其周边度过。

她在1岁时父母离婚，但父母在各自的家中都播放民谣和经典摇滚——从鲍勃·迪伦到海滩男孩和戈登·莱特，所有这些都让她终身热爱音乐。尽管她内心是个朋克，但大卫·鲍伊和普林斯是她的最爱。

据她的哥哥称，她的童年充满爱，但并非总那么顺利。和母亲一样，她性格强硬、固执且坚韧。莫斯先生说，她们两人像是一模一样的人，是同一枚硬币的两面。

“她出生在冲突之中，”他补充道，指的是父母离婚时的动荡。“学校无法引起她的共鸣。在我母亲带苏珊去看心理医生时，她才5岁，医生说：‘不要给这个孩子有线条的涂色纸，给她空白页。她需要像游泳一样自由。’”

在20世纪80年代，她被这座城市的后朋克和新浪潮反主流文化所吸引，成为了圣劳伦特大道下段一个紧密的艺术家和音乐家群体的一员。任何在Station 10和Le Bifteck等廉价酒吧消磨时间的人都认识她，她在那里担任了19年的吧台服务员。

在20世纪90年代，在梅丽莎·奥夫·德·莫尔加入Hole乐队和 Smashing Pumpkins乐队之前，苏珊曾与她交往；在Le Bifteck酒吧，她与所有人一起喝酒闲逛，从戴夫·格罗尔以及R.E.M.和Breeders乐队的成员，到当地的Dears、Doughboys、Men Without Hats以及温赖特兄妹。

“苏珊当时正致力于寻找自我，”莫斯先生继续说道。“她很坚强。我们知道她为了塑造自我并在自己的领域做到如此出色而奋斗得多么艰辛——经历了所有的磨难，付出了血汗与泪水。但即便如此，她对待每个人的方式都一样，每个人爱她也都是因为同样的原因。她是完全真实的。”

在道森学院修完一门摄影课程后，她开始记录数量惊人的音乐会。她一直坚持拍摄直到被诊断出疾病，最后一场演出是7月16日在Corona剧院拍摄的英国摇滚乐队Bloc Party。几代蒙特利尔人都能立刻认出她，因为年复一年，他们总能看到她蹲在大小不一的舞台前。

她的职业操守和日益增长的知名度让她在2000年代中期开始担任蒙特利尔演出推广公司Evenko的内部摄影师；2008年，她出版了《滚轮女孩》（Roller Girls），一本记录蒙特利尔滚轮德比联盟的书。2011年，她举办了首次Osheaga音乐会照片展。

2015年，她接到一个电话，让她意识到自己已经走到了什么样的高度：《滚石杂志》联系她，让她在魁北克夏季音乐节上拍摄滚石乐队。

“《滚石杂志》的艺术总监给Spin和NME等其他音乐杂志的同事发消息，询问他们是否认识附近有摄影师，”莫斯先生回忆道，“他们所有人都说‘苏珊·莫斯’。毋庸置疑，这对苏珊和整个家庭来说都是一个重大里程碑。她进入了顶级联赛。”

“我想每个人对苏珊的印象都一样，她身上挎着相机，就像一股安静的力量，”Evenko预订部高级总监埃弗琳·科特说。“她只是做她自己的事。她的风范令人印象深刻。我一直很钦佩她。”

作为一名坚定的素食主义者，她喜欢说自己只是一个来自圣吕克海岸的善良犹太女孩，但由于她的生活方式，她的哥哥说，“她让我看起来像个拉比。”

在这一切之中，她从未失去那抹顽皮的笑容，以及那种直率的幽默感和接地气的气质。“我过了一段非常快乐的生活，”在去世前几天，她告诉《蒙特利尔日报》，“我的生活和工作超越了我的梦想。没多少人能这么说。”

莫斯女士留下了一个包含近 200,000 张照片的档案库，该档案库已捐赠给 ARCMTL，这是一个致力于保护蒙特利尔文化遗产的非营利组织。

莫斯先生表示，在老友沃森先生的音乐陪伴下，她的最后时刻“独特且极其美丽”。“我们在她耳边低声说再见，然后在最后一刻，她睁开眼睛，对着我们微笑，然后给我们所有人竖了个中指。就像电影一样。这是一种尊重、悲伤与美丽交织的疯狂组合……她是按照自己的方式离去的。”

莫斯女士留下了她的母亲罗娜·布伦纳（Rhona Brenner）、父亲弗雷德·莫斯（Fred Moss）、哥哥大卫·莫斯（David Moss）、同父异母的妹妹塔玛拉·莫斯（Tamara Moss）以及三个侄子。

*本报道由《环球邮报》特约撰写

THE GLOBE AND MAIL*

OTTAWA/QUEBEC EDITION ■ THURSDAY, SEPTEMBER 17, 2026 ■ GLOBEANDMAIL.COM

EU offers to make Canada its first ‘associate member’

Trump sees ‘hostile act,’ while opposition warns Carney such a move needs Parliament’s approval

Prime Minister Mark Carney joins British Prime Minister Andy Burnham at an Everton soccer match in Liverpool, England, on Wednesday. Earlier in the day, Mr. Carney was cheered at the European Parliament in France. PAUL ELLIS/AFP VIA GETTY IMAGES

PAUL WALDIE LONDON STEVEN CHASE OTTAWA CAMPBELL CLARK STRASBOURG, FRANCE

European Commission President Ursula von der Leyen has called on Canada to become the European Union's first "associate member," a strong show of support for Prime Minster Mark Carney's bid to forge deeper ties with the bloc.

Ms. von der Leyen went further than expected with the offer Wednesday during her State of the Union address to the European Parliament in Strasbourg, France, particularly since Mr. Carney said Sunday, when the idea was first made public, that Canada is not seeking EU membership.

Mr. Carney was in attendance Wednesday and has been assiduously courting EU leaders in an effort to counterbalance continuing trade tensions with U.S. President Donald Trump, pushing the notion of a “unique alliance” with the EU.

Mr. Trump said late Wednesday that if Canada becomes the first associate member of the EU it would be a “hostile act,” adding that if it is done with “bad intentions” he may respond with tariffs.

The novel category of associate membership is not mentioned in the founding treaties or legal framework of the EU, nor is it clear whether it would yield any quantifiable economic gains for Canada or require Ottawa to cede any sovereignty for moving into closer contact with the EU.

And Canada's opposition parties say any new alliance with the bloc needs the approval of Parliament.

Ms. von der Leyen told members of the European Parliament, “We want to bring the relationship with Canada to the highest level possible … we must urgently reimagine our partnerships. So I would like to work with you on opening the door for Canada to be the first associate member of the European Union.”

That remark received prolonged applause, and Mr. Carney was invited to the podium to shake hands with the President.

Ms. von der Leyen told the MEPs that the EU wants to move from the existing Canada-EU trade treaty – the Comprehensive Economic and Trade Agreement, or CETA – and create “a common prosperity and - and create “a common prosperity and economic security space.” ■ EU, A8

Creative confusion: Hammered by tariffs, the visual arts sector has been forced to find new ways to do cross-border business

JOSH O'KANE

Toronto art dealer Miriam Shiell decided this month not to send a Henry Moore sculpture to New York for potential buyers to scope - York for potential buyers to scope out. Would it be hit by tariffs crossing the border? She didn't know, and she didn't want to take the risk.

For decades, art freely flowed across the Canada-U.S. border, but that ended once U.S. President Donald Trump began his second term last year. Now, 50-per-cent tariffs imposed Aug. 22 on Canadian products entering the U.S. cover a massive range of artwork, from paintings to sculptures to “collages and similar decorative plaques.”

The new tariffs are cutting off a significant portion of Canadian art sales, according to artists, galleries, dealers, shippers and consultants, leaving them frustrated and confused. The result is the shrinking of a market that showcases homegrown ingenuity at the same moment Prime Minister Mark Carney is intensely pitching investing in Canada.

Everyone in the art market stands to lose income as both buyers and sellers wait out what they hope will be temporary trade measures, as turned out to be the case with a previous round of art tariffs last year.

Ms. Shiell had endless questions about the tariffs. Moore might have been British, but the sculpture would have arrived from Canada. “Is the definition of it that the artist has to be Canadian or the art has to be made in Canada?” she said. “It was just easier at this point to wait for clarity.” She added: “It may come in a few weeks, or not at all. It may mean there’s no sale.”

U.S. Customs and Border Protection said in an e-mail Tuesday that the most recent round of tariffs covers goods with Canada as their country of origin. In other words, said Duncan Links, who oversees many cross-border shipments as the logistics manager of Museumpros Art Services in Toronto, with proper customs documentation, artworks should only face these tariffs if they were made in Canada.

Even then, it depends on who ships the art. Some multinational shipping companies automatically required tariff payments on all art during last year's trade barbs, said Mackenzie Sinclair, executive director of the Art Dealers Association of Canada. That doesn't bode well for artists and sellers hoping to get their works over the border with some kind of tariff exemption around their places of origin.

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Separation could cost Alberta up to \$170-billion, report says

MATTHEW SCACE CALGARY

Abandoning Confederation and setting up a sovereign country would cost Alberta up to \$170-billion over the first five years of independence and would devastate the economy of a shrunken Canada, a report commissioned by the provincial government estimates.

And even in the best-case scenario, the report says secession would provide only minimal economic gains for Alberta. In a more painful separation, wages would plummet, GDP would decline precipitously and government debt would balloon.

The province on Wednesday published the report, which was produced by an independent panel of experts at the University of Calgary's School of Public Policy.

The report provides a wide range of estimated costs to separation, painting one relatively rosy scenario in which Ottawa cooperates in negotiations and gives the province a favourable deal, and another in which Alberta and Canada enter hostile, prolonged talks that bring the country's economy to a standstill.

Alberta is currently in the midst of a heated campaign over provincial separation, with voters preparing to decide on Oct. 19 whether to remain in Canada or lay the legal groundwork for a second, binding referendum.

Support for separation in Alberta, estimated to be between 25 and 30 per cent, has remained steady for years. ■ ALBERTA, A8

Judge's ruling keeps key Project South documents under wraps

MOLLY HAYES COLIN FREEZE

Transcripts of key recordings that led to the Project South takedown will remain under a publication ban after an Ontario Superior Court judge ruled Wednesday that inflammatory comments attributed to a Toronto police officer charged in the corruption case would “deeply offend” the public and create an indelible impression on potential jurors.

The ruling is in response to an application by The Globe and Mail and other media outlets to make public more than 500 pages of court documents and warrant applications that were unsealed earlier this year. Those files include what are known as information to obtain documents, which investigators use to get judicial authorization to conduct searches and make arrests.

While much of the content of those documents was released in July, portions were placed under a publication ban as the Crown and media outlets argued over whether their release should be shielded to protect fair trial rights.

In a ruling on Wednesday, Justice Laura Bird maintained a publication ban on some of that material, including a verbatim transcript of conversations alleged to have taken place between Toronto Police Constable Timothy Barnhardt and an alleged organized-crime figure, Brian Da Costa.

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TOM THOMSON'S THE BIRCH GROVE
The Globe and Mail is committed to maintaining the highest ethical, legal and editorial standards. SANDRA E. MARTIN, STANDARDS EDITOR, standardiseditor@globeandmail.com

MADE IN CANADA

TOM THOMSON (CANADIAN 1877-1917). THE BIRCH GROVE, AUTUMN, 1915-1916 OIL ON CANVAS 99.0 X 115.4 CM. GIFT OF ROY G. COLE IN MEMORY OF HIS PARENTS, MATTHEW AND ANNIE BELL GILMORE COLE, 1967. PHOTO: MIKE LALICH

Founded in 1914, the Art Gallery of Hamilton is the oldest and largest art museum in the region, with a permanent collection that is recognized as one of the finest in Canada. Embracing Canadian historical, international and contemporary art, the collection consists of just under 12,000 works. You can see pieces by Alex Colville, Tom Thomson, the Group of Seven, Emily Carr, James Tissot, Jean-Léon Gérôme, Gustave Doré, Norval Morrisseau, Keith Haring, Edward Burtynsky and Kim Adams, to name a few.

The vibrant colours and sense of solitude in this painting draw you in immediately. You can almost imagine entering this sacred space on a mild autumn day. Although not officially a member of the Group of Seven, Tom Thomson significantly influenced its members. In many ways, this painting is a primer for the group's vision: leaving the city behind to paint the power, majesty and solitude of nature in the north.

MARSHA LEDERMAN

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Ottawa's investment strategy risks selling off productive assets for little gain ■ B4

Japan reaches a unique milestone, with more than 100,000 people age 100 or older

HISAKO UENO TIFFANY MAY

Tetsuo Sato, a Second World War veteran, and his daughter-in-law, Kuniko Sato, are pictured in Japan's Niigata prefecture in June, 2025. KO SASAKI/THE NEW YORK TIMES

There are now more than 100,000 centenarians in Japan, a record for a country famous for its longevity.

Japan's Health Ministry released data Tuesday showing that there are now 107,677 people who are at least 100 years old, an increase of nearly 8,000 since last year. The oldest woman, Fuyo Kishimoto from Kyoto, is 114 and the oldest man, Hikaru Kato from Kumamoto, is 112. Women make up the vast majority of the group, at 88 per cent.

Japan's Health Minister, Kenichiro Ueno, welcomed the news Tuesday, and pledged to build a strong social security system that supports the elderly in living long and healthy lives. “I am very happy that so many people have been able to stay active for so long,” he said at a news conference in Tokyo.

Stuart Gietel-Basten, a professor of social science at Hong Kong University of Science and Technology, said the long lives of many Japanese could be attributed to healthy diet, active daily routines and an affordable health system with regular checkups.

Women are overrepresented as centenarians because many men of that generation died in the Second World War, and those who survived smoked and drank more than women, he said. Men are also more likely to be involved in industrial work, which could have long-term health effects. Many men became isolated after retirement or the loss of a spouse, he added, and women tended to be more engaged in their communities, which improved their mental health.

Tetsuo Sato, 106, is one of the 100,000, living in the rice-growing village of Osonogo in the mountainous Niigata prefecture with his son, daughter-in-law, dog and cat.

Hard of hearing and visually impaired, Mr. Sato fills his days by making notebooks from old calendars and wrapping paper. He also tells stories about his experiences fighting in the Battle of Imphal during the Second World War.

His daughter-in-law, Kuniko Sato, 68, said he was determined to be self-sufficient and continued to bathe himself without help.

"When I injured my leg last year, Grandpa started washing his own rice bowls," she said. "We ended up caring for each other in our old age."

As well as a rapidly aging population, Japan is grappling with one of the lowest birth rates in the world, a predicament that Prime Minister Sanae Takaichi has called a “quiet emergency.”

Japan's population peaked at 128 million in 2008, and is projected to drop to 87 million by 2070, according to government projections. The country now has roughly the same number of people as it did in 1989. For every new birth in the country, there are two deaths.

The demographic crisis poses challenges for the government, as it drives up the tax burden on a shrinking work force. For decades, Japanese authorities have tried to rebalance the rapidly aging population by encouraging couples to have more children, to little avail.

Some experts argue that Japan needs to allow more immigrants to offset the population decline. But a wave of nationalist sentiment has recently swept the country, with some activists calling for even stricter controls as part of a “Japan First” movement.

At the same time, the country's centenarians are determined to remain active. Some are even still working.

In two days, Tetsuo Sato will turn 107. More than a dozen members of his family plan to celebrate at a traditional hot spring hotel, where they hope to photograph the four generations gathered together.

NEW YORK TIMES NEWS SERVICE

Trump removes Canadian products from U.S. federal procurement system

the government.

Move further restricts companies from selling goods and services to American government as trade war continues

ADRIAN MORROW WASHINGTON JASON KIRBY TORONTO

President Donald Trump is moving to further restrict Canadian companies from selling goods and services to the U.S. government in the latest escalation of his trade war against Ottawa.

In a memo on Wednesday, Mr. Trump ordered Russell Vought, the director of the White House's Office of Management and Budget, and U.S. Trade Representative Jamieson Greer to identify and remove “Canadian origin items” from the federal civil procurement system using “all steps permitted by applicable law.”

The President said the move was in response to Buy Canadian programs that provincial governments have set up over the last year-and-a-half in retaliation against Mr. Trump's earlier tariffs.

“Canada has unreasonably imposed new barriers to United States companies seeking to access the Canadian government procurement market,” he wrote in the memo.

He also instructed Mr. Vought and Mr. Greer to present other government officials with American-made alternatives to Canadian products.

Separately, he also threatened to hammer the European Union with more tariffs if it follows through on a proposal to make Canada the first associate member in the bloc's history.

On Wednesday evening, Mr. Trump told reporters that European Commission President Ursula von der Leyen's suggesti-

the action.

U.S. President Donald Trump walks off Air Force One at the Charlotte Douglas International Airport, on Wednesday in Charlotte, N.C.
ANNA MONEYMAKER/
GETTY IMAGES

In fiscal 2025, all agencies and departments of the U.S. government committed roughly US\$2.02-billion to goods and services of Canadian origin, according to an analysis of awards reported by the government website USASpending.gov.

on that Canada could become an associate member of the EU was “laughable.” But if such a thing happens, he said, he might punish the 27-member trade bloc.

“Canada’s been a terrible trade partner,” he said after disembarking Air Force One in Charlotte, North Carolina, ahead of a midterm election rally. “If they do that, if I think it’s at all a hostile act, I will put very serious tariffs or stop trading with Europe on many things.”

Mr. Trump's order to remove Canadian products from the U.S. government's procurement system on Wednesday goes much further than an announcement he made last week on the same subject.

In the previous announcement, he said he would bar Canadian companies from part of the General Services Administration's procurement program, which covers such things as information technology and office supplies for government workers.

The Wednesday order applies to a broader range of government contracting. It said Mr. Vought and Mr. Greer would work with the Federal Acquisition Regulatory Council, which co-ordinates procurement across

Still, the wording of the memo gives Mr. Vought and Mr. Greer some discretion on whether to remove items, telling them to take action “if warranted.”

In fiscal 2025, all agencies and departments of the U.S. government committed roughly US\$2.02-billion to goods and services of Canadian origin, according to an analysis of awards reported by the government website USASpending.gov.

Of that amount, the vast majority, around US\$1.75-billion, was committed by the Department of Defence, while US\$270-million came from all other agencies.

These dollar amounts are obligations, not contract values, and represent the money the government has actually committed to pay for goods and services under a contract, which can span multiple years.

In a statement, a spokesperson for Dominic LeBlanc, the Minister responsible for U.S. trade, said the Canadian government “will review” the President’s latest measures.

“We take note of the Administration’s latest update, which advances previously announced procurement restrictions,” Gabriel Brunet, Mr. LeBlanc’s communications director, wrote in an e-mail.

The memo is “harsh” in its wording as it covers all use of Canadian goods and services by the U.S. government “to the extent it can be imposed” by law, said Laurence Schor, Washington based lawyer with Asmar, Schor & McKenna, PLLC, who focuses on procurement law.

The language around restricting goods of Canadian origin is also “usually attached to product from countries where the labour is being tortured and where there is trafficking of labour” and raises questions about the legality of

Mr. Schor said Mr. Trump's latest restrictions are meant “as a slap” against Prime Minister Mark Carney and Ontario Premier Doug Ford for not backing down in the face of the trade war.

Canada-U.S. trade talks ended abruptly in August when Mr. Carney rejected a deal that he said would have infringed on Canada's sovereign right to make trade agreements with other countries, and guaranteed the destruction of its auto industry. Mr. Trump then imposed 50-percent tariffs on \$28-billion worth of Canadian exports, and Mr. Carney retaliated with tariffs on \$28-billion worth of U.S. exports.

The President retaliated against Canada's retaliatory levies by banning Canadian alcohol and motorcycles from the U.S., and hitting more products with 50-per-cent tariffs, including cheeses and furniture.

The two countries have been locked in a trade war since last year, when Mr. Trump imposed a previous set of sector-specific tariffs on autos, steel, aluminum and other goods.

Ms. von de Leyen made her pitch for Canada to strengthen its ties to the EU in a speech to the European Parliament in Strasbourg, France, on Wednesday with Mr. Carney in attendance.

She did not define what associate membership would entail specifically or how Canada and the EU would go about negotiating it. Canada and the EU, for example, signed a trade agreement a decade ago, but 10 of the bloc's countries, including France and Italy, have still not ratified it.

The EU last year signed a lopsided trade deal with Mr. Trump, in which Brussels agreed to accept U.S. tariffs in exchange for Washington not setting the tariffs even higher.

With a report from Dexter McMillan

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Ottawa urged to fund intensive housing

A tent and shelter are seen at an encampment in Toronto's Moss Park in 2021. The Canadian Alliance to End Homelessness says intensive housing could be the missing piece in Canada's system for those with severe cognitive impairment. FRED LUM/THE GLOBE AND MAIL

Group proposes secure, semi-secure units for homeless Canadians with cognitive issues

ALANNA SMITH HEALTH REPORTER

Ottawa should invest in intensive housing for Canadians with severe cognitive impairment, a small but uniquely visible and costly subgroup in the homeless population that no current housing model is designed to serve, a leading organization on homelessness argues.

The Canadian Alliance to End Homelessness (CAEH), a national charity, has submitted a proposal on the issue to the federal government ahead of its coming budget.

Advocates, housing agencies and front-line clinicians say intensive housing could be the missing piece in Canada's housing system for this medically complex and underserved segment of society.

In a policy proposal sent to Prime Minister Mark Carney's government and provided to The Globe and Mail, the CAEH is lobbying Ottawa for a \$2-billion investment to build 6,250 intensive units across the country catered to people who are chronically homeless with severe, permanent cognitive impairment.

The proposed model for intensive housing would be secure or semi-secure units with 24-7 staff, including nurses and health care aides, similar to a dementia unit.

Monty Ghosh, an inner-city physician in Alberta, said he often treats this highly vulnerable group of unhoused people who are living with severe, permanent cognitive impairment as a result of traumatic brain injuries, fetal alcohol spectrum disorder, trauma and substance use.

He said the cognitive impairment is so severe that they are unable to manage their own housing or safety, but there is nowhere for them to go. They are stuck in a revolving door between hospitals, shelters and the criminal-justice system.

Dr. Ghosh, who worked with the CAEH on its proposal, estimates that between 20 per cent and 30 per cent of the homeless population fits into this category.

Tim Richter, president of the organization, said intervening to house this medically complex population will not only support people in dire need of help but would reduce public-safety incidents – a lightning-rod issue for governments of all stripes.

"It's unsettling if you see someone in the throes of this kind of disability on the train into work or unconscious on the side of the road," Mr. Richter said. "We just need to make sure that there is a humane, effective and appropriate housing solution for them – and that's not a jail."

He said intensive housing for this population is an alternative to involuntary addictions treatment, which is gaining political traction across Canada and set to soon come into practice in Saskatchewan and Alberta. Just last month, Ontario's Big City Mayors group asked the province to review existing mental-health laws with the goal of expanding involuntary treatment.

But Mr. Richter stressed that this population with irreversible cognitive impairment will not recover after involuntary intervention and would benefit from lifelong housing rather than a short stint in an involuntary treatment centre. He said these individuals should not be in a prison-like setting.

Intensive housing sites would also have on-site occupational therapy, physiotherapy and cognitive rehabilitation, in addition to addiction and mental-health supports when needed, according to the proposal. The model is mirrored after long-term care “not on psychiatric institutionalization” and its core goals are rehabilitation, stability and dignity.

It would not be appropriate for all Canadians experiencing homelessness, but for those who have not been able to stabilize in shelters or through other forms of housing and have no capacity for individual decision-making, it states.

Dr. Ghosh said he often has to send these patients back onto the streets.

“I discharge patients with dementia, Alzheimer's, traumatic brain injury from motor-vehicle accidents to these long-term care facilities for lifetime support and yet I can't discharge these individuals to those facilities,” he said.

Dr. Ghosh explained that it is also difficult to find these patients' families, which leads to a lengthy public guardianship process.

The Carney Liberals have made housing a key commitment, recently announcing a \$2.7-billion investment for 18 projects across Toronto. The Liberals have also created a federal Crown corporation, Build Canada Homes, to accelerate the construction of affordable housing across Canada.

Arianna Durgerian, press secretary to Canada's Minister of

Housing and Infrastructure, Gregor Robertson, declined to comment on the intensive housing proposal.

She said the federal government is focused on building up the supply of affordable and supportive housing and is working with other levels of government to do so.

Mr. Richter said building intensive housing would be expensive but is cheaper than ignoring the problem.

The proposal notes that people in this subgroup visit EDs and are admitted to hospital frequently, costing between \$1,000 and \$3,000 per emergency department visit and between \$1,500 and \$2,500 daily for a hospital admission.

“The downstream savings from stabilizing this population in appropriate residential care are substantial and accrue directly to provincial health, justice and social-service budgets,” the document states, before outlining an ethical obligation.

“Leaving people with the functional cognitive capacity of a young child to navigate street homelessness unprotected is an abdication of care.”

Sandra Clarkson, chief executive of the Calgary Drop-In Centre, one of the largest emergency shelters in North America, said the shelter system was never designed to serve this complex population but is the only place for these individuals to go.

She said intensive housing is badly needed and could help hundreds of people currently seeking shelter at the Drop-In.

“This is not a homelessness issue alone. It’s a health care, cognitive disability issue that is showing up in homelessness.”

Ontario launches medical school tuition grants

people from Ontario.

KELLY GRANT POSTSECONDARY EDUCATION REPORTER

Ontario family doctor residents can begin applying Thursday for a new grant that will pay their medical school tuition retroactively in exchange for practising comprehensive primary care anywhere in the province for at least five years.

Nolan Quinn, Ontario's Minister of Colleges, Universities, Research Excellence and Security, will mark the opening of applications by announcing plans to spend a total of \$220-million for about four years on tuition grants for more than 2,000 future family doctors – more than the government promised when the program was announced in principle two years ago.

The main goal of the program is to incentivize more of the physicians who train in family medicine to actually pro-

vide the type of office-based, cradle-to-grave primary care that is in short supply.

A study published in the Annals of Family Medicine in May, 2025 found that nearly 40 per cent of the 6,310 family doctors who entered the physician workforce in Ontario between 1993 and 2022 worked in other settings, including emergency rooms and clinics specializing in sports medicine, addiction treatment and cosmetic medicine.

"This is to ensure that the students, after finishing their studies, are going to be, [for] five years, practising as a comprehensive primary-care family medicine physician anywhere in Ontario, and that's the ultimate goal of this program," Mr. Quinn told The Globe and Mail in an interview ahead of a news conference in London Thursday.

Ontario's grant, which also covers books and supplies, is available to Ontario medical school graduates enrolled in a family medicine residency training program, who agree to practice comprehensive primary-care with a full roster of patients, even in a big city.

Ontario's expansion of its learn-and-stay grant program – which is already available to nurses, paramedics and medical lab technicians who agree to work in high-needs areas – to family doctors is the latest example of a provincial government using carrots and sticks to convince young physicians to practice in ways that fill gaps in the public-health system.

What's different in this case is the tuition grant doesn't force doctors to work in small towns or rural areas, as other student loan forgiveness programs, including the federal one, do.

They have to have lived in Ontario for 12 consecutive months without being in full-time postsecondary studies – a rule that should reserve the grants for

Ontario's grant, which also covers books and supplies, is available to Ontario medical school graduates enrolled in a family medicine residency training program, who agree to practice comprehensive primary-care with a full roster of patients, even in a big city.

The province hasn't said how many patients count as a full roster. Doctors who fail to fulfill the five-year commitment will see their grants converted to repayable loans.

The provincial government said in January that the number of Ontarians without a primary-care provider had dropped to 1.98 million, down from an earlier estimate of 2.5 million as of 2023.

Ontario and most other provinces have other ways of pushing doctors toward practising in regions desperate for physicians, although one such program was deemed illegal by a British Columbia court in a decision released last Friday.

B.C. Supreme Court Judge Matthew Kirchner ruled the province couldn't force international medical graduates (IMGs) to work for two or three years in an underserved area in exchange for a residency training spot without mandating the provision, known as return of service, through a law or regulation. Terms are currently imposed through contracts with individual IMGs.

"I find that the imposition of the return of service obligation on those IMGs who match to an IMG residency position engages their liberty interest to decide where to live free from government interference," Judge Kirchner wrote. "A person's choice of where to

The case was brought by a group representing Canadians who graduated from medical schools abroad.

live is a fundamentally personal decision which engages what it means to enjoy individual dignity and independence."

The judge suspended his decision for 60 days to give the province time to respond.

B.C. Health Minister Ravi Kahlon told reporters Wednesday that his government will take whatever legal steps are necessary to preserve the return-of-service rule for IMGs.

"The bottom line is this: This program is too important," he said. "We're going to do whatever is required to make sure this program continues to function."

As for Ontario's newly expanded grant program, Tara Kiran, a family physician and researcher at St. Michael's Hospital in Toronto, said it was "reasonable" for the province to cover tuition for all eligible family doctors, regardless of whether they practise in a big city or small town.

She was an author of the study that found many of Ontario's family doctors work somewhere other than a primary-care office.

“Frankly, we’re short of family doctors pretty much everywhere in the province right now,” she said.

Heavy machinery helps workers trying to rescue those trapped beneath rubble after a residential building damaged by an Israeli strike on Gaza City collapsed Wednesday. DAWOUD ABU ALKAS/REUTERS

War-damaged Gaza building collapses, kills 21 as perilous conditions persist

JEHAD ALSHRAFI WAFAA SHURAFA TOQA EZZIDIN GAZA

A building housing dozens of people collapsed in Gaza City early Wednesday morning, leaving rescuers clawing with bare hands through rubble until determining that 21 people, including 11 children, had been killed in their sleep.

The sudden collapse of the building, which was known to be unstable because of damage from Israeli strikes earlier in the war, underscored how perilous and desperate living conditions have grown for the majority of the enclave's population as a ceasefire deal between Israel and Hamas stalls.

There's been no reconstruction work since the ceasefire was agreed to almost a year ago. Israel has said that it won't allow any rebuilding until Hamas disarms. Israel has allowed only a handful of excavators into Gaza.

COGAT, the Israeli military body charged with co-ordinating aid to the Gaza Strip, didn't respond when asked if it would allow in machinery to help with the collapse.

As of Wednesday afternoon, the death toll stood at 21, including 11 children and five women, according to Zaher al-Wahidi, a spokesperson for the Gaza Health Ministry. He said that at least 14 people were injured and rescuers had finished digging.

Around six displaced Palestinian families, according to Gaza's civil defence, had sheltered there, despite knowing that it was teetering on the brink of collapse. "The lack of options and alternatives left them with no other choice," said Aboud Majdalawi, a rescuer with Gaza's civil defence.

All of Gaza's roughly two million people now live in a stretch of land that makes up less than half the territory. They remain dependent on aid and are surrounded by Israeli troops who carry out strikes or attacks on a near-daily basis. In the aftermath of the collapse, people were searching desperately for loved ones or their remains.

A group of men were seen carrying the headless body of a child. Others sat atop a pile of rubble, pulling desperately at flashes of colour they believed could be clothing worn by a survivor. All they found were dust-caked blankets wedged in the debris.

The collapse comes as rescuers in the Gaza Strip are trying to unearth hundreds of bodies from buildings collapsed by Israeli strikes earlier in the war. They have just a few working excavators and their fuel supply is dwindling.

On Wednesday, the UN human-rights chief said that he worried that the bodies recovered so far are just the “tip of the iceberg.”

“It is heartbreaking that the loved ones of those missing for so long are only now having their worst fears confirmed,” Volker Türk said. “Much of Gaza has been flattened by Israeli bombing or demolition and clearing by heavy machinery and explosives.”

The war was sparked after the Hamas-led attack on Oct. 7, 2023, in which militants stormed into southern Israel and killed about 1,200 people and took 251 people hostage. All hostages or their remains have been released or handed over. Many recounted long-term starvation, physical and psychological abuse and, in some cases, sexual abuse.

Despite an October ceasefire that has reduced fighting in Gaza, Israel has continued to carry out strikes, killing at least 1,375 people since the agreement went into effect, according to local health officials. The nearly three-year Israel-Hamas war has killed more than 73,789 Palestinians, according to Gaza's Health Ministry.

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People protest in Valletta on Wednesday after businessman Yorgen Fenech was acquitted of complicity in the 2017 murder of investigative journalist Daphne Caruana Galizia

DARRIN ZAMMIT LUPI /REUTERS

Cities warned over Buy Ontario rules

Minister threatens to cut funds for municipalities that don't follow the province's domestic procurement directives

LAURA STONE QUEEN'S PARK REPORTER

Premier Doug Ford's government is threatening to cut off funding to municipalities that don't comply with new Buy Ontario rules, but cities say they are already choosing local products amid the trade war with the United States.

Meanwhile, Ontario's Official Opposition accused Mr. Ford of ignoring his own procurement policies, and the group representing Ontario's 444 municipalities said some of the new provincial directives come with added costs and complexities.

In a letter to municipal leaders released Wednesday, Ontario's Minister of Municipal Affairs and Housing, Rob Flack, urged local leaders to closely review supply chains and coming purchases to “identify every opportunity to increase domestic procurement.”

The province last year passed a law requiring the public sector to give preference to goods and services provided by companies based in Ontario or elsewhere in Canada, and added municipal requirements in April this year.

That directive applies to purchases such as fleet vehicles, as well as capital infrastructure project procurements.

“Failure to comply with Buy Ontario requirements will force us to reconsider provincial funding made available to municipalities,” wrote Mr. Flack in the letter dated Sept. 15.

Asked Wednesday about the letter, Mr. Ford said he is reinforcing his expectation that municipalities prioritize domestic companies.

"It's just reminding them that, buy Ontario first, buy anywhere else in Canada if you can't buy it in Ontario. And it's a shame that I even to have to put that out after you know saying it about 10 million times and you know – get with the program, buy Canadian," Mr. Ford said at a press conference Wednesday at the opening of a new biomanufacturing facility in Toronto.

Riley Brockington, president of the Association of Municipalities of Ontario, said this is a period of “significant uncertainty” for the provincial economy. He said even before the new rules were in place, more than 98 per cent of municipal procurement for non-construction goods and services was from businesses with Canadian addresses.

The association said some of the new Buy Ontario rules are challenging for municipalities – including verifying domestic content and supply chains, and balancing domestic procurement requirements with value for money and project timelines.

"Municipalities now have several months of experience with the new requirements, and we are hearing from municipalities and industry that some of the rules are adding time, cost and complexity to procurement," Mr. Brockington said in a statement.

“Working together to make the system clear, practical and workable will be critical to achieving our shared goal of strengthening Ontario’s economy.”

The effect of U.S. tariffs on municipalities has begun to dominate discussions at the local level, as cities are starting to look into how the trade war could blow holes in their budgets.

Many have already instituted their own buy-local pledges, including Toronto Mayor Olivia Chow, who is running for re-election. Election day is Oct. 26.

Ms. Chow, appearing at the press conference Wednesday with Mr. Ford, said she is already prioritizing local purchases, noting all three levels of government came together earlier this year to announce new subway cars will be built in Thunder Bay.

"At this very uncertain, stressful time, in the global turbulence, disruptive trade conversation that's happening, the Team Canada approach, working to gether united, we are stronger and we're proving it right now," she said.

Mr. Ford also talked up his working relationship with Ms. Chow, signalling support for the incumbent mayor he once predicted would be an “unmitigated disaster” for the city.

"I just want to say the mayor and I have a phenomenal relationship," he said. "We're going to continue supporting the mayor. She's doing an incredible job. So, read between the lines."

Tariffs have already emerged as a key issue in the Mississauga mayor's race, where incumbent Mayor Carolyn Parrish is taking on Bonnie Crombie, who previously held the city's top job for three terms.

Ms. Crombie said Wednesday it shouldn't take a letter from the province to spur the city to act.

“Mississauga should not need a warning from Queen’s Park to use its purchasing power to support Ontario workers. Yet Mayor Parrish has failed to put forward a tariff response plan while local businesses face real uncertainty,” she said in a statement.

Ms. Parrish, meanwhile, defended her response and said the city has had a local procurement policy in place since U.S. tariffs were first imposed, with exceptions for items that are part of the United States-Canada-Mexico Agreement and not affected by tariffs.

“We adhere to this strategy to the best of our abilities. When the provincial government encourages municipalities to support local businesses, we agree 100 per cent. This is a fundamental approach that helps us to continue building Canada and Mississauga strong,” she said in a statement.

Ontario's Official Opposition NDP, however, accused the provincial government of trying to distract from its own failures to prioritize local companies.

Ontario NDP Leader Marit Stiles said the Premier has given American companies – such as Staples, which now runs the provincial school supplies portal – priority over Canadian ones.

“It’s a bit rich for this Premier to be lecturing municipalities when he should be cleaning up his own house first,” she said in an interview, adding that Mr. Ford should recall the legislature – which isn’t set to resume until Oct. 27 – to fix the procurement rules.

The provincial government refuted Ms. Stiles's criticisms and accused her of playing political games. Giulia Paikin, a spokesperson for Minister of Public and Business Service Delivery and Procurement Stephen Crawford, said Staples employs 11,000 people in more than 300 stores in Canada and was chosen through a competitive procurement process.

Transcripts: Toronto Police have taken steps to improve oversight, spokesperson says

FROM A1

The pair were unaware at the time that they were central targets in a large-scale police corruption probe by York Regional Police, and that investigators were listening in on their calls.

“During their conversation, Mr. Barnhardt said things that would rightly deeply offend members of the public,” Justice Bird wrote of the alleged back-and-forth. “The comments attributable to him are made worse because he was sworn to uphold the safety of the public but demonstrated a complete indifference to extreme violence.”

While she stressed in her ruling that “the importance of public scrutiny in this case cannot be overstated,” she agreed with the Crown that these particular statements by the constable should not be made public. She said “they could create an indelible impression of guilt in the mind of potential jurors that would be extremely difficult to dispel.”

Project South was sparked by the alleged attempted murder of a corrections officer at his home. The warrants were issued early this year, before February raids that led to charges against seven serving Toronto Police officers, one retired officer and nearly 20 civilians.

Investigators have alleged that Constable Barnhardt used police databases to leak information about the target of the attack to Mr. Da Costa.

Database breaches were at the core of the allegations laid out in the project, which was one of the largest police corruption busts in Canadian history.

The information to obtain documents contain unproven allegations that have not been tested in court. ITOs don't necessarily result in criminal charges and several of the people named in the documents do not face charges.

As The Globe reported in July, the documents reveal that police suspected the attempted hit may have been ordered by a jailed accomplice of alleged cocaine kingpin Ryan Wedding, with help from that inmate's former girlfriend, who was a guard at Toronto South Detention Centre. While neither the inmate nor the female correctional officer was charged, both were central targets in the murder-conspiracy investigation, the documents say.

Justice Bird noted that the fact the York Regional Police only “stumbled upon” the alleged corruption in the course of their investigation is perhaps the “most concerning” piece of the allegations.

“They conducted a search to determine who may have recently queried the victim’s address and learned that Mr. Barnhardt had. There is no evidence that anyone was suspicious of Mr. Barnhardt or his associates until that moment,” she wrote.

“That is something that should be of tremendous concern to the public because it demonstrates that a trusted public official can engage in widespread illegal conduct and go undetected.”

Stephanie Sayer, a spokesperson for Toronto Police, said she could not comment on Justice Bird's ruling or alleged acts of police misconduct.

The force plans to update the public about anti-corruption initiatives launched in the wake of Project South during November's civilian-oversight police board meeting.

“TPS has taken a number of steps to strengthen oversight, accountability and professional standards," Ms. Sayer said.

Toronto lawyers Jason Dos Santos, who represents Constable Barnhardt, and Craig Bottomley, who represents Mr. Da Costa, declined to comment on Wednesday.

The two are jointly charged with giving and accepting bribes, unauthorized use of computers, and conspiring to obstruct justice, among other allegations.

Mr. Da Costa, 44, faces charges including bribing a peace officer, unauthorized use of police computers, trafficking police uniforms, conspiring to obstruct justice, and cannabis possession and exportation. He was released on bail of \$1.5-million in March, only to have it revoked after a bail review in May.

Constable Barnhardt, 56, is the only officer in custody, having twice been denied bail. His charges include accepting bribes, unauthorized use of police computers, trafficking police uniforms, conspiring to obstruct justice, and cocaine trafficking.

In addition to Constable Barnhardt, six other TPS officers – Sgt. Robert Black, Sgt. Carl Grellette, Constable Saurabjit Bedi, Constable Elias Mouawad, Constable Derek McCormick and

Constable John Madeley Jr. – were charged on an array of allegations that include bribery and drug trafficking. One retired constable, John Madeley Sr., was also charged.

In late July, Mr. McCormick, who retired from the police service this summer after his arrest, pleaded guilty to breach of trust and one count of theft under \$5,000. The 57-year-old received a 10-month conditional sentence after admitting to stealing cellphones that had been turned in by members of the public while he was working a front desk at downtown's 52 Division. Court heard that he was struggling with an addiction to painkillers at the time.

The allegations against the other officers have not been tested in court.

In response to the Project South corruption case, the province's Inspector-General of Policing launched a sweeping Ontario-wide review of police services. Estimated to take a year and a half, the review will look at police-officer screening, supervision and substance abuse. It will also look at evidence management and how to safeguard law-enforcement databases.

FAMILIES OF LAI, ZIN APPEAL FOR RELATIVES' RELEASE BEFORE XI'S VISIT TO U.S.

WASHINGTON The son of imprisoned former Hong Kong media mogul Jimmy Lai appealed for his father's release at a congressional hearing in Washington on Wednesday, one week before Chinese President Xi Jinping is expected to visit the U.S.

Sebastien Lai urged his father's release on humanitarian grounds at a hearing of the Congressional-Executive Commission on China. A Hong Kong court sentenced Mr. Lai to 20 years in prison in February after his conviction under a Beijing-imposed national-security law.

On the same day, Sylvia Zin, the wife of a U.S. scholar who has been detained in China for more than three months, appeared before a House foreign-affairs subcommittee, asking for help to free her husband, Min Zin.

"I'm deeply hopeful that President Trump will raise my husband's case with President Xi Jinping during the summit next week," she said.

Mr. Zin is one of two U.S. citizens that the State Department considers wrongfully detained in China. The other one is Youlin Chen, a Chinese-born American seismologist who has been detained in China for nearly two years. Their cases are considered a high diplomatic priority for the U.S. government.

U.S. President Donald Trump secured the release of Pastor Ezra Jin Mingri after meeting with Mr. Xi in Beijing in May. Mr. Trump also raised Mr. Lai's case with Mr. Xi but said it was a tough one.

Mr. Lai, a prominent critic of Beijing, founded a pro-democracy newspaper that was shut down during a crackdown after the city's massive anti-government protests in 2019.

"At 78, he is the oldest political prisoner in Hong Kong, with his 20-year sentence looming over him. If he's not freed soon, he will most likely die in prison," his son said.

Mr. Xi and Mr. Trump are expected to meet in Washington on Sept. 24. It would be Mr. Xi's first visit to Washington in more than a decade. He last visited the United States in 2023, when he attended the Asia-Pacific Economic Cooperation summit in San Francisco.

Mr. Lai's daughter, Claire, did not appear at Wednesday's hearing after being diagnosed with cancer. Her brother said she began chemotherapy in London last week. ASSOCIATED PRESS

Saudis seek help as missile defences run low: officials

Pilgrims gather around the Kaaba, Islam's holiest shrine, at the Grand Mosque Complex in Saudi Arabia's holy city of Mecca on Wednesday. AFP VIA GETTY IMAGES

Kingdom accuses Houthis of attempted Mecca attack as it slides deeper into new front of the Iran conflict

SAMY MAGDY SUZAN FRASER MUNIR AHMED CAIRO

Saudi Arabia is running low on missile interceptors and has turned to regional and Western allies for assistance as its stand-off with Houthi rebels in Yemen drags on, two regional officials said Wednesday.

The officials said the Saudis have asked France, Britain, Pakistan and Egypt to deploy airdefence support to the region to help defend against missiles and drones fired by Houthis and other Iran-backed groups.

The outreach was initiated because Saudi Arabia's main ally and arms supplier, the United States, has seen its own stock of interceptors dwindle over the course of a six-month war with Iran, one official said. Both officials spoke on condition of anonymity because they were not authorized to brief the media.

The fighting between Saudi Arabia and the Houthis is the latest front to erupt as a result of the Iran war. On Wednesday, Saudi Arabia accused the Houthis of trying to attack Islam's holiest city with a drone; the region responded with condemnation but no sign of military support.

The kingdom declared Mecca, the birthplace of the Prophet Muhammad, a “red line” and said it had intercepted the drone. The Houthis denied targeting Mecca, about 1,100 kilometres from Yemen’s border.

With the world's biggest oil exporter under fire from rebels backed by the Saudis' regional adversary, the kingdom needs a safe outlet for its crude as well as military assistance. There's no clear path to either.

A crucial Saudi pipeline has been shut down, reportedly for weeks, after an attack by Iranian-backed militias in Iraq. The Houthis have been targeting infrastructure in the kingdom and its shipping on the Red Sea, where they have seized several islands in the Bab el-Mandeb Strait. And Iran is still targeting ships in the Strait of Hormuz. Oil prices remain above US\$100 a barrel.

One of the regional officials said Saudi Arabia is in a “very difficult position,” since it has to protect not only its military bases and vital government installations, but also oil facilities across the kingdom.

The second official said Saudi Arabia is also seeking to rally its international allies to launch a collective response against the Houthis.

Last weekend, Oman hosted a meeting between U.S. and Houthi representatives to discuss the regional tensions, said two people familiar with the matter, including a Houthi official.

On Tuesday, the British Prime Minister's spokesman, Tom Wells, confirmed the U.K. has a “close defence partnership” with Saudi Arabia. But he declined to say whether Saudi Arabia has asked for military assistance, or say whether British troops are in the country.

A Turkish government official said Turkey was engaged in talks with Iran and the United Arab Emirates to try and lower tensions.

The attacks are the first test of a new defence pact among Saudi Arabia, NATO member Turkey and nuclear power Pakistan. But officials from Turkey and Pakistan told the Associated Press they have not received a Saudi request for support in response to the Houthis' escalation.

The Houthis claimed Wednesday that they shot down an F-15 fighter jet operated by the Saudi-backed coalition over Yemen's central province of Marib, though they didn't say when it happened.

ASSOCIATED PRESS

THOUSANDS STILL MISSING AND MOST RECOVERED BODIES UNIDENTIFIED WEEKS AFTER NEPAL FLOOD

Nepali authorities said on Wednesday that only about 7 per cent of the bodies recovered after the devastating flood have been identified, underscoring the scale of the work involved in helping thousands of families find out the fate of loved ones.

Weeks after the torrent of mud, rocks and water was unleashed by a glacial collapse, relatives continue to seek answers from authorities as hopes of finding survivors fade.

About 5,200 people remain missing, including 636 foreigners, after the disaster swept through mountain communities and hydropower sites, killing at least 1,399 people, Nepal's National Disaster Risk Reduction and Management Authority said in an e-mailed statement to Reuters.

The agency said it collected DNA samples from 1,206 bodies and 1,889 samples from family members of the missing.

Despite that, overall only 105 bodies have been identified and handed to family members, it added.

Authorities have deployed thermal drones and helicopters in the search and brought in specialists to rescue workers trapped in tunnels.

The search for the missing has led to a few remarkable rescues of people trapped in tunnels of Nepal's hydropower plants.

But the once regular flow of information about the rescue effort has slowed, families of foreign nationals said.

“Narrow airspace, difficult geographical mountainous terrain and scale of debris deposited are the major challenges on locating the missing,” the department said.

It added that it was providing regular updates to embassies and families through direct and indirect channels. REUTERS

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EU alliance more ambition than definition

European Commission President Ursula von der Leyen shakes hands with Canadian Prime Minister Mark Carney Wednesday at the EU parliament. DIRK ZENGEL/DDP VIA REUTERS

Invitation to become an associate member is a bold call for a new relationship

CAMPBELL CLARK

OPINION

What to call it? Just a few days ago, on Sunday, Mark Carney rebuffed reports that Canada was seeking to become an associate member of the European Union, saying he wasn't looking for membership but rather a "unique alliance."

But on Wednesday, he was front-row, seat one, at the European Parliament in Strasbourg, France, as European Commission President Ursula von der Leyen used her State of the Union speech to invite Canada to become the first-ever associate member of the European Union. The Prime Minister stood up to embrace her.

It was a big, bold call for a new trans-Atlantic relationship. The difference over the name was a sign that it still has more ambition than definition.

Both Mr. Carney and Ms. von der Leyen wanted those symbols of ambition.

The European Commission President framed it as a response to a “fracture” in the global system. She said that Europe's interest in an expanded alliance with Canada wasn't "against" anyone – but it's obvious that for both leaders it was a reaction to U.S. President Donald Trump's shaking of the old order. Both, especially Mr. Carney, want to send a message that they still have like-minded countries to work with.

Ms. von der Leyen referred to the idea as a proposal to create “a common prosperity and economic security space.”

"We will work on intelligent manufacturing. We will create a tech alliance. We will integrate defence industrial bases. We will make the Arctic a flagship joint project. We will work on energy, critical minerals and batteries. On

AI, quantum, cyber and economic security."

But associate membership? Earlier in the week Mr. Carney was trying to steer clear of suggestion that Canada is in some way joining the EU, which comes with bloc-wide trade policy and harmonized regulations.

Mr. Carney has aggressively courted a closer relationship with Europe, but he has also responded to Mr. Trump's trade war by emphasizing the preservation of Canada's sovereignty. Associate member was a phrase Canadian officials weren't using on Wednesday.

They preferred to note that Ms. von der Leyen also called it an alliance for the future.

For that matter, the European Commission President's associate member label didn't sit well with some of the member nations: A spokesman for German Chancellor Friedrich Merz said the term – never used even for closely linked non-members such as Norway – should be reconsidered. European parliamentarians applauded co-operation Wednesday, but the EU might well eventually opt for something more modestly packaged.

Canada's ambassador designate to the EU, Jonathan Wilkinson, insisted the name doesn't matter until you define what it is.

And defining it isn't easy.

Mr. Carney has pushed for bold moves toward closer ties. But some European diplomats have told The Globe and Mail they weren't sure what more could be done that will live up to the billing.

Canada already has a decade-old trade agreement with the European Union, although 10 of the 27 EU countries have yet to ratify it, so parts of the agreement are not in effect in those countries. Defence co-operation happens through the North Atlantic Treaty Organization. Mr. Carney already signed a slew of agreements with the EU last year.

The next steps will have to be more continuation than revolution, said Achim Hurrelmann, a Carleton University professor and the co-director of the Centre for European Studies.

“I really think the reasons why they are playing up this new level of partnership so much is primarily symbolic,” said he said. “I see no legal need for a new level of partnership, and no real institutional blueprint for what it could look like.”

There are areas for initiatives. Both have an interest in co-operating on artificial intelligence and data sovereignty to ensure the United States doesn't monopolize control of the technology, as well as on agreements to secure supply chains for critical minerals.

But then some of the dreams of what might come in a new alliance – such as visa-free mobility between Canada and Europe – will be more modest in reality.

Visitors can already travel visa-free and there are underused student exchange and youth mobility programs. Canada isn't going to open unchecked immigration to 450 million Europeans and the EU, already seeing the rise of far-right anti-migrant parties, won't do the same for Canadians. The two sides are more likely to expand youth and educational exchanges and mobility agreements for professionals.

Those would still be substantive measures. More are slated be hammered out by the time of a Canada-EU summit in October. In the meantime, there are new, big, symbolic ambitions for an undefined arrangement that still can't speak its name.

EU: No details yet on what the new relationship with Canada would entail

FROM A1

The two sides will work together on intelligent manufacturing, creating a technology alliance, integrating defence production and making the Arctic a “flagship joint project,” she said. Discussions will also focus on energy, critical minerals, batteries, artificial intelligence and quantum science, as well as cyber and economic security.

In a reference to Mr. Trump, she added: “This is not a partnership against anyone else. But for our common strength.”

In Ottawa, the Conservatives and the NDP reacted to Ms. von der Leyen's ambitious proposal by cautioning that Mr. Carney should not commit Canada to associate membership in the EU without seeking the approval of Parliament.

Conservative Leader Pierre Poilievre said in an X post that he would reject submitting to EU regulations and that Canada must remain “independent and sovereign.”

Shuvaloy Majumdar, the Conservative critic for Canada-U.S. relations, noted that Mr. Carney's 2025 campaign platform did not talk about obtaining any category of membership in the EU.

“Parliament should be consulted. It should be brought before the House to be considered,” Mr. Majumdar said.

"Do we want European rules? Do we want European regulation? Do we want European Union taxes?" the MP asked. "To what degree is the Prime Minister offering up Canadian sovereignty to be come the 28th member of the European Union?"

NDP press secretary Sam Hersh said his party feels Parliament should have the final say on a new relationship with the EU.

“It’s unacceptable that Canadians are learning about Mark Carney’s interest in a new political relationship with Europe through news coverage of his visit to the European Parliament, rather than an address to Canada’s House of Commons,” Mr. Hersh said in a statement. “New Democrats support stronger economic ties with Europe, but the place to have that debate is here in Canada, on the floor of the House of Commons.”

Neither Ms. von der Leyen nor Mr. Carney offered details about what this new relationship would look like or how it would differ from arrangements the EU has with other non-member countries such as Norway, Iceland and Switzerland.

Those arrangements provide access to the EU's single market and guarantee the free movement of people, workers and capital. But all three of those countries contribute to the EU's budget and must adhere to EU regulations, without any say. Mr. Carney has reportedly ruled out the option over fears of giving up too much sovereignty.

Mr. Carney's spokesperson, Audrey Champoux, issued a statement that welcomed Ms. von der Leyen's proposal as one that both sides could define together – but noted that she was referring to it as an alliance for the future.

Canada's ambassador-designate to the EU, Jonathan Wilkinson, played down Ms. von der Leyen's use of the term "associate member," saying the terms don't really matter until the proposal is better defined.

“I think we’re still a ways away from actually landing on what we think is the best way to describe it,” he said.

The EU has association agreements with more than 20 countries. Those deals offer varying degrees of market access and obligations but in many cases took decades to negotiate. They also require the approval of all 27 member states, which can be tortuous. While CETA, the trade deal with Canada, was signed in 2016, it still hasn't been ratified by 10 EU members including France, Italy and Ireland.

“Nobody knows what it will be exactly because, as the President of the Commission, Ursula von der Leyen, said, it will be the first associate member,” said Javier Moreno Sánchez, a Spanish MEP who chairs the parliamentary delegation for relations with Canada.

Mr. Moreno Sánchez ruled out the possibility of Canada electing MEPs or having representatives on various EU commissions. But he said the relationship would likely go beyond an association agreement.

“We have to be creative and work together to fulfill this status,” he said. “What is important is the political signal we send to the world, saying that we want to be very close.”

He acknowledged some MEPs have questioned the legality of this status, since it is not outlined in the Treaty on European Union, one of the bloc's founding documents. However, he said the EU has been able to work outside the treaty before, such as when it launched the euro and developed the Schengen Agreement on free movement. "When there is the political willingness, we can do it."

This new membership status could also be a template for other countries such as Britain, Japan or Australia, he added.

Not all MEPs welcomed the idea of special treatment for Canada.

“How is it possible that the United Kingdom does not have priority when it comes to becoming an associate member?” said MEP Nicola Procaccini, a member of the right-wing Brothers of Italy party, which is led by Italian Prime Minister Giorgia Meloni.

During his speech to the chamber, Mr. Procaccini also criticized Ms. von der Leyen for “bowing to Prime Minister Carney.”

Jordan Bardella, the president of France's populist National Rally, took aim at the EU's leadership and said the “current system is reaching its end.”

"When the money is European, the jobs need to be in Europe. When the money is French, the jobs need to be in France," he told MEPs.

Both the Brothers of Italy and the National Rally are Euroskeptic parties, though Ms. Meloni has softened her stand somewhat and now calls herself a “Eurorealist.”

In the U.S., Republican Senator Susan Collins of Maine also sounded a negative note Wednesday about Canada seeking a deeper alliance with the EU.

“That doesn’t help rebuild the good relationship that we once had and that I want us to have again,” she told CBC News.

Mr. Carney left France Wednesday night for Liverpool, where he attended a soccer match between Everton and Wolverhampton Wanderers with Prime Minister Andy Burnham, an ardent Everton supporter. It marked the first time the leaders have met since Mr. Burnham took over as Prime Minister in July. They were expected to talk about closer ties with Europe, NATO and trade.

The Prime Minister's Office said Wednesday that Canada has applied to join Britain's Joint Expeditionary Force, the U.K.-led military coalition of 10 countries focused on Arctic and North Atlantic security.

Mr. Carney was scheduled to return to France after the game and will give a speech to the European Parliament on Thursday.

Fen Hampson, a professor of international affairs at Carleton University, said associate membership in the EU is unlikely to give Canada any protection from Mr. Trump's economic attacks. Even though the collective market power of Europe and Canada is bigger than that of China or the U.S., he said, EU members have repeatedly failed to stand up for this country in the face of punitive U.S. tariffs and bans on Canadian goods.

“They have been constantly pushing the mute button when Donald Trump has taken a swipe at us.”

With reports from The Canadian Press

Alberta: Key points touch on big short-term costs, uncertain future consequences

FROM A1

The referendum arrives at a time of heightened concerns over national unity and threats to Canadian sovereignty in response to U.S. President Donald Trump's trade war and annexation rhetoric.

Quebec voters, meanwhile, are roughly three weeks from a provincial election. The sovereigntist Parti Québécois has led in the polls for the better part of three years but currently seems unlikely to form a majority government. In June, the party published its 524-page Livre bleu – its latest blueprint for independence.

Martha Hall Findlay, director of the UofC's School of Public Policy, wrote in the Alberta report that the document is non-partisan. It “neither advocates for, nor opposes, separation,” she wrote.

Tim Sargent, the report's lead author, said in an interview that one of the biggest challenges during the exercise was finding real-world scenarios that could accurately inform the outcomes of a possible Alberta divorce from Canada.

Over the past year, numerous groups and voices in Alberta's separatism debate have jockeyed to pin down the consequences of secession; the report is the first comprehensive analysis published by an academic institution.

“You’re really staring in the crystal ball,” Mr. Sargent said.

The report says that establishing a separate Alberta could cost between \$50-billion and \$170-billion in the first five years. It also says Alberta's debt would hit roughly \$324-billion in the best-case scenario and \$442-billion if negotiations between the province and Canada aren't friendly.

The rest of Canada, meanwhile, would be economically devastated by Alberta's departure. The authors predict that Canada's global economic standing would fall, its currency would weaken and that there would be major challenges to interprovincial and international trade routes.

The panel said its findings underline two key points: that separation would involve significant short-term costs, and that the long-term economic and fiscal consequences would be highly uncertain.

Alberta Finance Minister Jason Nixon pointed to that uncertainty in a Wednesday statement responding to the report.

"The panel's assessment emphasizes that both the scenarios outlined in the report highlight how costly it would be for Alberta to separate from Canada in the short term and also highlight the substantial amount of uncertainty Alberta would face in the long term," he wrote.

NDP finance critic Court Ellingson said in a statement that the report demonstrates that separatism is a “terrible idea for Alberta’s economy and families” and shows that the Oct. 19 referendum is a “waste of money.”

Alberta's path to secession would largely rest on Ottawa's reaction and its negotiation strategy, the report says. A "smooth" departure would require the Canadian government – in this case, motivated by providing certainty and limiting the economic damage – to quickly conclude negotiations with Alberta.

The “difficult” scenario, meanwhile, would likely see Ottawa limit its concessions to Alberta to discourage other provinces from leaving, which the authors say motivated the European Union’s approach when Britain voted to leave the bloc.

Prolonged negotiations would weigh on investment, interest rates and the exchange rate because investors would be hesitant to put money into Alberta and Canada until they had a clear picture of the future, the report says. The vast range of potential outcomes is reflected in some of the estimates.

Under the “smooth” scenario, the authors expect that the Alberta government’s surplus over a 20-year horizon would be around \$7.8-billion, while GDP would increase by about three per cent more than if Alberta had stayed in the country. The “difficult” scenario estimates that the province’s deficit would grow to \$31-billion and GDP would contract by 16 per cent.

The report also ponders Alberta's relationship with the U.S., things the new country would not need to spend money on – such as a Coast Guard – and how it would set up a military.

Alberta wouldn't inherit assets such as fighter jets, which would "need to be acquired quickly," the report says, and as a new country it would need to spend about \$10-billion to meet NATO's requirement that members spend 2 per cent of gross domestic product on defence. That would increase to \$25-billion as NATO countries last year committed to investing 5 per cent of GDP annually on defence by 2035.

Keith Wilson, leader of the pro-independence group Let Alberta

Decide, said he feels that the report is “unrealistically pessimistic” because it ignores the province’s leverage in negotiations with the rest of Canada. Even the best-case scenario dismisses the province’s economic levers, he said.

“Canada does not have that economic strength. Alberta holds the cards here,” said Mr. Wilson, who recently published his own economic projections under what he called the Alberta Transition Council.

The relatively minor benefits outlined in the “smooth” scenario are highly unlikely and underline the limited upside of separation, Adam Legge, president of the Business Council of Alberta, said in an interview.

"The highest probability is that we would be landing somewhere in negative economic territory," said Mr. Legge, a member of the report's advisory panel.

Mr. Legge added that the best-case scenario was included to “insulate” the report from criticism that it only looked at the negative consequences of separation.

“It was really about ensuring that we enabled the report to stand the test of a challenge and not being a predetermined conclusion.”

Duterte attends pretrial hearing at international court

Rodrigo Duterte appears before the International Criminal Court in The Hague, Netherlands, on Wednesday. PIROSCHKA VAN DE WOUW/REUTERS

Former president of the Philippines is accused of crimes against humanity

MOLLY QUELL THE HAGUE, NETHERLANDS

Former Philippine president Rodrigo Duterte attended a hearing Wednesday at the International Criminal Court, where he's facing charges of crimes against humanity, smiling and waving to supporters during his first public appearance in over a year.

The ex-leader is accused of murder and attempted murder for his alleged involvement in dozens of killings as part of his so-called war on drugs during his time in office. He denies the charges against him.

Dressed a black suit and a crisp white shirt, the 81-year-old joined a pretrial hearing that focused largely on scheduling concerns ahead of the trial's official start, expected in November.

Mr. Duterte was arrested in the Philippines in March, 2025, and sent to The Hague. He made his initial appearance via video link from the court's detention centre and had not attended another session until Wednesday.

His legal team had attempted to get the case thrown out on medical grounds, but judges denied a request for him to be released from custody and ultimately ruled earlier this year that he was healthy enough to stand trial.

The ICC has been looking into mass killings in crackdowns overseen by Mr. Duterte, first when he served as mayor of the southern Philippine city of Davao and later as president.

Estimates of the death toll during Mr. Duterte's presidential term vary, from the more than 6,000 reported by the national police to up to 30,000 claimed by human rights groups.

According to the prosecutors, police and government hit squads carried out dozens of killings at Mr. Duterte's orders, motivated by the promise of money or to avoid becoming targets themselves.

In June, the presiding judge in his case told Mr. Duterte's lawyers that she wanted the ex-leader to turn up. "We would expect Mr. Duterte to be here unless there's some medical issue," Judge Joanna Korner said.

Earlier this week, his counsel requested additional medical evaluations.

Relatives of those killed in the drug crackdowns held a group watch in Manila, chanting “Justice for all victims of the killings!”

A small group of protesters also gathered outside the ICC ahead of the hearing to voice their support for the proceedings.

A month after the court in February, 2018, announced a preliminary investigation into the violent drug crackdowns, Mr. Duterte said the Philippines would withdraw from the ICC.

Last year, judges rejected a request from Mr. Duterte's legal team to throw out the case because of the Philippine withdrawal. They said that countries cannot “abuse” their right to withdraw from the court’s foundational Rome Statute “by shielding persons from justice in relation to alleged crimes that are already under consideration.”

Earlier this year, an attempt by authorities to arrest another man wanted by the ICC in connection with the drug killings dissolved into gunfire in the Philippine Senate in May. No one was hurt. The court had unsealed an arrest warrant for Ronald Marapon dela Rosa, who served as national police chief under Mr. Duterte. Mr. dela Rosa went into hiding following the Senate standoff and remains on the run.

In July, the Philippine Senate, acting as an impeachment court, opened a trial of Mr. Duterte's daughter, Vice-President Sara Duterte. If convicted of her charges, which include amassing unexplained wealth and publicly threatening the family of the current President, Ferdinand Marcos Jr., she may be permanently disqualified from holding public office. She denies the charges.

ASSOCIATED PRESS

Kosovo's former president sentenced to 25 years for war crimes

MIKE CORDER

THE HAGUE, NETHERLANDS

Kosovo's former president Hashim Thaci was sentenced to 25 years in prison on Wednesday after being found guilty of war crimes committed during the war for independence from Serbia in 1998-99.

Mr. Thaci resigned from office nearly six years ago to face the charges at the European Union-backed Kosovo Specialist Chambers in The Hague. He was convicted of four counts of war crimes including murder, torture, cruel treatment and arbitrary detention. Both he and the prosecutors, who had asked for a stricter sentence, can appeal.

The judgment sparked anger among Mr. Thaci's supporters and was a crushing blow for a man who was once embraced by the West, invited to the 1999 peace talks in France and seen as the leader who could guide Kosovo to independence.

Presiding Judge Charles Smith said Mr. Thaci actively participated in and encouraged crimes, including by promoting individuals involved in crimes, and “showed a ruthless ability to remove and eliminate political impediments” to his and other commanders’ leadership.

Wearing a suit and tie, Mr. Thaci stood in silence as Justice Smith read out the sentence.

Kosovo Foreign Minister Glauk Konjufca condemned the verdicts as “a terrible judgment for Kosovo, for our people and for our liberation war.”

Hundreds of supporters waited at a park near the courthouse in The Hague, and some clashed briefly with Dutch riot police, who said on X that they detained two people.

In Kosovo's capital, Pristina, thousands of people watched the hearing live on a huge screen and were stunned by the sentence. Some shouted "UCK," the Albanian-language acronym for the

Kosovo Liberation Army that Mr. Thaci once led before entering politics.

One supporter, Bekim Fetahu, said the verdict was “a catastrophic decision.”

“They [judges] have put the victims together with the aggressors,” Mr. Fetahu added.

Later, masked protesters threw stones at the wall surrounding the compound of the European Union Rule of Law Mission in Kosovo, known as EULEX, on the outskirts of Pristina, smashing several windows.

Justice Smith, the presiding judge, said Mr. Thaci “used his position, leadership, authority and standing” to encourage crimes and failed to investigate or punish abuse by KLA fighters.

However, the American judge also stressed that the trial was “not about the legitimacy of the Kosovo Liberation Army” or its ultimate goal of securing independence for Kosovo, which at the time was a province in Serbia.

Specialist Prosecutor Kimberly West applauded the judgment. "Certain individuals exploited those war circumstances to commit grave crimes, and it is to the credit of Kosovo that those individuals are now being held accountable," she said in a statement.

ASSOCIATED PRESS

A10 FOLIO

How this Toronto park became an international model for ecological restoration

Tommy Thompson Park, once a construction waste dump, is now a haven for birds, beavers and Torontonians alike

TAVIA GRANT MELISSA TAIT

PHOTOGRAPHY BY MELISSA TAIT

Andrea Chreston is standing at a look-out point at the edge of a wetland, pointing to a pair of trumpeter swans with three cygnets cruising through a blanket of lily pads.

It's hard to believe that in years past, this green oasis on Toronto's waterfront was a barren wasteland.

“This was a moonscape 20 years ago,” says Ms. Chreston, senior project manager at the Toronto and Region Conservation Authority. “The vegetation has really come a very long way, and it’s providing all this essential habitat for wildlife communities.”

Tommy Thompson Park, a former construction waste dump, is an urban wilderness park that has become a model of ecological restoration.

It is also a biodiversity hotspot, with river otters, white-tailed deer, monarch butterflies and red-breasted mergansers, as well as wildflower meadows and wetlands that teem with life. It is known as one of the best spots for birdwatching in the city, with more than 300 recorded species.

Named for the city's first commissioner of parks, the wildlife magnet sits on the Leslie Street Spit, a peninsula just minutes away from the city's downtown core. The five-kilometre park attracts an estimated 300,000 visitors each year, most of them cyclists, walkers and birders. Many locals refer to the park as “the Spit.”

It is unique in Canada, and possibly North America, in that the land is entirely man-made; it wasn't initially intended to be a park and it is surrounded by water. The TRCA says it isn't aware of any other examples like this, of a rubble landform in a lake that has transformed into wilderness park.

Construction of Leslie Spit began in 1959, to create a breakwater for Toronto's harbour. Initially, it was also planned as part of an expansion of Toronto's port capabilities, but the anticipated shipping boom never happened; for years, the spot was simply a dumping ground. Over decades, Toronto deposited sediment dredged from the lake bottom and waste from demolished buildings and subway construction, slowly creating the five-kilometre peninsula.

In 1973, the province gave the TRCA responsibility for developing a plan for a public park, and the conservation authority has been working on habitat restoration projects since 1995. Today's park is the result of both targeted restoration efforts and natural succession. Wildlife has come on its own, says Ms. Chreston.

“Everything that’s happened at Tommy Thompson is wild and natural, but we’ve created these habitats that they’re thriving in.”

The park was bustling with wildlife during a recent two-hour visit. A meadow vole darted across the pathway; monarchs danced amongst the milkweed, and a garter snake slithered over the path. Ms. Chreston points out nests of barn swallows and cliff swallows, bat boxes and a floating raft for common terns.

Its location, jutting out into Lake Ontario, has made it a crucial stopover point for birds and butterflies. It has received official designation as important for birds, environmentally significant and a key biodiversity area. Indeed, the park is home to animals not always expected in large cities, including painted turtles, milk snakes and largemouth bass, and mammals such as beavers, foxes, mink and coyotes.

Its success has attracted global attention: This spring, a delegation of officials from South Korea visited the park to learn how to establish plants in a site like this. “There’s definitely a lot of international interest,” as well as from places across North America, says Ms. Chreston. And in November, 2025, the TRCA won an award for the park as a model of ecological restoration and protection, presented at the Global Forum on Human Settlements in Geneva, Switzerland.

The TRCA is also sharing what it has learned more locally. In May, a new conservation area opened in nearby Mississauga that incorporated lessons learned from Tommy Thompson. Jim Tovey Lakeview Conservation Area is a waterfront park with restored habitat for birds, butterflies and other wildlife.

Toronto resident John Carley has been visiting the Spit since the 1980s. “Just walking out there, and being out there with water and waves and away from the city is what I love,” said Mr. Carley, who is co-chair of Friends of the Spit, a group founded in 1977 that advocates to keep the Spit as a car-free public urban wilderness.

His group has checklists of all the sightings of flora and fauna on its website – around 400 plant species, 336 species of birds, 22 kinds of mammals, more than 50 butterfly species, and more than 40 dragonfly and damselfly species.

Nature is, as the federal government said this year, foundational to Canadian identity. Ottawa announced a new strategy to protect the natural environment in March; among its goals is to restore degraded ecosystems.

And it's working. The habitat is thriving and the animals have come. In the past few years, white-tail deer have begun breeding in the park. River otters too.

“They’re super secretive, so it’s very difficult to find them, but that’s a species that was absent from the Toronto waterfront for a century,” said Ms. Chreston. Those trumpeter swans, native to the area and once rare, are growing in population: This is the 13th year they have nested in the park and this year a total of 16 cygnets hatched from three nests.

It's weird, in a wonderful way. A nature park built atop rusted rebar and broken ceramic tiles, slabs of concrete and weathered bricks, gravel, stones and sand. People make spontaneous art out of the random, textured found objects along the shoreline.

Mr. Carley hopes it will remain a place that is not manicured, a little rough and largely left to its own devices. His philosophy for the park is, “as much as possible, letting nature rule.”

A group of visitors take a selfie near a bridge at Tommy Thompson Park. The five-kilometre park attracts an estimated 300,000 visitors each year, most of them cyclists, walkers and birders.

Far left: The park is home to animals not always expected in large cities. There have been beavers for more than 20 years.
Middle left: The growing Trumpeter Swan population has been spotted nesting here for about 13 years.
Left: Cliff swallows are seen in a nest, making the park a crucial stopover point for bird watchers.
Below: A visitor fishes off the park's bridge. The largemouth bass is among the types of fish found in the water.

Left: The view of marshland at Embayment D and the Toronto skyline from the park. The area, which was a former construction waste dump on the east side of the Toronto waterfront, is now a thriving biodiversity hotspot.
Between the 1950s-1970s, the area known as the Leslie Street Spit was made up of dredged material and construction debris. In 1984, it was named as a park and the area has been preserved as a protected ecosystem.

EDITORIAL

The subject who is truly loyal to the chief magistrate will neither advise nor submit to arbitrary measures - Junius

Doug Ford should (also) stay in his lane

Ontario Premier Doug Ford recently took time out of his schedule to record a video explaining how his government was charging ahead to tackle a key problem facing the province.

There are so many urgent files on his desk that this must have been important. Was he responding to the trade war threatening the province's economy? Problems in the healthcare system? Violence in schools or sagging housing starts?

No, no, no and no. Mr. Ford was instead exercised about local infrastructure in Toronto. Specifically, he wanted to brag about how his government was moving quickly to remove popular bicycle lanes across 19 kilometres of the city's roads.

To be clear, the Premier is legally within his bounds to remove bicycle lanes in Toronto. A Court of Appeal decision last month determined that such policy decisions are the purview of politicians and not judges. This space has argued that was the correct decision and that judges should stay in their lane.

But there are many things that are both legally permissible and also unwise. Remember, Ontario is the largest province in the country, with 16 million people, a \$17-billion projected deficit and a long list of serious challenges. Mr. Ford has much bigger fish to fry. He, too, should stick to his lane.

Instead, he is indulging in an antipathy for bicycle lanes that goes back to his time on city council. He fought them then, but council felt differently and the bicycle network slowly expanded. That helped spur growth of the local bike-share system, which had nearly eight million rides last year.

Now, as Premier, Mr. Ford has the power to override the will of city council. Among the bicycle lanes on the chopping block are separated routes on Yonge and Bloor Streets and University Avenue – all of which have become key parts of the city's transportation infrastructure.

Mr. Ford insists this is a common-sense approach to tackling congestion. But a possible tell that this is more about culture-war politics is that he is making no effort to remove parking spaces, which take up more room than bicycle lanes.

It is possible, of course, to make an argument for removing bicycle lanes. Doing so frees up space on the road for drivers. Although history and academic analysis indicate that this additional space will become congested in due course, vehicle throughput will increase. That is, the road will accommodate more drivers.

The number of drivers a road can move is, however, only one metric for its value. In a city in which not everyone drives, other ways to get around must be given proper attention.

The primary value of bicycle lanes is that they allow people to ride in greater safety, a public-health victory. Bicycle lanes can also help congestion, by convincing some motorists that they can get to their destination without driving. Certainly, cyclists taking the whole lane because they feel unsafe will not help to speed traffic. And research shows that bicycle lanes are good for local business, because people riding tend to stop more and spend more than people driving.

Toronto City Council weighed the pros and cons and chose to install the bicycle lanes. That's the right place for such a debate. How people move around a city is a decision best left to their local representatives.

Instead, Mr. Ford big-footed city council to wade into municipal politics, even though there are many more important issues for his attention. To help him focus, here is a partial list.

For one, he could slim down cabinet. Last week Mr. Ford shuffled cabinet and it is the largest ever – not a good look in a province facing trade war-related job cuts. The Premier needs a lean team that is focused on the essentials. He could also take a serious look at student attacks on teachers, a complicated problem that will not be solved simply by putting police in schools. And he could do more to help workers in the auto sector – which has fared worst amid a broader manufacturing decline, according to a report last year from the provincial budget watchdog – make the transition to new jobs.

These are real problems. And it's not as if the province is starting from a position of strength. Its economy is “facing some of the stiffest headwinds in the country,” according to an analysis last month by TD, and anemic growth is expected this year. In this context, throwing money at removing local bicycle infrastructure is particularly hard to justify.

People have good reason to worry about provincial priorities. And they are right to wonder at Mr. Ford's triumphant focus on a few kilometres of bicycle lane.

SINCLAIR STEWART DEPUTY EDITOR ANGELA PACIENZA EXECUTIVE EDITOR

JAMES KELLER NATIONAL EDITOR CHRISTINE BROUSSEAU MANAGING EDITOR, PRIORITIES

ANDREW SAUNDERS PRESIDENT AND CEO DAVID WALMSLEY EDITOR-IN-CHIEF

LETTERS TO THE EDITOR

OPEN DOOR

Re “Ottawa plans ‘mega deduction’ tax incentive to spur investment” (Sept. 16): The message that comes across is that Canada is indeed for sale. What a pity.

There is no sovereignty when one is putting all that is of value up to the highest bidder. ■ Jack Kornblatt Montreal

It's absolutely refreshing to see the energy of a Canada on the move and a Prime Minister laser-focused on growing the economy, making a more business-friendly environment and doing what it takes to make the country strong and sovereign.

For too long we rested on our laurels, focused on why we couldn't rather than how we could. We were afraid of change and we erected barriers to retain the status quo. But hopefully not any more.

It will be up to Canadians to embrace this resolve. A vibrant economy further protects our environment and strengthens our cherished social programs. That our new direction makes us less dependent on Donald Trump's America is an added bonus.

A Canada that gets things done and trades with the world – whose word is indelible and whose people are incredible, educated and diverse – is a Canada to be proud of, a Canada that's hard to beat.

Desmond Pouyat Toronto

Re “Ottawa won’t get its fingers out of the economy” (Editorial, Sept. 16): Open for business? It’s more like Canada is up for sale to the highest bidder.

The Canada Investment Summit attracted interest from all over the world. But in order to sweeten the deal, Mark Carney is offering tax incentives under the proposed “productivity mega deduction.”

With his experience as the head of the Bank of Canada then Bank of England, he is well aware of tax implications to businesses and individuals. By changing a lot of other aspects of tax law, he could open up Canada to more domestic investment.

Wouldn't it be nice if we could start a lot of our own businesses and develop our own resources instead of succumbing to the wiles of another branch-plant situation?

Leslie Martel Mississauga

AIN'T BROKE

Re “Ottawa to announce steps toward opening up airports to more private investment, sources say” (Sept. 15): I believe any rationale for airport privatization falls short when weighed against the financial successes and positive economic impact of Canada’s not-for-profit, community-based airport authorities.

Under the 1990s National Airports Policy, about 20-plus major and regional airports were transferred to local arm's-length authorities. Since then, these organizations have financed tens of billions of dollars in improvements through landing fees, concessions and airport improvement fees.

Local governance allows airports to respond to regional needs with boards that include business leaders, municipal representatives and labour voices. Why sell strategic assets, possibly to foreign investors, when they already generate stable public revenue and community benefits?

Privatizing airports would shift priorities from regional development to shareholder returns. A fragmented hybrid system, with some airports community-run and others privately owned, would weaken co-ordination, partnerships and the seamless airport connectivity Canadians rely on.

GARY SALEWICZ EDITOR, REPORT ON BUSINESS

Mark Carney should abort this harrowing flight before it leaves the runway.

Gerry Gallant

Former chairman, Charlottetown Airport Authority; Souris West, PEI

ON PLASMA DONATION

Re “Grifols permitted donors to give plasma despite punctures, bruising on arms, Health Canada finds” (Sept. 16): I hope this Grifols debacle points out to people

– and lawmakers – the almost inevitable consequence of turning medicine over to those who are in it for the money.

Imagine: People allowed - paid to - donate without proper medical assessment. One apparently had signs of what could have been illicit drug use. One donor declared sexual contact with a person who had HIV/AIDS and was allowed to donate - twice.

Corporations chase the bottom line and morality does not seem to be a driving issue, if it exists at all.

Alan Jones Vancouver

IN REVIEW

Re “First Nations leaders, family demand answers for woman’s death after she was denied medical travel” (Sept. 15): The federal Non-Insured Health Benefits program spent \$789.6-million on medical transportation in 2023-24, up 11.1 per cent from the previous year. What improvements in access and health did that additional spending purchase?

Miranda Mamakwa's family deserves answers. Can Indigenous Services Canada explain how it assesses whether a growing transportation budget gets patients to necessary care? Does it track completed appointments, missed follow-ups and the conse-

NATASHA HASSAN OPINION EDITOR

MATT FRENCH HEAD OF VISUALS quences for patients?

MATT FREHNER MANAGING EDITOR, PRODUCTS AND PLATFORMS

Who connects those findings to purchasing decisions? Where is the joint plan with First Nations and provincial health systems to determine whether community clinics, diagnostics and reliable staffing could deliver better outcomes while reducing avoidable travel? Does the department evaluate whether repeatedly purchasing travel represents the best use of those dollars?

Who at Indigenous Services Canada answers for the outcomes of its spending purchases?

Rafiq Andani

MBBS, CCFP (EM), FCFP; Winnipeg

MASK OFF

Re “Big Tech and Big Oil have fused into an entity we might think of as Fossil Tech” (Opinion, Sept. 12): This articulates how Big Tech disguised its industry as clean, not adding harm to the environment and showing support to solve the climate crisis in earlier years.

Now it has aligned with the fossil fuel industry to support data centres, which are built on a massive scale to accommodate ambitions which need enormous amounts of energy to run.

We should fear the immense influence on the public and politicians to accept this union, even if it harms the environment in lethal ways.

■ Hiedi Vamvalis London, Ont.

HUMAN INTEREST

PATRICK BRETHOUR EDITORIALS EDITOR

Re “Ontario announces 40,000 new seats at universities and colleges, with focus on practical job training”(Sept. 11) and “Creative destruction” (Letters, Sept. 15): Kudos to a letter-writer who reminds us that we educate for life, not just for work.

DENNIS CHOQUETTE DEPUTY EDITOR, REPORT ON BUSINESS

In his 1991 Massey Lectures, philosopher Charles Taylor warned that “the primacy of instrumental reason” – prioritizing the economic efficiency of means – has eclipsed the discussion of “the independent ends that ought to be guiding our lives.”

Most critical societal issues aren't simply solved by instrumental calculation, not the value of our sovereignty, our international responsibilities, protecting the environment nor the future role of artificial intelligence. STEM programs, though economically vital, do not alone help us navigate how to better our lives.

The social sciences help us understand the complex diversity of thinking and behaviour; the arts explore new ways of being human. At McMaster University in the 1970s, a literature course mandatory for engineering students was jokingly called “English for Plumbers,” an early acknowledgment that technical skill requires human judgment. Chester Fedoruk Toronto

MELISSA STASIUK HEAD OF NEWSROOM DEVELOPMENT

Ottawa must face up to AI's terrible risks

Mark Carney has the credibility among middle powers to push for AI safety

LAWRENCE MARTIN

OPINION

The grand event that was Mark Carney's investment summit was preceded by bigger news, it being revelations about the human extinction threat posed by advances in artificial intelligence.

We'd heard horror stories before, but an Anthropic employee took fears to a new level by saying there was a 10-per-cent chance AI could kill all humans within the next decade.

To give the doomsday scenarios more gravitas, there followed the remarkable sight of the titans of the AI industry coming forward to confirm them. Runaway AI has to be brought under control, they said.

But the ominous soundings, which have seen the debate over AI regulation exploding in the U.S., were not enough to put a damper on the Toronto investment party. Reaction from the Carney government to the AI uproar was rather muted. It's always been rather muted about AI's dangers because this is a domain in which Canada has a competitive advantage. Ottawa wants to ensure we capitalize on the AI boom. Why highlight the hair-raising stuff? Why push for heavy regulation of the great growth engine?

But that won't be an easy play to sustain now. The Armageddon scare has cast a pall, tilting the market from enthusiasm to trepidation. Canadian public opinion is likely to exert strong pressure on the Liberals to get off their derrières.

Ottawa had regulatory legislation all set – the Artificial Intelligence and Data Act – but it died on the order paper in the last parliament. Now in its place is a patchwork quilt of measures weaker than what that legislation would have provided.

They look especially anemic when we hear Anthropic chief executive Dario Amodei sounding alarm bells about how AI agents could effectively take control of large portions of the internet through co-ordinated agent swarms. And how they could become capable off devastating cyber warfare. And how advanced AI could make nightmarish biological weapons easy for rogue actors to create.

On the military front we're already at the stage where AI-powered combat drones, as seen recently in an attack on Ukraine, can autonomously - i.e. with no supervision from earthlings - choose targets and strike them.

Responding to the warnings of the AI bosses, Mr. Carney told Bloomberg this week there's a need for a more co-ordinated international response. "We've had initial discussions at the G7 of how that might be done," he said. "Ultimately, a technology stability board, in our view, along the lines of a financial stability board, would make sense."

But a board is hardly enough to quell fears.

“Canada has binding legal regulations on everything from guns to butter,” NDP Leader Avi Lewis posted on X Monday. “And none for AI.” It’s time for our government to stop “cheerleading and start regulating in the public interest,” he said.

Complicating the situation is Donald Trump's stance. Even though the people making the technology were the ones making the dire warnings, the “very stable genius” (as he has called himself) was dismissive. There should be no slowing of AI development, he said; the fears being raised are a “hoax.”

Despite existential threats, the U.S. President is full steam ahead. He regards the climate crisis as a hoax too. He tears down programs to address it. He was once opposed to forever wars. Not so, given his take on Ukraine and Iran, any more. He still likes tyrants, a sampling being his high-five rapport with North Korean head case Kim Jong Un.

On AI regulation, Ottawa is limited in what it can do given the dominance of Americans in the field. But some restraints, like requiring companies to meet regulatory safety standards before their AI systems are deployed, are possible.

Mr. Trump's basis for green-lighting AI is the fear, legitimate enough, that the U.S. will lose the AI race to China. To avoid that, Mr. Amodei says that like in the Cold War days when there were arms control negotiations on nuclear weapons, there could now be AI arms control negotiations between the U.S. and China.

Mr. Carney has credibility among middle powers. He could help build a coalition to pressure for AI safety and megapower cooperation on its emergence. "Middle powers must act together," Mr. Carney said at Davos, "because if we're not at the table, we're on the menu." Menu? With the lead the U.S. is getting on AI, competitors will be all the more vulnerable to subjugation by leaders like Mr. Trump.

Ottawa has been passive up to now on the threats of runaway AI without getting much pushback. With the new revelations on the catastrophic risks, there can be no passivity now.

Ed Sheeran didn't have the ‘Perfect’ response to the Macklemore controversy

MARSHA LEDERMAN

OPINION

Pop singer Ed Sheeran performs onstage during the 2025 TIME100 Gala at Jazz at Lincoln Center in New York City. Mr. Sheeran is under fire after the musician Macklemore, one of his supporting acts, was dropped from Mr. Sheeran's current tour. JEMAL COUNTESS/GETTY IMAGES FOR TIME

E d Sheeran is pop music's Mr. Nice Guy: An everyman superstar with a genuine-seeming smile who writes love songs for his wife and is beloved by all – from tween fans to the highest ranks of the A-list.

But no more.

Mr. Sheeran is under fire after the musician Macklemore, one of his supporting acts, was dropped from Mr. Sheeran's current tour. This came after Macklemore's sets in New Jersey on Sept. 4 and 5, which featured segments devoted to Palestine, including images of the destruction in Gaza. This prompted complaints, including from some fans who demanded refunds.

The Israeli-American Council launched a petition calling on Mr. Sheeran to drop Macklemore. Ultimately, some venue owners, led by billionaire Jewish philanthropist and NFL team owner Robert Kraft, said Macklemore had to go or the show could not go on.

Mr. Sheeran was backed into a corner. Macklemore was out.

In a social media post Tuesday to his 47-million followers, Mr. Sheeran said the promoter made the decision. He emphasized that his shows are “a place for everyone to feel welcome” and that those who attend “do not expect a political forum.”

Every other opening act on the Loop tour quit. So did Mr. Sheeran's backing band.

“Money doesn’t give you the right to own the conversation” posted the Danish pop band Lukas Graham. “Nobody’s bank balance should decide who gets to speak or which suffering we're allowed to acknowledge."

So here's the narrative: Macklemore was cut because he supports Palestinians, rich Jews forced Mr. Sheeran's hand, and the spineless singer caved.

It doesn't matter that Mr. Sheeran said he is appalled by the human tragedy of the conflict. Or that Mr. Kraft said he agrees with Macklemore that "too many lives have been lost and there has been too much suffering."

Mr. Kraft also called out Macklemore's "broader history of antisemitic rhetoric and imagery."

Indeed, one might wonder what Mr. Sheeran was expecting when he booked Macklemore, who has not only been outspoken on Palestine – which should not be an issue – but who in 2014 appeared onstage wearing a huge hooked nose, black wig and beard – sometimes referred to as “Jew Face.”

But in this weird time, that past sin is now acceptable enough that Mr. Sheeran agreed when Macklemore asked to join the tour.

Before Macklemore was dropped, the musician Pink, who is Jewish, weighed in on the controversy, posting an impassioned social media essay questioning the choice to show violent images to music-loving families. “I have never asked for another artist to be silenced and I’m not asking now,” she wrote.

She was, of course, vilified. This is the price of speaking out, even with nuance and compassion, on this issue.

There was recently pressure on Vancouver's PNE to drop the fair's closing night act, Boy George. His sin is his recent song, We Will Dance Again, which expresses solidarity with Israel and the victims of the Nova music festival on Oct. 7, 2023. In the song, Boy George, who is not

Jewish, calls what has happened in Gaza a war, not a genocide. And he calls out some fellow musicians for “mouthing like sheep / Propaganda fuelled by the internet.” The concert went ahead – and yes, there were protesters. Two days later, Boy George was honoured by the local Jewish community.

This issue is so toxic it can turn public opinion on a dime. Mr. Sheeran, who until this week seemed to be close to universally beloved (people liked the guy even if they didn't like his music) is suddenly a pariah. There's little doubt protesters will show up at the remainder of his tour. I imagine there will be demands for refunds as well. And cancellations.

Mr. Sheeran's mistake was booking Macklemore to begin with. Not because of his anti-Israel stance – he has every right to these opinions, of course – but because the guy who performed in Jew Face is the one who should be considered toxic, period.

Mr. Sheeran, despite all of this, will be fine. So will Pink. And Boy George. And Macklemore. Our concern – after the victims of this conflict, of course – should be for the fledgling artists who happen to be Jewish or Israeli or have expressed concern about the Oct. 7 victims and dare to believe Israel should exist. These artists face the risk of being shunned and cancelled before their careers have a chance to take off. As do many artists who speak out in support of the Palestinians.

We're tearing each other down with these insignificant fights when the real struggle should be about how to bring peace to the region. Perfect.

Closer ties with Canada will not save Europe from a ‘slow agony’ of decline

KONRAD YAKABUSKI

OPINION

Two years ago this month, former European Central Bank president Mario Draghi warned that the continent faced a “slow agony” of decline without radical reforms aimed at boosting investment and innovation, reducing regulations and increasing its energy security.

What happened next was typical of the bloated bureaucratic behemoth that the European Union has become. Much talk and a few symbolic gestures followed Mr. Draghi's report. But it was soon back to business as usual in Brussels.

Frustrated by the EU economy's continued slide, Mr. Draghi last month created the Rhine Group, a new think tank bringing together leading academics, business people and policy-makers to produce proposals for economic reform.

“In every emerging technology that will shape the coming decades, Europe is weak,” the Rhine

Group's manifesto says. “The stakes are existential. If stagnation continues, the continent will progressively lose the ability to fund the core functions of a modern state.”

This is the brutal reality facing the EU as it opens the door to Canada becoming an “associate member.”

It is easy to understand why European Commission President Ursula von der Leyen, desperate for growth but hamstrung by divisions within the 27-country bloc, would want to promote EU-Canada integration. It is less clear why Canada would seek to tie its future to an economic also-ran.

There are different theories about why Mark Carney has so emphasized deeper ties with Europe since becoming Prime Minister. For starters, unlike his recent predecessors, he is a Europhile who is at home among the salon set in Paris and Berlin. As democratic institutions come under assault in the U.S., Mr. Carney genuinely believes in the need for likeminded middle powers to band together to protect their values.

Then there is the strategic imperative of diversifying Canada's trade and security relationships to reduce our dependence on the United States. When you are dealing with President Donald Trump's zero-sum trade negotiators, it does not hurt to look like you have alternatives to the U.S. market and defence umbrella, even if it is not really true.

For Canadians who only know Europe through tourist lenses, the appeal of closer Canada-EU ties may seem irresistible. The continent's history, culture, fast trains and walkable cities are rightly admired. But outside the tourist zones, EU is beset by deindustrialization, demographic decline and political tensions even greater than those roiling the United States.

The rise of far-right parties in most EU countries is the result of both overreach on the part of Brussels and the social insecurity that average European citizens increasingly feel amid a migration crisis and stagnant economic growth. Climate and open-border policies imposed by Brussels are at the root of their anger.

Countries seeking EU membership these days are generally poorer ones seeking to gain access to generous subsidies or those seeking protection from a hostile Russian neighbour. The 21-country eurozone is mainly bound together by the shared fear that, without the implicit borrowing guarantees provided by the European Central Bank, several member countries would likely face a run on their debt.

The European Parliament that Mr. Carney is set to address on Thursday is seen at most as a rubber stamp for the regulations conjured up by Eurocrats, or at worst, a sinecure for politicians biding their time until better gigs become available in their home countries.

With national elections scheduled or likely in several key EU countries in 2027, Ms. von der Leyen is reportedly pushing to accelerate the adoption of the bloc's next seven-year budget as the prospect of far-right parties winning or sharing power in France, Spain, Italy and Poland risks upending her agenda. The potential ouster of German Chancellor Friedrich Merz amid a surge in support for the far-right Alternative for Germany also threatens to destabilize the bloc.

France's National Rally, whose leader Marine Le Pen has a nearly 20-percentage-point lead in the polls over her nearest presidential rivals, is vowing to cut in half France's €28-billion (\$45-billion) annual contribution to the EU budget and repatriate EU powers over climate, border and foreign policies.

French President Emmanuel Macron, who leaves office in seven months, is already locked in a heated battle over the EU budget as Mr. Merz resists his calls for more joint borrowing to fund climate-adaption and defence spending. Mr. Macron also wants the EU to appoint a new ECB president before April's French presidential election to deny Ms. Le Pen a potential say in deciding who controls European monetary policy.

Any move by Ms. von der Leyen to push through unpopular climate or budget policies could backfire when voters go to the polls in their respective countries. Reaching a feel-good partnership with Canada will be the least of her challenges before her term ends in 2029. Just keeping the EU together will be hard enough.

Curry Barker returns to TIFF for his victory lap

Curry Barker's film Obsession has lived up to its title and then some, becoming a true cultural craze, earning US\$512-million at the worldwide box office. ANDY KROPA/ASSOCIATED PRESS

Hollywood's in-demand filmmaker recounts his journey from budding director to creator of a cultural craze

BARRY HERTZ

SCREEN TIME

There are a handful of drinking games that you can play during the Toronto Interna-

Ting games that you can play during the Toronto International Film Festival if you want to get blackout drunk in record time. But nothing will get you more quickly blitzed than throwing back a shot every time someone on TIFF's programming team mentions how the festival is responsible for the worldwide phenomenon that is Curry Barker's Obsession.

After making its world premiere in TIFF's Midnight Madness program last year to a raucous response, Barker's US\$750,000 rom-com from hell was snapped up by Focus Features for US\$15-million.

Since then, Obsession has lived up to its title and then some, becoming a true cultural craze, earning US\$512-million at the worldwide box office.

Now, one year later, Barker and the Obsession team are making a TIFF victory lap this weekend, with the festival hosting a special encore screening and on-stage panel discussion with the director and star Inde Navarrette.

Over a pizza lunch (simple cheese for him, pepperoni for this reporter), The Globe caught up with Barker to discuss his journey from a budding filmmaker who was posting YouTube shorts to Hollywood's most in-demand filmmaker.

How does it feel to be back at TIFF following a life-changing year?

This festival will be forever cemented as a special place. I've changed a lot in the year. I'm a different person. For example, when I first came out here, that was my first time, in my life, leaving America. Now, I've been all over the world. I've learned to think more broadly.

Industry folks are now using Obsession as their north star. Everybody is hoping to make the next Obsession, to buy the next Obsession. What's it like to feel to have made something so instantly iconic?

It's an interesting feeling of responsibility, but when we made it, I didn't set out to ruffle the feathers of the industry or anything like that. It's shocking it's happening this way. It's strange and exciting to be the face of a movement, which I had no idea was going to even be a movement. My pathway is very accessible, though. It shouldn't feel like this thing that couldn't happen to anybody else. I came from a small town in Alabama, and I moved out to L.A. when I was 18. I had to work to get my foot in the door. But if I can do it, anybody can.

You must have had an inkling when you were at the TIFF screening last year that Obsession would be something.

I was trying to think if I had ever even seen Obsession with a crowd before that TIFF premiere. We only had one test screening, and it was a very early version of it. So I had no idea how it was going to play. Everybody told me that the TIFF audiences are the best in the world, everything is going to get a reaction. But I'm like, well, this crowd will laugh and scream at anything then, right? It played really well, but I didn't know what that meant.

Walk me through the immediate aftermath of that screening.

It was like an episode of Entourage. My life was a blur for that day. I was fast-walking through the city, meeting with A24, Neon, Focus, getting calls of how the numbers were going higher. It didn't feel real. And then if it was real, it wouldn't open theatrically, right? Like maybe it'd get a week in theatres. I didn't sleep.

When you were making your films for an online audience, did you view theatrical movie-making as the end goal – that YouTube was the stepping stone to the big screen?

We had this channel where we posted funny short videos, posting three times a week, and I would've told you then, we'll do this forever, and I'll make these thought-provoking horror movies on the side. But now I'm so happy to be in a position where I'm going in the opposite direction. I'm doing elevated horror more, and the platforms online are less of a priority for me.

How differently did you approach making your next film, Anything But Ghosts, after what you learned on Obsession?

Obsession hadn't come out yet when I was making this, which was a huge blessing. We were writing Anything But Ghosts while shooting the additional photography for Obsession, so there was none of that pressure. Fingers crossed, it won't affect my work. I still have my strong-headed opinions about things, those were my sensibilities back then.

What can you say about your forthcoming reboot of The Texas Chainsaw Massacre?

There's so much to be explored with that idea, despite what people tell you. Going back to the roots of the original is a good place to start, and then honing in on the raw, realness of it, and begging the question, which I loved to do in Obsession, is if you and your group of friends were in that situation, how would you respond? To push those tropes.

This interview has been condensed and edited.

Tariffs: Shipping companies received a major influx of calls from artists and exhibitors

FROM A1

Jennifer Lefort, a Gatineau artist who paints large-scale colour works with gestural abstraction, has sold between 60 and 80 per cent of her work in the U.S. in recent years. Since Mr. Trump's tariffs started adding a 50-per-cent markup, "It's been absolute radio silence from that customer base."

The consequences will almost certainly spill over into Canada's already spread-thin grant programs, she added, with more visual artists likely rushing to apply for the same often-stagnant pools of money.

Canadian Artists' Representation/Le Front des artistes canadiens, better known as CARFAC, is already pushing Carney's govern-

ART DEALERS ASSOCIATION OF CANADA ment to create emergency funding and other relief for artists. "This problem shouldn't be on artists to fix," said Jenna Faye Powell, CARFAC's national interim executive director. "Artists are researching and adapting their practices and businesses to the best of their ability, but individual entrepreneurship and resilience cannot solve broader trade bar-

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Many in the art market point out that artworks are specific items that buyers deliberately seek out from their creators, as opposed to commodities made in countries with domestic alternatives.

KATJA ZUBKOVA

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One of the biggest annual U.S. art shows, the Armory Show in New York, is scheduled for later this month. Many of the seven Canadian galleries set to exhibit sent their artwork across the border ahead of time to dodge the tariffs.

Hugues Charbonneau, the founding director of his name-sake Montreal gallery, shipped early. "As gallerists, our job is to adapt," he said. "In contemporary art, if you don't like adaptation and change, you're not in the right field."

The Blouin Division gallery, with locations in Montreal and Toronto, managed to get its works, including pieces by Wanda Koop and Tammi Campbell, into the U.S. a few days before Aug. 19, when the tariffs were initially scheduled to take effect.

Up next would normally be Miami's art fairs in December – but it's both too late to ship art there and too early to know whether tariffs might be in place, given the fluidity of Mr. Trump's trade temperament. "We will have to think about it," director Dominique Toutant said: He has a lot of relationships with buyers and consultants there he wants to maintain.

The cottage industry of shipping and logistics companies that cater to Canadian art experienced a major influx of calls from artists and exhibitors after Mr. Trump first announced the tariffs in July. "I've seen the most impacts on independent artists," said Museumpros' Mr. Links. "They have a lousy calculation to make," he added. "They're cancelling shipments because it's a tall order to ask someone to eat 50 per cent of the value."

The team at the artist-run transportation service Artverb in Toronto was already well aware of the consequences after last year's tariff round. "If it's anything more than 10 per cent, people are not paying it," founder Ryan Barrett said by phone from New York on a delivery trip. The company has already seen a 20-per-cent dip in shipments over the past few weeks.

There are concerns about some artwork coming into Canada, too – specifically photographs, which Ottawa has included in its list of items facing countertariffs. Some institutions, such as Toronto's Stephen Bulger Gallery, focus exclusively on the medium. Mr. Bulger has already contacted government officials asking them to reconsider what he hopes is an oversight in tariff implementation. (Asked about this, the Finance Department declined to speculate on any future tariff moves.)

“An American collector wanted my help dispersing a collection for them, but it’s all American material; I can’t work with it,” Mr. Bulger said. “It puts me at a disadvantage.”

One of the biggest annual U.S. art shows, the Armory Show in New York, is scheduled for later this month. Many of the seven Canadian galleries set to exhibit sent their artwork across the border ahead of time to dodge new tariffs. SPENCER PLATT/GETTY IMAGES

How United Way is helping GTA non-profits secure permanent homes

New real estate support ensures non-profits can stay anchored in their neighbourhoods

With United Way grant support, Knights Table turned this Brampton building into a permanent home for its essential food and support programs. KNIGHTS TABLE

A t Knights Table, a Brampton, Ont.-based food bank, work starts early. By 8 a.m., clients are arriving for meals, access to the pantry, or programming that ranges from children's summer camps to addiction-recovery support.

For more than 35 years, Knights Table has supported people facing food insecurity and poverty, including newcomers, refugees and seniors. Even so, finding and maintaining a permanent, physical home has been a major challenge.

Knights Table was informed by its landlord in 2019 that its lease would not be renewed. Executive director Annie Bynoe recalls being told that a real-estate agent had once shown Knights Table to more than 30 potential locations. Each time a landlord learned what Knights Table was and who it served, it would be turned down. Finding a new space would be complicated.

But shutting its doors would have been a big hit for the organization, which serves 400,000 meals annually. "We're an anchor within Brampton for so many people," Ms. Bynoe says.

In Toronto, non-profit College-Montrose Children's Place (CMCP), which has been providing family support services for over 40 years, faced a similar challenge.

For a decade, the organization's main location was in the inner-city Trinity-Bellwoods neighbourhood. In its 3,917 square feet of space, CMCP would serve more than 4,000 families a year, offering access to its food bank, as well as free children's educational programming, a resource library, and temporary childcare services.

Then, in 2023, the organization that owned the building declared bankruptcy, and the property was placed under court supervision for sale. CMCP would have to scramble to find another accessible, affordable location in the same neighbourhood, all while navigating the cost and disruption of a move — or buy the building. "Finding a way to raise the kind of money [needed] was completely overwhelming," says Corina John, executive director of CMCP.

According to United Way Greater Toronto's 2024 Essential Spaces: Real (Estate) Solutions for Community Needs report, 65 per cent of community service agencies lease their spaces. At the same time, occupancy costs have gone up by 88 per cent over the past decade, leaving organizations at risk of closure, despite the ever-increasing demand for their services.

In response, United Way Greater Toronto (UWGT) launched its Community Real Estate Initiative in 2024, helping community service agencies like Knights Table and CMCP secure stable, long-term space through grants, real-estate capacity building and community hubs bringing services under one roof.

As part of this initiative, the organization has committed to a \$23-million small capital grants stream over the next 10 years, and a \$100-million investment in permanent non-profit space. Despite the substantial sums, demand has already outpaced supply. Stephon Nibbs, United Way Greater Toronto's director of community real estate, says its latest funding round offered around \$2.2-million while receiving approximately \$6.2-million in funding requests. Since 2024, United Way has invested more than \$4-million across 25 projects and 27 organizations in Peel, Toronto and York Region.

"Our community agencies are trying to meet the needs of [their] community, but they need our support to do that," Mr. Nibbs says. "Space is foundational to folks being able to access the services that they need."

In 2025, Knights Table purchased a permanent home, but the building was "a bit of a warehouse," Ms. Bynoe says, lacking the infrastructure the organization needed. With a \$250,000 grant from United Way Greater Toronto, Knights Table was able to begin building a commercial kitchen, dining area, food bank and grocery space, as well as areas for its offices and programming.

"Community spaces are not luxuries, they are essential," Ms. Bynoe says. "It is not about the brick or the mortar — it is about the people."

For CMCP, United Way Greater Toronto provided financial expertise, joining discussions with funders and government partners to strategize around how the organization could purchase its building. With \$200,000 from United Way, paired with other grants, a mortgage and reserve funds, CMCP was able to purchase the location it had occupied for the past 10 years.

Ms. John says that, for many parents, CMCP has been a part of their lives since pregnancy or their child's infancy. "We can continue to be here for the next group of parents and children that come generation after generation," Ms. John says of CMCP. "We need to stay exactly where we are for them."

The Community Real Estate Initiative also ensures that local communities have a place to gather: a ‘third space’ beyond home and work where neighbours can meet and form relationships, while also accessing essential services. This is part of United Way Greater Toronto’s ‘Community Hubs’ initiative, combining multiple services — from health care to legal assistance — as a “one-stop shop,” Mr. Nibbs says.

This is particularly important as Canadians grapple with the current cost of living, food insecurity and the loneliness epidemic. "We're seeing the need for community services increase exponentially, as well as the desire for real connection and community," Mr. Nibbs says.

He adds that, while municipalities plan for city infrastructure like roads, sewers and parklands, human services are often left out, such as refugee settlements, despite the Greater Toronto Area being one of the “most diverse regions of the world.”

Despite those challenges, Mr. Nibbs is positive about the future, especially with the Community Real Estate Initiative's 10-year runtime. Come 2034, "it's that long-term change in community well-being that we're hoping we'll see."

For organizations such as Knights Table and CMCP, having a permanent physical foothold in their neighbourhoods means residents don't have to travel further or rebuild the community. "United Way is investing in what it means to say 'community,'" Ms. Bynoe says. "It's about creating a safe space and dignity for those individuals who walk in every day into this space."

Stand with us so help is always within reach.

Words matter. Let's use goofy insults instead

ILLUSTRATION BY MARLEY ALLEN-ASH

FIRST PERSON

It's difficult to be truly angry when using the phrase ding-a-ling or bossy boots, Karen Stiller writes

The other day a very angry man called me the awful word that must not be spoken, which women especially detest being called.

Later, I wondered if I would have even started our little fight if I hadn't already had an intractable construction problem that morning followed by leaving Jiffy Lube without my new tires installed because I needed to go buy lug nuts, which, honestly, was just too much for me on that day.

It's amazing what can push you over the edge. For me, it was 20 lug nuts.

So, I returned home and took our dog Russell for what I hoped would be a cleansing, calming walk while my son went to buy the lug nuts.

And that's when I saw a guy in a pickup truck yelling at a woman who was at the stop sign in front of him. She had to wait. The guy behind her honked and big-arm-gestured at the woman who had no choice but to not drive out into the middle of a line of cars.

“Hey!” I yelled. “She can’t do anything. It’s not a four-way stop!” And that’s when the guy called me the awful name. He instantly pulled out the nuclear bomb of swear words, which I found a bit funny because it was so unimaginatively over the top. I just couldn’t believe we reached that stage of name calling so quickly.

What's left to say after you say that?

Later, of course, I thought about a whole lot of funny things I could have said – zingers.

But I also wondered about words such as “ding-a-ling” and “nincompoop.” Do you remember those words? My husband and I brought them back into our vocabulary a few years ago, as a kinder, amusing way of expressing frustration.

"He's behaving like a ding-a-ling," we might have said. Or a nincompoop. Or, what about that Scalawag and his cockamamie plans? There's also lunkhead and fopdoodle. Then we'd laugh at how funny and cute we were being.

See how gentle that all is? It also creates a little burst of affection for the person you're a little bit mad at. It's difficult to be truly angry when using the word ding-aling, or other classics like smarty pants or bossy boots.

I wonder what the man in the truck would have said if I had replied: "Oh yeah? Well, you're a smarty pants and behaving like quite the young ruffian!"

Maybe he would have laughed, or maybe he would have been afraid that he'd insulted the Biggest Weirdo in the World, and who knows what was going to go down next?

Which brings me to my name. Can you imagine if the guy in the truck found out the woman yelling at him to behave in traffic was called Karen?

I can't adequately express the chilling effect the whole “Karen Thing” has had on my willingness to ask for the manager, comment on social media, provide my name on a phone call to any service provider, introduce myself to someone new, order a coffee or remind someone that the lowest price is the law.

There's a Facebook group for the quite-nice gym I belong to where everyone complains about everything. Class sizes, volume of music, new instructors, old instructors, people who leave hot yoga early, the availability of pickleball courts, parking and so much more.

Almost all of the time, those not currently complaining call the current complainers Karen. I have not yet had the courage to complain about this, for obvious reasons. And honestly, I think it's up to the caring non-Karens to point out the problem with making a somewhat common name one of the worst insults (but not the very worst!) around.

I've had lovely people tell me, "But you're not a Karen, Karen."

But this doesn't actually help. It just plays into the myth.

We all know there are good Karens because it's just a name that was clearly quite common back in the 1960s. But, in 40 years or so most of us will have died off and there will be very few Karens roaming the earth, feeling uncomfortable.

What if we just stopped using other people's first names as insults?

And what if we didn't say the worst thing as the first thing?

We can still call out people's ridiculousness, but we can be more civil, creative and even adorable when doing it. Pull out some of the old insult chestnuts like doo-doo head, bird brain and, of course, silly goose, and see what they feel like. I'm guessing they would have a de-escalating effect. There are also seasonal favourites, like "cotton-headed ninny-muggins," which I try to memorize every time I watch Elf.

It matters how we talk to each other, even strangers, and about each other. We don't have to be such nashgabs and meany-pants.

Harry Potter drone show will alight Canadian cities starting this week

AMBER DOWLING

If the skies around major Canadian cities look a little brighter this month, it's not a magic trick. It's the debut of DroneArt Show: Harry Potter, an open-air spectacle that will use drones instead of fireworks to celebrate 25 years of the boy wizard and his famous friends.

The inaugural experience is a collaboration between live-entertainment tech platform Fever, Warner Bros. and Nova Sky Stories, with stops in both Edmonton and Montreal on Sept. 18 and 19, and in Toronto on Sept. 25 and 26. The show debuted at Dodgers Stadium in Los Angeles this past June, with subsequent stops across the United States and Europe. Tickets are available online.

On each night of the show, a swarm of 1,200 synchronized drones take flight with choreography set to the soundtrack and dialogue from the eight Harry Potter films. A live violinist, selected from each city by Fever's global music curation team, performs as the drones ebb and flow, and guests will sport synchronized LED wristbands that add to the overall magic.

“Harry Potter is one of the most ambitious projects we’ve been able to bring to Canada,” said Annie-Lou St-Amant, the regional manager for Fever Originals Canada. “It’s one of the largest drone shows that exist in the market.”

The hour-long show is pre-programmed with specialized software and GPS systems that allow the drones to stick to precise flightpaths that create the three-dimensional choreography and aerial formations. It launches with a single command as a team of trained operators supervise positioning, battery levels and overall quality.

“That is what allows hundreds of drones to move in harmony together,” Ms. St-Amant added.

Finding the venues to host a spectacle of this level posed a challenge. In Edmonton, the show takes place at the Exhibition Lands racetrack. Montreal hosts it at Quai Jacques-Cartier, and Toronto has set aside space at YZD, the former Downsview Airport.

As with any outdoor show, the Harry Potter drone experience is subject to weather conditions. Rain and winds not only have an impact on the audience, but on the main performers.

"The drones can only fly above a certain temperature, otherwise the batteries drain too fast," said Ms. St-Amant. "That's why in Canada we prioritize summer times. It also has to be dark outside, so the timing of the show is really important."

This November marks the 25th anniversary of the release of Harry Potter and the Philosopher's Stone, the first film based on J.K. Rowling's books. The movie has grossed more than \$1.02-billion worldwide over its lifetime at the box office and has made a household name out of its star, Daniel Radcliffe.

Recently, Cineplex re-released all eight films in the series in select theatres across Canada to commemorate the anniversary. There have also been several special events at Universal theme parks, studio tours in London and Tokyo, and a slew of special merchandise and collectibles popping up at various retailers.

Potterheads, as fans call themselves, are especially interested in the upcoming TV series that is set to launch on HBO (and Crave in

TODAY'S SUDOKU SOLUTION

WORLD FORECAST

	TODAY		TOMORROW		SATURDAY
AMSTERDAM	19/12	SH	19/14	S	21/16	SH
ATHENS	28/19	S	29/20	S	30/21	S
BANGKOK	31/26	T	31/25	T	30/25	T
BEIJING	31/20	PC	29/19	T	27/21	PC
BERLIN	19/13	SH	20/12	SH	21/16	PC
BRUSSELS	18/11	C	19/14	S	21/16	C
COPENHAGEN	17/13	SH	17/14	SH	17/15	C
FRANKFURT	19/11	PC	18/9	PC	19/12	PC
HONG KONG	28/26	S	28/26	S	29/26	S
JERUSALEM	32/21	S	27/17	SH	26/17	S
LAS VEGAS	35/24	S	35/22	S	35/23	S
LONDON	20/11	SH	20/15	PC	21/14	R
LOS ANGELES	27/18	S	28/19	S	29/20	S
MADRID	26/16	S	26/16	S	28/17	S
MIAMI	31/25	T	31/24	T	32/24	T
MOSCOW	21/13	S	19/11	SH	20/11	PC
NEW DELHI	33/26	S	32/25	S	33/25	T
NEW YORK	27/20	PC	27/16	S	22/18	PC
NICE	27/20	T	26/20	PC	26/20	SH
ORLANDO	31/24	SH	31/23	S	31/23	T
PARIS	22/13	PC	22/14	S	24/16	PC
PHOENIX	35/27	PC	38/27	S	38/25	S
ROME	29/21	S	28/19	T	28/16	T
SAN FRANCISCO	18/14	PC	18/14	S	18/14	S
SEOUL	27/19	PC	29/18	S	29/17	S
SINGAPORE	31/27	T	32/27	T	30/26	T
SYDNEY	18/9	S	19/13	S	28/15	S
TOKYO	24/18	PC	23/21	C	25/22	SH
WASHINGTON	32/23	SH	30/19	PC	28/21	PC

NATIONAL FORECAST

LEGEND

Daytime high, overnight low, and conditions

C CLOUDY	RS RAIN/SNOW
FG FOG	S SUN
FR FREEZING RAIN	SN SNOW
HZ HAZE	SF SNOW FLURRIES
NA NOT AVAILABLE	SH SHOWERS
PC PARTLY CLOUDY	T THUNDERSTORMS
R RAIN	W WINDY

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	TODAY		TOMORROW		SATURDAY
BANFF	19/3	S	22/5	S	21/6	S
BARRIE	21/12	S	19/11	S	16/11	SH
BRANDON	17/7	S	19/12	SH	18/12	SH
CALGARY	19/5	S	20/7	S	21/8	S
CHARLOTTETOWN	18/13	PC	18/10	R	13/7	S
CHICOUTIMI	17/9	PC	14/5	SH	14/6	S
CHURCHILL	6/2	SH	15/7	SH	11/5	PC
CORNER BROOK	16/5	PC	13/6	R	9/3	SH
CORNWALL	22/13	PC	19/8	S	17/11	S
EDMONTON	22/8	S	22/9	S	24/9	S
HALIFAX	23/16	PC	19/10	R	16/9	S
HAMILTON	22/13	R	21/13	S	19/14	R
HUNTSVILLE	22/11	S	17/8	S	16/9	PC
IQALUIT	7/0	SH	5/0	SN	5/0	SH
JASPER	22/4	S	22/5	S	21/6	S
KELOWNA	23/8	S	26/9	S	25/10	S
KINGSTON	22/14	SH	20/10	S	18/13	PC
LONDON	24/12	SH	22/14	S	19/15	R
MONTRÉAL	21/14	PC	19/8	S	17/10	S
NIAGARA FALLS	22/15	R	21/13	S	19/15	SH
NORTH BAY	20/8	S	15/6	S	16/8	S
OTTAWA	22/13	S	18/7	S	17/9	S
PRINCE GEORGE	21/7	S	23/9	S	21/9	PC
PETERBOROUGH	23/12	PC	20/9	S	17/11	SH
QÜBEC	19/11	PC	17/6	SH	17/7	S
REGINA	18/10	S	19/11	SH	19/10	SH
SASKATOON	20/7	S	22/8	S	21/9	S
SAULT STE MARIE	20/9	PC	17/11	PC	18/10	PC
SAINT JOHN	20/14	PC	20/8	SH	17/8	S
SEPTÈLES	13/8	PC	12/6	R	12/6	S
ST JOHN'S	20/11	S	14/9	PC	10/6	PC
SUDBURY	22/9	S	16/7	S	17/8	S
THUNDER BAY	19/5	S	14/9	PC	18/11	S
THOMPSON	11/7	S	17/5	SH	15/7	S
TORONTO	23/16	SH	21/14	S	18/13	SH
VAL-D'OR	20/6	PC	13/2	S	15/7	S
VANCOUVER	22/12	S	21/13	S	20/12	PC
VICTORIA	23/11	S	21/12	S	21/12	PC
WHISTLER	24/11	S	22/10	S	22/10	PC
WHITEHORSE	13/3	PC	10/6	SH	12/6	PC
WINNIPEG	16/7	S	18/13	PC	20/11	SH
YELLOWKNIFE	10/5	R	13/7	S	13/9	PC

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UNIVERSAL CROSSWORD IN THE WRONG MUSIC CLASS BY ERIK AGARD

ACROSS 1 "Yummy!" 4 Spoiled kid 8 Ump's relative 11 Big-billed tropical bird 15 Coolness, nowadays 16 Body part with a drum 17 God whose victory is celebrated during Holi 18 Early scene in a rom-com 20 Owl sounds 22 Collection of numbers to crunch 23 Nickname for Rihanna 25 Boardroom session: Abbr. 27 Unwraps 28 Stock launch, for short 29 Oracle 30 "Bang for your buck" stat 31 Ed Sheeran song that's not [letters 7-9 in this answer] 34 Camper's weather protection 38 Jimmy Buffett song that's not [letters 4-6] 39 Potent poker pair 40 Righteous Brothers song that's not [letters 8-10] 42 Chamomile, e.g. 43 Earth, Wind & Fire song that's not [letters 4-8] 44 Relaxation locations 47 Leaves hair 48 Small dog's complaint 50 "I Have a Dream" speaker's dad, for short 52 "____boy!" 53 Spoil, like a grandkid 56 Prison break participants 60 "Come with!"

BRIDGE BY STEVE BECKER THURSDAY, SEPTEMBER 17, 2026

North dealer. East-West vulnerable.

The bidding:

North East South West Pass Pass 1 [H] Pass 3 [H] Pass 4 [H] Opening Lead – jack of clubs.

61 Coffee in a tiny cup 62 Follow around 63 D.C. MLB team

DOWN

DOWN 1 VMAs channel 2 Me, in French 3 Portobello part 4 "POW!" relative 5 Felt remorse over 6 Geometric calculation 7 Body image? 8 Reduce, ____, recycle 9 Devoured 10 Is worried 12 "The ____ of Cooking" (2025 book by a Korean-born chef) 13 "It's ____-brainer!" 14 Essence of a mace-related spice 19 The first letter of Aaron, but not the second 21 Severe quality 23 Woodworking technique that goes parallel to the grain 24 Some Apple devices 26 K-6 midpoint 29 Bra brand 30 Followed an ABAB scheme, e.g. 32 Typo of a common article 33 "Star Wars" queen Amidala 35 Followers 36 Rust-colored birds of prey 37 Subj. in which Freud is studied 41 Aliens: Abbr. 45 Revise

NORTH ♠ 8 5 4 ♥ A K 6 2 ♦ 9 7 4 ♣ A 9 3

WEST ♠ K Q 6 ♥ — ♦ K 8 6 3 2 ♣ J 10 8 5 2

EAST ♠ 9 7 3 2 ♥ Q 10 7 ♦ J 10 5 ♣ Q 7 4

SOUTH ♠ A J 10 ♥ J 9 8 5 4 3 ♦ A Q ♣ K 6

54 "Neat!" 55 Aunt, in Spanish 57 Doubly hyphenated ID 58 Tax prep pro 59 Word before "history" or "gallery"

Assume you're in four hearts and West leads a club. The contract looks easy to make, but when you win the club with the king and play a heart to the ace, you get a rude shock when West shows out, discarding a diamond.

You switch to a spade at trick three, finessing the jack and losing to West's queen. Back comes a club to dummy's ace, but when you next lead a second spade and finesse the 10, West wins with the king and leads another club, which you ruff.

The situation, which looked so promising at the start, has deteriorated rapidly - you've run into an unlucky 3-o trump division and lost two spade finesse. However, you still have a diamond finesse in reserve.

So you cross to the king of trump and lead a diamond to the queen, but that finesse also loses, and you go down one. Mighty tough luck, you could say, since the odds at the start of play were about 40-to-1 in your favour.

Yet, if you consider the matter objectively, you realize you would have made the contract had you played a bit better. After West showed out on the ace of trump at trick two, it would have been wiser to cash the ace of clubs and then ruff a club at trick four.

Now a trump to the king followed by a spade to the jack would have put West in an untenable position. He'd win with the queen, but whatever he played next would cost him a trick. A spade return would go into your A-10, a diamond return into your A-Q, while a club return would allow you to discard a diamond or a spade from your hand as you ruffed in dummy.

©2026 King Features Syndicate Inc.

CRYPTIC CROSSWORD

© News Licensing/Times Media Limited

ACROSS 6 Meeting Irishman before church (6) 7 Mark, 100, ultimately superlative — hard to get (6) 9 Escape group of ships? Not entirely (4) 10 A number sorted tent hire (8) 11 Democrat is eager for changing conflict (8) 13 Urgent order to abandon court (4) 15 Confusion mostly hard to co-ordinate (4) 16 Determined loser coming back, urging tremendous effort initially (8) 18 One opposing aim — nothing right! (8) 20 Twisted evil mask (4) 21 Claim everything, say, aggressive at the end (6) 22 Drink cartel out of order (6)

DOWN 1 Somewhat before all, I fear for actual human existence (4,4) 2 Fail to meet expectations in car venue: hide abroad (12) 3 One with liability at first demanding extremely broad terms of reference (6) 4 A church feature, high, or long? (6) 5 Ricochet reduced line darts players must stay behind (4) 8 Old-fashioned aunt, idle, vain, unfortunately (12) 12 Envied on regular basis period before festival (3) 14 Store, maybe, source of verbal accounts? (8) 16 To some degree, despicable person, the woman (6) 17 Trim wood (6) 19 Dance sphere (4)

SUDOKU DIFFICULTY RATING: ★★★★☆

© 2026 Andrews McMeel Syndication

INSTRUCTIONS Fill in the grid so that each row of nine squares, each column of nine and each section of nine (three squares by three) contains the numbers 1 through 9 in any order. There is only one solution to each puzzle.

KENKEN

©2026 KENKEN Puzzle LLC. KENKEN is a registered trademark of Nextoy, LLC. Dist. by Andrews McMeel www.kenken.com
SOLUTIONS

INSTRUCTIONS

1. Each row and each column must contain the numbers 1 through 6 without repeating.

2. The numbers within the heavily outlined boxes, called cages, must combine using the given operation (in any order) to produce the target numbers in the top-left corners.

3. Freebies: Fill in single-box cages with the numbers in the top-left corner.

Solutions to today's Sudoku and Kenken can be found in the Life & Arts content area of the A section. Crossword solutions will be with tomorrow's puzzles.

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U.S. Fed raises interest rates, signals more hikes possible

U.S. Federal Reserve board chair Kevin Warsh speaks to reporters in Washington on Wednesday. The Fed's decision to raise interest rates was widely expected, but drew criticism from President Donald Trump. MARK SCHIEFELBEIN/AP

ANDREW GALBRAITH MARK RENDELL

The Federal Reserve raised interest rates on Wednesday for the first time since 2023 in a bid to tamp down inflation, a move that drew criticism from U.S. President Donald Trump, who has implored the central bank to slash borrowing costs.

The policy-setting Federal Open Market Committee decided unanimously to raise its benchmark interest rate by a quarter of a percentage point to a range of 3.75 to 4 per cent. In a statement, it said the move would support a “timelier return” to the Fed’s 2-per-cent inflation target.

Since starting his term as chair of the central bank in May, Kevin Warsh has been closely watched by investors for signs of how he would handle the competing demands of reining in cost pressures exacerbated by the U.S.-Iran war, and the President's wish for exceptionally low borrowing costs.

In his third decision as Fed chair, Mr. Warsh showed his commitment to the central bank's inflation mandate, and his communications were generally viewed by investors as hawkish.

Mr. Trump criticized the move to raise rates, but stopped short of admonishing Mr. Warsh – unlike his frequent jabs at previous Fed chair Jerome Powell.

“Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World — BY FAR,” he wrote in a social-media post. S&P Global Ratings maintains a AA+ long-term sovereign credit rating for the United States, one notch below Canada’s top-tier AAA rating.

"LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND

FAST," he added.

In a press conference on Wednesday, Mr. Warsh characterized the rate rise as removing “a dose of accommodation” from a strong economy.

“I would be hard-pressed to describe broad financial conditions as restrictive,” he said.

Traders had priced in near-certain odds of a hike. But a jump in short-term U.S. Treasury yields after the decision suggested that they saw the materials accompanying Wednesday's statement, and Mr. Warsh's press conference, as more hawkish than anticipated.

“No one was surprised at the Fed hike today. What mattered was whether the Federal Reserve was going to indicate a lot more hikes or just one or two more,” Frances Donald, chief economist at Royal Bank of Canada, said in an interview. ■ FED, B6

Canada faces hurdles to translate positive post-summit glow into new investments

TIM KILADZE

ANALYSIS

For 48 hours in Toronto, one message kept getting repeated: Canada is actually, finally back.

During the country's first-ever Investment Summit, Canadians sitting on panels kept delivering variations of it, and those listening in kept repeating it in private conversations at mini-forums, cocktail hours and dinners connected to the event.

Often, it was said with glee, with the suggestion that Canadians are serious people again. Because of that, private capital will finally show up.

But it isn't so simple. If anything, sourcing capital hasn't been Canada's problem, despite the summit's intentions. Realistically, beyond regulatory burden and tax incentives, there are some things a government can't control, and some crucial ones have impacted Canada over the years. Number one on that list: commodity prices.

Since Prime Minister Mark Carney was elected in 2025, he has touted Canada's strength as a resource nation. Oil. Gas. Copper. Uranium. Canada's got it all.

Historically, these commodities helped fuel the country's economic development. "Despite Canada's recent abysmal investment performance, it has a history of capital spending booms lasting up to a decade, largely tied to its resource sector," economists at Toronto-Dominion Bank wrote in a recent report on the potential for an investment supercycle.

But what got glossed over at the summit is that commodity prices have repeatedly crashed, and when they do, it scares away investors and creates capital droughts.

If commodity prices tumble again like they did when the mining supercycle crashed in 2012 or when oil prices plummeted in 2014, it will be tough to attract capital no matter how many regulations Canada relaxes or how many tax incentives it rolls out.

That may seem far-fetched now. The world is hungry for North American oil and natural gas because of supply disruptions in the Middle East and surging gas demand to fuel the copious data centres being built and planned.

But there was just as much fervour 15 years ago when China seemed to have limitless demand for Canadian metals and energy.

ANALYSIS, B9

RETAIL Dollarama raises sales forecast as cautious shoppers flock to discount stores B5

JUSTINE BEAULIEU-POUDRIER/ THE GLOBE AND MAIL

MERGERS AND ACQUISITIONS Steve Hudson launches SPAC to shop for a Canadian financial services company ■ B2

DAVID ROSENBERG The dirty little secret about a 60/40 portfolio, and why it no longer works ■ B11

Ottawa to fund Bengio project focused on safe development of AI systems

JOE CASTALDO ALEXANDRA POSADZKI

The Canadian and German governments are providing up to \$300-million to a non-profit founded by Yoshua Bengio that is developing safe artificial-intelligence systems, as fears around the technology rise and leaders of top AI companies call for a co-ordinated slowdown on development.

The Turing Award winner and professor at the Université de Montréal founded LawZero last year with close to US\$30-million in philanthropic funding after he became concerned that powerful AI systems could be misused and slip from human control.

The new financing from Canada and Germany will be used to hire more staff and pay for the computational processing costs associated with research to build a system called Scientist AI that the organization says will not have the negative traits found in today's models.

“Safety has become very important in the eyes of the public, for good reason,” Prof. Bengio said in an interview.

“We urgently need to have a plan to build AI that is not going to do really bad, misaligned things.”

NON-PROFIT, B9

What travellers can expect if Canada's four big airports are privatized

MARIYA POSTELNYAK CONSUMER AFFAIRS REPORTER

Travellers could see fewer cancelled flights, more international routes offered by low-cost carriers and sleeker amenities if Ottawa's plan to privatize airports follows in the footsteps of major regional hubs in other countries, proponents say.

But critics warn that success elsewhere won't be easily replicated in Canada, where a lack of competition adds different considerations.

The model proposed by Prime Minister Mark Carney at the inaugural Canada Investment Summit would involve opening up the doors to private investment in Canada's major airports, while the federal government would retain ownership of the underlying land and assets.

Proponents argue that this model has revitalized airports around the world.

The bottom line is “the airports seem to improve,” Michael Weisbach, co-author of a seminal study on airport ownership models by the U.S. National Bureau of Economic Research, said in an interview. “They start to win awards, the cancellation rates went down, the number of routes that fly into cities goes up.”

In fact, the study, most recently updated this year, found that flight cancellation rates dipped as much as 39 per cent under private equity ownership. ■ AIRPORTS, B9

COMPANIES

ATHABASCA OIL ....B11 DOLLARAMA ....B5 HIGH TIDE ....B11 NANOXPLORE ....B11 PROLOGIS ....B6 RICHELIEU HARDWARE ....B11

Canada must boost export value, EDC says

EDC uses yellow peas as an example of how processing commodities at home can add value and create new export opportunities. LIAM RICHARDS/THE GLOBE AND MAIL

Selling raw materials rather than processed goods is leaving ‘significant profits’ on the table

MARK RENDELL ECONOMICS REPORTER

Canada needs to focus on turning commodities into higher-value products and linking companies into global supply chains if the push to diversify trade is going to lead to significant economic growth, according to Export Development Canada.

In a report published Thursday, the country's export credit agency argues that trade diversification is about more than signing new trade agreements or moving more commodities to the coasts, then on to Asian and European markets.

The real opportunity, according to EDC, lies in helping Canadian companies capture more of the value of their exports by doing more processing at home.

"The difference in outcomes for Canadian companies is staggering. By exporting raw commodities rather than more complex, processed products, companies leave significant profits on the table," Alison Nankivell, EDC's chief executive, said in the report.

"If we scaled these capabilities to produce unique, complex products that give Canada a competitive advantage, we could make a tangible difference for the economy – a nearly \$100-billion addition to gross domestic product in today's dollars in the next decade, along with increased capabilities and higher productivity."

The starting place isn't promising. The “economic complexity” of a country measures the degree to which products are transformed before export, and Canada has been steadily slipping down the rankings, according to EDC.

In 1995, it was ranked as the 17th most economically complex country in the world. By 2024, it had fallen to 35th place.

It was possible to overlook this slide when Canada had guaranteed access to the voracious American market, Ms. Nankivell said in an interview. But the trade war with the United States is forcing companies to think much more strategically about which of their products can compete on the global stage, she said.

In some industries, moving up the value chain is a question of replacing a lost market. Some lumber companies, for example, are investing in cross-laminated timber production with the hope of selling in Asia or Europe after U.S. tariffs effectively shut off their traditional market for two-by-fours.

For other industries, it's more about pursuing new opportunities. The report uses the example of yellow peas. In their raw form, the peas might fetch \$30 per tonne. Grinding them into flour could bring in \$300 per tonne, and turning that flour into snacks or pasta could yield \$3,000 per tonne.

Of course, this kind of upgrading requires significant capital. And increasing economic complexity at a national scale will require major shifts in Canada's financing ecosystem, transportation infrastructure and approach to industrial policy, according to EDC.

As it stands, mid-sized companies wanting to make transformative investments in machinery, equipment and product development often find it hard to access funding, Ms. Nankivell said. Canada doesn't have a deep well of private equity investors like the United States, and the country's commercial banks tend to be more conservative in their business lending.

“Canada has been a little bit more hamstrung because our banks are largely domestic, fairly risk-averse, and we have a very strict regulatory OSFI oversight,” Ms. Nankivell said, referring to the country’s banking regulator, the Office of the Superintendent of Financial Institutions.

EDC and its fellow Crown corporation, the Business Development Bank of Canada, have helped fill the gap for riskier mid-market lending. But commercial banks and other types of investors will need to step up, Ms. Nankivell said. “It can’t be just the Crowns. There’s just too much to be done.”

The report outlines other pieces of the puzzle. Shipping more highly processed products will require changes to transportation and warehousing infrastructure, as well as significant expansion of container ports on both coasts.

And companies themselves will need to get more comfortable with what EDC calls “integrative trade” – establishing on-the-ground footprints in key foreign markets and trying to become essential suppliers to important global firms.

Any path to diversification is going to involve significant commodity exports, and EDC isn't suggesting Canada abandon its traditional strengths in mining, energy and agriculture. Rather, it means supporting companies in those industries that are innovating and producing globally differentiated products.

“We always spend all the time talking about upstream producers, but the most interesting people in the oil and gas industry are the midstream guys, and the equipment producers and the technology guys who you find in Africa – Canadians in Africa, Canadians in Asia, Canadians in Europe,” Ms. Nankivell said.

The stakes are high, but the moment is fortuitous, she said. Global supply chains for things such as critical minerals and defence are being rewired by U.S. protectionism and concerns about Chinese industrial might. Other supply chains, for artificial intelligence and quantum computing, are still being developed.

"It kind of gives you an open field as a company to think about some of these trends and act more intentionally. So it's kind of a perfect moment," she said.

Amazon raises Canadian warehouse wages by \$1 amid union dispute

VANMALA SUBRAMANIAM

FUTURE OF WORK REPORTER

Amazon's YVR2 fulfilment centre in Delta, B.C., on July 11, 2025. Unifor says the BC Labour Relations Board awarded union certification to workers at the facility, who will now begin negotiating a first contract. DARRYL DYCK/THE CANADIAN PRESS

Amazon is raising hourly wages for thousands of Canadian warehouse workers by \$1, amid a labour dispute with a Vancouver union pushing for a historic first collective agreement.

The tech behemoth announced Wednesday that it would boost the average hourly base wage for “operations employees” in Canada from \$25.27 an hour to \$26.27 an hour, effectively a 4-per-cent year-over-year increase in pay.

Amazon is also giving all its employees, including corporate staff, 10 per cent off online grocery purchases on Amazon.ca starting Oct. 1. In a statement, the company said that the pay increase and grocery discount build on an existing workplace benefits package, which includes health, vision and dental benefits.

The company periodically boosts wages and benefits for warehouse employees, usually ahead of Prime Days in the fall and the holiday season.

Amazon has for years been trying to fend off unionization attempts by workers in multiple jurisdictions across the U.S. and Canada. Poor workplace conditions have been the impetus for union drives, but while Amazon workers in New York and Vancouver have successfully formed unions, no union has managed to secure an official collective agreement.

Unifor, one of the largest private-sector unions in Canada, unionized warehouse workers in Vancouver last July. It said in a statement on Wednesday that Amazon's wage increase coincides closely with the BC Labour Relations Board's decision last month to force both sides into binding arbitration for a first contract.

"It's about time Amazon recognizes that if they want to operate in Canada, they will do it while respecting the rights of the very workers they employ. We're going to keep the pressure on to see workers across Canada benefit from the gains made through collective bargaining," Unifor national president Lana Payne said.

According to a 2025 report from Amazon, the company employs 46,000 people in Canada, including 8,000 corporate employees. It has 70 operations and logistics sites across the country.

"Every day, our associates across Canada go the extra mile to prepare packages for customer deliveries, and we're grateful for their dedication," said Jasmin Begagic, director of Amazon Logistics Canada.

The Seattle tech giant has faced scrutiny over its track record on worker safety and working conditions. In 2023, Amazon was one of 21 employers penalized by Ontario's Workplace Safety and Insurance Board for workers' compensation violations. Specifically, the company failed to file an injury claim involving a worker at one of its Brampton, Ont., fulfilment centres.

In October, 2025, Unifor began discussions with Amazon about terms of a collective agreement for the 800 Vancouver warehouse workers, but the process has been fraught with complications. The union alleged that Amazon had “slow walked" the negotiating process by not tabling essential wage proposals in a timely manner.

Then in June, 2026, a mediator appointed by the BC Labour Relations Board sided with the union, saying in a report that the tech giant's approach to bargaining was effectively “unreasonable” and hindered the process of agreeing to a new collective agreement.

Last month, the provincial labour board ordered binding arbitration to force Amazon into agreeing to terms of a first contract. The company has since appealed that decision.

Amazon workers at YVR2, the unionized warehouse in the Vancouver area, get paid between \$18 and \$25 an hour, according to Gavin McGarrigle, Unifor's western regional director.

Mr. McGarrigle said that the union proposed wage increases of 4 per cent in 2026, 3.5 per cent in 2027 and 3.5 per cent in 2028 in the first collective agreement, but that Amazon countered with wage increases of 2.5 per cent, 2 per cent and 0 per cent.

The core issue of contention between both sides is the pace of work and injury rates. The union wants to establish clear rules for workload and productivity, but Amazon told the labour board's mediator in June that it would not negotiate on how hard and fast workers are required to work.

In Wednesday's statement, Amazon said that the pay boost will bring the annual salary for full-time warehouse workers, working 40 hours a week, to an average of \$54,000.

Entrepreneur launches SPAC to shop for Canadian financial services company

ANDREW WILLIS

Entrepreneur Steve Hudson is out hunting for a Canadian financial services company, armed with a \$1-billion war chest, an artificial intelligence-based strategy and a New York Stock Exchange listing.

Mr. Hudson, who founded and sold three successful Toronto-based financial ventures, closed a US\$200-million initial public offering for Pinnacle Acquisition Corp. in August. The company, known as a special acquisition corporation, or SPAC, has lined up bank loans to back a potential investment of up to \$1-billion.

Pinnacle executives are now scouting sectors such as niche lending and consumer finance for businesses that can be retooled. In an interview, Mr. Hudson said his next venture will follow the same game plan used in the recent past at Element Financial Corp., a \$9.8-billion public company, and ECN Capital Corp., which sold over the past five years in two transactions that totalled \$3.4-billion.

Pinnacle plans to buy a business such as a lender, shift to an asset-light balance sheet by offloading loans to institutions such as life insurers, and use AI to automate previously manual processes such as approving and servicing loans.

"My experience with AI shows it represents a revolution in how credit companies can operate," Mr. Hudson said. He said AI can be used to lower loan losses, and improve productivity and profit margins.

A Toronto native and former accountant, Mr. Hudson built Newcourt Credit Group into the world's second-largest non-bank financial company and sold it to rival CIT Group Inc. for \$2.4-billion in 1999.

ECN Capital, his last venture, loaned money to buyers of manufactured homes and recreational vehicles.

Pinnacle's targets include financial businesses currently owned by private equity funds. Mr. Hudson said many managers are looking for a way to exit companies they have owned for many years “and have no obvious path to liquidity.”

Pinnacle is also looking for opportunities to carve out a business from a large company looking to simplify its structure. That approach built Element Financial from a global car and truck finance platform that was sold by General Electric Co. more than a decade ago.

Investment bankers from CIBC Capital Markets, BMO Capital Markets and RBC Capital Markets are advising Pinnacle as it looks to make an acquisition.

The SPAC structure gives Mr. Hudson until May, 2028, to purchase a business. If Pinnacle hasn't done a deal by then, investors get their money back.

Pinnacle decided to list on the NYSE, rather than the Toronto Stock Exchange, because SPACs enjoy a wider and more enthusiastic following among U.S. investors than with a Canadian crowd, Mr. Hudson said.

So far this year, 148 SPACs have raised US\$26.1-billion on U.S. markets, the largest amount of financing seen in the sector in five years.

Last November, Canadian quantum computer developer Xanadu Quantum Technologies Inc. went public on the Nasdaq and Toronto exchanges by teaming up with a SPAC in a US\$3-billion transaction.

GPC extends its heartfelt congratulations to the individuals who have successfully completed the GPC.D designation. This achievement marks a significant milestone in advancing their careers in governance and demonstrates their commitment to excellence in the field. Well done

GOVERNANCE PROFESSIONALS OF CANADA

Ajané A Adams Chief Governance Relations Officer, Centennial College Student Associ-

Chantal Bedard Chief, Commission Secretariat, National Capital Commission

Manager, Strategic Governance, OSFI

Mary Dollar Program Manager – Member Engagement, Governance Professionals of Canada

Patricia Gelo

Arla Hillis Licensing Manager, BrokerLink

Marissa Jordan

Manager, Strategic Initiatives & Board Governance, Provincial Credit Union

Andrée Lauzé Corporate Secretary, FPInnovations

Kelly A. McDonald Senior Director, Toronto Port Authority dba Ports Toronto

Ewa Noganska Chief Legal & Governance Officer, Chief Compliance Officer The Portage Mutual Insurance Company

Brent Retzlaff

Brent Retzlaff Vice President, People & Culture and Governance, The Winnipeg Foundation

Arjun Singh Non Profit Sector

Esther Wingate Waterloo Undergraduate Student Association

Chantelle Abraham Havergal College

Governance Officer, Crown Investments Corporation of Saskatchewan

Corporate Governance Advisor, National Research Council of Canada

Michael Dorosz Advisor, Ontario Energy Board

Carol Gerritsen Executive Officer, McMaster University

Kyla Hillmer

Not Pictured:

Vice President, Crown Services & Corporate Secretary, Crown Investments Corporation of Saskatchewan

Katie Karn Director, Governance, Doctors of BC

Oluyomi Frances Lawson

Corporate Governance & Compliance Manager, A.T.S. Electro-lube International

Ruth Millard

Executive Business Lead, Board Relations and Governance, Vision Loss Rehabilitation Canada

Tracy Richards Board Governance Specialist, Engineers and Geoscientists BC

Anna Solnickova Executive Officer, Real Estate Compensation Fund Corp / Cove Mortgage / CFO Consulting

Shaun Wrubell

Stacey Aubrey Executive Director, Insurance Council of Manitoba

Lauren Benesh Governance Officer, Regina Exhibition Association Limited

Manager, Subsidiary Governance, Bank of Montreal

Michelle Dupuis VP, Strategy & Governance, Access Credit Union

Jodi Green Governance and Executive Assistant, CDSA

Crystal Hood Executive Director, Hood & Dagger Productions

Shannon Ketelaars

Executive Director, Ontario REALTORS Care Foundation

Tessa Mitchell Governance Officer, Crown Investments Corporation

Anna Pinkowicz Director, Governance and Partnerships, Legal Aid Alberta

Victoria Rumble Corporate Secretary, College of Immigration and Citizenship Consultants

Connie Stewart Executive Assistant, Diversified M4 Holdings

Allison Wusaty Director, Operations, Alberta Indigenous Opportunities Corporation

Saadiyya Ahmed Senior Specialist, Governance, University Pension Plan Ontario

Teresa Black Hughes Financial Planner.

Melissa Clarke Corporate Governance Paralegal, Safety Codes Council

Mandie Falcon-Prokopetz Corporate Secretary, Canadian Light Source

Manager, Governance & Special Projects, Waterloo Regional Health

Christina Huang Governance Team Lead, College of Physicians and Surgeons of Ontario

Kristyn Kolosky Executive Assistant, Sunrise Credit Union Limited

Renata Locke

Board and Executive Liaison Officer, Canadian Mental Health Association

Adrian Mitescu

Senate Secretary/Director, Institutional Accountability, University Canada West

Ruby Philip-Katyal Senior Counsel, Ministry of the Attorney General

Tribunal Case Coordinator, College of Physicians and Surgeons of Ontario

Michelle Todoruk Governance Consultant, Chell Todoruk Research Consulting

Ane Alanis Contracts and Legal Operations Lead Millenium EMS Solutions Ltd.

Christine Bradstock

Manager, Governance and Board Secretary, Mitacs Inc.

Devon Gunderson Board Manager, E-Comm 9-1-1

Julie Huffman Manager Corporate Governance, Bulkley Valley Credit Union

Kiran Kooner

Executive Director, Canadian Officer for Public Employees (CUPE) BC Division

Director, Governance and Corporate Secretary, Kinross Gold Corporation

Francesca Morrison Board Support Services Specialist, Vestcor

Jean-François Prégent Executive Secretary, The Professional Institute of the Public Service of Canada

Ranjeev Sangra Associate General Counsel, Ballard Power Systems Inc.

Brittany Trafford Associate, Stewart McKelvey

Courtney Andrews- Peckford Manager, Governance, CRNA

Kyal Butler
Engagement Manager, Governance Professionals of Canada (GPC)

Devon Nicole Cooper Manager, Corporate Governance, PenFinancial Credit Union Limited

Penelope Leticia Haro Aranda

Mel Ifada CEO | Project Manager, Koja Consulting

Tannisha Lambert

Kristy MacLean Executive Assistant & Board Liaison, Prince George Airport Authority

Robert Moss The MEARIE Group

Jocelyn Reeves Lead, Governance, Alberta School Employee Benefit Plan

Chief Governance Officer/ Senior Advisor, Workers Safety & Compensation Commission

Ian Whan Tong Group Legal Counsel / Corp Sec, Cayman National Corporation Ltd

Stephanie Azak Corporate Secretary, Nations Royalty Corp

Tan Crombie

Naoka Feth

Director Office of the CEO, Hamilton Health Sciences Foundation

Benjamin Hendriksen Mayor, City of Yellowknife

Stephanie Jamieson

Meghan Lamontagne

Pauline Manz Corporate Governance Officer, Crossroads Credit Union

Hilda Mounir Committee Secretary, National Capital Commission

Lea Anne Sexton Principal, Two Way Consulting

Debbie Watts Corporate Secretary, Opportunities NB

Joan Bard Miller

Janice Carkner, Internal Audit Principal, Government of Canada- Shared Services Canada

Amanda Dench Board Secretary, Ontario Motor Vehicle Industry Council

RaeAnne Friedenberg
Chief of Staff, TELUS World of Science-Edmonton

Shaughnessy Hill Board Secretary, Director Information Governance, BC Pension Corporation

Hanan Jibry Deputy Registrar, College of Optometrists of Ontario

Lisa Latchford Associate CEO, CREB®

Roberta McArthur Senior Specialist, Governance, Deloitte & Touche LLP

Rachel Myles Assistant Corporate Secretary, The McElhanney Group Ltd.

Deanne Reilly
Assistant Corporate Secretary, Gay
Lea Foods Co-operative

Rosemary Siblall Corporate Secretary, Impala Canada Ltd.

Wanda Wilson Governance Specialist and EA To CEO, Nova Scotia Barristers' Society

GPC and Ivey are proud to extend our heartfelt congratulations to the accomplished professionals who have successfully completed the inaugural cohort of the Ivey-GPC Governance Leadership Program (GLD). This milestone reflects their commitment to advancing their leadership capabilities and strengthening the future of governance.

Rashad Al-Aani; Layla Rula Almansour, Executive Assistant, Mental Health Commission of Canada; Amy Bott, Executive Assistant, Corporate Governance, Raymore Credit Union; Olivia Balanga-Santos, National Research Council Canada; Glenn Campbell, Principal Consultant, Red Sands Advisory; Vanessa Chang, Office of the Superintendent of Financial Institutions; Galen Eagle, Durham District School Board; Amanda Elsasser, Corporate Secretary, Claystone Waste Ltd.; Christopher Gall, Senior Counsel, Hall & Larocque; Martina Gallant, Manager, NL Farm Industry Review Board; Nancy Marie Goncalves, Assist. Secretary To the Board & EA To VP, Sheridan College; James Grange, Legal Counsel, First West Credit Union; Jacob Helliwell, VP Operations & CFO, Transportation Investment Corporation; Chantal Lynne Herriot, Assistant Corp. Secretary and Exec. Admin, Portage Mutual Insurance Company; Michelle Hoad, CEO, MLPAO; Julie Huffman, Manager Corporate Governance, Bulkley Valley Credit Union; Sophia Izikson, Former Head of Membership and Leadership Development, Ontario Real Estate Association; Jennifer Jamieson; Karen Jiang, Assistant City Clerk, City of Airdrie; Anjali Kalra, Supervisor, TMF Canada Inc.; Leila Kelly, Corporate Governance Lead & Corporate Secretary, The Hospital for Sick Children; Shawn Knight, Executive Director, Regulatory Compliance and Data Stewardship, Government of Alberta; Julie LaRocque, BCorporate Secretary, Clean Foundation; Mandy Lynn Lamarche, Executive Assistant, NOSM University; Jaclyn Lavigne, VP, Governance and Compliance and Chief Privacy Officer, CNIB; Angela LeBreton, Lawyer & Fractional GC, A.D. LeBreton Law Professional Corporation; Jessie Liu, Corporate Secretary, Wealth One Bank; David Loewen, Director of Policy, Lotteries and Gaming Saskatchewan; Michelle Long, Director, Governance and Corporate Secretary, Kinross Gold Corporation; Vidya Luckiram, Governance Specialist, Toronto Metropolitan University; Nicole Heather Ludwig, Governance Manager, Metis Nation British Columbia; Madeleine Marsh, Assistant Corporate Secretary, Transportation Investment Corporation; Pietro Mastromatteo, Associate Director, McGill University; Kimberly McDougall, Manager, Retail Governance, Federated Co-operatives Limited; Sonia Mior, Director, Governance and Corporate Secretary, Prospera Credit Union; Ishara Muthu Arachchige, Senior Paralegal, Board Governance, University Pension Plan Ontario; Antonia Nadile, Corporate Secretariat Officer, Business Development Bank of Canada; Sheila Nitti, Executive Assistant To the CEO & Board Secretary, Edmonton Global; Criosa O'Regan, West Red Lake Gold Mines; Vera Patterson, Manager, Governance, Ontario College of Massage Therapists; Amy Parrag, Secretary To The Board, EfficiencyOne; Deanne Reilly, Assistant Corporate Secretary, Gay Lea Foods Co-operative; Edyta Rogowska, McGill University; Eryn Siba, Crown Investments Corporation of Saskatchewan; Robert Slater, Manager, Subsidiary Governance, Tha Bank of Nova Scotia; Christine Stelmack, Paralegal, Pan American Silver Corp; Kelsey Sultana, Director, Planning and Governance, National Research Council of Canada (NRC); Cleopatra Surace, Corporate Governance & Executive Board Liaison, Mackenzie Health; Jody Tol, Governance and Policy Coordinator, College of Dental Surgeons of Alberta; Itzel Eugenia Ramirez Velazquez, ATEX Resources Inc.; Gillian Venning, Coordinator, School Board Services, Durham District School Board; Jenifer Wenzel, CEO Assistant and Operations Support, Nutrien Ltd.; Elise Wickett, Executive Director and Registrar, Ontario Association of Veterinary Technicians

Ajané Adams Chief Governance Relations Officer, Centennial College Student Association Inc.

Lara D'oug Senior Manager, Operations, Canadian Association of Financial Institutions in Insurance

Chantel Laventure Associate Vice President, Strategic Enablement and Service Delivery, University of Saskatchewan

David Veld Partner, BDO Canada LLP

Jocelyn Chisamore Director, Strategy and Governance, Canada's Drug Agency

James Grange Director, Legal Affairs & Assistant Corporate Secretary, Tru Cooperative

Sarah Morgenstern Executive Director, Girls E-Mentorship

Ray Velestuk Secretary-Treasurer/CFO, Surrey District School Board

Deena Chochinov Director, Family Advisory, KPMG Family Office

Karen Holz Manager, Regional Planning, The City of Calgary

Andrea Poptsis CFO, Amplify Capital

Nandini Dasgupta Senior Partner Emeritus and Senior Advisor, The Boston Consulting Group (BCG)

Jennifer Kacaba Corporate Secretary and Senior Counsel, Ontario Energy Board

Janet Taylor Director, Governance & Corporate Secretary, Libro Credit Union

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Ottawa gets it on tax policy, initiative shows

Deduction will address Canada's lagging productivity by reducing after-tax cost of investment

STEVE SUAREZ

OPINION

Partner in the Toronto office of BLG, and the co-chair of the Taxation and Economics Committee of the Canadian Chamber of Commerce

Prime Minister Mark Carney's announcement Tuesday of the "productivity mega deduction" is one of the most consequential Canadian tax policy initiatives of the 21st century. At a stroke, the Canadian government has signalled to the business community "we get it."

In simple terms (and simplicity is one of this measure's virtues), this new “immediate expensing” deduction is a timing measure: It allows businesses to deduct for tax purposes the cost of eligible expenditures much sooner than would be the case under existing rules. The taxpayer doesn't get a bigger deduction or more tax savings: just the same tax savings faster.

This is because while current rules require these business expenditures to be deducted for tax purposes over a period of years even if paid for up front, the productivity mega deduction allows the taxpayer to deduct the entire expenditure in the year in which the property in question becomes “available for use” (basically installed and capable of operation). Generally this means that taxpayers are much less likely to pay tax on profits before recovering their costs, which is eminently fair.

What is truly remarkable is the breadth of what qualifies. Most new investments in capital property acquired on or after Sept. 15 are eligible. Taken together with a 2025 federal budget measure for other property, the government estimates that some two-thirds of business investments in capital assets are now eligible for immediate expensing, with the Prime Minister's Office describing the expanded scope as including "fibre-optic cable, mining property, oil and gas pipelines, software, research and development, computer equipment, aircraft and vehicles, patents, rail track, bridges, and roads."

This initiative is vitally important to Canada's economy for many reasons. Most importantly, it directly addresses Canada's dreadful productivity record over the past 25 years. In March, 2026, Statistics Canada estimated that our labour productivity relative to the U.S. has fallen 26 per cent since the late 1990s, much of which occurred in the past five years.

Immediate expensing on this scale moves the needle on this problem by reducing the after-tax cost of badly needed investment. Measured by marginal effective tax rate (tax imposed on an additional dollar of business investment), the government estimates that Canada's METR on eligible investment will be reduced to 6.4 per cent, well below the comparable U.S. rate of 16.9 per cent. Making investments in productive assets cheaper in this way and on this scale was the Canadian Chamber of Commerce's first recommendation in its 2026 prebudget submission to Finance Minister François-Philippe Champagne this summer, prompting president and CEO Candace Laing to describe this measure as “a launchpad to make Canada globally tax competitive.”

While this measure is not limited to any particular industry, Pierre Gratton, president and CEO of the Mining Association of Canada, described it as “transformative” in the resource sector. Building new mines is a high-risk, capital-intensive exercise often stretching over several years. Under current rules, only 30 per cent of most mine development costs can be deducted in the year incurred. Under immediate expensing, they would be 100-per-cent deductible when incurred: a huge difference.

Also critical is the fact that broad-based immediate expensing responds to a wave of 2025 U.S. business-friendly tax changes. Lisa Baiton, president and CEO of the Canadian Association of Petroleum Producers, acknowledged this on Tuesday, observing that “Canada’s largest competitor for upstream oil and natural gas investment is the United States, and the productivity mega deduction closes a significant competitive gap between the two countries in terms of capital cost expensing.” Canadian business deserves a level playing field to compete on.

Broad-based immediate expensing hopefully signals a larger and long-overdue shift in Canada's tax policy toward actively investing in our economy and its tax base, which is needed to fund the social programs that are part of what makes us Canada. Tuesday's Department of Finance release described immediate expensing as representing “a seachange in how Canada intends to stimulate business investment decisions,” which is exactly what our tax policy should be doing in these circumstances: actively supporting our larger economic strategy.

Reduced tax revenue today will generate much more tax revenue later, based on the estimated increased economic activity of 1.4 to three times the government's cost of these measures and long-term employment increases of up to 80,000 jobs annually 10 years from now. Apart from these businesses, the workers building these investments today and those using them in the future are themselves taxpayers, who will add to our tax base.

The productivity mega deduction is a powerful and welcome statement of the federal government's intention to make the cost of doing business in Canada much cheaper (hopefully the provinces follow suit). Canada just became a much more interesting place for Canadians and foreigners alike to invest in.

The investment summit made the pitch, but the sale isn't closed

Prime Minister Mark Carney attends the Canada Investment Summit in Toronto on Tuesday. NATHAN DENETTE/THE CANADIAN PRESS

WILLIAM ROBSON MAWAKINA BAFALE

OPINION

William Robson is a fellow-in-residence at the C.D. Howe Institute, where he is also president emeritus, and holder of the William Robson Chair in Public Sector Governance and Accountability.

Mawakina Bafale is a research officer at the C.D. Howe Institute

A big question going into the first-ever Canada Investment Summit held in Toronto this week was whether Prime Minister Mark Carney could bolster his pitch for fund managers to invest more in Canada with a major policy change? He did.

The exclamation point in his speech to the summit was a “productivity mega deduction” (PMD) that will allow business to write off new investments in most capital assets immediately. The Department of Finance calculates that the PMD will cut the economy-wide marginal effective tax rate on new capital investments in half – to 6.4 per cent, compared with 16.9 per cent in the United States and an average of 19 per cent in other OECD countries. Its estimated fiscal cost is also impressive, at \$36-billion over the next five years. This is a major policy initiative.

The Prime Minister needed something big. After a decade of indifference, a federal government putting capital formation at the centre of its economic strategy was a welcome change. Business investment in non-residential capital has been so weak since 2015 that the average Canadian worker today has roughly 9 per cent less capital to work with than a decade ago. That fact, and the stagnation of productivity and incomes that went with it, have made Canada a less inviting place to invest.

Canadian investment per worker has always been somewhat lower than in the United States and other OECD members.

From the mid-1990s to the mid 2010s, however, the gaps were narrowing. By 2014, the average Canadian worker was backed by about 98 cents of new capital for every dollar received by the average worker across the OECD, and about 89 cents for every dollar the average American worker had. Projections from the OECD this spring implied that the average Canadian worker would see only 64 cents of new capital for every dollar per OECD worker in 2026, and only 50 cents per American worker.

These numbers matter not only as indicators of declining attractiveness but because they affect prospects for the future. Investment and productivity move together. In the 1990s, Canadian workers produced less than their U.S. counterparts and slightly more than their peers in other advanced economies. Today, the gap with the United States has widened, and Canada has slipped down the international rankings. For Canadians, that means disappointing growth in earnings and living standards; for international investors, it means a less dynamic and inviting economy.

The PMD is big enough to make a difference. Forecasters will be raising their estimates of investment and growth in Canada, and business considering responding to President Donald Trump's trade aggression by serving more of the North American market from production in the United States now have better reason to produce in Canada. Importantly, the PMD applies to most capital assets; unlike the more targeted accelerated depreciation it will replace, it looks less like industrial policy favouring particular activities and more like a boost to investment across the board.

Now that the Prime Minister has put the PMD exclamation point on the investment summit and the attendees are dispersing, questions will arise. Immediate expensing of capital favours capital-intensive industries over others. Calculations from the Department of Finance show that the economy-wide marginal effective tax rate of 6.4 per cent is an average of dramatically different rates: close to 20 per cent in retail and wholesale trade, and rates that are actually negative in agriculture and fishing, manufacturing and processing, and transportation and storage.

Immediate expensing does nothing about the widening gap between small- and large-business rates that locks capital into smaller, less productive companies. High general corporate income-tax rates discourage reporting income in Canada and encourage leverage – too many new PMD-inspired investments may be financed by debt. And it does nothing to address Canada's high personal income tax rates, which encourage talent – and the investment that follows it – to locate in the United States or more welcoming jurisdictions overseas. The Prime Minister needs answers for those as well.

The next challenge is to reintroduce Canada to domestic and foreign investors as a place where economically motivated projects generate solid returns over the long haul – past the horizon affected by fast write-offs. Lower, simpler taxes on business and people would show that Canada is not just a good host for a summit, but a good destination for their next investment in capital that will produce competitive products – and raise Canadians' productivity and living standards – for many years to come.

\$1-trillion in new investment, a big number that means everything and nothing

DANNY PARYS

OPINION

Strategy and governance consultant, and a fellow at Social Capital Partners

At the height of the Vietnam War, the now infamous U.S. Secretary of Defense, Robert McNamara, became infatuated with top line quantitative metrics. The Harvard MBA, and former Ford president, believed the war could be understood, and won, by focusing on a few key numbers.

And according to his spreadsheets, Americans were winning the war. On-the-ground realities, however, painted a much grimmer picture.

Years later, this over reliance on quantifiable metrics was given a name: the McNamara Fallacy.

Today, the federal government, on a self-described “wartime footing” to shore up economic sovereignty, risks falling victim to the same fallacy when it comes to investment.

Catalyzing \$1-trillion of investment in Canada over the next five years seems to have become this government's North Star, and to that end, it has organized the first-ever Canada Investment Summit.

But a hyper-focus on investment volume could have negative impacts on both our economy and sovereignty.

That's because not all investment is created equally. Some builds new capacity, creates jobs and lifts wages, and some just changes whose balance sheet the assets sit on and, ultimately, who controls them.

By focusing on investment volume as the key metric, the federal government's strategy puts us at risk of selling off productive assets for little gain in order to meet arbitrary targets.

And it's already happening.

The Prime Minister was eager to highlight a surge in foreign investment in 2025 as evidence of a strengthening economy.

But nearly half of that investment came from acquisitions of existing Canadian businesses.

Worse still, much of this acquisitive investment was debt-funded, such as in the case of oil and gas giant Parkland, sold to U.S. based Sunoco, who financed the transaction with US\$2.65-billion in debt.

Foreign investors saddling a local firm with debt is hardly the type of investment that drives job and wage growth.

And while it is true that stagnant wage growth and productivity has been attributed to weak business investment since 2015, certain sectors have been buzzing with investment that has done little to contribute to new capital formation, giving us insight into what happens when we fail to privilege building over buying.

Consider the Canadian veterinary industry. In recent years, major investors, many foreign owned and controlled, have poured millions into the sector acquiring vast swaths of existing clinics.

While governments may have celebrated the improvement in investment figures, these buy-outs have largely been detrimental for workers and consumers, leading to rampant consolidation, price rises and decline in care quality.

A similar trend of acquisition-driven investment can be seen in industries across the country, from disaster restoration to pharmacies to insurance brokers, with similar impacts on workers and consumers.

And as foreign investors have focused their efforts on smalland medium-sized businesses, many of these acquisitions have gone under the radar, rarely triggering the Investment Canada Act's "net benefit" test, which only applies on foreign investments over \$2-billion, for most transactions.

Admittedly, the federal government is unlikely to be pitching mom-and-pops at their investment summit.

Though this raises the question, what kinds of deals will the federal government be able to make?

With more than 160 projects at varying stages of development showcased to attendees, it remains to be seen if the major investors will direct their investment into projects already under construction, or into brand new developments.

Though after just one day of mingling with the world's biggest asset managers, the government detailed plans to open Canada's four largest airports to private investors, suggesting that the federal government is chasing investment volume over productive capital formation.

And the track records of many of the attendees, such as BlackRock and Blackstone, suggests that investors in attendance are more comfortable buying than building.

The Canadian Venture Capital and Private Equity Association has taken note.

The association is holding their own conference at the same time as the Canada Investment Summit, undoubtedly looking to showcase mid-market firms for acquisition to the same major investors the federal government will be courting.

This should raise alarms for Canadians worried about economic sovereignty, particularly as Ottawa said it would sell stakes in airports, and foreign ownership in Canada's economy is already at worrying levels..

As of 2023, nearly a quarter of assets in Canada's non-financial corporations were foreign controlled.

In key sectors, such as oil and gas, only 67 per cent of assets were Canadian-owned. In the wholesale trade sector, Canadians risks becoming a minority partner in their own country, with 49 per cent of assets held by foreign entities.

Failure to differentiate and incentivize investment that builds new capacity, over acquisitive investment that erodes sovereignty, could be our Silent Surrender.

Dollarama's growth was driven both by an increase in the number of transactions at its stores and the amount that customers bought during each visit. FRED LUM/THE GLOBE AND MAIL

Dollarama lifts outlook as shoppers seek value

which was issued in March.

Comparable sales beat expectations as cautious consumers flock to discount stores

SUSAN KRASHINSKY ROBERTSON RETAILING REPORTER

Dollarama Inc. hiked its sales-growth forecast for this year as cautious consumers continue to flock to discount stores, boosting the Canadian retailer's sales and profit.

Shoppers are “making careful spending decisions,” which is driving more traffic to Dollarama locations, chief executive officer Neil Rossy said during a conference call to discuss its second-quarter financial results on Wednesday.

Household budgets have been strained by a spike in fuel prices tied to the conflict in the Middle East, while the trade war between Canada and the U.S. has created significant economic uncertainty that is weighing on consumer sentiment.

“During difficult times, the consumer has less money to spend. It’s that simple,” Mr. Rossy said. “By the same token, during difficult times, the consumer trades down, and that can benefit Dollarama.”

The Montreal-based retailer reported that its comparable sales – an important metric that tracks the performance of stores open for more than a year, excluding the impact of store openings or closings – grew by 5.4 per cent in the quarter ended Aug. 2. That exceeded analysts' expectations of 4.2-per-cent sales growth, according to consensus estimates compiled by S&P Capital IQ.

That result bucked wider trends in the industry, Stifel analyst Martin Landry wrote in a research note on Wednesday. He cited other retailers that have reported “decelerating trends in comparable sales growth,” including Costco Canada, TJX Canada and some Canadian grocers.

Dollarama's growth was driven both by an increase in the number of transactions at the stores and the amount that customers bought during each visit.

The company now expects its comparable sales growth for this fiscal year to be in the range of 4 per cent to 4.5 per cent, up from its previous guidance of 3 per cent to 4 per cent,

However, the same cost pressures that have affected consumers' shopping habits are also weighing on retailers themselves, most notably as higher fuel prices increase the costs of importing goods from overseas suppliers and transporting them to stores.

Because of the way fuel contracts are negotiated, there will be a lag before higher costs affect Dollarama, and the pressure will become more pronounced in the second half of this year, chief financial officer Patrick Bui said during the call.

The company is working to mitigate those pressures by finding ways to operate more efficiently and in some cases adjusting the product mix, he added. Raising prices for shoppers would be a “last resort,” Mr. Bui said.

Dollarama's highest price point is currently \$5 for certain items in its stores, a new ceiling that it introduced roughly four years ago. The company has consistently said it will not raise prices until after it sees its competitors do the same.

"The key trigger would be cost inflation reaching a level where we can no longer sustainably support the current \$5 max price point. However, based on what we're seeing today, we don't believe that an additional price point is necessary," Mr. Rossy said.

Dollarama’s net earnings grew to \$349.3-million or \$1.29 a share on a diluted basis, compared with \$321.5-million or \$1.16 a diluted share in the same quarter last year. The net earnings and earnings per share also exceeded analysts’ estimates.

In the second quarter, total sales grew to roughly \$2-billion, a 17.6-per-cent jump compared with the same period last year. Those results were driven by an increase in the number of stores in Canada as well as by comparable sales growth.

Total sales also benefited from the inclusion of Australian discount store chain The Reject Shop Ltd., which Dollarama acquired last year. The second quarter of 2025 recorded only 13 days of sales results in Australia after that deal closed.

In Canada, Dollarama has slightly accelerated its plans for store expansion, with 65 to 75 new locations set to open this year, compared with previous expectations of 60 to 70. As of Aug. 2, the retailer had 1,734 stores in Canada, 69 more locations than it had at the same time last year.

Sanofi inaugurates Toronto facility that will produce seasonal flu vaccines

CHRIS HANNAY

French pharmaceutical maker Sanofi SA says its Toronto facility will soon be ready to start producing seasonal flu vaccines for Canadian patients, a project that started during the height of the pandemic and is now opening during another surge in interest in domestic drug manufacturing.

The shots will be produced at the Charles Best Building, which was officially inaugurated Wednesday at a news conference with company representatives and federal, provincial and municipal politicians, including federal Industry Minister Mélanie Joly and Ontario Premier Doug Ford.

The facility, which broke ground in 2021, was built thanks to a \$925-million investment, which included \$415-million from the federal government and \$55-million from the province.

Sanofi plans to begin manufacturing the Fluzone High-Dose influenza vaccine for seniors in Canada starting early in 2027, with doses ready to begin shipping around next August, in advance of the 2027-28 flu season.

The facility is also designed to provide new capacity for vaccine production in the event of another pandemic.

Ms. Joly said the COVID-19 pandemic exposed key vulnerabilities in the domestic supply chain, including production of vaccines and medical supplies.

More recently, the pharmaceutical sector in Canada and other countries has come under pressure from U.S. President Donald Trump. The Trump administration has put pressure on drug companies to move their manufacturing to the United States and raise prices in other jurisdictions.

Ms. Joly said the recent “weaponization of trade” has shown the continued importance of investing in local production, such as the Sanofi plant.

Sanofi SA's Toronto facility was built with a \$925-million investment, including \$415-million from Ottawa and \$55-million from Ontario. SYLVAIN THOMAS/AFP VIA GETTY IMAGES

“We know very much that life sciences is a sector that is being targeted in the context of trade negotiations, obviously with many jurisdictions from the EU and us, and we want to make sure that we support our companies and we attract more investments,” she said.

Kate Winchester, Sanofi's vice-president, head of manufacturing and supply Canada, said the Toronto site's main focus is on producing vaccines for the domestic market, but it will have capacity to supply other global markets if needed.

She said the entire end-to-end production of the vaccine will happen on the Sanofi campus, from producing the influenza antigens to filling the syringes.

Ms. Winchester said that while interest in some vaccines can ebb and flow, demand for influenza vaccines is relatively consistent because of how widely the virus can spread and how much pressure it can put on the public health care system.

"There's add-on beneficial effects associated with seniors taking this flu vaccine," she said. "It helps to prevent 15,000 hospitalizations every year."

Wealth manager Forthlane Partners acquires June Inc. to build \$2-billion platform

ANDREW WILLIS

Wealth manager Forthlane Partners Ltd. acquired rival June Inc. on Wednesday to scale up a platform that serves the country's richest families.

Toronto-based Forthlane and June both offer a relatively new service to wealthy Canadians called outsourced chief investment officers or OCIOs. The concept is meant to help those who have made a fortune preserve that wealth with investment management approaches previously reserved for billionaires.

Led by former TD Securities head of investment banking Robbie Pryde, Forthlane will have more than \$2-billion of assets under management now that founder June Ntazinda and her clients at June are in the fold.

Forthlane had \$500-million of assets two years ago, when Mr. Pryde and Robert Vanderhooft, former chief investment officer at TD Asset Management, joined the firm.

Its clients typically have between \$10-million and \$1-billion in investable assets. They tend to be entrepreneurs and those with second-generation wealth. Mr. Pryde said these clients want to avoid market volatility and the risks that come with having their wealth tied up in a family business.

Forthlane has 28 employees after the June acquisition and the team often partners with advisers such as lawyers and accountants to oversee a family fortune.

June decided to join forces with Forthlane to give clients better access to the alternative asset managers, risk management expertise and sophisticated tax planning required by wealthy families, said Ms. Ntazinda in an interview.

“Forthlane gives clients access to the best managers in the world, something you can only achieve with scale,” said Ms. Ntazinda. She will be a partner and vice-chair of Forthlane, which has offices in Calgary and the Cayman Islands and plans to expand to Vancouver.

Ms. Ntazinda launched her company 12 years ago by purchasing a wealth management business she ran, called i3 Advisors Inc., from Ernst & Young.

Mr. Pryde said acquiring June “represents an important step in Forthlane’s growth and enhances our ability to serve ultra-high-net-worth families and foundations with increasingly complex investment needs.”

The white-glove services wealthy families receive from an outsourced chief investment officer include strategic asset allocation, global manager research and selection, and portfolio risk management. Mr. Vanderhooft said a typical client might have investments in eight funds, chosen to balance the risks of exposure to any one asset class.

Forthlane founders Ken Grewal, a former banker at UBS Securities, and Wayne Kozun, a former executive at the Ontario Teachers' Pension Plan, launched the platform in 2018.

The OCIO concept has been around for several decades in the U.S. and Europe. In a recent study, consulting firm Cerulli Associates estimated American OCIOs will manage US\$5.6-trillion by 2030, up from US\$1-trillion in 2015.

The approach traces its roots to the role of chief investment officers who run the holdings of large family offices for those with more than \$1-billion.

Last year, the federal Parliamentary Budget Office published a study showing the approximately 170,000 families in the top 1 per cent of the Canadian population by wealth had assets of at least \$7.4-million each.

Forthlane and June did not disclose financial terms of the transaction.

Forthlane and June hired investment banks TD Securities Inc. and Origin Merchant Partners as financial advisers, along with law firms Wildeboer Dellelce LLP and CCSB Law.

AUSTRALIA'S RELIANCE WORLDWIDE AGREES TO BROOKFIELD'S \$2.9-BILLION BUYOUT BID

SYDNEY Australia's Reliance Worldwide will back an almost US\$2.9-billion buyout from global investment firm Brookfield Corporation, it said on Wednesday, as the plumbing supplies company confronts the continuing impact of U.S. tariffs and economic uncertainty.

Shares of Reliance jumped more than 7 per cent in early trade on Wednesday to 4.65 Australian dollars, their highest level since May last year. The stock later pared gains to close almost 3.5 per cent higher to 4.48 Australian dollars, outperforming the S&P/ASX 200 index's 0.3-per-cent rise.

Reliance said Brookfield had elected to switch its offer to dollars, with a bid of US\$3.38 a share, equivalent to the 4.75 Australian dollars offer made in August. Investors can choose to be paid in dollars or Australian dollars if the deal proceeds and is approved by shareholders, Reliance said.

"The board is unanimous in its view that this transaction is in the best interests of RWC shareholders," said Reliance Worldwide chair Russell Chenu in a statement.

Two of Australia's largest pension funds, AustralianSuper and Aware Super, own about 20.2 per cent of Reliance and will have a major say in the deal's approval. AustralianSuper declined to comment on whether the Brookfield bid would be supported. Aware Super did not respond to a request for comment.

AustralianSuper voted against Brookfield's US\$10.6-billion bid for Origin Energy in 2023 which was ultimately rejected by investors.

Reliance depends on North America for the majority of its profit, where CEO Heath Sharp said the business's prospects had been hard hit by tariffs. REUTERS

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Trade-war fears loomed over BoC rate talks

Governing council discussed risks to spending, business investment and hiring

CRAIG LORD OTTAWA

Fears that a reigniting trade dispute with the United States could hamper business and consumer confidence loomed large over the Bank of Canada's interest rate decision earlier this month.

The central bank on Wednesday released a summary of the deliberations that led to its decision to hold the key policy rate steady at 2.25 per cent on Sept. 2. The hold – the bank's seventh in a row – had been widely expected by economists.

The Bank of Canada governing council's meetings began on Aug. 25 – just a few days after the United States imposed 50-per-cent tariffs on roughly \$28-billion worth of Canadian goods on Aug. 22.

That move kicked off a series of retaliatory actions in the weeks after the central bank's rate decision, including countertariffs from Canada and planned import bans from the United States.

Monetary policy makers felt at the time that the Aug. 22 tariffs would hit targeted sectors hard but the impact on the overall economy would likely be modest.

The economy and labour market had been showing signs of strength heading into the latest tariff wave. The housing market seemed to be picking back up after an extended slowdown, exports and business spending were picking up, the private sector was adding jobs and consumers looked to be in a solid position, monetary policy makers observed.

But the deliberations show the governing council was worried a re-escalating trade dispute could put a chill on household spending, business investment and hiring.

“While the government’s fiscal response and businesses’ ongoing efforts to adapt to tariffs and trade uncertainty should help mitigate some of the impact, members agreed that the latest developments made the sustainability of that recovery more uncertain,” the deliberations read.

The central bank did not view Canada's countertariffs as a sigsignificant inflationary risk. Because the retaliatory duties targeted intermediate inputs like steel and goods that had Canadian substitutes, “the impact on inflation would likely be muted and spread out over time,” the deliberations said.

The Bank of Canada is keeping an eye on high energy prices tied to the war in Iran, however.

Monetary policy makers discussed the possible need to adjust the policy rate in future meetings if cost pressures start to spread beyond the gas pumps.

“While there was little evidence thus far that high gasoline prices were passing through to other goods and services, members agreed that the longer they were high, the more likely they would be passed through. This increased the upside risks to inflation,” the deliberations read.

Monetary policy makers also noted that if the tariff dispute did hamper growth, that could offset some of the inflationary pressures coming from the energy price shock.

The governing council concluded its meeting by agreeing to stress that future rate decisions would be guided by its inflation outlook and a commitment to maintain price stability for Canadians.

The bank will update its forecasts for the economy and inflation at its next interest rate decision on Oct. 28.

October will also mark one year since the Bank of Canada's last interest rate move – a cut of 0.25 percentage points.

The U.S. Federal Reserve raised its policy rate by a quarter point on Wednesday in an attempt to rein in inflation pressures festering south of the border. The unanimous decision was the Fed's first hike in three years.

In Wednesday's deliberations, the Bank of Canada's governing council noted global financial conditions had tightened since its last decision in July.

“Long-term bond yields have moved up amid concerns about sovereign debt levels and expectations that central bank policy rates would need to increase to restrain inflation,” the deliberations read.

“Canadian bond yields also rose, albeit by less than yields in several other advanced major economies.”

THE CANADIAN PRESS

Federal Reserve chair Kevin Warsh said the strength of the U.S. economy and labour market, inflation trends and geopolitical concerns supported the decision to raise rates. EVAN VUCCI/REUTERS

Fed: Projections show 16 of 18 policy makers anticipate another hike by end of this year

FROM B1

"The culmination of their comments today tells us this is a baby toe stepping into a hiking cycle."

The two-year yield, which is sensitive to market expectations of Fed interest-rate decisions, jumped more than a tenth of a percentage point to above 4.74 per cent after the Fed's decision.

Fed policy projections showed that 16 of 18 policy makers anticipate at least one more quarter-percentage-point hike by the end of this year. Only two indicated expectations of rates remaining stable. Mr. Warsh, who has made limiting forward guidance a central theme of his leadership, did not submit a rate projection.

"I don't think there was a single, especially hawkish element. Rather, it was the combination of several smaller signals," Tiago Figueiredo, macro strategist at Desjardins, said in an e-mailed response to questions.

He highlighted the lack of dissenters to a rate rise, the removal of an easing bias next year from policy projections and the slight increase in projected policy rate, as well as a higher inflation forecast.

Wednesday's announcement followed U.S. inflation data released last week that was widely viewed as hotter than anticipated.

In the press conference, Mr. Warsh said that the strength of the U.S. economy and resilient labour market, inflation trends and geopolitical concerns – though he did not mention war in the Middle East specifically – had supported the decision to raise rates. Mr. Figueiredo said uncertainty around energy prices complicated the Fed's outlook.

“Oil will remain the key wild card for monetary policy. If prices normalize relatively quickly, the committee may not need to raise rates much further,” he said.

"But the longer they remain elevated, the

Canadian government bond yields reacted little to the Fed decision. The five-year yield was unchanged at 3.659 per cent and the 10-year yield edged down one basis point to 3.941 per cent.

greater the risk that higher energy costs spill over into other goods and services, forcing the Fed to tighten policy again. I am not yet convinced that another increase will be necessary later this year, but the risks are clearly tilted toward a higher policy rate by year end.”

The benchmark U.S. 10-year Treasury yield, which had retreated on Wednesday morning, ended the day up 1 basis point to 5.02 per cent. One basis point is one one-hundredth of a percentage point.

Canadian government bond yields reacted little to the Fed decision. The five-year yield was unchanged at 3.659 per cent and the 10-year yield edged down one basis point to 3.941 per cent.

“You’d be hard-pressed to say there was a dramatic readjustment in Canadian rates,” said Jim Gilliland, chief executive officer and head of fixed income at Leith Wheeler Investment Counsel Ltd. in Vancouver. “The Canadian curve had already priced in a pretty significant amount of tightening and maintained that through the decision by the Fed,” he said in an interview.

Swaps markets pricing on Wednesday indicated expectations for between four and five in-

terest rate hikes by the Bank of Canada by next June, which Mr. Gilliland said is “aggressive.”

"We think that's probably overly discounted."

Ms. Donald said that while many Canadians are focused on domestic interest rates, the five-year yield, which is dominated by moves in global bond markets, is more relevant to Canadians with mortgages. “As goes the U.S. five-year, it will drag up or pull down the Canadian five-year as well,” she said.

“So, Canadians should spend just as much time thinking about the U.S. bond market as they do the Bank of Canada’s next move.”

Mississauga City Council approves one-year data centre pause

JORDAN OMSTEAD

Mississauga council voted unanimously Wednesday to put a one-year freeze on new data-centre projects, the latest municipality to hit the brakes on the artificial-intelligence-fuelled buildout.

The pause is framed as a chance to study what guardrails the city could place around new data centres as local lawmakers grapple with residents' concerns about possible energy, water and noise impacts.

“We’ve heard your voice loud and clear,” Martin Reid, the councillor who sponsored the moratorium, said during Wednesday’s council meeting.

Municipalities are on the front line of a debate over how to handle a new wave of data-centre projects cropping up across Ontario. While the province has long hosted data centres handling cloud storage, financial transactions or websites, the AI boom has led to a surge in projects with far more intensive energy demands.

The province and federal government have broadly backed the data-centre buildout as a chance to exercise greater domestic control over the digital economy and attract investment. But they face critics who say cities have been left with little guidance or enforceable standards.

“It’s kind of a Wild West,” said Mr. Reid.

Mississauga's pause applies to data centres with energy demands more than 10 megawatts, or enough electricity to power roughly 10,000 homes. The city joins neighbouring Oakville, which last month passed the province's first moratorium. Other cities, including Hamilton and Burlington, have directed staff to carry out data-centre planning studies but rejected a moratorium. Under pressure from municipalities, Ontario released last month a draft "playbook" for new data-centre projects.

Premier Doug Ford, who has been critical of moratoriums and framed data centres as promising investments, said projects would be required to pay for all their electricity costs and demonstrate community benefits.

That playbook is encouraging but lacks teeth, said Mr. Reid.

"There's no recourse," he said. "That's why this [moratorium] is critical for us in this time to make sure that Mississauga is set up for

success."

The vote appears to put in limbo a 40-megawatt data-centre project in the city's northwest pursued by Prologis, Inc., a major U.S.-headquartered firm. The site is just south of Highway 401, neighbours with an Ikea warehouse, close to an electrical substation and about a kilometre away from the nearest residential neighbourhood.

In a statement, the company said it was disappointed by the vote and was considering its next steps.

“We remain committed to Mississauga and confident that a carefully planned data centre in Meadowvale Business Park can bring significant long-term economic benefits to the community,” read the statement.

It marks what could be a signif-

U.S. retail sales rebound to post 1.2% gain in August

ANNE D'INNOCENZIO NEW YORK

Consumers may be griping about higher prices at the pump and elsewhere, but they keep spending, helping to power the economy, according to the latest government snapshot.

Retail sales rebounded by a better-than-expected 1.2-per-cent increase last month after recording a revised 0.5-per-cent dip in July, according to Commerce Department data released Wednesday. Economists were anticipating a 0.7-per-cent gain for the month, according to FactSet.

The decline in July was notable because there had been few signs of fatigue from U.S. consumers.

Americans spent heavily during the World Cup and Amazon Prime Day sales this summer. That followed solid retail sales in April and May as Americans dipped into their government tax refunds.

Even excluding business at gas stations, retail sales rose 1.1 per cent in August, underscoring the resilience of the American consumer. The government figures aren't adjusted for inflation. The roar back in spending is happening even as consumer confidence took another hit in July, according to the latest reading by the Conference Board.

The strong spending report comes as the Federal Reserve is widely expected to lift its short-term interest rate Wednesday for the first time in three years to fight stubbornly high inflation.

Much of the strength in retail last month reflected a bounce back in non-store sales, which declined sharply in July, according to economists. That was “seasonal noise” driven by shifts in the timing of Amazon’s Prime Day shopping event, which also coincides with heavy promotions from other major online retailers, according to Michael Pearce, chief U.S. economist at Oxford Economics. Rising gas prices also propped up gasoline station sales, he said.

But even accounting for these factors, gains in most spending categories were “decent,” led by discretionary sectors such as food services, electronics, and sports and recreation, Mr. Pearce wrote.

"American consumers are still opening their wallets and buying," Heather Long, chief economist at Navy Federal Credit Union, wrote in a report published Wednesday. "August retail sales showed a big bounce back after a weak July."

The so-called control group – which excludes food services, autos, building materials and gas station sales and is used to calculate economic growth – rose a strong 1.4 per cent last month from the prior month.

Many Americans continue to spend despite skyrocketing gas prices that have accompanied renewed fighting in the Middle East. The average price for a gallon of regular gasoline rose overnight to US\$4.37 on Wednesday, according to motor club AAA. That is about

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How Aqueduct Foundation helps donors turn values into long-term impact

Aqueduct Foundation holds a significant collection of artworks and archives by the late Canadian photographer Lynne Cohen, including Untitled (Logo), 2010. IMAGE COURTESY OF THE LYNNE COHEN FOUNDATION

Malcolm Burrows, executive director, Aqueduct Foundation.

For many donors, the decision to give is only the beginning. Building a lasting legacy often starts with questions about how, when, and where to give.

After a successful career in the information technology industry spanning almost five decades, Ralph Turfus and his wife Sharon began thinking more seriously about the legacy they wanted to leave behind.

"We've been very fortunate, and we wanted to give back. We just didn't know where to start, and what options were available to us," he says.

As they explored their options, the West Vancouver-based couple found themselves contemplating more than where to give. They also wanted to structure their giving in a way that could grow and adapt over time, reflecting both their immediate charitable priorities and their longer-term goals.

Those considerations eventually led them to Aqueduct Foundation, an independent Canadian public charitable foundation associated with Scotia Wealth Management.

By partnering with donors and their advisors, Aqueduct helps incorporate charitable giving into broader wealth, estate and legacy planning conversations.

As a cause-neutral foundation, Aqueduct supports donors with a wide range of charitable interests, including health care, education, community development and the arts. Over the past 20 years, Aqueduct has distributed more than \$1-billion in grants and programs, each one recommended by a donor.

"Philanthropy is deeply personal. Our role is to help individuals and families make thoughtful decisions that reflect what matters most to them," says Malcolm Burrows, executive director of Aqueduct Foundation. "We always begin with 'Tell me what you care about.'"

Alicia Mossington, an estate and trust consultant with Scotiatrust, part of Scotia Wealth Management, is seeing philanthropy play a larger role in the wealth and estate planning conversations she has with individuals and families.

"Increasingly, donors want to see the impact their giving can have during their lifetime," says Ms. Mossington. "They want to participate in it, help shape where that support goes, identify causes that are meaningful to them and their families, and see the difference those contributions can make. Many are also looking for ways to extend that impact beyond their lifetime and involve future generations in their giving."

Through a donor-advised fund (DAF), donors can make an irrevocable donation, receive an immediate charitable tax receipt and recommend grants to charities over time.

Many foundations with DAFs can only make grants to registered charities. In contrast, Aqueduct offers donors additional flexibility in how they pursue their charitable goals, including through community-based scholarships and grants to international charities.

Each donor has a dedicated foundation manager, who works with them to provide support on donations, granting and charitable research. Aqueduct Foundation also handles the administrative, governance and compliance responsibilities.

"We like to think of our team as charitable partners, helping donors navigate their giving and connect with the causes they care about," adds Mr. Burrows.

That's the case for Mr. Turfus and his wife. The foundation's assistance has enabled them to spend more time supporting several philanthropic initiatives across Canada, including health care, the environment and animal welfare. Mr. Turfus also donates his knowledge as an entrepreneur to organizations he believes in.

"Being able to contribute my time and experience is just as rewarding as the financial side of giving," he says.

Aqueduct's support can also extend to non-traditional forms of charitable giving. Donors may choose to contribute a wide range of gifts, including real estate and private company shares to art and wine collections.

That's particularly true with assets that have accumulated over a lifetime or passed between generations. For example, Aqueduct is managing the artistic legacy of award-winning Canadian photographer Lynne Cohen, who died in 2014. The Lynne Cohen Foundation at Aqueduct now holds roughly 1,700 pieces of artwork and the intellectual property rights attached to them.

Over time, those assets will be used to support a variety of arts and cultural organizations across Canada, extending the impact of her work for years to come.

Aqueduct Foundation is a registered public foundation, BN 86608 7034 RR0001. The Bank of Nova Scotia Trust Company (Scotiatrust) is the service provider for Aqueduct Foundation, providing administrative and management services. Aqueduct Foundation is independent of Scotiatrust. All donated funds are owned by Aqueduct Foundation.

Cohere, Aleph Alpha merge in enterprise AI push

Merged company will operate as Cohere, have headquarters in Toronto and Berlin

LEO MARCHANDON

Canada's Cohere and Germany's Aleph Alpha signed a definitive merger agreement on Wednesday, the AI companies said.

The combined business will operate as Cohere, with dual headquarters in Toronto and Berlin, while Aleph Alpha's Heidelberg office will focus on research. Aleph Alpha co-chief Ilhan Scheer will become chief operating officer of Cohere.

The merger brings together a Canadian AI model developer and a German company that has increasingly focused on helping governments and businesses deploy artificial intelligence. The companies said demand was growing for AI systems that can operate within a customer's own infrastructure and comply with local regu-

latory requirements.

Cohere CEO Aidan Gomez said the tie-up aimed to meet demand for AI “powerful enough to compete, but secure and governable enough to trust.”

The deal comes as European AI companies attract fresh investment.

The plan was first disclosed in April, a combination valued at about US\$20-billion at the time. Lidl-owner Schwarz Group is investing €500-million (US\$572-million) in the new entity. The companies did not disclose updated financial terms and said the transaction remained subject to regulatory approvals.

The deal comes as European AI companies attract fresh investment. Mistral, Europe's lead model maker, last week raised €3-billion (US\$3.46-billion) at a valuation of more than €21-billion (US\$24.2-billion).

Cohere develops Command, a family of open-source AI models designed to run inside a customer's own computing environment, positioning the company to serve businesses, governments and public administrations rather than consumers. Aleph Alpha, once touted as Germany's AI champion, stepped back from developing frontier AI models and refocused on AI integration software. Co-founder Jonas Andrulis left the company earlier this year after relinquishing the chief executive role in 2025.

Cohere reported US\$240-million in annual recurring revenue last year, while Aleph Alpha reported revenue of less than €1-million (US\$1.15-million) in 2023, according to its latest public accounts.

The companies said Schwarz Group would provide computing capacity through its cloud arm StackIT. The retailer is investing between €11-billion (US\$12.7-billion) and €13-billion (US\$15-billion) in a German data-centre campus expected to house up to 100,000 AI chips.

REUTERS

Non-profit: Each country will contribute up to \$150-million in grant funding to organization

FROM B1

Canadian computer scientist Yoshua Bengio has been outspoken about the need for AI regulation. ANDREJ IVANOV/AFP VIA GETTY IMAGES

Each country will contribute up to \$150-million in grant funding to LawZero, said the organization, which employs close to 50 people and is based in Montreal. The non-profit made the announcement at the city's All In AI conference.

Prof. Bengio, who is the former scientific director at Mila, has played an outsized role in the development of modern AI alongside Canadians Geoffrey Hinton and Richard Sutton.

But after the release of OpenAI's ChatGPT in 2022, he became deeply concerned about the implications of the technology, which could be used for nefarious purposes such as cyberattacks and building biological weapons. More powerful systems could also outsmart humans, he argued, and current models are already displaying harmful traits such as deception, cheating and cycophancy.

He has been outspoken about the need for AI regulation and in 2023 was one of the signatories to an open letter arguing for a pause on development to allow for guardrails to be put in place. Similar calls have arisen again after Anthropic CEO Dario Amodei wrote an essay this month saying that AI companies should work together to pace the speed of development.

Prof. Bengio's answer is to build a different kind of AI. As envisioned, Scientist AI would be a neutral system that can answer questions while prioritizing honesty, without exhibiting any of the negative traits of current models. The first priority is to build a guardrail that would act as a monitor of other AI systems and prevent agents from taking actions that could cause harm.

“We don’t know how much time it’s going to take before it’s absolutely necessary to have these kinds of tools,” he said.

The field of AI is currently dominated by the U.S. and China, and Prof. Bengio said that LawZero's approach to building safe systems, backed by government funding, allows other countries to play a role in shaping the technology.

“Middle powers like Canada, as Mark Carney has been saying, need to have cards in their hands so that they can sit at the global table and be part of the discussion," Prof Bengio said. "So the future of humanity and geopolitical power isn't the decision of two countries."

LawZero is also in talks with other countries about potential funding, he noted.

“No country can build alone,” federal AI minister Evan Solomon said on stage at the All In conference Wednesday morning, referencing the relationship between Canada and Germany. “We need options.”

Concerns about AI-driven cyberattacks have grown in the wake of revelations that in July, a swarm of OpenAI's agents had broken out of their test environment and hacked AI firm Hugging Face to cheat their way through an evaluation of their cybersecurity capabilities.

Investigations into that attack revealed several other incidents that had initially gone undetected by OpenAI and Anthropic, which recently disclosed four incidents in which its Claude models hacked into third-party systems during testing. Prof. Bengio said there are three factors that need to be present for AI to do something undesirable, such as attack another company.

First, the AI systems need to have the intention to do the bad thing – in the case of last summer, hack Hugging Face. Secondly, they need to be intelligent or capable enough to pull it off. And thirdly, the environment has to be sufficiently vulnerable for the attack to succeed. "All three were present last summer," he said.

Although defences can be bolstered, as AI models continue to develop, “eventually, they’ll be able to pass through any kind of software defence,” Prof. Bengio said.

He recently wrote an essay on his website outlining why the industry needs to rethink how it designs AI. These systems have harmful characteristics because of how they are built, he argued, particularly because of something called reinforcement learning.

This teaching method is not unlike how animals are trained: Desirable outcomes are rewarded, making such behaviour more likely. After AI systems are trained, they continue to act as if rewards are coming, he wrote, which in effect builds goal-seeking behaviour.

That, in turn, can lead to AI systems lying and cheating to complete a task. “Those systems will find a way to achieve their goal at the expense of their safety instructions,” Prof. Bengio said. “They’re obsessed with achieving the goal because that’s what reinforcement learning does.”

His approach to Scientist AI will not involve reinforcement learning, he said – a radical departure from current practice.

A few years ago, Prof. Bengio gave a talk to reinforcement learning researchers and included a slide in his presentation that stated the practice was “evil,” partly as a provocation.

“We can’t guarantee that things will go well,” he said, referring to AI development. “You have to bite that bullet and say, ‘How do we fix the problem?’”

Analysis: Canada has what the world wants, as Carney keeps saying

FROM B1

Then metals prices crashed because they were in a classic bubble and a few years later Saudi Arabia started to pump much more oil, sending prices plummeting as supply skyrocketed.

“While increased commodity exports have made Canada richer, they have also made the economy more vulnerable to shifting price cycles,” researchers at the Bank of Canada have written when studying the country’s history with commodity supercycles and busts. (There have been four since the early 1900s.)

"In particular, the sharp fall in commodity prices that occurred after mid-2014 has led to a decline in Canadians' income and wealth and triggered a complex and costly adjustment in Canada's economy," the researchers wrote.

Since then, investors in commodity companies have also held management teams to much different standards. Shareholders used to preach growth. But after enduring hundreds of billions of writedowns stemming from too much debt tied to bad deals, shareholders have preached capital preservation. They even want capital returned to them in the form of dividends and buybacks. It's likely one of the reasons why Canadian energy companies aren't saying all that much yet about boosting production to fill the newly proposed pipeline to

the West Coast.

Canadians could also use another reality check – one that's much more encouraging. At the summit, a dominant narrative was that the country must do wonders to attract foreign capital again.

It isn't true. “In a global context, Canada is actually well positioned,” said Syl Apps, senior managing director and head of U.S. Midwest and Canada at Hines, a global real estate investment manager.

Foreign investors repeatedly talked up things like the rule of law here, as well as Canada's plentiful natural resources. They're some of the reasons the country has attracted copious amounts of foreign money over the years. A subsidiary of Saudi Arabia's Public Investment Fund bought major grain handling assets in the Prairies, and Blackstone, the U.S. private equity giant, holds \$50-billion worth Canadian assets, many of them in real estate.

As much as Canada needs their money to help fund infrastructure and capital investments, these firms need the country just as much. They just don't want to admit it.

During the summit, BlackRock CEO Larry Fink said governments across the West are in debt and can't afford to borrow more to fund infrastructure. Instead, he said, they'll need some of the US\$15-trillion that BlackRock manages to fund their growth.

What he failed to mention is that many sources of private capital have struggled in recent years. Returns from traditional private equity funds and private credit investments have been weak, and their own shareholders are losing confidence. Blackstone's share price is down 33 per cent over the past year.

So even though some things are out of Canada's control, the country doesn't have to sell itself short. Canada has what the world wants, as Prime Minister Carney keeps saying, and the country has every reason to make foreign investors pay up for it.

It's un-Canadian to brag, but the country can. And should.

Airports: 2023 study shows private operations routinely functioned more efficiently

FROM B1

It found no similar benefits after private acquisitions that didn't involve private equity.

When JPMorgan Asset Management first bought a stake in Cairns Airport in Queensland, Australia, as part of a 99-year lease with the regional government, the effects on service and infrastructure were immediate, Mr. Weisbach said.

Some improvements were small and aesthetic. “Where the other airports look a little bit rundown,” Mr. Weisbach said, “they had nice coffee shops, nice gift shops – the stores are all much nicer.”

But the biggest changes involved the number of international routes available, including from lower-cost carriers.

“They negotiated with governments all around Asia to put in non-stop flights from Tokyo and Seoul and Singapore to Cairns,” said Mr. Weisbach, who is also a professor of finance at Ohio State University. “The whole community benefited.”

While Cairns has a uniquely favourable location near some of Australia's most famous natural landmarks, the advantages it experienced were not outliers.

A 2023 University of Alberta study of 2,400 airports found that those privately operated routinely functioned more efficiently, with airports purchased by private equity funds in particular seeing flight cancellations decline by 50 per cent on average.

But a direct comparison with other jurisdictions may fail to consider Canada's unique competitive environment and regulations, which would affect how privatization plays out, according to researchers who have studied international models.

A privatized airport would need to examine both airport fees and flight-related costs to maximize revenue for shareholders, said David Macdonald, a senior economist for the Canadian Centre for Policy Alternatives.

Airport fees include “everything that you’re going to pay as an individual going to the airport,” such as parking or baggage carts, Mr. Macdonald said.

In Britain and Europe, many privatized airports charge the equivalent of up to \$3.50 for baggage carts, for example.

“You're also charging the airlines more to deplane passengers, to take off, to land,” Mr. Macdonald said.

At Scotland's busiest airport, Edinburgh Airport, drivers are charged the equivalent of roughly \$17 to enter the drop-off zone, with similar fees across a handful of privately operated airports in Britain.

Besides being unpopular with locals doing pickups, the fees also increase the cost of ride-hailing services.

A privatized airport would need to examine both airport fees and flight-related costs to maximize revenue for shareholders, said David Macdonald, a senior economist for the Canadian Centre for Policy Alternatives.

While in Edinburgh's case, the charges were introduced decades after the British Airports Authority was privatized, fees have been raised aggressively in the past 10 years.

The Scottish Conservatives last year accused the airport of making travellers a “cash cow.”

Airport bosses, for their part, said the move was meant to reduce emissions from automobiles, which they called “the most polluting mode” of travel.

While some airports privatized internationally may draw in more routes and still keep airfares from rising substantially, a competitive environment could be an important factor, Mr. Macdonald said.

"If you have a situation where there's actual airport competition, then you can steal flights from other airports," he said. "Instead of increasing the cost to passengers, you increase the volume of flights, you move more people through your airport, have better use of space."

Such a move is possible in Europe, with many airports in close proximity, but not in Canada. "People in Montreal aren't going to drive to Ottawa," Mr. Macdonald said.

Meanwhile, a report from the Canadian Labour Congress released this week said that privatization of airports in Australia both squeezed more money from passengers and put airport jobs at risk.

Revenue collected from airlines per passenger at Perth Airport, for example, rose by more than 60 per cent over 10 years, the trade union organization found, while Sydney Airport trimmed 40 per cent of its work force after postsale job protections expired.

Matthew da Mota, research director at the Canadian Shield Institute, a public-policy think tank, has researched Ottawa's proposal.

He emphasized that while much remains unknown, Mr. Carney's model could generate consumer benefits beyond travel at Canada's major airports.

A shift toward private investment could unlock new funding for more airports in remote communities, better roads and digital infrastructure, without requiring the government to borrow as much to finance them, he said.

One example cited by Ottawa is new broadband internet infrastructure.

But he still feels that the immediate gains for travellers remain dubious. “I’ve had people ask me in the last day, ‘Do we have a major problem with airports not functioning super well?’” Mr. da Mota said.

“I think for most people, it’s not always the best experience, but it’s fine.”

Tax incentives alone won't right the ship

With a federal budget expected in November, the government would be wise to consider other measures to encourage investment

TIM CESTNICK

OPINION

Author and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca.

Some have said that success is stumbling from failure to failure with no loss of enthusiasm. I like that definition.

If one thing can be said about the Canada Investment Summit, which took place this week in Toronto, it's that Canadian politicians, CEOs and asset managers showed no loss of enthusiasm about our country as a place to invest. As for the failure part – well, it's time for our leaders to turn things around.

During the summit, Prime Minister Mark Carney unveiled a new tax incentive – the Productivity Mega Deduction (PMD) – that is supposed to reduce Canada's effective tax rate on new business investment to about 6.4 per cent from roughly 13 per cent. The deduction will allow companies to immediately expense the cost of certain assets – a list expanded from what was previously announced in the 2025 federal budget. And the deduction has been made “permanent.”

In addition, Finance Minister François-Philippe Champagne announced that the Canada Revenue Agency will prioritize advance income tax ruling requests related to investments of \$1-billion or more in Canada. This news is nothing to write home about. The advance ruling program has existed for more than 50 years. An advance ruling, usually available within about 90 days, simply provides confirmation of how the CRA will apply Canadian tax law to a proposed transaction.

IMPROVING INCENTIVES

I'll be the first to suggest that the PMD is a good thing. Previously, in 2018, the government introduced the Accelerated Investment Incentive, including immediate expensing for certain manufacturing and clean-energy equipment. About 299,000 corporations made asset additions qualifying for this incentive in 2023. (Granted, we don't know how many of these businesses would have made those invest-

ments anyway.)

But the PMD by itself isn't sufficient. With a federal budget expected in November, the government would be wise to consider other measures to encourage investment, such as:

Ensuring grandfathering of incentives: I know Ottawa has said the PMD is a “permanent” deduction. Let’s face it – nothing in our tax law is permanent, and few investors will trust our government to keep tax incentives forever. Yet large mines, nuclear technology, liquefied natural gas plants, pipelines, artificial-intelligence and data infrastructure and electricity projects all have long investment horizons. Our government should promise to grandfather any tax incentives once a qualifying project reaches its final investment decision. Investors care about the probability that today’s tax rules will still apply tomorrow.

Making tax incentives easier to monetize: A large tax deduction – even immediate expensing under the PMD – is less valuable to an investor who won't have taxable Canadian income for years. Many infrastructure and resource projects will generate huge deductions before producing taxable income. Creating refundable or transferable investment credits can overcome this problem – although they're much more expensive for

Ottawa.

Creating incentives for investment in Canadian companies: What we need in Canada are companies headquartered here – not just factories and mines owned by foreigners. The government should consider improving capital-gains treatment for investments in Canadian growth companies where investors commit capital for a minimum holding period, rather than simply encouraging investment in physical assets in Canada.

Improving loss utilization for major projects: Large projects can accumulate tax losses for years before generating revenue. More generous loss carrybacks, interest on unused tax losses or carefully designed refundability could reduce the tax disadvantage created by long development periods. This would be especially relevant to mining, infrastructure and technology development.

Rewarding intellectual property commercialization: Today, our tax system rewards spending on scientific research and experimental development (SR&ED). But spending shouldn't be the primary goal. Canada's recurring problem isn't merely a lack of invention, but failing to turn Canadian intellectual property into large Canadian businesses. The government could help by creating a commercialization incentive tied to incremental Canadian payroll and IP development and investment. This could complement our existing SR&ED incentives.

INSUFFICIENT INCENTIVES

As important as all of these are, let's not fool ourselves into thinking that tax incentives alone are going to drive investment in those critical sectors that can move the wealth-creation needle in our country.

Suppose an investor is considering a \$5-billion mine, LNG facility, pipeline or data centre. While the incentives I've discussed can significantly improve the after-tax internal rate of return on a project, they won't solve other critical issues.

I'm talking about a multiyear permitting process, uncertainty over whether a project will be approved, unpredictable regulatory changes, interprovincial barriers, uncertainty over Indigenous consultation and agreements, the inability to build transmission lines, pipelines or transportation infrastructure, trade uncertainty, or political risk that the rules will change after billions have been committed.

The real measure of success for our Prime Minister and premiers will be solving these non-tax challenges – and quickly.

A stock market miracle is approaching with U.S. midterms

The U.S. Capitol building is seen in Washington. Stock markets traditionally see positivity after midterm elections as uncertainty falls. ELIZABETH FRANTZ/REUTERS

KEN FISHER

OPINION

Founder, executive chair and co-chief investment officer of Fisher Investments

Do Canadian stocks' late-summer wobbles seem depressing? Rejoice – a recurring stock market "miracle" approaches soon.

It stems from an unlikely source: America's cacophonous midterm legislative elections. Their shrill campaigning routinely yields to a market-soothing aftermath of falling political risk aversion, launching the most consistently positive nine-month span for U.S. stocks in all of history. That positivity spills north of the United States... and beyond.

My 2026 forecast revealed the key to midterm magic: The elections almost always deepen political gridlock, dooming big, controversial legislation for at least two years – no matter which party is in charge ahead of midterms, or how stocks fared earlier that year.

Consider: While snap elections are common in Canada and much of Europe, America's fixed four-year presidential term creates recurring legislative patterns. Typically, presidents take office amid a wave of support. Party members ride their coattails to congressional seats. With broad backing, presidents push their biggest, most controversial bills early in their first two years – before midterms can sap their power. This cycle, it was President Donald Trump pushing his One Big Beautiful Bill Act in the first half of 2025. But they all do it.

Stocks frequently waver amid this legislative onslaught. Historically, the first two years of presidential terms are positive only slightly more often than negative. Why? Big legislation creates winners and losers, stirring increased uncertainty that stocks hate.

The president's second year also brings midterm campaigning. Initially, shrill, extreme rhetoric grabs headlines as candidates play to their bases to win primary elections. That rise in rhetoric partly explains why over the past century, the S&P 500 was positive in the first quarter of midterm years only 46 per cent of the time. That percentage climbed to 58 per cent in Q2s, and 60 per cent in Q3s (through June, 2026).

But then, relief. Midterms usually whack the president's party. Since 1914, when direct election of senators began, the president's party has lost seats in the 435-member House of Representatives in 89 per cent of midterms, averaging a whopping 30 seats lost. It faltered in 71 per cent of Senate midterms, averaging four seats dropped.

The result: increased gridlock! Voters hate the subsequent inaction, but stocks smile as uncertainty falls and big, divisive legislation dies on the vine. The mid-term miracle!

Since 1925, the S&P 500 gained in 84 per cent of midterm year Q4s – and in 88 per cent of the subsequent year's Q1s and Q2s. Those three quarters together were positive in 91 per cent of history, averaging a 19.8 per cent return!

How does this trend keep repeating? Political biases! Most voters believe disaster awaits if the lousy bums from the other side win. Emotions flare prevote, teeing up a groovy gridlock relief rally.

Highly correlated markets take America's miracle global. U.S. and non-U.S. stocks' correlation is 0.83 - quite high given 1.00 means lockstep movement and -1.00 signals polar opposite. The TSX and S&P 500's correlation, too, at 0.81.

Hence, what helps U.S. stocks helps global stocks, too – like four years ago when the S&P 500 leapt 20.6 per cent from Q4 2022's start through Q2 2023's end, and the rest of the world soared 24.5 per cent. Canadian stocks' lack of big tech exposure and heavy concentration on energy meant lower, but still solid, 12 per cent gains.

Extreme campaign rhetoric reigns now. Some fear the rise of democratic socialist candidates. Democrats hate President Trump, with his abysmal approval rating. Ignore this partisanship and your political biases – stocks will. Whatever happens, legislative gridlock routinely increases. That is beautifully bullish.

Mr. Trump's Republicans currently have tiny majorities in both chambers. In November, every House seat is up, plus 35 Senate spots. Gerrymandering on both sides means few truly contested House races. Only about 25-30 seats are actually changeable. Those outcomes will decide the otherwise near-equally split chamber. In the Senate, only six or seven seats are considered toss-ups. The Republican Party's edge now is 53-47. They must win almost all the toss-ups to maintain that margin, since the toss-ups are mainly Republican held. They won't.

If Democrats take at least one chamber – likely, given President Trump's wretched poll numbers - pure golden gridlock arrives. Even if Republicans keep both, their majorities will remain slim - Mr. Trump's silly \$5,000 "dividend" pledge won't tip the scales meaningfully. Plus intra-party frustrations will build as elected officials begin viewing Mr. Trump as a "lame duck," or envisioning a post-Trump world - making big, divisive legislation truly impossible.

Does that mean Mr. Trump can't continue to wield executive powers for foolish tariff nonsense? No. They are on shakier legal ground without congressional approval. But as I have shown, his loony levies are more bark than bite. The past 16 months show stocks know that.

Scary midterm rhetoric will flare until Nov. 3's vote. Ignore it. A quiet miracle is coming to power stocks higher – in the U.S., Canada and beyond.

RBC has named Chorus Aviation a ‘best idea.’ Here’s a reality check

GORDON PAPE

Editor and publisher of the Internet Wealth Builder and Income Investor newsletters

When a highly respected analyst says a company is his “best idea,” it’s worth paying attention.

That's how James McGarragle of RBC Capital Markets referred to Halifax-based Chorus Aviation Inc. after the release of its second-quarter results last month.

He described Chorus as a “compelling value opportunity with significant growth catalysts” and raised his target price for the stock by \$4 to \$39 a share.

I had not looked closely at the stock, so I did some research. Here's what I found.

Background: Most Canadians have never heard of Chorus or know what it does. But anyone who travels is probably familiar with Jazz, the largest regional airline in Canada, which operates under the Air Canada Express brand. Chorus owns Jazz. It also owns Voyageur Aviation, a provider of specialty charter, aircraft modifications, parts provisioning, and in-service support services.

Other aspects of its business are Cygnet Aviation Academy, an accredited training academy preparing pilots for direct entry into airlines, and Elisen & Associates, a provider of aerospace engineering and certification services.

Performance: The stock has been trading in the red for most of the past five years. It has been performing much better this year, however, with a gain of about 30 per cent since Jan. 1.

Recent developments: The company reported strong second-quarter results. Operating revenue was \$349.4-million, up 7.6 per cent from \$324.6-million in the same period last year.

Adjusted net income was \$19.1 million (83 cents a share) compared to \$14.1 million (54 cents a share) for the second quarter of

2025. For the first six months of 2026, adjusted net income was \$31.7-million, a gain of 7.6 per cent from \$29.4-million the year before.

Adjusted EBITDA was \$50.7-million in the second quarter, a decrease of \$600,000 compared with the second quarter of 2025.

Dividend and buybacks: The shares pay a quarterly dividend of 11 cents (44 cents a year) to yield 1.6 per cent at the current price of \$28.07. But investors should be aware that in 2020, Chorus cut its dividend from 28 cents a quarter to zero. It was reinstated at eight cents a share in July, 2025, and raised to the current level in March of this year.

The company is also buying back stock under its normal course issuer bid. During the second quarter, Chorus purchased and cancelled 616,891 common shares at a weighted average price of \$23.97 per share for a cost of \$14.8-million.

Acquisition: Chorus completed the acquisition of Kadex Aero Supply Ltd. on April 1, 2026. During the second quarter, Kadex contributed revenue of \$16.4-million and net income of \$1.2-million.

Risks: There are several to consider:

Tariffs. The company has dodged the Trump tariff bullet so far, but it's been close. Earlier this year, the U.S. President threatened a 50-per-cent tariff on Canadian-built aircraft and vowed to decertify Canadian planes operating in the U.S. amid a certification dispute involving American-made Gulfstream jets. The Gulfstream issue was resolved but the U.S. Commerce Department issued a report that was critical of “foreign reliance” on aircraft parts. Only intensive lobbying by the airline industry prevented the introduction of tariffs on foreign-made jets or parts.

Now Mr. Trump is suggesting he might ban Bombardier from selling its planes in the U.S.

That could lead to other actions that could have an impact on Chorus. The company has warned of the possibility in its financial statements.

Air Canada contract. The current contract with Air Canada runs until 2035, so there is no immediate concern there. But any development that affects airline profitability (e.g., fuel price increases, decline in passenger traffic) could have a negative impact on the bottom line.

Labour relations. This is always a concern in the airline business. Jazz announced just this week that it had reached a tentative agreement with the Canadian Flight Attendant Union following a 99 per cent strike mandate vote by more than 1,000 flight attendants who had been working without a contract since Jan. 1. However, it should be noted that labour issues normally have only a short-term impact on share prices.

Action now: Chorus is a buy for aggressive investors seeking capital gains and modest cash flow. Conservative investors may be put off by the historic volatility of the shares and the ever-present tariff threat.

Why a 60/40 portfolio no longer works

Being properly diversified no longer means the classic, rigid stock-bond asset mix

BAHTIAR_MAULANA/GETTY IMAGES

DAVID ROSENBERG

OPINION

Founder of Rosenberg Research

Investors have a remarkable capacity to confuse a rising market with a well-constructed portfolio. When the same stocks keep leading, diversification starts to look like an unnecessary expense. Why own anything that is lagging?

The temptation is to sell the assets that have disappointed and buy more of whatever has already worked. Follow that logic far enough, and the entire portfolio ends up depending on the continuation of one market outcome. That is a considerable wager to place on a forecast, however persuasive it may sound.

Diversification becomes useful when the investments have different economic sensitivities. But when I say “diversified,” I am not referring to the classic 60/40 stock-bond asset mix, which is easy to explain but is not really diversified.

The dirty little secret is that a 60/40 portfolio derives more than 90 per cent of its volatility from the equity sleeve. The “balance” in a balanced fund has always been something of a fiction. Sixty cents of every dollar goes into stocks and 40 cents into bonds, with periodic rebalancing to maintain the mix. An allocation that remains unchanged as inflation, interest rates and valuations move can leave an investor taking on very different risks under the appearance of a well-balanced portfolio.

outcome, which is the limitation of a long-only or single-theme fund, and to a lesser extent, a blind reliance on a 60/40 asset mix. The problem with broad index investing is discovering, after conditions have changed, that almost everything that an investor owned needed the same forecast to come true. True diversification across the globe and across all asset classes allows us to prepare for a wider range of outcomes.

fied portfolio to leave us wishing, from time to time, that we had owned more of the latest winner. That is an acceptable price for reducing dependence on a single

The "60" in most balanced portfolios has quietly become a concentrated bet

I have been around long enough to have seen this movie before – investors in a

on a handful of megacap technology names and on one

narrative about artificial intelligence. Five hundred stocks, one trade, 490

passengers.

after 15 years of being told that cash was trash, it now carries a positive real yield. Optionality always has a price, and right now that price is unusually low.

What investors should be doing, in my view, is spending less time on benchmarks and more time on creating a broad mandate that allows them to respond to shifting economic landscapes. That means investing across global equities, bonds, commodities and currencies. This matters from a risk-management standpoint, as the additional assets offer exposures that the existing 60/40 asset mix lacks.

Non-U.S. equities, especially Asia and select emerging markets, are critical to the diversification effort. Home bias is the most expensive habit in the average investor's playbook, and North Americans suffer from it the most. The United States is roughly two-thirds of the global equity benchmark and trades at a 50-percent valuation premium to the rest of the world. Japan, meanwhile, has finally emerged from three decades of deflation with a corporate governance revolution, record buybacks and a return-

True diversification comes from the mix of underlying exposures and how they behave together. Active flexibility gives the investor scope to adjust that mix as relative values and risks change. There is added scope to retain liquidity as well, which, again, a 60/40 asset allocation does not provide.

This is where the research effort steps in, because the process starts with economic, market and political conditions at the country level, seeking mispriced assets and meaningful shifts in economic patterns. An allocation should be able to respond when the evidence changes, even when doing so is uncomfortable or runs against prevailing sentiment.

The opportunity to improve on the 60/40 is conditional on the environment and the decisions made. If an inflation shock damages both nominal bonds and equities, a suitably positioned broader allocation may hold up better. If valuation differences become pronounced, departing from fixed weights will improve the return earned for the risk taken. More discretion creates more opportunities, which is one reason why I just teamed up with Toronto-based portfolio manager Corton Capital as the research provider for the ROSY ETF, a low to moderate risk, fully diversified investment vehicle where the brain trust of me and my strategy team serves as the inspiration, and Corton implements the themes and ideas into action. (Disclosure: I own shares in the ETF.)

To be sure, we should expect a diversimania believing they were diversified because they owned “the market,” only to then discover that the market was itself a single bet. The 60/40 was built for rising growth and falling inflation. Stocks love it, bonds love it; everyone gets a trophy. This was the box that the world lived in for 40 years up until the pandemic. But there are now other boxes we must invest around, and this is why the flexibility of investing beyond North America and beyond the confines of stock-and-bond benchmarks makes eminent sense, now and very likely for years to come.

Therefore, I have been bullish on commodities and also have exposure to Japan, seeing as the yen is by far the most undervalued asset on the planet today. And let's not forget gold bullion. I have been called a gold bug so many times my eyes have bugged out. The case is simple: It is the one real and yet liquid asset with no counterparty risk, no coupon to be inflated away and no earnings estimates to be revised. It works in the inflation box, and it also works in the deflation-scare box.

Duration, sized for its purpose, is also worthy of mention. I have not abandoned the Treasury market at all, but I have abandoned the notion that it belongs at 40 per cent by default. Long-term bonds are a recession hedge and a deflation hedge, full stop. Own them for that reason, in that size, and accept that they will hurt when inflation surprises to the upside. The good news, after the repricing caused by the war in Iran, is that a 10-year Treasury note yield at around 5 per cent at least pays you to hold the insurance, which was hardly the case when the coupon was 60 basis points six years ago.

Cash and T-bills are a position and an exclamation mark about the degree of uncertainty in any particular investing environment, especially in today's white-knuckle climate. It is the only asset guaranteed to be available at the bottom, and on-equity story that simply did not exist in 1989. Different economy, different cycle, different currency. That is what real diversification looks like.

The 60/40 also does not differentiate between sectors, including those made up of defensive equities with pricing power. Or sectors such as health care, pipelines, aerospace and defence, and power infrastructure, which are unique in that they are classically low beta, pay out dividends and are businesses that sell things that people need in every quadrant.

Remember that the return of a given portfolio is the weighted average of the returns of its parts. The risk is not. The risk depends on how those parts move relative to one another, which is why it is essential to have a portfolio mix where the assets being held behave differently from one another.

That is where I part company with the index-hugging crowd and those who claim that 60/40 is real diversification. Owning the S&P 500 today gets you 500 tickers, and the top 10 now command more than 40 per cent of the index weight, roughly double where that figure sat a decade ago and a level without precedent in the modern history of the benchmark. So, the “60” in most balanced portfolios has quietly become a concentrated bet on a handful of megacap technology names and on one narrative about artificial intelligence. Five hundred stocks, one trade, 490 passengers.

I will finish this piece off with the legendary strategist Bob Farrell and his market rule number 9: “When all the experts and forecasts agree, something else is going to happen.” The consensus today holds that the AI trade is the only trade, that valuations no longer matter, that the economy is recession-proof, and that a bond allocation is a relic of a bygone era. I am gladly taking the other side of all these arguments.

Stocks end lower after Fed hikes interest rates

U.S. and Canadian stocks whipsawed lower on Wednesday after the Federal Reserve raised its key interest rate to fight stubbornly high inflation stemming from soaring crude oil prices during the U.S.-Israeli war on Iran.

In its accompanying statement, the Fed said its decision was unanimous and more tightening is likely in the near future to effect a timelier drop in inflation.

"As widely expected, the Fed hiked interest rates for the first time in more than three years," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "The reality is the Fed seems unified in the fight against inflation."

In his subsequent press conference, Fed Chair Kevin Warsh said the U.S. economy has strengthened since the last Fed meeting, but the inflation trend has shown little improvement.

Before the Fed's announcement, the three major U.S. stock indexes had been gaining ground, with a chips rebound, giving the tech-heavy Nasdaq the edge. Earlier in the session, robust U.S. retail sales data suggested consumers were still spending, despite an affordability squeeze due to rising prices, particularly at the gasoline pump.

The war in the Middle East expanded as Saudi warplanes pounded Yemen while Iran-backed Houthi fighters launched drones and missiles at Saudi cities in a signal of Iran's extended reach in the widening conflict.

Even so, oil prices dipped after reports that Saudi Arabia was offering additional crude cargoes via Oman eased concerns about supply disruptions. Crude is up more than 20 per cent in the last two-and-a-half weeks. Front-month WTI settled down 3.2 per cent and Brent crude settled down 2.7 per cent.

The Dow Jones Industrial Average fell 631.33 points, or 1.21 per cent, to 51,461.78, the S&P 500 lost 33.59 points, or 0.44 per cent, to 7,552.14 and the Nasdaq Composite lost 3.15 points, or 0.01 per cent, to 25,978.43.

The S&P/TSX Composite Index ended down 90.8 points, or 0.3 per cent, at 35,491.27, its lowest closing level since July 31.

The TSX energy sector fell 3.4 per cent. The materials group ended 0.6 per cent lower as a stronger U.S. dollar weighed on gold.

Six of the 10 major TSX sectors notched gains, led by a 1.9 per cent advance for utilities as yields on long-dated bonds eased. Short-term U.S. bond yields, however, did rise following the Fed announcement and press conference, signaling a market pricing in more rate hikes ahead. Fed policy decisions having a greater immediate impact on the shorter end of the bond curve.

Dollarama was a standout. Shares of the value retailer gained 5.5 per cent after the company raised its annual comparable sales growth forecast.

On Wall Street, tech shares were the biggest gainer among the 11 major sectors of the S&P 500, while energy suffered the largest percentage drop, falling 3.0 per cent.

REUTERS, GLOBE STAFF

EYE ON EQUITIES DAVID LEEDER

ATHABASCA OIL (ATH-TSX) CLOSE \$10.60, DOWN 85¢

“Taking a pause” on Athabasca Oil Corp., BMO Nesbitt Burns analyst Tariq Saad downgraded it to “market perform” from “outperform” previously while its shares are now within the 10-percent threshold of his target price. “Over the near term, we believe ATH’s premium valuation could limit further share price outperformance,” he added

Target: Mr. Saad's \$12.50 target falls below the consensus target on the street of \$12.83.

RICHELIEU HARDWARE (RCH-TSX) CLOSE \$36.01, UP 63¢

National Bank Financial analyst Zachary Evershed thinks Richelieu Hardware Ltd.'s recent deal for The Penrod Company's hardware division, which is its largest acquisition to date, expands its U.S. door presence and enables cross-selling of products already offered in Canada. While Penrod immediately satisfies the company's \$100-million annual acquired sales target, RCH intends to continue pursuing M&A, he added.

Target: Maintaining his “sector perform” rating, Mr. Evershed bumped his target to \$38.50 from \$38. Consensus is \$38.75.

HIGH TIDE (HITI-TSXV) CLOSE \$3.74, UP 21¢
TD Cowen analyst Derek Lessard sees the setup for High Tide Inc. as “compelling” and reaffirmed the Calgary-based company as his “Canada Best Idea” in cannabis. “The company has leading retail share, best-in-class operating metrics, and several underappreciated growth levers,” he said. Target: Mr. Lessard has a “buy” rating and \$6.50 target for High Tide shares. Consensus is \$5.33.

NANOXPLORE (GRA-TSX) CLOSE \$1.51, UP 8¢

While the financial guidance NanoXplore Inc. came in “meaningfully below” his expectations, RBC Dominion Securities analyst James McGarragle sees “several opportunities, with insulating foam the most near-term, as representing potential upside not reflected in the guide.” Target: Mr. McGarragle cut his target to \$1.75 from \$2.50, keeping a “sector perform” rating. Consensus is \$2.65.

NEVADA KING GOLD (NKG-TSXV) CLOSE \$0.84, UP 3¢

Canaccord Genuity analyst Steve Searles initiated coverage of Nevada King Gold Corp. with a "speculative buy" rating. We believe Nevada King offers investors exposure to a high-grade oxide gold system in one of the world's most established mining jurisdictions, supported by existing infrastructure, an experienced leadership and exploration team, and strategic backing from Centerra Gold," he said. Target: His \$2.75 target tops the company of \$100.

Target: His \$2.75 target tops the consensus of \$2.50.

SEPT. 16, 2026 \$0.7149

COMMODITIES

CURRENCIES FOREIGN EXCHANGE CROSS RATES
ETFS STOCKS \$1 OR MORE
S&P/TSX COMPOSITE INDEX PAST 12 MONTHS

TSX INDEXES AND SUB INDEXES

S&P 500 PAST 12 MONTHS

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
TSX COMPOSITE IND	35491.27	-90.80	-0.26	265362	11.91
TSX 60 INDEX	2090.95	-3.61	-0.17	135686	12.42
TSX COMPLETION IN	2285.53	-13.77	-0.60	129676	9.90
TSX SMALLCAP INDE	1419.71	-14.79	-1.03	95717	18.65
TSX VENTURE COMPO	896.10	-4.88	-0.54	58009	-9.28
TSX CONSUMER DISC	380.54	6.28	1.68	6414	-0.54
TSX CONSUMER STAP	1249.99	15.58	1.26	5006	0.95
TSX ENERGY CAPPED	451.09	-15.76	-3.38	71473	50.15
TSX FINANCIALS CA	745.02	0.85	0.11	33646	18.73
TSX HEALTH CARE C	22.27	0.01	0.04	1511	1.69
TSX INDUSTRIALS C	489.23	-3.41	-0.69	14846	4.76
TSX INFORMATION T	306.56	1.03	0.34	6700	-6.14
TSX MATERIALS CAP	848.75	-5.04	-0.59	62387	13.21
TSX REAL ESTATE C	292.87	-0.38	-0.13	6333	-7.43
TSX GLOBAL GOLD I	925.77	-10.13	-1.08	121032	13.26
TSX GLOBAL MINING	245.90	-2.06	-0.83	320133	17.25
TSX INCOME TRUST	224.42	1.49	0.67	6935	1.90
TSX PREFERRED SHA	706.89	-2.28	-0.32	597	1.53
TSX COMMUNICATION	147.40	-0.58	-0.39	17305	-6.03
TSX UTILITIES CAP	374.63	6.80	1.85	11536	6.34

TSX GAINERS TOP 20 FOR STOCKS \$1 OR MORE

TSX VOLUME TOP 20 FOR STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
CNQ CDN NATURAL R	70.08	-1.62	-2.26	17947	50.74
ENB ENBRIDGE INC	67.70	0.30	0.45	10717	3.08
CVE CENOVUS ENERG	45.53	-1.70	-3.60	7723	96.08
BCE BCE INC.	31.53	-0.37	-1.16	7710	-3.70
T TELUS CORPORATI	12.45	-0.21	-1.66	7240	-31.18
SU SUNCOR ENERGY	96.46	-3.53	-3.53	6880	58.34
TRP TC ENERGY COR	85.53	0.57	0.67	6356	13.16
WCP WHITECAP RESO	18.53	-0.77	-3.99	6156	61.13
BTE BAYTEX ENERGY	6.83	-0.38	-5.27	5779	53.83
ATH ATHABASCA OIL	10.60	-0.85	-7.42	5644	50.78
TD TORONTO-DOMINI	168.81	-0.18	-0.11	5080	30.50
XIU ISHARES SP TS	52.80	-0.11	-0.21	5028	12.36
CM CANADIAN IMPER	158.06	0.25	0.16	4983	27.03
BNS BANK OF NOVA	129.99	0.11	0.08	4974	28.41
BTO B2GOLD CORP.	7.20	-0.04	-0.55	4575	16.50
PPL PEMBINA PIPEL	65.96	0.14	0.21	3609	26.14
BIR BIRCHCLIFF EN	6.24	-0.30	-4.59	3427	-16.47
DML DENISON MINES	3.93	-0.05	-1.26	3421	7.97
KEEL KEEL INFRAST	4.74	0.16	3.49	3375	58.00
CS CAPSTONE COPPE	13.50	-0.30	-2.17	3202	-2.03

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
COID SAVVYSHORT -	5.17	0.79	18.04		-66.12
ORBU SAVVYLONG 2X	10.02	0.98	10.84	14	-46.98
OILD SAVVYSHORT G	11.42	0.82	7.74	17	-91.46
NFGC NEW FOUND GO	2.42	0.17	7.56	814	-6.92
TELY TELYRX HOLDI	2.25	0.15	7.14	1	-35.71
HOD BETAPRO CRUDE	16.13	1.07	7.10	1561	-88.86
WEF WESTERN FORES	18.98	1.21	6.81	42	72.70
MSTZ SAVVYSHORT -	3.37	0.21	6.65	92	-84.43
NRGD BETAPRO SP T	5.88	0.36	6.52	43	-62.95
THNC THINKIFIC LA	1.27	0.07	5.83		-34.54
GRA NANOXPLORE IN	1.51	0.08	5.59	454	-41.02
DOL DOLLARAMA INC	174.56	9.06	5.47	1591	-14.91
AVL AVALON ADVANC	8.30	0.43	5.46	48	-7.78
DCM DATA COMMUNIC	2.18	0.11	5.31	26	32.93
SPCX SPACEX CDR (	25.16	1.26	5.27	2468	-6.92
SXHI NINEPOINT SP	6.71	0.33	5.17	16	-34.34
BRAG BRAGG GAMING	2.05	0.10	5.13	12	-28.82
GEV GE VERNOVA CD	62.06	2.94	4.97	60	39.40
DBO DBOX TECHNOLO	1.10	0.05	4.76	481	17.02
SPXE HARVEST SPAC	9.90	0.45	4.76	312	-32.65

TSX LOSERS TOP 20 FOR STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
CRWN-NT CROWN CAP	66.01	-11.99	-15.37	18	217.66
CRWN CROWN CAPITA	1.18	-0.16	-11.94	4	81.54
RBNU SAVVYLONG 2X	32.03	-3.86	-10.76	26	26.60
SOLX CI GALAXY SO	4.63	-0.43	-8.50	2	-24.96
COIU SAVVYLONG 2X	20.60	-1.89	-8.40	8	-68.40
ATH ATHABasca OIL	10.60	-0.85	-7.42	5644	50.78
CRCY HARVEST CIRC	3.53	-0.28	-7.35	261	-39.66
HOU BETAPRO CRUDE	28.08	-2.14	-7.08	1225	220.18
NRGU BETAPRO SP T	70.11	-5.11	-6.79	128	114.80
QETH-U THE ETHER	36.10	-2.61	-6.74		-22.30
AAV ADVANTAGE ENE	10.13	-0.73	-6.72	1397	-13.71
MOLY GREENLAND RE	1.53	-0.11	-6.71	134	2.00
SCR STRATHCONA RE	42.85	-3.08	-6.71	756	51.25
SDE SPARTAN DELTA	12.92	-0.92	-6.65	614	78.21
COP-U SPROTT PHYS	11.27	-0.80	-6.63	6	-0.35
OILU SAVVYLONG GE	64.16	-4.48	-6.53	36	297.28
GURU GURU ORGANIC	3.19	-0.21	-6.18	33	-36.07
OXY OCCIDENTAL PE	24.76	-1.63	-6.18	8	42.22
RBY RUBELLITE ENE	4.31	-0.27	-5.90	109	79.58
VET VERMILION ENE	17.63	-1.09	-5.82	1498	54.38

S&P/TSX COMPOSITE INDEX STOCKS LARGEST STOCKS BY MARKET CAPITALIZATION

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
VNP 5N PLUS INC.	24.61	-0.02	-0.08	841	38.88
ABRA ABRASILVER R	12.73	-0.51	-3.85	1395	19.19
AAV ADVANTAGE ENE	10.13	-0.73	-6.72	1397	-13.71
ARE AECON GROUP I	44.71	0.80	1.82	225	42.93
AEM AGNICO EAGLE	273.36	-0.40	-0.15	1180	17.44
AC AIR CANADA	27.62	0.20	0.73	2190	43.18
AGI ALAMOS GOLD I	48.18	-0.74	-1.51	1214	-9.09
AQN ALGONQUIN POW	7.45	0.10	1.36	2033	-11.73
ATD ALIMENTATION	80.04	0.37	0.46	1030	6.78
AAUC ALLIED GOLD	29.29	-0.10	-0.34	697	-6.87
AP-UN ALLIED PROP	7.86	-0.11	-1.38	597	-41.21
ALA ALTAGAS LTD.	52.61	0.80	1.54	843	25.71
ALS ALTUS MINERA	65.22	0.37	0.57	205	59.70
AIF ALTUS GROUP L	45.07	-0.61	-1.34	96	-20.53
USA AMERICAS GOLD	6.41	-0.11	-1.69	1877	-8.95
ARIS ARIS MINING	25.46	-0.32	-1.24	635	14.38
ATZ ARITZIA INC	119.36	-0.79	-0.66	528	1.71
ACO-X ATCO LTD. C	72.29	1.77	2.51	256	28.22
ATH ATHABASCA OIL	10.60	-0.85	-7.42	5644	50.78
ATRL ATKINSREALIS	86.92	0.59	0.68	388	-1.90
ATS ATS CORPORATI	26.85	0.18	0.67	424	-28.99
ASM AVINO SILVER	8.34	-0.19	-2.23	1218	-2.34
AYA AYA GOLD AND	37.41	0.28	0.75	1141	90.48
BTO B2GOLD CORP.	7.20	-0.04	-0.55	4575	16.50
BCE BCE INC.	31.53	-0.37	-1.16	7710	-3.70
BDGI BADGER INFRA	86.16	2.17	2.58	138	17.82
BMO BANK OF MONTR	241.64	-0.05	-0.02	1579	35.56
BNS BANK OF NOVA	129.99	0.11	0.08	4974	28.41
ABX BARRICK MININ	59.47	0.14	0.24	1957	-0.54
BHC BAUSCH HEALTH	7.98	0.10	1.27	548	-16.26
BTE BAYTEX ENERGY	6.83	-0.38	-5.27	5764	53.83
BIR BIRCHCLIFF EN	6.24	-0.30	-4.59	3427	-16.47
BDT BIRD CONSTRUC	75.50	2.16	2.95	400	164.73
BB BLACKBERRY LIM	10.70	-0.15	-1.38	2458	106.56
BEI-UN BOARDWALK	61.38	0.45	0.74	134	-4.81
BBD-B BOMBARDIER	301.48	1.37	0.46	150	29.11
BYD BOYD GROUP SE	115.82	-6.01	-4.93	100	-47.02
BAM BROOKFIELD AS	63.19	-0.60	-0.94	1627	-12.11
BBUC BROOKFIELD B	35.79	0.18	0.51	55	-27.03
BN BROOKFIELD COR	51.82	0.16	0.31	2880	-17.77
BIP-UN BROOKFIELD	49.83	1.05	2.15	419	4.44
BEP-UN BROOKFIELD	40.76	0.73	1.82	346	9.89
DOO BRP INC	81.66	-0.38	-0.46	283	-15.86
CAR-UN CDN APARTM	31.58	0.14	0.45	545	-14.35
CNQ CDN NATURAL R	70.08	-1.62	-2.26	17947	50.74
GIB-A CGI INC	99.27	-1.21	-1.20	246	-21.70
CRT-UN CT REAL ES	16.74	-0.08	-0.48	214	2.89
CAE CAE INC	33.64	0.62	1.88	836	-19.41
CCO CAMECO CORP	127.20	0.21	0.17	772	1.21
CM CANADIAN IMPER	158.06	0.25	0.16	4983	27.03
CNR CANADIAN NATI	167.34	-2.26	-1.33	1345	23.27
CP CANADIAN PACIF	122.83	-1.05	-0.85	1570	21.55
CTC-A CANADIAN TI	189.36	2.90	1.56	100	8.87
CU CANADIAN UTILI	50.56	1.42	2.89	319	18.32
CPX CAPITAL POWER	59.56	1.57	1.71	413	1.73
CS CAPSTONE COPPE	13.50	-0.30	-2.17	3202	-2.03
CJT CARGOJEET INC.	81.32	0.06	0.07	76	-3.12
CCL-B CCL INDUSTR	96.25	1.21	1.27	458	11.01
CLS CELESTICA INC	452.39	12.17	2.76	452	11.42
CVE CENOVUS ENERG	45.53	-1.70	-3.60	7723	96.08
CG CENTERRA GOLD	30.63	-0.12	-0.39	995	55.01

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
CEU CES ENERGY SO	19.28	-0.26	-1.33	716	57.13
CSH-UN CHARTWELL	20.23	0.02	0.10	159	0.65
CHP-UN CHOICE PRO	14.82	-0.08	-0.54	563	0.07
CCA COGECO COMMUN	58.05	0.08	0.14	88	-12.67
CIGI COLLIERS INT	124.97	-1.43	-1.13	116	-38.05
CSU CONSTELLATION	2836.43	-33.83	-1.18	26	-14.08
CRR-UN CROMBIE RE	15.58	-0.02	-0.13	305	2.03
CURA CURALEAF HOL	14.01	-0.05	-0.36	207	36.95
DFY DEFINITY FINA	73.31	1.75	2.45	162	-3.45
DML DENISON MINES	3.93	-0.05	-1.26	3421	7.97
DSG DESCARTES SYS	110.52	-0.55	-0.50	255	-8.21
DSV DISCOVERY MIN	11.16	-0.27	-2.36	2498	33.17
DOL DOLLARAMA INC	174.56	9.06	5.47	1591	-14.91
DPM DPM METALS IN	57.27	-0.80	-1.38	517	35.01
DIR-UN DREAM INDU	12.65	-0.16	-1.25	625	0.56
EQB EQB INC	127.24	0.74	0.58	127	22.48
ELD ELDORADO GOLD	56.73	0.78	1.39	934	15.00
EFN ELEMENT FLEET	24.80	-0.25	-1.00	932	-31.21
EMA EMERA INCORPO	68.49	1.07	1.59	747	1.26
EMP-A EMPIRE COMP	47.46	1.05	2.26	950	-0.54
ENB ENBRIDGE INC	67.70	0.30	0.45	10717	3.08
EDR ENDEAVOUR SIL	13.30	-0.11	-0.82	1428	3.02
EFX ENERFLEX LTD	31.24	0.07	0.22	1064	47.64
EFR ENERGY FUELS	16.42	-0.08	-0.48	822	-17.40
EQX EQUINOX GOLD	16.17	-0.31	-1.88	2834	-16.17
ERO ERO COPPER CO	45.15	-0.14	-0.31	324	16.28
EIF EXCHANGE INCO	116.25	1.39	1.21	126	41.84
EXE EXTENDICARE I	30.58	-0.16	-0.52	382	43.23
FFH FAIRFAX FINAN	2306.07	51.39	2.28	36	-11.84
FTT FINNING INTL	92.73	1.74	1.91	396	24.69
FCR-UN FIRST CAPI	22.42	-0.09	-0.40	408	18.62
AG FIRST MAJESTIC	25.61	-0.35	-1.35	1722	11.83
FM FIRST QUANTUM	42.27	0.30	0.71	1603	14.86
FSV FIRSTSERVICE	185.37	2.47	1.35	109	-13.16
FTS FORTIS INC	75.43	0.97	1.30	715	5.70
FVI FORTUNA MININ	16.07	-0.10	-0.62	741	19.48
FNV FRANCO-NEVADA	362.82	-3.50	-0.96	219	27.52
FRU FREEHOLD ROYA	17.43	-0.59	-3.27	591	14.75
GMIN G MINING VEN	48.79	-0.30	-0.61	638	17.59
GFL GFL ENVIRONME	57.47	-1.20	-2.05	650	-2.53
GEI GIBSON ENERGY	31.45	0.45	1.45	603	25.20
GIL GILDAN ACTIVE	64.93	1.07	1.68	419	-24.32
GRT-UN GRANITE RE	83.00	-0.43	-0.52	83	1.58
GWO GREAT-WEST LI	92.94	0.35	0.38	777	37.30
HPS-A HAMMOND POW	233.25	1.83	0.79	33	46.26
HWX HEADWATER EXP	13.98	-0.69	-4.70	849	49.20
HR-UN HR REAL EST	9.60	-0.09	-0.93	364	-6.16
HBM HUDBAY MINERA	35.29	0.17	0.48	1632	29.50
H HYDRO ONE LIMIT	51.64	1.00	1.97	1605	-5.49
IAU I 80 GOLD COR	2.31	-0.06	-2.53	780	14.36
IAG IA FINANCIAL	213.35	0.89	0.42	304	19.97
IMG IAMGOLD CORP	27.24	-0.04	-0.15	1317	20.26
IGM IGM FINANCIAL	86.56	-0.10	-0.12	359	40.04
IMO IMPERIAL OIL	182.56	-5.68	-3.02	1383	53.96
IFC INTACT FINANC	260.89	6.35	2.49	367	-8.69
IPCO INTERNATIONA	35.50	-1.76	-4.72	118	42.97
IVN IVANHOE MINES	11.83	0.05	0.42	3138	-24.22

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
BANK EVOLVE CDN B	11.44	0.04	0.35	472	18.06
DLR-U GLOBAL X US	10.16	0.00	0.00	1067	0.20
DLR GLOBAL X US D	14.21	0.08	0.57	1665	2.08
GDXD BETAPRO CDN	8.08	0.07	0.87	599	-50.55
HHIS HARVEST DIVE	11.14	0.01	0.09	678	-8.99
HND BETAPRO NAT G	24.41	0.80	3.39	422	-35.17
HNU BETAPRO NAT G	8.10	-0.29	-3.46	1807	-50.31
HOD BETAPRO CRUDE	16.13	1.07	7.10	1561	-88.86
HOU BETAPRO CRUDE	28.08	-2.14	-7.08	1225	220.18
HXT GLOBAL X SP T	94.80	-0.20	-0.21	663	14.02
MSTE HARVEST STRA	2.28	-0.05	-2.15	954	-46.98
QQD BETAPRO NASDA	24.14	-0.02	-0.08	518	-27.40

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
QQU BETAPRO NASDA	36.55	0.03	0.08	615	21.35
SPXD BETAPRO SP50	9.20	0.09	0.99	434	-17.71
SQQQ BETAPRO -3X	7.91	-0.01	-0.13	953	-39.80
TQQQ BETAPRO 3X N	34.34	0.07	0.20	517	25.42
VEQT VANGUARD ALL	61.23	0.02	0.03	474	14.00
XEG ISHARES SP TS	29.00	-1.00	-3.33	2427	50.88
XEQT ISHARES CORE	45.02	0.01	0.02	591	12.86
XGD ISHARES S&P/T	58.13	-0.52	-0.89	524	13.71
XIU ISHARES SP TS	52.80	-0.11	-0.21	5028	12.36
XUT ISHARES SP TS	33.96	0.64	1.92	928	6.42
ZEB BMO EQUAL WEI	74.35	0.01	0.01	640	27.53
ZEQT BMO ALL EQUI	23.16	0.02	0.09	2548	13.42

	PRICE	NET CHG		PRICE	NET CHG		PRICE	NET CHG
GOLD	4387.50	54.70	LEAN HOGS	78.68	-0.40	CORN	534.25	-1.50
SILVER	64.92	1.06	COFFEE	295.85	-3.80	SOYBEAN	1320.50	1.75
NATURAL GAS	2.89	-0.03	ALUMINUM	3421.50	47.25	CANOLA	826.90	-2.40
CRUDE OIL WTI	102.43	-3.40	HKFE NICKEL CNH	106370.0	-2530.0	S&P 500 COMM SRVS	589.70	-5.35
CRUDE OIL BRENT	108.75	3.07	WHEAT	730.75	2.25	FEED WHEAT	214.00	0.50
HIGH GRADE COPPER	6.51	0.07	LUMBER PHYSICAL	553.50	-9.00	BITCOIN FUTURES	76200.0	35.0

Gold, Silver (USD/oz), Nat gas (USD/mmbtu), Oil (USD/barrel), Copper (USD/lb), Coffee (USD/lb), Aluminum (USD/tonne), HKFE Nickel (in Renminbi-Yuan/tonne), Canola and Barley (in Cdn dollars/tonne), Feed Wheat (in Br. pounds/tonne)

DOW JONES INDUSTRIAL AVERAGE PAST 12 MONTHS

TSX 52-WEEK HIGHS STOCKS \$1 OR MORE

S&P GLOBAL 100 INDEX PAST 12 MONTHS

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
BCE-PR-D BCE INC.	21.41	-0.10	-0.46	3	7.00
SPLT-U BROMPTON S	11.03	0.01	0.09	4
LFE-PR-B CANADIAN	11.09	0.02	0.18	16	2.12
CFP CANFOR CORP	16.24	0.26	1.63	403	38.45
CTF-UN CITADEL IN	3.30	0.09	2.80		6.80
CRWD CROWDSTRIKE	74.80	-0.42	-0.56	40	102.16
FTN-PR-A FINANCIA	10.99	0.04	0.37	72	3.10
GDV-PR-A GLOBAL D	10.97	0.02	0.18	3	4.08

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
KEI KOLIBRI GLOBA	9.60	0.01	0.10	85	77.45
MATR MATTR CORP	20.77	0.15	0.73	323	160.28
EDHI NINEPOINT EN	9.97	-0.01	-0.10	2
USHI NINEPOINT EN	9.97	0.00	0.00	12	-0.40
ORE OREZONE GOLD	2.91	0.08	2.83	3156	64.41
PWF-PR-A POWER FI	15.60	0.10	0.65		12.72
TOT TOTAL ENERGY	36.18	-0.53	-1.44	337	142.82
VLE VALEURA ENERG	15.07	-0.25	-1.63	721	84.23

TSX 52-WEEK LOWS STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
AP-UN ALLIED PROP	7.86	-0.11	-1.38	597	-41.21
CAGR AVANTIS CIBC	19.75	-0.02	-0.10	2	-1.64
BGAU BLOSSOM GOLD	1.33	-0.07	-5.00	14	-16.87
BN BROOKFIELD COR	51.82	0.16	0.31	2880	-17.77
BN-PF-I BROOKFIELD	25.05	-0.42	-1.65		-1.96
BNT BROOKFIELD WE	51.82	0.08	0.15	68	-17.99
BNKR BUNKER HILL	4.15	-0.05	-1.19	46	-50.18
CAR-UN CDN APARTM	31.58	0.14	0.45	545	-14.35
CADY CADILLAC MIN	6.82	-0.28	-3.94	421	-3.67
CIA CHAMPION IRON	3.04	-0.04	-1.30	552	-44.63
CIGI COLLIERS INT	124.97	-1.43	-1.13	116	-38.05
ROSY CORTON ROSEN	25.02	-0.02	-0.08	68	-0.12
DGBG DESJARDINS G	19.49	-0.02	-0.10	28	-2.79
ECO ECOSYNTHETIX	2.11	0.04	1.93	5	-47.25
EFN ELEMENT FLEET	24.80	-0.25	-1.00	932	-31.21

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
GDL GOODFELLOW IN	11.33	0.13	1.16		-5.11
GURU GURU ORGANIC	3.19	-0.21	-6.18	33	-36.07
HAI HAIVISION SYS	3.67	0.04	1.10	54	-29.96
LULU LULULEMON CD	4.15	-0.12	-2.81	629	-54.60
MCD MCDONALDS CDR	20.90	-0.36	-1.69	200	-7.32
MRG-UN MORGUARD N	15.00	0.01	0.07	18	-13.64
NKE NIKE CDR (CAD	6.42	-0.07	-1.08	210	-44.66
EDHI NINEPOINT EN	9.97	-0.01	-0.10	2
USHI NINEPOINT EN	9.97	0.00	0.00	12	-0.40
PZA PIZZA PIZZA R	11.10	-0.06	-0.54	153	-28.89
PBH PREMIUM BRAND	75.79	0.08	0.11	119	-25.48
REAL REAL MATTERS	3.83	-0.07	-1.79	13	-33.97
RGSI ROCKPOINT GA	22.77	-0.31	-1.34	397	-18.68
TJX TJX CDR (CAD	21.50	-0.31	-1.42	6	-21.65
T TELUS CORPORATI	12.45	-0.21	-1.66	7240	-31.18

TSX COMPOSITE INDEX PAST 10 YEARS

SEPT. 16, 2016

SOURCE: BARCHART

SEPT. 16, 2026

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
JWEL JAMIESON WEL	45.36	-0.01	-0.02	395	34.80
KNT K92 MINING IN	27.91	-0.14	-0.50	476	23.01
KEL KELT EXPLORAT	11.00	-0.18	-1.61	1365	43.42
KEY KEYERA CORP	53.32	-0.66	-1.22	1046	21.18
KMP-UN KILLAM APA	17.10	-0.02	-0.21	231	4.27
KXS KINAXIS INC	178.14	1.43	0.81	105	2.92
K KINROSS GOLD CO	38.90	-0.13	-0.33	2347	0.62
LIF LABRADOR IRON	25.64	0.15	0.59	125	-14.16
LB LAURENTIAN BAN	40.68	0.05	0.12	88	0.94
LSPD LIGHTSPEED C	13.50	-0.19	-1.39	300	-18.48
LNR LINAMAR CORP	98.72	0.79	0.81	153	19.00
LAC LITHIUM AMERI	3.89	-0.03	-0.77	1050	-34.84
L LOBLAW CO	62.73	1.12	1.82	830	1.10
LUG LUNDIN GOLD I	90.28	-0.87	-0.95	534	-20.82
LUN LUNDIN MINING	31.86	-0.29	-0.90	2047	8.00
MG MAGNA INTERNAT	89.26	0.97	1.10	805	21.99
MFC MANULIFE FIN	61.22	0.08	0.13	2576	22.83
MFI MAPLE LEAF FO	26.53	-0.03	-0.11	177	6.42
MDA MDA SPACE LTD	40.62	0.37	0.92	2077	52.48
MX METHANEX CORP	86.08	-3.55	-3.96	350	58.12
MRU METRO INC	91.40	1.56	1.74	377	-7.48
MAU MONTAGE GOLD	18.33	-0.18	-0.97	610	85.53
MTL MULLEN GROUP	25.17	-0.92	-3.53	191	59.91
NA NATIONAL BANK	209.91	1.24	0.59	1453	21.61
NXE NEXGEN ENERGY	13.13	-0.02	-0.15	1312	3.96
NFI NFI GROUP INC	23.82	0.50	2.14	143	53.48
NGEX NGEX MINERAL	24.23	0.10	0.41	368	-5.35
NPI NORTHLAND POW	21.71	0.59	2.79	1250	21.62
NG NOVAGOLD RES I	9.76	-0.29	-2.89	1419	-23.75
NTR NUTRIEN LTD	108.61	-1.10	-1.00	1373	28.20
OR OR ROYALTIES I	49.55	0.11	0.22	504	1.91
OGC OCEANAGOLD CO	39.64	-0.49	-1.22	619	1.90
ONEX ONEX CORPORA	108.66	0.04	0.04	90	-3.81
OTEX OPEN TEXT CO	32.75	-0.18	-0.55	683	-26.73
PAAS PAN AMERICAN	66.47	-0.92	-1.37	665	-6.59
POU PARAMOUNT RES	32.74	-0.47	-1.42	406	35.35
PXT PAREX RESOURC	28.43	-1.39	-4.66	757	54.09
PPL PEMBINA PIPEL	65.96	0.14	0.21	3609	26.14
PPTA PERPETUA RES	31.42	-0.11	-0.35	146	-5.45
PEY PEYTO EXPLORA	24.05	-0.86	-3.45	1075	5.90
POW POWER CORPORA	94.22	0.77	0.82	2190	29.16
PSK PRAIRIESKY RO	35.55	-1.54	-4.15	657	31.52
PBH PREMIUM BRAND	75.79	0.08	0.11	119	-25.48
PMZ-UN PRIMARIS R	20.66	-0.07	-0.34	396	32.52
QBR-B QUEBECOR IN	64.71	0.19	0.29	555	25.16
RBA RB GLOBAL INC	117.97	-1.84	-1.54	349	-16.52
QSR RESTAURANT BR	104.85	-0.29	-0.28	2532	11.95
RCH RICHELIEU HAR	36.01	0.63	1.78	67	-8.97
REI-UN RIOCAN REA	20.51	0.13	0.64	936	9.68
RCI-B ROGERS COMM	50.28	0.38	0.76	1711	-2.95
RY ROYAL BANK OF	283.06	-1.15	-0.40	2581	20.97
RUS RUSSEL METALS	77.89	0.39	0.50	106	77.83
SAP SAPUTO INC.	39.93	0.34	0.86	776	-3.34
SEA SEABRIDGE GOL	40.77	0.05	0.12	74	0.20
SHOP SHOPIFY INC	181.77	0.97	0.54	1262	-17.75

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
SIA SIENNA SENIOR	19.84	-0.02	-0.10	214	-2.89
SVM SILVERCORP ME	15.61	-0.24	-1.51	732	35.98
SKE SKEENA RESOUR	41.64	-0.97	-2.28	280	27.73
SRU-UN SMARTCENTR	26.70	0.01	0.04	203	3.69
SOBO SOUTH BOW CO	49.75	0.23	0.46	359	31.79
SXGC SOUTHERN CRO	11.59	-0.28	-2.36	231	9.44
SDE SPARTAN DELTA	12.92	-0.92	-6.65	614	78.21
SII SPROTT INC.	173.67	-2.91	-1.65	42	29.18
SSRM SSR MINING I	49.23	0.25	0.51	503	63.61
STN STANTEC INC	98.64	0.28	0.28	327	-23.84
SJ STELLA JONES I	68.39	0.39	0.57	360	-19.66
SCR STRATHCONA RE	42.85	-3.08	-6.71	756	51.25
SLF SUN LIFE FINA	112.36	0.19	0.17	835	31.14
SU SUNCOR ENERGY	96.46	-3.53	-3.53	6880	58.34
SPB SUPERIOR PLUS	7.06	0.14	2.02	604	0.28
TRP TC ENERGY COR	85.53	0.57	0.67	6356	13.16
X TMX GROUP LIMIT	52.99	-0.41	-0.77	393	1.46
TVE TAMARACK VALL	13.52	-0.75	-5.26	1975	69.42
TECK-B TECK RESOU	89.85	-0.14	-0.16	741	36.74
T TELUS CORPORATI	12.45	-0.21	-1.66	7240	-31.18
TVK TERRAVEST IND	115.97	3.04	0.69	69	-29.51
TFII TFI INTERNAT	176.18	-9.61	-5.17	175	24.18
NWC THE NORTH WES	52.49	0.47	0.90	88	7.32
TRI THOMSON REUTE	141.64	-1.23	-0.86	482	-21.80
TPZ TOPAZ ENERGY	30.13	-1.44	-4.56	479	9.40
TXG TOREX GOLD RE	65.93	-0.87	-1.30	483	0.60
TIH TOROMONT IND	203.50	5.08	2.56	212	22.55
TD TORONTO-DOMINI	168.81	-0.18	-0.11	5080	30.50
TOU TOURMALINE OI	60.56	-3.16	-4.96	1968	-1.64
TA TRANSALTA CORP	16.73	0.71	4.43	1979	-3.63
TKO TREKOR METALS	11.10	0.03	0.27	1244	42.86
TFPM TRIPLE FLAG	44.67	-0.60	-1.33	223	-2.06
TSU TRISURA GROUP	42.40	0.62	1.48	134	-0.75
VET VERMILION ENE	17.63	-1.09	-5.82	1498	54.38
VZLA VIZSLA SILVE	5.15	-0.06	-1.15	1020	-31.52
WSP WSP GLOBAL IN	181.57	-2.22	-1.21	249	-26.94
WCN WASTE CONNECT	219.06	-2.96	-1.33	394	-9.00
WDO WESDOME GOLD	33.24	-0.62	-1.83	591	46.17
WFG WEST FRASER T	101.90	2.19	2.20	212	21.35
WN WESTON GEORGE	100.81	1.71	1.73	261	6.46
WPM WHEATON PRECI	205.18	-3.61	-1.73	746	27.16
WCP WHITECAP RESO	18.53	-0.77	-3.99	6156	61.13

BONDS CANADA

TERM	YIELD	CHG
2-YEAR	3.37	0.01
5-YEAR	3.66	0.00
10-YEAR	3.94	-0.01
30-YEAR	4.26	-0.03
RATES	RATE	CHG
BOFC OVERNIGHT TARGET	2.25	UNCH
CANADIAN PRIME	4.45	UNCH
Source: wires

	CAD	USD	AUD	EUR	GBP	JPY	CHF
CAD	-	0.7147	1.0084	0.6237	0.5341	111.69	0.5902
USD	1.3992	-	1.4107	0.8725	0.7473	156.23	0.8257
AUD	0.9916	0.7089	-	0.6185	0.5297	110.74	0.5854
EUR	1.6032	1.1461	1.6167	-	0.8565	179.06	0.9464
GBP	1.8722	1.3382	1.8879	1.1677	-	209.07	1.1051
JPY	0.0090	0.0064	0.0090	0.0056	0.0048	-	0.0053
CHF	1.6942	1.2110	1.7084	1.0566	0.9050	189.21	-

TERM	YIELD	CHG
2-YEAR TREASURY	4.74	0.07
5-YEAR TREASURY	4.86	0.03
10-YEAR TREASURY	5.01	0.01
30-YEAR TREASURY	5.35	-0.01

CANADIAN DOLLAR \$0.7149 -0.0130 (-1.7860%) PAST YEAR, AS OF 4:43 P.M.

RATES	RATE	CHG
FED TARGET RATE	3.75-4.00	+0.25
U.S. PRIME	7.00	+0.25
Source: wires

DATA PROVIDED BY BARCHART, EXCEPT WHERE NOTED

SPORTS

Maple Leafs captain Matthews supports off-season of change ■ B17

[ BLUE JAYS VS. TIGERS ]

Ottawa invests \$76M in new national basketball centre in Toronto ■ B17

The chase is on

Blue Jays second baseman Ernie Clement slides in safe past Detroit Tigers catcher Dillon Dingler in Toronto on Wednesday as the Blue Jays sealed a 5-1 win. For more on the game story, go to ■ B17

KEITO NEWMAN/THE CANADIAN PRESS

Heavily injured Toronto FC rejigs medical department

NEIL DAVIDSON

Injury-plagued Toronto FC is parting ways with its chief medical officer.

A source, granted anonymity because the MLS club had not announced the news, confirmed Dr. Ira Smith's departure from the team after more than a decade's service. The decision was mutual, according to the source.

The change is not the first on TFC's medical side this season. Adam Brett, whose résumé includes stints with England's Tottenham and Brighton, was brought on board in early July as director of player health and high performance.

TFC had been without a sport science head since director of performance César Meylan left on the eve of the preseason to rejoin former Toronto coach John Herdman with the Indonesia men's national team.

Toronto's lengthy injury list has been a cause of concern for some time.

News of Smith's departure comes the same day that TFC announced defensive midfielder Nelson Palacio is out for the season after undergoing thigh surgery. The 25-year-old Colombian has not played for the team since joining in early July in a deal with Real Salt Lake that cost Toronto US\$1.1-million and up to US\$550,000 in conditional cash if certain performance-based metrics are met.

Smith has extensive sporting ties, having also worked as an assistant team physician with the Toronto Raptors as well as the Canadian women's basketball team and Canadian synchronized skating team.

Smith, who served as FIFA medical officer in Toronto during this summer's World Cup, did not immediately return a telephone call Wednesday.

The Toronto training room has been full for much of this season, averaging as many as seven players listed as either out or questionable on the league's official weekly injury list through early July.

The low point came in the last two fixtures before the World Cup break. Ahead of the May 16 game at Charlotte, the league injury report listed 12 Toronto players as out and one as questionable.

At the time, Toronto general manager Jason Hernandez said TFC was “top three” in the league in terms of injury burden this season.

While those numbers have thinned in recent weeks – captain Jonathan Osorio (knee) designated player Djordje Mihailovic (thigh) and Palacio were the only players listed as unavailable for Saturday's 3-0 loss at Orlando City – Palacio has been a sore point.

The Colombian made 34 appearances in all competitions last season on loan with FC Zurich. Prior to that, he had appeared in 55 games for Salt Lake across the 2023, 2024 and 2025 seasons.

Hernandez told reporters last week that the club was "heartbroken" over Palacio's health issues, given his lack of injury history and efforts to get back in action. TFC, B15

Oilers training camp opens mired in controversy over Formenton signing

JOHN KOROBANIK EDMONTON

After a 2025-26 season full of criticism, from a slow start to a first-round playoff exit, the Edmonton Oilers opened training camp Wednesday mired in new off-ice controversy.

Hiring head coach Mike Babcock in June caused a ripple of criticism from Oilers fans but last week's signing of forward Alex Formenton ignited a storm of social-media anger. Formenton is one of five players from Canada's 2018 world junior team who was charged and later acquitted of sexual assault.

Some fans, several of them sexual assault victims, have launched a petition asking the Oilers to end their affiliation with Formenton. Some reports say the petition has more than 60,000 signatures. A protest outside Rogers Place is also planned for the Oilers' first home game.

Edmonton general manager

Some fans, several of them sexual assault victims, have launched a petition asking the Oilers to end their affiliation with Formenton.

Stan Bowman says everyone is entitled to their opinion, which he respects, but the Oilers did their due diligence before signing Formenton to a one-year, US\$850,000 contract.

“We knew going into it that this was something that wasn’t going to be universally accepted,” Bowman told a media conference Wednesday morning. “That’s why we spent as much time as we did going through the details and doing our due diligence making sure legally it was the right decision to make.

"I understand that people are going to view it differently and that's okay. That's one of the things I'm a big believer in: we don't all have to agree on everything and people are entitled to their opinions and have strong feelings. I totally respect that."

Bowman said the organization knew the signing would be a “polarizing topic” but after thoroughly looking into the situation the team felt comfortable with it.

“I’ve had a lot of conversations with Alex,” Bowman said. “He’s grown a lot in the intervening years from where he was then to where he is now. He’s shown that growth.”

Formenton's signing is the latest in a number of controversial ones by the Oilers.

Asked how he felt about the Oilers earning a reputation over the years for being a landing spot for individuals with issues in the past, including himself and Babcock, Bowman said he was appreciative of the organization giving him the chance it did. ■ OILERS, B15

Alex Formenton arrives to court in London, Ont. on July 24, 2025. Oilers general manager Stan Bowman said the organization knew signing Formenton would be ‘polarizing.’ SAMMY KOGAN/THE GLOBE AND MAIL

Redblacks and Stamps both in dire need of a win

SINGLES — ROUND OF 16

Ottawa Redblacks quarterback McLeod Bethel-Thompson, right, is expected to make his first start of the season when his team visits the Calgary Stampeders on Saturday. JON BLACKER/THE CANADIAN PRESS

Argos chase a home playoff game and play host to West-leading Elks

DAN RALPH

McLeod Bethel-Thompson and the Ottawa Redblacks won't be the only ones in dire need of a win this week.

Bethel-Thompson will make his first start of the season when Ottawa (0-12) visits the Calgary Stampeders (5-8) on Saturday night. The Redblacks have dropped 18 straight games dating back to 2025, a CFL modern-era record for consecutive defeats.

But Calgary also desperately needs a victory. The Stampeders are coming off consecutive losses to the Edmonton Elks and stand fifth in the West Division, four points behind the third-place Winnipeg Blue Bombers (7-6) and B.C. Lions (7-6).

Right now, Winnipeg, B.C. and Calgary have more wins than the Hamilton Tiger-Cats (4-9), who are third in the East Division. The Stamps can make the playoffs by finishing third in the West or by finishing fourth with more points than the East's third-place team.

This game starts an important stretch for Calgary. After completing a home-and-home with Ottawa on Sept. 26, the Stampeders will finish their regular season visiting Saskatchewan (Oct. 2) and Winnipeg (Oct. 10) before hosting B.C. (Oct. 17).

Calgary lost its first meeting this season with Saskatchewan in overtime and is 1-1 against both Winnipeg and B.C.

Bethel-Thompson replaced starter Jake Maier in the second quarter of Ottawa's 26-23 road loss to Toronto last week. Bethel-

Thompson provided a definite spark, completing 16-of-23 passes for 192 yards and a TD, but the Redblacks couldn't take full advantage of two late opportunities that allowed the Argonauts to earn their second win in five days.

Ottawa had to settle for a Brett Lauther field goal following Kalil Pimpleton's 88-yard punt return to the Argos' 17-yard line that made it 23-23 at 10:09 of the fourth quarter. After a Toronto two-and-out, the Redblacks took over at the home team's 53-yard line, but Ralph Holley's second-down sack of Bethel-Thompson knocked the visitors out of field-

goal range.

Lirim Hajrullahu's game-ending 29-yard field goal capped a stellar 12-play, 74-yard march by Toronto (7-6), which took possession at its 14-yard line with 2:25 remaining.

The Redblacks were eliminated from playoff contention with last week's loss. So now, their primary focus is earning a victory.

Calgary's Labour Day finale against Edmonton last week was one to forget. Starter Vernon Adams Jr. threw two first-half interceptions while the Elks recovered a blocked punt in the end zone for a touchdown en route to a 53-16 victory.

Calgary defensive lineman Clarence Hicks did register two sacks, giving him a CFL-high 11 this season. And veteran receiver Reggie Begelton returned for his first game since suffering a knee injury against Toronto on June 18, 2025.

Begelton was targeted five times and finished the contest with two catches for 25 yards. Pick: Calgary

MONTREAL ALOUETTES VS. HAMILTON TIGER-CATS (FRIDAY NIGHT)

At Hamilton, the Ticats come off the bye having suffered three

straight losses.

Canadian Tre Ford (head) resumed practising this week after being forced from the Labour Day clash with Toronto but will back up Harrison Frost, who'll make his third start of the season.

Frost completed 16-of-28 passes for 218 yards with two TDs and an interception in the 37-22 home loss to the Argos.

Montreal (10-3) has dropped two of its last three games, including last week's 48-29 road decision to B.C.

Lions quarterback Nathan Rourke threw for 317 yards and a TD and ran for 77 yards and a touchdown on five carries. However, the Alouettes are 6-o within the East Division. Pick: Montreal

EDMONTON ELKS VS. TORONTO ARGONAUTS (SATURDAY AFTERNOON)

At Toronto, Edmonton (10-3) has won four straight and clinched its first playoff berth since 2019. Cody Fajardo threw three TD passes in last week's home victory over the Stampeders, two going to Joe Robustelli. Joshua Cephus had six catches for 119 yards and a touchdown while Tyrell Ford recorded his league-high sixth pick.

The Argos (7-6) can clinch a home playoff game with a third straight win and a Hamilton loss Friday night.

Chad Kelly leads the CFL in passing (4,404 yards), TDs (29) and interceptions (20). The Double Blue is 3-0 since returning to BMO Field but 3-4 against the West and 0-1 against the Elks. Pick: Edmonton

Last week: 4-0 Overall: 39-19

THE CANADIAN PRESS

MLB

AMERICAN LEAGUE

EAST DIVISION
	W	L	Pct	GB
z-Tampa Bay	91	59	.607	—
z-New York	88	64	.579	4
Boston	82	69	.543	$9\frac{1}{2}$
Toronto	76	77	.497	$16\frac{1}{2}$
Baltimore	74	78	.487	18

CENTRAL DIVISION

Cleveland	78	75	.510	—
Chicago	77	75	.507	$1/_{2}$
Detroit	72	80	.474	$51/_{2}$
Minnesota	71	81	.467	$61/_{2}$
Kansas City	66	85	.437	11
WEST DIVISION
Houston	76	75	.503	—
Texas	75	76	.497	1
Seattle	70	82	.461	$61/_{2}$
Athletics	61	90	.404	15
Los Angeles	58	93	.384	18

	W	L	Pct	GB
z-New York	88	64	.579	+11
Boston	82	69	.543	$+5\frac{1}{2}$
Chicago	77	75	.507	—
Toronto	76	77	.497	$1\frac{1}{2}$
Texas	75	76	.497	$1\frac{1}{2}$
Baltimore	74	78	.487	3

AMERICAN LEAGUE

Wednesday

Wednesday Cleveland 6, Chicago White Sox 3 Minnesota 5, N.Y. Yankees 4, 13 innings Toronto 5, Detroit 1 Athletics at Tampa Bay Boston at Texas Kansas City at Houston Seattle at L.A. Angels

Tuesday

Tampa Bay 2, Athletics 1
Cleveland 7, Chicago White Sox 6
Detroit 10, Toronto 1
N.Y. Yankees 8, Minnesota 1
Houston 4, Kansas City 2
Texas 4, Boston 2
L.A. Angels 2, Seattle 1

Thursday

Athletics (Springs 4-13) at Tampa Bay (Rasmussen 14-5), 1:10 p.m.
Kansas City (Lugo 7-8) at Houston (TBD), 7:15 p.m.
Detroit (Valdez 10-10) at Chicago White Sox (TBD), 7:40 p.m.
Boston (Gray 17-5) at Texas (TBD), 8:05 p.m.
Minnesota (Bradley 11-6) at L.A. Angels (Ureña 9-10), 9:38 p.m.

INTERLEAGUE

Wednesday

Baltimore at N.Y. Mets

Baltimore 7, N.Y. Mets 5, 11 innings

Tuesday

Thursday

No games scheduled

NATIONAL LEAGUE

EAST DIVISION
	W	L	Pct	GB
Atlanta	89	63	.586	—
Philadelphia	83	68	.550	$5\frac{1}{2}$
Miami	75	77	.493	14
Washington	71	81	.467	18
New York	69	82	.457	$19\frac{1}{2}$

CORNERED

CENTRAL DIVISION
x-Milwaukee	94	57	.623	—
Chicago	84	68	.553	10 $\frac{1}{2}$
Pittsburgh	75	76	.497	19
St. Louis	75	78	.490	20
Cincinnati	70	81	.464	24
WEST DIVISION
z-Los Angeles	92	59	.609	—
San Diego	82	69	.543	10
Arizona	80	72	.526	12 $\frac{1}{2}$
San Francisco	64	89	.418	29
Colorado	56	95	.371	36

	W	L	Pct	GB
Chicago	84	68	.553	$+1\frac{1}{2}$
Philadelphia	83	68	.550	+1
San Diego	82	69	.543	—
Arizona	80	72	.526	$2\frac{1}{2}$

NATIONAL LEAGUE
WTA TOUR
GUADALAJARA OPEN
Wednesday

Wednesday

San Francisco 6, St. Louis 5, 10 innings L.A. Dodgers at Cincinnati Milwaukee at Pittsburgh Philadelphia at Washington Atlanta at Chicago Cubs San Diego at Colorado Miami at Arizona

Tuesday

L.A. Dodgers 4, Cincinnati 0
Washington 6, Philadelphia 3
Milwaukee 5, Pittsburgh 1
Atlanta 6, Chicago Cubs 3
San Francisco 10, St. Louis 3
Colorado 9, San Diego 3
Miami 4, Arizona 2, 11 innings

Thursday

All Times Eastern

Milwaukee (Harrison 10-4) at Pittsburgh (TBD), 12:35 p.m.
L.A. Dodgers (TBD) at Cincinnati (Singer 6-14), 12:40 p.m.
San Diego (King 11-9) at Colorado (Gordon 1-4), 3:10 p.m.
Philadelphia (Nola 6-10) at N.Y. Mets (McLean 11-9), 7:15 p.m.

OHL

Thursday

All Times Eastern

Kingston at Peterborough, 7:05 p.m.

Friday

Oshawa at Brampton, 7 p.m. Niagara at Brantford, 7 p.m. Owen Sound at Kitchener, 7 p.m. Windsor at London, 7 p.m. Barrie at North Bay, 7 p.m. Peterborough at Sudbury, 7:05 p.m. Erie at Guelph, 7:07 p.m. Saginaw at Sault Ste. Marie, 7:07 p.m.

Marta Kostyuk (1), Ukraine, def. Taylor Townsend, United States, walkover.

DOUBLES — QUARTERFINALS

DOUBLES — QUARTERFINALS Peangtarn Plipuech, Thailand, and Momoko Kobori, Japan, def. Yvonne Cavalle-Reimers, Spain, and Lara Salden, Belgium, 6-3, 6-4. Katarzyna Piter, Poland, and Quinn Gleason (3), United States, def. Catherine Harrison and Dalayna Hewitt, United States, 6-2, 7-5.

NFL

WEEK TWO

Thursday

All Times Eastern Detroit at Buffalo, 8:15 p.m.

Sunday, Sept. 20

New Orleans at Baltimore, 1 p.m.
Cincinnati at Houston, 1 p.m.
Cleveland at Tampa Bay, 1 p.m.
Pittsburgh at New England, 1 p.m.
Minnesota at Chicago, 1 p.m.
Philadelphia at Tennessee, 1 p.m.
Green Bay at NY Jets, 1 p.m.
Carolina at Atlanta, 1 p.m.
Las Vegas at LA Chargers, 4:05 p.m.
Jacksonville at Denver, 4:05 p.m.
Washington at Dallas, 4:25 p.m.
Seattle at Arizona, 4:25 p.m.
Miami at San Francisco, 4:25 p.m.
Indianapolis at Kansas City, 8:20 p.m.

Monday, Sept. 21

NY Giants at LA Rams, 8:15 p.m.

U SPORTS FOOTBALL

WEEK FOUR

Friday

All Times Eastern

Bishop's at Montreal, 7 p.m.
Saskatchewan at Alberta, 8:30 p.m.
Regina at British Columbia, 9 p.m.

Saturday, Sept. 19

St. Francis Xavier at Mount Allison, 1 p.m. Saint Mary's at Acadia, 1 p.m. McGill at Concordia, 1 p.m. Windsor at Waterloo, 1 p.m. Western at Toronto, 1 p.m. Queen's at Carleton, 1 p.m. Wilfrid Laurier at McMaster, 1 p.m. Guelph at Ottawa, 1 p.m. Calgary at Manitoba, 3 p.m. Sherbrooke at Laval, 7 p.m.

MLS
EASTERN CONFERENCE

	GP	W	L	T	GF	GA	PT
Nashville	25	16	3	6	50	21	54
Miami	25	12	4	9	61	46	45
New England	25	13	8	4	41	31	43
Charlotte	25	11	7	7	45	36	40
Chicago	24	11	7	6	45	35	39
Orlando	25	10	11	4	44	56	34
Philadelphia	25	9	10	6	46	39	33
Cincinnati	24	8	8	8	52	59	32
N.Y. City F.C.	25	8	9	8	39	33	32
N.Y. Red Bulls	25	8	11	6	33	48	30
D.C.	24	6	7	11	30	37	29
Toronto	25	6	8	11	38	46	29
Columbus	25	6	14	5	35	42	23
Atlanta	25	6	14	5	29	43	23
Montreal	25	5	14	6	31	51	21

WESTERN CONFERENCE

	GP	W	L	T	GF	GA	Pt
Vancouver	24	14	6	4	53	23	46
Houston	25	13	8	4	32	28	43
Dallas	25	12	6	7	49	42	43
San Jose	25	12	8	5	44	36	41
St. Louis	25	11	6	8	42	35	41
Los Angeles F.C.	26	11	8	7	41	27	40
Colorado	25	11	12	2	33	32	35
Portland	25	9	11	5	47	47	32
San Diego	25	8	11	6	42	42	30
L.A. Galaxy	26	7	10	9	31	40	30
Salt Lake City	24	8	11	5	37	39	29
Minnesota	25	7	10	8	37	43	29
Austin	25	7	10	8	32	44	29
Seattle	23	7	9	7	25	30	28
Kansas City	24	5	16	3	26	59	18

Friday

All Times Eastern

N.Y. Red Bulls at N.Y. City FC, 7:30 p.m.

Saturday

Charlotte at D.C., 7:30 p.m.
Columbus at Montreal, 7:30 p.m.
Los Angeles F.C. at San Jose, 7:30 p.m.
Orlando at New England, 7:30 p.m.
Austin at Dallas, 8:30 p.m.
Cincinnati at Houston, 8:30 p.m.
L.A. Galaxy at Minnesota, 8:30 p.m.
Philadelphia at Kansas City, 8:30 p.m.
Toronto at St. Louis, 8:30 p.m.
Chicago at Nashville, 9:30 p.m.
Seattle at Colorado, 9:30 p.m.
Vancouver at Salt Lake City, 9:30 p.m.
Atlanta at Portland, 10:30 p.m.

FIFA WOMEN'S UNDER-20 WORLD CUP

PLAYOFFS

ROUND OF 16

Wednesday

South Korea 1 Argentina 0 Brazil 1 United States 1 (Brazil advances 5-4 on penalties) Italy 1 China 1 (Italy advances 5-4 on penalties) Spain 2 Portugal 0

Thursday — All Times Eastern

France vs. Canada, 9 a.m. England vs. Nigeria, 9 a.m. North Korea vs. Japan, 12:30 p.m. Poland vs. Colombia, 12:30 p.m.

SPEED BUMP
ENGLAND
PREMIER LEAGUE

	GP	W	D	L	GF	GA	Pts
Arsenal	4	4	0	0	8	1	12
Man City	4	4	0	0	8	2	12
Leeds	4	2	2	0	7	3	8
Hull	4	2	2	0	5	2	8
Brighton	4	2	1	1	13	5	7
Chelsea	4	2	1	1	10	9	7
Brentford	4	1	3	0	7	4	6
Liverpool	4	1	3	0	6	4	6
Everton	4	1	3	0	5	3	6
Ipswich	4	2	0	2	7	10	6
Notting. Forest	4	1	2	1	4	4	5
Newcastle	4	1	2	1	7	8	5
Man United	4	1	1	2	7	7	4
Sunderland	4	1	1	2	3	5	4
Bournemouth	4	0	3	1	6	7	3
Crystal Palace	4	1	0	3	6	11	3
Tottenham	4	0	2	2	0	5	2
Fulham	4	0	1	3	4	7	1
Aston Villa	4	0	1	3	1	7	1
Coventry	4	0	0	4	0	10	0

Friday — All Times Eastern Brentford vs. Chelsea, 3 p.m.

CPL

	GP	W	L	T	GF	GA	Pt
Calgary	21	15	2	4	41	12	49
Hamilton	21	14	4	3	33	15	45
Ottawa	22	10	8	4	34	37	34
Vancouver	22	9	10	3	30	28	30
Toronto	20	5	7	8	29	42	22
Halifax	22	6	11	5	31	37	23
Quebec	21	6	11	4	29	38	22
Victoria	21	1	13	7	25	43	10

Hamilton at Calgary, 5 p.m. Vancouver at Victoria, 8 p.m.

Sunday, Sept. 20

Quebec at Ottawa, 12 p.m. Toronto at Halifax, 3 p.m.

NSL

	GP	W	L	T	GF	GA	Pt
Montreal	20	11	4	5	38	23	38
Ottawa	20	10	7	3	41	37	33
Toronto	20	9	5	6	32	20	33
Vancouver	20	8	10	2	38	42	26
Halifax	20	7	10	3	20	20	24
Calgary	20	3	12	5	21	48	14

SPORTLIGHT

All Times Eastern

Air Times Eastern Toronto at Halifax, 2 p.m. Montreal at Vancouver, 5 p.m.

CANADIAN MEN'S CLUB SOCCER CHAMPIONSHIP

SEMIFINALS

SECOND LEG

Wednesday

Vancouver Whitecaps (MLS) at C.F. Montreal (MLS)

(aggregate tied 1-1)

Tuesday

Hamilton Forge (CPL) 1 Supra du Quebec (CPL) ) 0 (Hamilton wins 2-1 on aggregate )

BIZARRO
CFL
EAST DIVISION

	GP	W	L	PF	PA	Pt
x-Montreal	13	10	3	461	385	20
Toronto	13	7	6	391	384	14
Hamilton	13	4	9	302	384	8
Ottawa	12	0	12	270	439	0

	GP	W	L	PF	PA	Pt
x-Edmonton	13	10	3	414	323	20
Saskatchewan	13	8	5	375	340	16
British Columbia	13	7	6	397	357	14
Winnipeg	13	7	6	345	352	14
Calgary	13	5	8	450	441	10

WEEK 16 Bye: British Columbia, Saskatchewan and Winnipeg Friday — All Times Eastern Montreal at Hamilton, 7:30 p.m.

SEPTEMBER 17

1897 — England's Joe Lloyd beats Scotland's Willie Anderson by one stroke to win the U.S. Open in Wheaton, Ill.

1917 — Honus Wagner, retires at 43, Pirates retire his #33.

1920 — The forerunner of the NFL, the American Professional Football Association, is founded in an automobile showroom in Canton, Ohio. Twelve teams pay a \$100 fee to obtain a franchise.

TELEVISION

THURSDAY (ALL TIMES EASTERN)

GOLF

DP World: BMW PGA Championship, Golf Channel, 7 a.m.

PGA Korn Ferry: Nationwide Children's Hospital Championship, Golf Channel, 1 p.m. PGA: Biltmore Championship Asheville, Golf Channel, 3 p.m.

SOCCER

U-20 Women's World Cup: France vs. Canada, TSN 5, 9 a.m.

BASEBALL

MLB: Athletics vs. Tampa Bay, SN Ontario, East, West, Pacific, 1 p.m. MLB: Kansas City vs. Houston, SN Ontario, East, West, Pacific, 7 p.m. MLB: Philadelphia vs. N.Y. Mets, FOX, 7 p.m. MLB: Boston vs. Texas, SN 1, 8 p.m.

BASKETBALL

WNBA: Connecticut vs. Atlanta, NBA TV Canada, 7:30 p.m.

WNBA: Los Angeles vs. Dallas, TSN 5, 8 p.m.

WNBA: Las Vegas vs. Seattle, TSN 5, 10 p.m.

FOOTBALL

NCAA: Syracuse vs. Pittsburgh, TSN 2, 7:30 p.m.

NFL: Detroit vs. Buffalo Bills, CTV, TSN 3, 4, 5, ABC, 8 p.m.

RESULTS AS OF WEDNESDAY, SEPTEMBER 16, 9:30 P.M.

OFF THE MARK

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ARTIFICIAL WISDOM

MAGRITTE AT THE COUNTY FAIR

Rams look to rebound against Giants

New York Giants running back Cam Skattebo, right, runs the ball against the Dallas Cowboys during Sunday's game in East Rutherford, N.J. The Giants upset the Cowboys to give head coach John Harbaugh a successful debut with the franchise. YUKI IWAMURA/THE ASSOCIATED PRESS

Bills play their home opener in a new stadium with the Lions coming to town

ROB MAADDI

Jaxson Dart, Cam Skattebo and the rejuvenated New York Giants gave John Harbaugh a successful debut.

A sleepy effort in Australia has the Super Bowl favourites reeling after one game. Now the Los Angeles Rams won't have Myles Garrett for a month. And, Aaron Donald's status is uncertain.

Still, the Rams (0-1) are 7½-point favourites against the Giants (1-0) on Monday night.

Expect Sean McVay to have his team ready to rebound after ill-advised travel plans led to a dismal performance against the 49ers.

Harbaugh's team made a statement against the Cowboys. It'll be a tough challenge on the road against Matthew Stafford, Puka Nacua and Los Angeles.

Pro Picks likes the Rams to win but the Giants to cover. Rams: 27-20

DETROIT (1-0) AT BUFFALO (1-0)

LINE: BILLS MINUS $4^{1/2}$

Josh Allen was spectacular against Houston's stingy defence, though he was a dropped pick away from losing the game. Joe Brady's Bills will be fired up to play their home opener in a new stadium. Jared Goff, Jahmyr Gibbs and a new-look offensive line were impressive against New Orleans. The defence struggled, as usual.

Bills: 30-23

CLEVELAND (0-1) AT TAMPA BAY (0-1) LINE: BUCCANEERS MINUS 8 $^{1/2}$

Deshaun Watson could be making his final start for the Browns, who were dismal at Jacksonville. Watson has to play well or Cleveland may turn to Shedeur Sanders sooner than later. The Buccaneers lost an opener for the first time since 2020 when they won the Super Bowl. Baker Mayfield can't turn the ball over three times again.

Buccaneers: 24-17

PHILADELPHIA (1-0) AT TENNESSEE (0-1)

LINE: EAGLES MINUS 7

Jalen Hurts, Saquon Barkley and the rest of Philadelphia's offence had a successful opener under a new co-ordinator but have plenty of room to improve. They'll play better against the Titans. This should be a rough day for Tennessee's Cam Ward going against a tough defence. Eagles: 27-16

GREEN BAY (0-1) AT NEW YORK JETS (1-0) LINE: PACKERS MINUS 3 $^{1/2}$

The Packers have lost six straight games since Micah Parsons was injured last December. Their offensive line is struggling to protect Jordan Love and they were undisciplined, committing 12 penalties in Week 1. Enter the Jets. Yes, they won their opener. But they beat the Titans. Packers: 26-17

CINCINNATI (1-0) AT HOUSTON (0-1)

LINE: TEXANS MINUS $2^{1}/_{2}$

The Bengals may finally have a strong defence to match Joe Burrow and a prolific offence. A defensive collapse cost the Texans the opener but C.J. Stroud was a standout on offence. It's early but Houston can't afford to lose two straight at home to start the season.

Texans: 26-23

PITTSBURGH (1-0) AT NEW ENGLAND (0-1) LINE: PATRIOTS MINUS 5 $^{1/2}$

Drake Maye can't be turnover-prone or the Patriots won't come close to last season's success. He won't have A.J. Brown so Romeo Doubs needs to step up. It could be a struggle against T.J. Watt and Pittsburgh's stout defensive front. Aaron Rodgers is going to need a better run game and some help from DK Metcalf. Patriots: 22-20

MINNESOTA (1-0) AT CHICAGO (1-0) LINE: BEARS MINUS 5 $^{1/2}$

Caleb Williams and the Bears won't score 59 this week against

Brian Flores's defence but they don't have to. Carson Wentz was efficient coming off the bench for the Vikings against Green Bay. He'll have a full week to practise with the starters but this won't be easy, even though Chicago's defence gave up 37 last week. Bears: 27-16

CAROLINA (0-1) AT ATLANTA (0-1) LINE: PANTHERS MINUS $1^{1/2}$

Bryce Young and Carolina's offence were dynamic in Week 1. The defence was horrendous. The Falcons have Bijan Robinson but problems at quarterback. The Panthers are 0-9 straight up as a favourite since 2021. Time to end that odd streak. Panthers: 24-18

NEW ORLEANS (0-1) AT BALTIMORE (1-0)

LINE: RAVENS MINUS 8 $^{1/2}$

Lamar Jackson, Derrick Henry and Zay Flowers are going to look unstoppable more often than not. The Saints nearly overcame a 21-o deficit to stun the Lions. Tyler Shough had a strong finish, but needs to do a better job avoiding turnovers and sacks. Ravens: 30-20

JACKSONVILLE (1-0) AT DENVER (0-1) LINE: BRONCOS MINUS 2 $^{1/2}$

Trevor Lawrence is going to get early MVP attention if he beats the Broncos on the road. Bo Nix struggled and Denver's talented defence had a terrible day against Kansas City. The Broncos also seemed to miss Sean Payton's play-calling. Broncos: 24-20

LAS VEGAS (1-0) AT LOS ANGELES CHARGERS (0-1) LINE: CHARGERS MINUS 6 $^{1/2}$

Justin Herbert's debut in Mike McDaniel's offence was lacklustre. Chargers new defensive co-ordinator Chris O'Leary also had a disappointing debut. But they should get on track against the Raiders. Klint Kubiak got his first win out of the way. Beating teams other than the Dolphins will be harder.

MIAMI (0-1) AT SAN FRANCISCO (1-0) LINE: 49ERS MINUS 13 $^{1/2}$

The only thing that can slow down Brock Purdy, Christian McCaffrey and the 49ers is the jet lag after spending 10 days in Australia. The Dolphins are going to be in the running for the No. 1 overall pick and Arch Manning. Spending the week in Napa instead of South Beach isn't going to help.

49ers: 30-13

LINE: SEAHAWKS MINUS 4

The Cardinals pulled off the biggest upset in Week 1, knocking off the Chargers. Now, they face the defending Super Bowl champions on extra rest. Seattle's suffocating defence will cause trouble for Jacoby Brissett. Drew Lock won't have to do too much filling in for Sam Darnold other than protect the ball and manage the game. Best hot: Sachowski 24-18

WASHINGTON (0-1) AT DALLAS (0-1) LINE: COWBOYS MINUS 3 $^{1/2}$

A bonehead celebration penalty by Stefon Diggs and questionable play on a two-point conversion cost the Commanders a shot at an upset in Philly. The optimism surrounding the Cowboys' defence has quickly faded after a poor opener. Dallas hasn't been 0-2 since 2010. Dak Prescott won't let it happen.

Cowboys: 27-23

INDIANAPOLIS (0-1) AT KANSAS CITY (1-0) LINE: K.C. MINUS 6 $^{1/2}$

Patrick Mahomes is back to his old self despite ACL surgery nine months ago. Kenneth Walker III gives Kansas City a run game it has lacked for years. The Colts got whacked by the Ravens and their new-look defence was awful. That's eight losses in a row for Indianapolis since an 8-2 start last season. It's going to be hard to avoid nine.

Upset special: Colts, 24-23

Last week: Straight up: 10-6.
Against spread: 5-11.
Overall: Straight up: 10-6. Against spread: 5-11.
Best Bet: Straight up: 1-0. Against spread: 0-1.
Upset Special: Straight up: 0-1.
Against spread: 0-1.

THE ASSOCIATED PRESS

TFC: MLS's Sprint Season will test medical staff

FROM B13

“He’s been quite robust. ... I feel for him,” he said. “He joined us in a moment where he had a lot of downtime. He came in, obviously passed the medical and the whole bit and was having a tough time getting himself going and dealing with the niggling issue.”

Hernandez cited the team's "conservative approach" in dealing with injuries – a pathway he said that sometimes led to "more drastic" measures.

“So for me, it’s a real question mark about the efficiency in which we are given the remit to move these players along. Because we waste time,” he added.

What started as “some lower-body soreness” turned into season-ending surgery for Palacio.

“We're all left disappointed,” Hernandez said. “But ultimately Nelson wasn't brought here for a four-month project. ... We'll get through this challenge now and get him as right as he needs to be.

“I think he’ll make the supporters very happy when he gets himself right,” he added.

In his Sept. 9 virtual availability, Hernandez said the team was “looking at what improvements we need to make in the medical space.”

“Ultimately the responsibility sits with us – and with me – to ensure that we have all the right people and the right processes and the right standards that support all our players and to get everybody out there performing at their optimal level. And like with every single department that we've had at the club, that we've looked to revamp and improve and revise, we won't stop. We'll do it in every space in this club ... to make sure we're operating at the best standard we can."

While MLS requires teams to have a chief medical officer in place, TFC can cover the position through other MLSE medical personnel for the time being.

Toronto (6-8-11) currently sits 12th in the 15-team Eastern Conference but has shown a marked improvement on the pitch in recent weeks as players return to action. Prior to the Orlando loss, TFC had gone unbeaten in its last seven league outings (3-4-0).

Palacio is in his final year as a U-22 Initiative roster player, having signed with Salt Lake as such. Under league rules, U-22 Initiative players come with a reduced salary budget charge – US\$150,000 for players 20 and under and US\$200,000 for players 21 to 25.

Palacio, whose actual salary last season was US\$473,167, has won one cap for Colombia, in a friendly against South Korea in

March, 2023, and represented his country at the youth level.

The task of keeping players healthy will be tested next year during Major League Soccer's so-called Sprint Season, a truncated 14-game regular season that starts in February and ends with the MLS Cup in May.

The shortened campaign serves as the precursor to MLS's move to align its schedule with the world's top leagues. The 2027 MLS regular season will kick off in mid-July and conclude with the playoffs and MLS Cup in May, 2028.

The Canadian climate does not help Toronto's efforts to keep its players healthy. Injuries are a constant, especially at the start of the season with wintery conditions forcing players to train on artificial turf and then play on natural grass.

Hernandez, a former TFC player, said the team's preseason preparations this year were not helped by record rainfall in Spain where the team held its camp.

The club is looking to make significant improvements to its training ground, such as adding underground heating to its natural grass fields so it can avoid having to train on artificial turf under a bubble-style dome, that covers outdoor venues in the winter.

Oilers: Babcock to begin tenure without key players

FROM B13

"There have been situations in the past several years where the Oilers have been willing to give people an opportunity to come here and get a fresh start," said Bowman, who resigned as GM of the Chicago Blackhawks in October, 2021 after an investigation found team leaders covered up sexual assault allegations against a video coach.

"I really felt the support being here myself. It's a privilege to be working in this city, for the fans here. I have been blown away by the way the fans are so passionate. With that passion can come frustration with different things.

"The message is we're trying to do the right thing, give us a chance to make them proud and be judged on what we do moving forward."

The Oilers will begin official on-ice practices Thursday under the direction of Babcock, who was cleared to work for the Oilers after the league concluded an investigation into his conduct while with Columbus in 2023.

Babcock resigned from the Blue Jackets less than three months after taking the job. At the time, his requests for personal photos from players, which he said were part of an effort to get to know them, drew criticism as an invasion of privacy. The new coach will begin his Oilers tenure without a couple of key players expected to play significant roles this season.

Of key players expected to play significant roles this season. Goaltender Frederik Andersen, an off-season free agent signing, and forward Matt Savoie are injured and not expected to participate in the camp. Also absent with injuries are forward Mattias Janmark and defenceman Alex Regula.

Andersen, who helped backstop the Carolina Hurricanes to the Stanley Cup last spring, is one of three goalies the Oilers plan to use this season. Tristan Jarry, obtained in a December, 2025 trade with Pittsburgh Penguins, and Devon Levi, who came over in a trade with Buffalo Sabres in July, are expected to share the duties to begin the season.

THE CANADIAN PRESS

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Rick Hansen Foundation th Anniversary Rick Hansen Man In Motion World Tour

Leafs captain Matthews backs team's off-season of change

Maple Leafs forward Auston Matthews, centre, speaks to media in Toronto on Wednesday. SAMMY KOGAN/THE CANADIAN PRESS

Forward heads into new season with Toronto under a new GM and head coach

JOSHUA CLIPPERTON TORONTO

Auston Matthews needed some room to breathe.

A some room to breathe. The Maple Leafs were picking up the pieces following their worst season in a decade – and in Matthews's career.

A transformative summer was on the horizon.

Now having watched those seismic shifts across the organization from afar, Toronto's captain is all-in ahead of the new season.

Matthews spoke to the media Wednesday as the Maple Leafs opened training camp with physicals, and gave general manager John Chayka a thumbs up after his frantic 19-week sprint since taking charge in May.

“My intent was always to be here,” said the star centre, who has two years left on his contract. “The way things finished last year - [former GM Brad Treliving] gets fired before the season's over, there's a lot of incoming change - you never really know who's coming in, what their plan is, what they think.

“It was just to take a step back and see what happens and have the open lines of communication with whoever was hired.”

Coming off surgery to repair a serious knee injury, Matthews said Chayka made “some great changes” to a roster that now includes two-time Stanley Cup winner Sergei Bobrovsky in goal, defenceman Darren Raddysh, a rebuilt bottom-six forward group and No. 1 overall pick Gavin McKenna, along with new head coach Jim Hiller.

"I really like what he's done," Matthews said. "Brought in some great people, some great players, great outside hires ... super positive, great energy at the rink."

The Maple Leafs, who finished last in the Atlantic Division in 2025-26 with just 78 points, will need Matthews back somewhere much closer to the 60-goal mark he's twice reached – including an eye-popping 69 registered in 2023-24 – to get back in Eastern Conference playoff race.

“He’s full-go, 100 per cent,” Chayka said. “My message to fans is just enjoy it. There’s a lot of talk about him and his contractual status … one day he won’t be a Toronto Maple Leaf. Hopefully that ends with retirement. But ultimately being able to have the privilege of working with him and watching him – not only on the ice, but off the ice – it's a great honour.

“We’re excited to link arms with him and walk side-by-side as we try to accomplish our goal.”

Hiller, who has a history with Matthews from his time as a Mike Babcock assistant in Toronto, said he's had some good conversations with the club's talisman since getting hired in June.

"As excited as he's been in my time talking to him," said the former Los Angeles Kings bench boss. "I've really appreciated where our relationship is today, how it's grown over the years, and he gives me confidence right now when I speak with him. I don't know what exactly that looks like or what [goal] number that translates into.

“But when you talk to your captain and your captain instills confidence in you, then I would say you’re in a pretty good place.”

Toronto is also in a good place when it comes to McKenna after luck fell its way. The 18-year-old will be living with veteran centre John Tavares and his family as the teenager navigates his first NHL campaign in hockey's biggest media ecosystem.

“Expectations are going to be higher,” said McKenna, sat beside a pair of fellow No. 1 picks in Matthews and Tavares on Wednesday. “It’s a good motivator coming to a market like this where you know the eyes are on you and you’re going to hear if you’re playing bad.

"It's something I've learned to deal with over the last few years."

Matthews knows that micro- scope well as both he and his team look to rebound on the heels of last season's stunning 30-point drop in the standings.

“A frustrating year,” he said. “We’ve had a lot of time to think about it … going into this year feeling as good as possible. New group of guys, a lot of new people.

“Exciting to come to the rink and have that energy, have that excitement again.”

SICK BAY

Chayka said forward Max Domi failed his physical after complications from off-season surgery and is out indefinitely, while defence-man Morgan Rielly has a viral condition that isn't expected to impact his regular-season availability. Fellow blueliner Chris Tanev is ready to go after being limited to just 11 games with various injuries in 2025-26.

STAYING PUT

Chayka was asked about Matthew Knies – a unique, big-body winger – whose name keeps popping up in trade rumours.

Toronto's GM said discussions involving the previous management group could be the reason.

"We've been consistent with Matthew that he's an important part of our team," Chayka said. "As we think about winning games when it matters, the ability to have players that are good on the walls, good net-front, can play a physical game, finish checks, but also have the talent and skill level to make plays and score goals.

"Pretty hard to find."

THE CANADIAN PRESS

With nine games left, in the thick of playoff chase, Jays keep things loose

JOHN CHIDLEY-HILL

If the Toronto Blue Jays are nervous about reaching the postseason, it doesn't show.

Myles Straw wore small, silver 1990s-style sunglasses as he answered questions from reporters following a 2 for 4 performance in Wednesday's 5-1 win over the Detroit Tigers. As he spoke, Blue Jays teammates like Louis Varland and Shane Bieber stopped to take photos or videos, while Andrés Giménez stood near the media scrum shaking his head ruefully.

“I think they look good. I’m not sure. I got these guys over here laughing at me,” said Straw, who drove in a run in the fourth inning.

The Chicago White Sox now hold the AL's third and final wildcard berth and the Blue Jays are $1 \frac{1}{2}$ games behind them.

The Texas Rangers were also 1 $^{1/2}$ games behind Chicago but were scheduled to face the Boston Red Sox later in the day.

“Today was huge. Obviously, that was like a must-win,” said Straw.

Max Scherzer (3-8) pitched five innings of one-run ball, allowing three hits and three walks but striking out three. Mason Fluharty, Spencer Miles and Varland combined for four scoreless innings to preserve the win.

Before Wednesday's win over Detroit, Jays' manager John Schneider said that pitcher Trey Yesavage felt good after a conditioning start with the triple-A Buffalo Bisons and could pitch for the Blue Jays as soon as Sunday.

Schneider said that the rookie's physical readiness was more important than his stat line for the Bisons after he threw $\frac{1}{3}$ of an inning, giving up two hits and two runs, one earned, against the Rochester Red Wings.

Yesavage has a 5-5 record for Toronto this season with a 3.65 earned-run average over 18 starts. He's struck out 91 batters over $93 \frac{1}{3}$ innings pitched. He had been out after having surgery on his left knee to repair a meniscus injury suffered Aug. 4 against the Houston Astros.

Bieber, a former Cy Young Award winner, had a setback, however, and will have to delay his next side session. Bieber (5-2) has a 4.37 ERA, striking out 44 over $55 \frac{1}{2}$ innings this year.

With nine games left in the regular season, Bieber's runway to return from inflammation of the right teres major muscle is getting very short.

THE CANADIAN PRESS

OTTAWA INVESTS \$76-MILLION INTO NEW NATIONAL BASKETBALL CENTRE IN TORONTO

A new national basketball centre will be built in Toronto with an injection of \$76-million from the federal government.

Humber Polytechnic's North Campus will be the future home of Canada Basketball, with six gymnasiums for provincial, national and international hoops.

“For more than 40 years, Humber Polytechnic has provided temporary training space for Canada Basketball’s national team athletes, but today we lay a permanent foundation for basketball in Canada,” Canada Basketball president and chief executive officer Michael Bartlett said Wednesday in a statement.

"It is our objective to be the best in the world whenever our teams take to the court, and to be the best for Canada, in the

way our sport represents the values of our nation. Thanks to these historic investments and our partnership with Humber Polytechnic, we will soon have the best home for basketball to ensure both of those promises are kept.”

Canada's men ranked fifth in the world and the women seventh Wednesday. Canada ranked sixth in women's three-on-three.

The Canadian women's wheelchair basketball team advanced to the world championships semi-finals after defeating Japan on Wednesday in Ottawa.

The Toronto facility will include a high-performance training centre, a domed playing field and other spaces for community, academic and athletic uses.

The federal money for the project comes from the Build Communities Strong Fund, which provides \$51-billion over the next 10 years and \$3-billion per year after that, to build and renew public infrastructure.

"As we continue our nation's monumental year of sport, the government of Canada is investing to establish the new home of Canadian basketball at Humber," Secretary of State Adam van Koeverden said in a statement.

"The hub will strengthen Canada's sport system, help athletes at every level pursue excellence, expand participation and create more opportunities to host major sporting events here at home, proving once again that Canada is the best sport-hosting nation in the world." THE CANADIAN PRESS

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DEATHS

MARJORIE "JORI" LOUISE ARMSTRONG March 5, 1951 September 9, 2026

Jori died as she had lived, in tune with the strong inner sensibilities that have always guided her. She forged fond relationships with friends and family in New Brunswick, Montreal, Vancouver and Toronto.

Jori's interest in art and architecture led her to employment with three commercial art galleries in Toronto and Vancouver, the New Brunswick Museum, the Royal Ontario Museum, Sotheby's, Jones & Kirkland Architects, and as editorial assistant to the decorating section of Chatelaine Magazine. She played guitar and was a cellist with the New Brunswick Youth Orchestra for five seasons. She also held administrative positions with the University of Toronto, Disney Canada, Mr. Sub and Health Canada.

Jori once claimed that she could make a charm bracelet out of her school and college rings: Netherwood School, Edgehill, Rothesay High School, Saint John High School, Modern Business College, Lucie Clayton's School of Fashion Design in England, Sheridan College in Oakville ON. She was proud to finally graduate from McGill University with a BA in Art History in 1977.

Jori is survived by her cherished husband, Edgar Boisvenue, who was her best friend and the centre of her world; and by her beloved "Sibbie," Jill Armstrong. She sustained a close and layered rapport with Edgar and Jill that moved effortlessly between humour and wisdom.

Jori is grateful for the care she received from the staff of the Odette Cancer Centre of Sunnybrook Hospital, and to Dr. Mike Boychuk, who administered MAID.

FUNERAL SERVICES

Benjamin's Park Memorial Chapel

Through the generations. a sacred trust

WEDNESDAY

SCHORR, Alfred - Family Service. WELLISCH, Henry - 10:00 Chapel. MICHAELS, Beverley - 11:00 Pardes Shalom Cemetery.

BRANDES, Jenny - 12:00 Chapel. BAHAR, Carole - 3:15 Pardes Chaim Cemetery.

THURSDAY

SCHWAB, Stephen - See www.benjamins.ca for updates. BERMAN, Jerry - 10:00 Chapel. WAGNER, Suzana - 11:30 Pardes Chaim Cemetery

FRIDAY

SHAFRIR, Uri - 2:00 Chapel.

SHIVA

COOPER, David - 22 Westover Hill Road. SCHEINMAN, Lawrence - See www.benjamins.ca for updates. SCHORR, Alfred - 74. Lawrie Road, Thornhill.

WELLISCH, Henry - 525 Wilson Avenue BRANDES, Jenny - 49 Morley Road, Thornhill.

BAHAR, Carole - 52 Theodore Place, Vaughan.

May this year be one of peace. Peace of mind. Peace of spirit. And may it bring peace to our homeland, and a new beginning for it's people.

BENJAMIN'S LANDMARK MONUMENTS YAD VASHEM AT LANDMARK 3429 Bathurst St. (416) 780-0635

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DEATHS

ALFRED S. SCHORR BA, LLB

Alfred died peacefully, on September 15, 2026, in the presence of his wife, Joanne Breithaupt. Mourned by his children, Rosemary Waxman (Aaron), Melanie Schorr (James Babulal), Tara Schorr (Josh Clements), Victoria Schorr (Chris Lortie); his sister, Annette Leonard (Mel); and his secretary of many years, Karen Bandura. Proud grandfather of Sydnie, Benjamin, and Edouard.

Alfred grew up in Toronto, the son of devoted parents who escaped Austria during the Holocaust. Naturally inquisitive and analytical, he was drawn to pursue academic studies at the University of Toronto, followed by law school. He supported himself through school playing piano professionally in local jazz bars, although his true passion and lifelong calling was the law. Alfred graduated from Osgoode Hall Law School in 1967, and was called to the Ontario Bar in 1969.

Alfred was an honoured member of the law profession for over 50 years. He served the legal profession as a President of the York Region Law Association and as a board member of the Federation of Law Associations. He has been honoured for a lifetime achievement by the YRLA in 2017. He appeared in Tribunals, Small Claims Courts, County Courts, District Court, Federal Court, Tax Court, Federal Court of Appeal, Supreme Court of Ontario, and the Supreme Court of the Bahamas. Alfred was an invited lecturer and instructor for the Bar admission course and presented numerous CPD accredited programs in an effort to provide mentorship and consultation to his many articling students, fellow lawyers, and organizations.

Alfred will be remembered as a formidable and passionate lawyer whose incisive mind and persuasive advocacy made him a commanding presence in the courtroom. Beyond his professional achievements, Alfred brought that same dedication to his personal pursuits: he was a master of the grill and an avid golfer who approached the game with as much focus and care as he did his legal cases. He enjoyed gardening, cooking, sports, and vacationing in the Bahamas. Alfred cherished the life he built with his wife, Joanne, and loved his daughters, family and friends dearly. He will be greatly missed.

There will be a ceremony to honour him soon. His funeral and interment will be private.

Shiva will be held at 74 Lawrie Rd., Thornhill, on Wednesday and Thursday, September 16th and 17th, from 1:00 - 4:00 p.m. and 6:30 - 9:00 p.m., and on Friday, September 18th, from 2:00 - 4:00 p.m.

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SUSAN MOSS

CULTURAL CHRONICLER, 58

RENOWNED MONTREAL ROCK PHOTOGRAPHER CAPTURED INDELIBLE MOMENTS

She shot for prestigious publications such as Rolling Stone magazine, left an archive of nearly 200,000 photos and – despite her gravelly exterior – was a generous mentor

Susan Moss gravitated toward Montreal's postpunk and new wave countercultures in the 1980s and hung out with an eclectic mix of major stars and local acts in the 1990s. As a photographer, she would go on to capture an array of stars such as Iggy Pop, below, Kraftwerk, below middle, and Nick Cave, bottom. TIM SNOW

ALEXANDER HACKETT

Shortly after the indie rock band Pavement took the stage at Montreal's Osheaga music festival in 2010, a full cup of beer arced through the sky in an impossible, slow-moving lob and hit singer-guitarist Stephen Malkmus squarely in the face. The crowd gasped. The band stopped playing. Mr. Malkmus paused, wiped his face, then deadpanned, "Was that Molson or Labatt's?"

Somehow, the exact moment was captured on film. The photo was an instant classic. And the person who took it was Susan Moss.

Ms. Moss, queen of Montreal rock photographers, wild-haired master of gruff repartee, was a punk-souled, do-it-yourself workhorse and feisty, much-loved woman-about-town. Late on Sept. 4, news spread on social media that she had died at the age of 58. Few people had known that she was ill.

“Susan just knew how to put herself in the right spot,” said singer and guitarist Brad Barr of the Barr Brothers, who met her shortly after he moved to Montreal in 2005. “She was good at being invisible but then coming out with these amazing shots. She always represented a certain kind of Montreal cool to me – humble, unpretentious, never schmaltzy, always on the level.”

Diagnosed with Stage 4 pancreatic cancer only a month earlier, the affable, no-nonsense fixture of Montreal's cultural scene was independent to the end, opting for medical assistance in dying (MAID). She was initially told she had three months to live but the disease progressed faster than expected, to which she responded with characteristic grit. She died at home surrounded by family.

"When she found out she only had two weeks left, she just said 'WHAAT?! I need more time!!' It was a classic Susan reaction," said her brother David Moss, who was Susan's primary caregiver in her final month. "But she was lucid, she was serene, she was funny. She always said what was on her mind and not always nicely, but she had a heart of gold. That was the dichotomy of her character.

“Until the end, she was seeing people, gifting them things as they came to visit, old cameras and whatnot,” he continued. “She gave people different aspects of her life. She was saying goodbye, and she wanted to do as much of that in person as possible. She really cherished that.”

Talented and driven, Ms. Moss was also sassy, pugnacious, and rebellious – utterly herself. She had an acerbic wit and a gravelly exterior, like a character out of a Mordecai Richler novel, but was always warm and approachable, and famously helpful to the city's younger music photographers. This, as much as her impressive legacy of photographs, was the essence of much of the commentary on social media in the days after her death.

“Whenever I did a show, I’d get offstage to go for a smoke and Susan would be there first,” singer-songwriter Patrick Watson said. “Our friendship grew from there. You do music in a city and you work with all these lovely people and you feel like you’re all doing it together. Sometimes people are just part of the spirit of something, y’know?

“She would always make fun of me, because when I started I was just this jackass who played piano, and she thought it was hilarious that I ended up having a career,” he laughed. “A music scene can only happen when all these different parts come together, and she was part of the magic. She was grumpy and gritty, but in a good way. It’s a huge loss for everybody.”

Born in Montreal on May 29, 1968 and raised in Côte Saint-Luc, Susan Beth Moss was as local as local can be. She spent her life in and around the city.

Her parents divorced when she was 1, but both filled their homes with folk and classic rock – everything from Bob Dylan to the Beach Boys and Gordon Lightfoot – instilling in her a lifelong love of music. Though she was a punk at heart, David Bowie and Prince were favourites.

Her childhood was loving but not always easy, according to her brother. Like their mother, she was strong-headed, stubborn and resilient. They were two peas in a pod, Mr. Moss said, two sides of the same coin.

“She was born into conflict,” he added, referring to the turbulence of his parents’ divorce. “School didn’t resonate with her. My mother took Susan to a psychologist when she was 5, and he said ‘Don’t give this kid paper with lines to colour in, give her blank pages. She needs to swim and be free.’”

In the 1980s, she gravitated toward the city's postpunk and new wave countercultures, and became part of a tight-knit group of artists and musicians on the city's lower Saint-Laurent Boulevard strip. She was known to anyone who spent time in dive bars such as Station 10 and Le Bifteck, where she tended bar for 19 years.

In the 1990s, she rubbed shoulders with the likes of Melissa Auf der Maur before her Hole and Smashing Pumpkins days, and at Le Bifteck drank and hung out with everyone from Dave Grohl and members of

R.E.M. and the Breeders, to local acts such as the Dears, the Doughboys, Men Without Hats and the Wainwright siblings.

“Susan was on a mission to find herself,” Mr. Moss continued. “She was tough. We know how hard she fought to create herself and be so good at what she did – all the trials and tribulations, the blood, sweat and tears. But still she treated everyone the same way, and everyone loved her for the same reasons. She was completely authentic.”

After taking a photography course at Dawson College, she began documenting an impressive number of concerts. She continued until her diagnosis, shooting her final show, the British rock band Bloc Party, on July 16 at the Corona Theatre. She was instantly recognizable to multiple generations of Montrealers, who saw her crouching in front of stages big and small year after year.

Her work ethic and growing reputation led to a job as the in-house photographer for Montreal concert promoter Evenko starting in the mid-2000s; and in 2008 she released Roller Girls, a book documenting the Montreal Roller Derby League. She had her first exhibition of Osheaga concert photos in 2011.

In 2015, she got a call that made her realize just how far she had come: Rolling Stone magazine contacted her to shoot the Rolling Stones at the Festival d'été in Quebec City.

"The art director from Rolling Stone had messaged colleagues at other music magazines like Spin and NME, asking if they know a photographer in the vicinity," Mr. Moss recalled, "and they all said 'Susan Moss.' Needless to say, this was a major milestone for Susan and the family. She had broken into the big leagues."

“Everyone has the same image, I think, of Susan, with her cameras slung over her, and just being this quiet force,” said Evelyne Côté, senior director of booking at Evenko. “She just did her thing. The way she carried herself was impressive. I always admired her.”

A dedicated vegetarian, she liked to say she was just a nice Jewish girl from Côte Saint-Luc, but because of her lifestyle, “she made me look like a rabbi,” her brother said.

Through it all, she never lost her impish grin, capacity for in-your-face banter and down-to-earth vibe. “I lived such a fun life,” she told The Montreal Gazette a few days before her death. “My life and job surpassed my dreams. Not many people can say that.”

Ms. Moss leaves an archive of nearly 200,000 photos, which has been donated to ARCMTL, a non-profit dedicated to the preservation of Montreal's cultural heritage.

Her final moments, accompanied by the music of her old friend Mr. Watson, were “singular and super beautiful,” Mr. Moss said. “We whispered goodbye in her ear, and then at the last moment, she opened her eyes, smiled at us and gave us all the finger. It was like a movie. It’s this crazy combination of respect, sadness and beauty … She went out on her own terms.”

Ms. Moss leaves her mother, Rhona Brenner; father, Fred Moss; brother, David Moss; half-sister, Tamara Moss; and three nephews.

Special to The Globe and Mail*