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Swiss regulators defend rescue of Credit Suisse via UBS deal

Published Tue, 05 Nov 2024 06:57:10 GMT

GENEVA (AP) — The head of the Swiss financial regulator on Wednesday defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severe damaging Switzerland’s standing as a financial center.The merger was “the best option” and one that “minimized risk of contagion and maximized trust,” said Urban Angehrn, chief executive of the Swiss Financial Market Supervisory Authority, or FINMA.Angern said two other options — a takeover by the Swiss government or putting Credit Suisse into insolvency proceedings — had serious drawbacks. Insolvency would have left the functional parts of Credit Suisse in operation as a Swiss-only bank, but one with a “damaged reputation” through bankruptcy, he told reporters in the Swiss capital of Bern. A temporary takeover by the Swiss government would have exposed taxpayers to the risk of losses.“One can well imagine, what devastating effect the insolvency of...

Feds back away from timeline for law to make First Nations policing essential service

Published Tue, 05 Nov 2024 06:57:10 GMT

OTTAWA — The federal government is backing awayfrom setting a timelineto introduce legislation that would declare First Nations policing an essential service, but at least one regional chief hopes to see it this spring.Ghislain Picard, a member of the Assembly of First Nations executive, says it has been fighting for improvements to First Nations policing on two fronts: securing better funding for existing services and helping to draft new legislation. “We’ve been talking about this for years,” said Picard, one of the leads on justice and policing issues for the national advocacy organization that represents more than 600 First Nations.Public Safety Minister Marco Mendicino told The Canadian Press last December that the government hoped to table a bill in 2023. This week, however, a press secretary for the minister backed away from any timeline, saying “It is too early to say when the legislation will be tabled.”In September 2022, Mendicino told reporte...

Federal lawyers set to explain legal rationale for government use of Emergencies Act

Published Tue, 05 Nov 2024 06:57:10 GMT

OTTAWA — Lawyers for the federal attorney general are set to elaborate today on the legal rationale for the historic use of the Emergencies Act to dispel “Freedom Convoy” protesters early last year.The lawyers plan to spell out reasons the Federal Court should dismiss arguments from several groups and individuals who reject the Liberal government’s invocation of the emergency law.Civil liberties and constitutional defence groups have told Justice Richard Mosley this week the government did not meet the legal threshold for resorting to the Emergencies Act.The act allowed for temporary measures including prohibition of public assemblies, the designation of secure places, direction to banks to freeze assets and a ban on support for participants.The government says the extraordinary measures were targeted, proportional, time limited and compliant with the Charter of Rights and Freedoms.The Federal Court’s three-day review is slated to wrap up today.This report by...

French envoy: Canada should link with Europe, surpass ‘weak’ military engagement

Published Tue, 05 Nov 2024 06:57:10 GMT

OTTAWA — France’s ambassador to Canada says Ottawa must choose between tying itself entirely to Washington or broadening its links to partner more with Europe — while also calling out Canada’s “weak” military engagement.“This nagging question of the future American commitment offers, in any case more than ever, the opportunity for Europe, France and Canada to play a role together,” Michel Miraillet said in a French-language speech Tuesday to the Montreal Council on Foreign Relations.Miraillet argued that Russia’s full-scale invasion of Ukraine last year was the culmination of a decade of Moscow and Beijing working to weaken democracies.He said both Russia and China have sold their citizens a narrative of patriotic nationalism, while building up their military capabilities and involvement in developing countries, in anticipation of an inevitable decline of a faltering western world.“This relationship goes far beyond the assertion of com...

Man accused of killing people with truck in Quebec court today on murder charges

Published Tue, 05 Nov 2024 06:57:10 GMT

AMQUI, Que. — A Quebec man accused of driving his truck into groups of pedestrians last month is due back in court today.Steeve Gagnon is expected to be arraigned on three counts of first-degree murder and nine counts of attempted murder.Gagnon has been in custody since the March 13 crash, when several groups of pedestrians were struck on a main street in Amqui, Que., in what police have described as an intentional act.The appearance is set to take place at the courthouse in Amqui, about 350 kilometres northeast of Quebec City.Gagnon, 38, was charged with two counts of dangerous driving causing death, but the prosecutor had indicated more charges were expected, and a third victim has died since the accused’s initial court appearance.The three people killed were Gérald Charest, 65; Jean Lafrenière, 73; and Simon-Guillaume Bourget, 41.This report by The Canadian Press was first published April 5, 2023.The Canadian Press

Victim of alleged terrorist attack on B.C. bus had no idea of motive: brother-in-law

Published Tue, 05 Nov 2024 06:57:10 GMT

SURREY, B.C. — Family members of a man whose throat was slashed Saturday in Surrey, B.C., say his assailant gave no indication of his motive during an attack that RCMP allege was an act of terrorism.Abdul Aziz Kawam is charged with attempted murder, assault causing bodily harm, aggravated assault and assault with a weapon, all in association with terrorist group the Islamic State.Kawam is to reappear in Surrey provincial court today for a hearing whose details are covered by a publication ban.Chris Jensen, whose partner is the victim’s sister, says the injured man told him “he had no idea” what motivated the attacker who did not call out or say anything at the time.Jensen says the man told him “there was no warning” before the attack, and terrorism didn’t enter the minds of the family until police announced the charges.None of the allegations have been proven in court.Metro Vancouver Transit Police have alleged a man took out a knife and slashed a...

‘Amazing story of survival’: 30,000-year-old mummified ground squirrel found in Yukon

Published Tue, 05 Nov 2024 06:57:10 GMT

WHITEHORSE — The ancient remains of a ground squirrel dug up by miners near Dawson City, Yukon, still has lessons to teach 30,000 years after it died, an expert says. At first glance, the small, brown discovery looks more like a wrinkly leather ball than a rare archeological find, though a more careful look reveals hair, tiny ears and claws. It was only with X-rays taken at a Whitehorse veterinarian’s office that the discovery of a complete mummified animal was confirmed, said Yukon paleontologist Grant Zazula.“Arctic ground squirrels are tiny of course, it’s curled up in a ball, so just by looking at it it’s hard to tell what it is,” he said. “But then, when you see the X-ray, you can see this curled-up skeleton, and the head, and the leg bones, and whatnot, and the tail, all curled up together and it looks amazing under the X-ray.”The remains, believed to be an animal that died while hibernating, were found several years ago by miners at H...

Competition Ltd.: Why major players dominate Canada’s business landscape

Published Tue, 05 Nov 2024 06:57:10 GMT

Runaway food prices. A massive day-long telecom outage that knocked out internet and phone service across the country. Flight delays, cancellations and stranded air travellers.What do all of these things have in common, in addition to being the causes of headaches for Canadians in the last 12 months? Some would say the answer is competition — or, to be more precise, a lack thereof.From grocery and banking to aviation and the wireless and cable industry, many of the services that Canadians rely on every day are dominated by just a handful of major players. And in the last year, critics have pointed to many of the biggest challenges that consumers have faced — from spiking food prices to last summer’s Rogers outage to air travel chaos — as proof that this country’s competitive environment is broken. There are many reasons why Canada’s biggest industries are dominated by just a few companies. Some say a large geography and small population make it more difficult for C...

Daily horoscope for April 5, 2023

Published Tue, 05 Nov 2024 06:57:10 GMT

Moon Alert: There are no restrictions to shopping or important decisions today. The Moon is in Libra.Happy Birthday for Wednesday, April 5, 2023:You are highly principled and always working. You shoot for success and excellence in everything you do. You want security and stability. This is a year of learning for you. Explore philosophies and belief systems that will give you better self-awareness and a better understanding of what is important.ARIES(March 21-April 19)★★Be patient with others, as today’s Full Moon begins to peak opposite your sign. This happens only once a year, and when it does, it creates tension with those who are closest to you. Hey, with the Sun and Jupiter in your sign, you can remain positive. Tonight: Listen.TAURUS(April 20-May 20)★★★Tension with co-workers as well as people dealing with your health, or even your pet, might arise today, as the Full Moon peaks tonight. This means something might come to a head. You might want to speak up about something;...

One killed in train accident near The Hague, 30 injured

Published Tue, 05 Nov 2024 06:57:10 GMT

A passenger train carrying 50 people was unable to keep its wheels on Tuesday (4 April) morning in the Netherlands after it struck construction equipment.Rescue teams were seen transporting the injured to the scene at Voorschoten (a village near The Hague), in the pre-dawn darkness. According to emergency services, the accident occurred at 3:25 AM (0125 GMT).Dutch radio heard that 19 people had been taken to hospital by a spokesperson from the fire department. The emergency services reported that other people were being treated right away.According to ANP news agency, the front carriage of the night train between Leiden and The Hague was derailled and ploughed into the ground. It said that the second carriage was on its sides and that a fire started in the rear carriage, but it was soon extinguished.There were conflicting reports on the cause of the accident.An earlier report stated that the passenger train collided with a freight railroad. Erik Kroeze, spokesperson for Dutch Railwa...