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Tuesday, September 30, 2025

Sudbury pride parade cancelled over BLM’s anti-police demands

Sudbury Pride announced that it is cancelling its annual LGBTQ parade in solidarity with Black Lives Matter (BLM) after the city said it would not pull police logistics from the event. 

In a Facebook post, organizers said, “after careful consideration, and in solidarity with our friends at Black Lives Matter Sudbury, we have made the decision to cancel the Pride March.” The march was planned for Saturday.

The cancellation comes after Black Lives Matter Sudbury called on Sudbury Pride “to decenter police within their programming and to acknowledge their harmful actions,” amid organizers working with police ahead of the parade.

“Police have a longstanding history of targeting queer spaces and criminalizing 2SLGBTQ+ people,” claimed BLM Sudbury in a Facebook post, citing the raid on New York City’s Stonewall Inn in 1969 and raids on Toronto’s homosexual bathhouses in 1981 as examples. It did not cite examples of aggression by Greater Sudbury Police Services.

“Let us not forget that without the longstanding community organizing work largely done by Black and Brown 2SLGBTQ+ activists, we would not be where we are today,” added BLM. “Though current Pride events now look more like colourful, corporate parades, the movement is rooted in organizing and radical community care.”

In response to BLM’s statement, Sudbury Pride noted that “2S-LGBTQ+ organizations have the responsibility to continue anti-oppression and anti-racism work, and to work to dismantle systems that cause harm.”

“By involving police in our March, we did not create safety for those who continue to be harmed by policing in our community.”

Organizers say they met with Sudbury’s Mayor to see if police could be replaced with civilian volunteer marshals. However, such a move wasn’t possible because “current bylaws and restrictions through the Highway Traffic Act do not allow organizations to use city roads without police in place as traffic control.”

Hence, organizers decided to cancel the pride parade. 

Pride Sudbury apologized to the LGBTQ community, and to BLM for the “harm” caused by including police.

“We want to again apologize to Black Lives Matter Sudbury and members of the Black, Indigenous, and POC communities of Sudbury for the harm that our actions caused.”

“We hope to continue our work with you to make sure that the community takes care of the community, using this as a foundation to foster a sense of safety for all.”

Pride Sudbury’s decision to cancel the parade is, however, being criticized. 

True North columnist Sue-Ann Levy, who is openly gay, said it amazes her “that Pride organizers, first in Toronto and elsewhere, and now in Sudbury, would allow themselves to be hijacked by a few radical activists with Black Lives Matter.”

“I can’t believe that they would ruin an entire parade to pander to a group that has created a faux narrative about the police here in Canada, who are not targeting blacks, I believe, in the same manner we see south of the border.”

Pride Sudbury says it is exploring options for future pride parades and is asking that “members of our community who are able to email or phone their city councilors.”

While the pride parade has been cancelled, other pride events are still taking place in the city as it marks its “pride week.” 

A “pride in the park” event planned for Saturday will proceed. The latter is described as “a full day to gather loudly, proudly, and in community against rising anti-trans and anti-2SLGBTQ+ bigotry.”

Smith mandates key ministers with expanding energy, fertilizer development

Alberta Premier Danielle Smith mandated several key ministers to bolster the province’s energy and fertilizer industries – counter to top-down targets imposed by the Trudeau government concerning carbon emission reductions. 

The Alberta Government published its 2023 mandate letters on Wednesday, signalling some of Smith’s priorities as she begins her first term as Premier. 

Former UCP leadership contender and newly minted Minister of Energy and Minerals Brian Jean was directly tasked by the premier to combat federal government overreach in the province’s oil and gas sector. 

Premier Smith asked to work with Jean directly in her co-current role as the Minister of Intergovernmental Relations to defend “Alberta’s energy interests against federal overreach and develop strategic alliances with other provinces to deal with energy-related issues.” 

Jean was also tasked with reviewing findings by the Alberta Energy Futures panel, established by Smith this year to guide the provincial government’s oil and gas sector policies into the long-term.

“(You are tasked with) continuing to facilitate and promote industry and provincial partnerships with Indigenous communities in the development and transport of Alberta’s energy resources,” wrote Smith. 

Smith has been an opponent to Prime Minister Justin Trudeau’s “just transition” plan and ran in the last election on a platform to combat federal interference in Alberta’s energy sector. 

Much of the mandate letter focuses on technological solutions to achieve carbon neutrality by 2050, including investing in modular reactors and carbon capture. 

In her mandate letter to Minister of Agriculture and Irrigation RJ Sigurdson, Smith assigned Sigurdson with expanding the availability of nitrogen fertilizer – seemingly in contradiction to the federal government’s voluntary 30% fertilizer emission reduction target for the end of this decade.

Smith asked the Minister to explore “ways to encourage increased nitrogen production in our petrochemical sector to reduce costs and improve availability of fertilizer for Alberta farmers.” 

Additionally, Sigurdson is to advocate on behalf of Alberta farmers and push back “against policies passed by other jurisdictions that hinder the sector.” 

As exclusively reported by True North earlier this year, internal federal analysis shows that adopting fertilizer emission reduction targets would unfairly target Western Canadian farmers and upend food supplies. 

Could more private options improve Canadian healthcare?

A 20-year-old university student in Montreal with appendicitis spent 15 hours waiting in the Royal Victoria Hospital’s emergency room before travelling all the way to Kingston for treatment.

Twenty-year-old Concordia University Christos Lianos was advised by his parents—who subsequently drove from their hometown of Kingston to Montreal—to go to the hospital after he began experiencing severe abdominal pain and high fever in mid-June.

His parents eventually joined him in the Royal Victoria Hospital’s emergency room, but after waiting 15  hours, receiving only Tylenol every six hours, his parents complained they could have driven their son three hours to Kingston and already received care.

The nurse told them to go right ahead.

Upon arrival at Kingston General Hospital, they learned Lianos’s appendix burst and, after having it removed, he spent the next 10 days in hospital, mostly in intensive care.

“If I had gone home or stay for, who knows how long in that waiting room, what could have happened to me? Lianos told the CBC. “Would I be here today?”

Canadians are all too familiar with these horror stories when it comes to the healthcare system. Even after the Covid-19 pandemic, the system’s struggles continue and governments of all levels have attempted to fix the problem with additional funding.

Earlier this month, the Trudeau government earmarked $2 billion for the provinces and territories to spend on their emergency and operating rooms, and pediatric hospitals.

It will be up to provinces to decide how that money is allocated. 

However, medical professionals told True North the latest funding amounts to a drop in the bucket, and Canada needs more private options in order to alleviate the stress on Canada’s public healthcare system.

Dr. Brian Day, medical director of the Cambie Surgery Centre in Vancouver, and a past president of the Canadian Medical Association, says Canadian healthcare had been dysfunctional for decades before the Covid-19 crisis.

He points to Canadian healthcare’s consistently poor ranking with the 105-year-old Commonwealth Fund, which advocates for high-performing, and accessible, healthcare.

He contends the government has monopoly on the country’s healthcare thanks to the Canada Health Act prohibiting private options, and that competition in the form of a public-private hybrid system would improve service.

“I’m an advocate for competition with the private sector. I’m completely supportive of public health, but no other public health in the world performs as poorly as Canada’s, in terms of cost,” Day told True North.

“I want a system like what Norway or Denmark or Holland, or even Sweden, have. None of them outlaw private healthcare. They all understand state monopoly is not goof for consumers in any field. Whenever you have monopoly, they don’t serve customers well because they don’t care about customers.”

Of all the Organization for Economic Cooperation and Development’s (OECD) 38 members, Canada is the only country that’s outlawed private health.

Private insurance for hospital and physician services is illegal in six of the 10 provinces, while the remaining four—New Brunswick, Newfoundland, Nova Scotia and Saskatchewan—have populations too small to develop any substantial private sector.

Newfoundland is the only one that allows doctors to work in both public and private health.

The pandemic exacerbated the family doctor shortage—which had, for years, resulted in painful ER wait times for years—when a lot of clinicians opted for early retirement.

Day warns baby boomers are entering their twilight years and younger generations are going to pay for their healthcare costs via massive expansion of public debt. But it’s a problem of the government’s own making, he says.

“The reason there’s a shortage of doctors and nurses is in the 1990s governments across the country decided they’d cut down because too many doctors and nurses were treating too many patients, and it was costing too much, so they closed down 30% of medical schools across the country,” he said.

Dr. Ed McNally, a Kingston-based family doctor is skeptical about the government’s latest funding, claiming that $2 billion is a “drop in the ocean.” While dubious the hybrid system would improve service, he agrees that the public system is flawed. 

According to Day, more than 13,000 Canadians die every year on public wait lists and that something has to change because public health is deteriorating.

“It’s against the law for them to bypass public wait lists,” he said. The main difference between our system and Holland’s, Norway’s, Denmark’s, New Zealand’s, is we don’t have competition for the public system. Monopolies don’t serve customers well and we see that in the way governments across the country handle their systems.”

According to a survey, only 18% of Canadians believe the country’s healthcare system is “working well,” which is a 35-year low, while 54% said changes are needed.

However, 28%—a record high—said the system is in crisis, a marked increased from no more than 10% between 2010 and 2016.

Commonwealth Fund’s 2021 report compared healthcare systems in 11 high-income countries—the others were Australia, France, Germany, Holland, New Zealand, Sweden, Norway, Switzerland, the United Kingdom and the United States—and Canada ranked 10th, only ahead of the U.S.

The OECD reported that wait times for elective surgeries—such cataract surgery, hip and replacements—in Canada has steadily increased over the past nine years.

The Fraser Institute reported that wait times in the country’s healthcare system were 27.4 weeks in 2022, the longest ever recorded, and 195% longer than the 9.3 weeks Canadians waited 30 years ago when the institute began tracking medical wait times. The previous record was 25.6 weeks in 2021.


NDP MPP under fire for attending far-left march focused on abolishing police

Hamilton-Centre NDP MPP Sarah Jama is facing criticism for attending the Toronto No Pride In Policing Coalition’s (NPPC) “abolitionist and antifascist pride” march.

The far-left march held on June 25 was not only demanding the abolishment of police and prisons, but was also against Israel, for legal prostitution and for the reintroduction of mask mandates.

Jama shared pictures of the march on Twitter, writing, “POV: Riding in the accessibility van at the anti fascist, abolitionist pride march led by the No Pride in Policing Coalition because I forgot to charge my chair again.” 

Jama is disabled and uses a wheelchair to get around.

The NPPC describes itself as “a group of queer and trans people formed to support BLM-TO and now focused on defunding and abolishing the police.”

Its “abolitionist and antifascist pride” march seeks to bring attention to “continuing racist and colonialist police violence and the right-wing and fascists attacking drag queens, trans, queer, Black and Indigenous people.”

Marchers carried a large banner reading, “No justice, no peace, abolish the police,” and chanted, “defund, disarm, dismantle, abolish (the police).”

The march also supported 25 demands made by the NPPC, including the abolishing of police and getting rid of all “carceral injustice.”

The NPPC’s demands also included the full decriminalization of prostitution, for prostitutes and drug users to be able to donate blood, for safe supply and drug injection sites to be supported, for drag shows for kids to be protected from “right-wing and fascist” attacks, a $20 per hour minimum wage and making Toronto “a real Sanctuary City.” 

The group also called for marchers to support “the Palestinian Struggle Against Israeli Apartheid and Settler Colonialism,” and “the global Boycott, Divestment, and Sanctions (BDS) campaign against Israel.”

“Defend Palestine defenders from attacks by pro-Israel lobby groups, universities, and school boards.” 

The NPPC was also calling on governments to “immediately reinstate masking protections in all indoor locations and on public transit.” A poster for the event noted that masks were mandatory, despite the march taking place outdoors.

Jama’s decision to attend the anti-police rally was criticized by Ontario’s Solicitor General Michael Kerzner, who told The Hamilton Independent the latter is an example of the Ontario NDP showing their “true colours.”

Kerzner says the Ford PCs “condemn in the strongest terms the NDP’s calls to defund and abolish the police, and their continued embrace of rampant antisemitism.” 

“Marit Stiles must be clear: Is the Ontario NDP’s official policy to abolish the police? How much more antisemitism will she continue to tolerate within her party?”

Neither Jama’s office nor Ontario NDP leader Marit Stiles responded to True North’s request for comment in time for publication.

This is not the first time that Jama has been at the centre of controversy over anti-police and anti-Israel rhetoric.

The MPP previously called for the police to be abolished, claiming that “Hamilton police protect Naziism” and “target Blacks, Muslims, and Palestinians.”

Jama also received criticism from Jewish groups for calling convicted terrorist and Palestinian Islamic Jihad member Khader Adnan a “martyr of freedom,” and for other anti-Israel comments. 

CBC paints ‘Sound of Freedom’ as “a dog-whistle for Xenophobic, Pro-Life types”

In a recent interview on CBC Radio, pop culture columnist Radheyan Simonpillai described the success of the new hit film “Sound of Freedom” can be attributed to “Xenophobic, Pro-Trump, Pro-Life types.”

The film, which has sold-out shows across the United States and Canada, is about former Homeland Security agent Tim Ballard who founded Operation Underground Railroad in order to take down child trafficking rings in South America.

The film stars actor Jim Caviezel, who is most notably known for his portrayal as Jesus of Nazareth in “The Passion of The Christ.”

“We can’t say that the movie itself is made by QAnon types,” said Simompalli on the podcast, which aired on CBC Listen. “But certainly, their political goals make it something that QAnon conspiracy theorists would rally behind.”

“Just like racists rallied behind Trump without him having to say anything overtly racist.”

Simonpalli describes his experience visiting a Toronto screening of the film where he polled viewers asking what brought them to see the film.

He found that most viewers were recommended to see the film by American friends, church groups, and even Jordan Peterson’s podcast.

“You would have only heard about this movie if you are a regular among church groups, or you regularly watch Fox News, or if you follow right-wing personalities,” said Simonpillai. “Or if you are a QAnon conspiracy theorist or part of the so-called Freedom movements.”

“But make no mistake,” Simonpillia continued. “The movie’s success has a lot to do with it being a dog whistle for Xenophobic, Pro-Trump, Pro-Life types.”

“It’s not just QAnon types rallying behind this movie,” he said. “There were people who attended it because they were encouraged by their online freedom rally groups.”

“Sound of Freedom” has also received criticism from legacy media outlets in the United States. 

Rolling Stone magazine described the film as “promoting conspiracy theories” and criticizes the film for being an inaccurate portrayal of real child trafficking rings, citing that it focuses heavily on young children instead of adolescents.

The Guardian accused Caviezel of “parroting falsehoods” and “scaremongering” during his promotion of the film and that “all of it points back to a foundation of conspiratorial thought targeting the Jewish and transgender communities.”

For its low budget of less than $15 million, “Sound of Freedom” has grossed a whopping $45 million worldwide since its release on July 4th. Canadian showtimes were originally set to end on Thursday, but have since been extended due to popular demand.

The Rupa Subramanya Show | Trudeau’s latest attack on Free Speech

Source: Wikipedia

Despite the fact that no evidence has been unearthed since the apparent discovery of unmarked graves near residential schools, it may soon be illegal to question the accuracy of these claims.

Last month, the Independent Special Interlocutor on Unmarked Graves recommended introducing criminal sanctions against those who engage in “residential school denialism,” and the Trudeau government has stated this is something they would be in favour of.

Executive Director of the Canadian Constitution Foundation Joanna Baron joins The Rupa Subramanya Show to discuss why “outlawing denialism” is an infringement on Canadian’s right to free speech and why this type of legislation will likely be constitutionally challenged if passed.

Tune into The Rupa Subramanya Show!

SUBSCRIBE TO THE RUPA SUBRAMANYA SHOW

Métis file human rights complaint after BC First Nations “colonialism” accusation

British Columbia’s Métis Federation (BCMF) is filing a human rights complaint with the BC Human Rights Tribunal in response to a resolution from the Union of British Columbia Indian Chiefs (UBCIC) denouncing “Métis colonialism” and questioning the Métis’ Charter rights.

The BCMF slammed the UBCIC’s Resolution no. 2023-39 in a statement – a motion that the Métis Federation says “accuses Métis People in British Columbia of acting as colonialists and attempts to malign an entire community.”

On June 13th, the UBCIC Chiefs Council unanimously passed a resolution denouncing Métis colonialism in British Columbia, rejecting the idea that the Métis people are entitled to any lands in BC and Section 35 rights under the Charter of Rights and Freedoms.

The UBCIC resolution accused the BC Métis of employing the doctrine of terra nullius – a Latin expression meaning nobody’s land – in their occupation of “First Nations lands” and the development of natural resources on said Métis land.

“Métis representative organizations in BC, including the Métis Nation British Columbia and the BC Métis Federation, regularly engage in a form of Métis colonialism by employing tactics reminiscent of the dehumanizing Doctrine of Discovery and terra nullius in order to benefit from the exploitation of First Nations territories,” reads a UBCIC press release. 

“The UBCIC Chiefs Council forcibly re-affirms that the Métis hold no land, water, or air-based inherent and constitutionally protected rights or related jurisdiction within BC, and rejects and denounces any and all forms of Métis colonialism in BC and those who facilitate it,” reads the UBCIC resolution.

Section 35 of the Charter of Rights and Freedoms guarantees the rights of Canada’s aboriginal peoples, defining aboriginal as the “Indian, Inuit and Métis peoples of Canada.”

The UBCIC has also expressed outrage at the Métis Federation’s development of natural resources on disputed land, lamenting major projects including the Trans Mountain Expansion Project.

The UBCIC calls for governments to “cease accommodating the Métis and funding Métis involvement in any such consultative processes, matters, projects, or initiatives as rights holders, including any processes, matters, projects, or initiatives in BC that constitute supposed “accommodation” for major projects such as the Trans Mountain Expansion Project.”

The BCMF has worked with a number of corporations in the industry on resource development projects including TC Energy, Enbridge, FortisBC, and Trans Mountain.

The UBCIC resolution also refers to the Métis people by the derogatory term “halfbreed.” 

The resolution stated that the BCMF made a “false, unfounded, and deeply offensive claim that self-determining and self-governing Métis or “halfbreed” communities existed and continue to exist in BC.”

On June 20th, BCMF President Keith Henry sent a letter to the UBCIC Chiefs Council demanding an apology within 14 days, calling their resolution “defamatory” and amounting to hate speech.

“Rather than taking us up on the offer to meet and work for mutual reconciliation, UBCIC has instead made spurious claims and acts with overt intolerance and threats clearly expressed in the approved UBCIC resolution,” reads the letter.

“Sadly, how quickly those who were once oppressed become themselves oppressors.”

The UBCIC did not respond to President Henry’s letter, prompting the BCMF to pursue a human rights complaint with the BC human rights tribunal.

“BCMF has no choice but to file a Human Rights Complaint for discrimination and hate speech pursuant to Section 7(1)(b) of the British Columbia Human Rights Code, which prohibits the publication of statements that would likely expose a person or a group or class of persons to hatred or contempt.”

True North spoke to UBCIC’s Grand Chief Stewart Phillip and asked him about the human rights complaint filed by the BCMF.

“The reaction of the Métis organizations is something that will take its course and the Métis issue will continue until a point where we reach a resolution,” said Grand Chief Phillip.

When asked what an appropriate resolution would look like in his eyes, Grand Chief Phillip said that “positions are firmly declared on both sides.”

The UBCIC’s resolution made it clear that they do not believe the Métis people have any historical claim to any land in BC, and thus the federal and provincial governments are facilitating colonization by granting the Métis constitutional rights to land in BC.

Responding to the BCMF’s accusation of hate speech, Grand Chief Phillip called the claims “an overaction” and “a little strident.”

In an interview with True North, BCMF Partner Malcolm Macpherson said that the UBCIC’s resolution was “shocking to read.”

“When I read their [UBCIC] resolution, the thought that came to me was that the proverbial parents weren’t in the room when that was drafted,” said Macpherson.

“The main problem with that resolution is the fact that it was so over the top. The main message was to say that the Métis people of BC do not exist.”

Macpherson defended the right of Métis peoples to enjoy section 35 Charter rights in spite of the claims made by the UBCIC.

“The reality in Canada is that there is a tapestry of different rights. The Métis have section 35 protected rights just as the First Nations people and the Inuit people of Canada. The fact remains that the Métis were in BC long before the assertion of sovereignty by the British crown.”

Unprecedented government spending during pandemic jeopardized Canada’s finances: report

The government’s unprecedented $309 billion spending spree during the Covid-19 pandemic has put the fiscal future of the country at risk, according to a new report.

The C.D. Howe Institute’s study titled Fiscal COVID: The Pandemic’s Impact on Government Finances and Accountability in Canada blasts the public sector for untransparent “on the fly” decision making by government leaders.

“The decisions that got made that are going to affect our future for years and decades to come, were really made on the fly without appropriate deliberation,” said C.D Howe chief executive and report co-author, Bill Robson. 

“We need more transparency from our governments about how they’re spending our money, especially when something like COVID happens.”

The response to the pandemic jeopardized the Canadian economy by worsening public finances and crucial checks and balances meant to curb spending and debt accumulation. 

“Here we had this major crisis. We have all these debts that are going to now have to be serviced,” said Robson.

Part of the impending problem is that with high insurance rates, debts will be even more expensive to pay off. 

A February report by the Fraser Institute found that Canadians paid $68.6 billion on interest payments alone for federal and provincial government debts in the 2022 to 2023 fiscal year. Additionally, federal debt surpassed the $1-trillion mark in 2021. 

“So you got to, at some point, have a broad-based tax increase to pay for all this stuff. And we’re not hearing about that… We have a few lean years ahead,” warned Robson. 

In the fiscal year 2020/21, spending by all senior governments increased significantly – by 7% on average for provinces and territories, and by a whopping 70% for the federal government, the report concluded. 

Despite receiving federal transfers and support, provinces and territories still ran higher deficits due to increased expenses. The federal government borrowed so much money that it reduced its ability to provide services to Canadians in the future.

“Future historians of public finances in Canada will see from a glance … that something remarkable happened in the 2020/21 fiscal year,” wrote the report’s authors. 

Not only was the issue a lack of transparency, Robson says, but a lack of elected representatives holding the government to account in legislatures. 

“I think part of the problem (was) that you didn’t have enough MPs standing up and saying, wait a minute, like you’re totally sidelining Parliament,” said Robson. 

“We ought to be able to rely on the government to present the information and for MPs to act on it. And in this instance, the government didn’t present the information, and MPs were willing to let it go. I think we need to call them on it and say, ‘Do your job.’”

BONOKOSKI: Nordstar-Postmedia merger would have never worked

The collapse of a merger between Toronto Star owner, Nordstar, and Postmedia was applauded by what appeared to be the consensus among journalists commenting on social media.

It would be like putting cats and dogs in the same pen.

It was on Monday that the two companies each tossed in the towel, announcing the two media rivals could not agree on the terms of the merger, heightened by the regulatory and financial uncertainty surrounding the deal.

“These are challenging times for media companies, but we intend to keep working hard to give Canadians the news they need to stay informed, which is essential to our communities and to the functioning of our democracy,” Nordstar owner Jordan Bitove said in a press release.

Nordstar Capital owns Metroland Media, as well as the Toronto Star, while Postmedia owns the National Post, plus the Sun Media newspapers, which include the Toronto Sun and its affiliates.

Both have financial troubles, and a merger was thought by the newspapers’ executives to be the answer.

As Postmedia president and CEO Andrew MacLeod put it, ”The need for creative solutions and foundational transformation in our industry remains. Our continued focus is on protecting and ensuring Canadians’ access to reliable information.”

“By levelling the playing field with the tech giants and creating a healthy ecosystem, we can ensure that the media industry and journalism remain vibrant, diverse and resilient in Canada.”

The news of the breakup comes less than two weeks after Nordstar and Postmedia issued a press release describing the potential merger that would see NordStar and Postmedia each have a 50% voting stake in a new, unnamed merged company which would control the combined assets of both companies.

A separate company called Toronto Star Inc. would have been created for the editorial assets of the Toronto Star with the goal of ensuring editorial independence. NordStar would have had a 65%  stake in Toronto Star Inc. and Bitove would have remained publisher.

It would be a fight to see whose scavengers were the most deft.

Postmedia and the Toronto Star have never, ever been on the same page. Postmedia, with its stable of Sun newspapers, is decidedly right wing while the Toronto Star is wholly progressive.

It would be like trying to mix oil and water.

Now, I first started working for the Toronto Sun in 1974, and I can’t tell you how many times I have been fired and then re-hired as a freelancer, each time for a lesser amount of compensation and with no benefits or union protection whatsoever.

The last was mid-summer of 2022 when I was told the freelance budget—which was then comparative pennies—had to be cut, so out the door I went. This time for good.

So much for 50 years of loyalty.

Stretching assets have left the Toronto Sun, and the Suns in Edmonton, Calgary, Winnipeg and Ottawa, thin in page numbers to the point of emaciation.

Postmedia is deeply in debt, the Toronto Star not so much.

According to its most recent financial statements, released in early April, Postmedia has $261 million in long-term debt to Chatham Asset Management, a New Jersey-based hedge fund. In the six months leading up to Feb. 28, the company lost $36.7 million compared to a net loss of $26.5 million in the same period last year.

Nordstar executives were concerned with Postmedia’s debt structure, even though Postmedia’s lenders were planning to swap the majority of the company’s loans for equity.

The bone-picking, it can be assumed, would come later.

But it will come.

Bank of Canada raises interest rate to 5% – highest since 2001

The cost of borrowing continues to be more expensive for Canadians.

Canada’s central bank raised its key interest rate 25 basis points to 5% on Wednesday – the tenth hike since March 2022 and the highest it’s been since 2001. 

The Bank of Canada (BoC) says the rate hike was necessary in order to reduce core inflation, which continues to be higher than what the central bank had expected. Inflation was 3.4% in May, above the BoC target of 1-3%. 

“The stubbornness of core inflation in Canada suggests that inflation may be more persistent than originally thought,” the BoC’s Monetary Police Report states.

Officials forecast inflation will hover around 3% for the next year before gradually declining to its 2% target in mid-2025.

“The next stage in the decline of inflation towards target is expected to take longer and is more uncertain. This is partly due to elevated services inflation, which can adjust sluggishly, and uncertainty about expected inflation,” the report states.

There was no mention of an interest rate pause in the BoC’s monetary policy report, suggesting that more hikes are possible in the future.

The BoC’s latest hike comes as financial optimism among Canadians continues to decline. 

More than half of Canadian consumers don’t feel like their wages can keep up with inflation and over a third are saving money in anticipation of a recession, says a report from TransUnion.

The credit reporting agency’s Consumer Pulse Q2 2023 revealed that 55% of consumers felt like their incomes couldn’t withstand the inflation crisis.

Forty-two percent of consumers who were optimistic about their finances last quarter, of whom 53% were Gen Z and 48% were millennials, reported the most confidence.

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