The Globe and Mail - 15.09.2026.pdf

环球邮报*

渥太华 / 魁北克版 ■ 2026年9月15日，星期二 ■ GLOBEANDMAIL.COM

在峰会上，卡尼看到了开拓欧洲和亚洲市场的机会

安德鲁·威利斯 (ANDREW WILLIS)

总理马克·卡尼在周一的一次采访中表示，其政府举办的投资峰会是一项战略的一部分，旨在为加拿大的制造业争取外国资本，同时加强与亚洲和欧洲的贸易。

此次峰会于周一和周二在多伦多四季酒店举行，吸引了全球投资者，国内观众也在密切关注卡尼先生在与美国的贸易战中将采取的下一步行动。

在活动的第一天，大约有300名高管出席，其中包括许多全球最大的资产管理公司。卡尼先生告诉《环球邮报》，资本只是提振加拿大经济所需的众多要素之一。

“你需要资本，需要交易，需要项目，需要适当的监管环境，需要具有竞争力的税收环境，还需要雄心和行动，”卡尼先生说道。他表示，此次峰会旨在将所有这些因素结合起来，使所有加拿大人受益，而不仅仅是商业领袖。

卡尼，A4

多伦多活动启动之际值得关注的交易与交易者 ■ A8

政府准备公布私人机场投资的后续步骤

比尔·库里 (BILL CURRY) 斯蒂芬妮·莱维茨 (STEPHANIE LEVITZ) 詹姆斯·布拉德肖 (JAMES BRADSHAW)

四名国会议员告诉《环球邮报》，随着在多伦多举行的为期两天的投资者峰会继续进行，卡尼政府将于周二宣布关于向更多私人投资开放加拿大机场的后续步骤。

这四名议员表示，交通部长史蒂文·麦金农在周一傍晚的一次电话会议中向自由党议员通报了这些计划。

参与该电话会议的两名议员表示，麦金农先生提到了向外国投资开放加拿大的四个主要国际机场——温哥华、卡尔加里、多伦多和蒙特利尔。

来自私营部门的第五个消息来源表示，他们认为政府将在周二上午阐明向私人投资者开放主要机场股份的启动流程。

由于消息来源未获授权披露私人讨论内容，《环球邮报》不对其进行命名。

麦金农先生的办公室拒绝置评。

自由党政府在2025年预算中曾暗示将“考虑机场私有化的方案”，并在春季经济更新中再次提及该问题，但未提供太多细节。 ■ 私有化，A6

电视

里斯主宰艾美奖之夜

演员斩获多项大奖，简·斯马特在这一历史性典礼上完成了五年的横扫。欲了解完整报道，请访问 ■ TGAM.CA / ARTS

马修·里斯在周一领取了喜剧类剧集最佳男主角艾美奖。里斯先生现在成为了首位在所有三种电视类型中均获得最佳表演奖杯的演员。PATRICK T. FALLON / AFP VIA GETTY IMAGES

贸易战前线：各城市开始评估财务损失

马修·斯凯斯（MATTHEW SCACE） 卡尔加里 特穆尔·杜拉尼（TEMUR DURRANI） 温尼伯 劳拉·斯通（LAURA STONE） 多伦多

在卡尔加里，市政府官员预计新的关税成本将接近 5 亿加元。全国其他城市也预见到其社区将承受经济痛苦。由于预期会出现动荡，地方政府的候选人在即将到来的市政选举中，正将贸易问题作为竞选议题。

加拿大与美国的贸易战开始对各市政当局产生直接影响。由于关税和反制关税可能会持续数月或数年，各城市开始研究这场贸易战将如何导致其预算出现巨大缺口。

“市政当局正在为此做准备，”

加拿大市政联盟（Federation of Canadian Municipalities）主席蒂姆·蒂尔尼（Tim Tierney）在一次采访中表示。地方政府处于贸易战的前线，但其中许多政府没有多余的资金来应对不断攀升的成本。

“市政当局需要资金。我们不能仅仅讨论它、规划未来并在未来的预算中实施。现在就需要资金。”

9 月 8 日，卡尔加里市政府的管理人员估计，美国和加拿大政府最新的关税及报复性措施，可能会在现有合同的剩余期限内给该市带来 $315-million 至 $466-million 的成本。

卡尔加里的财务预测强调了如果贸易战长期持续，市政当局将面临的挑战；总理马克·卡尼（Mark Carney）曾表示，国家应为此现实做好准备。

加拿大大多数市政当局尚未评估关税将给其预算带来的额外成本，但正在为深重的经济创伤做准备。

在安大略省、不列颠哥伦比亚省、马尼托巴省和爱德华王子岛省市政选举临近之际，这一问题正成为选民日益关注的重要因素。

卡尔加里建筑协会首席执行官比尔·布莱克（Bill Black）在一次采访中表示，尽管卡尔加里 95 per cent 的合同来自加拿大供应商，但其中许多承包商仍受到关税影响，因为他们的原材料采购自美国。关税，A17

加拿大CEO认为，AI领袖呼吁放缓速度旨在集中权力

乔·卡斯托尔多 (JOE CASTALDO)

Cohere Inc. 首席执行官艾丹·戈梅兹 (Aidan Gomez) 正在批评人工智能顶尖领袖们关于放缓开发速度的呼吁。他写道，拟议的方法将使权力固化在硅谷的“卡特尔”手中，且这些公司正在“以保护公众为借口散布恐惧”。

戈梅兹于 2019 年共同创立了这家总部位于多伦多的 AI 公司。他在周日发表于 Cohere 网站的一篇文章中写道，目前存在这样一种风险，即科技巨头在没有广泛参与的情况下，自行制定关于安全和开发的规则。

他写道：“如果这是人类历史上影响最深远的技术，那么其规则不能由一小群商业利益一致的公司来制定。”

Anthropic 首席执行官达里奥·阿莫代伊 (Dario Amodei) 启动了一场关于如何约束强大 AI 系统的激烈辩论。他在周六发表的文章中认为，前沿实验室需要放缓开发速度，以便给风险预防策略留出跟进的时间。

他写道：“我相信，如果放缓速度能让我们在模型达到关键能力水平之前多争取一两年时间，……我们就能大大降低出现严重问题的风险。”

阿莫代伊表示，最近有两项进展影响了他的思考。一项是被称为“递归自我改进”的概念，即人工智能构建一个能力更强的 系统的能力，这可能会超出人类对其进行控制的能力。他还提到了一起近期的网络安全事件，其中由 OpenAI 技术驱动的 代理在一次测试中黑入了另一家公司，而 OpenAI 对此并不知情。

阿莫代伊的建议包括：让第三方安全评估员进驻 实验室，以及让民主国家的公司就进步速度建立标准和限制。他写道，美国政府可能需要提供反垄断豁免，以允许这种协调。

OpenAI 首席执行官萨姆·奥特曼 (Sam Altman) 和 SpaceX 创始人埃隆·马斯克 (Elon Musk) 都支持放缓开发的想法。但负责监管全球领先 公司的美国政府，到目前为止几乎没有采取任何行动来推迟它们的进展。

美国

文件显示，丰业银行 (Scotiabank) 向音乐资助机构 FACTOR 支付了 $11-million 以解决盗窃案 ■ A7

最高法院阻止了在期中选举中限制邮寄选票的尝试，特朗普遭遇重大挫折 ■ A4

商业报告

花边新闻....A8-9 社论与信函....A10 观点....A11 生活与艺术....A12 天气与第一人称....A15 谜题....A16

贝尔 (Bell) 寻求将其在萨斯喀彻温省的数据中心运营能力扩大四倍 ■ B1

内页

商业报告 ....B1 观点与分析....B4 环球投资者 ....B11 体育 ....B14 漫画 ....B16 讣告 ....B18

探索我们的全国信息自由请求数据库 SecretCanada.com

播客：办公室职员已纷纷返回多伦多市中心。杰森·柯比 (Jason Kirby) 探讨他们的回归意味着什么 tgam.ca / TheDecibel

环球邮报的 SECUREDROP 服务为您提供与我们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

敏捷的棕色狐狸跳过了懒狗。

TD Centre / 416-861-8733 163 Cumberland St / 416-922-2299 免费电话 1-866-922-2299 www.optionsforher.ca / @options_for_her

加拿大制造

克里斯蒂娜·西利 (CHRISTINA SEALEY) 的《转变 I (自画像)》

克里斯蒂娜·西利 (CHRISTINA SEALEY，加拿大，生于 1973 年)。《转变 I (自画像)》，2001 年，亚麻布油画，101.6 X 76.2 厘米。由汉密尔顿女性艺术协会于 2020 年捐赠。照片：罗伯特·麦克奈尔 (ROBERT McNAIR)

汉密尔顿美术馆成立于 1914 年，是该地区最古老、规模最大的艺术博物馆，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·伯廷斯基 (Edward Burtynsky) 和金·亚当斯 (Kim Adams) 等人的作品。

克里斯蒂娜·西利的作品通常在小面积的浓烈笔触与大面积的抽象开放空间之间寻求平衡。这幅画引发了多种反应——有些人看到了休息与和平，而另一些人则感受到了疾病与悲伤。柔和的色调、闭上的眼睛以及略显模糊的空间，使其能够引发非常私人化的反思。细节提供了线索：奢华的织物、一件镂空蕾丝枕套以及一张大床的延伸，暗示了艺术家在这幅自画像中的视角。

黛博拉·汤普森 (DEBRA THOMPSON)

观点

随着中期选举临近，特朗普显然准备通过贿赂、欺诈和窃取来赢得胜利 ■ A11

[ 专栏作家 ]

周一的一篇《商业报告》文章在讨论加拿大丰业银行 (Bank of Nova Scotia) 对资助加拿大公司的承诺时提到，一名前大使将领导由该银行启动的一个研究所。加拿大前驻美国大使基尔斯滕·希尔曼 (Kirsten Hillman) 将担任该研究所的首席顾问。

第一人称

苏珊·吉本斯 (Susan Gibbons) 回忆起一件在家族中传承了几代人的婚纱 ■ A15

更正

周一的一篇关于在海外医学院培训的加拿大人的《商业报告》文章错误地称尼古拉斯·康拉迪 (Nicholas Conradi) 的祖父和父亲是家庭医生；他们实际上是儿科医生。哈里森·莱文 (Harrison Levine) 在皇家外科医学院的年学费为 €62,635，而非 62,635 英镑，约合 $100,000 加拿大元。

克里斯托弗·沃斯威克 (CHRISTOPHER WORSWICK)

观点

欧盟准会员身份对加拿大来说有很大潜力成为一项净收益 ■ B4

周六的一篇《追求》文章在介绍意大利模特、演员兼导演伊莎贝拉·罗塞里尼 (Isabella Rossellini) 时，错误地称她的农场位于纽约州北部。实际上它位于长岛。

《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)，standardseditor@globeandmail.com

《环球邮报》获八项杰克·韦伯斯特奖提名

环球邮报工作人员

《环球邮报》在不列颠哥伦比亚省享有盛誉的杰克·韦伯斯特奖（Jack Webster Awards）提名中领先。评委们特别提到了关于坦布勒里奇（Tumbler Ridge）校园枪击事件以及不列颠哥伦比亚省最高法院在考维 찬（Cowichan）案件中裁决影响的报道，以及其他相关作品。

总计，《环球邮报》的记者获得了八项提名，加拿大广播公司（CBC）获得七项，The Tyee 和调查新闻基金会（Investigative Journalism Foundation）各获得四项提名。

在应对校园致命枪击暴力事件方面，加拿大的新闻编辑室不像其美国同行那样拥有丰富的经验。去年 2 月，当坦布勒里奇爆发暴力事件时，《环球邮报》必须迅速制定方案。

《环球邮报》的新闻编辑室立即采取行动，调集了其在不列颠哥伦比亚省的所有新闻记者，以及来自卡尔加里、埃德蒙顿和多伦多的记者。报道包括在枪击发生后仅几小时内发布的一篇故事，其语言生动且报道细致。内森·范德-克利普（Nathan Vander-Klippe）报道了一次与一名 12 岁学生的对话，就在几小时前，该学生在与同学一起躲在壁橱里时得到了安慰。

一天后，《环球邮报》独家报道称，枪手杰西·范·鲁茨拉尔（Jesse Van Rootselaar）曾遭受严重的心理健康挑战，以至于她曾在受幻觉蘑菇影响下，点燃了家中卧室的一张床。

该报道提供了关于该家庭在为枪手寻求心理帮助过程中所面临困难的重要背景，并揭露了与枪手相关的、预示了后续事件的令人不安的社交媒体信息。所有源自社交媒体帖子的信息都经过了细致的交叉比对。

《环球邮报》关于坦布勒里奇枪击事件的报道还获得了国际在线新闻奖的提名。

立法记者贾斯汀·亨特（Justine Hunter）主导了《环球邮报》对不列颠哥伦比亚省最高法院在考维 찬原住民土地权利案中爆炸性裁决的报道，该作品在新闻类目中获得了韦伯斯特奖提名。

亨特女士与城市记者弗朗西斯·布拉（Frances Bula）的合作首次揭示了该裁决的深远影响，包括其对其他法院案件和条约谈判的影响，以及对市政当局的影响——这些市政当局对被宣布为原住民所有权的城市土地征税的能力受到了质疑。

亨特女士还因其关于航行在赫卡特海峡（Hecate Strait）危险性的互动报道，以及一篇追溯 1910 年夏天帮助绘制斯特拉斯科纳公园（Strathcona Park）地图的勇敢 20 岁女性足迹的特写报道而获得提名。

安德里亚·吴（Andrea Woo）在特写类目中也获得了提名，其作品深入探讨了为 2026 年 FIFA 世界杯创建比赛场地背后的严苛科学、资金和劳动力。

该报道深入幕后，探讨了为了在 16 个体育场、三个国家以及截然不同的气候条件下构建性能完全相同的球场，所需付出的巨大且在很大程度上不可见的努力。

评论专栏作家马莎·莱德曼（Marsha Lederman）今年获得了她连续第三次韦伯斯特奖提名，此次是因为她对知名作家史蒂文·加洛韦（Steven Galloway）的名声如何因爆炸性的性行为不端指控而崩塌进行了深刻的反思。莱德曼女士审视了这场丑闻之后，加拿大文学界留下的 10 年诉讼与冲突。

法律事务记者大卫·埃布纳（David Ebner）在法律类目中获得提名，其作品探讨了总理马克·卡尼（Mark Carney）关于引入更严格保释规则的承诺。

摄影师兼记者杰西·温特（Jesse Winter）是新设立的图片类目首批被提名者之一，其获奖作品是一张斯阔米什（Squamish）地区居民在上方森林发生山火、准备撤离家园时收拾行李的照片。

杰克·韦伯斯特基金会（The Jack Webster Foundation）成立于1986年，是在其同名创始人退休后创建的。韦伯斯特先生是加拿大西部一名知名且具有影响力的记者，该组织表示，设立这些奖项旨在打造一个让不列颠哥伦比亚省（B.C.）新闻业繁荣发展的社区。

中国政府背景投资者参加峰会

总理办公室表示，来自中国的投资者将遵守管理外国投资的规定

史蒂文·蔡斯 (STEVEN CHASE) 资深议会记者

数名具有中国政府背景的投资者正在参加总理马克·卡尼 (Mark Carney) 主持的加拿大投资峰会。在渥太华公开拒绝中国资金多年之后，这标志着与北京的关系回暖的又一迹象。

总理办公室周一表示，与所有人一样，中国投资者将受联邦管理该国外国投资规则的约束。

中国国际金融股份有限公司 (CICC) 和中国投资公司（中国的主权财富基金）均出席了卡尼先生的峰会。CICC 大约 40% 的股份由中国投资公司的子公司中央汇金投资持有。

管理该地区外汇基金投资的香港金融管理局也是参与者之一。

地缘政治分析师、前外交官迈克尔·科夫里格 (Michael Kovrig) 和研究员帕特里夏·泽维尔 (Patricia Xavier) 在周一的一篇博客文章中，对中国政府背景投资可能带来的后果发出了警告。

他们写道：“资金是一种外交工具：一旦投资落实，随着加拿大的项目、省份和工会依赖中国资金，预计国内对于未来任何重新强硬的对华政策的抵制将会增加。”

（科夫里格先生于 2018 年 12 月在中国被捕，另一名加拿大人迈克尔·斯帕沃 (Michael Spavor) 亦被捕，表面上是针对美国司法部 (DOJ) 要求在温哥华逮捕华为高管孟晚周而采取的报复行动。在美方与孟女士达成延期起诉协议后，两人于 2021 年 9 月 24 日获释。）

总理办公室通讯副主任奥德丽·尚普 (Audrey Champoux) 在被问及潜在的中国政府背景投资时表示，投资审查规则将保护加拿大利益。

尚普女士在周一的一份电子邮件声明中表示：“我们已有现行法律来保护加拿大的经济和国家安全资产，例如通过《加拿大投资法》。政府将继续执行该法。”

卡尼先生试图在五年内吸引 1 万亿加元的投资，以减轻加拿大对日益奉行保护主义的美国的经济依赖。

然而，加拿大一直有禁止中国投资的历史。

例如，在 2018 年，他的前任贾斯廷·特鲁多 (Justin Trudeau) 以国家安全为由，著名的阻止了国有企业中国交通建设股份有限公司收购加拿大最大的建筑公司之一 Aecon Group Ltd.。当时，Aecon 是安大略省达林顿核电站 (Darlington Nuclear Generating Station) 翻修工程的合作伙伴。

在担任总理的 10 年间，特鲁多先生阻止了其他由中国公司发起的备受关注的企业收购，包括在关键矿产领域；禁止中国旗舰科技巨头华为进入该国的无线基础设施；驱逐了一名北京外交官；并就该亚洲大国的外国政治干预发起了霍格 (Hogue) 调查。他的政府还限制了与中国军队和国家安全机构学术合作的资金。

到特鲁多先生于 2025 年卸任时，这一系列针对中国的措施已使渥太华与北京之间产生了巨大的鸿沟。其中许多措施是与西方盟友协同采取的，盟友们认为在习近平主席领导下的中国正成为竞争对手而非朋友。

卡尼先生多次谈到将设立“护栏”，以防止中国投资于加拿大的多个领域，包括关键矿产、人工智能以及具有军民两用性质的国防相关技术。

新智库“战略治国中心”（Centre for Strategic Statecraft）的联合创始人兼首席执行官维娜·纳吉布拉（Vina Nadjibulla）表示，在加拿大的投资峰会上邀请中国投资者出席是合理的。但她指出，对于涉及量子技术、先进制造业、国防以及加拿大推介书中其他敏感领域的投资，国家安全考量变得尤为重要。

“目标不能简单地是吸引尽可能多的资金，”纳吉布拉女士说道，并补充称，政府必须确保外国投资不会损害对关键技术、战略资产或更广泛国家安全利益的控制。

前加拿大驻华大使盖·圣-雅克（Guy Saint-Jacques）表示，卡尼先生谈到的是对华关系的单纯“重新校准”，但他认为，到目前为止发生的一切实际上等同于全面恢复了在2018年关系恶化之前的与北京的关系。两国关系的深度冻结一直持续到2026年初卡尼先生访问北京为止。

圣-雅克先生认为，加拿大应该放宽至少一项“护栏”限制，允许中国投资加拿大的关键矿产。

“我不会排除他们投资关键矿产和稀土的可能性，因为他们拥有技术和资金，而我们的资本不足，”他说道。“但我们必须明确，大约 70% 或 80% 的产量必须留在北美。”

各省寻求利用卡尼峰会之机争取投资

周一在多伦多举行的加拿大投资峰会开始前，贝尔加拿大（Bell Canada）总裁兼首席执行官米尔科·比比奇（Mirko Bibic，左）、总理马克·卡尼（Mark Carney）以及萨斯喀彻温省省长斯科特·莫（Scott Moe）在交谈。ARLYN McADOREY / 路透社

STEPHANIE LEVITZ

BILL CURRY

各省省长正紧锣密鼓地利用总理马克·卡尼在多伦多举办的加拿大投资峰会，在活动正式开始前举行了一系列密集的接连会议，旨在为各项项目争取资金。

对于新不伦瑞克省和不列颠哥伦比亚省来说，这种努力已超出了双边会谈的范畴。

这两个省在多伦多高端的约克维尔（Yorkville）社区部署了移动宣传广告牌。在那里，酒店客房、咖啡馆、餐厅甚至公园长椅，都成了投资银行家、主权财富基金负责人、风险投资家、加拿大高管、政治人物、公务员以及其他试图引导私人资本流入加拿大的人士进行高规格讨论的场所。

新不伦瑞克省省长苏珊·霍尔特（Susan Holt）及其自然资源部长约翰·赫伦（John Herron）在多伦多推广该省所称的超过 300 亿加元 billion 的资本投资机会。

该省在新闻稿中列出的部分计划包括矿业项目、贝尔杜恩（Belledune）港口扩建以及洛恩维尔（Lorneville）数据中心。

萨斯喀彻温省在周一举办了自身的推广活动，省长斯科特·莫感谢卡尼先生为国家提供了展示机会。

“我们正处于一个世界充满不确定性的时刻，”他说，“但加拿大和萨斯喀彻温省并非如此。”

在“投资萨斯喀彻温论坛”上，莫先生与 BCE Inc. 宣布计划将该公司在省内人工智能数据中心的投资增加三倍（使投资额变为原来的四倍）。省长表示，接下来的日子将展示更多投资萨斯喀彻温省的机会。

尽管峰会组织者已经汇总了一份包含 160 多个处于不同开发阶段且开放投资的项目计划书，但各省省长仍携带针对各自辖区的特定清单，以更个性化的方式争取直接投资。

马尼托巴省省长瓦布·基纽（Wab Kinew）向投资者推介了丘吉尔港（Port of Churchill）大规模扩建的计划。他出席了周一由加拿大风险投资与私募股权协会组织的边会——加拿大全球增长论坛。

在简短的演讲中，基纽先生表示，马尼托巴省将对与其政府所谓的“丘吉尔港增强版”（Port of Churchill Plus）项目相关的重大资本投资提供省销售税豁免。

“我们愿意通过达成交易来促成这件事，”他说。

鉴于北方的航运季节较短，拟议的现有港口扩建将需要使用哈德逊湾的破冰船以延长航季，同时还需要升级铁路线路并建设新的能源走廊。

今年 2 月，联邦政府宣布开展一项市场调研研究，以收集行业对该项目潜力的意见。

《环球邮报》查阅的不列颠哥伦比亚省交易手册，其涵盖的项目与联邦整体方案基本一致，包括 Ksi Lisims LNG 项目、港口基础设施以及金矿和铜矿。

安大略省省长道格·福特（Doug Ford）周一未在省会城市举办的各项活动中公开发言。

但其政府在峰会开始前发布了自身的 15 个优先项目清单。该清单重点列出了几个核能扩建项目，以及安大略省北部“火环”（Ring of Fire）地区的矿业机会。清单中还包括对总部位于多伦多的 AI 公司 Cohere Inc. 的投资。

魁北克省目前的政府在下个月的省选中面临失去权力的风险，因此在峰会上的宣传力度较小。

省长兼魁北克未来联盟（Coalition Avenir Québec）党魁克里斯蒂娜·弗雷谢特（Christine Fréchette）没有参加此次活动，以便为周二的竞选首场辩论做准备。

财政部长埃里克·吉拉德（Eric Girard）本周在多伦多代表魁北克省。他在一次采访中表示，魁北克支持增加私营部门投资的呼吁，但他不会为具体项目背书。

“也许是因为我不是省长，也许是因为正值选举，我没有采取像马尼托巴省省长那样的姿态，”他说道，并补充说他扮演的是一个“更为低调、高效的角色”。

尽管联邦政府的招股说明书中包含了几个在魁北克的项目，但吉拉德先生表示，这并不意味着这些项目都得到了该省的支持。

“这些是由私营发起人主导的私营项目，目前正向国际投资者推介，”他说道。

财富与灵感的之周：多伦多国际电影节与加拿大投资峰会齐聚

周一，海伦·米伦在多伦多国际电影节出席《谋杀天赋》（A Talent For Murder）红毯活动时与粉丝互动。CARLOS OSORIO / 路透社

马库斯·吉（MARCUS GEE）

观点

多伦多正享受着短暂的高光时刻。来自世界各地的金融男女纷纷涌入这座城市，参加加拿大投资峰会。联邦政府将此次峰会称为“首创的集会”，旨在“加速对加拿大的新投资”——换句话说，就是吸引亿万富翁。与此同时，来自全球的制片人、导演和演员也齐聚于此，参加年度电影产业盛会——多伦多国际电影节（TIFF）。

这两项盛事——财富（Mammon）与灵感（muses）并肩而行——是展示加拿大及其领先城市优势的绝佳机会。而我们正充分利用这一机会。

周日晚在皇家安大略博物馆举行的投资峰会启动招待会上，总理马克·卡尼告诉在场的西装人士：“我们拥有世界所渴望的一切：能源、资源、人才和技术。”

同一天晚上，他与妻子戴安娜一同出席了多伦多国际电影节的一场盛会，在费尔蒙皇家约克酒店外的人群中赢得了热烈欢呼。这一次，他夸赞的是该国充满活力的艺术。

在谈到那些来到多伦多进行推介、洽谈交易并在红毯上亮相的业内人士时，他说：“一个自信的国家欢迎来自世界各地的文化。”他表示，在加拿大，“我们热爱自己的文化，并且将永远保护和推广我们的文化。”

这是一个强有力的信号，由一位富有魅力的推销员在璀璨的背景下呈现。多伦多正为这些活动展现其最完美的一面，氛围极佳。

电影爱好者们在节日大街（Festival Street）上漫步——这是位于封闭交通的西京街（King Street West）上的电影节粉丝区。他们品尝着餐车的美食，拍摄自拍，并伸长脖子试图瞥见电影明星的身影。在皇家安大略博物馆外，以及次日晚在安大略美术馆外，一排排豪华轿车在排队，接送着一群衣着光鲜的峰会代表。黑色豪车与黑色小礼裙随处可见。

多伦多市中心已从疫情期间的“鬼城”岁月猛然复苏。街道再次变得繁忙，PATH地下网络在午餐时间挤满了上班族。

许多其他好事也在发生。曾经被忽视的滨水区正在复兴。曾经建设不足的交通系统正在完善，两条新的轻轨线路近期开通，一个大型地铁项目正在建设中。

过去十到二十年里，京街（King Street）多伦多国际电影节总部周边的区域发生了彻底的转变。曾经是数英亩的停车场、铁路场和仓库，如今已生长出一个摩天大楼林立的新区。

但如果说这个“财富与灵感之周”将多伦多（以及加拿大）的优点摆在了橱窗里，那么它也像一面镜子，映照出我们的不足。那些从总理发表讲话的皇家安大略博物馆招待会上离开的人，可能没有看到那个蜷缩在长椅上、下巴抵着膝盖、头套拉起在睡觉的人。他们也没有看到几个街区外，在布鲁-央街（Bloor-Yonge）地铁站站台上，一个醉醺醺的人在摇晃着自言自语。多伦多与许多加拿大城市一样，有一大批且日益可见的无家可归、患有精神疾病和药物成瘾的人群——且通常三者兼而有之。

尽管投入了大量新资金，其交通系统依然显得破旧不堪。投入到新线路中的数十亿美元，本应有一部分用于维护现有设施。这里的公园通常也显得杂乱。看看市西端备受欢迎的特里尼蒂-贝尔伍兹公园（Trinity Bellwoods）就知道了，本周的一些游客会去那里闲逛。

该市最顶级的文化机构——皇家安大略博物馆（ROM）和安大略美术馆（AGO），正经历着一系列考虑不周的最新翻修。其高速公路系统的维修状况极其糟糕。那些黑色轿车从机场前往市中心的路线，在某些路段看起来就像羊肠小道一样。

卡尼先生说，投资加拿大。但他没有说的是，尽管拥有诸多优势，这个国家还深受长期低生产率、繁琐的税收制度、不断增加的政府债务、胆怯的企业领导层、僵化且官僚主义严重的银行、人口老龄化、出生率下降，以及一系列阻碍其增长的省际和国际贸易壁垒之苦。

加拿大是一个美好的国家。多伦多是一座美好的城市。在我们的好朋友贬低我们的时刻，向世界展示我们的优势是有意义的。但仅靠推销无法赢得战争。我们面前的主要任务是让我们的城市和国家成为更好的居住、工作和建设之地。到那时，投资者自然会纷至沓来。

卡尼：总理表示目标是在加拿大与欧盟之间建立“独特联盟”

周一在多伦多被拍到的总理马克·卡尼表示，加拿大在谈判贸易联盟时的重点是成为一个“电动化且联网化”的汽车行业参与者。JENNIFER ROBERTS / THE GLOBE AND MAIL

接前页 A1

“我们正在启动国家所需的投资超级周期，”他补充道。他坐在多伦多四季酒店的一把椅子边缘，不时地在空中挥动手指以强调他的观点。

“对于加拿大来说，在欧洲和亚洲都有巨大的机遇，”总理说道，“可以肯定地说，我们尚未在这些市场中发挥出我们的潜力。”

在加拿大具有强大实力的领域，如能源和关键矿产，该国有机会加强那些已变得兼具经济与战略意义的关系。

“正是战略利益让欧洲、韩国和其他国家有兴趣与我们开展更多合作，”卡尼先生表示。

“加拿大人的声誉是几十年来艰苦赢得的，我们被认为是可靠且值得信赖的，我们履行签署的协议，”卡尼先生说，“加拿大是一个低风险的司法管辖区，这对我们是有利的。”

联邦政府的数据显示，欧洲是加拿大商品和服务最大的未开发市场，尤其是对于中小企业而言。卡尼先生表示，虽然加拿大与欧盟签署了自由贸易协定，但“我们还没有充分利用它”。

在周二的多伦多峰会结束后，卡尼先生计划飞往欧洲，并在法国斯特拉斯堡的欧洲议会发表讲话。总理表示，他的目标是在加拿大和欧盟之间建立一个“独特联盟”。

在谈到美国总统唐纳德·特朗普的第二个任期时，卡尼先生说：“人们从这次破裂（如果我可以使用这个词的话）中吸取到的教训之一是，经济一体化可能会被武器化。”

上个月，加拿大谈判代表退出了与美国政府的贸易谈判，部分原因是特朗普政府试图将卡车制造业回流。

“我们不想让加拿大汽车行业陷入竞争劣势，”总理说，“这不符合总部位于美国的汽车公司的利益，当然也不符合加拿大汽车行业的最佳利益。”

卡尼先生表示，他有信心政府能够谈判出一个“独特的加拿大解决方案”，以确保一个与美国、中国和欧洲制造商挂钩的“充满活力且具有竞争力的汽车行业”。他补充说，由于汽车工业正处于转型期，与美国的贸易谈判变得更加复杂。

卡尼先生表示，加拿大在谈判全球贸易联盟时的重点是成为一个“电动化且联网化”的汽车行业参与者，他认为这些是加拿大已经建立专业知识的新兴领域。虽然在 20 分钟的交谈过程中他从未提及唐纳德·特朗普的名字，但卡尼先生确实指出，两天前“美国总统”对中国汽车制造商在美国建厂表示赞赏。

自 2025, 年 3 月就职以来，总理已两次会见中国国家主席习近平。卡尼先生表示，这些面对面的会议以及政府的外交接触，已经促成了设定必要的“护栏”，以便在处理安全等问题的同时，增加与这个世界第二大经济体的贸易。

“我们已经在重启关系方面迈出了第一步，”卡尼先生说。

“我们可以深化与中国在农业方面的合作，深化鱼类出口、能源出口以及金融服务领域的合作，而金融服务是中国最终将会开放的一个领域。”

包括资产规模 US$1.6-trillion 的中国投资有限责任公司（China Investment Corp.）的首席战略官在内的几家中国资产管理公司高管，本周出席了多伦多峰会。

随着加拿大各大公司的首席执行官与联邦及省政府政治人物齐聚多伦多，共同向外界推介加拿大的投资环境，卡尼先生表示，此次活动成功的关键在于能否吸引全球基金管理者的资金与专业知识，例如总部位于新加坡的淡马锡投资（Temasek Partners），该基金规模达$400-billion，是全球最大的基础设施投资者之一。

“像淡马锡这样的投资者不仅带来了资本，还能催化变革，”卡尼先生说道，“当这种力量与加拿大全国各地的雄心相结合时，将产生决定性的影响。”

卡尼先生表示，他的政府希望通过对加拿大的税制进行重大调整，在一定程度上吸引此类投资者。

“我们需要扩大企业税收优惠，使加拿大更具吸引力，”总理表示。这表明渥太华正在制定旨在增加企业投资并激励创业者扩大业务规模的税收措施。

周一，财政部长弗朗索瓦-菲利普·香槟（François-Philippe Champagne）宣布了一项新的联邦计划，为$1-billion或以上的投资提供“预先税务裁定”。这将使投资者在投入资本之前，能够获得加拿大税务局（CRA）关于加拿大税法如何适用于该交易的具有约束力的决定，从而为他们提供更高的确定性。

卡尼先生表示：“除了预先税务裁定之外，我们还有更多工作要做，请对此保持关注。”

总理还表示，政府仍致力于简化监管流程，以确保每一个需要联邦批准的项目都能实现“一个项目、一次审查、一年结果”，而不仅仅是政府在2025年8月启动的大型项目办公室（Major Projects Office）所选定的提案。

美国最高法院在期中选举前驳回特朗普对邮寄选票的限制

林赛·怀特赫斯特（LINDSAY WHITEHURST） 华盛顿报道

美国最高法院周一驳回了总统唐纳德·特朗普限制期中选举邮寄选票的请求，为在投票已经开始之际的一系列最后一刻法律行动画上了句号。

该裁决允许各州继续按照其多年来使用的相同流程发送邮寄选票。

萨缪尔·阿利托（Samuel Alito）大法官和克拉伦斯·托马斯（Clarence Thomas）大法官公开对这一简短指令表示异议。

特朗普政府曾请求法院——该法院再次成为激烈政治争议的中心——在决定国会控制权的11月关键选举之前，为实施限制扫清障碍。由于全国近三分之一的选民通过邮寄投票，此案具有重大影响。

最高法院的多数派并未详细阐述其理由，这在最高法院的紧急议程中十分常见。与此同时，阿利托大法官在异议中表示，邮政局“拥有监管邮件的广泛权力”，并且很可能确实有权执行特朗普先生的限制措施。

布雷特·卡瓦诺（Brett Kavanaugh）大法官同意这些限制不应在期中选举中生效，但暗示如果该问题再次提交法院，他可能会做出有利于特朗普政府的裁决。

选举官员表示，在期中选举前的几周内，根本无法完成全面的改革。事实上，阿拉巴马州、北卡罗来纳州和威斯康星州在过去一周已经开始向选民发送邮寄选票，而新系统当时尚未启用。

特朗普政府的计划将要求各州采用统一的信封样式，并将合格选民名单提交至一个在线门户网站。邮政局可能会拒绝向不遵守规定的州递送选票。

然而，一份举报人报告称，邮政系统的要求可能导致数百万张邮寄选票永远无法发出，因为该门户网站未被正确构建，且单个条形码错误就可能导致整批选票被丢弃。民主党州政府官员和投票权利团体对这些限制提出了挑战，认为总统无权制定在“重大选举前夕实际上消除邮寄投票”的选举规则。

下级法院对此表示赞同并封锁了特朗普先生的计划，其中包括一名由总统提名的大法官发布的初步禁令。但特朗普政府向最高法院提起上诉，辩称联邦政府对邮政局的控制使其能够制定邮寄选票处理规则，且遵守这些规则是可行的。

特朗普先生长期以来一直反对邮寄投票，并错误地将其归咎于他在2020年选举中输给民主党人乔·拜登的原因，尽管他经常使用这种方式投自己的票，包括就在今年。

美联社（ASSOCIATED PRESS）

麦康奈尔在6月住院后首次返回美国参议院

周一，美国参议员米奇·麦康奈尔在返回华盛顿国会山后，在参议院议事厅外向记者挥手。 EVAN VUCCI / 路透社

玛丽·克莱尔·贾洛尼克（MARY CLARE JALONICK）

华盛顿

来自肯塔基州的共和党参议员米奇·麦康奈尔（Mitch McConnell）周一返回参议院进行投票，这是他三个月以来的首次回归。在6月因在家中跌倒住院后，他看起来明显更加虚弱。

麦康奈尔长期缺席参议院引发了大量批评和网络猜测，因为他最初在数周内对其病情保持沉默。这位84岁的参议员最终在一个月后透露，他因跌倒而曾“短暂失去意识”，并在医院接受了轻微肺炎的治疗。

周一，他在参议院议事厅外的轮椅上简短地面对记者，面带微笑，但说话缓慢且有些困难。麦康奈尔开玩笑说，在担任领导人的近二十年里，他避开了如此多的问题，不确定这次会有多少记者在场。

他表示，他回到参议院是为了处理一项待决的农业法案，并且他一直关注北约以及“支持那些完全投入反俄战斗的好朋友”。

参议院工作人员告知记者和摄影师，不要在二楼走廊拍摄他的发言视频，尽管该区域通常允许拍摄视频。

麦康奈尔拥有参议院任职时间最长的领导人这一殊荣，目前正处于其四十年任期的最后几个月。在经历了现代政治中最具影响力的职业生涯之一后，他将于1月底退休。

共和党已提名美国众议员安迪·巴尔（Andy Barr）接替他，而民主党则提名了前州议员查尔斯·布克（Charles Booker）。麦康奈尔表示，他决心完成自己的任期。

在发言前发布的一份声明中，麦康奈尔明确表示，由于健康问题，他可能仍会错过部分投票。

他表示，他“还没有完全恢复到100%，但我已向领导人（约翰）图恩（John Thune）保证，在遵循医生建议继续进行物理治疗的同时，我将尽最大努力在党团需要我进行关键投票时出席。”

“我的康复过程漫长且经常令人沮丧，而童年时期患过小儿麻痹症的后遗症让这一切变得更加困难，”麦康奈尔在声明中说道。

这位参议员的长期请假凸显了公众对立法者年龄及其履行职责能力的日益担忧。一度关于他病情的猜测如此激烈，以至于肯塔基州的民主党州长安迪·贝希尔（Andy Beshear）采取了非同寻常的步骤，发表公开信要求麦康奈尔以“透明的方式”向公众更新情况。

麦康奈尔的缺席在夏季也产生了影响，导致共和党无法将一项农业法案从委员会推进。随着共和党试图推进关于加密货币监管和大学体育的立法，他的回归可能会为共和党领导层提供所需的一票。

麦康奈尔于1984年首次当选参议员，从2007年起直到去年担任共和党领导人，期间曾分别担任多数党领袖和少数党领袖。

在担任领导人的末期以及作为普通参议员的最后两年里，麦康奈尔的健康状况明显下降。2023年3月，他因脑震荡住院，并在华盛顿一家酒店跌倒后缺勤数周。在回归后的新闻发布会上，他曾两次出现僵住的情况，在同事和工作人员面前茫然地凝视前方。一年后，他在走出共和党午餐会时跌倒并扭伤了手腕。

美联社

胡塞武装袭击后，沙特阿拉伯关键输油管道关闭数周

开罗——两名地区官员周一表示，一条在袭击中受损的关键沙特石油管道在维修期间将大部分处于停用状态，且将持续数周。与此同时，也门胡塞武装夺取了红海航线沿线的更多岛屿，这对沙特阿拉伯的石油出口造成了新打击。

由于新进展挤压了全球最大出口国沙特阿拉伯将原油推向市场的能力，全球石油供应担忧加剧，油价上涨超过 2%。伊朗战争迫使该王国将其出口方向从波斯湾转移，因为伊朗的袭击扼杀了通过波斯湾唯一出口——霍尔木兹海峡的航运。

因此，该王国依赖横跨全国 1,200 公里的东西管道，将其原油产量从海湾港口运往红海的延布港。从那里，原油可以被装上油轮出口。但由于周四发生的一起袭击，当局被迫关闭该管道，沙特阿拉伯将此次袭击归咎于伊拉克境内受伊朗支持的民兵组织所使用的无人机。

据接获相关简报的官员告诉美联社，修复包括一个主要泵站设施在内的损坏可能需要三到五周时间。

其中一名官员表示，管道在维修期间可能会部分运行，但他们无法说明能通过多少石油。

由于未获授权向媒体提供简报，这些官员在发言时要求匿名。

根据总部位于挪威的能源分析公司 Rystad Energy 周一发布的一份分析报告，自 8 月下旬以来，该管道的日均输油量在 260 万 桶至 400 万桶之间——如果管道流量完全停止，市场将损失这一数量。报告称，布伦特原油价格上涨至 US$109, “这是一个明确的信号，表明市场正日益将供应的大幅减少计入价格”。

运营该管道的沙特石油公司 Aramco 未立即回应置评请求。负责监督该国外国媒体的政府运营国际传播中心表示，正在研究美联社关于管道维修所需时间的询问。 美联社

陷入执业许可争议的医生被裁定有罪

周一，桑吉夫·西尔帕尔医生（Dr. Sanjeev Sirpal）在离开拉瓦尔法院时遮住了脸。今年4月，西尔帕尔医生否认袭击其当时的女友（一名名为梅莉娜·哈里森的护士），并否认曾要求她撰写一份虚假文件。ANDREJ IVANOV / THE GLOBE AND MAIL

被判定袭击罪名成立，西尔帕尔在纽布伦瑞克省和新斯科舍省仍面临五项指控

TU THANH HA

桑吉夫·西尔帕尔（Sanjeev Sirpal）曾因大西洋加拿大地区的医生执业许可登记制度引发争议，现已被魁北克法院裁定袭击其当时女友，以及教唆其伪造日记条目，将一名患者虚构为纳粹同情者。

然而，魁北克法院法官弗雷德里克·贝纳德（Frédéric Bénard）在周一宣布裁决时，判定西尔帕尔医生另外两项指控——危险驾驶和妨碍司法公正——不成立。

在4月的辩护陈述中，西尔帕尔医生否认袭击其当时的女友（一名名为梅莉娜·哈里森的护士），并否认曾要求她撰写一份虚假文件。

贝纳德法官表示，他认为该医生的证词不可信。法官在法庭宣读裁决时表示：“他不真诚……法院不相信被告。”

西尔帕尔医生的辩护律师查尔斯·勒瓦瑟尔（Charles Levasseur）告诉《环球邮报》，他正在评估对该裁决提出上诉的可能性。

西尔帕尔医生目前仍在等待在纽布伦瑞克省和新斯科舍省接受五项性侵患者指控的审判。

他对这些指控表示不认罪。

他的案件引发了人们对大西洋加拿大地区医生筛选流程的质疑。

西尔帕尔医生在2022年获得了在纽布伦瑞克省行医的权利，而当时魁北克医师学院正处于撤销其执照的过程中，原因是他未能披露自己在圣卢西亚最终获得学位之前，曾被一所美国医学院开除。

纽布伦瑞克省医师和外科医生学院当时并不知晓，魁北克监管机构最初启动调查是因为一名患者对其提出了性侵指控。

在魁北克省拉瓦尔举行的审判中，哈里森女士向法庭描述他是一个情绪不稳定、脾气暴躁的伴侣，在她在其家中时曾猛烈地推搡她，并在另一次事件中殴打她，折断她的食指并导致其手臂淤青。哈里森女士还作证称，在2021年初，西尔帕尔医生向她透露他正面临一项性行为不端指控。

根据魁北克医师学院调查提交的文件，一名女性患者举报称，2020年2月，她在西山广场（Westmount Square）医疗诊所因脑震荡就诊时，西尔帕尔医生检查了她的阴道和乳房。

哈里森女士表示，西尔帕尔医生要求她写一段虚假的日记条目，声称她当天顺道去了诊所，注意到该女性患者在候诊室里，戴着一条带有纳粹标志的头巾并发表种族歧视言论。

这份长达六页的虚假日记条目被列入审判证据。

“被告的目标是在该案件提交至医师学院时，破坏该人的可信度……这份文件中的内容纯属捏造，”贝纳德法官在判定该医生教唆实施一项未完成的刑事犯罪时如此说道。

不过，贝纳德法官判定西尔帕尔医生的妨碍司法公正罪名不成立。他指出，最终这份虚假日记并未发送给任何人。

但法官指出，哈里森女士关于两次袭击的陈述得到了她与这位39岁医生之间Snapchat聊天记录的支持，她在记录中描述了这两起事件。

法官表示，这些信息削弱了西尔帕尔医生的否认之词。“原告的证词并非完美，但也不必完美，法院认为其符合事实且值得信赖。”

在第二次事件中，当时哈里森女士开车送 Sirpal 医生去上班，她表示，在对方击打她的同时，还抓住了方向盘，导致车辆偏离车道。

贝纳德法官宣布 Sirpal 医生无需承担危险驾驶车辆的指控。他表示：“目前尚未证实被告的驾驶方式对公众构成了客观上的危险。”

新不伦瑞克省医学院表示，无法就 Sirpal 医生的具体案件发表评论。

在发给《环球邮报》的一份书面声明中，该学院表示，刑事定罪并不意味着会自动吊销医生的执业执照，但监管机构可以考虑采取一系列纪律处分措施。

该学院在 2025 年 8 月暂停了 Sirpal 医生的执照，就在此前一天，加拿大皇家骑警（RCMP）在新斯科舍省对他提出了性侵指控。

《环球邮报》呈献

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更好的健康状况能让加拿大更具竞争力吗？

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免费网络研讨会 2026年10月8日，星期四 / 东部时间 12:00 P.M. – 1:00 P.M.

根据加拿大公共卫生局的数据，慢性疾病每年给加拿大经济造成的损失估计达 $190 亿，其中包括因生产力下降和收入损失而导致的 $122 亿间接损失。

如果加拿大的未来繁荣取决于一支健康且具有韧性的劳动力队伍，那么该国能否承受将健康视为经济必然要求之外的其他因素？

本次活动将汇集专家观点，探讨人口健康如何直接影响竞争力与经济表现，以及雇主、政府和医疗系统可以采取哪些措施来确保人们保持健康并维持工作。

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不列颠哥伦比亚省记录性赤字增加 $450-million

今年 1 月，卫生部长乔西·奥斯本在维多利亚的皇家禧年医院就成瘾治疗和非刑事化试点项目的结束提供最新进展。她的部门预计，在本预算年度内，将增加 $887-million 的所得税收入。CHAD HIPOLITO / THE CANADIAN PRESS

2026 预算的整体债务目前预计在本财年将达到 $13.8-billion

迈克·哈格 温哥华

不列颠哥伦比亚省（B.C.）记录性的预算赤字目前预计将比之前的估算高出 $450-。财政部长乔西·奥斯本将其归因于包括计算错误（导致此前高估了天然气收入）以及昂贵的山火季在内的多种因素。

根据上个月接管该部门的奥斯本女士在周一发布的秋季更新报告，这额外的 $450- 使得 2026 预算年度整体债务达到了 $13.8-billion（该财年始于 4 月）。

她的部门预计，在本预算年度内将增加 $887- 的所得税收入。但这被政府上个月首次承认的“严重错误”所抵消——政府在计算今年及未来四个财年的天然气特许权使用费时出现了 $306- 的误算，总计误差达 $1.46-billion。

此外，奥斯本女士表示，今年的山火扑救成本预计将增加 $614-，且针对企业和租房者的可退税税收抵免增加了 $458-。

对于省政府何时能恢复到省长大卫·埃比在两年前赢得连任前所承诺的预算平衡状态，她并未提供具体时间表。

“今天与 2024 election 刚结束时不同的地方在于，我们面对的是特朗普及其政府的情况，以及他采取的参与与加拿大贸易战的毫无道理的行为，”奥斯本女士说。“这不是我们预料中会遇到的情况，这要求政府坚定地捍卫并保护人们依赖的服务——尤其是在经济如此不确定的时候。”

埃比先生在 2022, 从前任省长约翰·霍根那里继承了近 $6-billion 的盈余，但此后一直处于赤字运行，导致多家债券评级机构下调了不列颠哥伦比亚省的信用评级。

尽管局势动荡，省财政部表示，企业正在适应全球贸易的变化，对中国、韩国和印度等目的地的出口额同比增长了 16 per cent。

反对党不列颠哥伦比亚保守党的财政评论员加文·杜表示，此次更新未能增强信心，并指出其政党仍在要求新民主党（NDP）政府解释埃比先生对天然气会计问题的了解程度以及他最初何时获悉此事。

在今年夏天与美国的贸易紧张局势升级之前，其他省份也曾警告未来的预算将陷入严重赤字。安大略省的财政监督机构在春季表示，该省无法在 2027. 前实现其承诺的预算平衡。魁北克省则宣布今年预计赤字为 $8.6-billion。

阿尔伯塔省最初预计今年赤字为 $9.4-billion，但上个月的第一季度更新显示，得益于因美国与伊朗冲突而飙升的油价，该省目前预计将出现 $2-billion 的盈余。

奥斯本女士指出，不列颠哥伦比亚省没有那么幸运，但她的部门报告称，截至 2026, 7 月，不列颠哥伦比亚省出口的总价值增长了 4.2 per cent，这主要归功于对铜的强劲需求。此外，她表示，该省将从联邦政府为多个重大项目注入的资金中受益。

省财政部表示，企业正在适应全球贸易的变化，对中国、韩国和印度等目的地的出口额同比增长了 16 per cent。

与此同时，根据 Central 1（一家由不列颠哥伦比亚省和安大略省各信用社共同拥有的支付与国库公司）首席经济学家布莱恩·尤（Bryan Yu）的说法，由于过去一年越来越多的人推迟购买新房，不列颠哥伦比亚省对房屋销售征收的物业转让税收入也有所下降。

他补充道，此外，房地产价格有所下跌，这意味着由此产生的物业转让税也低于过去那些更泡沫化的市场。他举例说，该省在 2021 财年征收的此类税款为 $3.3-billion，而此次预算更新中的金额为 $1.6-billion，比最初的春季预估值低了近 $300-million。

“如果价格在下跌的同时仍保持一定的交易活跃度，情况可能不会这么糟糕，但现在价格下跌与销售量不足相结合，确实损害了这里的底线，”尤先生表示。

私有化：79%的受访加拿大人认为增加机场投资至关重要

来自 A1

旨在落实该更新内容的法案包含了新措施，赋予政府更多权力以获取机场的财务信息。

在分发给峰会参与者的 66 页“招股说明书”手册中，并未提及加拿大的大型机场。

在投资峰会之前，由澳大利亚资产管理公司 IFM Investors 委托对 3,000 名加拿大人进行的一项调查发现，79% 的受访者表示，增加对机场的投资至关重要或十分必要。

IFM 是几家已表示有意在加拿大机场向私人资本开放时进行投资的养老基金投资者之一。

据信，渥太华方面密切研究的一种模式是澳大利亚自身的私有化经验。在该国的模式下，政府保留主要机场的所有权，但与私营部门投资者签署长期租赁协议。

律师事务所 Gowling WLG 在周一发表的一篇文章中报告称，截至去年，全球 90 多个国家的 850 多个机场涉及某种形式的私营部门参与。

欧洲处于领先地位，全球约 75% 的航空流量流向有私营参与的机场；而北美仅占 1%。

但加拿大劳工大会（Canadian Labour Congress）已敦促渥太华不要将机场列入本周峰会的议程。该组织在周五发布的一份报告中，概述了反对机场私有化的经济论据。

泽连斯基：若俄罗斯停止攻击关键基础设施，乌克兰将暂停袭击

8月，在乌克兰境内由俄罗斯控制的城市顿涅茨克，一名消防员走在一栋被乌克兰袭击摧毁的建筑前。ALEXANDER ERMOCHENKO / 路透社

克劳迪娅·乔巴努 (CLAUDIA CIOBANU) 伊莉丝·莫顿 (ELISE MORTON) 汉娜·阿尔希罗娃 (HANNA ARHIROVA) 波兰，华沙

乌克兰总统弗拉基米尔·泽连斯基周一表示，如果盟友能够确保俄罗斯做出一个真正的承诺，不再攻击乌克兰的关键基础设施，那么乌克兰准备停止对俄罗斯领土的袭击。

他的这番言论是在美国总统唐纳德·特朗普在社交媒体发帖称，俄罗斯和乌克兰已同意“不攻击”对方的能源基础设施之后发表的，不过特朗普先生并未就该所谓协议提供进一步细节。

俄罗斯方面未立即对特朗普先生的说法发表评论。此前，即便旨在达成部分停火的斡旋努力也多次在数小时内破裂，双方均指责对方违约。

特朗普先生没有提供关于该协议的更多细节，但就在此前一天，这位美国总统呼吁泽连斯基先生停止针对俄罗斯炼油厂以及其他用于生产和分销柴油的基础设施，称这些袭击正导致全球短缺。美国国内柴油价格已大幅飙升，且与伊朗战争相关的高燃料成本已成为特朗普所属政党在即将到来的国会选举中的一个重大问题。

他还声称，全球柴油价格的上涨“主要是由俄乌战争引起的”，而非伊朗所致。但由于霍尔木兹海峡石油流量放缓导致的运输受限，以及俄罗斯炼油系统的损坏，正给能源市场带来压力。

泽连斯基先生在帖子中表示，乌克兰已提议由合作伙伴协助确保与俄罗斯达成停火协议。这并非基辅首次提出这一想法。

“每天，乌克兰的能源设施、港口基础设施、物流，甚至食品和药品仓库都成为了目标，”他说道。“战争必须结束。而针对关键基础设施的降级步骤可以是迈向和平的第一步。”

泽连斯基先生表示，他“期待合作伙伴提出具体建议”。特朗普先生周日呼吁泽连斯基先生停止袭击。随后，克里姆林宫发言人德米特里·佩斯科夫表示，任何要求基辅停止袭击民用经济基础设施的呼吁“都值得欢迎”。

北约秘书长马克·吕特周一表示，俄罗斯在乌克兰与波兰边境附近的无人机袭击——其中一次袭击在高级访问官员经过同一车站后不久击中了一列火车——将促使该军事联盟增加对基辅的支持。他称周日的袭击是莫斯科日益绝望的迹象。

吕特先生在布鲁塞尔的北约政治总部表示，这些“靠近北约领土”的袭击显示了俄罗斯总统弗拉基米尔·普京的“绝望，以及他播种恐惧和恐怖的欲望”。“俄罗斯在继续对乌克兰进行这场可怕战争的同时，正变得越来越鲁莽。”吕特先生承诺增加对乌克兰的支持，并加强这个由32个国家组成的联盟沿俄边境长线的自身防御。

“他认为他能阻止我们支持乌克兰，认为他能破坏我们的团结。他错了，”这位北约负责人谈到普京先生时说道。

周日在波兰边境附近的袭击是一系列事件中的最新一次。官员们表示，随着莫斯科在推进对乌攻势的同时测试北约的反应，这些事件指向了普京先生蓄意升级的模式。

吕特先生发表上述言论之际，波兰在经历了一波边境附近的俄罗斯无人机袭击（包括两架落在距离波兰领土仅几公里处）后，承诺加强沿乌克兰边境的安全。

波兰总理唐纳德·图斯克周日警告称，莫斯科似乎准备加强针对乌克兰与欧洲国家边境的行动。由于俄罗斯加强了使用弹道导弹和喷气式无人机突破防御的空中攻势，乌克兰面临的压力日益增加。

“接下来的几周和几个月将是俄方行动高度密集的时间，不幸的是，我们不能排除这种升级也将影响到我们的领土，”图斯克周日在华沙的一次政府安全简报会后表示。他在周四也发出了类似的警告。

国防部长瓦得斯瓦夫·科西尼亚克-卡米什周一在 X 平台的一篇帖子中表示，波兰军队在靠近沿海村庄亚罗斯拉维茨的波罗的海海域回收了一架被认为是俄罗斯军方的无人机。

波兰官员表示，包括上周美国中央情报局（CIA）的一份简报在内的情报报告表明，俄罗斯可能会攻击边境点并加强在欧洲国家内部的破坏行动，以此作为其试图阻止合作伙伴支持乌克兰的努力的一部分。

克里姆林宫发言人德米特里·佩斯科夫周一在被问及波兰边境附近火车遇袭事件时表示，俄罗斯军队在“整个乌克兰领土上开展行动，并且一直在这样做——也将继续这样做”。

佩斯科夫指出了“全球南方”国家在达成协议中可能发挥的作用，称“任何国家都可以利用其对基辅政权的影响力，鼓励其表现出更大的灵活性”。

佩斯科夫表示，中国国家主席习近平和印度总理纳伦德拉·莫迪在近期与普京先生的会晤中均表示愿意帮助促成一项协议，普京在会上向他们通报了乌克兰局势。

佩斯科夫还回应了特朗普要求乌克兰停止袭击俄罗斯柴油燃料设施的呼吁，称“任何要求基辅政权停止袭击民用经济基础设施的呼吁都应该是受欢迎的”。

特朗普周日呼吁泽连斯基停止袭击俄罗斯炼油厂以及其他用于生产和分发柴油的基础设施，称这些袭击正在导致全球短缺。他在周五美国柴油价格创纪录、飙升至平均每加仑 6 美元之后发表了上述言论。

美联社

丰业银行向 FACTOR 支付 $11-million 以解决抢劫案纠纷

审计报告披露，该音乐资助机构就其银行账户被盗引发的近两年纠纷达成了和解

JOSH O'KANE

根据一份新报告和法院文件，新斯科舍银行（Bank of Nova Scotia，即丰业银行）去年 3 月向音乐产业资助非营利组织 FACTOR 支付了 $11-million，以解决两年前 银行账户被盗 $9.8-million 而引发的长期纠纷。

当《环球邮报》在 6 月首次报道该和解协议时，这两个组织均拒绝透露具体金额。但该金额在 Farnham Accountants + Advisors 准备的一份独立审计报告中被披露，该报告是 上周末发布的最新年度报告的一部分。

报告未披露资金的支付方，但描述称该款项于 3 月提供。尽管该法律案件涉及众多当事方，但法院文件显示，丰业银行是该月唯一与 达成和解的一方。报告指出：“ 不期望就此事获得进一步的追偿。”

2024, 6 月，有人在五个月前获取了该非营利组织的丰业银行账户访问权限并盗走资金，此次抢劫案成为加拿大文化史上最大规模的盗窃案之一。在加拿大遗产部将约 1435.0万美元 存入该账户用于向音乐产业发放资金后，短短一周内，$9.8-million 便从 的银行账户中被盗。

这笔资金原计划用于 支持的一系列音乐产业项目。 的全称是“协助加拿大录音人才基金会”（The Foundation Assisting Canadian Talent on Recordings），该机构接收来自加拿大遗产部“加拿大音乐基金”以及私人广播公司的资金，以支持国内英语音乐产业的发展。

表示，渥太华方面并未为该笔存款提供担保；相反，该非营利组织不得不动用其储备资金来弥补缺失的款项。该非营利组织利用联邦资金支持现场演出、音乐录影带以及创业等项目。

此次抢劫案在音乐人（尤其是独立音乐人）生存极其艰难的时刻震惊了音乐产业，他们的收入正受到巡演成本飙升和流媒体服务版税计算方式的影响。

与丰业银行在民事法院进行了近两年的争端，以确定谁应对导致盗窃的安全漏洞负责以及其他相关事项。 年度报告中的和解金额似乎涵盖了全部被盗金额（或接近该数额）以及法律费用。然而，民事和解并未结束这场风波。尽管已过去两年多，但该案的刑事方面尚未有任何进展。

负责此案的民事法官、安大略省高等法院的威廉·布莱克（William Black）法官于今年早些时候对一名名为詹姆斯·坎帕尼亚（James Campagna）的魁北克男子发出了逮捕令，理由是其藐视法庭。但目前尚未有与此次盗窃直接相关的刑事指控。

坎帕尼亚先生是一家编号公司的唯一股东，该公司的丰业银行账户最初通过电汇接收了来自 账户的 $9.8-million。法院文件显示，其公司在收到一名自称是 时任首席财务官的请求后接受了电汇，该请求称要用这笔钱购买 2,800 台比特币挖矿机。 多次表示，其从未尝试进行此类采购，且加密货币挖矿机与其业务方向完全不符。

文件显示，坎帕尼亚先生将资金兑换成了加密货币，他在提交给法院的信函中称，这是为了支付给供应商。随后，这些加密货币在不同钱包之间转移，直到参与民事案件的各方似乎无法再对其进行追踪。藐视法庭的裁决与坎帕尼亚先生在民事案件中未能向法院提供证明文件有关。

“我认为坎帕尼亚先生是一个骗子、一个诈骗犯，且藐视法律，蓄意且在明知的情况下违反了本法院的命令，”布莱克法官在裁决书中写道。他补充道：“他极有可能是这场诈骗中知情且积极的参与者，并且已经并持续从该诈骗所得中获益。”

目前居住在卡塔尔且尚未被逮捕的坎帕尼亚先生在1月份发给《环球邮报》的一封电子邮件中，针对法官的裁决回应称：“这里展现了极大的‘中立性’。这位法官显然已经对本案做出了决定（无论如何，我在之前就看出来了），并且在迎合大众。那么再花50万雇律师也就毫无意义了。”

在达成和解之前，FACTOR在法庭文件中主张，丰业银行（Scotiabank）应履行其网站上的保证，该保证称，在因未经授权的操作导致直接经济损失的情况下，只要客户“履行了客户协议条款中概述的所有安全责任”，银行将“为您提供全额赔付”。

丰业银行在周一拒绝发表评论。FACTOR未回应置评请求。

原住民女性心脏手术后死亡，家属要求给出交代

KRISTY KIRKUP 健康记者

在去世前几周，米兰达·马马夸（Miranda Mamakwa）描述了自己被一家联邦机构抛弃的感觉，而该机构本应帮助她前往参加至关重要的医疗预约。

马马夸女士今年 31 岁，是安大略省北部福特塞文原住民社区（Fort Severn First Nation）的一员，她于 4 月接受了开胸心脏手术。

她在 8 月于 Facebook 上写道，联邦非保险健康福利计划（NHIB）拒绝为其提供前往社区外的随访护理医疗差旅，导致该计划辜负了她。

她已经错过了四次预约——分别在 5 月 28 日、6 月 11 日、7 月 2 日和 8 月 6 日。

这位三个幼子的母亲还提出了一个令人心碎的请求：如果她去世，她希望其他人能“追究”NHIB 的责任，寻求问责。

马马夸女士的健康状况恶化到无法再等待医疗护理的程度。她前往社区护理站寻求帮助，随后由 Ornge 直升机从福特塞文原住民社区（一个位于哈德逊湾附近、仅能通过飞机抵达的社区）将其空运至桑德贝区域健康科学中心（Thunder Bay Regional Health Sciences Centre）。

她于上周二去世。

在她去世后，马马夸女士的家人正与原住民领导人以及苏卢卢特原住民健康管理局（Sioux Lookout First Nations Health Authority，该局为安大略省西北部各原住民社区提供健康计划和服务）合作，要求给出交代。

“我们将通过要求全面问责来完成她的临终遗愿，”尼什纳贝-阿斯基民族（Nishnawbe Aski Nation，简称 NAN）的大酋长阿尔文·菲德勒（Alvin Fiddler）表示。

NAN 代表安大略省北部的 49 个原住民社区，该组织表示，NIHB 未能为马马夸女士的四次随访预约安排医疗差旅。

“拒绝米兰达的差旅申请简直是令人愤慨，”菲德勒先生说。

“我毫不怀疑，如果她被允许前往参加预约，她的生命或许可以被挽救。”

联邦原住民服务部长曼迪·古尔-马斯蒂（Mandy Gull-Masty）周五呼吁进行审查，以了解马马夸女士的医疗差旅申请发生了什么。“我已经指示加拿大原住民服务部（Indigenous Services Canada）官员紧急查明围绕米兰达之死的事实以及导致这一结果的情况，”她在 X 上发布的一份声明中写道。

古尔-马斯蒂女士表示，她将与苏卢卢特原住民健康管理局和 NAN 会面，讨论接下来的应对措施。具体日期尚未公布。

当原住民或因纽特社区无法提供必要的医疗护理时，NIHB 涵盖差旅费用及随行开支，包括餐饮和酒店住宿。

这项由加拿大原住民服务部提供的联邦计划一直受到原住民领导人的批评，他们对官僚主义的繁文缛节表示担忧，认为这增加了原住民及时获得服务的难度。

苏卢卢特原住民健康管理局总裁兼首席执行官索尼娅·艾萨克-曼（Sonia Isaac-Mann）表示，马马夸女士的死亡凸显了更广泛的系统性失效问题。

该健康管理局和 NAN 表示，多年来他们一直在警告联邦政府，延迟和行政失效是如何危及生命的。

这些组织表示，马马夸女士的死亡是“迄今为止最清晰且最毁灭性的证据”，证明之前的警告并非夸大其词。

安大略省新民主党（NDP）副党魁索尔·马马夸（Sol Mamakwa，与马马夸女士无亲属关系）最近发表的一份声明中，呼应了健康管理局和 NAN 的问责要求。

“米兰达理应得到更好的对待，”他说。

他还提到，示威者 6 月在苏卢卢特举行了集会，敦促渥太华方面修复 NIHB 计划。

“米兰达之死并非意外，而是个人决定与系统性失效共同导致的结果，而这种失效持续损害着该省原住民的生命，”他说。

“现在是 NIHB 计划和联邦政府为米兰达之死承担责任的时候了，并采取行动确保不再有人因该计划的失效而丧生。”

尼什纳比-阿斯基民族（Nishnawbe Aski Nation）大酋长阿尔文·菲德勒（Alvin Fiddler）表示，该民族将要求就米兰达·马马夸（Miranda Mamakwa）之死承担全部责任，马马夸在安大略省北部等待医疗护理期间去世。CHRIS YOUNG / CP

在安大略省惠特比的 Grifols 血浆捐献中心，一名工作人员正在准备一台自动血浆采集机。SHAY CONROY / THE GLOBE AND MAIL

Grifols西班牙母公司全面接管其加拿大业务

克里斯·汉奈 (CHRIS HANNAY)

公司文件显示，私立血浆采集中心连锁机构 Grifols 的西班牙母公司已全面接管其在加拿大的业务。

这些披露揭示了该公司在努力解决加拿大卫生部（Health Canada）关注的问题时所进行的内部调整。该公司上个月宣布暂时关闭，调整措施包括与一名创办了该公司许多加拿大采集中心的董事分道扬镳。

Grifols 是加拿大唯一的大型商业血浆采集机构。血浆是血液中一种金黄色的液体，用于制造药物。

该公司在加拿大的运营是基于 2022. 年与加拿大血液服务局（Canadian Blood Services, CBS）签署的一项协议。CBS 依赖志愿者捐献血液和血浆，而 则向捐献者支付费用。CBS 每年花费超过 $1-billion 向医院供应由血浆及其他相关产品制成的药物。

在温尼伯发生两起捐献者死亡事件后， 在近几个月成为了审查目标。在过去一年中，包括总部在内的该公司多个网点被加拿大卫生部检查员评定为“不合规”。

自 8 月 14, 起，该公司的血浆采集点已对捐献者关闭，而就在两天前，加拿大卫生部提交了最新的关键审查报告。

表示，将利用临时关闭的机会对员工进行重新培训，并与加拿大卫生部及 CBS 合作改进其运营。

最近的公司披露显示，该公司还利用这段时间对部分内部领导层进行了重组。

在六个省拥有 17 个采集中心，以及一家位于蒙特利尔的制药厂。其中大多数采集点在被 收购之前是由其他公司创办的。

其中 10 个中心是由一家名为 Canadian Plasma Resources (CPR) 的公司创办的，其联合创始人兼首席执行官是巴尔津·巴哈杜斯特 (Barzin Bahardoust)。2023, 年夏天，在与加拿大血液服务局达成协议后， 宣布计划收购 CPR。

根据 7 月 28, 日发布的财务报表和中期董事报告，上市企业 S.A. 及其子公司在两年后的 2025 年 11 月 1, 日收购了 CPR 50.1% 的股份，并将该公司更名为“ Canada Plasma Corporation”。此次交易价值 $27-million，以股票形式支付，其中包含交易成本。

“采集活动预计将在与加拿大卫生部就重新开放的要求和条件达成一致后，尽快恢复。”

CANADA PLASMA CORPORATION

但文件指出，即使拥有多数股权，“现有的治理结构和合同安排限制了 控制 Canada Plasma Corporation 的能力”。

文件进一步称，公司活动的“管理和方向”由其“唯一董事”决定，该董事“拥有对运营活动的全部决策权——包括批准业务计划、年度预算、股息政策和运营方向——且没有任何合同机制要求此类决定必须提交给 批准”。

财务文件显示， 及其子公司达成协议，将从 2027. 年 1, 月起购买加拿大业务的剩余股份。最终价格将由一个包含加拿大业务采集血浆量的公式决定。

加拿大公司记录显示，截至 7 月下旬， Canada Plasma Corporation 列出的唯一董事是 CPR 前首席执行官巴哈杜斯特先生。

但在 9 月 1, 日， 更改了该加拿大公司的董事会成员，移除了巴哈杜斯特先生，并由三名 高管接替，其中一名驻加拿大，一名驻美国，一名驻西班牙。

Grifols 在一份未署名的声明中告诉《环球邮报》，该公司目前是这家加拿大公司的唯一股东。

该公司表示：“与此次过渡相关，巴哈杜斯特先生不再担任公司董事，目前也不受雇于 Grifols 或与 签订合同。”

巴哈杜斯特先生未回应置评请求。

表示，长期以来一直向加拿大人供应血浆衍生药物，并已在加拿大的业务中投资超过 $1-billion，其中包括在蒙特利尔建设药物制造设施。

与 CBS 的协议要求其在加拿大每年采集 600,000 升血浆。该公司表示，2025 年采集了约 400,000 升。

该公司未说明预计何时在加拿大重新开始采集血浆。

表示：“采集活动预计将在可行的情况下尽快恢复，具体将与加拿大卫生部就重新开放的要求和条件达成一致。”

联邦卫生部长马乔里·米歇尔（Marjorie Michel）的发言人亚历山大·贝尔热隆（Alexandre Bergeron）表示，加拿大卫生部正继续与该公司就其各场所的纠正行动计划开展合作。

加拿大投资峰会值得关注的交易与交易者

渥太华已确定数十个项目在活动期间进行展示

JASON KIRBY

本周，来自世界各地的投资者齐聚多伦多，参加加拿大投资峰会。这是总理马克·卡尼（Mark Carney）旨在向世界证明该国已准备好再次开展大规模建设的努力。

作为该计划的一部分，渥太华已确定数十个项目在活动期间进行展示。预计将有 120 家加拿大及国际基金和投资公司出席此次峰会，其管理资产总额约为 $120-trillion。

以下是潜在交易候选项目以及计划出席峰会的部分知名投资者的概览。

交易项目

在峰会之前，联邦政府确定了 160 多个开放开发的项目，并将其汇编成一份与参会者共享的“招股说明书”。

其中一些项目已在稳步推进，已获得许可并已开工建设。

而许多其他项目，充其量还只是创业者心中的一个构想。

该招股说明书将项目分为八个部门，并详细列出了每个项目的当前状态以及将其转化为现实所需的预计资本支出（capex）。

总计，招股说明书中所列项目的资本支出需求约为 US$620-billion。

卡尼先生表示，他希望通过削减繁文缛节并开发矿业、能源、基础设施及其他项目，在未来五年内吸引 $1-trillion 的新投资。

在这些项目中达成任何交易都将有助于实现这一宏伟目标。

2019. 年 1 月，安大略省艾伦公园（Allan Park）Telesat 设施的卫星天线。RYAN CARTER / THE GLOBE AND MAIL

先进制造业

Telesat Lightspeed 低地球轨道卫星星座 公司： Corp. 项目资本支出：US$5.2-billion

上市企业 的 Lightspeed 项目旨在构建一个由 225 颗低地球轨道卫星组成的通信网络。它是峰会招股说明书中四个航天相关项目之一。

虽然 Lightspeed 网络已经获得了全额资金，但 正在提供公司本身或 Lightspeed 计划的少数股权。作为回报，主权投资者将在 2028 年第一季度服务启动后，为其母国获得该网络的专用容量。

其他值得关注的项目：

总部位于里贾纳（Regina）的替代纤维公司 Red Leaf Pulp Ltd. 正在推介一个 US$860-million 的生物精炼厂，用于将谷物秸秆转化为纸浆。

总部位于萨斯卡通（Saskatoon）的 CellCore Technologies Inc. 自称是加拿大首家原住民拥有的硝化纤维（一种高度易燃材料）制造商，目前正在开发一个 US$220-million 的设施，用于生产军用级推进剂产品。

一个机会较小的项目：Project Arrow Defence Industries 是汽车零部件制造商协会与韩国韩华（Hanwha）的合资企业，计划使用加拿大的钢材和铝材制造特种工业车辆，不过这个 $1-billion 的项目仍处于开发阶段。

2007. 年 9 月，新斯科舍省希金斯山（Higgins Mountain）的一台 1.2 兆瓦风力涡轮机。ANDREW VAUGHAN / CP

清洁能源

新斯科舍省可再生能源园区 公司：Octopus Energy Generation Ltd. 项目资本支出：US$4.5-billion

由英国 Octopus 支持的 Nova Sustainable Fuels 公司正在新斯科舍省戈尔德博罗（Goldboro）附近开发一个生产可持续航空燃料和其他产品的设施。

虽然该项目仍处于开发的相对早期阶段，但初步工程已完成，且去年 12 月该项目获得了省政府的环境批准。

其他值得关注的项目：

总部位于纽约的清洁能源公司 Elemental Clean Fuels 提议在不列颠哥伦比亚省的普林斯鲁珀特（Prince Rupert）附近，即原 Skeena 纸浆厂旧址上，建设一座价值 $1.3-billion 的生物燃料设施。

价值 US$800-million 的 Alberta Industrial Heartland 1.0 项目旨在将埃德蒙顿市的城市固体废物转化为电力，并配备碳捕集技术。该项目已获得阿尔伯塔公用事业委员会（Alberta Utilities Commission）的批准。

一个机会渺茫的项目：新不伦瑞克省政府提议扩大其 Point Lepreau 设施的核电容量，不过该构想仍处于初步项目设计阶段。

加拿大投资峰会展示的项目 - 先进制造业 - 清洁能源 - 传统能源 - 数字技术 当项目没有具体地点时，则使用公司总部地址。THE GLOBE AND MAIL, SOURCE: GOVERNMENT OF CANADA, COMPANY WEBSI

尼斯加族（Nisga'a Nation）主席 Eva Clayton 出席 2025. 在温哥华举行的一场 Ksi Lisims 液化天然气活动。ETHAN CAIRNS / CP

传统能源

Ksi Lisims 液化天然气终端 公司： 项目资本支出：US$28.5-billion

液化天然气项目由尼斯加族以及 Rockies LNG 和 Western LNG 支持，于去年获得监管批准，目标是从不列颠哥伦比亚省西北部向亚洲出口液化天然气，计划于 2029 开始。

该项目得到了五个原住民部落的支持，这些部落已与 签署了利益协议。关于是否推进的最终投资决定预计将于明年做出。

其他值得关注的项目：

South Bow Canada Services Ltd. 的 SOBO-T 草原连接线（SOBO-T Prairie Connector）是一项拟议的价值 US$2.1-billion 的管道扩建工程，旨在将阿尔伯塔省的哈迪斯蒂（Hardisty）与加美边境连接起来，最终决定将于 mid-2027 做出。

CSV Midstream Solutions Corp. 价值 US$1-billion 的 Gold Creek 工业综合体自称是不列颠哥伦比亚省东北部一个“准备就绪”的天然气处理枢纽。

一个机会渺茫的项目：价值 US$440-million 的蓝色与青绿色氢气及甲醇模块化处理厂是一个由总部位于安大略省博尔顿（Bolton）的 Enervoxa 公司提议的阿尔伯塔省项目，尽管该公司的网站并未提及该项目。

数字技术

AI 创新中心 公司：Havenz Corp 项目资本支出：$2.7-billion 至 $3.2-billion

该项目是政府招股说明书中几个与数据中心相关的开发项目之一，配备有现场能源中心，位于阿尔伯塔省的红鹿（Red Deer）附近。

该中心旨在成为一个大规模的 AI 和创新枢纽，目前正在 119 英亩的土地上建设，未来有潜力扩展至 500 英亩以上。

其他值得关注的项目：

由挪威 BW Velora 提议的 Redcliff AI 数据中心园区是一个价值 $14.5-billion 的项目，拟选址于阿尔伯塔省的梅迪辛哈特（Medicine Hat）附近，不过许可审批程序仍在进行中。

由挪威 Bulk Infrastructure Group AS 提议的 US$620-million Leif Erikson 跨大西洋光纤系统将连接大西洋加拿大地区与挪威，该项目自称已“准备好执行”。

一个长期目标：今年 3 月上市的 Xanadu Quantum Technologies XNDU-T 正在开发一台光子量子计算机。招股说明书承认，这项价值 $1.3-billion 的“乐观项目”（Project Optimism）具有“长期的开发周期，目标在 2040 年全面实现”。

海运与港口基础设施 矿产与金属

• 电力与公用事业
• 交通运输

卡米拉·朗吉尔（CAMILLA LANGUILLE） 穆巴达拉投资公司（MUBADALA INVESTMENT COMPANY）私募股权联席首席执行官 迪尔汉·皮莱（DILHAN PILLAY） 淡马锡控股（TEMASEK HOLDINGS）首席执行官

1 月，位于马尼托巴省丘吉尔市的哈德逊湾丘吉尔港。MATT HORSEMAN / THE GLOBE AND MAIL

海运与港口基础设施

丘吉尔港增强计划（Port of Churchill Plus） 发起方：马尼托巴省政府 项目资本支出：US$57-billion

丘吉尔港扩建工程是招股说明书中规模最大的项目。周一的峰会上，马尼托巴省省长瓦布·基纽（Wab Kinew）作为该省的推动者，宣布该项目将获得该省 7-per-cent 零售销售税的豁免。

此次扩建的目标是通过铁路升级、港口现代化项目以及建设全天候道路通道，将该港口转变为一个四季通行的门户。

其他值得关注的项目：

在获得所有许可后，价值 US$350-million 的 Qikiq-tarjuaq 深海港（Qik Port）项目自称是一个已准备好动工的深水北极港口，位于努纳武特地区布鲁顿岛（Broughton Island）的西岸。

价值 US$357-million 的梅尔福德国际航站楼（Melford International Terminal）也被认为是一个已准备好动工的项目，旨在新斯科舍省建设一个获得全部许可的深水码头和铁路枢纽。

一个长期目标：圣约翰港（Port Saint John）提出了一个棕地扩建方案，旨在升级仓库并建设一个新的加拿大边境服务局（CBSA）集装箱检查设施，但该项目仍处于规划阶段，尚无资本支出估算。

8 月，NexGen 公司 Rook 矿区潜在的铀处理场地。DIVYA RAJAGOPAL / REUTERS

矿产与金属

Rook 1 铀项目 公司：NexGen Energy Ltd. NXE-T 项目资本支出：$1.6-billion

该铀项目位于萨斯喀彻温省北部，距离拉洛什（La Loche）镇以北约 155 公里，目前正在建设中。NexGen 主张该项目有望成为全球最大的新铀源之一。

这家上市公司估计，在全面建成后，该矿每年可生产 3000 万 磅铀，目前正在寻求机构投资者以支持其资金需求。

其他项目：

位于安大略省蒂明斯（Timmins）北部的 US$2-billion Crawford 镍矿目前处于施工前阶段，但支持该项目的 Canada Nickel Company CNC-X 预计，在其 40-year 寿命周期内，该矿将生产超过 160 万 吨。

位于萨斯喀彻温省东南部的 US$881-million Prairie Lithium 项目正在建设中。一个机会较低的项目：阿尔伯塔省的一个关键矿产和稀土精炼综合体，预算在 US$216-million 和 US$360-million 之间，是招股说明书中第二个由 Enervoxa 支持的项目，该说明书称范围研究将于今年完成。

Marguerite Lake 储能设施将成为加拿大首个商业化压缩空气储能设施。 ELLISDON

电力与公用事业

Marguerite Lake 储能设施 公司：Cache Power Corp. 项目资本支出：$790-million

该项目是一个大规模储能设施，其工作原理是将电网多余的电力压缩到地下盐穴中，然后在需要时通过涡轮机释放以发电。

去年 12 月，大型建筑服务公司 EllisDon 与 Cache Power 合作开发该项目，项目建成后将能够存储高达 48 小时的能量。

其他值得关注的项目：

新不伦瑞克省的 Mactaquac 发电站正启动一项 US$5.1-billion 到 US$6.6-billion 的项目，以确保该电站能够运行至其预定的 2068 寿命期限。

由因纽特人主导的 $3.4-billion Kivalliq 水电-光纤链路将首次把努纳武特地区与北美电网及光纤网络连接起来。

一个机会较低的项目：虽然 Novatron Energy 的陆上和海上风电项目在招股说明书中的价格最高，达 US$36-billion，但该项目仍处于早期阶段。

交通运输

Area 55

公司：汤普森区域机场（Thompson Regional Airport） 项目资本支出：US$178-million

Area 55 是位于马尼托巴省北部汤普森区域机场的一个寒冷天气研究和测试设施。其名称源自 55 平行线，此前由福特汽车公司（Ford Motor Company）运营。

该设施目前正在扩建中，招股说明书称其将成为首个由原住民拥有的北部研究与创新中心。建成后，它还将为无人机、机器人和自动驾驶车辆等新兴技术提供测试。

其他值得关注的项目：

哈利法克斯市老旧的 A. Murray MacKay 桥的未来尚不确定，新斯科舍省政府于 7 月针对该项目启动了一项商业案例研究，该项目金额将超过 $3-billion。

一对机会较低的项目：在加拿大长期延迟的高铁追求中，招股说明书包含了两条最终将连接卡尔加里和埃德蒙顿的竞争性高铁线路：$10.9-billion Prairie Link 高铁项目，以及 $22-billion TransPod Alberta 超高速走廊。

5 位大投资者

ANNA MONEYMAKER / GETTY IMAGES 拉里·芬克 (LARRY FINK)， 贝莱德 (BlackRock) 首席执行官

芬克先生将贝莱德打造成为全球最大的资产管理公司，管理着超过 US$15-trillion 的投资。该公司是格拉斯哥净零金融联盟 (GFANZ) 的创始成员，卡尼先生在 2021 年至 2024. 期间担任该联盟的共同主席。在此之前，卡尼先生在 2011 年至 2018, 担任金融稳定委员会主席期间，曾监管包括贝莱德在内的资产管理公司。

PATRICK T. FALLON / AFP VIA GETTY IMAGES 乔纳森·格雷 (JONATHAN GRAY)， 黑石集团 (Blackstone) 总裁

在格雷先生自 2018 年起担任总裁以来，黑石集团的管理资产规模已扩大至超过 US$1-trillion。周二上午，格雷先生预计将与芬克先生、荷兰大型养老金提供商 APG 集团的首席执行官安妮特·莫斯曼 (Annette Mosman) 以及新加坡国家所有制淡马锡控股 (Temasek Holdings) 的首席执行官迪尔汉·皮莱 (Dilhan Pillay) 一起，参加一场关于加拿大作为国际投资目的地的专题讨论。

安妮特·莫斯曼 (ANNETTE MOSMAN)，APG 集团首席执行官

莫斯曼女士自 2021 年起担任 APG 集团的负责人，该集团是荷兰最大的养老基金之一，管理资产达 US$700-billion。同年，在卡尼先生担任共同主席期间，APG 正式加入了 GFANZ 旗下的联盟之一——净零资产管理计划。

FRED LUM / THE GLOBE AND MAIL

朗吉尔 (Languille) 女士自 2013. 起担任规模为 US$385-billion 的阿布扎比国家所有制投资基金的私募股权共同负责人。2025, 11 月，卡尼先生与穆巴达拉 (Mubadala) 的领导层会面，就加拿大与阿拉伯联合酋长国之间的投资协议进行谈判，随后阿联酋承诺向加拿大投资 $70-billion。

EDGAR SU / REUTERS

淡马锡控股是一家新加坡国家所有制投资公司，管理资产约为 US$400-billion。2021, 淡马锡是布鲁克菲尔德资产管理公司 (Brookfield Asset Management) 启动其全球转型基金（卡尼先生曾担任该基金共同负责人）时的创始投资合作伙伴。他与皮莱先生在 GFANZ 也曾共事。

EDITORIAL

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)

民主党不会来拯救加拿大

那些对唐纳德·特朗普及其共和党持有负面看法的加拿大人可能会希望，如果民主党在11月的中期选举中控制国会，或者在2028年赢得白宫，他们将扭转总统给加拿大经济带来的影响。

但这并无保证。一个可能的民主党总统提名竞争者的表态便足以说明问题。

上个月，加利福尼亚州州长加文·纽森被要求向加拿大人保证，民主党将取消特朗普的关税。他说：“我不能保证这一点，但我可以向你们保证，像这样、这种程度的无礼……那种日子已经进入了倒计时。”

国会中的民主党人在批评特朗普的关税时，也明显地集中在这些关税是“鲁莽的”、不“连贯”或规避了国会程序，而没有像对待破坏与一个集成供应链伙伴的关系以及损害共同繁荣那样去抨击。

这些回应凸显了一个现实：民主党的语气可能不像共和党那样刺耳，但他们不会拒绝保护主义政策。在贸易战之中，加拿大当然欢迎语气的转变，同样也欢迎远离共和党那厚颜无耻的帝国主义野心，以及他们将世界划分为势力范围并利用经济胁迫的硬实力的好战外交政策。

但加拿大人不应将更友好的措辞误认为是对民主党内部长期存在的保护主义倾向的摒弃。

尽管乔·拜登与特朗普之间存在竞争，但他延续了前任恢复美国制造业就业的努力，为美国制造商品创造激励措施，这迫使渥太华方面不得不游说寻求豁免。拜登还保留了前任对约3500亿加元中国商品的关税，同时对中国电动汽车征收100%的关税，给加拿大施压要求效仿；在拜登的国家安全顾问与加拿大内阁官员交谈仅一天后，渥太华便宣布将与华盛顿的举措保持一致。

拜登的贸易代表凯瑟琳·泰（Katherine Tai）似乎也没有暗示更新北美贸易协定（USMCA）是板上钉钉的事。她在2024年表示，“（审查过程的）全部意义在于维持某种程度的不适感，这可能涉及某种程度的不确定性。”

比尔·克林顿在1993年签署北美自由贸易协定（NAFTA）使其成为法律，助力开启了自由贸易时代，但在众议院和参议院中，该协定在他所属政党内部获得的反对票多于赞成票。二十年后，曾在2008年竞选期间威胁要退出NAFTA的巴拉克·奥巴马，其跨太平洋伙伴关系协定同样被国会民主党人阻挠。

与此同时，民主社会主义翼现在该党内部正在崛起，许多人长期以来一直抨击自由贸易协定，将其视为导致失业和工会空心化的驱动因素。

虽然民主党总统长期以来一直利用美国的军事和经济实力，但他们通常这样做是为了充当国际准则和多边机构的保证人，而这些准则和机构已被特朗普摧毁。也许民主党会再次这样做，因为他们明白这具有无法用贸易逆差金额来衡量的自身价值。

但美国债务正膨胀至超过40万亿加元，债券市场动荡不安，这增加了华盛顿在未来几年提高收入的压力。无法预测美国为了保持顶端地位可能会做出怎样的反应。

即使民主党想要成为加拿大的救星——一个由民主党掌控的白宫可能会勤勉地致力于重建信任、取消关税，并基于共同利益诚信行事，包括让加拿大和美国家庭的消费成本降低——他们也无法给出保证。

修复这种关系需要的时间将远超四年或八年，而且每一次美国大选都将成为共和党领导人破坏任何进展的机会。毕竟，特朗普先生所鼓吹的帝国主义本土主义是一项特质，而非缺陷，尤其是在共和党内部。如果一个国家的两个全国性政党中只有一个能成为理性的合作伙伴，那么根据定义，这个国家依然是一个反复无常的国家。

没有人会骑马赶来拯救这个国家。即便民主党人确实能带来改变，但这也不会减轻加拿大降低对美国依赖的紧迫性，因为美国已经变得不再可靠。

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

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

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

David Park 2026

读者来信

国情

关于《候鸟们，为了热爱国家，请抵制前往美国的诱惑》（商业报告，9月9日）：虽然我赞赏维护加拿大的热情，但我认为，除了禁止访问美国之外，提供另一种观点将是有益的。

通过前往美国旅行以及与美国人进行尊重的对话，我意识到许多人投票给唐纳德·特朗普，是因为他们觉得从社会角度来看，民主党的替代方案对他们的家庭来说是更糟糕的结果。我们可以不同意他们的选择，但不应忽视或排斥他们的感受和观点。在许多人的心中，投票给他似乎是在两个糟糕选项中选择了较轻的一个。

只有通过与美国人的接触，我们才能获得这种理解，并保持让-克雷蒂安在2001年9月11日25周年纪念日上勇敢描述的加拿大根基：开放、慷慨且强大。

让我们在加拿大和美国共同努力，确保我们拥有具备强大性格基础且经验丰富的领导候选人。 ■ 布拉德·沃尔默斯豪森 (Brad Vollmershausen) 安大略省，诺福克县

关于《特朗普在访问其杜恩贝格高尔夫球场期间呼吁爱尔兰统一》（在线，9月12日）：本着干涉他国事务的精神，我谨恭敬地建议唐纳德·特朗普先从统一他自己那个令人遗憾的分裂国家开始。 史蒂文·迪纳 (Steven Diener) 多伦多

议会修缮

关于《总理应当将议会视为自己的家》（社论，9月12日）：读到“诚然，质询时间并非雅典式辩论的典范。哗众取宠、作秀、起哄，以及（在政府方面）空谈、推诿和转移话题：这些都是质询时间中不讨喜的特征”令人耳目一新。

为什么会这样？我们在高中或大学参加模拟议会时，都认真对待自己的政治角色，并就当时的重要问题进行辩论。

加拿大人当然可以期待他们的民选代表将质询时间视为一种职责，将其作为向选民公开、以智慧讨论关键问题并提供可行解决方案的机会。

我们值得更好的待遇。 ■ 希瑟·麦克法登 (Heather MacFadyen) 阿尔伯塔省，坎莫尔

在我观察联邦政府数十年成败的过程中，我想不起有任何一次质询时间是通过建设性讨论来帮助完成工作的。

曾经，在缺乏其他向公众传达信息并追究政府责任的机制时，质询时间发挥了重要作用。现在，及时信息的来源几乎是无限的，尽管我们应该谨慎验证来源和真实性。

我期待观看马克·卡尼的 YouTube 演讲以及他在法国斯特拉斯堡欧洲议会的演示。我怀疑他与欧盟同行之间的讨论将比我们在质询时间听到的内容更具信息量。

让我们认清质询时间的本质：一种不再能实现其最初目的的古老民主惯例。 ■ 斯图尔特·布林德利·汉密尔顿 (Stuart Brindley Hamilton)

总理可以在议会中浪费宝贵时间回答那些乏味的（用英语和法语重复的）问题，或者他可以折中采取英国传统：在周三出席一个版本的“总理质询”。

由各方、无论朋友还是敌人，进行30分钟不间断的质询。这才是民主——以及答案——在行动。 ■ 克里斯托弗·考斯顿 (Christopher Causton) 维多利亚

问题在于平衡：参与质询时间的琐碎之事与处理公务之间的时间分配。

民调表明，许多加拿大人认为马克·卡尼处理得恰到好处。 ■ 伊恩·布赖登 (Ian Bryden) 卡尔加里

负担不起

关于“外国买家禁令的解决方案”（社论，9月10日）：政府应当考虑到，如果该禁令的潜在目标是保护加拿大人的“负担能力”，那么禁止富裕外国人购买奢侈房产究竟能带来什么好处？例如，大维多利亚地区数百万加元的住宅早已远远超出了绝大多数加拿大人的经济能力。

在过去的几年里，外国买家禁令使得这类奢侈住宅的销售变得困难甚至几乎不可能，这惩罚了那些难以以最优价格变现这些高价值资产的卖家。同时，这也愚蠢地使政府失去了急需的财政收入。这还包括富裕个人在购买奢侈房产并进行翻修，或选择将可支配收入用于当地经济的其他消费时所产生的衍生效益。

如果加拿大想要实现其经济和社会潜力，大局思考需要更宽广的思维模式。这应当包括对过时的保护主义政策进行深思熟虑的削减。 ■ 兰德尔·芒（Randall Mang），不列颠哥伦比亚省，西德尼

有效之策

关于“领先的精神健康医院通过精简项目、招聘和追踪数据缩短候诊时间”（9月14日）：皇家医院（The Royal）在精神科候诊时间上的大幅缩减令人鼓舞，但将其归功于专业项目的整合可能还为时过早。

这家渥太华医院同时招聘了12名精神科医生，并引入了对患者需求的集中追踪。

更大的临床能力、更简单的转诊路径以及更好的信息，可能都是实现报道中所述改善的必要条件。

医疗服务是互连的系统。改变一个组件可能会消除一个瓶颈，同时又创造另一个瓶颈，而吞吐量和候诊时间等指标可能无法捕捉到对专业知识、员工留任、护理质量、教学或研究的影响。

因此，教训可能比“项目越少效果越好”更为广泛。成功的重新设计需要理解护理路径中哪些部分相互依赖，并衡量当它们发生变化时整个系统会发生什么。

医学博士，加拿大皇家内科医师学会会士（FRCPC），加拿大健康科学学会会士（FCAHS）；多伦多，病童医院研究所以及精神科

创造性破坏

关于“安大略省宣布大学和学院增加40,000个新席位，重点关注实用职业培训”（9月11日）：在欢迎安大略省主要为技术学科提供资金的同时，麦克马斯特大学校长的言论向我证实了该校对其他许多领域的忽视，近期暂停部分长期存在的创意艺术项目等行为便证明了这一点。

安大略省政府已明确表示，它认同艺术价值较低的观点。它不断忽视艺术巨大的经济效益和人文重要性。

即便技术学科与艺术有某些共同之处，但对其资金投入不足则忽视了工作和生活的本质，并使社会难以应对技术本身带来的挑战。

■ 保罗·拉波波特（Paul Rapoport），麦克马斯特大学名誉教授；汉密尔顿

自然而然

关于“绝经期症状不仅具有干扰性，而且代价高昂”（9月11日）：既然绝经不是一种疾病，那么当我们讨论与之相关的体验时，能否尝试找一个比“症状”更好的词？ ■ 朱迪·塞格尔（Judy Segal），温哥华

丹尼斯·肖奎特（DENNIS CHOQUETTE） 副编辑，《商业报告》

梅丽莎·斯塔休克（MELISSA STASIUK） 新闻编辑室发展主管

加里·萨莱维奇（GARY SALEWICZ） 编辑，《商业报告》

帕特里克·布雷索尔（PATRICK BRETHOUR） 社论编辑

娜塔莎·哈桑（NATASHA HASSAN） 观点编辑

马特·弗伦奇（MATT FRENCH） 视觉主管

马特·弗雷纳（MATT FREHNER） 管理编辑， 产品与平台

特朗普试图上演“窃取艺术”

美国总统似乎准备通过作弊和提供贿赂来攫取中期选举的胜利

德布拉·汤普森 (DEBRA THOMPSON)

《环球邮报》特约专栏作家

朋友们，请坐稳了。美国中期选举还有两个月就要举行，而目前的局面已经像一场失控的灾难。

唐纳德·特朗普总统在许多战线上都面临着艰巨的挑战。不受控制的通货膨胀、美国与伊朗战争导致的油价飙升、关于特朗普先生接下来会对动荡的全球经济采取何种行动的日益增加的不确定性，以及全球关税带来的后果——包括他与加拿大发起的愚蠢贸易战——正让美国中产阶级深切感受到压力。与此同时，飙升的政府债务让人几乎没有理由相信情况很快会有所改善。

当然，特朗普先生称生活成本危机是“虚假的”，并声称他正在“大幅降低价格”。

政府的宣传与美国人生活现实之间的脱节正变得日益严重。MAGA（MAGA）的文化议程正全面展开：攻击多样性、公平性和包容性（DEI）、环保主义、科学和大学，同时大幅削减数百万美国人的社会福利。但谈到基本生活必需品的成本时，许多美国人尚未从总统自称的“交易艺术”中看到实质性的回报。

因此，特朗普先生变得极不受欢迎，最近的净支持率为 -26。在那些 2020 年投票给乔·拜登但随后在 2024 年转向特朗普先生的关键摇摆州，情况也是如此。共和党在 11 月可能会在众议院和参议院失去阵地，甚至可能失去控制权。几乎没有证据表明共和党能够扭转“执政党在选举中失去席位”这一趋势。

总统的应对之策？显然是贿赂、作弊和窃取。

在上周于达拉斯举行的共和党全国代表大会上，没有候选人，也没有投票——这根本不像是一次大会，而更像是一个让评论员们在 MAGA 核心支持者愤怒的掌声中自我陶醉的平台。不过，特朗普先生确实抽出时间承诺，在选举后向每位成年公民提供 $5,000 的“特朗普红利”，但前提是共和党必须维持在众议院和参议院的多数地位。

也许是我太保守了，但这听起来非常像贿赂，而这在联邦选举法中是被明确禁止的。而且这可能会让美国损失高达 US$1-trillion。

与此同时，美国的投票基础设施正遭受攻击。最显著的是特朗普先生限制邮寄选票的行政命令，在 2022 年中期选举和 2024 年大选中，近三分之一的选民使用了邮寄选票。政府正试图要求各州将合格选民名单上传到美国邮政局（USPS）的一个尚未建立的在线门户网站；未能执行此操作的州将被完全拒绝提供选举邮件服务。一名美国邮政局的举报人在 8 月指称，邮寄选票的验证过程可能会导致整批选票被拒绝，只要“哪怕一张选票上的一个条形码”无法正确扫描。目前 2 名法官已拦截了这一举措，最高法院正在审理政府的上诉。

此外，在最高法院去年 4 月废除《投票权利法》第二条后，国会选区重新划分陷入疯狂。例如，密苏里州正处于法律混乱之中，因为它试图使用一张有利于共和党的杰利蝾螈（不公正）国会选区地图，该地图在上周被最高法院拦截。

也不能排除选民受到恐吓的可能性。民主党和民权组织数月来一直警告称，特朗普政府可能会向全国各地的投票站派遣美国移民及海关执法局（ICE）特工。上周，美国国土安全部部长马克韦恩·马林（Markwayne Mullin）确认，虽然 ICE 不会将投票地点作为目标，但“如果该投票站受到威胁或我们需要执行逮捕令”，他们可能会在场。

当然，还有一个问题是，如果共和党失败，选举结果是否会被质疑，就像特朗普先生在 2020 年失败时那样。总统还拒绝排除通过宣布国家安全紧急状态来强行通过其选举法的可能性。

当然，民主不仅仅关乎选举；它是由选举之后发生的事情来使其合法化或使其被削弱的。而数世纪以来民主理论与实践的核心是一个简单的原则：失败者必须交出权力。然而，特朗普先生经常暗示，他的选举失败只能是猖獗的选举舞弊的结果。

但话又说回来，目前尚不清楚特朗普先生是否真的在意中期选举。据称，特朗普先生曾表示，他为共和党在没有他的情况下表现不佳而感到自豪。选举似乎只是另一个满足其贪得无厌的自恋心的机会，而立法机构则是他与不受限制的权力之间一个不方便的障碍。

这或许才是所有结论中最令人不安的一点。

弗拉基米尔·泽连斯基需要坚守的不止一条前线

迈克尔·博丘基夫 (MICHAEL BOCIURKIW)

乌克兰总统弗拉基米尔·泽连斯基 9 月 9 日在奥斯陆出席挪威国王哈拉尔五世的葬礼。泽连斯基先生上周对阿尔伯塔省的旋风式访问就夹在葬礼与联合国大会会议之间。CHRIS JACKSON / GETTY IMAGES

观点

Substack 平台《世界简报》(World Briefing) 报告创始人，大西洋理事会高级非驻在研究员

我第一次近距离见到弗拉基米尔·泽连斯基是在 2019 年 7 月，在多伦多举行的第三届年度乌克兰改革会议上。当时他就任总统已有六周。他站在贾斯汀·特鲁多身边，看起来就像是由同一家选角机构派来的。

两人的相似之处令人惊叹，且不仅仅是在外貌上。两人都年轻、上镜，在人群中极具吸引力，且本能地给人以温暖感。两人都从表演领域进入政坛：特鲁多先生曾是戏剧教师，而泽连斯基先生则是一名喜剧演员，曾在电视上扮演总统，随后令人惊讶地成为了真正的总统。看着他们一起在会场社交，几乎不可能不将他们视为同一种政治动物的两个版本。

会议本身的主题是包容、负责任的政府，以及打破那些让乌克兰国家在整整一代人的时间里失血的习惯。

正是这一承诺，在几个月前让泽连斯基先生在狂热中当选。而这也正是为什么在多伦多那个房间里——坐满了被要求出资重建的人——大家如此愿意相信他。

七年后，乌克兰的朋友们正以日益严苛的审视目光重新审视这些承诺。

需要明确的是，特鲁多先生从未担任过战时领导人，而且在政治领域中，没有任何经历能让一个人为领导国家进入一场生死存亡之战做好准备。

但看着泽连斯基先生上周对阿尔伯塔省的旋风式访问——这次访问被夹在挪威的一场葬礼和仅剩几天就召开的联合国大会会议之间——很难不得出这样的结论：这位乌克兰总统需要花更多时间处理国内积累的问题。一名战时总统需要坚守的不止一条前线。

等待他的是棘手的问题。《纽约时报》报道的审计结果显示，仅在 2024 年，国防采购就因欺诈、浪费和管理不善损失了约 US$1.2-billion。

随后出现了另一个令人不安的数字：€23-billion 的国防部资金缺口，基辅正请求其合作伙伴帮助填补，包括提前拨付原定于明年的资金。

泽连斯基先生有权请求盟友提供帮助。但他是在一个毫不宽容的捐赠环境中提出请求，而且针对总统办公室的腐败调查使得这一请求变得更加困难。

“我认为乌克兰存在腐败问题非常令人悲哀。我们确实需要解决它，”启动改革会议进程的英国前首相鲍里斯·约翰逊在周末告诉乌克兰的《战争与政治 24》(War and Politics 24)。

这就是为什么我希望泽连斯基先生向总理马克·卡尼提供一项关于加拿大资金使用透明度的具体承诺。这里的支持依然强劲，但对外援助现在与国内的支出优先级之间产生了竞争，这种情况在两年前并不存在。

此外，还有一件令许多乌克兰人困扰的事情。我反复听到，在战争最艰难的几年里维持的国家团结已经严重受损。泽连斯基先生对此负有相当一部分责任。这始于去年试图削弱反腐机构的尝试，直到乌克兰人走上街头才被撤销。随后又是解雇具有改革精神的国防部长米哈伊洛·费多罗夫 (Mykhailo Fedorov)，这一举动在当时很少有人能给出合理解释，而现在能给出解释的人就更少了。

泽连斯基先生无法强行恢复国家统一。但举办一次汇集政治对手、公民社会、反腐领导人和企业家的国家统一峰会，对他来说成本极低。而向外界发出的信号则可能具有更高的价值。

这并不是说这次访问毫无收获。泽连斯基先生离开阿尔伯塔省时带走了切实承诺：$373-million 的加拿大新援助，以及进一步提供 $635-million 的贷款担保和优惠贷款，$46.1-million 用于支持乌克兰退伍军人和被强行驱逐至俄罗斯的儿童。

无人机协议可能被证明是其中影响最深远的，且该协议具有双向互惠性质。

但加拿大也错失了属于自己的机会。在全面入侵发生以来，加拿大仍然是唯一一个没有驱逐俄罗斯外交官的G7国家。在泽连斯基先生访问期间，渥太华在制裁名单中增加了八个俄罗斯人的名字。然而就在几周前，它悄悄地将后苏联时代俄罗斯政坛最知名的人物之一、普京的前心腹安纳托利·丘拜斯（Anatoly Chubais）移出了名单。

当前，俄罗斯的灰色地带行动正日益超出乌克兰边界——俄罗斯无人机出现在德国机场上空，且周日对基辅-华沙铁路线的一次袭击迫使一列载有约翰逊先生及欧洲高级安全官员回国的火车紧急撤离。

——缩减莫斯科的外交足迹本将是一个成本低廉但含义明确的信号。毕竟，问责是双向的：乌克兰的朋友有权要求基辅做得更多，而乌克兰也有权要求其朋友做得更多。

所有加拿大人都应有资格获得免费带状疱疹疫苗

安德烈·皮卡德 (ANDRÉ PICARD)

观点

加拿大分权化医疗体系中最令人沮丧的方面之一，就是它导致了不一致且往往不连贯的公共政策。

以一个在很大程度上被忽视的问题——带状疱疹感染为例。

任何患过水痘的人（在1995年之前出生的人中约占90%）在以后的人生中都可能患上带状疱疹，且约有三分之一的人会在某个时间点发病。

带状疱疹会导致脓疱性疮口，且在高达五分之一的病例中，会出现带状疱疹后神经痛。这是一种使人衰弱的神经痛，被比作“被燃烧的铁丝网包裹”，甚至会导致耳聋和失明。

然而，这些痛苦在很大程度上是可以预防的，因为目前存在一种非常有效的预防带状疱疹的疫苗。在临床试验中，Shingrix 对 50 至 69 岁成年人的有效率达 97%，对 70 岁以上人群的有效率达 91%。这种保护作用至少可持续七年。

国家免疫咨询委员会（NACI）建议所有 50 岁以上的人以及所有 18 岁以上免疫功能低下的人接种疫苗。但实际上，只有 38.3% 的 50 岁以上成年人接种了该疫苗（该疫苗需要接种两剂，间隔两到六个月）。

主要原因之一是成本，大约为 $400。另一个相关问题是公共覆盖范围不统一。安大略省早在 2016 年就开始为部分老年人提供带状疱疹疫苗覆盖，其他司法管辖区也逐渐加入。但资格认定规则各不相同。

只有纽芬兰与拉布拉多省以及爱德华王子岛省严格遵守基于证据的 NACI 建议，为所有 50 岁以上的人以及免疫功能低下的年轻成年人免费提供带状疱疹疫苗。安大略省为 65-70 岁的老年人提供 Shingrix 覆盖，但之前接种过早期版本带状疱疹疫苗 Zostavax 的人除外。

新斯科舍省为 65 岁以上的所有人提供接种；在魁北克省，你必须年满 71 岁（或免疫功能低下）；而在育空地区，只有 65-79 岁的人才有资格。

与此同时，在阿尔伯塔省和萨斯喀彻温省，带状疱疹疫苗仅为器官移植患者，或接受干细胞或 CAR-T 癌症疗法治疗的患者提供公共覆盖。

在马尼托巴省、新不伦瑞克省、西北地区和努纳武特地区，想要接种带状疱疹疫苗的人必须自费或依赖私人保险福利。

最后，在不列颠哥伦比亚省，除了 60 岁以上的原住民长者外，没有带状疱疹疫苗的公共覆盖。

该省的老年人权益倡导者丹·莱维特 (Dan Levitt) 对不列颠哥伦比亚省缺乏带状疱疹疫苗覆盖的行为提出了严厉批评，称这本可以减少就医次数、急诊使用率和住院率。

国家老龄化研究所也指出了各省之间截然不同的覆盖规则，称这毫无道理。

他们的观点是有道理的：为什么一个人在爱德华王子岛省有资格获得免费带状疱疹疫苗，而在不列颠哥伦比亚省却没有？加拿大可能没有一个统一的国家医疗体系，但这并不妨碍在疫苗接种等关键问题上制定连贯的国家政策。

英国为所有 65 岁以上的人提供免费带状疱疹疫苗接种。美国则为所有参加其联邦医疗保险（Medicare）计划的人提供。他们这样做是因为这具有成本效益。

最近，相关研究进一步支持了这些政策，研究表明接种带状疱疹疫苗与降低心脏病发作、中风和痴呆症的概率相关。

根据加拿大公共卫生局的数据，加拿大每年有 130,000 例带状疱疹病例，其中包括 17,000 例带状疱疹后神经痛和 2,000 例住院病例。

护理成本估计每年在 $67- 至 $82-million 之间。

毫无疑问，将医疗资金用于预防带状疱疹，比用于治疗其痛苦的症状会是更好的选择。

在加拿大，我们为所有儿童提供水痘疫苗接种，以预防水痘。（请注意，加拿大目前也缺乏统一的国家免疫计划和儿童集中数字化登记系统，但那是另一个时候需要讨论的问题。）

为了防止病毒再次激活——这本质上就是带状疱疹——采取同样的做法是有意义的。

随着时间的推移，广泛接种水痘疫苗应该能大大降低带状疱疹的可能性，但与此同时，我们的目标应该是保护年龄谱两端的人群，使其免受水痘-zoster病毒的侵害。

带状疱疹也应当提醒我们，疫苗接种不仅仅是针对儿童的，我们需要一项全生命周期的策略，以保护所有年龄段的加拿大人免受传染病的侵害。

生活与艺术

观点 / 益智游戏 / 天气

珠峰，从绳索的另一端讲述

在《丹增》（Tenzing）中，导演詹妮弗·皮多姆（Jennifer Peedom）从夏尔巴人的视角讲述了一个著名的登山故事

巴里·赫兹（BARRY HERTZ）

荧幕时间

如果说首映一部潜心钻研多年的电影感觉就像是在攀登峭壁——既有获得极高成就的可能，也面临坠入深渊的危险——那么导演詹妮弗·皮多姆至少清楚自己将面对什么。或者说，清楚自己将攀登什么。

本周，这位澳大利亚电影制作人将带着她的新纪录剧情片《丹增》前往多伦多国际电影节。该片记录了尼泊尔裔印度登山家丹增·诺盖（Tenzing Norgay）不可思议的一生，他与新西兰人埃德蒙·希拉里（Edmund Hillary）在1953年首次登顶珠穆朗玛峰。

——从贫困的童年到成为约翰·亨特（John Hunt）和希拉里远征队中不可或缺的一员——皮多姆的这部传记片既揭示了一位被严重忽视的历史人物，也提出了更尖锐的问题：为什么人类继续强迫自己去探索世界的每一个角落，而有时却要付出毁灭性的代价。

在身处云端这件事上，皮多姆绝非新手。她此前拍摄了广受好评的纪录片《夏尔巴人》（Sherpa）和《山脉》（Mountain），这两部作品分别探讨了想要达到新高度必须具备的勇气与蔑视死亡的迷人结合。她与珠峰之间也有着个人渊源。

“我第一次去喜马拉雅山脉是和一个朋友一起，他当时是珠峰远征队的摄像师。我们全程住在夏尔巴人家里，这就是我通过夏尔巴社区初次接触该地区的经历，”皮多姆在电影于多伦多国际电影节（TIFF）首映前几周的采访中说道。

在初次访问几年后，皮多姆再次返回拍摄她的第一部纪录片，重点关注珠峰北坡。这部为澳大利亚的一项外派记者计划拍摄的20分钟纪录片，从夏尔巴人的角度审视珠峰，而这一视角在关于该地区的电影和书籍中几乎被完全忽略。

图上：萨姆德鲁普·多杰·喇嘛（Samdrup Dorje Lama）在周二于多伦多国际电影节首映的电影《丹增》中饰演年轻时期的丹增·诺盖。

图上：导演詹妮弗·皮多姆与根登·普措（Genden Phuntsok）在电影拍摄现场，该片在尼泊尔实地以及新西兰的山区取景拍摄。

“那个社区对我来说一直比西方人的追求更有趣，”皮多姆说。

对于根登·普措来说，拍摄《丹增》的经历更像是一个学习曲线。这位西藏裔中国演员在首次出演英语电影中饰演成年后的夏尔巴人，并与饰演儒雅且进步的希拉里的英国演员汤姆·希德尔斯顿（Tom Hiddleston）产生了一种激烈的化学反应。幸运的是，普措不仅可以依赖皮多姆的知识储备，还能依托丹增家人的记忆和遗产，他们深度参与了这部作品的制作。

“当我见到他的家人时，我内心深处感受到了一些真正特别的东西。就好像我变成了丹增，”普措在另一次采访中说。“我理解他过去的一切。这就像是通过玻璃观看那些记忆——可见，却触不可及。我告诉他们：‘我很高兴你们现在都过上了好日子。’也许我代表着丹增。他们说：‘你就像我们的父亲，带着你那特殊的微笑。’”

就像希拉里必须找到丹增才能攀登新高度一样，皮多姆也不得不四处寻找合适的演员来饰演她的英雄。“找到我们的‘丹增’决定了成败，这是一场持续多年的搜寻，”她回忆道。“当我第一次见到根登时，有一种能量，就像被塞在软木塞下的香槟，正渴望喷涌而出。”

这位演员需要具备这种能量，因为皮多（Peedom）带领她的演职人员前往尼泊尔实地拍摄，以及在新西兰的山区取景。从群措（Phuntsok）的角度来看，皮多能够向他传授这一切的门道，在某种程度上对他很有帮助。

“珍（Jen）准备这部电影很多年了，就像一名登山者一样。她曾给我看一张她在攀登至大本营时拍的照片，那时她还很年轻。她能一直坚持把一件事做好，这深深打动了我，”他说。“她的准备工作极大地帮助我理解了我们真正需要做的事情，细致到每一个细节，比如当你身处高海拔地区时，呼吸是如何变化的。”

《丹增》（Tenzing）在多伦多国际电影节（TIFF）放映之际，正值珠穆朗玛峰遗产处于一个微妙的时期。首先，皮多的电影并不是电影节上唯一一部关于这座山的影片。本周，多伦多还将举办《珠峰：另一面》（Everest: The Other Side）的加拿大首映礼，这是伊丽莎白·柴·瓦萨赫利（Elizabeth Chai Vasarhelyi）和吉米·钦（Jimmy Chin）的最新纪录片，两人最著名的作品是令人惊叹（坦白说也令人恐惧）的 2018 年电影《徒手攀岩》（Free Solo）。更具争议的是，由于《国家地理》的一篇报道指出该地已演变成一个过度拥挤的旅游陷阱，登山界现在将这座山称为“世界上最高的垃圾场”，珠峰在今年夏天成为了新闻焦点。

“它已经成为了人类追求的象征，不是吗？世界上还有很多其他山可以攀登，但大多数人似乎都想攀登珠峰，”皮多说。

“攀登珠峰的人分为两类：自大狂和梦想家。有些人是为了正确的理由而去，但我认为你会发现真正的登山者并不攀登珠峰。我们或许都应该审视其代价，并尝试借鉴夏尔巴社区的经验，以敬畏和尊重之心对待这座山。”

《丹增》将在 TIFF 分别于 9 月 15 日晚上 9:30；9 月 16 日早上 8:15；9 月 18 日晚上 9 点；以及 9 月 19 日下午 6:30 进行放映。该片将于 10 月 16 日起在 Apple TV 上线流媒体播放。

莎拉·巴雷利斯在她的新专辑中哀悼一位朋友以及美国

音乐家莎拉·巴雷利斯（Sara Bareilles）将于9月15日和16日在多伦多的马西音乐厅（Massey Hall）演出，分享她最新专辑《Good Grief》中的歌曲。摄影：IAN ALLEN

布拉德·惠勒（BRAD WHEELER）

莎拉·巴雷利斯时隔七年推出的首张专辑名为《Good Grief》，这个标题听起来既像是在《花生漫画》（Peanuts）中流露出的无奈感叹，又像是在陈述哀悼所具有的宣泄本质。

两者皆是——这种双关含义是刻意为之。

“这是一个我经常使用的短语，”她在视频通话中说道，“我说这句话的时候听起来很像我妈妈。”

这张专辑是对一位挚友离世的反思，以及对一个陷入混乱的社会的政治自觉反应。在今年早些时候宣布这张唱片时，她曾表示：“这整组歌曲感觉更像是某种传递，而非刻意尝试去理解这个世界。”

几个月过去了。专辑已经发行，巴雷利斯正在进行巡演，并将于9月15日和16.来到多伦多的马西音乐厅。她现在状态如何？

“我很好，”这位音乐家、演员兼百老汇作曲家微笑着说，“我已经全部想通了。”这是讽刺。“不，我并不好，”她继续说道，依然带着微笑，“我认为这里没有解决方案。这不是一张提供答案的专辑。”

那么，《Good Grief》是一部关于挫败感与丧失的优雅记录——是挥向空中的旋律之拳。专辑的第一首曲目也是主打单曲是《Home》，这是一首动人的民谣，灵感来自斯蒂芬·科尔伯特（Stephen Colbert）与安德森·库珀（Anderson Cooper）在后者的播客中关于悲伤的对话。这首歌成为了社区凝聚力的号召：“所以告诉我你的故事，我也告诉你我的。”

这位46岁的北加州原住民在纽约的家中，谈到了各种旅程——音乐上的、情感上的以及其他方面的。

在整合这张专辑时，您是否意识到这是一个完整的14首曲目体验，而不仅仅是为了给播放列表提供歌曲？

我是一名在播放列表出现之前就已出道很久的艺术家。我的受教育方式不同。我也习惯在两张唱片之间留出时间。如果我要花时间制作一张专辑，我会从头到尾策划整个听觉体验。

我应该向读者指出，这张专辑并不是压抑的。《Capsize Me》这首歌很轻快，而《Nervous Breakdown》可能是关于急性心理健康危机最具有爵士风味的曲目。

[笑] 嗯，它是为了带听众进行一次旅程。我在主题和基调上思考这些声音能唤起什么，以及不同的节奏放在一起是什么感觉。曲目编排是一项巨大的工程。

核心启示是什么？我们能从悲伤中学习到什么？

这张唱片的全部意义在于尝试捕捉悲伤最完整的具象表达，对我来说，悲伤并非单一的一种状态。它是一种悖论。在那些有时感觉像单体巨石或暗物质的事物中，存在着惊喜与欣喜。悲伤中同样包含着巨大的敬畏、神秘、快乐、连接与满足感。

那么韧性呢？

是的，还有希望。这些也都蕴含在专辑中。还有幽默感。你提到了《Nervous Breakdown》。

当我听到“keep the Novocaine out of my wisdom teeth”这句歌词时，我不禁笑了。

在艰难时刻，谁不需要一点俏皮的瞬间呢？我试图探讨所有形式的悲伤。

让我们谈谈《Hands off My Body》。当你 2024 年在好莱坞碗球场演出时，你告诉观众这首歌会自我诠释。现在既然你在这里，能为它解释一下吗？

我开始创作这首歌是在 2022, 年伊朗女性运动之后，在马莎（吉娜）·阿米尼去世之后。随后，这首歌开始呈现出不同的维度。罗诉韦德案被推翻，美国乃至全世界女性的生殖健康受到攻击。在太多地方，我觉得我们正在见证一种厌女症的怪物，以及对我而言代表着对女性压迫的东西。所以，这首歌是对自主、独立和社区的恳求。

你会说“社区”是

整张专辑的一个主题吗？

是的。我认为专辑中的很多歌曲都在讲述将彼此的痛苦带到对方身边，这样我们就能共同承担。我认为《Hands off My Body》是女性共同站出来要求自由的战斗号角。

说到女性，跟我说说《Heartland》吧。我很喜欢其中卡罗尔·金（Carole King）式的感觉，而且你似乎在唱一个特定的女性，那个举着火炬的人。

《Heartland》关于国家的悲伤。现在身为美国人，这种感觉很复杂。我从自由女神像实际上代表了什么这个视角来写这首歌。以及从宪法的视角——纸上的这些文字，它们所体现的以及它们所理想化的东西。我仍然觉得这些理念值得追求。

在你看来，美国在为什么而悲伤？

残酷。贪婪。竞争。这里有太多的悲伤，而且那种无力感似乎如此巨大。

在你自己的悲伤过程中，你处于什么阶段？

我处于混乱的中间阶段。我还没有痊愈。我正尝试从那个状态出发去分享。

本访谈经过编辑和删减。

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为什么过早专业化会使年轻运动员边缘化

鼓励孩子过早地 专注于一项运动 可能会适得其反

ALYSSA AGES

为了赢得他的第一枚奥运金牌，达米安·沃纳（Damian Warner）走了一条正变得越来越罕见的道路：直到16岁他才开始参加有组织的体育运动。直到20岁他才开始专业化。如果他能按计划参加2028年夏季奥运会，他将成为奥运历史上年龄最大的十项全能运动员，届时他将38岁。

“这是我一直选择去做的事情，”他说。“我热爱运动，并尝试按照自己的方式变得更好。”

培养一名职业运动员的诸多因素仍是未知。是基因？还是卓越的自律？我们所知道的是，过早专业化的孩子——在12岁之前每年在单一运动项目上训练八个月或更长时间——更有可能因为受伤或心理和情感倦怠而放弃运动，成为职业选手的机会仅有微小概率，并且在成年后保持活跃的可能性较低。

如果大多数父母的目标是培养一个健康、快乐的成年孩子，那么鼓励他们过早地进行高强度训练似乎适得其反。那么，为什么我们还在这样做？

一代人之前，体育专业化并不常见。这种转变并没有一个明确的时间点，但也许是马尔科姆·格拉德威尔（Malcolm Gladwell）在2008年普及的“10,000小时法则”——该法则主张达到真正的专业水平需要这么长时间。Give and Go Sport Education的执行董事马克·麦奎尔（Mark McGuire）认为，这可能开始得更早，比如泰格·伍兹（Tiger Woods）和威廉姆斯姐妹的故事，他们很早就几乎 exclusively（排他性地）钻研自己的运动项目并成为了冠军。

加拿大奥运奖牌获得者达米安·沃纳表示，他之所以在尝试不同事物时感到如此自信，部分原因是他的母亲支持他的热情，但从未向他施压要求他去竞争。ULF SCHILLER

“他们是特例，”他说。根据一项针对约4,000名父母的调查，六分之一的人认为自己的孩子有成为职业运动员的天赋，但概率并不在他们这一边。例如，根据2003年的一项研究，在参加小联盟冰球赛的加拿大青少年中，大约每4,000人中才有一人能进入NHL。在美国，NCAA的数据显示，只有约1%的高中运动员能获得体育奖学金。

在许多有组织的体育运动中，如果你的孩子没有过早专业化，他们长大后可能没有机会参赛（学校球队除外）。这带来了另一种焦虑感：“如果我现在不逼孩子努力，他们可能会错过机会。”

“体育是一门生意，”麦奎尔说。“每个人都被卷入这个巨大的体育机器中，没有人知道如何退出。而且它的速度如此之快。”

意识到实现目标需要努力，可以获得很多启发。但值得退一步审视这些目标的来源，以及它们可能会对你的孩子产生怎样的长期影响。

过早进行体育专项训练的弊端

根据加拿大健身与生活方式研究所（Canadian Fitness and Lifestyle Research Institute）2025年的数据，超过 70% 的加拿大青少年参加有组织的体育运动。这是一个好消息，因为参与体育运动有助于预防长期健康问题，降低辍学率，并培养自信心、毅力以及对他人的尊重。

在 2025 年一份关于加拿大青少年体育现状的报告中，96% 的孩子参加有组织体育运动的家长报告称，这对身体健康产生了积极影响，93% 的家长报告称这对心理和情感健康有益。

当我联系那些孩子专注于单一体育项目的家长时，大多数人的反馈是积极的。

埃莉斯·普尔弗（Elise Pulver）15 岁的女儿布雷登（Brayden）从 10 岁起就开始参加单板滑雪比赛，并且全年训练。尽管埃莉斯提到资金投入很高，且接送布雷登参加训练和比赛充满挑战，但她表示，这项运动教会了布雷登独立、韧性以及如何在团队中相处——这些都是她成年后可以携带的财富。

“这就是她唯一想做的事情，”埃莉斯说。一些家长也认为益处超过了弊端，理由是纪律得到了提高，并且有机会学习如何应对逆境和不同性格的人。

然而，在许多情况下，过早的专项训练产生了与许多家庭希望截然相反的效果。《科学》（Science）杂志 2025 年的一项研究回顾了包括奥运选手在内的 34,000 多名成年高成就者的研究结果。研究发现，在大多数情况下，早期的顶尖表现者并非那些在成年后处于巅峰状态的人。

辍学率很高：据估计，70% 的青少年运动员在 13 岁之前就退出了有组织的体育运动。女孩的退出率是男孩的两倍。最常被提及的原因是？不再有趣了。许多青少年可能会完全放弃体育运动。

我曾与一些前青少年和大学运动员交谈，他们发现当结构化的体育活动结束时，自己陷入了迷茫，不确定在没有计划、教练或比赛准备的情况下如何继续保持活跃。

一项 2020 年对 300 多项研究的审查和元分析发现，在 7 岁至 18 岁之间进行专项训练的青少年比参加多种体育运动的青少年具有“显著更高的受伤风险”。

骨科医生兼加拿大骨科协会（Canadian Orthopaedic Association）主席罗伯特·利奇菲尔德（Robert Litchfield）表示，专项训练的青少年大多数受伤倾向于是由过度使用或重复动作引起的。 ■ 运动员，A15

从游戏到办公，这些 LG UltraGear 显示器专为全场景打造

赞助内容

寻找最适合您桌面配置的显示器。LG 产品组合为工作和娱乐提供巅峰性能。

秋天是升级家庭工作空间的绝佳时时机。无论您是学生、居家办公专业人士，还是顶尖 PC 玩家（或三者兼而有之），一套顶级的桌面配置都至关重要。

最优秀的家庭办公技术应具备双重用途，在最大化利用空间的同时，既能作为生产力伙伴，又能成为娱乐利器。

LG UltraGear 显示器系列弥合了专业与个人生活的差距，为工作和娱乐提供巅峰性能。每款显示器都采用能融入现代空间的极简功能主义美学设计，在多种尺寸和规格中，提供了玩家所要求的硬件性能、学生所需的耐用性以及专业人士期待的生产力能力。

现在您只需选择最适合自己的一款。请继续阅读，看看哪款显示器最符合您的工作与娱乐目标。

如果您想要专为竞技游戏打造的最新技术……

作为该系列的最新成员，LG UltraGear G5 也是全球首款原生 1000Hz FHD 游戏显示器，专为电子竞技打造，旨在提供竞技玩家所要求的速度、清晰度和精准度。与依赖模式切换才能达到峰值刷新率的显示器不同，LG UltraGear G5 默认以全高清分辨率原生运行在 1000Hz，无需调整设置。如果说玩家的水平取决于其工具，那么 LG UltraGear G5 提供了即时的优势。对于那些同样认真对待娱乐游戏的学生和专业人士来说，情况也是如此。

技术规格 LG UltraGear G5 (25G590B) 尺寸：25" 分辨率：FHD (1920x1080) 显示屏：带 ATW 偏光片的 IPS 显示屏 亮度：VESA DisplayHDR™ 400/ sRGB 99% (典型值) 特性：MBR Pro (运动模糊 减少 Pro) 技术； 兼容 NVIDIA® G-SYNC® / AMD FreeSync™ Premium

LG UltraGear evo 27 英寸 GM9 仅为 LG UltraGear 系列中的一款显示器，在小巧的体积中提供电影级的画质和惊人的速度。由厂商提供

如果您想要一个具有清晰视觉效果的宽屏，以取代您的多显示器配置……

基于广受欢迎的 LG GX9 系列的传承，LG UltraGear evo GX9 是一款 39 英寸 5K2K 曲面 OLED 游戏显示器，具有 AI 超分辨率技术。该功能利用智能图像处理来增强低分辨率内容，使其细节更锐利、清晰度更高，并提供更具沉浸感的视觉体验。21:9 的超宽格式提供了全景视野，具有清晰的文本锐度和令人惊叹的游戏画面，氛围感 RPG 和模拟赛车爱好者将对此非常喜爱。但这种像素密度同样使需要高文本锐度的程序员和数据分析师受益，且曲面边框实现了宽阔的并排生产力，无需多显示器配置。对于在学习期间使用分屏在研究论文、代码库和休闲游戏休息之间切换的 STEM 学生来说，这也非常实用。

技术规格 LG UltraGear evo GX9 (39GX950B) 尺寸：39" 分辨率：5K2K (5120×2160) 显示屏：1500R 曲面 屏幕类型：OLED 格式：21:9 超宽 响应时间：0.03ms 像素密度：143 PPI

如果您想从一台紧凑型设备中获得强大的视觉性能和竞技速度……

凭借次世代 Hyper Mini LED 技术，LG UltraGear evo GM9 在小巧的体积中提供了电影级的画质和惊人的速度。这款产品专为照片和视频编辑师、平面设计师或调色师量身定制，同样也非常适合在标准尺寸宿舍书桌上使用高细节 CAD 或媒体软件的创意艺术、建筑或工程专业学生。这些专注于视觉的规格使其成为最适合那些在紧凑表面空间内工作，且优先考虑 5K 极致视觉清晰度和高亮度 HDR 对比度的游戏玩家的显示器。

技术规格 LG UltraGear evo 27 英寸 GM9 (27GM950B) 尺寸：27" 分辨率：5K (5120x2880) 显示屏：平面 屏幕类型：Hyper Mini LED 亮度：VESA DisplayHDR™ 1000，DCI-P3 99% (典型值) 响应时间：1ms 像素密度：218 PPI

如果你希望白天拥有一个宽广的工作站，夜晚拥有一个沉浸式的娱乐屏幕……

那些追求大尺寸的用户可以选择 LG UltraGear evo G9，这是 LG 最大的 5K2K 游戏显示器。其超宽格式扩展了水平视野，同时保持一致的超高清细节。它的设计旨在为游戏玩家提供更具沉浸感的体验——例如赛车模拟飞行员和沉浸式开放世界游戏，让你感觉仿佛置身于游戏中——同时也为学生和专业人士提供更多空间进行多任务处理、创作或享受沉浸式娱乐。除了对创意专业人士的明显益处外，同时管理多个项目的金融交易员或项目经理也会喜爱这种连续的画布。

技术规格 LG UltraGear evo 52 英寸 G9 (52G930B) 尺寸：52" 分辨率：5K2K (5120×2160) 显示屏：1000R 曲面 亮度：VESA DisplayHDR™ 600 格式：21:9 超宽 响应时间：1ms 刷新率：240Hz

白天最高气温，夜间最低气温，以及天气状况

见证六位新娘步入礼堂的婚纱

插画：VIAN WRYA

第一人称

苏珊·吉本斯（Susan Gibbons）写道，看到我的侄女穿着我们家族那件有着70年历史的婚纱，简直违背了所有逻辑

我们 all 在加蒂诺山（Gatineau Hills）的绿林之中就座，那里就在渥太华对岸的河对面。表亲、姨姑、叔伯和兄弟姐妹们都伸长了脖子，想要第一时间瞥见新娘的身影。我侄女灿烂的笑容向我们绽放。她紧紧挽着父母的手臂，缓缓向我们走来。当我们回以微笑时，我们中的许多人面面相觑，眼神中充满了困惑，而有些人则感到震惊。看来我们的新娘穿着一件70年前由她的曾祖母（我的奶奶）在威尔士制作的礼服。这件惊艳的蕾丝礼服在我的母亲家中安全存放了七十年，已成为我们家族中的一个传奇。这真的能是同一件婚纱吗？

我的威尔士母亲于1956年在威尔士的斯旺西（Swansea）与我的父亲结婚，我的父亲是加拿大人。他们在母亲伦敦大学本科第一年期间相识。我那来自卡尔加里的父亲当时也在伦敦完成研究生学业。他们在一次“保罗·琼斯”（Paul Jones）舞会上目光交汇，在这种舞会中，下一个舞伴是由随机决定的：内圈是移动的女性，外圈是男性，当音乐停止时，两人相对而立。这就是他们故事的开始。我母亲被父亲温柔的性格、好奇的心灵和加拿大口音所吸引，而我的父亲则被母亲的美貌与温暖所倾倒。他们在1954年订婚，并计划移居加拿大。

于是，我的威尔士奶奶承担起了为女儿制作婚纱的任务。她从斯旺西乘火车前往伦敦寻找面料，母女俩在著名的哈罗德百货公司（Harrods Department Store）会面，那里以销售进口面料而闻名。她们选了一款华丽的法国蕾丝。战后大多数家庭资金短缺，因此，得知奶奶为了购买这种昂贵的蕾丝而专门乘火车去伦敦，这意味着必须在其他许多方面做出牺牲。我们从小就听一个故事说，奶奶在制作这件礼服时几乎失明，因为其中大部分是手工缝制的。

与此同时，我的父亲回到了加拿大，在渥太华开始他作为研究科学家的职业生涯。在分开一年后，他在婚礼前两天回到了威尔士。在20世纪50年代，跨大西洋的定期通勤并不存在。

就这样，这件礼服的丝线开始在我们的家族世代之间交织。我的母亲在1956年穿着它，她的妹妹在1958年也穿着它。我是三个女儿之一，我们在1980年、1985年和1987年分别穿着同一件礼服走过礼堂走道。我们都觉得穿着威尔士奶奶缝制的这件礼服显得优雅。我们从未讨论过寻找其他选择；我们都想穿着它，并与它的历史相连。

在我们的家庭成员中，现在有六位年轻女性（对我父母来说是六个孙女）。四位已婚的孙女都考虑过穿着这件珍爱的礼服，它被保存在我现年92岁的母亲家中。蕾丝已经变得非常脆弱，许多地方因为磨损而出现了破洞。通过将礼服握在手中，她们有机会与奶奶分享几十年前她幸福婚礼日的故事。她们还再次听到了关于他们求爱以及跨越大西洋前往加拿大新家（这也是他们的蜜月之旅）的故事。礼服依然保有魔力，但修复工作似乎无法完成。她们中没有人能在婚礼当天穿着它。

今年夏天，看到我的侄女穿着这件70年历史的婚纱走在草地草甸上，简直违背了所有逻辑。礼服随着一位新娘被包裹在它的褶皱中而重生。这件礼服见证了五场持续数十年的婚姻。她因这种与过去的特殊联系而光彩照人。

我的祈愿是，作为第六位穿着这件礼服的新娘，我的侄女也能获得一份独特且充满爱、并能长久延续的关系。这些丝线将新一代与过去联系在一起，或许也将与未来的世代相连。

苏珊·吉本斯（Susan Gibbons）现居渥太华。

“第一人称”（First Person）是由读者提交的每日个人随笔专栏。有故事想分享？请参阅我们的指南：tgam.ca / essayguide。

运动员：专家称，父母往往是孩子过早专业化最大的推手

来自 A14 版

（他指出，体操运动的损伤通常是急性或创伤性的。）如果一个人在受伤后继续坚持专业化训练，再次受伤的风险将“非常高”。而损伤的影响往往不仅限于身体。许多人被迫在失去定义自己的运动后，苦苦挣扎于寻找自我认同。

“在竞技层面，我经常看到这种情况，”为各年龄段运动员提供服务的表现心理学家达娜·辛克莱（Dana Sinclair）说道。她说，运动员们会想：“如果我没有其他技能，而现在又受伤了，那我成了什么？我还拥有什么？”这可能会导致抑郁和焦虑。

今日数独答案

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辛克莱表示，父母往往是孩子过早专业化最大的推手。“当然，他们是希望孩子能变得更好，”她说，“但他们给了太大的压力。”

为了防止这种压力的积聚，辛克莱建议改变与孩子的沟通方式：在训练或比赛结束后，不要问他们“情况怎么样？”，而试着问“你感觉如何？”

留意倦怠的迹象，例如逃避训练、兴趣下降以及表现下滑。

沃纳（Warner）表示，他之所以在尝试不同事物时如此自信，部分原因是他的母亲支持他的热情，但从未强迫他去竞争：“我认为这就是为什么我能够坚持这么久的原因。”

今日 KenKen 答案

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多项运动运动员的优势

奥运选手凯尔西·米切尔（Kelsey Mitchell）在孩童时期曾考虑专攻体操，但她的父母鼓励她尝试多样化。23岁时，米切尔凭借其原始潜能和力量，被选中参加奥运会场地自行车训练。她回忆说，第一次参加训练课时表现得“非常糟糕”，但她同样热爱这项运动。

“我非常高兴且感激自己尝试过这么多不同的运动，并敢于挑战自我……因为这样一来，成年后面对新事物就变得很自然了，”她说。

加拿大奥运选手凯尔西·米切尔在孩童时期尝试过许多不同的运动，随后在自行车赛中赢得金牌。后来她转项参加雪车运动。

她随后在自行车赛中赢得金牌。之后，她转项参加雪车运动。

我采访的专家们都倾向于多项运动的方法。利奇菲尔德（Litchfield）表示：“你以不同的方式给身体带来压力，而这些压力是积极的。这能让你达到平衡。”

麦奎尔（McGuire）则指出了“解决问题能力”的发展——即学习如何解决问题并尝试新事物。

多伦多蓝鸟队（Toronto Blue Jays）的播报员、前职业棒球运动员乔·西达尔（Joe Siddall）直到高中毕业后才开始专攻单一项目，他表示，接触不同的教练有助于青少年适应不同的管理风格，而这种能力在职业世界中是一项资产。“我认为这可能是孩子们能从青少年体育中学习到的最重要的生活课题之一，”他说。

如果你的孩子热爱某一项特定的运动，并不意味着你必须强行将他们拉开。但意识到自己的技能和兴趣可以延伸到单一活动之外，具有巨大的价值。

“如果你参加多种运动，你会意识到生活远不止一项运动那么简单，”米切尔说。

《环球邮报》特稿

世界天气预报 全国天气预报

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图例

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通用纵横字谜 炸弹小队 —— 扎卡里·爱德华-布朗 (ZACHARY EDWARD-BROWN) 著

1 像冰咖啡一样（凉爽） 5 Gmail中的循环（链接） 8 可能是钾粒子 12 它覆盖了表亲 ltt 13 许多 Instagram 帖子 15 真诚的 16 意大利火山 17 早起____（不是夜猫子） 18 意面或米饭（简写） 19 亚历山大·奥韦奇金的绰号 22 枪口 / 口罩 23 棒球运动员莫伊塞斯 24 皮革打孔器 27 不远于 29 1950年代电视上的狗 31 每部莎士比亚剧作都有五个（幕） 34 体操最高分 37 狮子或老虎或熊（天呐！） 38 墨西哥语中的“先生” 39 寿司店里的鳗鱼（Unagi 和 anago） 40 管状意面 42 “绝对地！” 43 达菲鸭、路跑者或雾角公鸡 44 成年礼庆祝活动 47 与“面板”或“电源”搭配的词 48 Minecraft 爆炸物 49 提高意识的广告 52 真诚地 54 卢浮宫金字塔建筑师 I.M.（佩） 55 多指猫至少有 19 个（趾） 56 巨大的咖啡容器 57 BTS 和 Cream ... 或者 19-、34- 和 44-Across 可能是什么？ 60 俚语中的帽子

桥牌 史蒂文·贝克 (STEVE BECKER) 著 2026年9月15日，星期二

东家发牌。 双方均无弱点。

叫牌过程：

东 南 西 北 过 2 NT 过 3 NT 首攻 —— 红心 5。

61 云杉或 sycamore（枫槭） 62 穿着波点裙的老鼠 63 花卉欢迎礼 64 灭霸毁灭性的手指动作 65 由阿迪·达斯勒于 1949 年创立的公司

1 NBA 球星霍姆格伦 2 承诺 3 床垫材料 4 神话中的喷火生物 5 墨西哥种子 6 ____ Rica（哥斯达黎加） 7 卡内基的行业 8 圣路易斯有一个 630 英尺高的（拱门） 9 乌龙茶风味专家 10 划船者的需求 11 赠送许多波波头的体育组织 13 提前录制 14 巴尔的摩的羽毛朋友 20 后悔 21 Chipotle 的蔬菜卷饼中免费提供的是 25 锻炼，如权力 26 显微镜部件 28 莫奈的当代人 30 啤酒容器 31 Google Play 下载量 32 船员 33 “Dance Monkey”的歌手 35 肉汁增稠剂 36 油炸点心 38 歌曲名单 41 华丽广告的元素？ 43 支付定金 45 47-Across 系统中密度最低的行星

北 ♠ 8 2 ♥ A 9 3 ♦ J 6 ♣ J 10 9 7 5 3 西 ♠ K 10 5 ♥ J 8 7 5 4 ♦ 2 ♣ K 8 4 2 东 ♠ Q 7 6 4 3 ♥ 10 2 ♦ K Q 9 8 5 ♣ 6 南 ♠ A J 9 ♥ K Q 6 ♦ A 10 7 4 3 ♣ A Q

编辑：大卫·斯坦伯格 (DAVID STEINBERG)

说桥牌是一款放松的游戏，这其中有些矛盾，因为事实是——如果你想打好，你永远无法放松。

以这手牌为例，西家在 3 NT（三无将）对抗中首攻红心。庄家从明手打出一张小牌，并用 K 赢了东家的 10。随后他打出梅花 A，接着打出 Q，但西家打小牌，东家出尽。

这对南家来说令人失望，因为如果西家拿了 K，至少能确保 10 个墩。

但南家看到有机会建立梅花套，于是他打出一张红心小牌，在西家打小牌后，对 9 进行了迫击（finesse）。当 9 赢墩时，他打出梅花 J，迫使西家现在或在下一个墩拿 K。

对 9 的迫击很不寻常，因为南家开始时有三个稳赢的红心墩，而这样做似乎在危及其中一个。但这很有必要，因为他需要一个额外的明手进入点来建立梅花套，以便稍后回来收割。

然而，西家在比赛的关键点上掉以轻心了。他在第三墩拒绝拿梅花 K 后，在第四墩放松了警惕。当南家向明手的 A-9 打出红心小牌时，西家本应该打出 J。如果他那样做了，没有任何办法能救回这个合同。

西家从第一墩东家打出的 10 就可以知道，南家持有红心 K 和 Q。因此，西家应该尝试通过在南家打出 6 时打出 J，来阻止庄家获得额外的明手进入点。这种打法对西家没有任何损失，而最终可能会让他获益匪浅。

©2026 King Features Syndicate Inc.

隐喻填字游戏

© News Licensing / Times Media Limited

数独难度评级：★★☆☆☆

说明 填写网格，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）都包含 1 到 9 的数字，顺序不限。每个谜题只有一个解。

© 2026 Andrews McMeel Syndication

答案

1 目标部分是到达酒吧的另一侧 (8) 6 休息之后，这个快速准备餐点 (4) 8 小的，苍白的鸟 (4) 9 大城市的活力，经检查 (8) 10 可怕的骚乱，然后？准确地 (2,3,3) 12 在口中捕捉 (4) 13 天上的迹象将我们分开，我会这么说 (6) 16 我们被告知导航岛屿的方法 (6) 17 带着一些愤怒的蹬车匆忙赶路 (4) 18 来自贸易展，确定的宣传 (8) 21 常春藤，圣诞场景中自由使用的色调 (8) 22 打印机在文本中关于页面的害羞 (4) 23 女人的最后一个接收礼物 (4) 24 分离后来自女同胞的信 (8)

向下 2 关于树名的争论 (5) 3 不同，但不是干燥的，温暖的天气 (3) 4 黑羊之后，例如罗马诗人 (5) 5 缺氧，疲惫不堪的造船厂工人也许 (7) 6 与债务相关的轻率方面 (9) 7 把我安置在椅子上，我消费了东西 (7) 11 难以控制的计算机存储 (4,5) 14 非常安静的放松与平静 (7) 15 覆盖美国机构的异常短工作期 (7) 19 在痛苦中增加一个人的账户年数 (3,2) 20 突然袭击网住卒 (5) 22 山隘大部分很寒冷 (3)

KENKEN 数独

©2026 KENKEN Puzzle LLC. KENKEN 是 Nextoy, LLC 的注册商标。由 Andrews McMeel 分发 www.kenken.com

说明

1. 每行和每列必须包含 1 到 6 的数字，且不得重复。

2. 加粗边框的方格（称为“笼子”）内的数字必须使用给定的运算（顺序不限）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 Kenken 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同发布。

关税：贸易战使多伦多市长竞选异常激烈

卡尔加里的估算显示，该市的交通系统目前可能面临 $84-million 的关税成本。JUDE BROCKE / THE GLOBE AND MAIL

接 A1 版

卡尔加里的估算显示，该市的交通系统目前可能面临 $84-million 的关税成本，而市议会此前已承诺在交通网络上的未来支出为 $535-。计划在卡尔加里火焰队 2027-28 赛季初开业的豪华场馆 Scotia Place（造价 $800-）预计将面临额外 $30- 的关税成本，而卡尔加里陈旧的水利基础设施项目也将承受额外 $21- 的代价。

卡尔加里市长杰罗米·法卡斯（Jeromy Farkas）表示，这些额外成本相当于年度房产税上涨 12 per cent 至 18 per cent。他的办公室表示，他建议联邦政府和加拿大各大城市的市长寻找方法，以确保城市不会在关税战中成为输家。

《环球邮报》联系了全国十几个市政府。在安大略省的布兰普顿市（Brampton）是除卡尔加里之外唯一概述关税预计影响的城市，其潜在的资本成本风险被定在 $100- 至 $150- 之间。

联邦财政部的一名官员在电子邮件声明中表示，市政府可以就被征收关税的产品向渥太华申请财务救济。然而，市政府通常通过其承包商回收这笔资金，而承包商通常是最初负责缴纳关税的一方。

联邦财政部长弗朗索瓦-菲利普·香槟（François-Philippe Champagne）的发言人约翰·弗拉戈斯（John Fragos）表示，渥太华一直在寻找更好地支持市政府的方法。

安大略省经济发展部长维克·费德利（Vic Fedeli）的发言人埃文·罗宾逊（Evan Robinson）指出，有一项 $40- 的基金用于“受贸易影响的社区”，旨在将关键供应链回流、吸引新投资并实现经济多元化。

汉密尔顿的现任市长候选人安德里亚·霍沃斯（Andrea Horwath）表示，在她所在的这座安大略省城市中存在一种“担忧和预感”，该市约有 28,000 人从事钢铁、制造业和食品加工业。

她在一次采访中说：“人们对未来感到非常不安。毫无疑问，汉密尔顿人觉得我们正受到专门的攻击。”

伯灵顿的现任市长候选人、安大略省大城市市长小组主席玛丽安·米德·沃德（Marianne Meed Ward）表示，关税将迫使城市推迟成本支出，而这些支出在未来只会变得更加昂贵。她表示，伯灵顿 43 per cent 的企业直接受到关税或反关税的影响，涉及该市约一半的就业岗位。她说：“这相当惊人，且令人大开眼界。”

贸易战尤其激化了多伦多的市长竞选，现任市长奥利维亚·乔（Olivia Chow）及其主要挑战者、市议员布拉德·布拉德福德（Brad Bradford）就如何处理这一问题提出了不同的愿景。选举日为 Oct. 26。

在其他地方，一些城市表示，他们要么目前能够承受关税的影响，要么尚未衡量其对当地的影响

在的一份声明中，周女士的竞选团队为其目前的应对措施进行了辩护，并指出在2025年3月发布了一项经济行动计划，目标是实现多伦多贸易的多元化并采购本地产品。她的竞选团队表示，该市目前超过98%的支出流向了加拿大公司。她还为企业启动了一项拨款计划，并推出了一项新的工业地产税递延计划。

与此同时，布拉德福德先生认为该市对关税的应对措施不足。他提出了多项建议，包括成立一个永久性的关税应对小组、加快企业的许可证审批以及提供税收减免。布拉德福德先生表示，他全力支持卡尼先生在贸易战中的努力，但补充说，像多伦多这样的城市正在承担这些成本。

他在一份声明中表示：“这件事拖得越久，对已经捉襟见肘的市政预算造成的压力就越大。渥太华必须采取行动并提供关税救济，这样在华盛顿不断改变规则的情况下，城市才不会被留在原地独自承担这些成本。”

在其他地方，一些城市表示，他们要么目前能够承受关税的影响，要么尚未衡量其对当地预算的影响。

这一问题在温哥华也浮出水面，那里的候选人正准备参加10月17日的市议会选举。

上个月底，寻求连任的温哥华市议员露西·马洛尼（Lucy Maloney）呼吁召开特别会议，敦促现任市长候选人肯·西姆（Ken Sim）针对美国关税采取紧急措施。西姆先生拒绝了马洛尼女士的请求，称关税是国家事务，并表示他计划支持渥太华，“而不会在这个过程中增加不必要的噪音”。

温哥华市政府表示，尚未进行类似于卡尔加里的模型分析。

在草原省份，马尼托巴省将于今年秋季举行市政选举，温尼伯市发言人亚当·坎贝尔（Adam Campbell）表示，该市的公共服务部门正在审查与美国供应商的安排，以分析“关税潜在的经济影响”。

对于马尼托巴省的布兰登市，现任市长杰夫·福塞特（Jeff Fawcett）表示，作为市长，他之前更担心的是来自中国的关税（这些关税在今年早些时候被取消），因为这些征税直接影响了这座被俗称为“小麦之城”及其周边地区的农业部门。福塞特先生在一次采访中说：“美国关税对我们来说不一定是那么大的问题。”

在隔壁省份的萨斯卡通，首席财务官克莱·哈克（Clae Hack）表示，该市尚未计算影响，并指出很难评估有多少成本将被转嫁给市政府。

大多数东海岸城市

大多数东海岸城市——包括哈利法克斯、圣约翰斯和夏洛特顿——表示，与加拿大其他地区相比，它们受关税影响的程度较低，这在很大程度上归功于与欧洲开展的贸易多元化计划。多年来，大西洋省份共同致力于巩固与英国和西班牙等国的出口和销售渠道，这对海鲜和能源行业尤其有利。

尽管如此，夏洛特顿市发言人杰西卡·布拉德利（Jessica Bradley）表示，美国仍是大西洋加拿大地区最大的国际出口市场，且优势明显。持续的关税“将产生影响”，包括对爱德华王子岛的当地经济产生影响。

然而，新不伦瑞克省的情况更为严峻。去年，加拿大商会将圣约翰市指定为全国最易受关税影响的城市。由于向美国南下的出口量巨大，特别是在能源和林业领域，其风险敞口要高得多。

圣约翰市对外关系总监丽莎·肯尼迪（Lisa Kennedy）表示，这座拥有约78,000人口的海港城市尚未计算具体数据。

“目前，不确定性仍然太高，无法就其影响给出一个确切的数字。”

Cohere 首席执行官艾丹·戈梅兹（Aidan Gomez）在周一的加拿大全球增长论坛上出席，他正敦促开展一项协调一致的国际行动，以应对人工智能带来的危害。 摄影：FRED LUM / THE GLOBE AND MAIL

AI：教授称加拿大应参与塑造监管体制

来自 A1 版

美国总统唐纳德·特朗普拒绝了采取进一步 AI 安全措施的想法。“ 所需要的唯一控制或‘护栏’是一位强大且聪明（高智商！）的总统，而美国恰恰拥有这样一位总统，而且绰绰有余！”他在周一的一篇 Truth Social 帖子中写道。

与 巨头竞争的 Cohere 公司的戈梅兹先生写道，他支持对强大模型进行独立审查，但拒绝阿莫代伊先生提案中的其他部分。“起草该框架的公司正是目前处于市场顶端公司，”他写道。“一种在明确保留现有商业优势的同时让所有人慢下来的机制并不能让 更安全。它有使当今主导的 公司地位更加稳固的风险。”

相反，他建议开展一项协调一致的国际努力，以制定一个围绕 危害的框架，识别哪些风险值得关注，并设定政府应当介入的阈值。他还呼吁提高透明度，特别是在发生严重事故时，并针对已被认定为危险的能力对模型进行独立测试。

戈梅兹先生写道，此类测试必须真正独立，类似于金融机构获得许可的方式。他认为，阿莫代伊先生的提案涉及“精心挑选”的审计员，这可能会导致监管俘获。

至于 OpenAI 的黑客攻击事件，戈梅兹先生写道，阿莫代伊先生的任何提案可能都无法阻止它。“失败之处在于指令的质量、测试周围围墙的强度，以及允许代理在没有观察的情况下继续工作的时间长度，”他写道。

美国联邦贸易委员会前委员阿尔瓦罗·贝多亚在 X 上写道，反垄断法并不妨碍 公司为了提高安全性而合作，但它确实禁止它们组织起来以阻碍新兴竞争者。“鉴于该行业的经济特性以及它们面临的来自开源模型的威胁，这些首席执行官试图获得某种广泛的‘反垄断豁免’或‘例外’的举动，应当受到深刻的质疑，”他写道。

曾在 Anthropic 工作过的多伦多大学副教授大卫·杜文诺表示，戈梅兹先生的文章提出了合理的担忧，但掩盖了 实验室看到的一些风险，例如失去控制。“这些实验室按照他们自己的标准，不知道如何安全地进一步开发这些模型，而且他们已经在大声疾呼这一点，”他说。“Anthropic 和 OpenAI 一直在强调的一点是，即使是想要开始控制速度，也需要协调一致。”

多伦多施瓦茨-赖斯曼创新校园前主任、现任约翰·霍普金斯大学研究 治理的教授吉莉安·哈德菲尔德表示，加拿大应该参与塑造 监管体制。但她认为，在这种情况下，巩固权力并不是美国大型 公司的主要动机。

“我不会将整件事完全归结为为了获得反垄断豁免并封锁市场的尝试，”她说。“这里有两个时间维度：采取行动的紧迫性，以及建立一个妥当的监管响应的需求。”她说，后者需要更长时间，而自愿减速旨在产生短期效果。

加拿大 先驱、现运行非营利组织 Law-Zero（旨在构建安全 系统）的约书亚·本吉奥表示，政府在帮助监督这项技术及其开发人员方面需要发挥强有力的作用。“他们需要政府在场，以确保不存在卡特尔（垄断联盟），”他在一次采访中说道。

总理马克·卡尼在周一接受彭博新闻社采访时表示，他支持建立一个全球技术稳定机构以确保 的安全。他将其比作金融稳定委员会（Financial Stability Board），这是一个监测金融系统并提出建议的国际组织。

与此同时，中国的《环球时报》在周日的一篇社论中表示，阿莫代（Mr. Amodei）的提议相当于一场“无声的AI冷战”，旨在遏制中国在AI领域的发展。DeepSeek和Z.ai等中国公司一直在发布功能更强大的开源权重AI模型，这些模型可以被自由修改，这可能会威胁到美国科技公司的主导地位。

查尔斯国王将接见包括OpenAI、Anthropic在内的主要AI公司高管

伦敦——英国国王查尔斯本周将接见主要人工智能公司的领导人，讨论是否需要一套共同的原则来引导这项技术，因为该技术引发了关于其对人类构成威胁的日益增加的警告。

在AI领域最知名的人物呼吁放缓开发速度之际，查尔斯将接见来自英伟达（Nvidia）、谷歌DeepMind（Google DeepMind）、OpenAI、Anthropic的高管以及英国AI大臣，讨论如何利用该技术造福社会并维护人类尊严。

当两名Anthropic的研究人员发出警告，称快速发展的技术在不久的将来可能会导致人类灭绝时，关于AI的争论再次成为关注焦点。

Anthropic首席执行官达里奥·阿莫代（Dario Amodei）周六表示，公司必须放缓AI模型的进步速度。

这家总部位于旧金山的公司上周发布了一份威胁情报报告，详细阐述了若干行为体如何利用其Claude AI模型进行从武器开发、网络行动到监视和欺诈等各种活动。

然而，达成全球共识将十分困难：美国总统唐纳德·特朗普周日拒绝了任何关于放缓速度的讨论，而中国的《环球时报》则称这实际上是针对北京的“冷战剧本”。

查尔斯无论是在担任国王期间，还是在担任威尔士亲王期间，一直利用其地位召集会议讨论一系列议题，其中最显著的是环境问题。

白金汉宫表示，此次集会将讨论如何利用AI以造福社会并有助于“人类与地球共同繁荣”的方式。

英国作为AI资金和初创企业的欧洲领导者，倾向于采取轻触式的AI监管方式，与美国的立场更为接近，而非欧盟。路透社

谷歌将开始在加拿大使用AI识别未成年用户

渥太华——谷歌正将其年龄验证技术（利用人工智能检测未成年用户）引入加拿大。

该公司在周一的一篇博客文章中表示：“我们的年龄估算模型使用机器学习来解读与用户账户相关的一系列信号，例如用户搜索过的信息类型，或他们在YouTube上观看过的视频类别。”

该公司表示，如果该技术将某人识别为未成年人，其谷歌账户将被更改以包含额外的保护措施，例如对内容推荐的保障机制。

该公司称，如果该技术误将成年人识别为18岁以下，该人员将能够通过政府身份证件或自拍等方式证明其年龄。

谷歌加拿大政府事务与公共政策总监珍妮特·帕特尔（Jeanette Patell）在文中表示：“在接下来的几天里，我们将开始在加拿大逐步推出这项技术，并在扩大可用范围的同时密切监测进展。”

她表示，公司不会收集任何尚未与用户账户关联的新信息。

年龄验证技术使用率的提高，正值包括加拿大在内的全球各国政府采取行动，为社交媒体实施年龄限制之际。

Meta已经在加拿大开始使用AI识别未成年用户，并将其放入青少年账户中。

Meta 利用 AI 分析上下文线索（例如生日庆祝活动），以识别可能未成年人的账户。今年 5 月，该公司表示将增加“视觉分析”技术——即利用 AI 扫描照片和视频，以寻找用户年龄的“视觉线索”。加拿大新闻社（THE CANADIAN PRESS）

女性心理与大脑健康：从意识提升到实际行动

首席赞助商

CHARTwell

线下及虚拟活动：2026年9月28日，星期一

由于认知负荷、护理压力、激素波动、工作压力及职业倦怠等因素，加拿大女性的心理与大脑健康正承受着压力。对于边缘群体以及社会经济地位较低的女性而言，这一挑战更为严峻。什么样的解决方案和方法能够弥补在预防、意识提升和护理方面的差距？

当日议程包括：

线下参加：东部时间 11:30 A.M. – 4:30 P.M. 线下社交环节：东部时间 11:30 A.M. – 12:30 P.M. 以及 3:30 P.M. – 4:30 P.M. 地点：多伦多国王东街 351 号 17 层，环球邮报中心 (THE GLOBE AND MAIL CENTRE) 虚拟参加：东部时间 12:30 P.M. – 3:30 P.M.

欢迎加入《环球邮报》，我们将汇集顶尖的健康专家、医疗服务提供者、倡导者和社区领袖，共同探讨塑造女性心理与大脑健康的演进科学及生活经验。演讲者将重点介绍提升意识、弥补长期存在的护理差距，并推进更有效、更全面的预防和长期韧性构建策略。

演讲

Dr. Liisa Galea

Dr. ElnSa Galea Ph.D. FCAHS Treliving Family Chair in Women's Mental Health, Centre for Addiction and Mental Health, Professor, University of Toronto

弥补差距：为何女性的大脑健康刻不容缓 本次演讲将概述弥补女性心理与大脑健康研究差距的紧迫需求，识别研究盲点，并推进加拿大在公平预防、诊断和护理方面的发展。

访谈

Dr. Crystal T. Clark

MD, MSc, Head, Department of Psychiatry and Canada Research Chair in Reproductive Mental Health, Women's College Hospital

Dr. Sara Mitchell

MD FRCPC MPH, Cognitive Neurologist; Deputy Chief, Hurvitz Brain Sciences Program, Sunnybrook Health Sciences Centre

在女性的一生中，心理健康与大脑健康是如何关联的？此次对话将汇集顶尖的精神病学和神经学专家，探讨心理健康与大脑健康之间的联系，以及这些联系如何塑造女性在不同生命阶段的体验。

小组讨论

Kearie Daniel

Founder and Executive Director, Black Women's Institute for Health

Sharon Ranalli

Vice President, Marketing & Communications, Chartwell Retirement Residences

深度探讨 —— 女性的真实体验是什么？

深度探讨 —— 女性的真实体验是什么？ 本次小组讨论将聚焦于女性的生活经验，揭示数据背后的现实，以及由社会、文化和系统性因素塑造的各生命阶段所面临的挑战。

小组讨论

Christina Scicluna

Alzheimer Society of Canada

Alpa Shah MS, RDN Senior Director, Medical & Scientific Affairs, Haleon

预防策略 —— 支持终身心理健康与大脑健康 本次小组讨论将探讨支持女性心理韧性、认知健康和福祉的实用解决方案，以及如何在社会、医疗保健和社区中优先考虑预防工作。

[...OMITTED...]

炉边谈话

琳·波斯伦斯 (Lynn Posluns)

女性大脑健康倡议组织 (Women's Brain Health Initiative) 创始人兼总裁

倡导、领导力与女性大脑健康的未来 需要采取哪些措施，才能将女性大脑健康从日益提高的认知提升为国家优先事项？ 本次对话将探讨倡导、公众参与和大胆领导力的力量，以及研究机构、社区、职场和医疗系统如何协同工作，以推动变革的势头。

现场票：$129 + HST 及费用

虚拟票：免费

商业报告*

S&P / TSX 35,702.53 +5.04

15, 2026年9月，星期二

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Brookfield 与 CPPIB 将合作成立 $50-billion 枫叶基金

该风险投资将在基础设施及其他关键领域进行最低 $5-billion 的投资

詹姆斯·布拉德肖 (JAMES BRADSHAW)

机构投资记者

两名消息人士周一表示，加拿大养老金计划投资委员会 (CPPIB) 和 Brookfield 资产管理有限公司 (Brookfield Asset Management Ltd.) 将共同启动一项 $50-billion 的“枫叶基金” (Maple Fund)，用于对加拿大的基础设施和关键领域进行重大投资。

消息人士称，Brookfield 和 CPPIB 将在未来五年内各出资最高 $25-billion，对加拿大认为具有战略意义的领域以及关键基础设施项目进行股权投资。

《环球邮报》未透露消息人士的身份，因为他们未获授权公开讨论该协议。

当《环球邮报》就此事寻求评论时，CPPIB 和 Brookfield 的发言人分别提供了其首席执行官的声明，确认了该基金的计划，但未提供细节。

CPPIB 首席执行官约翰·格雷厄姆 (John Graham) 在一封电子邮件声明中表示：“加拿大正进入一个推进重大项目、为未来建设的新雄心时期，在全国范围内创造了极具吸引力的投资机会。”

消息人士称，通过枫叶基金进行的每项投资价值将至少为 $5-billion，且结构设定为每位合作伙伴持有 50 per cent 的股权。通过枫叶基金部署的资金旨在高于 CPPIB 和 Brookfield 的常规投资活动。

预计在周二的加拿大投资峰会上将公布相关消息，该峰会是由总理马克·卡尼 (Mark Carney) 领导的为期两天的活动。

这项共同协议将为大规模交易铺平道路。这些交易将由全球最大的资产管理公司之一的 Brookfield（管理资产超过 US\$1-trillion）以及加拿大最大的养老基金（代表 2200 万 多名加拿大人投资 $864-billion 资产）共同主导。

格雷厄姆先生是周一和周二在多伦多举行的加拿大投资峰会的共同组织者。 ■

论坛称渥太华必须为中型市场交易创造更便捷的路径

周一在多伦多举行的加拿大全球增长论坛上，曼尼托巴省省长瓦布·基纽（Wab Kinew，左）、加拿大创新者委员会主席吉姆·巴尔西利（Jim Balsillie，中）以及阿拉伯联合酋长国驻加拿大大使阿卜杜勒拉赫曼·阿里·阿尔内亚迪（Abdulrahman Ali Al Neyadi）出席活动。FRED LUM / THE GLOBE AND MAIL

肖恩·西尔科夫 (SEAN SILCOFF) 詹姆森·伯科 (JAMESON BERKOW)

周一，在由加拿大私人资本协会主办的一场论坛上，来自一些顶尖科技公司的财务主管和首席执行官表示，加拿大需要为全球资本巨头投资国内中型市场交易提供便利。

这场在多伦多滨水区举行、由加拿大风险投资与私募股权协会（CVCA）主办的为期一天的会议，是本周总理马克·卡尼（Mark Carney）举办的加拿大投资峰会期间最著名的周边活动之一。

CVCA的加拿大全球增长论坛吸引了数百名与会者，其中包括国家投资者、外国资本提供者、政治人物以及著名的加拿大创业者，包括 Wealthsimple Financial Corp.、Cohere Inc.、Waabi Innovation Inc. 和 Xanadu Quantum Technologies Ltd. 的首席执行官。

虽然总理在峰会上重点强调寻求投资的大型基础设施项目，但 CVCA 的活动则聚焦于在加拿大交易流中占据主导地位的小规模机会。一个来自阿拉伯联合酋长国的代表团与与会者举行了闭门会议，CVCA 还为投资者与与会者安排了其他定制会议。

Cohere 首席执行官艾丹·戈梅兹（Aidan Gomez）表示，加拿大是“一个非常值得信赖的合作伙伴”，他将自己的 AI 公司定位为美国巨头的替代方案。“这是 Cohere 希望在世界 AI 舞台上保护的品牌。”

但戈梅兹先生还表示，需要进行文化变革，加拿大应该更具雄心。

布鲁克菲尔德（Brookfield）私募股权执行主席赛勒斯·马登（Cyrus Madon）在会议上表示，贸易战是“任何人能给我国带来的最大礼物”，因为它“正迫使我们专注于真正重要的事情”，包括吸引资本和提高 GDP。

加拿大主权自豪感在会场中引起了共鸣，与会者主要是 CVCA 的成员。

曼尼托巴省省长瓦布·基纽（Wab Kinew）以一段土地致谢词开启了论坛，期间他坚定地指出——并赢得掌声——此次活动是在安大略湖畔举行的。（美国总统唐纳德·特朗普最近签署了一项行政命令，要求美国政府将其更名为“美国湖”。）基纽先生说：“我们正处于国家建设的时期。”

几位与会者呼吁进行变革，以提高加拿大对外国投资者的吸引力。

论坛，B10

制造业：美国关税和廉价的亚洲进口产品给南非汽车工业带来沉重打击 ■ B6

LULAMA MAU MAU / THE GLOBE AND MAIL

科技 埃德蒙顿初创公司 Artificial Agency 将 AI 引入 $214-billion 的视频游戏市场 ■ B3

投资 随着石油和通胀担忧增加，美国基准债券收益率突破 5% ■ B11

首席执行官在会议上表示，全球基金需要投资项目的确定性

STEFANIE MAROTTA JAMES BRADSHAW

顶尖首席执行官和财务主管向一个拥有 200 多人的房间（包括养老基金经理、投资者和银行家）表示——加拿大并不缺乏资本渠道，而是缺乏创建可投资项目的措施。

总部位于加利福尼亚州的智库米尔肯研究所（Milken Institute）周一在加拿大举行了其首次会议，在总理马克·卡尼的全球投资峰会开始之前，于多伦多聚集了顶尖的高级商业领袖。

会议发言者表示，加拿大需要提供精简的监管要求、更简单的税收制度以及更高效的审批流程，以说服投资者这些项目值得押注。

惠誉评级（Fitch Ratings）全球分析主管杰里米·卡特（Jeremy Carter）表示：“在加拿大建设设施的难度才是你没看到这些项目的原因，而不是因为缺乏资本。”

他补充说，虽然公司可以应对出现的复杂情况，但它们无法通过战略规划来克服监管的不确定性。 ■ 投资，B10

Bell 考虑大幅扩大在萨斯喀彻温省的数据中心规模

IRENE GALEA

BCE Inc. 计划将其在萨斯喀彻温省的人工智能数据中心运营能力扩大四倍，目标是通过一系列总额可能超过 $5-billion 的投资，在省内三个新设施中提供高达 1.2 吉瓦的计算能力。

该扩张计划是通过与该省签署的一份非约束性谅解备忘录提出的，将基于该公司目前在萨斯喀彻温省舍伍德（Sherwood）正在建设的 300-mega-watt 项目，并遵循相同的结构，即 Bell 负责建设物理设施并安排电力和互联网连接。与此同时，商业合作伙伴将提供计算技术。

米尔科·比比奇（Mirko Bibic）在一次采访中表示，公司正与潜在合作伙伴就“部分容量”进行“深入讨论”。虽然他拒绝透露目前已有多少容量被预订，但他表示公司“随着时间的推移，在填满 1.2 吉瓦的容量方面不会有困难”。

该公司周日下午在多伦多的“投资萨斯喀彻温论坛”（Invest in Saskatchewan Forum）上宣布了这一消息，出席人员包括首席执行官比比奇先生、萨斯喀彻温省省长斯科特·莫（Scott Moe）以及总理马克·卡尼。 BELL，B10

公司

ENGHOUSE SYSTEMS ....B12 微软（MICROSOFT） ....B6 RB GLOBAL ....B12 罗杰斯（ROGERS） ....B12 加拿大皇家银行（ROYAL BANK OF CANADA） ....B2 TRANSAT ....B12

冰球 加拿大蒙特利尔加拿大人队（Canadiens）与主教练马丁·圣路易斯（Martin St. Louis）签署多年续约合同 ■ B14

Capital Power 总裁兼首席执行官阿维克·戴（Avik Dey）在 5 月于卡尔加里举行的 Intersect 26 会议上发言，他预计首席执行官与全球投资者之间的对话将概述在加拿大的益处。TODD KOROL / THE GLOBE AND MAIL

首席执行官表示，加拿大仍需清除监管障碍

戴表示，在卡尼的峰会上，将商业热情转化为最终投资决策将是真正的挑战

艾玛·格雷尼（EMMA GRANEY） 能源记者

Capital Power 首席执行官阿维克·戴（Avik Dey）表示，在本周于多伦多举行的加拿大投资峰会上，将商业和政治领导人的热情转化为最终投资决策将是真正的挑战。

总理马克·卡尼在 4 月份首次宣布了此次峰会的计划，并表示峰会将重点吸引来自国内和全球参与者的新投资，用于国家建设工程。这是他所声明的旨在扩大加拿大经济联系，以减少对美贸易依赖的努力的一部分。

戴在周一告诉《环球邮报》，商业界认同这一雄心并致力于大型项目，但要将其催化为最终投资决策并实际动工，意味着必须突破加拿大多层级的官僚机构和监管体系。

他表示，渥太华的重大项目办公室在一定程度上起到了作用，但缺乏足够的力度来明确表示：“这些是我们支持的项目，我们将通过以下方式推动它们获得批准。”

戴在周日晚上参加了在皇家安大略博物馆举行的一场仅限受邀嘉宾参加的招待会。在峰会开始前，来自银行、矿业、养老基金和技术等领域的近 500 名嘉宾与联邦和省政府政治人物在此交流。

他将这次活动描述为某种程度上的“集结号”；这是一个机会，可以表达“让我们全力以赴，不要失去这个机会”来建设重大项目。

“我的整个职业生涯都在金融和能源领域，在全球范围内工作，但我从未见过像昨晚那样聚集了这么多加拿大商业领袖、政策制定者和联邦政府人员的场合，”戴说道。

“作为一名加拿大人，身处那个房间里非常令人振奋。”

戴参加此次活动处于一个较为独特的地位。在与投资者会面时，他将利用自己曾在私募股权和养老金投资领域工作的经验，从投资者的角度出发。

他预计，首席执行官与全球投资者之间的对话将不仅概述潜在项目，还将概述在加拿大的益处；即该国的法律安全性、与市场的接近程度，以及一个“如果你能驾驭它，就能为你提供结果保障”的监管机构。

加拿大投资峰会的组织官员确定了 160 多个处于不同开发阶段且开放投资的项目，包括一项拟议的 $10.9-billion 高铁连接线（埃德蒙顿至卡尔加里），以及一项计划耗资 $57-billion 的丘吉尔港扩建项目。

Capital Power 也在该名单上，拟对其位于埃德蒙顿附近的 Genesee 发电站场地进行 US$2-billion 至 US$6-billion 的扩建。该项目将使该场地成为一个“能够支持大型工业和数据中心需求的重大发电和能源存储枢纽”。

在活动前分发给峰会参会者的 66 页“招股说明书”手册被定义为“一个关于跨多个资产类别、行业和开发阶段的多元化机会的快照”。

然而，戴表示，接下来的两天“仅仅是冰山一角”。

他说，全球投资者将带着“兴奋且准备就绪”的心情来到多伦多关注重大项目。“但这些项目的可交付性将取决于我们。”

吉尔博加入魁北克影响力投资与养老金计划联盟，开启政坛后生涯

杰弗里·琼斯 卡尔加里

前联邦环境部长史蒂文·吉尔博（Steven Guilbeault）已获得其离开政坛后的第一份工作，他将加入一家魁北克养老金计划和影响力投资基金，就气候、生物多样性以及环境行动的社会影响提供咨询。

该组织将于周二宣布，吉尔博先生已加入总部位于蒙特利尔的 Bâtirente 与 Fondaction 联盟。此前，吉尔博在与政府产生理念分歧后，于 8 月底辞去了自由党国会议员的职务。

该联盟成立于 2025 年 1 月，由国家工会联合会（Confédération des syndicats nationaux）设立的团体养老金计划以及 Fondaction 共同组成。后者是一家 $4.5-billion 劳工赞助影响力基金，专注于可持续投资。

吉尔博先生表示，他被这个机会所吸引，因为该组织与他个人的环境和社会价值观相一致。他将担任执行顾问，其职责将包括利用他在多个领域的人脉和环境方面的经验，与魁北克、加拿大全境以及国际利益相关者建立关系。

“我认为人们很容易得出结论，他们绝对是加拿大现有的最先进的基金之一，我很乐意帮助他们演进并实现其愿景，”吉尔博先生说道。

这包括从能够推进联合国可持续发展目标（SDGs）的商业机会中寻求财务回报，目标包括扩大清洁能源、保护生物多样性和海洋，以及推广环保的生产和消费。

“很少有国家没有支持可持续发展目标。但现在，有多少国家在实际执行并日复一日地为此努力，则是另一回事。但我认为，至少在理论上，我们都认同这一点。而我喜欢 Fondaction 的地方在于，在他们这里，这不仅仅是理论，而是非常日常化、非常接地气的，”他说道。

他表示，他将兼职担任该职务，并正在探索其他机会。

Fondaction 以及 Bâtirente 与 Fondaction 联盟的首席执行官斯特凡·莫伦西（Stéphan Morency）表示，吉尔博先生作为一名活动家和决策者，已成为环境领域的领军人物，将拓宽该基金的视野。

莫伦西先生在的一份声明中表示：“他推动想法、在不同群体之间搭建桥梁以及围绕复杂问题动员支持的能力，将成为我们推进下一阶段发展的重要资产。”

他与吉尔博先生将参加 9 月 20 日至 27 日举行的纽约气候周（Climate Week NYC）。

在从事了二十多年的环境活动后，吉尔博先生于 2019 年作为自由党候选人在蒙特利尔的 Laurier-Sainte-Marie 選区当选。在担任环境与气候变化部长期间，他主导了前总理贾斯汀·特鲁多（Justin Trudeau）领导下的气候政策重点，包括工业和消费碳定价，以及拟议的油气排放上限。

这使他经常成为拥有大型传统能源产业省份政府的嘲讽对象，尤其是阿尔伯塔省和萨斯喀彻温省。

去年 11 月，在政府与阿尔伯塔省省长丹尼尔·史密斯（Daniel Smith）签署谅解备忘录以推进一条通往太平洋沿岸的新型数十亿加元石油管道，并放宽其他气候政策后，吉尔博先生离开了马克·卡尼（Mark Carney）总理的内阁。今年 5 月，他宣布辞去国会议员职务。

他在 Bâtirente 和 Fondaction 希望实现的目标之一，就是扩大“自然价值基金”（Value Nature Fund），这是一个专注于再生农业和林业的 $480-million 投资工具。Fondaction 与荷兰可持续投资者 Triodos Investment Management 于去年春天启动了该基金，前者承诺出资 $25-million。

吉尔博先生表示，这是规模最大的致力于自然保护的私营部门基金之一。他打算在纽约气候周期间与潜在投资者及其他联系人讨论该基金。

与此同时，吉尔博先生表示，在为卡尼政府举办的、将于周二在多伦多结束的为期两天的加拿大投资峰会所汇编的交易手册中，有几个前景看好的可再生能源和清洁技术项目。然而，他仍然反对化石燃料的扩张，而名单上的其他提案则在推动这一目标。

“我对此依然持反对意见，但在公开评论时我一直尽量小心，以免因噎废食，”他说道。“我认为政府仍在采取措施应对气候变化——尽管远未达到前任政府的水平。所以，我想说结果喜忧参半。”

加拿大通胀率维持在 3%

布雷特·邦代尔 (BRETT BUNDALE)

加拿大的通胀率在 8 月保持稳定，这表明能源成本的上涨尚未显著波及更广泛的消费者价格。

加拿大统计局周一发布的消费者价格指数报告显示，上个月的年度通胀率维持在 3% 不变。

蒙特利尔银行 (BMO) 加拿大利率管理董事兼宏观策略师本杰明·赖茨斯 (Benjamin Reitzes) 表示，此次通胀读数符合经济学家的预测，可能会减轻市场对加拿大银行下月加息的猜测。

他表示，通胀报告中几乎没有能促使央行提高利率的因素，这可能会冷却市场对 10 月加息的预期。

然而，赖茨斯先生在一份简报中指出，油价仍然是一个现实问题，这可能会“引发政策制定者的焦虑，并让他们担心能源价格波及到更广泛的通胀只是时间问题”。

根据 LSEG 数据与分析公司的数据，截至周一中午，市场对央行 10 月 28 日会议加息的金融概率在过去一周左右已跳升至 60%。

加拿大统计局报告称，中东冲突在 8 月继续推高汽油价格，但增速有所放缓，价格上涨 22.8%，而上月上涨幅度为 25.7%。

剔除汽油后，上个月的消费者价格上涨了 2.4%。

汽油价格上涨速度的放缓被房租、旅游团和航空旅行成本的增加所抵消。

该机构表示，由于燃油附加费上涨，以及航空公司在应对 2025 年加拿大赴美旅行人数大幅下降时做出调整，加拿大人在旅行方面的支出有所增加。

租金价格也呈上升趋势，8 月同比上涨 2.8%，高于 7 月的 2.5%。

加拿大统计局的数据显示，消费者在超市购物方面获得了一定缓解，因为食品价格的上涨速度自 2024 年 7 月以来首次低于整体通胀率，同比上涨 2.8%。

奶酪和酸奶等乳制品价格的上涨放缓带动了食品价格的整体减速。加拿大统计局表示，乳制品价格在 8 月上涨 0.7%，而 7 月的涨幅为 3.1%。

猪肉、调味品、香料和醋的价格涨幅较小，也导致了食品通胀同比增速的放缓。

尽管如此，加拿大皇家银行经济学家艾比·徐 (Abbey Xu) 表示，整体食品的可负担性对家庭而言仍是一项挑战。

她在一次采访中说：“最近的方向在某种程度上更令人鼓舞。我们看到整体食品通胀在几个月内略有下降。”

徐女士补充道：“但消费者可能仍然觉得给油箱加满油或去超市购物很贵。”

“我们看到了改善，但这并没有真正减轻家庭生活成本压力。”

消费者在 8 月的服装支出有所减少，上个月年度价格微跌 1.1%，原因是男装价格下降 2.3%，童装价格下降 1.9%。

加拿大统计局表示，在全加拿大范围内，大西洋省份 8 月的通胀率最高，新斯科舍省、爱德华王子岛省以及纽芬兰和拉布拉多省的价格上涨加速。

徐女士表示，总体而言，8 月的通胀数据“相当令人安心”，核心指标维持在加拿大银行 2% 的目标附近，且没有明显证据表明能源成本上涨正在扩散到其他消费者价格。

不过她指出，通胀和利率的前景在很大程度上取决于能源价格高企的持续时间。

加拿大新闻社 (THE CANADIAN PRESS)

燃油成本飙升，Flair 航空公司获得渥太华 $76-million 援助

由于航空燃油的高价继续导致承运商亏损，联邦政府已批准向 Flair 航空公司提供 $76-million 的紧急援助。

Flair 首席执行官伦·科拉多（Len Corrado）在一次采访中表示，这笔资金救助表明政府官员“意识到了问题的严重性”，并希望保持该行业的竞争力。加拿大企业紧急资金公司（Canada Enterprise Emergency Funding Corp.）表示，其批准救助贷款是为了抵消飙升的燃料成本，并使机票价格更加实惠。这家国有企业表示，贷款必须在四年内偿还，且利率低于市场利率。

Air Transat 的母公司 Transat A.T. Inc. 自 2 月下旬伊朗战争爆发以来，已获得 $430-million 的财政援助。 加拿大新闻社（THE CANADIAN PRESS）

总部位于埃德蒙顿的 Artificial Agency 将于明年推出首款 AI 驱动视频游戏

该公司与 Owlchemy 合作构建定制模型，以决定非玩家角色（NPC）的行为

JOE CASTALDO

游戏工作室 Owlchemy Labs 的首席执行官安德鲁·艾切（Andrew Eiche）一直苦于思考如何为这家总部位于奥斯汀的公司的一款虚拟现实作品开发单人版本。这款名为《Dimensional Double Shift》的游戏旨在让一群朋友扮演在一家跨维度餐厅和车库中服务顾客的角色。该公司尝试的所有方法都让游戏体验变得更糟，而且当简化为单人模式时，协作元素也随之消失。艾切先生在想，也许人工智能可以提供帮助。

在去年的一次行业会议上，他遇到了 Artificial Agency，这家总部位于埃德蒙顿的初创公司致力于将 AI 引入规模达 US$214-billion 的视频游戏市场，从而找到了答案。

该公司已与谷歌旗下的 Owlchemy 合作，构建一个定制的 AI 模型，用于决定《Dimensional Double Shift》中非玩家角色的行为和反应。这为单人玩家带来了交互式体验，而如果采用传统的硬编码方式设定每一个动作和反应，则无法实现这一点。“它们能够理解你的意图，能够相互协作，能够陪你胡闹。你可以通过 AI 获得这种多人游戏的体验，”Artificial Agency 的首席执行官兼联合创始人布赖恩·坦纳（Brian Tanner）表示。

这款由 AI 驱动的单人模式计划于明年发布，标志着 Artificial Agency 的技术自 2024 年公司成立以来首次在视频游戏中实现商业应用。

包括亚历克斯·卡尼（Alex Kearney）、迈克尔·约翰逊（Michael Johanson）和安德鲁·布彻（Andrew Butcher）在内的四位创始人拥有丰富的 AI 经验，此前曾在埃德蒙顿的 Google DeepMind 研究实验室工作。在这家科技巨头于 2023, 关闭其阿尔伯塔省分部后，这四人创立了 Artificial Agency。（约翰逊先生和布彻先生随后分别离职，前往阿尔伯塔大学和 Google DeepMind 就职。）

Artificial Agency 的四位创始人中，首席执行官布赖恩·坦纳、已离职人员以及亚历克斯·卡尼拥有丰富的 AI 经验，此前曾在埃德蒙顿的 Google DeepMind 研究实验室工作。这款由 AI 驱动的单人模式标志着该公司技术自成立以来首次在视频游戏中实现商业应用。 JASON FRANSON / 环球邮报

《Dimensional Double Shift》中的角色由人类设计，对话由编剧编写并由配音演员录制。

该公司还从投资者那里筹集了 US$16-million，其中包括 Radical Ventures，该公司支持了许多加拿大最有前景的 AI 公司，如 Cohere Inc. 和 Waabi Innovation Inc.。

坦纳先生表示，Artificial Agency 在夏季对其技术方案取得了重大进展，能够训练出足够小、可在智能手机或游戏机等本地设备上运行的定制 AI 模型。与运行来自 OpenAI 和 Anthropic 的先进基础模型相比，这显著降低了成本。

“基础模型的成本非常昂贵，因此我们攻克了如何创建高效的游戏专用模型，使其能够以一种无需工作室更改变现和进入市场策略的方式进行部署，这是一个巨大的游戏规则改变者，”卡尼女士说道。

Artificial Agency 使用《Dimensional Double Shift》的游戏数据对一个开放权重模型进行了微调，其运行成本仅为前沿模型 1 per cent 左右

Artificial Agency公司表示，这是一个AI模型。（与专有模型不同，开放权重模型允许开发者免费修改。）该公司预计将对其他工作室采取类似方法。今年6月，该公司聘请了曾就职于动视暴雪以及微软、索尼和谷歌游戏部门的格雷格·卡内萨担任首席运营官，以扩大其商业运营。

AI的使用在创意产业中一直存在争议，游戏行业也不例外。一份与今年GDC游戏节会议相关的行业现状报告发现，52%的专业人士认为生成式AI对该领域产生了负面影响，高于两年前的18%。视觉和技术艺术家对该技术的看法最为负面。

一些游戏因使用AI而引发争议。瑞典开发商Embark工作室的热门作品《Arc Raiders》最初在角色中使用了部分AI生成的语音，随后该公司用真人重新录制了对话。Embark首席执行官帕特里克·索德伦德在3月接受行业刊物GamesIndustry.biz采访时表示：“真正的专业演员比AI更好。”今年，玩家在另一款作品《1666: Amsterdam》的预览中也发现了看似由AI生成的资产，这促使开发商Panache数字游戏公司发表道歉，称此事为疏忽。

Artificial Agency的方法则有所不同。坦纳先生表示：“我们不从事任何取代工作或导致人类游戏设计师或技术人员失业的生成式内容。”《Dimensional Double Shift》中的角色由人类设计，对话由编剧编写并由配音演员录制。Artificial Agency的技术是根据人类玩家的行为和言语，决定AI角色将采取哪些预设动作和对话。

Owlchemy的艾舍先生表示，任何寻求采用AI的工作室都必须决定给予该技术多少自由度来塑造游戏中的事件。AI可以创造新的可能性，但也存在偏离设计师意图的风险。他说：“我们希望对游戏的大部分内容拥有精确的作者掌控权。AI可以在其有限的动作集内执行任何操作。”

魁北克水电公司与美国电力公司就欠费问题陷入僵局

尼古拉斯·范·普雷特 (NICOLAS VAN PRAET)

在加拿大水电生产商魁北克水电公司（Hydro-Québec）于去年冬天极端寒潮期间暂停向新英格兰地区供应电力后，该公司与当地电力公司之间爆发了一场具有潜在爆炸性的法律战。

马萨诸塞州的三家电力公司——Eversource、国家电网（National Grid）和 Unitil——于 9 月 8 日在美国联邦法院对魁北克水电公司提起诉讼，原因是该公司决定在今年 1 月和 2 月期间两次停止向南输送清洁能源，总计 12 天。魁北克水电公司则提起反诉，称在双方谈判未能达成解决方案后，对方未支付款项。

这些电力公司与这家省级国有企业（全球最大的水电生产商之一）签署了一份为期 20 年的供应合同，但电力供应在启动仅一周多后便被中断。当时，魁北克省自身也正面临寒潮袭击。

这场争端威胁到魁北克与邻近美国州之间的关系，并可能削弱多年来随着各国政府寻求更清洁、更可靠的能源而建立的日益紧密的联系。与此同时，两国之间还存在更广泛的贸易冲突，而在该冲突中，能源已被提出作为一种潜在的武器。

魁北克水电公司表示，它是根据“紧急可靠性削减”措施，停止了通过名为“新英格兰清洁能源连接线”的输电线供应电力，以保护电网的安全性和可靠性。该公司称，当时长期且危及生命的寒冷天气构成了一次“不可抗力”事件，使其在根据美国合同承担的义务被暂停。

马萨诸塞州的电力公司则反驳称，根据协议，魁北克水电公司有义务提供“稳定”且“不间断”的电力，但该公司未能做到这一点。他们在诉讼中表示，“最令人不安的是，这些中断是以一种歧视性、随意且不透明的方式强加的。”

这些电力公司指控称，魁北克水电公司在中断服务后的几个月里的行为和公开声明表明，它将根据自身认为合适的情况，“继续中断”电力购买协议项下的服务。他们要求赔偿 US4000万美元 的损失和抵消额，其中包括因不得不购买价格更高的燃油发电电力而产生的成本。

魁北克水电公司并不否认服务中断，但称其合法。该公司表示，在 1 月和 2 月期间，它向这三家能源公司共交付了超过 100 万兆瓦时的电力——价值 US$50-million 的电力，而这些电力公司尚未支付费用。相反，该公司称，对方“故意扣留”了应付款项，将其作为在魁北克电力不可用时所产生成本的一种补偿，并称这种策略是“一种不恰当的自我救济形式”。

公司发言人林恩·圣-劳伦特 (Lynn St-Laurent) 在一封电子邮件中表示：“魁北克水电公司的立场很明确：电力已经交付并被接收，因此必须支付费用。魁北克水电公司请求法院强制执行双方的合同义务。”

圣-劳伦特女士表示，向新英格兰地区的电力交付仍在正常进行。她称，魁北克水电公司仍然是可再生能源的“可靠供应商”，也是美国东北部的长期合作伙伴。

与马萨诸塞州电力公司的合同是魁北克水电公司与美国各州签署的三份长期供应协议之一。该公司还向佛蒙特州和纽约州供应电力，其中向纽约州的供应是通过一条名为“香普兰-哈德逊电力快线”的新输电线实现的，该线路已于 5 月投入商业运营。

批评人士质疑，考虑到魁北克水电公司面临着国内市场需求的增长以及发电资源的压力，该公司（以及延伸至魁北克政府）签署这些长期出口协议是否是正确的举措。该公司目前正面临北方水库水位下降的问题，这种情况自 20 世纪 60 年代以来从未出现过。

美国美联储本周将加息，这是沃什就任后的首次

“主席需要在这之间寻求平衡。”

安·萨菲尔 (ANN SAPHIR) 迈克尔·S·德比 (MICHAEL S. DERBY)

一周前，本周的结果还远没有这么确定。

美联储主席凯文·沃什 (Kevin Warsh) 不喜欢就美国利率可能的走势提供任何前瞻性指引，但高企的通胀、每桶 100 加元的油价，以及他本人强调需要实现价格稳定并关注金融市场定价信号，似乎让接下来的走向几乎不容置疑。

美国央行将在为期两天的会议结束后，于美国东部时间周三下午 2 点公布其政策决定。金融市场正大举押注美联储政策制定者将把基准利率上调 0.25 个百分点，至 3.75% 到 4% 的区间，并发出未来将进一步收紧政策的信号。

这一决定可能会让自 5 月就任并领导利率设定委员会的沃什先生陷入困境。美国总统唐纳德·特朗普在挑选沃什先生时，明确期望他会降低利率，但到目前为止，特朗普尚未因他未能实现这一目标而责怪他，而是称这是他那些具有“政治色彩”的央行同行们的错。目前尚不清楚总统会对在 11 月选举前如此之近的时间点加息做出何种反应，在这次选举中，特朗普领导的共和党正在捍卫其在国会中微弱的多数席位。

加息的决定，尤其是如果伴随着部分分析师目前预期的政策制定者对今年再次加息的预测，可能会迫使沃什先生至少对利率走势及其对经济的预期提供一定的引导——除非他愿意在进一步加息的大门前保持完全开放的态度。

“如果沃什仍然旨在不提供前瞻性指引，那么他在发言中将需要小心拿捏分寸，”道明证券 (TD Securities) 经济学家奥斯卡·穆诺兹 (Oscar Munoz) 写道。“如果他决定收紧政策，肯定会被问到未来的加息问题。对我们来说相当明确的是，如果他在 9 月选择加息路径，那么后续还会有更多的收紧措施。有趣的是看看他将如何”

“给去通胀一个机会，”理事克里斯托弗·沃勒 (Christopher Waller) 在 9 月初的一次路透社 NEXT 活动上打趣道，他引用了 6 月和 7 月较低的通胀读数，这些读数似乎在合理的时间范围内开辟了一条通往美联储 2% 目标的路径。“我认为我们必须拭目以待，”纽约联储主席约翰·威廉姆斯 (John Williams) 本月早些时候表示。

但上周高于预期的通胀读数可能会让威廉姆斯先生和沃勒先生都感到失望，并增加三位地区银行行长的沮丧感——克利夫兰联储的贝丝·哈马克 (Beth Hammack)、达拉斯联储的洛里·洛根 (Lorie Logan) 和明尼阿波利斯联储的尼尔·卡什卡里 (Neel Kashkari)——他们在 7 月就已经认为应该加息，并对维持利率不变的决定投了反对票。其他几位政策制定者表示，他们需要“尽快”看到去通胀迹象，否则他们也将支持加息。

美国劳工统计局报告称，剔除能源和食品后的美国消费者价格通胀率（衡量潜在通胀的关键指标）上月环比上涨 0.3%，这远高于与美联储 2% 通胀目标一致的水平。加上中东地区敌对行动重启导致油价飙升至每桶 100 加元以上，最新数据不会增加人们的信心，认为潜在通胀正“清晰且足够快速地”向 2% 移动，而这正是沃什先生上个月在怀俄明州杰克逊霍尔对全球央行行长们表示希望看到的。

“归根结底，如果缺乏相应的行动支持，主席对通胀不耐心的反复严厉警告将面临机构信誉受损的风险，”摩根大通 (JPMorgan) 经济学家迈克尔·费罗利 (Michael Feroli) 表示。他预计美联储周三将加息，尽管他认为这比期货市场定价的 85% 左右的概率要“更难预测”。

路透社

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加拿大必须利用投资峰会之机

机遇之窗 不会永远 敞开。资本 在流动，加拿大 必须随之而动

约翰·格雷厄姆 (JOHN GRAHAM)

评论

CPP Investments 总裁兼首席执行官

加拿大已经吸引了全世界的关注。

这个国家并非一夜之间发生了根本性变化，但其战略价值改变了。世界现在对加拿大数十年积累的特质给予了更高的溢价。

如今，投资者更加看重韧性、安全的供应链、可靠的能源、值得信赖的合作伙伴、政策的可预测性以及地缘政治的一致性。

这些都是加拿大长期以来的优势。在当今动荡的世界中，这些属性的价值在稳步上升。加拿大也在做出竞争所需的务实选择，例如在经济增长、能源安全和负责任的发展之间取得平衡，同时在各级政府之间协作，推进具有国家重要性的项目。

在一个更加极化的世界里，平衡相互冲突的优先事项并做出持久决策的能力本身就是一种优势。

这就是为什么 100 位全球最大规模的投资者于周一抵达参加加拿大投资峰会。此次峰会由加拿大政府与 CPP Investments 及 PSP Investments 合作举办。

该峰会将全球投资者与加拿大的商业领袖及政府聚集在一起，旨在将这种关注转化为行动。这也是加拿大在状态最佳时表现尤为出色的一方面：将政府、机构和企业团结在共同的国家机遇周围。

CPP Investments 本身就是通过联邦与省级的合作建立的，现已成为世界领先的机构投资者之一。此次峰会提供了另一个机会，将这种协作本能应用于吸引全球投资者的挑战中，因为他们现在正好奇地想进一步了解加拿大。

问题在于：全球投资者需要什么样的条件，才会投入更多资本并在加拿大建立合作伙伴关系？

成熟的投资者在决定长期资本分配地时会权衡多种属性，研究表明，可预测且稳定的政策环境是首要驱动因素。具体到这一点，加拿大被全球投资者评为 A+ 级，我们必须发挥我们的优势并在此基础上进一步构建。

越来越多的国家通过展示不同部门的优势如何协同支持大型开发计划，来竞争资本。这是因为目前最大的投资者通常在寻找能源、基础设施、技术、资源、融资和专业人才的组合，以支持规模足够大、能够大规模吸收资本的项目。

加拿大拥有这种独特的组合。现在的任务是将这些优势连接起来，并将其转化为更深层的投资管线，将加拿大的传统优势定位为进一步开发常规能源、可再生能源及战略基础设施的基础。

这不仅将使新投资者受益，也将使 CPP Investments 等长期国内参与者受益。一个更具活力和竞争力的加拿大市场将为我们和其他加拿大投资管理人创造更多机会，同时有助于在国内外建立或加强合作伙伴关系。

在为期两天的峰会期间，来自世界各地的投资者将了解到，加拿大正在简化决策流程，且政府、原住民合作伙伴、运营商和投资者正共同协作，并以更紧迫的行动推进。

加拿大拥有一个窗口期，可以将其日益增长的战略价值转化为国内的投资、合作伙伴关系和经济增长。但机遇之窗不会永远敞开。资本在流动，加拿大必须随之而动。

加拿大投资峰会拥有一个罕见的机会来把握时机，并利用全球的兴趣。我们的成功最终将由随后的结果来衡量：评估了多少投资，推进了多少项目，形成了多少合作伙伴关系，以及承诺了多少资本。

加拿大已经吸引了全世界的关注。现在，我们必须充分利用这一契机。

成为欧盟的“准成员国”？加拿大为何不可以？

克里斯托弗·沃斯威克 (CHRISTOPHER WORSWICK)

2025年，在布鲁塞尔举行的加拿大-欧盟峰会上，欧洲理事会主席安东尼奥·科斯塔（右）和欧盟委员会主席乌尔苏拉·冯德莱恩（左）迎接马克·卡尼总理（中）进入欧洲理事会大楼。SEAN KILPATRICK / THE CANADIAN PRESS

观点

卡尔顿大学经济学教授，全球劳工组织研究员

马克·卡尼总理正推动加拿大大幅深化与欧盟的关系。据《华尔街日报》率先报道，在与欧盟的谈判中，提出了“准成员国”（associate member）这一称谓。

目前尚未有所谓的“准成员国”制度。因此，如果卡尼先生的计划得以实现，这种关系仍有待定义。一名消息人士告诉《环球邮报》，卡尼先生希望在不牺牲自主权的前提下，在贸易、投资、安全、数据、学术和劳工领域建立更深层的联系。除此之外，并未提供更多细节。

虽然在不了解所有事实的情况下很难做出评估，但这将是一个重大举措，会对我们的经济产生广泛影响。

美国总统唐纳德·特朗普无疑会对加拿大与欧盟走得更近感到不满。而且我们不知道这是否真的能够实现。我们目前与欧盟签署了一项自由贸易协定，但包括法国和意大利在内的10个国家尚未批准，这在寻求全面整合两国经济方面并不令人乐观。

但综合考虑收益与成本，成为欧盟准成员国对加拿大来说具有成为净赢家的巨大潜力。

经济学家约翰·肯南（John Kennan）在一项具有影响力的研究中，利用标准经济框架论证，如果消除所有劳动力市场壁垒，全球GDP可能会增长50%。整合加拿大与欧盟的劳动力市场虽然不会产生如此巨大的收益，但依然可能非常显著。此外，整合加拿大与欧盟之间的学生交换项目和研究项目也将使双方经济大获裨益。

将我们的军事生产与欧盟整合将有利于我们的工业，因为加拿大的制造业正深受特朗普关税的困扰。事实上，周五宣布的将布兰普顿的 Stellantis 工厂出售给 Roshel 的提议，有力地证明了如果我们能加入欧盟的国防采购计划，加拿大制造业将获益匪浅。Roshel 生产装甲车。如果加拿大参与欧盟国防采购，我们可能会看到足够的商业需求，从而证明利用国防制造业来替代衰落的汽车制造业是合理的。

关于成为欧盟准成员国的一个主要担忧是，由于欧盟对碳排放有严格限制，这是否会使我们进一步开发石油、天然气和矿业能力变得更加困难。但欧盟似乎希望加拿大等国家扩大这些商品的供应。因此，我预计双方可以达成一项令人满意的安排，允许加拿大的碳排放高于正常水平。

考虑到欧盟内部不允许存在同类限制，欧盟是否会容忍我们省级的贸易和劳动力流动限制？可能不会，而这实际上对加拿大来说可能是一件好事。如果能让加拿大人在欧盟工作、学生在欧盟学习并享有互惠权利，渥太华或许能说服各省同意对贸易和劳动力流动进行实质性的自由化。这些国内限制是加拿大经济的主要拖累。

欧洲的官僚机构和复杂的法规被视为一项主要成本。欧盟的繁文缛节可能会进一步减缓加拿大的创新速度，但现实情况是我们已经面临大量的繁文缛节且创新缓慢，因此谈判可能不会导致繁文缛节的大幅增加。事实上，这反而可能减少繁文缛节，因为决心削减繁文缛节的加拿大有潜力引导欧盟的官僚机构向更好的方向发展。

如果加拿大的成员身份是第一个倒下的多米诺骨牌，而其他发达的自由民主国家（如英国、日本、韩国、澳大利亚和新西兰）也在探索同样的路径，那么这种情况似乎尤为可行。

考虑到我们的地理位置以及近期与美国自由贸易的历史，进一步向南整合将更有意义，且可能比获得欧盟的准成员国身份带来更大的利益。然而，随着华盛顿方面的敌对转向，很难想象这在不久的将来具有可行性，甚至是不值得追求的。

无论美国总统特朗普会对加拿大与欧盟建立更紧密的关系感到多么不满，目前尚不清楚他是否会在关税方面进一步惩罚我们，因为他可能担心那些已经对生活成本感到担忧的选民会产生反弹。

卡尼先生应当继续寻求与欧盟建立更紧密的关系。

加拿大应与欧盟建立更紧密关系。但请铭记历史，并留意差距

托尼·凯勒 (TONY KELLER)

观点

在 20 世纪 30 年代初，加拿大经济遭受了沉重打击。

首先，大萧条引发了全球性的经济低迷。全球对加拿大出口产品的需求低且在持续下降，买家愿意支付的价格同样如此。

美国通过采取保护主义进一步加剧了这场灾难。美国通过了《斯穆特-霍利关税法》（Smoot-Hawley Tariff Act）。没有哪个国家比加拿大受到的打击更严重，因为美国是我们最大的客户。

渥太华以反制关税回应美国的关税政策。（历史在重复，且押韵。）但与此同时，总理 R.B. 贝内特（R.B. Bennett）寻求与加拿大的第二大贸易伙伴建立更紧密的经济联系。他建议英国以及英联邦和帝国的其他成员国组成一个贸易集团，降低成员国之间的关税。

这并非一个不合理的想法：如果你的最大客户在针对你的出口产品筑墙，那就尝试将业务转移到其他地方。如果你的最佳客户在歧视你，那就寻找愿意在彼此利益上给予优待的朋友。

如今，全球经济并未陷入萧条。加拿大出口产品也没有遭受全球需求蒸发或相关的价格崩盘之苦。加拿大最大的出口产品——石油的世界价格在 US$100 以上。

但我们与 20 世纪 30 年代的加拿大面临着同一个问题：我们的主要贸易伙伴正在为我们的出口产品设置障碍。华盛顿还不断谈论要增加新的阻碍。

而且——在大萧条时期并没有这种情况——现任美国总统经常将他的行为定位为旨在损害这个国家、削弱我们的工业能力并降低我们的主权。

既然我们的挚友已经反目，那么总理马克·卡尼（Mark Carney）尝试与加拿大的 No. 2 伙伴建立更紧密的关系就顺理成章。

欧盟是加拿大的第二大贸易关系伙伴和第二大外资来源地。其成员国也是我们的北约盟友。

用卡尼先生办公室最近的一份新闻稿的话来说，他希望“加强加拿大与欧洲伙伴的联系”。目前尚不完全清楚这意味着什么，或者在积极影响之余是否会带来任何负面影响。

加拿大已经与欧盟签署了自由贸易协定，即《加拿大-欧盟全面经济贸易协定》（CETA）。虽然该协定尚未被所有欧盟成员国批准，但已在临时实施。与英国，加拿大签署了《贸易连续性协定》（TCA），即使在英国脱欧后，该协定仍将 CETA 的大部分条款延伸至该国。

加拿大还与欧洲自由贸易联盟（EFTA）——冰岛、列支敦士登、挪威和瑞士——签署了自由贸易协定。这些国家虽然不在欧盟内部，但与欧盟有着深浅不一的联系。

例如，挪威与欧盟之间实现了货物和人员的无国界流动。挪威间接向一项惠及贫困欧盟国家的基金出资，有点像加拿大的均衡拨款制度。挪威还采用了许多欧盟的法律和法规。

加拿大是否想要一种像挪威那样与欧盟的关系？我认为最好的答案是：对许多方面给予强烈的肯定，而对其他方面则坚决否定。

我们与美国的贸易额是与欧盟贸易额的五倍多，这在很大程度上是由地理因素决定的。将加拿大制造的汽车零部件运往底特律比运往德国更便宜；将石油从阿尔伯塔省运往美国中西部比运往波兰更便宜。

然而，在美加边境变得更加封闭的程度下，进出口贸易将有动力流向其他方向。考虑到美加边境正在筑起壁垒，消除欧洲贸易和投资中任何剩余的障碍，同时加强其他领域的合作，具有无限的意义。

加拿大还加入了欧盟的“欧洲安全行动”（Security Action for Europe, SAFE）倡议，这意味着加拿大正与欧洲合作，旨在建立一个更强大的国防工业。此举旨在将加拿大工业嵌入欧洲的国防开发与采购之中，反之亦然。

这是加拿大长期以来一直与美国协同开展的工作。现在是时候分散风险了。

与欧盟建立更紧密的经济关系，也可能给渥太华提供打破省际贸易壁垒的筹码。如果外部压力能促使加拿大将自身转变为一个商品、服务和劳动力统一市场，这将是大受欢迎的。

渥太华应当避免的是主权的丧失。在 20 世纪 80 年代后期谈判达成的最初的《美加自由贸易协定》创建了一个经济伙伴关系，并基于现有的安全与国防伙伴关系而构建。但它让两国在政治和宪法上保持完全独立。而欧洲由于历史和需求的不同，走了一条不同的道路。它创建了一个政治邦联，即一个至今仍深陷动荡的“欧洲合众国”。

加拿大曾与美国拥有（且有一天可能再次拥有）的关系，应当成为加强加欧关系的模型。不多不少，恰好如此。

R.B. 贝内特（R.B. Bennett）为了弥补美国贸易损失而采取的计划在今天几乎被人们遗忘。但在 1932 到 1938 年间，在华盛顿清醒过来并开始降低关税之前，英国曾取代美国成为加拿大商品的最大买家。

在当时，这并非一个疯狂的想法。而现在，这是一个更好的主意。

全国薪资周

Tuesday, September 15, 2026

认可薪资专业人员如何帮助员工追求目标并达成里程碑

National Payroll Week 2026 旨在强调薪资专业人员如何利用其资质和专业知识，帮助员工增强财务健康状况。HIRUN VIA GETTY IMAGES

大多数员工都会欣然同意，工资单的准确性和及时交付至关重要，并且他们承认薪资职能对他们的生活非常重要。但他们可能并不十分意识到，当薪资专业人员运用专业知识解决问题或提升个人财务健康时，所能提供的附加价值。

在魁北克省蒙特利尔工作的 PCP（薪资合规专业人员）克里斯汀·哈切里安（Christine Khatchérian）曾被一名公司员工寻求帮助，该员工担心自己无法获得所需的抵押贷款资格。

“他们需要帮助，”哈切里安女士解释道，“她的贷款机构需要准确的年初至今数据和收入证明，而且需要尽快提供。”

哈切里安女士挺身而出，创建了一份能让该员工在贷款机构面前处于有利地位的记录。她深知情况的重要性，迅速开展工作。随后，她出具了一封清晰的雇佣收入证明信，其中包含准确且经过核对的数据，证明了该员工的稳定性。

“一周后，她眼含泪水地回来了；她的首套房贷款申请获得了批准，”哈切里安女士说，“她告诉我：‘我原以为薪资发放与梦想无关，但你证明我错了。’”

“那一刻提醒了我为什么薪资工作很重要：我们不仅仅是在处理数字，我们是在守护人们的人生里程碑。”

“里程碑”是今年全国薪资周的主题。该活动于每年9月的第三周举行，旨在认可薪资专业人员的贡献及其在维持经济运转中所发挥的重要作用。

“

她告诉我：‘我原以为薪资发放与梦想无关，但你证明我错了。’那一刻提醒了我为什么薪资工作很重要：我们不仅仅是在处理数字，我们是在守护人们的人生里程碑。

克里斯汀·哈切里安 PCP（薪资合规专业人员）

全国薪资研究所（National Payroll Institute）总裁兼首席执行官彼得·扎内塔基斯（Peter Tzanetakis）表示：“今年，我们重点关注由薪资工作促成的那些时刻。无论是最终预订那次梦想中的假期，忠实地为退休储蓄，获取确保首套房贷款所需的文书，还是确保在育儿假期间获得保障——在人生的一些重大时刻，薪资专业人员始终在背后支持着你。”

这次活动最初受到一名全国薪资研究所成员故事的启发。当一名员工当年的 CPP（加拿大养老金计划）缴款达到上限时，该成员建议他将现在出现在净薪资中的这笔额外资金存入储蓄账户。他采纳了她的建议，并在同年晚些时候向她展示了他能够购买的订婚戒指，这在一定程度上得益于那些额外的储蓄。

在整个活动期间，薪资专业人员分享了他们自己的故事以及他们所支持的里程碑。

“这些故事令人难以置信，它们说明了薪资专业人员对员工生活产生了多么深远的影响，”扎内塔基斯先生说。

他说：“人们通常认为薪资发放是一个后台职能，而不是一项职业。有些人认为这就像按个按钮一样简单。但事实并非如此。在加拿大人的工资单背后，有一群才华横溢、细心且富有同情心的专业人员，而让更多人意识到这一点正是全国薪资周的意义所在。”

薪资支持里程碑：一个故事

“在我入职公司的早期，我有机会帮助一名单身母亲员工。在审核她的福利时，我注意到她没有充分利用退休计划中可获得的雇主缴款。我们花时间讨论了她的选择，随后她增加了缴款额，并充分利用了雇主的配比缴款。在当时，这似乎只是一个小小的支持举动，但事实证明，这对她的未来产生了深远的影响。

十五年后，在她退休不久，她联系我表达感谢。她分享说，她成功实现了我们多年前讨论的退休目标，并对我职业生涯早期给予她的指导表示感激。

[这次经历]……提醒了我，我们的工作对人们生活产生的影响，远超薪资和福利管理本身。”

该故事由匿名分享，用于国家薪资研究所（National Payroll Institute）的“里程碑”宣传活动。

在生命的重要时刻。

薪资专业人士在您身后支持您。

NATIONAL PAYROLL INSTITUTE

南非汽车之城的巨大危机

8月下旬，南非卡里加（Kariega）的一处废金属回收场内，工人们正在工作。该国的汽车产业中心正面临失业危机、犯罪率上升以及包括水电在内的基础服务恶化。LULAMA MAU MAU / THE GLOBE AND MAIL

美国关税和廉价的亚洲进口产品削弱了该国的汽车工业

GEOFFREY YORK 非洲分局局长 南非，卡里加

随着南非汽车工业之都的失业人数增加和工厂关闭势头增强，犯罪分子在这里盯上了一个新的收入来源：遣散费。

当地居民表示，由于担心遭到窃贼袭击，卡里加被裁员的工人对自己的遣散费保持沉默。该市的一名技能培训官员林迪滕巴·斯德巴（Lindithemba Sdeba）表示：“只要你的银行账户里有那么几个兰特，你立刻就会成为目标。”

南非的汽车之城陷入了困境。在廉价亚洲进口产品和美国更高关税的压力下，该国汽车产业的核心地带正面临失业危机、犯罪率上升以及包括水电在内的基础服务急剧恶化。

几十年来，卡里加一直是一个繁忙的工业中心，其地理位置具有战略意义，就位于印度洋港口城市格克贝拉（Gqeberha，原名伊丽莎白港）的内陆方向，汽车由此被运往世界各地。这两座城市共同构成了纳尔逊·曼德拉湾（Nelson Mandela Bay），这是一个人口达 120 万 的沿海大都市。

大众汽车（Volkswagen）等制造商和固特异（Goodyear）等供应商在卡里加建立了大型工厂，使这座城市成为该国汽车制造业的核心，该产业占国家 GDP. 的 5。每年在欧洲销售的数千辆汽车都在这里制造，主要来自大众汽车工厂，那是该大陆最大的工厂。

然而，来自中国和印度的竞争正在无情地侵蚀这座“南非底特律”的工业部门。据当地商会称，在过去两年中，纳尔逊·曼德拉湾失去了约 6,000 个制造业岗位。

自 2020, 以来，三家主要的轮胎制造商在此关闭了工厂，这在很大程度上是因为亚洲轮胎的进口。固特异是最近一家关闭工厂的企业，去年削减了 900 多个岗位。甚至大众汽车也面临着关于其未来的传闻。

直到最近，南非销售的所有汽车中约有一半由国内制造商供应。但如今，三分之二的汽车销量是进口车，主要是来自中国和印度。与此同时，摩洛哥已超越南非，成为该大陆最大的汽车制造商。

尽管南非政府征收了反倾销税，但南非许多幸存的制造商已转向使用更便宜的亚洲制造零部件，包括轮胎。这反过来又摧毁了卡里加整个工业供应商网络。

包括北汽集团（BAIC）在内的一些中国公司在纳尔逊·曼德拉湾设立了组装业务。但他们的工资远低于其他工厂，且大部分零部件依赖进口，导致其南非工厂主要从事最终组装和一些收尾工作。

美国总统唐纳德·特朗普去年征收的更高关税也损害了南非的汽车部门。去年，该国向美国的车辆出口下降了 83。

“我们的汽车工业处于非常困难的境地，”纳尔逊·曼德拉湾商会首席执行官丹妮丝·范·胡伊斯滕（Denise van Huyssteen）表示，该商会正在游说政府采取措施保护该行业。

她在接受《环球邮报》采访时表示：“你不能允许那些只进口车辆、排挤本地制造商和本地就业机会的运营商进入市场。”

“来自亚洲的进口产品进入这个市场的价格比当地供应商制造的还要便宜。没有哪个国家能与他们竞争。商业模式已经行不通了。”

在卡里加（Kariega），固特异（Goodyear）工厂的关闭或许产生了最大的心理冲击。该公司曾被认为是该市薪资最高的一批雇主之一。如今，其规模庞大的工厂空无一人。工厂大门上贴着一张三月份的拍卖通知，当时该场地已开放竞标，但目前没有迹象表明已有买家。

“就像在我们最需要的时候，有人关掉了灯，”斯德巴（Mr. Sdeba）先生说，“所以现在我们处于黑暗之中，必须为生存而战。”

卡里加曾因植被茂密而被誉为“花园之城”，但随着汽车工业的衰落，这里现在充满了废弃的建筑、布满坑洞的街道、损坏的交通信号灯和崩塌的基础设施。一座新的体育设施被彻底洗劫，任何有价值的东西——甚至包括球场上的草皮——都被窃贼搬走。

堆满了旧车零件和盗窃电缆的废金属回收场，成了少数几个繁荣的业务之一。“你某天早上醒来，发现你的前门被偷了——他们把它卖了80兰特（约7加元），”斯德巴先生说。

市政服务严重恶化。附近许多汽车工人居住的夸诺布勒（Kwanobuhle）镇深受漏水之苦，崩塌的街道上留下了充满藻类的死水潭。“这里有异味，孩子们在生病，”住在一条被长期漏水堵塞的街道上的诺克索洛·斯瓦特博伊（Noxolo Swartbooi）说，“蚊子和老鼠都很大。”

由于漏水和非法分流，纳尔逊·曼德拉湾（Nelson Mandela Bay）损失了高达63%的市政用水——这也是部分企业逃离的原因之一。工厂面临着供水不稳定和洪水风险。频繁的停电也令投资者望而却步。

但商会拒绝放弃。它与一个公民社会团体联盟合作，开展“认领漏点”计划以修复停水问题。它还开展了类似的项目，以修复泵站和电力变电站因蓄意破坏和电缆盗窃而造成的损坏。为了保护基础设施，当地正在安装警卫和监控摄像头。志愿者在繁忙的十字路口工作，以在交通信号灯损坏时防止事故发生。

根据商会吸引投资者的宣传活动，凭借其海港和其他资产，这座城市对投资者而言是一个“机遇之湾”。它还在游说政府提供帮助：提高进口车辆的关税、加强反倾销措施、为制造商制定本地采购规则，以及提供技术激励以帮助工厂提高全球竞争力。

范·海斯滕（Ms. van Huyssteen）女士表示，由于其汽车工业历史，纳尔逊·曼德拉湾拥有全国最多的工程师和技术专家。许多此类专家成为了修复漏水和应对基础设施危机的志愿者。

“我们学会了如何运行一座城市，”她说，“我们相信这是南非最容易修复的城市。它可以很快地扭转局面。”

Brookfield：枫叶基金将投资于具有复杂开发需求的重大项目，旨在让投资者能够开展合作

来自 B1 版

在辞职竞选公职之前，卡尼先生曾担任 Brookfield 的转型投资负责人以及该资产管理公司的董事会主席。

消息人士称，枫叶基金（Maple Fund）旨在投资具有复杂开发需求的重大项目，其设立方式将允许其他投资者根据具体情况，在投资项目中与加拿大养老基金投资委员会（CPPIB）及 开展合作。

资产管理公司首席执行官康纳·特斯基（Connor Teskey）在电子邮件声明中表示，枫叶基金“将两家致力于投资国家未来的公司聚集在一起”。

他说：“通过将加拿大养老基金投资委员会（CPP Investments）的规模和长期资本，与 的开发和运营能力相结合，我们 believe 枫叶基金能够推动一项世代传承的投资计划，投资于关键基础设施、工业和企业，从而支持具有全球竞争力的加拿大企业的增长。”

CPPIB 和 将独立评估并承销每笔交易，五年时间框架旨在作为初步承诺。

其中一名消息人士表示，据了解，两家合作伙伴通过该基金进行的投资将不收取费用或业绩分成（carried interest）。

在投资峰会召开前夕，各大银行和养老基金近日宣布了多项增加对加投资的计划，CPPIB 与 签署的这项联合协议是其中最重要的一项。

格雷厄姆先生在声明中表示：“加拿大养老基金投资委员会（CPP Investments）拥有追求这些机会的资本、长期投资视野和专业知识，而枫叶基金将我们的优势与 强大的项目发起和开发能力相结合，有助于将雄心勃勃的项目从机会转化为投资。”

他说，枫叶基金“使我们能够很好地把握当下，并在那些能为 CPP 基金提供极具吸引力的价值、且规模和复杂程度异常的机会面前迅速采取行动”。

两年前， 私下提出了一项探索性建议，计划启动一项 $50-billion 基金，旨在从加拿大主要养老基金和渥太华政府筹集资金。

一名消息人士表示，自那时起，该概念经过调整和演变，最终形成了即将宣布的平等合作伙伴关系。而且，CPPIB 与 之间的讨论早于渥太华宣布举办加拿大投资峰会。

中国情报首脑警告 AI 可能威胁党执政地位

莉莉·郭 (LILY KUO)

中国最高情报首脑发出警告，称人工智能可能对中国共产党的权力掌控构成直接威胁。这是迄今为止北京方面就该技术安全风险所发表的最高级别且最详尽的阐述。

中国国家安全部部长陈一新此次做出了异常坦率的评估，这与美国 AI 辩论中占据主导地位的警告形成了对比——美国的讨论重点在于 可能会脱离人类控制，或对人类本身构成威胁。

在周日出版的官方杂志《中国网络空间》的一篇文章中，陈先生呼吁加强党对 的控制以及更严格的政府监管。他表示，这对于维护国内政治稳定、防御来自“敌对势力”日益复杂的网络攻击和虚假信息活动，以及与美国等国家进行军事竞争至关重要。

陈先生特别提到美国科技公司及其 模型——如 Claude Mythos 和 GPT-5.5-Cyber——将其作为网络安全新威胁的例子。他还描述了外国情报机构可能利用 进行“大规模间谍活动”并攻击中国关键基础设施的危险。

新加坡管理大学法学教授高亨利（Henry Gao）认为，这个权力巨大的安全机构发出的警告表明，中国将外国 模型视为对中国的积极威胁。这实际上在美中官员就 安全风险进行谈判之前划定了一道红线，而此次谈判预计将在 9 月 24 日美国总统唐纳德·特朗普与中国领导人习近平在华盛顿会晤之前举行。

“北京在进入这些谈判时，并不将 安全视为一项共同的人道主义使命，而是通过对抗性的视角来看待，”高教授说。他补充道，北京正在向中国科技公司和外国竞争对手明确，“数据主权和政治安全绝不会为了国际安全协议而被交易掉。”

此前中国监管机构的警告往往集中在具体问题上，例如工业和信息化部曾表示，在 Anthropic 的某些版本编程工具中检测到了安全风险。

“这现在是一种更为广泛的警告，不再是关于某个特定模型或某个特定漏洞的威胁，而是关于 将如何为中国创造新风险的更广泛的范式转移，”布鲁金斯学会研究员凯尔·陈（Kyle Chan）表示。

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

微软起草 准则以引导未来模型并遏制风险

微软公司（Microsoft Corp.）周一公布了一份针对其内部人工智能的行为准则草案，这反映了业界日益增长的担忧，即公司必须将未来强大的 保持在人类控制之下。

该文件经过五到六个月的制定，将要求微软的 绝不能抵制修正或关机，必须以人类能够理解的方式进行沟通，并将任何行为违规视为失败——此举旨在解决人们对 为了完成任务而采取危险手段的担忧。

该准则的发布是在 Anthropic 首席执行官达里奥·阿莫代（Dario Amodei）和 OpenAI 负责人萨姆·奥特曼（Sam Altman）再次呼吁业界放缓 开发速度以确保安全几天之后。“人比 更重要，”微软声明道，这与其此前关于“人文超级智能”的愿景一致。

微软 首席执行官穆斯塔法·苏莱曼（Mustafa Suleyman）在接受路透社采访时表示，该行为准则相当于该公司未来模型的一种“宪法”。

他表示，微软在专家咨询后制定了该准则，目前希望在六周内获得公众反馈，包括针对一些开放性问题的反馈，例如 是否应该尊重用户的界限，以及它应该如何与处于敏感状态的人互动。

“之后，它将被用于训练我们构建的模型，”他谈到该准则时说道。

AI 行业最著名的宪法是 Anthropic 几年前为其 Claude AI 制定的那一套。那套宪法在某些方面与微软的不同。路透社

开发商寻求将酒店用于适应性再利用

加拿大太平洋大厦（Canadian Pacific Building）是位于多伦多市中心央街（Yonge Street）与金街（King Street）东南角的 1913 年地标建筑，计划转型为一家由万豪国际（Marriott International）运营的 162 间客房的豪华酒店。WALLACE IMMEN / THE GLOBE AND MAIL

市场疲软导致计划从公寓、办公项目转向酒店

WALLACE IMMEN

一座曾是英帝国最高建筑的多伦多摩天大楼即将开启新生活，从市中心办公楼转型为一家新的豪华酒店。

这座美术风格（Beaux-Arts-style）的加拿大太平洋大厦是一座历史悠久的 15 层 1913 年地标建筑，位于央街与金街的东南角。它很快将被改造成一家 162 间客房的酒店，由万豪国际旗下的 Tribute Portfolio（一个中高端精品住宿系列）运营。

该物业于今年春季被总部位于蒙特利尔的开发商 Artifact Group 收购。此前它由 H&R REIT 持有，后者最初在 2022 年开始计划将这座办公楼转换为公寓。

CBRE 加拿大酒店估值与咨询服务组高级副总裁 Nicole Nguyen 表示，由于近年来办公楼和公寓市场出现疲软，加拿大的开发商正越来越多地考虑酒店改造。

根据加拿大抵押贷款和住房公司（CMHC）的数据，在 2022 年至 2025 年第一季度期间，多伦多和温哥华人口普查大都会区的公寓销售额分别下降了 75% 和 37%。多伦多地区房地产委员会的一份报告称，未售出单元的库存量也增加了一倍多，且今年的价格比去年下降了 7.5%。

全国酒店增长

Nguyen 女士表示，在新冠疫情期间停滞的酒店开发领域仍有巨大的增长空间。

根据 CBRE 的市场报告，自 2020 年以来，加拿大的酒店开发年增长率仅为 0.5%。在此之前，年均客房增长率在 1.5% 或更高。

报告称，预计 2026 年的平均每日房价将增长约 5%。

“由于我们没有向系统中投入大量新供应，入住率一直保持在历史高位，”Nguyen 女士说。“这使得开发商希望将新供应纳入计划。”

因此，她预计该行业将迎来多年来最强劲的酒店供应增长。

“总体而言，尽管经济和地缘政治不确定性持续存在，加拿大的住宿业继续展现出韧性，”Nguyen 女士补充道。

根据酒店市场数据公司 Lodging Econometrics 的一份新报告，截至今年第二季度，建设管线中共有创纪录的 345 个酒店项目，总计 47,874 间客房。与 2025 年相比，项目数量增加了 4%，客房数量增加了 7%。

安大略省在酒店建设方面处于领先地位，拥有 190 个项目，占总管线的 55%。不列颠哥伦比亚省也达到了 77 个项目的历史新高，占总数的 22%，比 2025 年增长了 13%。

加拿大开发酒店最多的城市包括多伦多（71 个）、温哥华（24 个）和安大略省的尼亚加拉大瀑布（41 个）。

Nobu Hotel Toronto 去年在多伦多娱乐区开业，位于一座拥有 700 个单元的公寓楼顶层，该公寓楼内设有同品牌的住宅。酒店位于默瑟街（Mercer Street），保留了原 Pilkington Glass 工厂的外立面。 TEEPLE ARCHITECTS AND TURNER FLEISCHER ARCHITECTS

提升酒店资产组合

位于多伦多市中心央街（Yonge St.）69号的加拿大太平洋大厦（Canadian Pacific Building）曾是加拿大太平洋铁路公司的办公地（该公司现为 CPKC 的一部分），直到 1988 年为止。

此后，H&R REIT 收购了该建筑，随后 Artifact Group 于 2026 年 4 月将其买下，意图将其改造为一家万豪（Marriott）豪华酒店。

“该物业将通过适应性再利用策略，被重新定位为一家拥有 162 间客房的时尚豪华酒店，隶属于万豪国际的 Tribute Portfolio 品牌，重点关注设计、健康和提升宾客体验，”Artifact Group 总裁 Gaurav Gupta 表示。

此次重新开发由 Giannone Petricone Associates Inc. 建筑师事务所规划，室内设计由总部位于蒙特利尔的 Ivy Studio 负责，具体细节尚未公布。不过，Artifact Group 预计装修工作将于 2027 年初开始，预计于 2028 年开业。

该项目是 Artifact Group 在安大略省的首个项目，是对该公司近期扩大魁北克酒店资产组合的补充。此前，该公司收购了拥有 595 间客房的四星级希尔顿蒙特利尔市中心 DoubleTree 酒店——该酒店是该市娱乐区 Complexe Desjardins 购物综合体的主要组成部分。

酒店与住宅开发的交汇

阮女士（Ms. Nguyen）提醒道，酒店开发管线的速度将取决于住宅和商业房地产市场的共同复苏。

她表示，虽然温哥华和多伦多的土地价值已从几年前的峰值回落，但下降幅度还不足以让建设城市酒店在没有某种额外住宅组件的情况下，能产生足以支撑建设成本的利润，这使得将现有建筑转换为酒店变得更具吸引力。

多伦多市中心的酒店有时包含可供出售或出租的住宅。

近期的例子中，包括去年开业的 Nobu Hotel Toronto，它位于一座由 Teeple Architects 和 Turner Fleischer Architects 设计的 700 个单位的公寓大楼西塔顶层。这家新豪华酒店融合了多伦多默瑟街（Mercer Street）原 Pilkington Glass 工厂的外立面。

拥有 224 间客房的万豪 Le Méridien Toronto Pinnacle 酒店也计划于今年晚些时候开业，该酒店占据了位于 Pinnacle One Yonge 的 106 层 Sky-Tower 公寓综合体的底层 12 层。

在公寓市场低迷之际，一些开发商由于无法预先售出至少 70% 的单位（这是从贷款机构获得建设融资所需的门槛），已经取消或推迟了项目的开工。

但阮女士表示，即使房地产市场突然复苏，新项目进入管线的流量也不会立即激增。

她补充道：“在多伦多，任何新开发项目的审批和完工至少需要五年时间，因此即使明天情况奇迹般地反弹，大规模的开业距离今天仍有数年之久。”

《环球邮报》特稿

美国环保署废除限制发电厂温室气体排放的规定

马修·戴利 华盛顿报道

美国环境保护署（EPA）周一表示，将废除限制煤炭和天然气发电厂排放导致全球变暖的温室气体的规定。该机构称，此举将为该行业节省超过 3000 亿美元的成本，并有助于“释放”美国能源。

这项去年首次提出的规则变更，代表了与前民主党总统乔·拜登和巴拉克·奥巴马应对气候变化及清理工业污染努力的根本性转变。环保署官员表示，此次变更将允许电力公司为电费缴纳者做出最佳决策，而不是被迫关闭陈旧或低效的电厂。

该规定预计将立即面临法律挑战，同时还可能阻止未来政府监管发电厂的温室气体排放。

环保署署长李·泽尔丁、内政部长道格·伯格姆和能源部长克里斯·赖特正在休斯顿主持一场关于“能源丰裕”的 G20 部长级会议。选择该地点既是对石油资源丰富的德克萨斯州在能源工业中所扮演重要角色的认可，也可能是在冷落出席会议的欧洲及其他国际盟友，因为这些盟友一直推行环保政策，而特朗普政府正致力于撤销这些政策。

共和党总统唐纳德·特朗普在去年的一次联合国演讲中称，气候变化是“历史上对世界实施的最大骗局”。此外，他的政府第二次让美国退出了 2015 年的《巴黎气候协定》，该协定旨在设定自愿目标以遏制导致全球变暖的排放。

尽管伊朗战争继续扰乱全球燃料市场，且汽油价格突破每加仑 4.31 美元（比一年前上涨超过 1 美元），但特朗普先生仍对美国的能源丰裕自鸣得意。

这些回撤举措旨在履行特朗普先生多次承诺的“释放美国能源”，并使电力公司更容易为家庭和企业提供电力。

在泽尔丁先生于 2025 年初宣布所谓的“美国历史上最具影响力的去监管之日”时，发电厂规定是他针对的近三十项环境监管措施之一。

泽尔丁先生在去年提出新规时表示，这些规定旨在结束拜登和奥巴马政府对“美国国内如此之多能源供应的战争”。

环境和公共卫生组织称这些回撤举措十分危险，并誓言将在法庭上挑战这些规定。

“拆除我们针对发电厂气候污染的国家保护措施，将给全国家庭的健康、安全和福祉带来巨大的代价，”环境防御基金（Environmental Defense Fund）总法律顾问维基·帕顿表示。“各地的美国人已经在遭受破纪录的高温、更危险的洪水和风暴，以及飞涨的保险成本。”

帕顿女士表示，环保署有法律责任保护公众免受有害污染的侵害，并补充说，“清洁、实惠且可靠的技术已广泛可用，足以支撑我们的家庭和企业。”

煤电、气电和油电厂约占全国气候污染总量的四分之一，仅次于交通部门。发电厂的污染是全球导致气候变化污染的最大来源之一。

根据美联社去年的一项调查（该调查涵盖了该机构之前的评估以及广泛的其他研究），特朗普领导下的环保署所针对的这些规定，在生效期间预计每年可防止约 30,000 人死亡，并节省 2750 亿美元。

美联社的分析发现，即使是部分废除这些规定，也意味着会有更多的污染物（如烟雾、汞和铅）增加——尤其是更多能进入肺部并导致健康问题的微小空气颗粒物。这也意味着温室气体排放量将增加，从而将地球变暖推向更致命的水平。

民主党人拜登曾将应对气候变化作为其总统任期的标志。根据 2024 年颁布的一项严格的美国环保署（EPA）规定，燃煤电厂将被迫捕集烟囱排放物或关闭。而这些规定现在正被推翻。

在去年的提案中，特朗普领导下的美国环保署认为，化石燃料电厂排放的二氧化碳和其他温室气体“并未对危险污染”或气候变化产生显著影响，因此未达到《清洁空气法》中采取监管行动的阈值。美国环保署表示，煤电厂和燃气电厂的温室气体排放量“在全球排放中占比较小且在持续下降”。

共和党人、前纽约州国会议员泽尔丁表示，拜登时代的行动旨在“为了保护环境而窒息我们的经济”，其意图是通过监管将煤炭工业“逼至绝境”并使其“消失”。

煤炭工业以及代表燃煤电厂的团体谴责拜登的规定是美国环保署的“过度扩张”，并敦促将其废除。

美联社（ASSOCIATED PRESS）

加拿大的主权计算

2026年9月15日，星期二

由 Randall Anthony Communications 制作。环球邮报编辑部未参与其中。

通过协作将加拿大的能力从单一组件转向可部署的基础设施

浸没式冷却液比空气能实现更有效的热传递，Hypertec 专门为浸没式冷却而设计了其 TRIDENT 浸没式服务器。由供应商提供

关于加拿大 AI 能力的讨论正引发一场关于如何以及在何处负责任地部署数据中心的辩论。在市政层面，决策需要权衡能源效率、噪音、用水量和社区影响等因素，以及 AI 基础设施能带来的经济利益。

对创新技术的投资可以改变局面，在实现经济利益的同时将影响降至最低。在正确的支持下，通过数字基础设施生态系统的协作，解决方案将会出现。

“协作至关重要，因为没有任何一个实体或组织拥有所有答案，”HF Sinclair 润滑油与特种产品部门新业务开发总监 Alex Buczek 表示。该机构开发了 INNOVATE，一种加拿大制造的单相浸没式冷却液解决方案。

协作将在蒙特利尔举办的加拿大最大 AI 和技术盛会 ALL IN 2026 上成为核心。Buczek 先生表示：“我们很高兴能展示一个由 Hypertec、Intelliflex 和 Petro-Canada Lubricants 合作开发、并采用 INNOVATE 的浸没式系统。由于该系统结合了 INNOVATE 的浸没式冷却液、Hypertec 的浸没式优化计算平台以及 Intelliflex 的模块化 AI 数据中心方案，参会者将看到一套全加拿大自主的浸没式冷却技术解决方案。”

冷却已日益成为一个战略性基础设施问题。“热密度上升的速度超过了大多数设施的设计承载能力，而且没有一种单一的冷却方法适用于所有部署场景，”Hypertec 工程与技术副总裁 Peter Hanna 表示。“在空间或电力有限，或者计算必须在边缘端运行的情况下，浸没式冷却通常更为适用。”

然而，他指出，要实现落地“取决于服务器、冷却液和冷却基础设施在设计时是否相互考量”。“作为一家在提供数据中心和先进计算解决方案方面拥有 40 年以上经验的加拿大公司，Hypertec 专门为浸没式冷却设计了其 TRIDENT 浸没式服务器，因此从一开始就保证了密度和效率。”

与空气相比，像 INNOVATE 这样的浸没式冷却液能实现更有效的热传递，并减少对高能耗风冷设备的依赖。在单相浸没式系统中，服务器或计算组件被浸没在一种电绝缘的液体中，该液体直接从硬件吸收热量并将其传输到热交换器，随后热量被传出系统。

Buczek 先生表示，由于组件之间距离极近，协作对于确保冷却解决方案在技术系统中良好运行至关重要。

“与 Hypertec 这样服务器技术领域的领导者合作非常重要，因为我们需要了解服务器是如何为液体冷却而设计和优化的，”他说道。“同样，在管理液体循环、热交换和散热方面，像 Intelliflex 这样的领导者能提供关键见解，让我们了解我们的液体技术将如何与服务器技术及密封系统相互作用。”

Buczek 先生认为，协作的关键益处在于共享学习、统一技术开发以及加速推出新型创新解决方案。他主张“尽早建立合作伙伴关系，以便能够展示共同利益、一致性和目标”。

他补充道：“我们与合作伙伴以及整个生态系统紧密合作，以了解浸没式液体冷却如何帮助满足终端客户和整体系统的需求。”

协作方法还可以增强供应链和生态系统的准备就绪程度。负责任的部署需要兼容的液体、硬件、冷却设备、模块化基础设施、公用设施、控制系统、操作员和维护实践——链条中任何环节的薄弱都可能影响性能或可靠性。

“基础设施项目面临的最大挑战之一，就是有太多环节必须在正确的时间点同步完成，”Intelliflex 总裁兼首席财务官罗德尼·布里埃尔（Rodney Briere）表示。“电力、冷却、场地基础设施、IT 容量——如果其中一个环节被延迟，可能会拖累整个项目。”

为了应对这一挑战，他说，“在 Intelliflex，我们将场地视为一个整体。我们的‘电网到机架’（grid-to-rack）方案意味着我们可以在整个部署过程中提供并协调基础设施，这使我们能够更好地控制这些环节的整合方式。”

布里埃尔先生补充道，这种方法“使得更早地解决问题变得更加容易，减少了客户通常需要处理的部分复杂性，并能分阶段上线容量，而不是等待所有设施全部建成。最终，它为客户提供了一条从规划到运营更快速、更灵活的路径。”

“我们为自己的成就感到自豪，我们的 INNOVATE 研发及其生产均在加拿大完成，”布切克（Buczek）先生说。“我们也看到合作伙伴们表现出真正的意愿，共同寻找最佳方式，为加拿大消费者和国家的未来提供加拿大制造的独创性和设计。”

随着消费者开始就数据中心相关的电力、用水、噪音、土地利用和长期社区价值提出详细询问，这为加拿大建立更高的部署标准提供了机遇：先进的冷却技术、高密度计算和模块化设计可以帮助解决其中若干顾虑，但前提是项目必须被设计为完整的系统。

该演示单元由 Petro-Canada Lubricants、Hypertec 和 Intelliflex 共同设计，有效地展示了加拿大的能力如何从单个组件转向可部署的基础设施。

“在 ALL IN 活动中，我们向加拿大人展示了这项创新技术的潜力，”布切克先生说。“他们将亲眼看到，在采取更可持续的数据中心和 AI 方案方面，有哪些可能性。”

加拿大的浸没式冷却液。

随着支持人工智能、云计算及其他高性能应用所需的计算能力激增，对先进液体冷却技术的需求正在上升。INNOVATE™ 高级浸没式冷却液旨在为现代计算和数字基础设施提供卓越的冷却效果和性能优势。

INNOVATE™ 更快速，更凉爽，更清洁。

高级浸没式冷却液

为全加拿大的创新、商业化和数据主权提供动力

随着人工智能重塑全球经济，加拿大面临一个关键问题：谁将拥有并控制下一代创新背后的计算能力？

“主权计算不仅仅是一个 IT 决策，它是加拿大未来经济独立和竞争优势的基石，”阿尔伯塔 CREATE 中心主任埃里克·弗莱姆（Eric Flaim）博士表示。

目前，许多加拿大公司依赖外国云服务提供商，这带来了数据主权、知识产权以及成本攀升的风险。对于在开发和部署过程中摸索的初创公司和规模化企业来说，这种依赖可能决定了成功与错失机会之间的区别。

ISAIC（工业沙盒与 AI 计算）—— 一个由草原经济发展局（Prairies Economic Development）支持的阿尔伯塔大学项目

“

主权计算不仅仅是一项 IT 决策，它是加拿大未来经济独立和竞争优势的基石。

埃里克·弗莱姆 (Eric Flaim) 阿尔伯塔 CREATE 中心主任

加拿大（PrairiesCan）和 Alberta Innovates —— 提供一个 100 per cent 加拿大所有、供应商中立的高性能 AI 开发环境，专门用于支持中小企业 (SME)，同时提升国家数据主权和商业能力。

近十年来，ISAIC 利用阿尔伯塔大学的基础设施和专业知识，在学术研究、商业创新和数据管理之间搭建桥梁。ISAIC 行业经理索兰格·加涅宾 (Dr. Solange Gagnebin) 博士表示：“在本地构建和扩展 AI，可确保加拿大的创新、数据和商业价值留在国内。”

推动关键领域的 商业化 为初创公司和 成熟企业提供可负担的 计算能力，用于在本地构建、

阿尔伯塔大学数据中心服务器通道内，翡翠色和天蓝色状态灯亮起。图片来源：SUPPLIED

测试和扩展 解决方案。在过去的七年里， 已支持超过 181 家公司，并培训了 1,099 名高素质专业人员。

以下是一些关键示例：农业 —— OneCup 利用数百万张牲畜图像训练神经网络，以开发面部和身体识别系统，目前已在北美各农场部署。 的基础设施使该公司能够迅速从研究阶段转向生产级部署。

公共安全 —— FireSafe 依赖 来训练和部署野火检测系统，为加拿大各地的市政当局和应急管理提供支持。该公司估计，能够使用 将为其创造超过 $1-million 的未来合同收入。

医疗保健与生命科学 —— Thoth Biosimulations 是一家在阿尔伯塔大学健康创新中心孵化的初创公司，其用于药物研发的生成式 平台运行在 基础设施上。另一家阿尔伯塔数字健康公司利用 获得了一项美国专利，筹集了超过 $2.5-million 的资金，并产生了 $750,000 的收入。OKAKI Health Intelligence 通过 的支持推出了两款新的临床 产品，而 Clinisys 则将商业化的加速归功于 ，因为它消除了昂贵的云成本和僵化的合同。

保障数据主权 随着人们对跨境数据访问、国防协同和知识产权保护的担忧日益增加，主权基础设施正成为一项战略性国家资产。为了满足这些安全需求，阿尔伯塔大学设立了加拿大 计算金库（The Vault），该项目得到了 PrairiesCan 最近 $3-million 投资的支持。

这一举措凸显了人们日益认识到，安全且由加拿大控制的 基础设施对于保护敏感数据和国防利益至关重要。

包括 Binloop、FliteX 和 AFSC 在内的行业领导者正积极与 合作，以确保其数据和知识产权的安全，同时减少对外国云供应商的依赖。

加速深科技创业

为了进一步加快从概念到市场的商业机会， 正在启动一项全新的快速创新计划。这个三级加速器将 的企业级 GPU 计算、nanoFab 的半导体制造与表征实验室，与创始人辅导、技术指导以及阿尔伯塔大学的人才相结合，旨在帮助早期 和深科技创始人快速构建并部署具备投资条件的产品。

构建加拿大的 AI 人才管道

仅靠基础设施无法创造创新——人才能。ISAIC 已成为加拿大下一代 AI 研究员、工程师和企业家的重要训练场。

“获得负担得起且可靠的计算资源，对于培养下一代软件工程师至关重要，”加拿大研究主席、顶尖研究员之一 Cor-Paul Bezemer 博士说道。

——与 CIFAR 主席 Mahdi Tavakoli 博士以及 Amii 研究员 Jacob Jaremko 和 Nilanjan Ray 一同获得 ISAIC 的支持，在该机构中，关键基础设施为研究生培训、实习、研究出版物和技术商业化提供了支撑。

前行之路

现在的挑战不再是 AI 是否将塑造我们的未来，而是在此过程中创造的知识产权、人才和经济价值能否留在加拿大。ISAIC 展示了当阿尔伯塔大学的专业知识和基础设施与行业需求及政府支持相结合，以构建一个安全、主权且具有竞争力的国家 AI 生态系统时，能够实现什么样的目标。

智能机器。更聪明的人类。

阿尔伯塔大学的人工智能旨在赋能人类。从预测林火到更早地检测癌症，我们的研究人员在 AI 创新方面处于加拿大领先地位——挽救生命，保护社区，并塑造一个更好的未来。

AI 研究在加拿大排名第 2。

UNIVERSITY OF ALBERTA（阿尔伯塔大学）

论坛：首席执行官称，省际贸易壁垒使加拿大感觉像是由多个市场组成

来自 B1 版

CVCA 举办的加拿大全球增长论坛吸引了数百名与会者，包括国家投资者、外国资本提供者、政治人物以及著名的加拿大创业者。摄影：FRED LUM / THE GLOBE AND MAIL

马登先生表示，需要出现巨头级的加拿大公司才能对国家的 GDP 产生影响。

纽约 Waterous Energy Fund 的董事总经理亨利·哈格（Henry Hager）在一次采访中表示，这里的监管流程被重复性的“过度负担”所困扰，导致项目进度缓慢并令资本提供者望而却步。

加拿大卫星技术公司 Kepler Communications Inc. 的首席执行官米娜·米特里（Mina Mitry）在采访中表示，“最重要的事情是采购改革”，从而使向政府销售产品变得更简单、更快捷。“这将极大地改变业务进程”，并鼓励私人资本流入。

加拿大出生的卡米拉·朗吉尔（Camilla Languille）是总部位于阿布扎比的主权财富基金 Mubadala 的私募股权共同首席执行官，她表示资本提供者和公司建设者应从关注交易转向与外国投资者建立更深层、更长期的合作伙伴关系。

她还鼓励联邦政府为外国投资者提供一个清晰、协调的入境投资切入点。“全球投资者很难独立地在多个联邦部门、省份、监管机构和代理机构之间周旋。”

与其他人一样，她呼吁结束省际贸易壁垒，因为这些壁垒使加拿大感觉像是由多个市场组成；消除壁垒将帮助公司“从第一天起就在全国范围内规模化”，从而使外国投资者更有动力“帮助它们在 global 市场提升到下一个水平”。

多伦多私人资本投资机构 Northleaf Capital Partners 的管理合伙人斯图尔特·沃（Stuart Waugh）谈到了困扰本地市场的一个具体挑战。他表示，大型外国投资者对加拿大作为商业地的看法“相当积极”，但绝大多数投资机会规模太小，导致他们无法有效地分配资本。他鼓励全球投资者为加拿大设定特定的投资组合分配额，并与当地合作伙伴合作，帮助将其分配额“分散”到较小的机会中，正如 Northleaf 为当地两家大型加拿大养老基金所做的那样。

演讲者们赞扬了加拿大稳定的政治、经济和监管环境，深厚的人才储备，以及清洁、低成本且充足的电力，同时也为这个受到美加贸易战威胁的经济体提供了令人安心的鼓励。CVCA 首席执行官本杰明·贝尔根（Benjamin Bergen）在开幕致辞中表示：“哪里有信任，资本就流向哪里。”

Waabi 的首席执行官拉奎尔·乌塔孙（Raquel Urtasun）在采访中表示，她这家总部位于多伦多的自动驾驶初创公司已达成协议，将为 25,000 辆 Uber 自动驾驶出租车提供动力，且近期筹集了 US10 亿加元 billion 融资。她认为公司的成功表明，总部位于加拿大的创业者“能够吸引大规模的资本。我们可以打造全球领导者，而不需要前往美国。”

加拿大权力公司（Power Corp. of Canada）高级副总裁保罗·德斯马雷三世（Paul Desmarais III）表示，加拿大为投资者支持金融服务初创公司提供了巨大的市场机会，他所在的总部位于蒙特利尔的企业集团已通过包括 Portage Ventures 在内的多家关联公司实现了这一点。“但这需要大胆的赌注，”他补充道，并提到在 Wealthsimple 成立初期，权力公司及其关联公司投资 $300-million 后，人们认为他“简直疯了”。这家数字银行挑战者去年达到了 100 亿加元 billion 的估值，并在 6 月份的资产管理规模突破了 $155-billion。

Wealthsimple 首席执行官迈克尔·卡琴（Michael Katchen）表示，充分利用当前时机取决于国家自身的努力。

“在我们要打造的公司、我们要攻坚的产业以及我们要建立的全球合作伙伴关系方面，我们从未见过一个比现在更有雄心的加拿大，”卡琴先生告诉在场的听众。

投资：卡尼峰会向嘉宾分发 160 多个潜在项目

TMX 集团首席执行官约翰·麦肯齐（John McKenzie）周一在米尔肯研究所（Milken Institute）多伦多全球对话峰会上发言。他表示，加拿大需要比其他市场更具吸引力的税制才能在全球范围内竞争。SAMMY KOGAN / THE GLOBE AND MAIL

接 B1 版

“扼杀这些项目要容易得多。而且，监管不确定性带来的二进制风险，远高于技术、工程或市场不确定性——即公司可以管理的所有其他不确定因素，”卡特先生说道。

运营多伦多证券交易所的 TMX 集团首席执行官约翰·麦肯齐表示，加拿大需要比其他市场更具吸引力的税制才能在全球范围内竞争。他提到，需要对资本利得和资本成本津贴的税务处理进行改革，以允许公司在境内投入更多资金。

他还建议调整国家的储蓄计划，以鼓励加拿大人和零售投资者与大型全球基金一起承担更多风险。

麦肯齐先生表示，这些政策杠杆将“向世界其他地区发出信号，表明我们对此是集体认真的”。

“我们越能让普通加拿大人参与到这些计划、项目或执行这些项目的公司中，他们就能越多地分享成功。如果你想凝聚全国力量，这就是你想要做的事情。”

另外，在活动现场，财政部长弗朗索瓦-菲利普·香槟（François-Philippe Champagne）宣布了一项新的联邦措施，为 $1-billion 或以上的投资提供“预先税务裁定”。这将使投资者在投入资本之前，能够获得关于加拿大税法如何适用于该交易的具有约束力的决定，从而为他们提供更多确定性。

投资者和金融领袖此前警告称，加拿大过多的阻碍和冗长的审批流程使得达成大宗交易具有不确定性。

“高层的基调至关重要，”香槟先生在媒体采访中告诉记者。

他说，总理马克·卡尼明白“上市时间确实至关重要”。“我们正试图修复并改变做事的方式。”

一个经常被提及的例子是加拿大的重大项目办公室（Major Projects Office），该办公室由卡尼先生于 2025, 8 月创建，旨在帮助快速推进被认为符合国家利益的提案。

道明证券（TD Securities）负责人蒂姆·威根（Tim Wiggan）表示，重大项目办公室只是拼图的一块。全球规模的复杂程度处于历史高位，关键问题是如何适应新环境。

他说，解决这个问题需要政策制定者和包括银行在内的资本分配者共同努力。

“我认为，本周以及本周之前所看到的这一切，需要整个生态系统的参与，”威根先生说。

“这需要所有人齐心协力，朝着同一个方向努力，而不是靠单一的一件事就能勾选完成并解锁变革。”

为期一天的米尔肯会议是以卡尼先生的“加拿大投资者峰会”名义举办的，将全球最有影响力的投资者聚集在多伦多。

此次峰会旨在将加拿大推介为一个可靠的投资地。组织者向嘉宾分发了 160 多个潜在项目。其中仅有 15 个投资机会被描述为“准备就绪”或“已获得全部许可”。

虽然招股说明书主要由能源项目和矿业投资组成，但其中还包括位于新不伦瑞克省圣约翰（Saint John, N.B.）和阿尔伯塔省雷德克利夫（Redcliff, Alta.）的数十亿加元数据中心项目。

数据中心是米尔肯研究所许多讨论嘉宾关注的重点。

加拿大皇家银行首席执行官戴夫·麦凯（Dave McKay）表示，由于项目上市困难，外国投资者在过去十多年里对该国的投资不足。然而，这种情况正在改变，投资者正在探索能源、矿业和基础设施项目，并对“数据中心表现出浓厚兴趣”。

他表示，周一早些时候他会见了一位来自亚洲的投资者，对方对旨在提升数据中心容量的项目很感兴趣。他指出，包括纽约州和宾夕法尼亚州在内的各州不太可能建设此类设施，这促使投资者寻找其他的电力、水资源及其他资源来源。

今年7月，纽约州成为美国第一个因担心为人工智能提供动力的设施会推高电费并影响水资源供应，而停止建设大型新数据中心的州。

“投资者需要信心，相信我们能够把事情办成，因为资金的时间价值至关重要，”麦凯先生说。“他们没有时间浪费，还有其他机会可以把握。”

人工智能部长埃文·索罗门（Evan Solomon）表示，如果加拿大在技术构建上出现偏差，将会产生危险，社区也将不会在社会许可方面支持建设数据中心。

但与此同时，“你不能停止建设，”他说。“你要在建设时确保其更安全。”

Bell：公司将投入 $1.7-billion 建设首个设施，该金额将作为基准

来自 B1 版

全球投资者已聚集在多伦多参加为期两天的加拿大投资峰会，以评估在加拿大部署资本的机会。

“很难用语言来形容这里所做工作的规模，”卡尼先生在面对包括两名前总理、多位部长和省长以及来自全球的投资者在内的观众时表示。

他说：“你可以依赖在其他地方建设的基础设施，可以依赖其他国家的法律，可以将你的数据发送到其他地方，或者你也可以直接在加拿大的土地上，利用加拿大的电力和法律来建设。”

至于时间表，比比奇（Bibic）先生表示，一旦获得“纸面签署”和必要的当地许可，公司将立即开始在舍伍德（Sherwood）周边的场地分阶段开展建设。

Bell 公司今年早些时候表示，该公司将投入 $1.7-billion 建设首个设施，这一金额应被视为随后三个设施 each 的基准。比比奇先生指出，由于通货膨胀，这些成本可能会更高。这表明，如果 能达到其容量目标，其投资额可能会超过 $5-billion。

比比奇先生表示，额外的成本不会改变公司的资本支出或杠杆目标。由于电信业务的收益增长放缓，且公司正致力于偿还 $37.5-billion 的长期债务，该公司一直在加大对其 AI 部门 AI Fabric 的投入，将其视为一个高增长领域。

表示，该项目的总资本投资——包括 的数据中心建设、发电成本以及租户向其他公司支付的计算技术（如芯片）费用——可能会超过 $50-billion。该公司目前的租户是两家美国公司 Coreweave 和 Cerebras，它们将从英伟达（Nvidia）采购 AI 硬件。

该公司目前在该项目中没有外部投资者，不过比比奇先生表示，他愿意考虑为 的 AI Fabric 部门寻找合作伙伴。

加拿大及全球范围内的数据中心建设引起了公众的批评，人们担心水资源和能源消耗、碳排放以及土地利用和噪音问题。根据 Ledger 7 月的一项民意调查，虽然 46 per cent 的加拿大人认为数据中心开发是一件好事，但只有 42 per cent 的人支持在自己所在的省份进行建设。

为了解决环境问题，联邦政府在 9 月初制定了一份负责任的数据中心原则清单， 已签署同意遵守。

各省也引入了相关要求。在其新的数据中心框架下，萨斯喀彻温省与阿尔伯塔省一样，要求公司“自带电力”。这些措施旨在防止新基础设施给电网带来压力并增加消费者的成本。

与第一个直接从萨斯喀彻温电力公司（SaskPower）管理的省级能源电网抽取电力的数据中心不同， 计划与多家天然气电力供应商合作，实现“表后”发电，这意味着电力将不会先经过电网。

寻求与几家萨斯喀彻温省的 Crown 公司（政府控股公司）就该项目开展合作，包括 SaskEnergy 的全资子公司 TransGas，该公司将为数据中心提供电力。SaskTel 将提供光纤连接。

根据其最新的年度报告，如果全部建成， 在该省数据中心的总功耗将相当于萨斯喀彻温电力公司 6.1 gigawatts 总可用发电能力的约五分之一。

[...OMITTED...]

Bell 表示，这些数据中心将采用闭环冷却技术，不会抽取市政用水。这与一些美国大型数据中心采用的蒸发式开环系统形成对比，后者因耗水量巨大而受到广泛批评。

该公司还需要处理一系列当地的许可要求。Bell 预计将在与初始项目“相同或相近的区域”建设新设施，而该初始项目在今年早些时候引发了当地社区的抗议和抵制。

“在审批方面，我们仍有工作要做，”Bibic 先生表示，“我们已经在与莫省长（Premier Moe）政府的各级部门紧密合作。”

Cohere 的联合创始人兼首席执行官艾丹·戈梅兹（Aidan Gomez）在周一上午举行的加拿大风险投资与私募股权协会会议上表示，为了在数据中心项目上获得公众的信任，加拿大企业需要证明他们正在解决环境和社会问题。Cohere 是一家领先的 AI 开发商，也是加拿大最具价值的科技公司之一。

“我们拥有寒冷的气候，拥有清洁能源。我们非常有潜力成为全球数据中心领域的大国，”戈梅兹先生说道。

他还表示，这些项目为加拿大在国际关系中建立更多筹码提供了机遇。

“如果我们能成为全球算力的供应商，那将成为加拿大一个极具影响力的杠杆点。”

美国10年期国债收益率因通胀担忧突破5%

2013年3月，美国财政部大楼外的一座亚历山大·汉密尔顿雕像。丰业银行（Scotiabank）的一项分析发现，美国国债收益率高于5%往往与股价下跌相关。CHIP SOMODEVILLA / GETTY IMAGES

随着市场将美联储和加拿大银行的加息预期计入价格，加拿大国债收益率亦随之攀升

安德鲁·加尔布雷斯（ANDREW GALBRAITH）

周一，美国政府借贷成本跳升，突破了一个关键的心理阈值，加拿大债券收益率也随之上升。油价飙升加剧了人们对通胀上升的担忧，以及对美国和加拿大央行都将提高利率的预期。

美国10年期国债收益率短时突破5%，为2023年以来首次；而30年期收益率触及5.385%，为2007年6月以来的最高水平。加拿大10年期收益率升至3.98%以上，为近三年来的最高点。

“关注市场的人们对这个数字极其关注，”IG财富管理公司（IG Wealth Management）投资策略副总裁皮埃尔-贝诺伊特·高蒂埃（Pierre-Benoît Gauthier）表示。“5%在某种程度上是一个心理关口。这个数字对心理的冲击比4.90要大一些。”

高蒂埃先生表示，收益率上升通过提高债务偿还成本，并影响股票等风险资产相对于名义无风险政府债券的估值计算，从而给政府财政、购房者和股市带来更大压力。

他说：“在某个时间点，利率不仅对债券持有者重要，对股东也同样重要。”

丰业银行最近的一项分析显示，当美国国债收益率高于5%时，往往与较低的股价相关联。

美国股市周一下跌，标准普尔500指数下跌0.5%。作为加拿大最广泛的股票市场衡量指标，S&P / TSX综合指数波动不大，上涨0.01%。

高蒂埃先生表示，由于企业盈利增长强劲，股市对债券收益率的上升表现得“淡定”，不过他认为“我们目前拥有的这种疯狂增长率在这些水平上可能是不可持续的”。

收益率的上升发生在周一布伦特原油（全球基准）价格跳升4%以上，触及16周高点之际，此前沙特阿拉伯能源基础设施及中东船只遭到袭击。分析师表示，在周五美国通胀数据高于预期之后，能源供应的新中断可能会加剧对消费者价格上涨的担忧。

加拿大周一公布的消费者价格指数显示，8月份较去年同期上涨3%，与上月增速持平且符合预期，但仍高于加拿大银行2%的目标。

德斯雅尔丹（Desjardins）宏观策略主管罗伊斯·门德斯（Royce Mendes）在给客户的一份报告中表示：“持续高企的能源价格在未来几个月可能会更明显地传导至消费者。”

“核心通胀较低的起点将使加拿大官员比一些全球同行更有耐心，但如果原油价格在未来几周内不下降，加拿大银行也将被迫采取行动。对于货币政策而言，石油现在处于主导地位。”

丰业银行资本市场经济主管德里克·霍尔特（Derek Holt）在报告中表示，市场目前预计加拿大银行在10月会议上加息的概率为75%，到明年夏天预计将累计加息约1.25%。

市场对美国联邦储备委员会在周三的联邦公开市场委员会会议上提高利率的预期也很高。周一，市场定价的加息公告概率为90%。

“从未出现过概率如此之高而美联储却未能采取行动的情况，”总部位于北卡罗来纳州夏洛特的 Pensford Financial Group 总裁 J.P. Conklin 在一封电子邮件评论中表示。他认为，美国 10 年期国债收益率触及 5% 是一个比周五通胀数据更重要的指向加息的“关键因素”。

美联储主席凯文·沃什（Kevin Warsh）曾表示，他希望将市场反馈纳入美联储的决策过程。“市场现在给了他充足的反馈。”

加息预期推动美元在周一兑加元汇率触及 12 日高点，但 IG Wealth Management 的 Gauthier 先生表示，他预计加元将继续在狭窄的区间内波动。从历史上看，油价上涨支撑加元，而两国之间的利率差异（即利差）则往往对其产生压力。

他表示，央行政策的分歧可能会导致加元出现大幅波动。

“但只要大家继续同步共舞，波动范围应该会保持在相当稳定的区间内。”

（本文含路透社报道）

全球AI股票下跌，行业巨头呼吁放缓开发

周一，纽约证券交易所大厅的电子显示屏显示着财经新闻。SETH WENIG / 美联社

格雷戈尔·斯图尔特·亨特 (GREGOR STUART HUNTER)

周一，全球AI相关股票大幅下跌。此前，最大的人工智能公司领导者警告称，该技术可能带来生存危机，这动摇了业界的信心。此前，该行业巨大的基础设施支出曾推动全球股市创下历史新高。

抛售潮在整个行业蔓延。尽管债券收益率处于多年高位，反映出全球借贷成本持续上升，但相关公司正日益依赖债务和循环融资来支持雄心勃勃的AI支出计划。

Anthropic首席执行官达里奥·阿莫代（Dario Amodei）周六在X上分享的一篇长文中，在人们日益担心AI可能被滥用的背景下，呼吁AI公司放缓提升模型能力的速度。运营xAI的埃隆·马斯克（Elon Musk）和OpenAI首席执行官萨姆·奥尔特曼（Sam Altman）均表示同意阿莫代先生的观点。

奥尔特曼先生还表示，出于安全考虑，公司今年将不会进行IPO。

由于引领AI上涨行情的芯片股跌幅最大，华尔街的主要科技指数纳斯达克100指数在早盘交易中下跌1.2%，触及六周低点，尽管在下午早些时候的交易中收复了部分失地，最终下跌0.8%。

Interactive Brokers Group Inc.首席市场分析师史蒂夫·索斯尼克（Steve Sosnick）表示：“如果这确实导致AI支出的某种放缓和重新思考，那么将对经济和股市的一些重要部门产生影响，因为从本质上讲，我们一直是在基于AI支出而处于过热状态。”

费城半导体指数下跌近6%，其中

英伟达（Nvidia Corp.）下跌3.3%，超微半导体（Advanced Micro Devices Inc.）下跌4.4%，美光科技（Micron Technology Inc.）下跌5.2%。

半导体设备制造商泛林研究（Lam Research Corp.）、应用材料（Applied Materials Inc.）以及科技公用事业公司Bloom Energy Corp. each均下跌超过6%。

当天早些时候，欧洲科技板块下跌2.2%，受ASML下跌6%以及英飞 Infineon 和西门子能源（Siemens Energy）大幅下跌的拖累；而在亚洲，软银（SoftBank）暴跌超过10%，芯片制造商台积电（TSMC）和SK海力士（SK Hynix）也出现回落。

本月早些时候，当Anthropic研究员雅各布·考克森（Jacob Coxon）辞职并声称AI巨头们正在“拿我们的生命赌博”时，人们对AI潜在危害的担忧激增。

几天后，这家总部位于旧金山的AI实验室发布了一份威胁情报报告，详细阐述了其Claude AI模型如何被用于从武器开发、网络行动到监控和欺诈的各种活动。

周末，阿莫代先生写道，在6到12个月内，AI代理“可能能够接管整个互联网，潜在造成数千亿加元的损失”。另外，OpenAI的奥尔特曼先生在一次采访中警告称，AI给人类带来的灭绝风险足够严重，AI公司和政府应当采取行动。

约翰霍普金斯大学AI对齐与治理布隆伯格杰出教授吉莉安·哈德菲尔德（Gillian Hadfield）表示：“这些警告应该被严肃对待。模型确实存在做出我们不希望它们做且我们未能充分预见之行为的风险。”

几位美国立法者对AI的快速进展表示担忧，并呼吁制定新规则。

路透社周一报道，美国参议院谈判代表正在讨论一项立法，该立法将要求AI公司证明其采取了合理的预防措施。

但美国总统唐纳德·特朗普（Donald Trump）周一似乎将这些担忧斥为针对AI和数据中心的“病态阴谋”，而数据中心已成为中期选举的争议焦点。

自 OpenAI 在 2022 年发布 ChatGPT 以来，与 AI 相关的交易推动了全球股票市场的许多上涨，但近期由失控 AI 代理发起的网络攻击以及公众对数据中心建设的不满，增加了对该行业发展的反对声音。

据路透社报道，美国和中国政府预计将把 AI 安全对话纳入本月举行的双边讨论之中。但中国官方背景的《环球时报》在社论中批评了 Anthropic 的文章，称其为旨在遏制中国技术发展的“冷战剧本”。

与此同时，阿莫代（Amodei）先生的 Anthropic 公司已推进其公开亮相计划，预计将于下月进行。

路透社

加拿大应降低针对美国以外国家商品的无意义关税

迈克·莫法特 (MIKE MOFFATT)

观点

“缺失的中层”倡议 (Missing Middle Initiative) 创始主任及“缺失的中层”播客共同主持人

加拿大发现自己陷入了一场并非由其挑起的与美国的贸易战。尽管加拿大人压倒性地认可并支持征收抵消关税的必要性，但这些税项将降低加拿大人的生活可负担性。

总理马克·卡尼可以用来应对这种可负担性损失并向全球贸易传递支持信号的一个解决方案，就是取消针对原产于美国以外商品的特定关税。

政府利用关税来增加收入并帮助国内产业，美国总统唐纳德·特朗普在不同时期曾将此作为其行动的动机。第三个原因是实施制裁或解决贸易争端，而这正是加拿大征收抵消关税的动机。

如果加拿大对某种特定进口商品征收的关税服务于上述三个目的之一，联邦政府就不应将其取消。这不仅包括加拿大对美国的抵消关税，还包括我们对汽车进口的关税，以及构成加拿大这些商品供应管理制度骨干的乳制品和禽类进口关税。

但加拿大对 1,000 多类商品征收的关税并不符合这些标准中的任何一项。相对于其行政成本，这些关税带来的收入微乎其微；它们既不保护国内产业，也不被用作抵消措施。大多数关税相当于一种“退化尾巴”，是不再具有实用功能的进化遗留物。

这些关税没有为政府带来多少资金，却增加了家庭的生活成本。它们涵盖了标准的家用物品，例如真空吸尘器（8% 进口关税）、扫帚（11%）、圆珠笔（7%）、梳子（5.5%）和牙刷（7%）。其他还包括对暖炉（7.5%）和炉灶（8%）的关税，这些都推高了新房的价格。

有时这些关税带来的收入很少，是因为它们征收于相对低价的商品；但通常是因为这些商品是在与加拿大签署贸易协定的国家制造的，因此只要符合协定规定的条件，就可以免税进入加拿大。

然而，这些条件并不简单，给企业带来了合规成本，因为它们要求进行记录保存和追踪，以确保商品价值中原产于该国的比例足够高，从而满足协定要求。

例如，一套儿童美术套装可能包含在一个国家制造的木盒、在另一个国家制造的颜料以及在第三个国家制造的画笔，因此确定该产品是否能免税进入加拿大并非易事。

遵守这些规则让加拿大公司承担了成本，而这些成本最终由消费者承担。一项 2014 年的研究发现，这种繁文缛节每年给加拿大企业造成约 $20-billion 的成本，而当时的加拿大政府每年仅收取 $4-billion 的关税收入。

如果加拿大政府简单地取消这些商品的关税（无论原产国为何），那么大部分合规成本都将消失，而且加拿大人为那些不符合加拿大贸易协定条件的牙刷支付的 7% 进口税也将被取消，从而降低加拿大家庭的价格。

这也将给加拿大进口商提供更多选择，因为从美国进口这些商品将不再通过北美贸易协定（USMCA）获得成本优势，从而使加拿大能够实现贸易关系的多元化。

虽然取消这些关税看起来是一个极端的步骤，但在规定加拿大关税税率的指南中，此类安排相当普遍。马克·卡尼先生也不会是唯一一位单方面取消部分关税的总理，因为史蒂芬·哈珀和贾斯汀·特鲁多都曾取消过数百类商品的关税。

选择性地取消关税并不会妨碍加拿大在必要时对美国征收进一步的反补贴关税，也不会强迫我们取消那些具有实用目的的关税。

然而，这将通过降低部分商品的价格来抵消其他商品的涨价，降低加拿大企业的合规成本，允许加拿大进口商进一步实现贸易多元化以减少对美国的依赖，并向世界发出一个强有力的信号：加拿大依然坚信贸易。

利率上升要求转向更安全的投资

借贷成本上升增加了债券和利率敏感型股票的风险

戈登·佩普 (GORDON PAPE)

观点

《互联网财富构建者》与《收入投资者》时事通讯编辑兼出版人

加拿大与美国之间不断升级的贸易战一直是近期的头条新闻。这并不令人惊讶。美国总统唐纳德·特朗普似乎决心削弱我们的经济，并使加拿大隶属于美国。我们的国家面临着生存威胁，总理马克·卡尼别无选择，只能采取强有力的回应。

对于加拿大人来说，这是一个重大事件，并且可能导致了上周多伦多证券交易所（TSX）的下跌。但纽约方面一直更关注另一件事：由目前处于 US$100-a-barrel 范围的油价所引发的利率上升。

欧洲中央银行上周四将目标利率提高了 0.25 个百分点。加拿大银行和联邦储备委员会目前保持稳定。但债券市场正自行其道，这让许多人感到担忧。

现实情况是，自大衰退以来我们一直享有的利率假期已经结束。长期利率正在迅速上升，随之而来的是日益增长的通胀担忧。

在 2007-2009 年的金融危机期间，利率被大幅削减以帮助稳定全球经济。这一举措勉强奏效，但随后新冠疫情爆发。2020-21 年的全球停摆迫使各国央行再次将利率降至接近零（在某些情况下甚至降至负值）。

新冠疫情还迫使政府做出大规模支出承诺，以救助那些收入减少或被抹除的企业和个人。尽管疫情早已过去，但这种高水平的支出仍在继续。美国政府目前面临的利息成本相当于该国 GDP 的 3.3%。

加拿大银行和美国联邦储备委员会维持利率稳定，但债券市场利率上升引起关注。 AARON VINCENT ELKAIM / THE CANADIAN PRESS

观察主权债券 30 年期利率图表可以发现，长期以来一直处于低利率国家的日本，在 2019 年底的利率为 0.16%。根据彭博社的数据，这些债券目前的收益率略高于 4%。

尽管加拿大银行和美国联邦储备委员会尚未从中立转向鹰派，但债券市场正在替他们这样做。这正影响着长期抵押贷款利率、信用卡利率、汽车销售与租赁等领域。

加拿大银行在本月的利率审查中维持原状，理由是经济复苏正在扩大。

该行在声明中表示：“然而，通胀的上行风险已经增加，而新关税使增长前景更加不确定。管理委员会将评估经济反弹的可持续性以及通胀前景，并准备根据需要调整货币政策。在这一全球动荡时期，本行仍致力于维持加拿大人对价格稳定的信心。”

新任联邦储备委员会主席凯文·沃什（Kevin Warsh）也警告称，美国利率可能不得不上升。在 8 月的杰克逊霍尔（Jackson Hole）研讨会上，他表示，顽固的通胀可能会迫使央行在未来几个月提高利率。如果这种情况发生，可能会在美国引发一场激烈的政治斗争。特朗普及其政府一直敦促美联储降低利率，而沃什在今年早些时候被任命为美联储主席时，人们预期他会这样做。如果他在 11 月初的中期选举前反悔并提高目标利率，特朗普的愤怒将震惊全国，并危及美联储的政治独立性。

与此同时，特朗普先生的关税政策和高油价将继续加剧驱动长期利率上升的通胀担忧，且北美利率下次变动的方向很可能是上调的可能性正在增加。这将对长期债券和债券交易所交易基金（ETF）的价格产生负面影响，同时也会影响对利率敏感的股票，如公用事业、房地产投资信托以及高杠杆公司。

银行的情况则可能出现两种截然不同的结果。

更高的利率可以通过扩大借款人收费与存款人支付之间的利差（净利息收益率）来提高其底线利润。但如果高利率导致商业活动减少和借贷规模下降，那么对银行底线利润的影响将是负面的。

而这一切都发生在九月和十月，从历史上看，这两个月是全年股市表现最糟糕的月份。

在这种环境下，投资者应考虑降低对高波动性股票的风险敞口并获利了结。相反，应关注低风险证券。较低的收益总好过承受市场暴跌。

在利率上升的环境中，最安全的投资是短期现金类证券。以下是一些示例。

通胀保护债券和基金。我们在 2022, 年 9 月推荐了 iShares 0-5 年 TIPS 债券指数 ETF (XSTP-T)，价格为 $39.44。在截至 8 月 31 日的一年里，它上涨了 3.08%，且自 2021. 年 7 月推出以来，年复合平均回报率为 5.2%。它在任何一个日历年内从未亏损。

☑ 储蓄账户 。这些基金投资于加拿大主要银行的高息存款账户。如果短期利率上升，其每月派息也应随之增加。大多数此类 的发行价为 $50,，价格波动很少超过该价格上下 10 美分。我们在 2023. 年 8 月推荐了 CI 高息储蓄 (CSAV-T)。在截至 8 月 31. 的一年里，它上涨了 2.1%。CSAV 是另一个在任何一个日历年内从未亏损的 。

货币市场 。顾名思义，这些基金投资于低风险的短期证券，如国库券。Guardian Capital 提供了两款值得考虑的产品。Guardian 超短期加拿大国库券基金 (GCTB-T) 投资于联邦、省政府和企业短期债券组合。在截至 8 月 31 日的一年里，它上涨了 2.25%。配套的 Guardian 超短期美国国库券基金 (GUTB-U-T) 完全投资于美国政府国库券。在截至 8 月 31 日的一年里，其回报率为 3.8%。这两款 的管理费用率为 0.12%。

一位看多经济学家的“担忧清单”

斯科特·巴洛（SCOTT BARLOW）评论

埃德·亚登尼（Ed Yardeni）是一位受人尊敬且资深的投资专业人士，我是指非常资深。例如，他曾担任 E.F. Hutton 的首席经济学家，该公司于 1987. 年被收购。亚登尼先生最新的报告显示，他依然看好市场，但承认他日益增长的担忧——他将其称为“担忧清单”——让他有些犹豫。

他的第一个担忧是地缘政治，特别是中东地区爆发更大规模冲突的可能性。伊朗最近的升级行动已将原油价格推高至每桶 US$100 以上。

第二个担忧是通胀冲击成为一种常态。美国经济依然足够强劲，以至于能源成本、与 AI 相关的通胀以及关税导致的价格上涨能够轻易地转嫁给消费者。

美国经济依然足够强劲，以至于能源成本、与 AI 相关的通胀以及关税导致的价格上涨能够轻易地转嫁给消费者。这种情况可能无法持续，结果将威胁到利润。

第三个担忧与第二个相关——类似于 20 世纪 70 年代的工资-价格螺旋。这涉及价格上涨导致广泛的加薪要求（这确实需要发生，但不能没完没了），而这反过来又导致价格进一步上涨和更多的加薪要求。工资-价格螺旋对股票来说是极其糟糕的。

第四个担忧是美联储在可预见的未来将宣布一次又一次的加息。这将同时减缓经济和需求，并提高公司的资本成本。同样，这对利润非常不利。

第五个担忧是更高的利率会导致美国财政前景恶化。美国联邦债务刚刚突破 US$40-trillion 大关，且对国债发行的需求是持续的。

政府借贷成本显著提高可能会导致赤字迅速增加，并最终引发对美国债务的信心危机。

第六个担忧——也是最令我担忧的一点——是 AI 资本支出热潮的放缓。这将立即降低英伟达（Nvidia）等主导数据中心设备供应商的利润预期，而这些公司一直引领着市场。

第七个担忧涉及即将到来的美国国会选举。亚登尼先生担心选举会导致更加严重的党派行为，以及一个足以威胁到债务相关立法的乖戾环境。

民主党肯定希望撤销唐纳德·特朗普总统的部分企业减税政策，而总统计划向投票给他的人发放 US$5,000 的方案除了荒谬之外，对公共财政也将是灾难性的。

第八个担忧是大规模的技术公司 IPO 将限制市场的上涨空间。Anthropic 是可能的发行方之一，并可能确认 2 万亿加元的市值。据报道，OpenAI 也在考虑上市。这些大型新股发行将分流现有赢家的资金，投资的分散将限制整体股价的上涨。

亚登尼先生列举了看好市场的重要原因，包括婴儿潮一代的消费和持续的 AI 相关支出，但市场前景中也出现了更阴暗的乌云。这可能只是股票攀升时常见的“担忧之墙”，但市场同时也容易受到情绪恶化的影响。

股市观察 大卫·利德（DAVID LEEDER）

罗杰斯通信 (RCI.B-TSX) 收盘价 $50.94, 上涨 76¢

德斯雅尔丹证券（Desjardins Securities）分析师杰罗姆·杜布鲁伊（Jerome Dubreuil）将罗杰斯通信公司（Rogers Communications Inc.）的评级从之前的“持有”上调至“买入”，理由是“近期交易证明体育资产估值具有强劲势头，10 月和 12 月即将更新私募市场估值（PMV），体育投资组合的变现即将实现，以及 Kilmer 交易的风险已降低”。

目标价：杜布鲁伊先生维持对罗杰斯股票 $58 的 12 个月目标价。共识预期为 $58.35.

RB GLOBAL (RBA-NYSE) 收盘价 84.03 加元，上涨 43¢

国家银行金融（National Bank Financial）分析师 Maxim Sytchev 认为，RB Global Inc. 目前的估值与其平台的质量“不匹配”，并强调最近的渠道调研表明 IAA 正在“赢得市场关注度（mindshare）”。

目标价：Sytchev 先生认为其估值“尽管收益在显著且持续地复合增长，但仍处于十年低点”，因此将目标价从 133 加元下调至 130 加元，维持“行业跑赢（sector outperform）”评级。共识预期为 135.17 加元。

来源：BARCHART TECSYS (TCS-TSX) 收盘价 33.50 加元，上涨 3.08 加元

在 Tecsys Inc. 发布“强劲”的 2027 财年第一季度业绩后，国家银行金融分析师 Doug Taylor 认为，市场对这家总部位于蒙特利尔的供应链管理软件供应商的预期将“快速反弹”。他补充道：“第一季度好于预期的订单强度，使得公司相对于最初的 2027 财年指引，在业绩指引 / 可见度方面获得了显著提升。” 目标价：Taylor 先生将目标价上调 1 加元至 41 加元，高于 38.92 加元的共识预期，评级为“跑赢（outperform）”。

来源：BARCHART TRANSAT AT (TRZ-TSX) 收盘价 1.86 加元，下跌 3¢

尽管 Desjardins Securities 分析师 Benoit Poirier 认为政府的新资金为 Transat AT Inc. “提供了及时的缓解”，但他警告称“竞争性的定价继续限制燃料成本的转嫁”。他表示：“关键的利好是新的 2.5 亿加元政府信贷额度，这实质性地延长了流动性跑道，且如果燃料价格按照当前的远期曲线演变，应能提供充足的资金。”

目标价：维持“持有”评级，将目标价从 2.80 加元下调至 2.50 加元。共识预期为 1.88 加元。

ENGHOUSE SYSTEMS (ENGH-) 收盘价 17.37 加元，上涨 81¢

TD Cowen 分析师 David Kwan 认为，Enghouse Systems Ltd. “极具吸引力的股息 / 自由现金流（FCF）收益率和纯净的资产负债表应能提供下行支撑”，但他警告投资者，“股价的持续上涨将较为困难，主要原因是其有机增长为负，且在短期 / 中期内不太可能发生实质性改变。” 目标价：Kwan 先生将目标价从 16 加元上调至 17 加元，维持“持有”评级。共识预期为 18 加元。

2026年9月14日 0.7192

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S&P / 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 (千股)< / ><>年初至今 % 变动< / >< / tr><><> 综合指数< / ><>35702.53< / ><>5.04< / ><>0.01< / ><>301230< / ><>12.58< / >< / ><><> 60 指数< / ><>2101.12< / ><>4.68< / ><>0.22< / ><>172054< / ><>12.96< / >< / ><><> 完成指数< / ><>2309.47< / ><>-19.56< / ><>-0.84< / ><>129175< / ><>11.05< / >< / ><><> 小盘股指数< / ><>1433.84< / ><>-9.87< / ><>-0.68< / ><>93313< / ><>19.83< / >< / ><><> Venture 综合指数< / ><>919.87< / ><>-7.99< / ><>-0.86< / ><>63351< / ><>-6.87< / >< / ><><> 非必需消费品< / ><>384.41< / ><>2.11< / ><>0.55< / ><>5113< / ><>0.47< / >< / ><><> 必需消费品< / ><>1260.47< / ><>29.90< / ><>2.43< / ><>5769< / ><>1.80< / >< / ><><> 能源

CAPPED< / td> 452.74< / ><>3.07< / ><>0.68< / ><>94956< / ><>50.70< / >< / tr> <>TSX FINANCIALS CA< / ><>746.27< / ><>0.58< / ><>0.08< / ><>31959< / ><>18.93< / >< / ><><>TSX HEALTH CARE C< / ><>22.57< / ><>0.44< / ><>1.99< / ><>1512< / ><>3.06< / >< / ><><> INDUSTRIALS C< / ><>495.59< / ><>4.67< / ><>0.95< / ><>19348< / ><>6.12< / >< / ><><> INFORMATION T< / ><>310.47< / ><>2.56< / ><>0.83< / ><>7843< / ><>-4.94< / >< / ><><> MATERIALS CAP< / ><>855.54< / ><>-20.11< / ><>-2.30< / ><>62796< / ><>14.12< / >< / ><><> REAL ESTATE C< / ><>298.99< / ><>0.74< / ><>0.25< / ><>5575< / ><>-5.50< / >< / ><><> GLOBAL GOLD I< / ><>935.44< / ><>-24.12< / ><>-2.51< / ><>101392< / ><>14.40< / >< / ><><> GLOBAL

MINING< / ><>248.70< / ><>-6.45< / ><>-2.53< / ><>336941< / ><>18.52< / >< / ><><> INCOME TRUST< / ><>226.66< / ><>-1.79< / ><>-0.78< / ><>6610< / ><>2.92< / >< / ><><> PREFERRED SHA< / ><>710.97< / ><>-1.60< / ><>-0.22< / ><>845< / ><>2.12< / >< / ><><> COMMUNICATION< / ><>149.62< / ><>1.93< / ><>1.31< / ><>13500< / ><>-4.62< / >< / ><><> UTILITIES CAP< / ><>372.46< / ><>-2.29< / ><>-0.61< / ><>21808< / ><>5.72< / >< / table>

涨幅榜 股价 $1 或以上的前 20 名

成交量 股价 $1 或以上的前 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< / ><>69.94< / ><>0.62< / ><>0.89< / ><>33691< / ><>50.44< / >< / ><><>CVE 科诺哈斯能源< / ><>46.27< / ><>0.38< / ><>0.83< / ><>16412< / ><>99.27< / >< / ><><>ENB Enbridge Inc< / ><>67.03< / ><>0.80< / ><>1.21< / ><>12478< / ><>2.06< / >< / ><><>SU 森科能源< / ><>95.58< / ><>0.28< / ><>0.29< / ><>8997< / ><>56.89< / >< / ><><>TRP TC Energy Corp< / ><>85.05< / ><>0.74< / ><>0.88< / ><>6702< / ><>12.53< / >< / ><><>T Telus Corporation< / ><>12.73< / ><>0.13< / ><>1.03< / ><>6702< / ><>-29.63< / >< / ><><>TOU Tourmaline Oil< / ><>62.34< / ><>0.97< / ><>1.58< / ><>6101< / ><>1.25< / >< / ><><>WCP Whitecap

RESO< / ><>18.68< / ><>0.14< / ><>0.76< / ><>5850< / ><>62.43< / >< / ><><>AQN Algonquin Power< / ><>7.46< / ><>0.11< / ><>1.50< / ><>5784< / ><>-11.61< / >< / ><><>BTE Baytex Energy< / ><>6.98< / ><>0.02< / ><>0.29< / ><>5194< / ><>57.21< / >< / ><><>MFC Manulife Financial< / ><>60.56< / ><>0.28< / ><>0.46< / ><>4514< / ><>21.51< / >< / ><><>ABX Barrick Gold< / ><>58.95< / ><>-1.57< / ><>-2.59< / ><>4374< / ><>-1.40< / >< / ><><>H Hydro One Limited< / ><>51.13< / ><>0.16< / ><>0.31< / ><>3978< / ><>-6.42< / >< / ><><>BCE BCE Inc.< / ><>32.59< / ><>0.20< / ><>0.62< / ><>3914< / ><>-0.46< / >< / ><><>K Kinross Gold Co< / ><>39.21< / ><>-1.18< / ><>-2.92< / ><>3783< / ><>1.42< / >< / ><><>XIU iShares SP

TS< / ><>53.03< / ><>0.11< / ><>0.21< / ><>3764< / ><>12.85< / >< / ><><>BN Brookfield Corp< / ><>52.29< / ><>-0.64< / ><>-1.21< / ><>3740< / ><>-17.03< / >< / ><><> Toronto-Dominion< / ><>168.26< / ><>0.54< / ><>0.32< / ><>3483< / ><>30.07< / >< / ><><>IVN Ivanhoe Mines< / ><>12.34< / ><>-0.46< / ><>-3.59< / ><>3438< / ><>-20.95< / >< / ><><>DSV Discovery Mines< / ><>11.57< / ><>-0.84< / ><>-6.77< / ><>3423< / ><>38.07< / >< / table>

< / td><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / tr><><>SOXD MEGASHORT -3< / ><>17.20< / ><>2.54< / ><>17.33< / ><>22< / ><>-91.63< / >< / ><><>VCM VECIMA NETWOR< / ><>13.01< / ><>1.82< / ><>16.26< / ><>9< / ><>23.79< / >< / ><><>COIU SAVVYLONG 2X< / ><>27.55< / ><>3.80< / ><>16.00< / ><>5< / ><>-57.75< / >< / ><><>CHLT CUSTOM HEALT< / ><>8.10< / ><>1.10< / ><>15.71< / ><>3< / ><>-19.00< / >< / ><><>CRWY HARVEST CROW< / ><>21.31< / ><>2.66< / ><>14.26< / ><>8< / ><>85.79< / >< / ><><>TRX TRX GOLD CORP< / ><>1.79< / ><>0.22< / ><>14.01< / ><>502< / ><>40.94< / >< / ><><>CRWD CROWDSTRIKE< / ><>72.98< / ><>8.95< / ><>13.98< / ><>119< / ><>97.24< / >< / ><><>PANW PALO ALTO NE< / ><>43.78< / ><>5.04< / ><>13.01< / ><>89< / ><>99.36< / >< / ><><>TCS TECSYS INC J< / ><>33.50< / ><>3.08< / ><>10.12< / ><>12< / ><>9.30< / >< / ><><>CYBR EVOLVE CYBER< / ><>77.75< / ><>6.57< / ><>9.23< / ><>5< / ><>50.97< / >< / ><><>SLT SALTIRE CAPIT< / ><>3.00< / ><>0.25< / ><>9.09< / ><>1< / ><>-55.88< / >< / ><><>COIN COINBASE CDR< / ><>11.55< / ><>0.96< / ><>9.07< / ><>347< / ><>-17.20< / >< / ><><>MSTU SAVVYLONG 2X< / ><>32.84< / ><>2.73< / ><>9.07< / ><>341< / ><>-60.72< / >< / ><><>XRPQ 3IQ XRP ETF< / ><>9.26< / ><>0.76< / ><>8.94< / ><>50< / ><>-18.77< / >< / ><><>TRI THOMSON REUTE< / ><>146.94< / ><>12.01< / ><>8.90< / ><>781< / ><>-18.88< / >< / ><><>CNYE HARVEST COIN< / ><>4.93< / ><>0.40< / ><>8.83< / ><>116< / ><>-39.14< / >< / ><><>XHAK ISHARES CYBE< / ><>67.33< / ><>5.34< / ><>8.61< / ><>< / ><>38.62< / >< / ><><>CONY HARVEST COIN< / ><>5.35< / ><>0.42< / ><>8.52< / ><>17< / ><>-28.09< / >< / ><><>CSUU SAVVYLONG 2X< / ><>9.32< / ><>0.73< / ><>8.50< / ><>15< / ><>-39.20< / >< / ><><>BPO-PR-X BROOKFIE< / ><>14.24< / ><>1.09< / ><>8.29< / ><>4< / ><>26.92< / >< / table>

S&P / TSX 综合指数股票 按市值计算的最大股票

TSX 跌幅最大股票 股价在 $1 或以上的前 20 名股票

<><>< / ><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / ><><>COID SAVVYSHORT -< / ><>3.89< / ><>-0.88< / ><>-18.45< / ><>13< / ><>-74.51< / >< / ><><>SOXU MEGALONG 3X< / ><>30.59< / ><>-6.28< / ><>-17.03< / ><>89< / ><>130.96< / >< / ><><>MUU SAVVYLONG 2X< / ><>13.64< / ><>-1.61< / ><>-10.56< / ><>383< / ><>-39.38< / >< / ><><>TINY TINY LTD< / ><>5.06< / ><>-0.54< / ><>-9.64< / ><>< / ><>-47.29< / >< / ><><>CRWN CROWN CAPITA< / ><>1.34< / ><>-0.14< / ><>-9.46< / ><>< / ><>106.15< / >< / ><><>MSTZ SAVVYSHORT -< / ><>2.84< / ><>-0.29< / ><>-9.27< / ><>144< / ><>-86.88< / >< / ><><>FLNT FLINT CORP< / ><>1.34< / ><>-0.13< / ><>-8.84< / ><>< / ><>-1.47< / >< / ><><>DCM DATA COMMUNIC< / ><>2.17< / ><>-0.21< / ><>-8.82< / ><>61< / ><>32.32< / >< / ><><>ENI-UN ENERGY INC< / ><>2.18< / ><>-0.21< / ><>-8.79< / ><>9< / ><>11.79< / >< / ><><>GEV GE VEROVA CD< / ><>58.65< / ><>-5.48< / ><>-8.55< / ><>80< / ><>31.74< / >< / ><><>AMDU SAVVYLONG 2X< / ><>17.04< / ><>-1.59< / ><>-8.53< / ><>9< / ><>-21.11< / >< / ><><>CLS CELESTICA INC< / ><>439.70< / ><>-40.53< / ><>-8.44< / ><>422< / ><>8.30< / >< / ><><>SMCI SUPERMICRO C< / ><>11.84< / ><>-1.08< / ><>-8.36< / ><>831< / ><>23.08< / >< / ><><>LRCX LAM RESEARCH< / ><>24.00< / ><>-2.16< / ><>-8.26< / ><>80< / ><>-5.10< / >< / ><><>ABXU SAVVYLONG 2X< / ><>27.50< / ><>-2.47< / ><>-8.24< / ><>1< / ><>-21.79< / >< / ><><>MMP-UN PRECIOUS< / >< / table>

4.26< / td><>-0.38< / ><>-8.19< / ><>1< / ><>11.81< / >< / tr> <>CLHI NINEPOINT CE< / ><>8.31< / ><>-0.71< / ><>-7.87< / ><>19< / ><>-19.32< / >< / ><><>PCA PHOENIX METAL< / ><>1.06< / ><>-0.09< / ><>-7.83< / ><>87< / ><>-15.20< / >< / ><><>VRT VERTIV CDR (C< / ><>17.65< / ><>-1.48< / ><>-7.74< / ><>175< / ><>-30.18< / >< / ><><>HPS-A HAMMOND POW< / ><>234.46< / ><>-19.39< / ><>-7.64< / ><>75< / ><>47.02< / >< / table>

<><>< / ><>收盘价< / ><>净变化< / ><>% 变化< / ><>成交量 (千股)< / ><>年初至今 % 变化< / >< / ><><>VNP 5N PLUS INC.< / ><>25.16< / ><>-1.64< / ><>-6.12< / ><>806< / ><>41.99< / >< / ><><>ABRA ABRASILVER R< / ><>13.81< / ><>-0.38< / ><>-2.68< / ><>583< / ><>29.31< / >< / ><><>AAV ADVANTAGE ENE< / ><>10.57< / ><>0.00< / ><>679< / ><>-9.97< / >< / ><><>ARE AECON GROUP I< / ><>43.89< / ><>-0.72< / ><>-1.61< / ><>427< / ><>40.31< / >< / ><><>AEM AGNICO EAGLE< / ><>274.59< / ><>-3.50< / ><>-1.26< / ><>700< / ><>17.97< / >< / ><><>AC AIR CANADA< / ><>27.58< / ><>0.05< / ><>0.18< / ><>2550< / ><>42.98< / >< / ><><>AGI ALAMOS GOLD I< / ><>49.54< / ><>-0.26< / ><>-0.52< / ><>691< / ><>-6.53< / >< / ><><>AQN ALGONQUIN

POW< / ><>7.46< / ><>0.11< / ><>1.50< / ><>5784< / ><>-11.61< / >< / ><><>ATD ALIMENTATION< / ><>81.91< / ><>1.41< / ><>1.75< / ><>948< / ><>9.27< / >< / ><><>AAUC ALLIED GOLD< / ><>30.03< / ><>-1.67< / ><>-5.27< / ><>677< / ><>-4.52< / >< / ><><>AP-UN ALLIED PROP< / ><>8.15< / ><>0.07< / ><>0.87< / ><>376< / ><>-39.04< / >< / ><><>ALA ALTAGAS LTD.< / ><>52.16< / ><>0.25< / ><>0.48< / ><>1567< / ><>24.64< / >< / ><><>ALS ALTUS MINERA< / ><>65.71< / ><>-0.85< / ><>-1.28< / ><>223< / ><>60.90< / >< / ><><>AIF ALTUS GROUP L< / ><>46.83< / ><>1.16< / ><>2.54< / ><>269< / ><>-17.42< / >< / ><><>USA AMERICAS GOLD< / ><>6.68< / ><>-0.30< / ><>-4.30< / ><>1279< / ><>-5.11< / >< / ><><>ARIS ARIS

MINING< / ><>25.97< / ><>-1.11< / ><>-4.10< / ><>668< / ><>16.67< / >< / ><><>ATZ ARITZIA INC< / ><>123.50< / ><>0.68< / ><>0.55< / ><>507< / ><>5.24< / >< / ><><>ACO-X ATCO LTD. C< / ><>71.38< / ><>-0.25< / ><>-0.35< / ><>182< / ><>26.61< / >< / ><><>ATH ATHABASCA OIL< / ><>11.04< / ><>0.17< / ><>1.56< / ><>2014< / ><>57.04< / >< / ><><>ATRL ATKINSREALIS< / ><>84.85< / ><>-0.39< / ><>-0.46< / ><>620< / ><>-4.23< / >< / ><><>ATS ATS CORPORATI< / ><>26.99< / ><>0.44< / ><>1.66< / ><>827< / ><>-28.62< / >< / ><><>ASM AVINO SILVER< / ><>8.70< / ><>-0.30< / ><>-3.33< / ><>682< / ><>1.87< / >< / ><><>AYA AYA GOLD AND< / ><>37.42< / ><>-1.34< / ><>-3.46< / ><>1844< / ><>90.53< / >< / ><><>BTO B2GOLD

CORP.< / ><>7.27< / ><>-0.19< / ><>-2.55< / ><>2391< / ><>17.64< / >< / ><><>BCE BCE INC.< / ><>32.59< / ><>0.20< / ><>0.62< / ><>3914< / ><>-0.46< / >< / ><><>BDGI BADGER INFRA< / ><>83.88< / ><>-0.38< / ><>-0.45< / ><>116< / ><>14.70< / >< / ><><>BMO BANK OF MONTR< / ><>242.41< / ><>-0.06< / ><>-0.02< / ><>1745< / ><>35.99< / >< / ><><>BNS BANK OF NOVA< / ><>129.95< / ><>0.32< / ><>0.25< / ><>3274< / ><>28.37< / >< / ><><>ABX BARRICK MININ< / ><>58.95< / ><>-1.57< / ><>-2.59< / ><>4374< / ><>-1.40< / >< / ><><>BHC BAUSCH HEALTH< / ><>8.25< / ><>0.15< / ><>1.85< / ><>395< / ><>-13.43< / >< / ><><>BTE BAYTEX ENERGY< / ><>6.98< / ><>0.02< / ><>0.29< / ><>5194< / ><>57.21< / >< / ><><>BIR BIRCHCLIFF

EN< / td> 6.39< / ><>0.07< / ><>1.11< / ><>1112< / ><>-14.46< / >< / tr> <>BDT BIRD CONSTRUC< / ><>72.61< / ><>0.65< / ><>0.90< / ><>268< / ><>154.59< / >< / ><><>BB BLACKBERRY LIM< / ><>10.77< / ><>0.16< / ><>1.51< / ><>1844< / ><>107.92< / >< / ><><>BEI-UN BOARDWALK< / ><>62.33< / ><>0.08< / ><>0.13< / ><>70< / ><>-3.33< / >< / ><><>BBD-B BOMBARDIER< / ><>309.02< / ><>8.20< / ><>2.73< / ><>196< / ><>32.34< / >< / ><><>BYD BOYD GROUP SE< / ><>126.92< / ><>1.92< / ><>1.54< / ><>152< / ><>-41.95< / >< / ><><>BAM BROOKFIELD AS< / ><>64.89< / ><>-0.58< / ><>-0.89< / ><>1456< / ><>-9.75< / >< / ><><>BBUC BROOKFIELD B< / ><>36.02< / ><>-0.58< / ><>-1.58< / ><>57< / ><>-26.56< / >< / ><><>BN BROOKFIELD

COR< / ><>52.29< / ><>-0.57< / ><>-1.08< / ><>3740< / ><>-17.03< / >< / ><><>BIP-UN BROOKFIELD< / ><>49.66< / ><>-1.42< / ><>-2.78< / ><>642< / ><>4.09< / >< / ><><>BEP-UN BROOKFIELD< / ><>40.98< / ><>-1.15< / ><>-2.73< / ><>604< / ><>10.49< / >< / ><><>DOO BRP INC< / ><>84.43< / ><>-0.13< / ><>-0.15< / ><>231< / ><>-13.00< / >< / ><><>CAR-UN CDN APARTM< / ><>32.39< / ><>0.25< / ><>0.78< / ><>565< / ><>-12.15< / >< / ><><>CNQ CDN NATURAL R< / ><>69.94< / ><>0.62< / ><>0.89< / ><>33691< / ><>50.44< / >< / ><><>GIB-A CGI INC< / ><>101.52< / ><>4.17< / ><>4.28< / ><>499< / ><>-19.92< / >< / ><><>CRT-UN CT REAL ES< / ><>16.90< / ><>0.11< / ><>0.66< / ><>216< / ><>3.87< / >< / ><><>CAE CAE INC< / ><>33.80< / ><>0.59< / ><>1.78< / ><>1815< / ><>-19.02< / >< / ><><>CCO

CAMECO CORP< / ><>129.73< / ><>-4.28< / ><>-3.19< / ><>1104< / ><>3.22< / >< / ><><>CM CANADIAN IMPER< / ><>158.80< / ><>-0.11< / ><>-0.07< / ><>2493< / ><>27.62< / >< / ><><>CNR CANADIAN NATI< / ><>169.81< / ><>0.21< / ><>0.12< / ><>1472< / ><>25.09< / >< / ><><>CP CANADIAN PACIF< / ><>124.99< / ><>1.15< / ><>0.93< / ><>1599< / ><>23.69< / >< / ><><>CTC-A CANADIAN TI< / ><>188.84< / ><>1.83< / ><>0.98< / ><>239< / ><>8.57< / >< / ><><>CU CANADIAN UTILI< / ><>49.92< / ><>-0.10< / ><>-0.20< / ><>508< / ><>16.83< / >< / ><><>CPX CAPITAL POWER< / ><>59.52< / ><>-1.30< / ><>-2.14< / ><>1681< / ><>1.66< / >< / ><><>CS CAPSTONE COPPE< / ><>13.89< / ><>-0.48< / ><>-3.34< / ><>3201< / ><>0.80< / >< / ><><>CJT CARGOJET

INC.< / ><>81.00< / ><>0.78< / ><>0.97< / ><>167< / ><>-3.50< / >< / ><><>CCL-B CCL INDUSTR< / ><>94.69< / ><>0.86< / ><>0.92< / ><>434< / ><>9.22< / >< / ><><>CLS CELESTICA INC< / ><>439.70< / ><>-40.53< / ><>-8.44< / ><>422< / ><>8.30< / >< / ><><>CVE CENOVUS ENERG< / ><>46.27< / ><>0.38< / ><>0.83< / ><>16412< / ><>99.27< / >< / ><><>CG CENTERRA GOLD< / ><>30.29< / ><>-1.09< / ><>-3.47< / ><>489< / ><>53.29< / >< / table>

ETF 股票 $1 或以上

<><>< / ><>收盘价< / ><>净变化< / ><>% 变化< / ><>成交量 (千股)< / ><>年初至今 % 变化< / >< / ><><>CEU CES ENERGY SO< / ><>19.07< / ><>-1.02< / ><>-5.08< / ><>1215< / ><>55.42< / >< / ><><>CSH-UN CHARTWELL< / ><>20.40< / ><>0.27< / ><>1.34< / ><>342< / ><>1.49< / >< / ><><>CHP-UN CHOICE PRO< / ><>15.06< / ><>-0.02< / ><>-0.13< / ><>615< / ><>1.69< / >< / ><><>CCA COGECO COMMUN< / ><>58.56< / ><>1.40< / ><>2.45< / ><>130< / ><>-11.90< / >< / ><><>CIGI COLLIERS INT< / ><>130.70< / ><>1.32< / ><>1.02< / ><>154< / ><>-35.21< / >< / ><><>CSU CONSTELLATION< / ><>2959.87< / ><>131.93< / ><>4.67< / ><>50< / ><>-10.34< / >< / ><><>CRR-UN CROMBIE RE< / ><>15.62< / ><>0.09< / ><>0.58< / ><>195< / ><>2.29< / >< / ><><>CURA CURALEAF

HOL< / td> 14.05< / ><>0.76< / ><>5.72< / ><>211< / ><>37.34< / >< / tr> <>DFY DEFINITY FINA< / ><>71.98< / ><>1.63< / ><>2.32< / ><>205< / ><>-5.20< / >< / ><><>DML DENISON MINES< / ><>4.03< / ><>-0.16< / ><>-3.82< / ><>3345< / ><>10.71< / >< / ><><>DSG DESCARTES SYS< / ><>111.16< / ><>5.84< / ><>5.55< / ><>356< / ><>-7.68< / >< / ><><>DSV DISCOVERY MIN< / ><>11.57< / ><>-0.84< / ><>-6.77< / ><>3423< / ><>38.07< / >< / ><><>DOL DOLLARAMA INC< / ><>168.35< / ><>1.24< / ><>0.74< / ><>908< / ><>-17.93< / >< / ><><>DPM DPM METALS IN< / ><>58.55< / ><>-1.82< / ><>-3.01< / ><>447< / ><>38.02< / >< / ><><>DIR-UN DREAM INDU< / ><>13.08< / ><>-0.02< / ><>-0.15< / ><>452< / ><>3.97< / >< / ><><>EQB EQB

INC< / ><>128.93< / ><>-0.67< / ><>-0.52< / ><>148< / ><>24.10< / >< / ><><>ELD ELDORADO GOLD< / ><>57.19< / ><>-3.43< / ><>-5.66< / ><>879< / ><>15.93< / >< / ><><>EFN ELEMENT FLEET< / ><>25.73< / ><>0.90< / ><>3.62< / ><>1881< / ><>-28.63< / >< / ><><>EMA EMERA INCORPO< / ><>68.17< / ><>-0.02< / ><>-0.03< / ><>672< / ><>0.78< / >< / ><><>EMP-A EMPIRE COMP< / ><>46.80< / ><>1.19< / ><>2.61< / ><>439< / ><>-1.93< / >< / ><><>ENB ENBRIDGE INC< / ><>67.03< / ><>0.80< / ><>1.21< / ><>12478< / ><>2.06< / >< / ><><>EDR ENDEAVOUR SIL< / ><>13.54< / ><>-0.56< / ><>-3.97< / ><>992< / ><>4.88< / >< / ><><>EFX ENERFLEX LTD< / ><>30.80< / ><>-0.97< / ><>-3.05< / ><>1362< / ><>45.56< / >< / ><><>EFR ENERGY

FUELS< / ><>17.17< / ><>-0.81< / ><>-4.51< / ><>961< / ><>-13.63< / >< / ><><>EQX EQUINOX GOLD< / ><>16.53< / ><>-0.63< / ><>-3.67< / ><>2318< / ><>-14.31< / >< / ><><>ERO ERO COPPER CO< / ><>46.78< / ><>-2.39< / ><>-4.86< / ><>519< / ><>20.47< / >< / ><><>EIF EXCHANGE INCO< / ><>116.69< / ><>-0.15< / ><>-0.13< / ><>123< / ><>42.37< / >< / ><><>EXE EXTENDICARE I< / ><>31.14< / ><>0.13< / ><>0.42< / ><>254< / ><>45.85< / >< / ><><>FFH FAIRFAX FINAN< / ><>2267.54< / ><>19.37< / ><>0.86< / ><>39< / ><>-13.32< / >< / ><><>FTT FINNING INTL< / ><>92.08< / ><>-1.71< / ><>-1.82< / ><>488< / ><>23.81< / >< / ><><>FCR-UN FIRST CAPI< / ><>22.55< / ><>-0.07< / ><>-0.31< / ><>414< / ><>19.31< / >< / ><><>AG FIRST

MAJESTIC< / ><>26.14< / ><>-0.97< / ><>-3.58< / ><>1328< / ><>14.15< / >< / ><><>FM FIRST QUANTUM< / ><>42.30< / ><>-1.64< / ><>-3.73< / ><>2553< / ><>14.95< / >< / ><><>FSV FIRSTSERVICE< / ><>188.47< / ><>-2.53< / ><>-1.32< / ><>129< / ><>-11.70< / >< / ><><>FTS FORTIS INC< / ><>75.27< / ><>-0.09< / ><>-0.12< / ><>1165< / ><>5.48< / >< / ><><>FVI FORTUNA MININ< / ><>16.15< / ><>-0.44< / ><>-2.65< / ><>740< / ><>20.07< / >< / ><><>FNV FRANCO-NEVADA< / ><>363.82< / ><>-5.19< / ><>-1.41< / ><>175< / ><>27.88< / >< / ><><>FRU FREEHOLD ROYA< / ><>17.49< / ><>-0.01< / ><>-0.06< / ><>548< / ><>15.14< / >< / ><><>GMIN G MINING VEN< / ><>49.20< / ><>-2.81< / ><>-5.40< / ><>974< / ><>18.58< / >< / ><><>GFL GFL

ENVIRONME< / td> 59.30< / ><>-0.02< / ><>-0.03< / ><>721< / ><>0.58< / >< / tr> <>GEI GIBSON ENERGY< / ><>30.89< / ><>0.21< / ><>0.68< / ><>373< / ><>22.97< / >< / ><><>GIL GILDAN ACTIVE< / ><>65.98< / ><>-1.17< / ><>-1.74< / ><>783< / ><>-23.09< / >< / ><><>GRT-UN GRANITE RE< / ><>85.56< / ><>0.38< / ><>0.45< / ><>48< / ><>4.71< / >< / ><><>GWO GREAT-WEST LI< / ><>92.73< / ><>0.09< / ><>0.10< / ><>1038< / ><>36.99< / >< / ><><>HPS-A HAMMOND POW< / ><>234.46< / ><>-19.39< / ><>-7.64< / ><>75< / ><>47.02< / >< / ><><>HWX HEADWATER EXP< / ><>13.85< / ><>0.34< / ><>2.52< / ><>888< / ><>47.81< / >< / ><><>HR-UN HR REAL EST< / ><>9.76< / ><>0.07< / ><>0.72< / ><>479< / ><>-4.59< / >< / ><><>HBM HUBDAY

MINERA< / ><>35.60< / ><>-1.13< / ><>-3.08< / ><>1506< / ><>30.64< / >< / ><><>H HYDRO ONE LIMIT< / ><>51.13< / ><>0.16< / ><>0.31< / ><>3978< / ><>-6.42< / >< / ><><>IAU I 80 GOLD COR< / ><>2.35< / ><>-0.07< / ><>-2.89< / ><>782< / ><>16.34< / >< / ><><>IAG IA FINANCIAL< / ><>211.55< / ><>5.88< / ><>2.86< / ><>408< / ><>18.96< / >< / ><><>IMG IAMGOLD CORP< / ><>27.49< / ><>-0.62< / ><>-2.21< / ><>1095< / ><>21.37< / >< / ><><>IGM IGM FINANCIAL< / ><>87.75< / ><>-1.94< / ><>-2.16< / ><>446< / ><>41.97< / >< / ><><>IMO IMPERIAL OIL< / ><>183.17< / ><>2.81< / ><>1.56< / ><>1445< / ><>54.47< / >< / ><><>IFC INTACT FINANC< / ><>259.71< / ><>2.19< / ><>0.85< / ><>540< / ><>-9.11< / >< / ><><>IPCO

INTERNATIONA< / ><>36.24< / ><>0.38< / ><>1.06< / ><>157< / ><>45.95< / >< / ><><>IVN IVANHOE MINES< / ><>12.34< / ><>-0.46< / ><>-3.59< / ><>3438< / ><>-20.95< / >< / table>

<><>< / ><>收盘价< / ><>净变化< / ><>% 变化< / ><>成交量 (千股)< / ><>年初至今 % 变化< / >< / ><><>BANK EVOLVE CDN B< / ><>11.41< / ><>0.01< / ><>0.09< / ><>442< / ><>17.75< / >< / ><><>DLR-U GLOBAL X US< / ><>10.16< / ><>0.00< / ><>868< / ><>0.20< / >< / ><><>DLR GLOBAL X US D< / ><>14.12< / ><>0.05< / ><>0.36< / ><>1660< / ><>1.44< / >< / ><><>GDXD BETAPRO CDN< / ><>7.96< / ><>0.38< / ><>5.01< / ><>403< / ><>-51.29< / >< / ><><>HHIS HARVEST DIVE< / ><>11.28< / ><>0.17< / ><>1.53< / ><>1167< / ><>-7.84< / >< / ><><>HND BETAPRO NAT G< / ><>24.21< / ><>-0.83< / ><>-3.31< / ><>530< / ><>-35.70< / >< / ><><>HNU BETAPRO NAT G< / ><>8.17< / ><>0.24< / ><>3.03< / ><>2463< / ><>-49.88< / >< / ><><>HOD BETAPRO

CRUDE< / ><>16.16< / ><>-0.39< / ><>-2.36< / ><>1953< / ><>-88.84< / >< / ><><>HOU BETAPRO CRUDE< / ><>28.31< / ><>0.61< / ><>2.20< / ><>1893< / ><>222.80< / >< / ><><>MSTE HARVEST STRA< / ><>2.44< / ><>0.10< / ><>4.27< / ><>691< / ><>-43.26< / >< / ><><>QQD BETAPRO NASDA< / ><>23.84< / ><>0.39< / ><>1.66< / ><>365< / ><>-28.30< / >< / ><><>QQU BETAPRO NASDA< / ><>37.02< / ><>-0.60< / ><>-1.59< / ><>549< / ><>22.91< / >< / table>

< / td><>收盘价< / ><>净变化< / ><>% 变化< / ><>成交量 (千股)< / ><>年初至今 % 变化< / >< / tr><><>RING GLOBAL X EQL< / ><>16.24< / ><>0.17< / ><>1.06< / ><>459< / ><>-11.35< / >< / ><><>SQQQ BETAPRO -3X< / ><>7.76< / ><>0.18< / ><>2.37< / ><>483< / ><>-40.94< / >< / ><><>UMAX HAMILTON UTI< / ><>12.54< / ><>0.04< / ><>0.32< / ><>413< / ><>-4.78< / >< / ><><>VEQT VANGUARD ALL< / ><>61.41< / ><>-0.26< / ><>-0.42< / ><>396< / ><>14.34< / >< / ><><>XEG ISHARES SP TS< / ><>29.07< / ><>0.19< / ><>0.66< / ><>3399< / ><>51.25< / >< / ><><>XEQT ISHARES CORE< / ><>45.17< / ><>-0.12< / ><>-0.26< / ><>553< / ><>13.24< / >< / ><><>XGD ISHARES S&P / T< / ><>58.58< / ><>-1.51< / ><>-2.51< / ><>437< / ><>14.59< / >< / ><><>XIU ISHARES SP TS< / ><>53.03< / ><>0.11< / ><>0.21< / ><>3764< / ><>12.85< / >< / ><><>XRE ISHARES SP TS< / ><>15.73< / ><>0.05< / ><>0.32< / ><>384< / ><>1.94< / >< / ><><>ZAG BMO AGGREGATE< / ><>13.34< / ><>-0.01< / ><>-0.07< / ><>402< / ><>-3.19< / >< / ><><>ZCN BMO SP TSX CA< / ><>47.91< / ><>0.00< / ><>426< / ><>12.97< / >< / ><><>ZEB BMO EQUAL WEI< / ><>74.55< / ><>-0.03< / ><>-0.04< / ><>772< / ><>27.87< / >< / table>

<><>< / ><>价格< / ><>净变化< / > >< / ><><>黄金< / ><>4351.90< / ><>-57.00< / ><>瘦肉猪< / ><>79.60< / ><>-1.92< / ><>玉米< / ><>512.00< / ><>1.75< / >< / ><><>白银< / ><>64.14< / ><>-1.05< / ><>咖啡< / ><>307.35< / ><>-6.30< / ><>大豆< / ><>1285.25< / ><>5.00< / >< / ><><>天然气< / ><>2.90< / ><>0.06< / ><>铝< / ><>3382.00< / ><>-1.00< / ><>油菜籽< / ><>823.00< / ><>5.80< / >< / ><><>原油 WTI< / ><>101.39< / ><>1.34< / ><>香港期货镍 (CNH)< / ><>109750.0< / ><>-1090.0< / ><>S&P 500 商业服务< / ><>600.55< / ><>12.55< / >< / ><><>原油 BRENT< / ><>104.61< / ><>-3.02< / ><>小麦< / ><>707.00< / ><>0.00< / ><>饲料小麦< / ><>215.25< / ><>-2.50< / >< / ><><>高纯度铜< / ><>6.40< / ><>-0.14< / ><>实物木材< / ><>570.00< / ><>1.00< / ><>比特币期货< / ><>79270.0< / ><>1840.0< / >< / 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< / ><>净变化< / ><>% 变化< / ><>成交量 (千股)< / ><>年初至今 % 变化< / >< / ><><>ARG AMERIGO RESOU< / ><>8.41< / ><>0.13< / ><>1.57< / ><>3005< / ><>85.24< / >< / ><><>XLY AUXLY CANNABI< / ><>3.40< / ><>0.13< / ><>3.98< / ><>221< / ><>67.49< / >< / ><><>PRM-PR-A BIG PHAR< / ><>10.37< / ><>0.03< / ><>0.29< / ><>< / ><>1.27< / >< / ><><>BN-PR-R BROOKFIEL< / ><>24.65< / ><>0.15< / ><>0.61< / ><>3< / ><>15.13< / >< / ><><>BN-PF-A BROOKFIEL< / ><>26.39< / ><>0.18< / ><>0.69< / ><>3< / ><>2.09< / >< / ><><>BN-PR-C BROOKFIEL< / ><>15.30< / ><>0.05< / ><>0.33< / ><>< / ><>18.88< / >< / ><><>BPO-PR-X BROOKFIE< / ><>14.24< / ><>1.09< / ><>8.29< / ><>4< / ><>26.92< / >< / ><><>CF-PR-A< / >

CANACCORD< / td> 25.22< / ><>0.00< / ><>365< / ><>17.69< / >< / tr> <>CF-PR-C CANACCORD< / ><>25.57< / ><>0.07< / ><>0.27< / ><>< / ><>3.56< / >< / ><><>CVE CENOVUS ENERG< / ><>46.27< / ><>0.38< / ><>0.83< / ><>16412< / ><>99.27< / >< / ><><>CEU CES ENERGY SO< / ><>19.07< / ><>-1.02< / ><>-5.08< / ><>1215< / ><>55.42< / >< / ><><>CVX CHEVRON CDR (< / ><>27.25< / ><>-0.25< / ><>-0.91< / ><>7< / ><>11.13< / >< / ><><>ROSY CORTON ROSEN< / ><>25.05< / ><>0.00< / ><>35< / ><>0.00< / >< / ><><>CRWD CROWDSTRIKE< / ><>72.98< / ><>8.95< / ><>13.98< / ><>119< / ><>97.24< / >< / table>

TSX 52周低点 股价 $1 或以上

<><>< / ><>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< / >< / ><><>FTN-PR-A FINANCIA< / ><>10.99< / ><>0.03< / ><>0.27< / ><>71< / ><>3.10< / >< / ><><>GFR-RT-A GREENFIR< / ><>2.20< / ><>0.05< / ><>2.33< / ><>133< / ><>25.71< / >< / ><><>IFP INTERFOR CORP< / ><>14.97< / ><>0.89< / ><>6.32< / ><>343< / ><>74.88< / >< / ><><>KEL KELT EXPLORAT< / ><>10.81< / ><>0.11< / ><>1.03< / ><>1433< / ><>40.94< / >< / ><><>MSA MINEROS SA< / ><>9.15< / ><>0.05< / ><>0.55< / ><>596< / ><>62.81< / >< / ><><>RFA-PR-I RFA FINA< / ><>24.25< / ><>0.50< / ><>2.11< / ><>4< / ><>6.59< / >< / ><><>SEC SENVEST CAPIT< / ><>440.00< / ><>0.00< / ><>< / ><>18.44< / >< / ><><>SU SUNCOR

ENERGY< / ><>95.58< / ><>0.28< / ><>0.29< / ><>8997< / ><>56.89< / >< / ><><>SGY SURGE ENERGY< / ><>12.16< / ><>0.00< / ><>587< / ><>76.23< / >< / ><><>SWP SWISS WATER D< / ><>9.52< / ><>0.03< / ><>0.32< / ><>14< / ><>115.87< / >< / ><><>TNZ TENAZ ENERGY< / ><>73.08< / ><>-0.86< / ><>-1.16< / ><>230< / ><>175.77< / >< / ><><>TOT TOTAL ENERGY< / ><>34.94< / ><>-1.30< / ><>-3.59< / ><>215< / ><>134.50< / >< / ><><>YGR YANGARRA RESO< / ><>1.64< / ><>0.04< / ><>2.50< / ><>394< / ><>56.19< / >< / 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< / >< / ><><>AMAP AMAPA MINERA< / ><>1.08< / ><>0.01< / ><>0.93< / ><>33< / ><>-1.82< / >< / ><><>CAKE AVANTIS CIBC< / ><>19.76< / ><>-0.07< / ><>-0.35< / ><>2< / ><>-1.54< / >< / ><><>BBUC BROOKFIELD B< / ><>36.02< / ><>-0.58< / ><>-1.58< / ><>57< / ><>-26.56< / >< / ><><>BN BROOKFIELD COR< / ><>52.29< / ><>-0.64< / ><>-1.21< / ><>3740< / ><>-17.03< / >< / ><><>BEPC BROOKFIELD R< / ><>41.31< / ><>-1.31< / ><>-3.07< / ><>370< / ><>-21.54< / >< / ><><>BNT BROOKFIELD WE< / ><>52.32< / ><>-0.73< / ><>-1.38< / ><>17< / ><>-17.20< / >< / ><><>BTB-UN BTB REIT U< / ><>3.64< / ><>0.01< / ><>0.28< / ><>80< / ><>-11.00< / >< / ><><>BU BURCON

NUTRASC< / ><>1.41< / ><>-0.08< / ><>-5.37< / ><>34< / ><>-13.50< / >< / ><><>CIA CHAMPION IRON< / ><>3.19< / ><>-0.10< / ><>-3.04< / ><>572< / ><>-41.89< / >< / ><><>TPUT CORTON THETA< / ><>25.07< / ><>-0.49< / ><>-1.92< / ><>< / ><>-3.58< / >< / ><><>DGGB DESJARDINS G< / ><>19.51< / ><>-0.08< / ><>-0.41< / ><>< / ><>-2.69< / >< / ><><>DUIG DESJARDINS U< / ><>19.29< / ><>-0.15< / ><>-0.77< / ><>< / ><>-3.50< / >< / ><><>GLRA-PR-A GLOBAL< / ><>18.25< / ><>0.25< / ><>1.39< / ><>5< / ><>-22.24< / >< / ><><>PAVE GLOBAL X US< / ><>26.48< / ><>-0.42< / ><>-1.56< / ><>10< / ><>-4.06< / >< / table>

< / td><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / tr><><>GWO-PF-A GREAT WE< / ><>24.71< / ><>-0.29< / ><>-1.16< / ><>14< / ><>-0.64< / >< / ><><>HAI HAVISION SYS< / ><>3.80< / ><>-0.08< / ><>-2.06< / ><>82< / ><>-27.48< / >< / ><><>HON HONEYWELL TEC< / ><>11.36< / ><>-0.03< / ><>-0.26< / ><>8< / ><>-49.42< / >< / ><><>MRG-UN MORGUARD N< / ><>15.12< / ><>-0.15< / ><>-0.98< / ><>47< / ><>-12.95< / >< / ><><>GRA NANOPXLORE IN< / ><>1.37< / ><>0.00< / ><>176< / ><>-46.48< / >< / ><><>NFGC NEW FOUND GO< / ><>2.29< / ><>-0.02< / ><>-0.87< / ><>403< / ><>-11.92< / >< / ><><>NRR-UN NORTHVIEW< / ><>15.11< / ><>-0.13< / ><>-0.85< / ><>2< / ><>-6.44< / >< / ><><>RGSI ROCKPOINT

GA< / ><>23.33< / ><>-0.27< / ><>-1.14< / ><>434< / ><>-16.68< / >< / ><><>COID SAVVYSHORT -< / ><>3.89< / ><>-0.88< / ><>-18.45< / ><>13< / ><>-74.51< / >< / ><><>OILD SAVVYSHORT G< / ><>11.32< / ><>-0.25< / ><>-2.16< / ><>44< / ><>-91.54< / >< / ><><>T TELLUS CORPORATI< / ><>12.73< / ><>0.13< / ><>1.03< / ><>6702< / ><>-29.63< / >< / ><><>VCOR VANGUARD GLO< / ><>24.73< / ><>-0.06< / ><>-0.24< / ><>1< / ><>-0.80< / >< / ><><>WHYP-U WESTCOURT< / ><>15.81< / ><>-0.10< / ><>-0.63< / ><>3< / ><>-0.69< / >< / table>

多伦多证券交易所综合指数 (TSX COMPOSITE INDEX)

2016年9月14日

来源：BARCHART

2026年9月14日

< / td><>收盘价< / ><>净涨跌< / ><>涨跌幅%< / ><>成交量 (千股)< / ><>年初至今涨跌幅%< / >< / tr><><>JWEL JAMIESON WEL< / ><>45.46< / ><>-0.04< / ><>-0.09< / ><>542< / ><>35.10< / >< / ><><>KNT K92 MINING IN< / ><>28.33< / ><>-0.98< / ><>-3.34< / ><>736< / ><>24.86< / >< / ><><>KEL KELT EXPLORAT< / ><>10.81< / ><>0.11< / ><>1.03< / ><>1433< / ><>40.94< / >< / ><><>KEY KEYERA CORP< / ><>54.76< / ><>0.22< / ><>0.40< / ><>2129< / ><>24.45< / >< / ><><>KMP-UN KILLAM APA< / ><>17.50< / ><>0.12< / ><>0.69< / ><>234< / ><>6.71< / >< / ><><>KXS KINAXIS INC< / ><>176.72< / ><>5.06< / ><>2.95< / ><>245< / ><>2.10< / >< / ><><>K KINROSS GOLD CO< / ><>39.21< / ><>-1.18< / ><>-2.92< / ><>3783< / ><>1.42< / >< / ><><>LIF LABRADOR

IRON< / ><>25.36< / ><>-0.37< / ><>-1.44< / ><>187< / ><>-15.10< / >< / ><><>LB LAURENTIAN BAN< / ><>40.63< / ><>-0.01< / ><>-0.02< / ><>162< / ><>0.82< / >< / ><><>LSPD LIGHTSPEED C< / ><>14.09< / ><>0.29< / ><>2.10< / ><>498< / ><>-14.92< / >< / ><><>LNR LINAMAR CORP< / ><>98.36< / ><>-1.60< / ><>-0.74< / ><>82< / ><>18.56< / >< / ><><>LAC LITHIUM AMERI< / ><>4.01< / ><>-0.03< / ><>-0.74< / ><>1141< / ><>-32.83< / >< / ><><>L LOBLAW CO< / ><>63.05< / ><>1.77< / ><>2.89< / ><>1662< / ><>1.61< / >< / ><><>LUG LUNDIN GOLD I< / ><>92.06< / ><>-0.94< / ><>-1.01< / ><>464< / ><>-19.26< / >< / ><><>LUN LUNDIN MINING< / ><>32.43< / ><>-1.02< / ><>-3.05< / ><>2733< / ><>9.93< / >< / ><><>MG MAGNA

INTERNAT< / ><>90.30< / ><>-1.34< / ><>-1.46< / ><>714< / ><>23.41< / >< / ><><>MFC MANULIFE FIN< / ><>60.56< / ><>0.28< / ><>0.46< / ><>4514< / ><>21.51< / >< / ><><>MFI MAPLE LEAF FO< / ><>26.62< / ><>0.32< / ><>1.22< / ><>283< / ><>6.78< / >< / ><><>MDA MDA SPACE LTD< / ><>40.14< / ><>0.02< / ><>0.05< / ><>2274< / ><>50.68< / >< / ><><>MX METHANEX CORP< / ><>87.21< / ><>-0.04< / ><>-0.05< / ><>599< / ><>60.19< / >< / ><><>MRU METRO INC< / ><>91.55< / ><>3.39< / ><>3.85< / ><>839< / ><>-7.33< / >< / ><><>MAU MONTAGE GOLD< / ><>19.11< / ><>-0.04< / ><>-0.21< / ><>483< / ><>93.42< / >< / ><><>MTL MULLEN GROUP< / ><>25.87< / ><>0.26< / ><>1.02< / ><>184< / ><>64.36< / >< / ><><>NA NATIONAL

BANK< / ><>211.35< / ><>-0.74< / ><>-0.35< / ><>1216< / ><>22.44< / >< / ><><>NXE NEXGEN ENERGY< / ><>13.17< / ><>-0.46< / ><>-3.37< / ><>1795< / ><>4.28< / >< / ><><>NFI NFI GROUP INC< / ><>23.42< / ><>-0.09< / ><>-0.38< / ><>111< / ><>50.90< / >< / ><><>NGEX NGEX MINERAL< / ><>24.40< / ><>-1.27< / ><>-4.95< / ><>273< / ><>-4.69< / >< / ><><>NPI NORTHLAND POW< / ><>21.14< / ><>0.34< / ><>1.63< / ><>1711< / ><>18.43< / >< / ><><>NG NOVAGOLD RES I< / ><>10.10< / ><>-0.29< / ><>-2.79< / ><>561< / ><>-21.09< / >< / ><><>NTR NUTRIEN LTD< / ><>107.02< / ><>-1.78< / ><>-1.64< / ><>2006< / ><>26.32< / >< / ><><>OR OR ROYALTIES I< / ><>49.40< / ><>-0.51< / ><>-1.02< / ><>511< / ><>1.60< / >< / ><><>OGC OCEANAGOLD

CO< / td> 40.78< / ><>-1.09< / ><>-2.60< / ><>981< / ><>4.83< / >< / tr> <>ONEX ONEX CORPORA< / ><>109.17< / ><>-1.33< / ><>-1.20< / ><>106< / ><>-3.36< / >< / ><><>OTEX OPEN TEXT CO< / ><>33.31< / ><>1.31< / ><>4.09< / ><>1096< / ><>-25.48< / >< / ><><>PAAS PAN AMERICAN< / ><>67.61< / ><>-2.13< / ><>-3.05< / ><>656< / ><>-4.99< / >< / ><><>POU PARAMOUNT RES< / ><>31.96< / ><>0.00< / ><>182< / ><>32.12< / >< / ><><>PXT PAREX RESOURC< / ><>28.87< / ><>-0.06< / ><>-0.21< / ><>1192< / ><>56.48< / >< / ><><>PPL PEMBINA PIPEL< / ><>66.12< / ><>-0.14< / ><>-0.21< / ><>2825< / ><>26.45< / >< / ><><>PPTA PERPETUA RES< / ><>31.35< / ><>-1.44< / ><>-4.39< / ><>81< / ><>-5.66< / >< / ><><>PEY PEYTO

EXPLORA< / ><>24.42< / ><>0.11< / ><>0.45< / ><>500< / ><>7.53< / >< / ><><>POW POWER CORPORA< / ><>93.73< / ><>-0.64< / ><>-0.68< / ><>2039< / ><>28.49< / >< / ><><>PSK PRAIRIESKY RO< / ><>36.00< / ><>0.24< / ><>0.67< / ><>325< / ><>33.19< / >< / ><><>PBH PREMIUM BRAND< / ><>77.50< / ><>0.87< / ><>1.14< / ><>279< / ><>-23.80< / >< / ><><>PMZ-UN PRIMARIS R< / ><>20.96< / ><>0.06< / ><>0.29< / ><>142< / ><>34.45< / >< / ><><>QBR-B QUEBECOR IN< / ><>64.06< / ><>1.24< / ><>1.97< / ><>602< / ><>23.91< / >< / ><><>RBA RB GLOBAL INC< / ><>116.90< / ><>0.99< / ><>0.85< / ><>366< / ><>-17.27< / >< / ><><>QSR RESTAURANT BR< / ><>109.60< / ><>2.85< / ><>2.67< / ><>1646< / ><>17.02< / >< / ><><>RCH RICHELIEU

HAR< / ><>35.51< / ><>0.34< / ><>0.97< / ><>141< / ><>-10.24< / >< / ><><>REI-UN RIOCAN REA< / ><>20.71< / ><>0.08< / ><>0.39< / ><>800< / ><>10.75< / >< / ><><>RCI-B ROGERS COMM< / ><>50.94< / ><>0.76< / ><>1.51< / ><>2151< / ><>-1.68< / >< / ><><>RY ROYAL BANK OF< / ><>285.19< / ><>-0.01< / ><>0.00< / ><>2321< / ><>21.88< / >< / ><><>RUS RUSSEL METALS< / ><>76.21< / ><>0.36< / ><>0.47< / ><>117< / ><>74.00< / >< / ><><>SAP SAPUTO INC.< / ><>39.80< / ><>0.41< / ><>1.04< / ><>528< / ><>-3.66< / >< / ><><>SEA SEABRIDGE GOL< / ><>41.27< / ><>-1.69< / ><>-3.93< / ><>60< / ><>1.43< / >< / ><><>SHOP SHOPIFY INC< / ><>186.18< / ><>7.77< / ><>4.36< / ><>1365< / ><>-15.76< / >< / 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< / ><>19.96< / ><>0.15< / ><>0.76< / ><>308< / ><>-2.30< / >< / ><><>SVM SILVERCORP ME< / ><>15.92< / ><>-0.59< / ><>-3.57< / ><>747< / ><>38.68< / >< / ><><>SKE SKEENA RESOUR< / ><>42.56< / ><>-1.34< / ><>-3.05< / ><>205< / ><>30.55< / >< / ><><>SRU-UN SMARTCENTR< / ><>26.96< / ><>0.19< / ><>0.71< / ><>408< / ><>4.70< / >< / ><><>SOBO SOUTH BOW CO< / ><>49.70< / ><>-0.24< / ><>-0.48< / ><>793< / ><>31.66< / >< / ><><>SXGC SOUTHERN CRO< / ><>12.19< / ><>-0.13< / ><>-1.06< / ><>340< / ><>15.11< / >< / ><><>SDE SPARTAN DELTA< / ><>13.36< / ><>-0.12< / ><>-0.89< / ><>418< / ><>84.28< / >< / ><><>SII SPROTT

INC.< / td> 182.57< / ><>-2.29< / ><>-1.12< / ><>115< / ><>35.80< / >< / tr> <>SSRM SSR MINING I< / ><>48.42< / ><>-1.85< / ><>-3.68< / ><>366< / ><>60.92< / >< / ><><>STN STANTEC INC< / ><>98.01< / ><>1.37< / ><>1.42< / ><>355< / ><>-24.33< / >< / ><><>SJ STELLA JONES I< / ><>68.46< / ><>1.46< / ><>2.18< / ><>508< / ><>-19.58< / >< / ><><>SCR STRATHCONA RE< / ><>44.56< / ><>0.34< / ><>0.77< / ><>452< / ><>57.29< / >< / ><><>SLF SUN LIFE FINA< / ><>111.64< / ><>1.09< / ><>0.99< / ><>1851< / ><>30.30< / >< / ><><>SU SUNCOR ENERGY< / ><>95.58< / ><>0.28< / ><>0.29< / ><>8997< / ><>56.89< / >< / ><><>SPB SUPERIOR PLUS< / ><>6.90< / ><>0.04< / ><>0.58< / ><>1074< / ><>-1.99< / >< / ><><>TRP TC ENERGY

COR< / ><>85.05< / ><>0.74< / ><>0.88< / ><>6702< / ><>12.53< / >< / ><><>X TMX GROUP LIMIT< / ><>53.87< / ><>0.75< / ><>1.41< / ><>456< / ><>3.14< / >< / ><><>TVE TAMARACK VALL< / ><>13.61< / ><>0.32< / ><>2.41< / ><>2975< / ><>70.55< / >< / ><><>TECK-B TECK RESOU< / ><>92.16< / ><>0.05< / ><>1271< / ><>40.25< / >< / ><><>T TELLUS CORPORATI< / ><>12.73< / ><>0.13< / ><>1.03< / ><>6702< / ><>-29.63< / >< / ><><>TVK TERRAVEST IND< / ><>115.35< / ><>-3.06< / ><>-2.58< / ><>60< / ><>-29.88< / >< / ><><>TFII TFI INTERNAT< / ><>183.15< / ><>1.38< / ><>0.76< / ><>216< / ><>29.10< / >< / ><><>NWC THE NORTH WES< / ><>52.22< / ><>0.55< / ><>1.06< / ><>99< / ><>6.77< / >< / ><><>TRI THOMSON

REUTE< / ><>146.94< / ><>12.01< / ><>8.90< / ><>781< / ><>-18.88< / >< / ><><>TPZ TOPAZ ENERGY< / ><>31.03< / ><>0.24< / ><>0.78< / ><>530< / ><>12.67< / >< / ><><>TXG TOREX GOLD RE< / ><>67.59< / ><>-2.20< / ><>-3.15< / ><>375< / ><>3.13< / >< / ><><>TIH TOROMONT IND< / ><>201.20< / ><>-2.24< / ><>-1.10< / ><>267< / ><>21.17< / >< / ><><> TORONTO-DOMINI< / ><>168.26< / ><>0.54< / ><>0.32< / ><>3483< / ><>30.07< / >< / ><><>TOU TOURMALINE OI< / ><>62.34< / ><>0.97< / ><>1.58< / ><>6101< / ><>1.25< / >< / ><><>TA TRANSALTA CORP< / ><>16.39< / ><>-0.34< / ><>-2.03< / ><>2233< / ><>-5.59< / >< / ><><>TKO TREKOR METALS< / ><>10.86< / ><>-0.35< / ><>-3.12< / ><>860< / ><>39.77< / >< / ><><>TFPM TRIPLE

FLAG< / ><>45.33< / ><>-1.58< / ><>-3.37< / ><>232< / ><>-0.61< / >< / ><><>TSU TRISURA GROUP< / ><>42.45< / ><>-0.29< / ><>-0.68< / ><>154< / ><>-0.63< / >< / ><><>VET VERMILION ENE< / ><>18.47< / ><>0.13< / ><>0.71< / ><>1211< / ><>61.73< / >< / ><><>VZLA VIZSLA SILVE< / ><>5.27< / ><>-0.19< / ><>-3.48< / ><>768< / ><>-29.92< / >< / ><><>WSP WSP GLOBAL IN< / ><>182.46< / ><>2.29< / ><>1.27< / ><>623< / ><>-26.58< / >< / ><><>WCN WASTE CONNECT< / ><>224.07< / ><>2.51< / ><>1.13< / ><>344< / ><>-6.92< / >< / ><><>WDO WESDOME GOLD< / ><>34.00< / ><>-1.06< / ><>-3.02< / ><>884< / ><>49.52< / >< / ><><>WFG WEST FRASER T< / ><>98.20< / ><>2.44< / ><>2.55< / ><>320< / ><>16.95< / >< / ><><>WN WESTON

GEORGE< / ><>101.87< / ><>3.05< / ><>3.09< / ><>146< / ><>7.58< / >< / ><><>WPM WHEATON PRECI< / ><>208.11< / ><>-5.64< / ><>-2.64< / ><>430< / ><>28.97< / >< / ><><>WCP WHITECAP RESO< / ><>18.68< / ><>0.14< / ><>0.76< / ><>5850< / ><>62.43< / >< / table>

加拿大债券

期限< / td><>收益率< / ><>涨跌< / >< / tr><><>2年期< / ><>3.39< / ><>0.04< / >< / ><><>5年期< / ><>3.67< / ><>0.02< / >< / ><><>10年期< / ><>3.96< / ><>0.02< / >< / ><><>30年期< / ><>4.29< / ><>0.02< / >< / ><><>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>

货币 外汇交叉汇率

1.0595< / ><>0.9063< / ><>188.85< / ><>-< / >< / >

<><><>期限< / ><>收益率< / ><>涨跌< / >< / ><><>2年期国债< / ><>4.65< / ><>0.02< / >< / ><><>5年期国债< / ><>4.80< / ><>0.02< / >< / ><><>10年期国债< / ><>4.97< / ><>0.01< / >< / ><><>30年期国债< / ><>5.34< / ><>-0.01< / >< / >

加拿大元 \$0.7192 -0.0066 (-0.9094%) 截至下午 4:44，过去一年

<><><>利率< / ><>利率< / ><>涨跌< / >< / ><><>美联储目标利率< / ><>3.5-3.75< / ><>持平< / >< / ><><>美国基准利率< / ><>6.75< / ><>持平< / >< / ><>< colspan="3">来源：电讯< / >< / >

数据由 BARCHART 提供，除非另有说明

体育

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蓝鸟队 VS. 猛虎队

冲刺阶段

在周一于多伦多罗杰斯中心对阵底特律猛虎队的比赛中，蓝鸟队捕手亚历杭德罗·柯克在第一局击出了一支打入分数的单打。欲了解比赛详情，请访问 GLOBESPORTS.COM

VAUGHN RIDLEY / GETTY IMAGES

加拿大球队签下主教练圣路易斯，双方达成多年续约协议

蒙特利尔加拿大人队主教练马丁·圣路易斯（Martin St. Louis）周一签署了一份续约合同，其合同期限将延长至 2029-30 赛季。CHRISTOPHER KATSAROV / THE CANADIAN PRESS

丹尼尔·雷恩伯德（DANIEL RAINBIRD）发自魁北克省拉瓦尔

马丁·圣路易斯带领蒙特利尔加拿大人队走出了重建期。现在，他将有机会引导球队进入竞争窗口期。

在加拿大人队举行赛季首场高尔夫球赛的周一，这位主教练签署了一份多年续约合同。圣路易斯此前正处于合同的最后一年，现在他的合同将持续到 2029-30 赛季。

“我热爱我的工作，如果他们给我信任，告诉我‘马丁，你就是那个合适的人’，我会继续下去。如果我不是合适的人，也没关系，”圣路易斯表示。“我很谦卑，我知道并不是只要在某件事上投入大量努力就一定会成功，但我的心在正确的位置上，我热爱担任加拿大人队的主教练。”

到目前为止，圣路易斯在蒙特利尔的表现一直呈上升趋势。

这位来自魁北克省拉瓦尔的 51 岁教练在接手全面重建工作后，帮助这支初出茅庐的加拿大人队连续获得季后赛资格，包括去年闯入东部会议决赛。

在 2022 年 2 月多米尼克·杜查姆（Dominique Ducharme）被解雇后，蒙特利尔以临时身份聘请了圣路易斯，这是他在此前执教青少年级别后首次获得 NHL 主教练工作。加拿大人队在该赛季结束时取消了他的临时标签。

“当马蒂（Marty）到来时，这可能是最大的改变，”队长尼克·苏祖基（Nick Suzuki）说。“在那些我们不断输球并排名全联盟垫底的日子里，情况相当糟糕，但马蒂找到了挑战我们的方法，让事情保持有趣和轻松，不让一切压力变得太沉重，而且我们每年都在进步。”

“他可能是我有史以来最喜欢的教练，所以很高兴能与他长期绑定。我觉得他每年都在进步，每年都在推动我们。用一个比较简单的词来说，他是个彻头彻尾的冰球迷。”

圣路易斯是 NHL 目前在任时间第四长的教练，仅次于坦帕湾的乔恩·库珀（Jon Cooper）、科罗拉多的贾里德·贝德纳（Jared Bednar）和卡罗莱纳的罗德·布林达莫尔（Rod Brind'Amour）。

在进入执教加拿大人队的第六个赛季前，他的战绩为 163 胜 155 负 47 平。在带领蒙特利尔自 2020-21 赛季以来首次进入季后赛后，他成为了 2025 年 NHL 年度最佳教练杰克·亚当斯奖（Jack Adams Award）的最终入围者。

“马蒂在领导我们的年轻球队方面做得非常出色，”加拿大人队总经理肯特·休斯（Kent Hughes）在声明中表示。“他是一位出色的沟通者和教师。我们期待他继续努力，将这支队伍打造成为冠军级别的球队。”

圣路易斯于 2018 年入选冰球名人堂。作为一名非选秀球员，他在辉煌的职业生涯中总共获得 1,033 分，随后于 2015 年退役。

他最辉煌的赛季是在 2003-04 赛季，当时他赢得了联盟 MVP 哈特奖（Hart Trophy）、以 94 分成为 NHL 得分王并获得阿特·罗斯奖（Art Ross Trophy），并帮助坦帕湾闪电队赢得了斯坦利杯。

“他作为球员的经验，他为了成为今天的自己所克服的一切，以及他每天努力工作的方式。他从来不是那种[认为]‘我拥有所有答案’的人，”加拿大人队冰球运营总裁杰夫·戈顿（Jeff Gorton）说。

“你走进马蒂的房间，他不会直接让所有人闭嘴。他始终渴望进步。”

圣路易斯在即将到来的赛季中将前底特律红翼队主教练德里克·拉隆德（Derek Lalonde）加入其教练组，他与冰球运营总裁及总经理一样，都签署了长期合同。

戈顿和休斯在去年 10 月与球队签署了为期五年的续约合同。

加拿大新闻社（THE CANADIAN PRESS）

Raptors与Clippers完成交易，科怀·伦纳德重返多伦多

猛龙队（Raptors）与洛杉矶快船队（Los Angeles Clippers）于周一达成一致，完成交易，将明星前锋科怀·伦纳德（Kawhi Leonard）送回多伦多。

NBA于周一晚间正式宣布该交易生效。

“我们非常激动地欢迎科怀回到多伦多，”猛龙队总经理兼执行副总裁鲍比·韦伯斯特（Bobby Webster）在球队发布的一份声明中表示。“他对我们的组织、我们的城市以及我们国家的贡献是不可否认的，他体现了我们所珍视的竞争精神和冠军心态。我们相信他的领导力、经验和才华将帮助我们继续向下一个冠军目标迈进。”

韦伯斯特感谢了布兰登·英格拉姆（Brandon Ingram）和后卫格雷迪·迪克（Gradey Dick），两人作为交易的一部分前往快船队。猛龙队还向快船队提供了2031和2033年的无保护首轮选秀权，一次2027年的首轮选秀权互换以及2个次轮选秀权。

此前，由于NBA对伦纳德和快船队涉嫌规避工资帽的行为进行调查，该交易一直处于暂停状态。

联盟于9月2日完成了调查，对伦纳德处以$700,000的罚款，但决定不对其进行禁赛，也不作废其合同。

现年35岁的伦纳德在2025-26赛季效力于快船队期间，场均贡献27.9分、6.3个篮板、3.6次助攻、1.9次抢断和0.4次盖帽。

英格拉姆在多伦多的一个赛季中场均贡献21.5分、5.6个篮板和3.7次助攻，但在猛龙队对阵克利夫兰骑士队的季后赛首轮第5场比赛进行到11分钟时受伤。他于5月8日接受了右脚跟手术。

迪克在他的第三个NBA赛季中出现下滑，在2025-26赛季场均出场14分钟，贡献6分、1.9个篮板和0.7次助攻，均为职业生涯最低值。

参与此次交易的球员在NBA规则允许的范围内，尽可能多地参与新球队的活动。

伦纳德出席了凯尔·洛瑞（Kyle Lowry）7月7日在OVO体育中心举行的新闻发布会，洛瑞在会上宣布将作为猛龙队成员退役。英格拉姆则于7月10日参加了快船队在拉斯维加斯的夏季联赛。

伦纳德是猛龙队2019年夺冠之路的核心球员，但在球队仅度过了一个赛季，随后便以自由球员身份加盟了家乡球队快船队。

随着交易正式完成，伦纳德预计将在9月28日的猛龙队媒体日上与记者交流。

加拿大新闻社（THE CANADIAN PRESS）

德约科维奇排名下滑，自2002年以来首次无“三巨头”成员位列前10

8月30日，在纽约举行的美国网球公开赛男单首轮比赛中，诺瓦克·德约科维奇在输给马里亚诺·纳沃内后向观众挥手。FRANK FRANKLIN II / 美联社

迪亚洛因腿伤退出加拿大对阵法国的戴维斯杯比赛

德约科维奇在美国公开赛首轮出局，导致其排名下滑至第12位

安德鲁·丹普夫（ANDREW DAMPF）

当时乔治·W·布什是美国总统。欧元刚刚投入流通。汤姆·布雷迪刚刚获得其七次超级碗冠军中的第一个。而罗纳尔多刚刚带领巴西队夺得世界杯冠军。

距离“三巨头”——罗杰·费德勒、拉斐尔·纳达尔和诺瓦克·德约科维奇——中没有任何一名成员出现在男子网球排名前10名，已经过去了近四分之一个世纪。

随着39岁的德约科维奇（该三人组中唯一仍在参赛的成员）在周一公布的最新排名中从第5位跌至第12位，这是自2002年10月以来，他、费德勒和纳达尔均未出现在名单前10位的情况。

费德勒和纳达尔分别于2022年和2024年退役。费德勒退役时41岁，纳达尔38岁。

莱顿·休伊特在2002年10月排名第1——而衡量时间流逝的一个标准是，他17岁的儿子克鲁兹·休伊特现在是一名崭露头角的职业选手。

15天前，德约科维奇在美国公开赛首轮被马里亚诺·纳沃内击败。

这是德约科维奇二十年来（可追溯至2006年澳大利亚公开赛）在四大满贯赛事中最早的出局记录，也是他首次在美国公开赛首轮失利。

“我对过去所有的成就感到非常自豪，但现在就是现在，”德约科维奇在纽约失利后表示。

德约科维奇拥有24个大满贯冠军，比纳达尔的22个多两个，比费德勒的20个多四个。

费德勒在2002年10月下旬首次进入前10名，并一直留在其中直到2016年底——期间他创下了在世界第一位置停留237周的纪录。

加拿大网球协会周一表示，加布里埃尔·迪亚洛因腿伤退出即将到来的加拿大对阵法国的戴维斯杯比赛。

迪亚洛上个月在故乡蒙特利尔举行的国家银行公开赛中受伤，他将被基根·赖斯取代，参加周五在Videotron中心开始的第二轮资格赛。

“对于无法在魁北克市与球队共同参赛，我当然感到失望和难过，”迪亚洛在声明中说。“戴维斯杯对我意义重大，是我每年最期待的赛事之一。”

“在我继续治疗腿伤的同时，我计划前往魁北克市为球队加油。我希望球迷们能准备好尽可能大声地支持我们，帮助我们重返决赛。”

排名第12的加拿大在2022年赢得了戴维斯杯。排名第6的法国上一次夺冠是在2017年。

这场五局三胜制比赛的获胜方将晋级11月的戴维斯杯最终8强赛。落败方将进入2027年首轮资格赛。

迪亚洛在最新的ATP巡回赛世界排名中位列第125位。赖斯曾随弗吉尼亚大学赢得NCAA全国冠军，他在蒙特利尔以资格赛选手的身份完成了他的ATP 1000赛首秀。

加拿大的阵容还包括来自蒙特利尔的排名第五的费利克斯·奥热-阿里亚西姆，来自安大略省纽马基特的第205位利亚姆·德拉克塞尔，以及来自安大略省马卡姆的邓肯·陈（双打排名第254位）。 加拿大通讯社

纳达尔在2005年4月进入前10名，当时18岁的他在欧洲红土赛场上实现了突破。这位西班牙人创纪录地连续912周留在前10名，直到2023年。

德约科维奇是“三巨头”中最后一个在2007年进入前10名的人。他在世界第一位置上总共停留了创纪录的428周。

由于目前的顶尖球员詹尼克·辛纳（Jannik Sinner）和卡洛斯·阿尔卡拉斯（Carlos Alcaraz）今年都因伤缺席了大满贯赛事，且阿尔卡拉斯表示计划在未来的赛季中增加休息时间，目前尚不清楚这一代球员是否能像“三巨头”那样具有持久的竞争力。

“我为自己能够从一月一直打到十一月而感到自豪。我从未真正错过室内赛季、澳大利亚赛季或任何美国巡回赛，”费德勒在上个月入选国际网球名人堂之前表示。

“我几乎出现在所有地方，”费德勒补充道。“我并不想让一切都只围绕大满贯展开。我记得皮斯托尔（皮特·桑普拉斯）经常谈到，在他职业生涯末期，他只参加大满贯赛事，我不希望自己也变成那样。我太喜欢其他很多赛事了，我也热爱ATP巡回赛。所以从这个角度来看，我确实努力将所有赛事都视为重点。”

在今年大满贯男单决赛方面，情况已经与去年截然不同。

去年，辛纳和阿尔卡拉斯在四个大满贯决赛中相遇了三次，而 2026 年他们一次也没有相遇。

阿尔卡拉斯因右手腕受伤缺席了法网和温网，而辛纳则因右膝受伤退出了美网。

虽然阿尔卡拉斯（澳网）和辛纳（温网）今年都赢得了大满贯冠军，但男单方面表现最稳定的是亚历山大·兹维列夫（Alexander Zverev），他赢得了法网和美网冠军，在温网决赛中失利，并在澳网进入半决赛。

尽管如此，兹维列夫并不打算宣布自己是最强的。

“如果每个人都健康，我认为詹尼克仍然领先，”兹维列夫在周日击败本·谢尔顿（Ben Shelton）夺得美网冠军后表示。“就这么简单。”

在最新的排名中，辛纳、兹维列夫和阿尔卡拉斯分别保持在 1-2-3 位，而美网决赛选手本·谢尔顿则上升五位至第 4 位。

女单方面的情况则更为清晰，叶莲娜·雷巴金娜（Elena Rybakina）今年赢得了四个大满贯中的两个，分别是澳网和美网。

雷巴金娜在纽约的夺冠使其排名升至第 1 位，结束了阿里娜·萨巴伦卡（Aryna Sabalenka）连续 99 周占据榜首的纪录。

“她的发球太惊人了，”萨巴伦卡在雷巴金娜于美网决赛中对她发出 12 个 ace 球后表示。“她能够迅速切入并用力量在场上压制你，尤其是在速度极快的美网球场上，这对她来说绝对是巨大的优势。”

美联社（THE ASSOCIATED PRESS）

寻求提高奖金的网球运动员表示将不再公开抗议

安德鲁·丹普夫 (ANDREW DAMPF)

此前一直抗议要求在网球运动顶级赛事中获得更高收入分成的高水平球员表示，随着大满贯球员咨询委员会的成立，他们将不再公开提出这些要求。

球员代表在周一的一份声明中表示：“球员们现在将直接与大满贯赛事方合作建立该委员会，通过该委员会，球员本人将获得直接咨询，并能够进行持续的谈判。”

大满贯球员咨询委员会由澳大利亚公开赛、法国公开赛、温布尔登网球锦标赛和美国公开赛于上月宣布成立。

球员声明称：“既然现在已经有一个正式的委员会来推进这项工作，由顶尖球员统一组成的团体所领导的公开活动阶段就此结束。如果该委员会未能实现这些目标，球员保留重启活动的权利。”

除了更高的收入分成，球员们还寻求更好的代表权、医疗方案和养老金。一些球员在法国公开赛和温布尔登网球锦标赛期间限制媒体露面以示抗议，其中阿丽娜·萨巴伦卡 (Aryna Sabalenka) 和科科·高夫 (Coco Gauff) 等球星甚至在巴黎赛事开始前威胁称，如果不能获得更多补偿，可能会抵制大满贯赛事。

球员们此前要求获得赛事收入的 22 per cent 分成。

球员声明指出：“虽然大满贯赛事尚未达到这一数字，也未承诺正式的收入分成协议，但在过去 18 个月里，所有赛事的奖金增长幅度都显著高于活动开始前的长期趋势。”

“自 2025 年 7 月 31, 2025, 提交正式提案以来，这些大满贯赛事——包括 2025 和 2026 美国公开赛，以及 2026 澳大利亚公开赛、温布尔登网球锦标赛和罗兰·加洛斯——的奖金总额已增长至 US$415.6-million，球员估计，其中超过 US$30-million 反映了高于活动开始前增长率的增量收益。”

据消息人士称，萨基奇计划无限期担任雪崩队总经理，暂无招聘计划

帕特·格雷厄姆 报道，科罗拉多州卡斯尔罗克

一名了解情况的人士周一告诉美联社，乔·萨基奇（Joe Sakic）将无限期地继续担任科罗拉多雪崩队的总经理，目前没有招聘新人的计划。

萨基奇此前已担任冰球运营总裁，在纳什维尔掠夺者队聘请克里斯·麦克法兰（Chris MacFarland）领导其管理层后，萨基奇于6月兼任了总经理一职。由于球队尚未正式宣布这一决定，该人士在要求匿名的条件下谈到了萨基奇的双重职责。

萨基奇是打造夺得2022年斯坦利杯冠军的雪崩队的功臣。在那个夏天的庆祝游行后不久，他将职责移交给了麦克法兰。麦克法兰一直担任该职位，直到被掠夺者队聘为冰球运营总裁兼总经理。

作为一名球员，萨基奇曾带领雪崩队在1996年（他们在丹佛的首个赛季）和2001年夺得斯坦利杯冠军。这位名人堂前锋是联盟历史上唯一一位在同一支球队中分别以队长和总经理身份赢得冠军的人。

对于萨基奇来说，这是一个忙碌的休赛期，期间包括与麦克法兰进行了多次交易（罗斯·科尔顿被送往掠夺者队，随后是杰克·德鲁里）。

萨基奇在8月下旬通过将杰出后卫凯尔·马卡尔（Cale Makar）打造为NHL历史上薪水最高的球员，在联盟中引起了相当大的轰动。马卡尔曾两次获得诺里斯奖，他签署了一份价值US$163.2-million、为期八年的续约合同，将于下赛季生效。为了腾出空间协商续约，萨基奇将瓦莱里·尼丘什金（Valeri Nichushkin）交易至哥伦布蓝夹克队以换取选秀权。

科罗拉多队刚刚结束了一个赛季，该队在冰球界取得了最佳战绩并赢得了总裁奖，但在西部会议决赛中被拉斯维加斯队横扫。萨基奇采取的举措之一是以一份三年合同签下了前锋杰登·舒瓦茨（Jaden Schwartz）。舒瓦茨上赛季在西雅图海妖队出战50场，贡献了11个进球和15次助攻。

雪崩队周一聚集在一起参加一场慈善高尔夫球赛。他们将于本周晚些时候开始训练营。

“一个非常有才华的团体，”舒瓦茨在开球前评价雪崩队时说道，“他们是一支每年都处于排名顶端且每年都有很大机会夺冠的球队。我觉得现在能成为其中的一员非常幸运。”

麦克维表示，公羊队赛季揭幕战表明加雷特需要手术

丹·格林斯潘 洛杉矶

在训练营期间尝试管理迈尔斯·加雷特的膝盖伤势后，洛杉矶公羊队在赛季揭幕战中惨败给旧金山49人队，这让每个人都清楚地意识到，这位明星防守端锋需要进行手术。

在公羊队于澳大利亚墨尔本以 27-7 告负的比赛中，加雷特参与了 61.5% 的防守回合，但未记录到任何一次擒抱或擒杀。教练肖恩·麦克维周一表示，在上周四比赛结束后立即与加雷特进行的交谈表明，如果不进行手术，他无法继续比赛。公羊队的防守线可能很快会获得助力，但目前尚不清楚亚伦·唐纳德何时能准备好参赛。

“我们一直意识到这一点，原以为[加雷特的膝盖]是他能够克服的问题，”麦克维说。“显然，在实际比赛中出场后，你会意识到，‘嘿，也许情况并非如此。所以让我们改变方案。’”

除了被列入伤病预备名单所带来的至少缺席四场比赛外，麦克维没有提供关于加雷特康复的更新时间表，具体取决于手术结果。

由于此前被描述为膝盖肿胀，加雷特缺席了大部分训练营，但麦克维并未详细说明伤势的具体性质。公羊队在六月的一场重磅交易中，用冲传手贾里德·弗斯和三个选秀权从克利夫兰布朗队换来了这位现任 AP 年度最佳防守球员，且深知加雷特在近几个赛季的工作量一直受到严格管理。这对麦克维来说是可以接受的，因为他经常限制老将的训练时间，以最大化他们在比赛日的状态。

“现实情况是，我们的工作是让球员和球队处于能够获得成功结果的位置。我们原以为可以采取一种方案，让他感觉足够好，从而能够做出积极贡献，并发挥出他应有的水平。但事实并非如此，因此对我们来说，接下来的正确之举就是把这个问题解决掉，”麦克维说。

加雷特在赛前没有表现出身体状态受损的迹象，并在上周二称自己已“准备就绪”。“我认为我可以上场，做我能做的事，”他说。

在那场新闻发布会上，加雷特接受了加入公羊队后带来的高期望，并表示他本赛季的目标是赢得超级碗，并再次获得 AP 年度最佳防守球员。

正是加雷特的加入，加速了公羊队成为“超级球队”的构想，部分原因是他的存在帮助诱使唐纳德在上个月结束退休回归。

麦克维表示，加雷特的缺席不会对这位杰出防守截锋回归赛场的时间产生任何影响。

唐纳德曾三次获得 AP 年度最佳防守球员，由于在离开足球赛场两个赛季后需要恢复竞技状态，他并未随队前往澳大利亚。麦克维表示，现在判断唐纳德是否会在下周一公羊队主场对阵纽约巨人的揭幕战中出场还为时过早。

美联社

随着蓝鸟队季后赛竞争加剧，格雷罗状态回升

周日在罗杰斯中心击败巴尔的摩金莺队后，蓝鸟队内野手乔什·史密斯（左）和中外野手迈尔斯·斯特劳（中）向一垒手弗拉基米尔·格雷罗二世泼水庆祝。JOHN E. SOKOLOWSKI / IMAGN IMAGES VIA REUTERS

多伦多球星表现更强，加上投手健康状况的改善，在恰当的时机助力球队

格雷戈里·斯特朗 多伦多

棒球赛的冲刺阶段已经到来，多伦多蓝鸟队在力争重返季后赛（去年曾进入世界大赛）的过程中处于竞争之列。

在周一对阵客队底特律老虎队之前，还剩下 12 场比赛，以下是赛季最后两周值得关注的五件事。

甜蜜击球

蓝鸟队的强棒弗拉基米尔·格雷罗（Vladimir Guerrero Jr.）正显示出他可能准备好迎来期待已久的爆发。

在刚刚过去的周末，这位球队的门面球员在罗杰斯中心击出了本赛季的首个本垒打。他在当天 5 次击球中 4 次命中，现场满座的观众还为他送上了谢幕致意。

在周一对阵底特律的比赛前，他在 9 月的 12 场比赛中打击率为 .333，OPS（上垒率加长打率）为 .898。

格雷罗本赛季的大部分进攻数据都低于其职业生涯平均水平。但如果这位一垒手能像去年 10 月那样进入状态——那么就得小心了。

平庸的中游

美国联盟（AL）似乎从未像现在这样显得如此疲软，而这对于卫冕美联冠军的球队来说可能是个好消息。

在平庸的西区以及同样中规中矩的中区竞争中，.500 的胜率或许就足以夺得分区冠军。第三个外卡名额很可能也会落入一支胜率相近的球队手中。

底特律去年以 87-75 的战绩勉强入围。

蓝鸟队在对阵老虎队的揭幕战前战绩为 75-75，在争夺最后一个名额的竞争中仅落后克利夫兰守护者队一场比赛。

特雷日

由于多伦多先发投手的伤病困扰，最近几周采用牛棚日（Bullpen days）已成为常态。

一些急需的救援可能很快就会到来。

特雷·耶萨维奇（Trey Yesavage）在接受膝盖手术后缺阵六周，原定于周二为 3A 级的布法罗队进行康复登场。另一位右投手谢恩·比伯（Shane Bieber，肩伤）也在取得进展，但他的回归时间表尚不确定。

强棒安东尼·桑坦德（Anthony Santander，肩伤）一直在比森队效力，可能会在 9 月下旬回归。

平局决胜

棒球过去用于打破平局的“第 163 场比赛”机制在几年前已被废除。

如果球队在常规赛结束时战绩相同，美国职业棒球大联盟（MLB）有一套标准，包括球队之间的相互对阵战绩，以此决定哪支球队获得季后赛名额。

凭借更好的交手记录，蓝鸟队在与守护者队的平局决胜中占据优势。

然而，如果克利夫兰夺得中区冠军，而芝加哥在争夺外卡名额时陷入平局，那么白袜队在与多伦多的平局决胜中将占据优势。

概率博弈

在 7 月下旬，当球队战绩低于 .500 胜率 10 场时，蓝鸟队的季后赛机会微乎其微。

在对阵底特律的揭幕战之前，多伦多在 17 场比赛中赢了 11 场，大大提高了自己的机会。

蓝鸟队在接下来的所有对手——底特律、德克萨斯、巴尔的摩和辛辛那提——目前的胜率均低于 .500。

根据 FanGraphs 的数据，截至周一开赛时，多伦多获得季后赛资格的概率为 43.4%。

加拿大新闻社（THE CANADIAN PRESS）

MLB

美国联盟 东区

< / td><>胜< / ><>负< / ><>胜率< / ><>落后场数< / >< / tr><><>坦帕湾< / ><>90< / ><>59< / ><>.604< / ><>—< / >< / ><><>纽约< / ><>86< / ><>63< / ><>.577< / ><>4< / >< / ><><>波士顿< / ><>82< / ><>68< / ><>.547< / ><> $8\frac{1}{2}$ < / >< / ><><>多伦多< / ><>75< / ><>.500< / ><> $15\frac{1}{2}$ < / >< / ><><>巴尔的摩< / ><>72< / ><>78< / ><>.480< / ><> $18\frac{1}{2}$ < / >< / table>

中区

<><>芝加哥< / ><>76< / ><>73< / ><>.510< / ><>—< / >< / ><><>克利夫兰< / ><>76< / ><>74< / ><>.507< / ><> $1 / 2$ < / >< / ><><>底特律< / ><>70< / ><>79< / ><>.470< / ><>6< / >< / ><><>明尼苏达< / ><>70< / ><>79< / ><>.470< / ><>6< / >< / ><><>堪萨斯城< / ><>66< / ><>84< / ><>.440< / ><> $10^{1} / _{2}$ < / >< / table>

<>< colspan="5">西区< / >< / ><><>休斯顿< / ><>75< / ><>.500< / ><>—< / >< / ><><>德克萨斯< / ><>74< / ><>76< / ><>.493< / ><>1< / >< / ><><>西雅图< / ><>70< / ><>80< / ><>.467< / ><>5< / >< / ><><>奥克兰< / ><>61< / ><>89< / ><>.407< / ><>14< / >< / ><><>洛杉矶< / ><>56< / ><>93< / ><>.376< / ><> $18^{1} / _{2}$ < / >< / table>

外卡

<><>< / ><>胜< / ><>负< / ><>胜率< / ><>落后场数< / >< / ><><>纽约< / ><>86< / ><>63< / ><>.577< / ><>+10 $\frac{1}{2}$ < / >< / ><><>波士顿< / ><>82< / ><>68< / ><>.547< / ><>+6< / >< / ><><>克利夫兰< / ><>76< / ><>74< / ><>.507< / ><>—< / >< / ><><>多伦多< / ><>75< / ><>.500< / ><>1< / >< / ><><>德克萨斯< / ><>74< / ><>76< / ><>.493< / ><>2< / >< / ><><>巴尔的摩< / ><>72< / ><>78< / ><>.480< / ><>4< / >< / table>

美国联盟

周一

芝加哥白袜 对阵 克利夫兰 底特律 对阵 多伦多 纽约洋基 对阵 明尼苏达 西雅图 对阵 洛杉矶天使

周日

坦帕湾 14, 休斯顿 4 多伦多 8, 巴尔的摩 1 克利夫兰 9, 明尼苏达 2 波士顿 4, 堪萨斯城 1 奥克兰 8, 西雅图 7

周二

所有时间均为东部时间

奥克兰 (Perkins 3-11) 对阵 坦帕湾 (Jax 7-10), 下午 6:40 芝加哥白袜 (Martin 9-7) 对阵 克利夫兰 (Griffin 15-5), 下午 6:40 底特律 (Anderson 4-6) 对阵 多伦多 (待定), 下午 7:07 纽约洋基 (Fried 4-4) 对阵 明尼苏达 (Ober 7-5), 下午 7:40 波士顿 (Sandoval 1-5) 对阵 德克萨斯 (Bradford 0-5), 下午 8:05 堪萨斯城 (Wacha 9-8) 对阵 休斯顿 (Brown 5-3), 下午 8:10 西雅图 (Gilbert 12-9) 对阵 洛杉矶天使 (Johnson 4-8), 下午 9:38

跨联盟

周一

周日

巴尔的摩 对阵 纽约大都会

底特律 8, 科罗拉多 1 纽约洋基 2, 纽约大都会 0 华盛顿 6, 洛杉矶天使 5 圣路易斯 3, 芝加哥白袜 1 德克萨斯 7, 亚利桑那 6

国家联盟 东区

< / td><>胜< / ><>负< / ><>胜率< / ><>落后场数< / >< / tr><><>亚特兰大< / ><>88< / ><>62< / ><>.587< / ><>—< / >< / ><><>费城< / ><>83< / ><>67< / ><>.553< / ><>5< / >< / ><><>迈阿密< / ><>74< / ><>76< / ><>.493< / ><>14< / >< / ><><>华盛顿< / ><>70< / ><>81< / ><>.464< / ><> $18\frac{1}{2}$ < / >< / ><><>纽约< / ><>69< / ><>80< / ><>.463< / ><> $18\frac{1}{2}$ < / >< / table>

中区

<><>z-密尔沃基< / ><>93< / ><>57< / ><>.620< / ><>—< / >< / ><><>芝加哥< / ><>83< / ><>67< / ><>.553< / ><>10< / >< / ><><>匹兹堡< / ><>75< / ><>.500< / ><>18< / >< / ><><>圣路易斯< / ><>74< / ><>76< / ><>.493< / ><>19< / >< / ><><>辛辛那提< / ><>70< / ><>79< / ><>.470< / ><> $22:1 / 2$ < / >< / table>

西区

<>< colspan="5">西区< / >< / ><><>洛杉矶< / ><>90< / ><>59< / ><>.604< / ><>—< / >< / ><><>圣迭戈< / ><>81< / ><>68< / ><>.544< / ><>9< / >< / ><><>亚利桑那< / ><>79< / ><>71< / ><>.527< / ><> $11\frac{1}{2}$ < / >< / ><><>旧金山< / ><>62< / ><>88< / ><>.413< / ><> $28\frac{1}{2}$ < / >< / ><><>科罗拉多< / ><>55< / ><>94< / ><>.369< / ><>35< / >< / table>

外卡

<><>< / ><>胜< / ><>负< / ><>胜率< / ><>落后场数< / >< / ><><>芝加哥< / ><>83< / ><>67< / ><>.553< / ><> $+1\frac{1}{2}$ < / >< / ><><>费城< / ><>83< / ><>67< / ><>.553< / ><> $+1\frac{1}{2}$ < / >< / ><><>圣迭戈< / ><>81< / ><>68< / ><>.544< / ><>—< / >< / ><><>亚利桑那< / ><>79< / ><>71< / ><>.527< / ><> $2\frac{1}{2}$ < / >< / table>

周二 周一 女子 双打 — 16强赛

基础开球时间 巴尔的摩 (Baz 6-15) 对阵 纽约大都会 (Manaea 5-7), 晚上 7:10

国家联盟

周一

洛杉矶道奇 对阵 辛辛那提 亚特兰大 对阵 芝加哥小熊 旧金山 对阵 圣路易斯 圣迭戈 对阵 科罗拉多 迈阿密 对阵 亚利桑那

周日

费城 9, 亚特兰大 4 迈阿密 6, 洛杉矶道奇 4 辛辛那提 4, 密尔沃基 3 匹兹堡 4, 芝加哥小熊 3 圣迭戈 6, 旧金山 4

周二

所有时间均为东部时间

洛杉矶道奇 (Yamamoto 13-8) 对阵 辛辛那提 (Lowder 6-10), 晚上 6:40 密尔沃基 (Misiorowski 14-5) 对阵 匹兹堡 (待定), 晚上 6:40 费城 (Sánchez 17-5) 对阵 华盛顿 (Kent 14), 晚上 6:45 亚特兰大 (López 4-4) 对阵 芝加哥小熊 (Gausman 9-12), 晚上 7:40 旧金山 (Tidwell 0-2) 对阵 圣路易斯 (Pallante 12-6), 晚上 7:45 圣迭戈 (Buehler 8-6) 对阵 科罗拉多 (Feltner 5-10), 晚上 8:40 迈阿密 (Junk 6-9) 对阵 亚利桑那 (Gallen 3-9), 晚上 9:40

美国联盟领先者

全垒打

Caminero, 坦帕湾, 40; Alvarez, 休斯顿, 38; Rice, 纽约, 38; Alonso, 巴尔的摩, 35; Okamoto, 多伦多, 32; Murakami, 芝加哥, 31; C. Montgomery, 芝加哥, 31; M. Vargas, 芝加哥, 30; Dingler, 底特律, 27; 5人并列第26位。

WTA巡回赛

瓜达拉哈拉公开赛

单打 — 32强赛 凯拉·戴 (Kayla Day), 美国, 击败 埃尔维娜·卡利耶娃 (Elvina Kalieva), 美国, 7-6 (9), 6-4。 斯隆·斯蒂芬斯 (Sloane Stephens), 美国, 击败 卡罗尔·莫内 (Carole Monnet), 法国, 6-4, 7-6 (5)。

亚历克萨·瓜拉奇 (Alexa Guarachi), 智利, 与 二之宫真琴 (Makoto Ninomiya), 日本, 击败 尼卡·拉迪希奇 (Nika Radisic), 斯洛文尼亚, 与 伊莎贝尔·哈弗拉格 (Isabelle Haverlag), 荷兰, 5-7, 6-4, 10-4。

阿尔·柏林, 德国 周日 第三名 西班牙 81, 德国 58 冠军赛 美国 97, 法国 79

NFL

第一周

周一

丹佛 对阵 堪萨斯城

巴尔的摩 41, 印第安纳波利斯 23 布法罗 36, 休斯顿 31 芝加哥 59, 卡罗来纳 37 辛辛那提 33, 坦帕湾 27 底特律 31, 新奥尔良 30, 加时赛 杰克逊维尔 34, 克利夫兰 10 纽约喷气机 23, 田纳西 10 匹兹堡 20, 亚特兰大 13 亚利桑那 26, 洛杉矶闪电 14 拉斯维加斯 27, 迈阿密 13 明尼苏达 39, 格林贝 22 费城 24, 华盛顿 22 纽约巨人 28, 达拉斯 20

U SPORTS 美式足球

第四周

9月18日，星期五

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 艾伯塔大学，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 蒙特艾莉森大学，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

2026年国际篮联女子世界杯 美国职业足球大联盟 (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>

奥斯汀 2 温哥华 1 新英格兰 2 芝加哥 1 费城 5 圣迭戈 0

9月18日，星期五

纽约红牛 对阵 纽约城FC，晚上 7:30

国际足联U-20女足

世界杯

波兰赛区

西班牙 3 中国 1

西班牙 3, 布里马 2 尼日利亚 10 新喀里多尼亚 1 朝鲜 3 哥伦比亚 0 葡萄牙 3 哥斯达黎加 0 小组赛结束

淘汰赛

16强赛

周三

所有时间均为东部时间

阿根廷 vs. 韩国, 上午 9 点 巴西 vs. 美国, 上午 9 点 意大利 . 中国, 下午 12:30 西班牙 . 葡萄牙, 下午 12:30

周四

法国 . 加拿大, 上午 9 点 英格兰 . 尼日利亚, 上午 9 点 朝鲜 . 日本, 下午 12:30 波兰 . 哥伦比亚, 下午 12:30

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>

利兹 4, 纽卡斯尔 1

CPL

<><>< / ><>GP< / ><>胜< / ><>负< / ><>平< / ><>GF< / ><>GA< / ><>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>

多伦多 3 温哥华 1 卡尔加里 1 维多利亚 0

9月19日，星期六

9月19日，星期六 汉密尔顿 对阵 卡尔加里，下午5点 温哥华 对阵 维多利亚，晚上8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>

温哥华 4 渥太华 0

9月19日，星期六

所有时间均为东部时间

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

星期二 — 所有时间均为东部时间 Supra du Quebec (CPL) 对阵 汉密尔顿 Forge (CPL)，晚上7点

9月16日，星期三

9月20日，星期三 温哥华白帽队 (MLS) 对阵 蒙特利尔足球俱乐部 (MLS)，晚上7点

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>

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x — 已锁定季后赛席位

第16周 轮空：不列颠哥伦比亚、萨斯喀彻温和温尼伯 9月18日，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

埃德蒙顿 对阵 多伦多，下午3点 渥太华 对阵 卡尔加里，晚上7点

体育焦点

9月15日

1899年 — 威利·史密斯（Willie Smith）赢得美国公开赛高尔夫冠军，击败了乔治·洛（George low）、瓦尔·菲茨约翰（Val Fitzjohn）和W.H. 韦（W.H. Way）。

1923年 — 比尔·蒂尔登（Bill Tilden）赢得美国网球协会锦标赛冠军，以6-4, 6-1, 6-4的比分直落三盘击败威廉·约翰斯顿（William Johnston）。

1962年 — 丹佛野马队的弗兰克·特里普卡（Frank Tripucka）在以23-20战胜布法罗比尔队的比赛中，传球码数达447码并完成两次达阵。

1971年 — 斯坦·史密斯（Stan Smith）击败扬·科德斯（Jan Khodes）赢得美国公开赛冠军，比莉·简·金（Billie Jean King）击败罗斯玛丽·卡萨尔斯（Rosemary Casals）赢得女子冠军。这是16年来首次男女冠军均由美国选手获得。

电视节目

星期二（所有时间均为东部时间）

足球

意大利杯：比萨 对阵 佛罗伦萨，TLN，下午3点

加拿大锦标赛：Supra du Quebec 对阵 汉密尔顿，TSN 3, 5, 7 p.m.

高尔夫

NCAA：杰克逊·T·史蒂芬斯杯，高尔夫频道，下午4点

棒球

MLB：底特律 对阵 多伦多，SN 安大略、东部、西部、太平洋，晚上7点

MLB：亚特兰大 对阵 芝加哥，TSN 1, 4, 7:30 p.m.

p.m.

MLB：波士顿 对阵 德克萨斯，SN 1，晚上8点 MLB：西雅图 对阵 洛杉矶天使， TSN 1, 3, 5, 9:30 p.m.

结果截至9月14日，星期一，晚上9:35。

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巴尔默致歉，球队接受 $30-million 罚款

洛杉矶快船队老板史蒂夫·巴尔默（Steve Ballmer）被 NBA 禁赛一年，此前一项调查发现该球队规避了联盟的工资帽限制。JAYNE KAMIN-ONCEA / 美联社

波兰在男子轮椅篮球世界锦标赛中将东道主加拿大队淘汰

快船队老板表示不会对 NBA 的裁决提出异议，希望专注于向前发展

BETH HARRIS 英格尔伍德，加利福尼亚州

洛杉矶快船队老板史蒂夫·巴尔默将不再对 NBA 的工资帽规避处罚提出异议，这与球队最初的挑衅态度以及誓要对抗其所谓的“带有严重偏见的调查”截然相反。

在 NBA 本月宣布对快船队采取全面处罚后，巴尔默在周日晚上发布的一份在线声明中首次公开表示，球队将遵守联盟下达的处罚决定。

联盟对巴尔默处以一年禁赛，对球队罚款 US$30-million，并强制其没收五个首轮选秀权。

巴尔默表示，球队已支付罚款。

“虽然对于报告中的调查结果仍存在分歧，但这并不是我想关注的重点，”他说。“球队老板应该提供支持，而不是制造干扰。”

巴尔默向快船队的球迷、员工以及其他球队老板就调查造成的“干扰和困扰”表示道歉。该调查发现球队在涉及科怀·伦纳德（Kawhi Leonard）的工资帽规避规则方面存在违规。

“对于所有与快船队相关的人来说，这段时间都非常艰难，对此我深表遗憾，”巴尔默写道。“我想向我们的球迷、员工以及其他 NBA 球队老板就此事造成的干扰和困扰道歉，作为首席所有者，我对此承担责任。”

在由一家外部律师事务所主导的近一年调查后，联盟对该组织采取了严厉措施。快船队此前多次表示自己没有做错任何事，并期待被证明清白。

在处罚公布后，球队表示“强烈”拒绝 NBA 的调查结果，并称其为“一项带有严重偏见的调查”。

快船队还公布了巴尔默的律师大卫·凯利（David Kelley）写给 NBA 总裁亚当·萧华（Adam Silver）的一封信，信中他

渥太华：在周一的 16 强赛中，加拿大男子队以 79-65 负于波兰，在 IWBF 轮椅篮球世界锦标赛中失去了争夺奖牌的机会。

两队在半场时打平，但波兰队在第三节以 25-14 领先东道主，掌控了局面。

尼古拉·贡辛（Nikola Goncin）为加拿大队贡献了

将此次调查描述为“一场政治迫害”，并将随后的处罚称为“严重的 injustice（不公正）”。

在记者帕布罗·托雷（Pablo Torre）的一篇报道之后，NBA 于 2025 年 9 月开始调查伦纳德与 Aspiration Fund Adviser LLC（一家去年申请破产的公司）之间的一份 US$28-million 的代言合同是否违反了联盟规则。今年早些时候，Aspiration 的联合创始人约瑟夫·桑伯格（Joseph Sanberg）因承认欺诈投资者和贷款人至少 US$248-million，被判处 14 年联邦监禁。

联盟表示，巴尔默在明知的情况下寻求帮助伦纳德获得场外收入协议，批准了一项

22 分，而队长科林·希金斯（Colin Higgins）贡献了 17 分、10 个篮板和 8 次助攻。

马特乌什·菲利普斯基（Mateusz Filipski）为波兰队贡献了全场最高的 26 分、11 个篮板和 11 次助攻。

加拿大女子队（4-0）将在周二与英国队进行比赛，结束小组赛。

比赛将一直持续到周六。 加拿大新闻社

他明知是 Aspiration 与伦纳德签署代言合同的前提条件的商业交易，并且未能创造让其球队遵守联盟规则的条件。

巴尔默表示，球队“致力于将这一页翻过去”。

“我们面前的挑战是巨大的，但我们的决心同样坚定，”他说。“我们将继续打造我们的团队，并投资于我们的社区。赢得球迷的信任是我们的首要任务。凭借我们才华横溢的球员名单、优秀的员工以及清晰的愿景，我确信我们将能够在最高水平上竞争，并成为一个让球迷感到自豪的组织。”

美联社

换装后的比尔队以熟悉的方式开启赛季，艾伦弥补防守缺陷

约翰·沃夫罗（JOHN WAWROW） 纽约州奥查德帕克

就第一印象而言，在乔·布雷迪（Joe Brady）带领下换装后的布法罗比尔队在赛季揭幕战中的表现，看起来与之前由肖恩·麦克德莫特（Sean McDermott）执教时的球队非常相似。

而这并非完全是一件好事。

在以 36-31 击败休斯顿的比赛中，乔什·艾伦（Josh Allen）几乎上演了一场进攻端的个人秀。这场比赛经历了 8 次领先权易手，其中 4 次发生在最后一节。

他传出 2 次达阵传球，并凭借 2 次冲球达阵，完成了职业生涯第 25 场单场四个达阵的比赛；当传球码数超过 300 码时，他的战绩提升至 24-8；并凭借第 26 次绝杀驱动（game-winning drive）锁定了胜利。

尽管这场表现令人叹为观止，但它也让人想起不久前的过去——艾伦再次被要求去弥补防守端的缺陷。

这也是比尔队在 1 月份改变方向的原因之一：在布法罗在季后赛以 33-30 加时负于丹佛且防守表现糟糕后，球队解雇了麦克德莫特。

不过在周日，防守端在比赛还剩 9 秒、距离比尔队 18 码线处，凭借格雷格·鲁索（Greg Rousseau）对 C.J. 斯特劳德（C.J. Stroud）的一次强力擒杀并造成掉球，完成了锁定胜局的拦截。这是布法罗少数几次成功将德州人队赶出进攻阵地的时刻之一。

比尔队允许了 124 码的冲球码数，而一年前，他们曾在单场比赛中 8 次允许对方获得 120 码或更多冲球码数。

比尔队允许休斯顿在 16 次第三档进攻机会中成功转换 7 次，其中包括 4 次 8 码或更长的转换，以及两次第四档进攻尝试全部成功。

德州人队在进入布法罗 20 码线后的 5 次进攻驱动中，有 4 次得分。 布法罗在单场比赛中丢掉的 26 次第一档进攻是自 2024 年 12 月以来的最高纪录。

年度协调员吉姆·莱昂哈德（Jim Leonhard）承认仍有很大的提升空间。

“我喜欢我们通过制造一次失误开始，并以一次重大失误收尾的方式。但在这两者之间有很多糟糕的表现，”他在周一表示。“这感觉就像第一周，当情况有时开始崩溃或感觉有些不对劲时，我觉得我们的球员在环顾四周，似乎不确定答案应该是什么。”

考虑到布法罗引入了四名新首发，并切换到了三名防守线球员 / 四名线卫的体系，防守端预计会在赛季初期经历一段磨合期。

莱昂哈德表示，他仍在学习其单位的优势，同时也表达了信心，认为防守端仍处于上升轨迹。

“我们比看起来的更接近（目标）。我对我们的发展方向感到兴奋，”他说。

随着布法罗面临短周准备期，并准备在周四晚上主场迎战进攻火力强劲的底特律狮队，考验将变得更加艰巨。

两队上次在 2024 年 12 月交手时，艾伦传出 2 个达阵并冲球获得 2 个达阵，在 48-42 的胜利中，狮队在最后四次进攻占有中每次都取得了达阵。

奏效之处

大场面进攻。布法罗仅用 52 次进攻快照就得到了 36 分。比尔队在两次从自家 4 码线开始的达阵驱动中，共计执行了 10 次进攻。

需要帮助之处

防守拦截。德州人队拥有 73 次进攻快照（这是比尔队击败底特律以来，对手拥有的最高次数），且在控球时间上领先近 13 分钟。

表现上升

外接手 DJ 摩尔（DJ Moore）。这位休赛期通过交易引进的资深球员，延续了今年夏天他与艾伦建立的默契。摩尔最终完成 5 次接球，获得 100 码，并在端区内造成一次 46 码的传球干扰犯规，为艾伦的 1 码冲球达阵创造了机会。

表现下降

跑卫 雷·戴维斯（Ray Davis）。作为詹姆斯·库克（James Cook）的主要替补，他的出场时间被限制在 5 次进攻快照，而从练习阵容中提拔的弗兰克·戈尔二世（Frank Gore Jr.）出场 11 次，且主要出现在传球封堵场景中。

伤病情况

线卫 特雷尔·伯纳德（Terrel Bernard）被列为小腿受伤，周一在练习中被判定为有限参与。安全卫 寇尔·比肖普（Cole Bishop，膝盖 / 腹股沟）和边缘冲手 布拉德利·丘布（Bradley Chubb，拇指）被列为完全参与练习。

关键数字

130 —— 道尔顿·金凯德（Dalton Kincaid）的接球码数，这是比尔队历史上紧端锋的第三高纪录。保罗·科斯塔（Paul Costa）在 1967 年曾有过 163 码和 138 码的表现。

后续步骤

面对短促的周转时间，以及在迎接狮子队、为新体育场揭幕而必须呈现一场精彩比赛的渴望所带来的额外紧张感。

美联社

法国节展总监致力于呈现最真实、最原始的摄影

艺术总监让-弗朗索瓦·勒鲁（Jean-François Leroy）于2017年6月在法国皮托（Puteaux）摄影新闻拱门（Arche du Photojournalisme）启动仪式上，在美籍摄影师斯蒂芬妮·辛克莱（Stephanie Sinclair）的展览中摆拍。THOMAS SAMSON / AFP VIA GETTY IMAGES

通过他共同创立的节展，他成为了一个风险极高但至关重要的新闻形式的热烈拥护者：关于战争、苦难和环境灾难的摄影。

2001年9月，勒鲁先生在他位于前 Pams 酒店的办公室工作，该酒店已被改造为“影像签证”（Visa Pour l'Image）节展的总部。 ERIC CABANIS / AFP VIA GETTY IMAGES

亚当·诺西特（ADAM NOSSITER）

让-弗朗索瓦·勒鲁，全球领先的摄影新闻节展的共同创始人兼总监，他让冲突影像获得了广泛关注，并塑造了许多摄影师的职业生涯。他于8月31日在巴黎家中去世，享年69岁。

他的侄子、记者文森特·乔利（Vincent Jolly）表示，死因是癌症。

在死讯发布后的声明中，法国总统埃马纽埃尔·马克龙称勒鲁先生在法国南部城市佩皮尼昂（Perpignan）每年举办的“影像签证”节展是“一个家，一个公共广场，有时也是一个他认为受到威胁的职业的避风港”。

马克龙写道，勒鲁先生是“现实的伟大捍卫者”。

30多年来，他一直热烈拥护一种既危险又至关重要的新闻形式：关于战争、苦难和环境灾难的摄影。

每年夏末的几周里，数百名摄影师——包括斯坦利·格林（Stanley Greene）、唐·麦卡林（Don McCullin）、雷蒙德·德帕东（Raymond Depardon）和薇罗妮克·德·维格里（Véronique de Viguerie）等知名人物，以及像2012年在叙利亚被杀的雷米·奥赫利克（Rémi Ochlik）这样年轻的无名之辈——纷纷涌向佩皮尼昂这座拥有破旧赭色城墙的中世纪城市，展示他们的作品，进行争论，会见代理人并领取奖项。

“影像签证”每年举办近30场展览，吸引了全球超过200,000名游客。于8月29日开幕的2026年展项包括大卫·古滕费尔德（David Guttenfelder）在《明尼阿波利斯人民对抗美国移民海关执法局（ICE）》中令人心碎的影像，埃莉斯·布兰查德（Elise Blanchard）拍摄的阿富汗被家庭出卖的童妻的令人不安的照片，以及哈梅斯·阿尔雷菲（Khames Alrefi）拍摄的一名男孩注视着加沙地带邻里爆炸的震撼瞬间。

勒鲁先生自称是一名“平庸”的摄影师，他认为自己最好的用途是服务于他人的才华。1989年，他参与创建了“影像签证”节展，在随后的三十多年里，他基于一种信念将其塑造：让公民面对人类所作出的最糟糕之事，实际上是一件好事。几个原则引导着他：不使用修改过的图像，不美化，不对苦难进行审美化，且绝不背弃热点新闻。

“尽管所有这些影像一直萦绕在我心中，但我首先在努力保持自己被震惊、被击中的能力，”勒鲁先生在计划于本月出版的回忆录《观看的责任》（Le Devoir de Regarder，英文译名为“Never Look Away”）中写道。

他补充道：“我依然坚信，即使在今天，照片依然拥有能够撼动当代人冷漠的力量。”

他的兴趣还延伸到挖掘近期过去的重要摄影师，例如记录了1968年罗伯特·F·肯尼迪葬礼火车旅程的保罗·富斯科（Paul Fusco）；勒鲁先生在2000年展出了这些影像。“你处于那列横跨美国的火车的节奏之中，”勒鲁先生在2008年接受法国文化电台（France Culture）采访时回忆道。在同一场采访中，他列举了一长串伟大的女性摄影记者名单，轻轻地责备了他的对话者，因为对方暗示男性主导了这一职业。

“让-弗朗索瓦真正相信未经滤镜处理的摄影，以及纪实摄影，”纽约国际摄影中心纪录实践与视觉新闻项目名誉主席艾莉森·莫利（Alison Morley）在一次采访中表示。

莫利女士赞扬了勒罗伊先生“揭露了无数冲突”，并指出他“打印所有人们寄给他的照片，因此这些照片没有被篡改的可能”。

对于勒罗伊先生来说，图像必须讲述一个故事。在他的回忆录中，他给年轻的纪实摄影师写了一封公开信，写道：“在开始之前，先问问自己：‘我想讲述什么样的故事？我想把观众带向何方？’真正的摄影师所做的，与即兴发挥恰恰相反。”

勒罗伊先生于1956年10月3日出生在巴黎，是让·勒罗伊（Jean Leroy，巴黎证券交易所的一名交易员）和苏珊娜·勒罗伊（Suzanne Laplagne Leroy）五个孩子中的一个。

为了让父亲高兴，让-弗朗索瓦学习了一年医学，但他早已对摄影产生了热情，青少年时期经常在《天主教生活》（La Vie Catholique，现名为《生活》La Vie）杂志的摄影实验室里出没，他的姑姑是该杂志的总编辑。

他被 Sipa Press 通讯社聘为摄影师，为各类杂志拍摄，并在1985-87年期间担任《摄影杂志》（Photo Magazine）的编辑。

结束。我依然 坚信

尽管所有这些令我心有余悸的图像一直萦绕在心，但我首先尝试保持我的

被震惊、被击倒的能力，

照片的力量，即便 在今天，依然能 撼动我们当代人的 冷漠。

让-弗朗索瓦·勒罗伊

1989年，他与朋友、《巴黎竞赛》（Paris Match）杂志编辑罗杰·特隆（Roger Thé-rond）以及《摄影》（Photo）杂志的米歇尔·德克隆（Michel Decron）共同创立了 Visa 节，此前他成功赢得了佩皮尼昂（Perpignan）为延长城市夏季旅游季而发起的创意招标。

勒罗伊先生当时像往常一样，对纪实摄影的未来感到担忧——他在回忆录中写给年轻摄影师的话是：“我不知道你们打算如何靠这个谋生”——但即便如此，他依然“始终乐观”，

艾伦·赖丁（Alan Riding）在1999年的《纽约时报》中这样写道。

他留下了三个姐妹：多米尼克·勒罗伊（Dominique Leroy）、帕斯卡尔·勒罗伊（Pascale Leroy）和贝阿特丽斯·勒罗伊（Béatrice Leroy）。

该活动始于150名参与者和两家摄影机构。到1995年，该节展已扩大到包括2,000多名参与者和174家机构。

在今年节展开幕后（首次在没有勒罗伊先生的情况下举行）接受《费加罗报》采访时，著名摄影师德帕东（Mr. Depardon）表示，“由于创始人让-弗朗索瓦·勒罗伊的不懈努力，我们都变得体面了。”

而勒罗伊先生则追求比“体面”更高目标。他在回忆录中写道：“一个不知道自己为什么要拍摄某物或某人的摄影师，在技术上可能会拍出漂亮的图像，但这些图像将是空洞的。”

纽约时报新闻服务

人生回顾

肯尼思·吕西安·德拉巴尔（KENNETH LUCIEN DE LA BARRE）

乐观主义者。人道主义者。学者。都市名流。

1932年5月4日出生于蒙特利尔；2026年5月8日因自然原因在怀特霍斯去世；享年94岁。

肯的早年生活是在蒙特利尔的街头度过的。他经常讲述自己和哥哥巴斯特（Buster）当年“穷到没有父亲”的经历，并用一些故事来润色这段往事，比如因欠租而逃离出租屋，带着全部家当乘坐出租车搬家，以及对母亲佩吉·德拉巴尔（Peggy de la Barre）的温暖回忆。佩吉来自格拉斯哥，为了不让儿子们被送进寄养家庭而艰苦奋斗，她以烟瘾极大且喜爱喝黑麦威士忌姜汁饮品而闻名。

肯这种乐观的生活态度是如何在这样的起点中诞生的，至今仍是个谜。然而，在他生命的最后一年里，即便在陷入认知障碍症的过程中，他的幽默感依然贯穿其中。

体育运动在塑造肯的性格和韧性方面起到了核心作用。在他众多的荣誉中，《蒙特利尔先驱报》曾将他列为1952年Vagabonds篮球队的高得分球员。他习惯在周末与一群伙伴前往劳伦琴山脉滑雪，直到这些朋友在去世前，他一直与他们保持友谊。

他一生挚爱帕特里夏（Patricia）于2002年去世，享年65岁。肯比帕特大五岁，他一生都认识她。帕特的母亲同样是一位年轻的苏格兰移民，就像佩吉一样，这两位单身母亲（其婚姻均在战争期间破裂）曾在蒙特利尔一起担任服务员，在生活中分享友谊与亲情。帕特·麦金（Pat McKimm）与肯于1956年结婚。

在长女苏珊（Suzanne）出生后，肯利用夜晚在乔治·威廉姆斯大学攻读商业学士学位，但在毕业前的最后一个学期，他意识到自己不想成为一名会计师。在此期间，夫妇俩的次女特雷西（Tracy）出生了。

肯于1967年获得文学学士学位，并在北美北极研究所（AINA）工作期间培养了对北方的终身热爱。他担任该机构在蒙特利尔的负责人，直到该组织于1976年迁至阿尔伯塔省。

在女儿们上小学期间，帕特和肯迎来了一个儿子，米歇尔（Michel）。20世纪70年代，全家从蒙特利尔露营前往育空地区，肯当时在克卢安湖（Kluane Lake）的AINA研究站工作。这些旅程促使他的两个女儿最终决定永久定居育空。1996年，由于孙辈即将出生，帕特和肯加入了女儿们的行列。他们原计划停留一年，但最终在怀特霍斯建立了生活，每年多次返回蒙特利尔。

56岁时，肯在麦吉尔大学完成了人文地理学硕士学位。他从事过其他职业，包括在加拿大国家青年计划 Katimavik 工作（为此他获得了总督纪念奖章），以及涵盖北极地区人口研究、不列颠哥伦比亚省及海外社区发展等项目。直到80岁出头，他仍偶尔担任魁北克北部克里族装备与旅游协会的顾问。

进入90岁后，肯经常在怀特霍斯的一家咖啡馆里“坐镇”，在那里读报并与身边的所有人聊天（一杯特浓热拿铁总是准备就绪）。他在每天在镇上的散步中设有固定停靠点，总是戴着他那顶著名的软边帽，拄着滑雪杖作为行走杖。他以喜欢潜入镇上举办的任何主题的任何会议而闻名。

那些最了解肯的人会注意到他无法分享自己的感受，这往往导致他缺乏对他人的感受的察觉。尽管如此，肯的三个孩子与父亲之间 each 都有着特殊的友谊：他与苏珊共同热爱旅行、艺术、文化以及人文地理事业；他与特雷西住在邻里，分享日常生活；而他与米歇尔则通过对蒙特利尔、家庭以及各种体育运动的热爱而建立纽带——起初是相互竞争，后来则是并肩协作。

肯是一个积极且善良的人。尽管生活中会遇到各种糟糕的消息，但他始终相信世界是一个美丽的地方，并且认为自己能活着是一种幸运。

苏珊·德·拉·巴尔（Suzanne de la Barre）是肯的长女。

肯·德·拉·巴尔（Ken de la Barre）照片由家属提供

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“人生回顾”（Lives Lived）旨在纪念近期离世的加拿大民众，赞颂他们平凡而卓越、不为人知的生活。如需了解如何分享家人或朋友的故事，请访问 tgam.ca / livesguide*

THE GLOBE AND MAIL*

OTTAWA/QUEBEC EDITION ■ TUESDAY, SEPTEMBER 15, 2026 ■ GLOBEANDMAIL.COM

At summit, Carney sees chance to tap into European, Asian markets

ANDREW WILLIS

Prime Minister Mark Carney said in an interview Monday that his government's investment summit is part of a strategy to line up foreign capital behind Canada's manufacturing sector while boosting trade with Asia and Europe.

The summit, taking place Monday and Tuesday at the Four Seasons in Toronto, has drawn global investors and is being watched closely by a domestic audience waiting to see Mr. Carney's next move in the trade war with the United States.

On the first day of the event, which welcomed roughly 300 executives, among them many of the world's largest asset managers, Mr. Carney told The Globe and Mail that capital is just one of many ingredients required to boost Canada's economy.

“You need capital, you need deals, you need projects, you need the proper regulatory environment, you need a competitive tax environment, and you need ambition and action,” Mr. Carney said. He said the summit is meant to bring all these factors together, to the benefit of all Canadians, not just business leaders.

CARNEY, A4

The deals and dealmakers to watch as Toronto event kicks off ■ A8

Government set to lay out next steps for private airport investments

BILL CURRY STEPHANIE LEVITZ JAMES BRADSHAW

The Carney government will announce next steps on Tuesday toward opening up Canada's airports to more private investment as it continues its two-day investor summit in Toronto, four MPs told The Globe and Mail.

Transport Minister Steven MacKinnon briefed Liberal MPs Monday on the plans in a late-day call, the four MPs said.

Two of the MPs who were on the call said Mr. MacKinnon referenced opening up Canada's four major international airports to foreign investment – Vancouver, Calgary, Toronto and Montreal.

A fifth source from the private sector said they believe the government will lay out Tuesday morning the beginning of the process of opening up stakes in major airports to private investors.

The Globe is not naming the sources as they were not authorized to disclose private discussions.

Mr. MacKinnon's office declined to comment.

The Liberal government had signalled in its 2025 budget that it would “consider options for the privatization of airports,” and revisited the issue in the spring economic update with few details. ■ PRIVATE, A6

TELEVISION

RHYS RULES EMMY NIGHT

Actor takes home multiple awards, Jean Smart caps five-year sweep at a historic ceremony. For full coverage, visit ■ TGAM.CA/ARTS

Matthew Rhys accepts the Emmy for lead actor in a comedy series on Monday. Mr. Rhys is now the first performer to win the lead-acting trophy across all three TV genres. PATRICK T. FALLON / AFP VIA GETTY IMAGES

On the front lines of the trade war, cities begin to reckon with financial toll

MATTHEW SCACE CALGARY TEMUR DURRANI WINNIPEG LAURA STONE TORONTO

In Calgary, city officials are projecting new tariff costs reaching close to half a billion dollars. Other cities across the country are anticipating economic pain in their communities. Candidates for local government, expecting turmoil, are turning to trade as a campaign issue in approaching municipal elections.

Canada's trade war with the United States is beginning to hit home for municipalities. And with the possibility of tariffs and countertariffs lasting months or years, cities are starting to look into how the trade war could blow holes in their budgets.

“Municipalities are bracing for this,”

Tim Tierney, president of the Federation of Canadian Municipalities, said in an interview. Local governments are on the front lines of the trade war, but many of them don't have extra money to spare for spiralling costs.

"Municipalities need the money. We can't simply talk about it and plan for the future and do it in future budgets. The money is needed now."

On Sept. 8, administrators with the City of Calgary estimated the latest tariffs and retaliatory measures by the U.S. and Canadian governments could cost the city between \$315-million and \$466-million on the remaining lifespan of existing contracts.

Calgary's financial projections underscore the challenges ahead for municipalities if the trade war continues in the longer term, a reality for which Prime Minister Mark Carney has said the country should prepare.

Most municipalities across Canada haven't assessed the extra costs that tariffs will inflict on their budgets but are preparing for deep economic wounds.

The issue is becoming an increasingly important factor for voters in the lead up to municipal elections in Ontario, British Columbia, Manitoba and Prince Edward Island.

In Calgary, even though 95 per cent of the city's contracts come from Canadian suppliers, many of those contractors are exposed to tariffs because they source materials from the U.S., Bill Black, chief executive officer of the Calgary Construction Association, said in an interview. TARIFFS, A17

AI leaders' calls for slowdown serve to concentrate power, Canadian CEO argues

JOE CASTALDO

Cohere Inc. chief executive Aidan Gomez is criticizing calls from top leaders in artificial intelligence to slow the pace of development, writing that the proposed approach will entrench power with a Silicon Valley “cartel” and that companies are spreading “fear under the pretext of protecting the public.”

Mr. Gomez, who co-founded the Toronto-based AI company in 2019, wrote in an essay published Sunday on Cohere's website that there is a risk of tech giants authoring rules around safety and development without broader input.

"If this is the most consequential technology in human history, then the rules for it cannot be written by a small group of commercially aligned companies," he wrote.

Anthropic CEO Dario Amodei kicked off an intensified debate about how to rein in powerful AI systems, arguing in his own essay published Saturday that frontier labs need to slow the pace of development to give risk-prevention strategies time to keep up.

“I believe that if slowing down bought us even an extra year or two before models reach critical levels of capability,” he wrote, “... we could greatly reduce the risk that something goes seriously wrong.”

Mr. Amodei said two developments shaped his thinking recently. One is a concept called recursive self-improvement, which refers to the ability of artificial intelligence to build a more capable AI system, potentially exceeding human ability to keep it in check. He also referred to the recent cybersecurity incident in which AI agents powered by OpenAI's technology hacked another company as part of a test, unbeknownst to OpenAI.

Among Mr. Amodei's proposals are for third-party safety evaluators to embed with AI labs, and for companies in democratic countries to establish standards and limits on the rate of progress. He wrote that the U.S. government may have to provide an antitrust waiver to allow for co-ordination.

OpenAI CEO Sam Altman and SpaceX AI founder Elon Musk have both supported the idea of slowing development. But the U.S. government, which has oversight of the world's leading AI companies, has so far done little to delay their progress. AI, A17

UNITED STATES

Scotiabank paid music funder FACTOR \$11-million to settle theft case, documents show ■ A7

Top court blocks bid to restrict mail-in ballots in midterms in major defeat for Trump ■ A4

REPORT ON BUSINESS

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Bell looks to quadruple capacity of data centre operations in Saskatchewan ■ B1

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MADE IN CANADA

CHRISTINA SEALEY'S TRANSITIONS I (SELF-PORTRAIT)

CHRISTINA SEALEY (CANADIAN B. 1973). TRANSITIONS I (SELF-PORTRAIT), 2001 OIL ON LINEN 101.6 X 76.2 CM. GIFT OF THE WOMEN'S ART ASSOCIATION OF HAMILTON, 2020. PHOTO: ROBERT McNAIR

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 nearly 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.

Christina Sealey's work often balances small areas of intense brushwork with large open spaces of abstraction. This painting inspires a range of responses – some see rest and peace, others feel illness and grief. The soft palette, closed eyes and slightly ambiguous space lend themselves to very personal reflections. Small details offer clues: Luxurious fabric, an eyelet lace pillowcase and the expanse of a large bed hint at the artist's perspective in this self-portrait.

DEBRA THOMPSON

OPINION

As the midterms loom, Trump is apparently prepared to bribe, cheat and steal to win ■ A11

[ COLUMNISTS ]

A Monday Report on Business article about the Bank of Nova Scotia's commitment to funding Canadian companies stated that a former ambassador would be leading an institute being launched by the bank. Kirsten Hillman, Canada's former ambassador to the United States, will be the institute's lead adviser.

FIRST PERSON

Susan Gibbons reflects on the wedding dress that's been in her family for generations ■ A15

CORRECTIONS

A Monday Report on Business article about Canadians who train at medical schools abroad incorrectly stated that Nicholas Conradi's grandfather and father were family doctors; they were pediatricians. Harrison Levine's annual tuition at the Royal College of Surgeons was €62,635, not £62,635, or around \$100,000 in Canadian dollars.

CHRISTOPHER WORSWICK

OPINION

There's a lot of potential for EU associate membership to be a net win for Canada ■ B4

A Saturday Pursuits article about the Italian model, actress and director Isabella Rossellini incorrectly stated that her farm is located in upstate New York. It is on Long Island.

The Globe and Mail is committed to maintaining the highest ethical, legal and editorial standards. SANDRA E. MARTIN, STANDARDS EDITOR, standardseditor@globeandmail.com

The Globe and Mail nominated for eight Jack Webster Awards

GLOBE STAFF

The Globe and Mail led nominations for British Columbia's prestigious Jack Webster Awards, with judges noting work on the Tumbler Ridge school shooting and on the impact of the B.C. Supreme Court's decision in the Cowichan case, among other work.

In all, Globe journalists received eight nominations, while the CBC received seven and The Tyee and the Investigative Journalism Foundation were named in four each.

Canadian newsrooms do not have the same amount of experience as their U.S. counterparts in responding to deadly gun violence in schools. Last February, when violence erupted in Tumbler Ridge, The Globe had to develop a plan quickly.

The Globe's newsroom mobilized immediately, drawing in every one of its news reporters in British Columbia, as well as journalists from Calgary, Edmonton and Toronto. The coverage included a story published just hours after the shooting occurred with vivid language and meticulous reporting. Nathan Vander-Klippe reported on a conversation with a 12-year-old student who, only hours earlier, had been comforted while hiding in a closet with classmates.

A day later, The Globe exclusively reported that the shooter, Jesse Van Rootselaar, had suffered mental health challenges so significant that she had once set fire to a bed in her family home while under the influence of psychedelic mushrooms.

The story included important context about the struggles the family was having in getting the shooter psychological help, and it revealed disturbing social-media messages linked to the shooter that foreshadowed what was to come. All the information derived from social-media posts was meticulously cross-referenced.

The Globe's work on the Tumbler Ridge shooting was also nominated for the international Online Journalism Award.

Legislative reporter Justine Hunter led The Globe's coverage of the explosive B.C. Supreme Court ruling in the Cowichan Indigenous land rights case, work that was awarded a Webster nomination in the news category.

Ms. Hunter's collaboration with city reporter Frances Bula revealed for the first time the long reach of the decision, including its effects on other court cases and treaty negotiations, and its implications for municipalities, whose ability to levy taxes on urban land declared to be under Aboriginal title was thrown into question.

Ms. Hunter also received nominations for her interactive look at the dangers of navigating the Hecate Strait and for a feature retracing the steps of the plucky 20-year-old woman who helped map Strathcona Park in the summer of 1910.

Andrea Woo was also nominated in the feature category, for an in-depth piece on the exacting science, money and labour behind creating a playing field for the 2026 FIFA World Cup.

The reporting went behind the scenes to explore the massive, largely invisible effort required to build pitches capable of performing identically across 16 stadiums, three countries and radically different climates.

Opinion columnist Marsha Lederman received her third consecutive Webster nomination this year, this time for her thoughtful look back at how the reputation of popular author Steven Galloway disintegrated over explosive allegations of sexual misconduct. Ms. Lederman looked at the 10 years of lawsuits and conflict within Canada's literary community left in the scandal's wake.

Legal affairs reporter David Ebner received a nomination in the legal category for a piece examining Prime Minister Mark Carney's pledge to bring in stricter bail rules.

Photographer and reporter Jesse Winter was among the first nominees in the new picture category for a photo of a Squamish-area resident packing their belongings as they prepared to evacuate their home while a wildfire burned in the forests above.

The Jack Webster Foundation was created in 1986 after the retirement of its namesake. Mr. Webster was a well known, influential reporter in Western Canada, and the organization says the awards are meant to create a community where B.C. journalism thrives.

Chinese state-backed investors join summit

PMO says investors from China will be subject to rules governing foreign investment

STEVEN CHASE SENIOR PARLIAMENTARY REPORTER

Several Chinese state-backed investors are taking part in Prime Minister Mark Carney's Canada Investment Summit, another sign of warming relations with Beijing after years of Ottawa publicly spurning money from China.

The Prime Minister's Office said Monday that, like everyone else, Chinese investors will be subject to federal rules governing foreign investment in this country.

Both China International Capital Corp. (CICC) and China Investment Corp. – China's sovereign wealth fund – are attending Mr. Carney's summit. CICC is roughly 40-per-cent owned by Central Huijin Investment, a subsidiary of China Investment Corp.

The Hong Kong Monetary Authority, which manages investments for the territory's Exchange Fund, is also a participant.

In a blog post Monday, Michael Kovrig, a geopolitical analyst and former diplomat, and researcher Patricia Xavier warned of the possible consequences of Chinese state-backed investment.

“Money is a diplomatic tool: once investments materialize, as Canadian projects, provinces and unions feed on Chinese funding, expect growing domestic resistance to any future re-hardening of Canada’s China policy,” they wrote.

(Mr. Kovrig was arrested in China in December, 2018, along with fellow Canadian Michael Spavor, ostensibly in retaliation for the arrest in Vancouver of Huawei executive Meng Wanzhou at the request of the U.S. Department of Justice. The two men were released on Sept. 24, 2021, after the U.S. reached a deferred prosecution agreement with Ms. Meng.)

Audrey Champoux, deputy director of communications in the PMO, when asked about potential Chinese state-backed investment, said investment screening rules would protect Canadian interests.

"We have existing laws in place to protect Canadian economic and national security assets, such as through the Investment Canada Act. The government will continue to apply that," Ms. Champoux said Monday in an e-mailed statement.

Mr. Carney is trying to attract \$1-trillion of investment over five years in order to reduce Canada's economic dependence on the increasingly protectionist United States.

Canada has a history, though, of barring Chinese investment.

In 2018, for instance, his predecessor, Justin Trudeau, famously blocked state-owned company China Communications Construction Company Ltd. from purchasing Aecon Group Ltd., one of Canada's largest construction companies, in the name of national security. At the time, Aecon was a partner in the refurbishment of Ontario's Darlington Nuclear Generating Station.

During his 10 years as prime minister, Mr. Trudeau blocked other high-profile corporate takeovers by Chinese companies, including in the critical minerals sector; banned China's flagship tech giant, Huawei, from the country's wireless infrastructure; expelled one of Beijing's diplomats; and called the Hogue inquiry into foreign political interference by the Asian power. His government also restricted funding for academic collaboration with Chinese military and state security institutions.

By the time Mr. Trudeau stepped down in 2025, the series of measures against China had opened up a gulf between Ottawa and Beijing. Many were taken in concert with Western allies who felt China under President Xi Jinping was becoming a rival, not a friend.

Mr. Carney has repeatedly talked of “guardrails” that would prevent Chinese investment in several Canadian sectors, including critical minerals, artificial intelligence and defence-related technologies with both civilian and military uses.

Vina Nadjibulla, co-founder and CEO of the Centre for Strategic Statecraft, a new think tank, says it's reasonable to have Chinese investors in the room for Canada's investment summit. But she says national security concerns become especially relevant for investments touching quantum technology, advanced manufacturing, defence and other sensitive sectors in Canada's

pitch book.

“The objective cannot simply be to attract as much capital as possible,” Ms. Nadjibulla said, adding that the government must ensure foreign investment does not compromise control over critical technologies, strategic assets or broader national security interests.

Guy Saint-Jacques, a former Canadian ambassador to China, said Mr. Carney has talked about a mere “recalibration” of relations with China, but he contends that everything that’s happened so far amounts to a full resumption of the relationship with Beijing that existed before ties soured in 2018. The deep freeze in relations lasted until Mr. Carney travelled to Beijing in early 2026.

Mr. Saint-Jacques said Canada should relax at least one guard-rail and allow China to invest in critical minerals in Canada.

“I would not exclude them from investing in critical minerals and rare earths because they have the know-how, they have the money, and we don’t have enough capital,” he said. “But we would have to make clear that something like 70 per cent or 80 per cent of the production remains in North America.”

Provinces are seeking to capitalize on Carney's conference

President and CEO of Bell Canada, Mirko Bibic, left, Prime Minister Mark Carney, and Saskatchewan Premier Scott Moe speak ahead of the Canada Investment Summit in Toronto on Monday. ARLYN McADOREY/REUTERS

STEPHANIE LEVITZ

BILL CURRY

Provincial premiers hustled to capitalize on Prime Minister Mark Carney's Canada Investment Summit in Toronto, holding a flurry of back-to-back meetings ahead of the event's formal start in a bid to court capital for projects.

For New Brunswick and British Columbia, the effort went beyond bilateral talks.

Both provinces have mobile promotional billboards circling Toronto's exclusive Yorkville neighbourhood. There, hotel rooms, coffee shops, restaurants and even park benches are sites of high-stakes discussions between investment bankers, sovereign wealth fund leaders, venture capitalists, Canadian executives, politicians, civil servants and others trying to unleash a flow of private capital into Canada.

New Brunswick Premier Susan Holt and her Natural Resources Minister, John Herron, are in Toronto to promote what the province described as more than \$30 billion in capital investment opportunities.

Some of the plans the province listed in a news release include mining projects, a Belledune port expansion and a Lorneville data centre.

Saskatchewan hosted its own booster event on Monday, with Premier Scott Moe thanking Mr. Carney for giving the country a chance to show off.

“We are at a time when the world is so very uncertain,” he said. “Canada and Saskatchewan

are not."

At the Invest in Saskatchewan Forum, Mr. Moe and BCE Inc. announced plans to quadruple the company's investment in artificial-intelligence data centres in the province. The Premier said the days ahead will showcase more opportunities to invest in Saskatchewan.

Though the officials organizing the summit have pulled together a prospectus of more than 160 projects in various stages of development that are open for investment, premiers are carting around lists specific to their backyards to make a more personal case for direct investment.

Manitoba Premier Wab Kinew pitched investors on plans for a major expansion of the Port of Churchill. He spoke to the Canadian Global Growth Forum, a side event Monday organized by the Canadian Venture Capital and Private Equity Association.

In his brief speech, Mr. Kinew said Manitoba will offer a provincial sales tax exemption on major capital investments related to what his government calls the Port of Churchill Plus project.

“We’re willing to do the deal-making to make this thing happen,” he said.

Given the shortened shipping season in the north, the proposed expansion of the existing port would require the use of icebreakers in Hudson Bay to extend the season, as well as an upgraded rail line and a new energy corridor.

In February, the federal government announced a market-sounding study to gather industry input on the project's potential.

A copy of British Columbia's deal book viewed by The Globe and Mail largely covers the same projects as the broader federal package, including the Ksi Lisims LNG project, port infrastructure, and gold and copper mines.

Ontario Premier Doug Ford did not speak publicly on Monday at any of the various events in his province's capital city.

But his government released its own list of 15 priority projects just ahead of the summit. The list highlights several nuclear energy expansion projects as well as mining opportunities in Ontario's northern Ring of Fire region. It also includes investment in Toronto-based AI company Cohere Inc.

Quebec, whose current government is at risk of losing power in next month's provincial election, is taking a less promotional approach at the summit.

Premier and Coalition Avenir Québec Leader Christine Fréchette took a pass on the event in order to prepare for the campaign's first debate on Tuesday.

Finance Minister Eric Girard is representing Quebec in Toronto this week. In an interview, he said Quebec supports the calls for more private-sector investment, but he will not be endorsing specific projects.

“Maybe because I'm not premier, maybe because there's an election, I'm not taking the same posture that the Premier of Manitoba is taking,” he said, adding that he was filling “more of a quiet, efficient role.”

While the federal government's prospectus includes several projects in Quebec, Mr. Girard said that doesn't mean that they all have the province's support.

"These are private projects, with private promoters, that are being pitched to international investors," he said.

A week of Mammon and muses: TIFF and the Canada Investment Summit line up

Helen Mirren interacts with fans as she attends the red carpet for A Talent For Murder at the Toronto International Film Festival on Monday. CARLOS OSORIO/REUTERS

MARCUS GEE

OPINION

Toronto is enjoying a brief moment in the sun. Money men and money women from all over the world have descended on the city for the Canada Investment Summit, which the federal government is billing as a “first-of-its-kind gathering” aimed at “accelerating new investment into Canada” – luring billionaires, in other words. Producers, directors and actors from all over the world are in town for the Toronto International Film Festival, the annual movie-industry extravaganza.

The pair of big events – Mammon and the muses side by side – is a golden opportunity to show off the virtues of Canada and its leading city. We are making the best of it.

At a kick-off reception for the investment summit Sunday night at the Royal Ontario Museum, Prime Minister Mark Carney told the assembled suits that “we have what the world wants. The energy, the resources, the talent, the technology.”

The same evening, he appeared with his wife, Diana, at a TIFF gala, drawing big cheers from the crowd outside the Fairmont Royal York Hotel. This time, he boasted about the country's vibrant arts.

“A confident country welcomes in culture from all around the world,” he said, speaking about the throng of industry folk who are in Toronto to make pitches, talk deals and parade on the red carpet. In Canada, he said, “we love our culture and we’ll always protect and promote our culture.”

It was a strong message, presented by a charming salesman against a brilliant backdrop. Toronto is putting on its best face for the events and the vibe is great.

Crowds of moviegoers strolled along Festival Street, the TIFF fan zone on a closed-to-traffic King Street West, grazing from food trucks, taking selfies and craning their necks for glimpses of movie stars. Lines of limousines queued outside the ROM and, the next night, the Art Gallery of Ontario to drop off and pick up a host of sleek summiteers. Big black cars and little black dresses were everywhere.

Toronto's downtown has come roaring back from its pandemic ghost years. The streets are full again and the PATH underground network is crowded with office workers at lunchtime.

Lots of other good things are happening. The once-neglected waterfront is reviving. The once-underbuilt transit system is filling out, with two new light-rail lines recently opened and a big subway project under construction.

The district around the TIFF headquarters on King has been utterly transformed in the past decade or two. Where once there were acres of parking lots, rail yards and warehouses, a new district of bristling skyscrapers has grown up.

But if the week of Mammon and the Muses puts the virtues of Toronto (and Canada) in the shop window, it also holds up a mirror to our shortcomings. Those who filtered out of the ROM reception where the Prime Minister spoke probably didn't see the guy sitting on a bench with his knees pulled up to his chin and a hoodie pulled up over his head, sleeping it off. Nor did they see the intoxicated man swaying and singing to himself on the platform of the Bloor-Yonge subway station a few blocks away. Toronto, like many Canadian cities, has a big and increasingly visible population of people who suffer from homelessness, mental illness and drug addiction – often all three.

Its transit system, despite all the new investment, is looking down at heel. Some of the billions of dollars going to the new lines should have been spent on maintaining what already exists. Its parks are often scruffy. Just look at popular Trinity Bellwoods in the city's west end, where some of this week's visitors will go to hang out.

Its greatest cultural institutions, the ROM and the AGO, are undergoing the latest in a series of poorly thought-out renovations. Its highway system is in a miserable state of repair. The route that those black cars will follow from the airport to downtown looks like a goat track in places.

Invest in Canada, Mr. Carney says. What he doesn't say is that, for all its strengths, this country also suffers from chronically low productivity, a cumbersome tax system, rising government debt, timorous corporate leadership, hidebound, needlessly bureaucratic banks, an aging population, a slowing birth rate and a host of interprovincial and international trade barriers that hinder its growth.

Canada is a wonderful country. Toronto is a wonderful city. Displaying their strengths to the world makes sense at a time when our best friend is running us down. But salesmanship won't win the war. The main task before us is to make our cities and our country better places to live, work and build. Then the investors will come running.

Carney: PM says goal is to strike ‘unique alliance’ between Canada, European Union

Prime Minister Mark Carney, pictured Monday in Toronto, says Canada's focus in negotiating trade alliances is to become a player in the auto sector that is 'electric and connected.' JENNIFER ROBERTS/THE GLOBE AND MAIL

FROM A1

“We are launching the investment supercycle that the country needs,” he added, perched on the edge of a Four Seasons hotel chair and occasionally jabbing a finger in the air to drive home his point.

“There is a massive opportunity for Canada both in Europe and Asia,” the Prime Minister said. “It’s safe to say we haven’t realized our potential in those markets.”

In sectors where Canada is a powerhouse, such as energy and critical minerals, the country has an opportunity to strengthen relationships that have become both economic and strategic.

“It’s the strategic benefits that make Europe, Korea and other countries interested in doing more with us,” Mr. Carney said.

"Our reputation, hard-earned over decades by Canadians, is for being reliable and trustworthy, we honour what we sign," said Mr. Carney. "Canada is a low-risk jurisdiction, and that works to our advantage."

The federal government's data show Europe is the largest untapped market for Canadian goods and services, particularly for small- to-medium-sized business. Mr. Carney said while Canada has a free trade agreement with the EU, “we are not fully utilizing it.”

After the Toronto summit concludes on Tuesday, Mr. Carney is scheduled to fly to Europe and address the European Parliament in Strasbourg, France. The Prime Minister said his goal is to strike a “unique alliance” between Canada and the European Union.

Speaking of U.S. President Donald Trump's second term in office, Mr. Carney said, "one of the lessons people are taking for the rupture, if I may use that term, is that economic integration can be weaponized."

Last month, Canadian negotiators walked away from trade talks with the U.S. government, in part over the Trump administration's attempts to repatriate truck manufacturing.

“We don’t want to lock in a competitive disadvantage for the Canadian auto sector,” said the Prime Minister. “That is not in the interest of U.S.-based auto firms. It is certainly not in best interest of the Canadian auto sector.”

Mr. Carney said he is confident the government can negotiate a “uniquely Canadian solution” that ensures a “vibrant, competitive auto sector” tied to U.S., Chinese and European manufacturers. He added trade negotiations with the U.S. are complicated by the fact that the auto industry is going through a period of transformation.

Canada's focus in negotiating global trade alliances is on being a player in the auto sector that is “electric and connected,” Mr. Carney said, emerging areas where he said Canada has built expertise. While he never said Donald Trump's name in the course of a 20-minute conversation, Mr. Carney did point out that two days ago the “U.S. President” spoke approvingly of Chinese automakers building U.S. plants.

Since taking office in March, 2025, the Prime Minister has met twice with China's President Xi Jinping. Mr. Carney said those face-to-face sessions and the government's diplomatic outreach have resulted in setting the “guardrails” needed to boost trade with the world’s second-largest economy while navigating issues such as security.

“We have taken the first steps in resetting our relationship,” Mr. Carney said.

“We can go deeper in agriculture with China, deeper in fish exports, energy exports and financial services, a sector in China that will ultimately open up.”

Executives from several Chinese asset managers, including the chief strategy officer from the US\$1.6-trillion China Investment Corp., are at the Toronto summit this week.

As CEOs from Canada's largest companies join federal and provincial politicians in Toronto to pitch the country as a place to invest, Mr. Carney said the key to the event's success will be landing both cash and expertise from global fund managers, such as Singapore-based Temasek Partners, a US\$400-billion fund that ranks among the world's largest infrastructure investors.

“Investors like Temasek bring capital, and they catalyze change,” Mr. Carney said. “That makes a decisive difference when combined with the ambitions of Canadians up and down this country.”

Mr. Carney said his government is hoping to lure such investors in part by making significant changes to Canada's tax regime.

“We need to extend corporate tax advantages to make Canada more attractive,” the Prime Minister said, suggesting Ottawa is developing tax measures meant to boost corporate investment in companies and incentivize entrepreneurs to scale-up business.

On Monday, Finance Minister François-Philippe Champagne announced a new federal program to offer “advance tax rulings” for investments of \$1-billion or more. That would give investors a binding decision from the Canada Revenue Agency on how Canadian tax law will apply to a transaction before they commit capital, giving them more certainty.

Mr. Carney said: “We’ve got more to do, above and beyond the advance tax ruling, so watch this space.”

The Prime Minister said the government also remains committed to streamlining the regulatory process to ensure a “one project, one review, one year” outcome for every initiative that requires federal sign-off, not just proposals selected by the Major Projects Office the government launched in August, 2025.

U.S. Supreme Court rejects Trump's mail ballot limits ahead of midterms

LINDSAY WHITEHURST WASHINGTON

The U.S. Supreme Court on Monday rejected President Donald Trump's bid to restrict mail ballots for the midterm elections, capping a flurry of last-minute legal action with voting already under way.

The decision allows states to continue sending out mail ballots under the same processes they've used for years.

Justices Samuel Alito and Clarence Thomas publicly dissented from the brief order.

The Trump administration had asked the court, once again at the centre of a roiling political controversy, to clear the way for restrictions before the pivotal November contests for control of Congress. The case has major implications because nearly one-third of the country votes by mail.

The Supreme Court majority did not detail its reasoning, as is typical on the high court's emergency docket. Justice Alito, meanwhile, said in the dissent that the Postal Service "has broad authority to regulate the mail" and likely does have the power to enforce Mr. Trump's restrictions.

Justice Brett Kavanaugh agreed that the restrictions should not go into effect for the midterms but indicated he might rule in favour of the Trump administration if the issue comes back before the court.

Election officials have said there was simply no way to carry out a complete overhaul in the weeks before the midterms. Indeed, Alabama, North Carolina and Wisconsin began sending mail ballots to voters over the past week while the new system was still not active.

The Trump administration plan would require states to adopt a uniform envelope style and submit lists of eligible voters to an online portal. The Postal Service could refuse to deliver ballots to states that didn't comply.

A whistle-blower report, though, said the postal system's requirements could lead to millions of mail ballots never being sent, because the portal wasn't properly built and a single bar code error could result in an entire batch of ballots being tossed out. Democratic state officials and voting-rights groups challenged the restrictions, arguing the President has no authority to set election rules that would “virtually eliminate mail voting on the eve of a major election.”

Lower courts agreed and blocked Mr. Trump's plan, including a preliminary injunction issued by a judge nominated by the President. But the Trump administration appealed to the Supreme Court, arguing that federal control of the Postal Service allows them to set rules for mail ballot handling and that compliance was possible.

Mr. Trump has long opposed mail voting and falsely blamed it for his 2020 election loss to Democrat Joe Biden, even though he often uses that method to cast his own ballot, including as recently as this year.

ASSOCIATED PRESS

McConnell returns to U.S. Senate for first time since June hospital stay

U.S. Senator Mitch McConnell waves at reporters outside the Senate Chamber after returning to Capitol Hill in Washington on Monday. EVAN VUCCI/REUTERS

MARY CLARE JALONICK

WASHINGTON

Republican Senator Mitch McConnell of Kentucky returned to the Senate to vote on Monday for the first time in three months, looking noticeably more frail after he was hospitalized for a June fall in his home.

Mr. McConnell's lengthy absence from the Senate generated a flood of criticism and online speculation, as he initially remained quiet for weeks about his condition. The 84-year-old senator eventually disclosed a month later that he had been “briefly unconscious” owing to the fall and had also been treated for mild pneumonia in the hospital.

He briefly addressed reporters Monday from a wheelchair outside the Senate chamber, smiling but speaking slowly and with some difficulty. Mr. McConnell joked that he wasn't sure how many reporters would be there after dodging so many questions during his almost two decades as leader.

He said he was back in the Senate to work on a pending farm bill and because he has a continuing interest in NATO and “backing up our good friends who are totally in the fight against the Russians.”

Reporters and photographers were told by Senate staff not to take video of his remarks in the second-floor hallway, even though video is often permitted in that area.

Mr. McConnell, who holds the distinction of being the longest-serving Senate leader, is in his final months of his four decades in office. He is retiring at the end of January after one of the most consequential careers in modern politics.

Republicans have nominated U.S. Representative Andy Barr to replace him, while Democrats have nominated former state lawmaker Charles Booker. Mr. McConnell has said he is determined to finish out his term.

In a statement issued before his remarks, Mr. McConnell made clear that he may still miss some votes due to his health issues.

He said that he is “still not quite back to 100 per cent, but I’ve assured Leader [John] Thune that, as I continue with physical therapy on the advice of my doctors, I will do my best to be present for tough votes when our Conference needs me.”

"My recovery has been a long and often frustrating process, and the lingering effects of childhood polio haven't made it any easier," Mr. McConnell said in the statement.

The senator's extended leave highlighted increasing public concern about the age of lawmakers and their capacity to carry out their duties. Speculation about his condition grew so intense at one point that Kentucky's Democratic Governor Andy Beshear took the extraordinary step of issuing a public letter asking Mr. McConnell to update the public in a "transparent manner."

Mr. McConnell's absence was also felt over the summer as Republicans were unable to advance a farm bill out of committee. His return could give GOP leaders a needed vote as they try to advance legislation on cryptocurrency regulation and college sports.

Mr. McConnell was first elected to the Senate in 1984 and was the Republican leader from 2007 until last year, serving as both majority and minority leader during that period.

Toward the end of his time as leader and in the last two years as a rank and file senator, Mr. McConnell's health has visibly declined. He was hospitalized with a concussion in March, 2023, and missed several weeks of work after falling in a Washington hotel. He twice froze up during news conferences after he returned, staring vacantly ahead before colleagues and staff. A year later, he fell and sprained his wrist while walking out of a GOP luncheon.

ASSOCIATED PRESS

VITAL SAUDI ARABIAN OIL PIPELINE SHUT FOR SEVERAL WEEKS AFTER HOUTHI ATTACK

CAIRO A crucial Saudi oil pipeline that was struck in an attack will mostly be out of service for weeks as the damage is repaired, two regional officials said Monday, as Yemen's Houthi rebels seized more islands along Red Sea shipping routes in a new blow to Saudi Arabia's oil exports.

Oil prices gained more than 2 per cent amid growing worries about global petroleum supplies as the new developments squeeze the ability of Saudi Arabia, the world's

biggest exporter, to get its crude to market. The Iran war has forced the kingdom to shift its exports away from the Persian Gulf, since Iranian attacks have stifled shipping through the gulf's sole exit, the Strait of Hormuz.

So the kingdom has relied on the East-West Pipeline, which runs 1,200 kilometres across the breadth of the country, to move its crude production from Gulf ports to the port of Yanbu on the Red Sea. From there it can be put on tankers for export. But authorities were forced to shut down the pipeline after an attack Thursday that Saudi Arabia blamed on drones from Iranian-backed militias in Iraq.

Repairing the damage, including at a major pumping facility, could take three to five weeks, the officials, who have been briefed on the matter, told the Associated Press.

The line may work partially during the repairs, one of the officials said, but they could not say how much oil might

get through.

The officials spoke on condition of anonymity because they weren't authorized to brief the media.

The pipeline has been moving a weekly average of 2.6 million to four million barrels a day since late August – a quantity that will be lost to the market if the pipeline's flow stops completely, according to an analyst note issued Monday by Rystad Energy, a Norway-based energy analyst. It said the jump in prices for Brent

crude, which reached US\$109, "is a clear signal that the market is increasingly pricing in a significant loss of supply."

The Saudi oil company Aramco, which operates the pipeline, didn't immediately respond to a request for comment. The government-run Center for International Communication, which oversees foreign media in the kingdom, said it was looking into an AP inquiry about how long it will take to repair the pipeline. ASSOCIATED PRESS

Doctor at centre of licensing controversy found guilty

Dr. Sanjeev Sirpal covers his face while exiting the Laval courthouse Monday. In April, Dr. Sirpal denied he assaulted his then-girlfriend, a nurse named Mélina Harrisson, and that he had asked her to write a fake document. ANDREJ IVANOV/THE GLOBE AND MAIL

Convicted of assault, Sirpal still faces five charges in New Brunswick, Nova Scotia

TU THANH HA

Sanjeev Sirpal, the doctor behind a controversy about Atlantic Canada's physician licensing registry, has been found guilty by a Quebec court of having assaulted his then-girlfriend and counselling her to forge a diary entry that falsely portrayed a patient as a Nazi sympathizer.

In rendering his verdict Monday, Quebec Court Justice Frédéric Bénard, however, acquitted Dr. Sirpal of two other charges: dangerous driving and obstruction of justice.

Taking the stand in his defence in April, Dr. Sirpal had denied that he assaulted his then-girlfriend, a nurse named Mélina Harrisson, and that he had asked her to write a fake document.

Justice Bénard said he didn't find the doctor's testimony credible. "He's not sincere ... the court does not believe the accused," the judge said, reading his decision in court.

Dr. Sirpal's defence lawyer, Charles Levasseur, told The Globe and Mail that he was assessing a potential appeal of the ruling.

Dr. Sirpal is still awaiting trial on five counts of sexual assaults on patients in New Brunswick and Nova Scotia.

He has pleaded not guilty to those charges.

His case has raised questions about the screening process for physicians in Atlantic Canada.

Dr. Sirpal obtained the right to practise medicine in New Brunswick in 2022, at the time when the Quebec College of Physicians was in the process of revoking his licence for failing to disclose that he had been dismissed from a U.S. medical school before eventually obtaining his degree in St. Lucia.

New Brunswick's College of Physicians and Surgeons wasn't aware that Quebec regulators initially opened their investigation because of a complaint of sexual assault by one of his patients.

At his trial, held in Laval, Que., Ms. Harrisson described him to the court as a volatile, ill-tempered partner who shoved her violently while she was at his home, and on another occasion punched her, bent her index finger and bruised her arm. Ms. Harrisson also testified that in early 2021, Dr. Sirpal disclosed to her that he was facing a complaint for sexual misconduct.

According to documents filed in the probe by the Quebec College of Physicians, a female patient reported that Dr. Sirpal examined her vagina and breasts when she consulted him for a concussion at the Westmount Square medical clinic in February, 2020.

Ms. Harrisson said that Dr. Sirpal asked her to write a bogus diary entry where she claimed to have dropped by the clinic that day and noticed that the female patient was in the waiting room, wearing a bandana with a Nazi insignia and uttering racist slurs.

The six-page false diary entry was entered into the trial evidence.

"The accused's objective was to undermine the credibility of the said person in the event of a case before the College ... What is found in this document is pure invention," Justice Bénard said in convicting the doctor of counselling a criminal offence that was not committed.

However, Justice Bénard acquitted Dr. Sirpal of a count of obstruction of justice. He noted that ultimately, the fake diary was not sent to anyone.

The judge noted, however, that Ms. Harrisson's account of the two assaults was supported by a Snapchat messaging exchange between her and the 39-year-old doctor in which she described the two incidents.

The judge said the messages undermined Dr. Sirpal's denials. "The complainant's testimony is not perfect, does not have to be, but the court considers it to be trustworthy in accordance with the truth."

During the second incident, which took place in her car while she drove Dr. Sirpal to work, Ms. Harrisson said that, while he hit her, he also grabbed the steering wheel, making the car veer out of its lane.

Justice Bénard acquitted Dr. Sirpal of a charge of dangerous operation of a vehicle. "It has not been established that the accused driving style was objectively dangerous to the public," he said.

The New Brunswick College said it could not comment specifically about Dr. Sirpal's case.

In a written statement sent to The Globe, the college said that criminal convictions don't automatically result in the revocation of a physician's licence, but the regulating body could consider a range of disciplinary measures.

The college suspended Dr. Sirpal's license in August, 2025, a day after the RCMP charged him with sexual assault in Nova Scotia.

THE GLOBE AND MAIL PRESENTS

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EVENTS

B.C. adds \$450-million to record deficit

Health Minister Josie Osborne provides an update about addictions care and the end of the decriminalization pilot project at the Royal Jubilee Hospital in Victoria, in January. Her ministry estimates \$887-million more in income tax revenue will come in over the course of this budget year. CHAD HIPOLITO/THE CANADIAN PRESS

The overall 2026 budget debt is now seen at \$13.8-billion for the fiscal year

MIKE HAGER VANCOUVER

British Columbia's record budget deficit is now seen to be \$450-million higher than previous estimates, and Finance Minister Josie Osborne chalked it up to factors including a math error that resulted in an earlier overestimation of natural-gas revenue and an expensive wildfire season.

The additional \$450-million brings the 2026 budget's overall debt to \$13.8-billion for the fiscal year that began in April, according to Monday's fall update from Ms. Osborne, who took over the portfolio last month.

Her ministry estimates \$887-million more in income tax revenue will come in over the course of this budget year. But that was offset by the “serious mistake” the government first admitted to making last month when it miscalculated the amount of natural gas royalties by \$306-million this year and in the next four fiscal years for a total of \$1.46-billion.

Plus, Ms. Osborne said, wildfire fighting costs are projected to be \$614-million more this year and refundable tax credits for business and renters rose by \$458-million.

She did not provide a timeline as to when the province may return to balancing its budgets as Premier David Eby promised before getting re-elected two years ago.

“What’s different today then right after the 2024 election is the situation that we see ourselves in with respect to Trump and his administration and the unjustified actions that he has taken engaging in a trade war with Canada,” Ms. Osborne said. “This is not a situation we expected to see ourselves in, and it is one that requires government to staunchly defend and protect the services that people rely on – especially at a time of such economic uncer-

tainty."

Mr. Eby inherited an almost \$6-billion surplus from former premier John Horgan in 2022, but has since run deficits, leading to multiple bond rating agencies issuing downgrades to B.C.'s credit rating.

Despite the turmoil, the provincial Finance Ministry said businesses are adapting to changes in global trade, with exports rising by 16 per cent year-over-year to destinations like China, South Korea and India.

Gavin Dew, the Opposition BC Conservatives' finance critic, said the update does not engender confidence, noting his party is still calling on the NDP government to explain what Mr. Eby knew about the natural-gas accounting issue and when he first learned about it.

Before the trade tensions with the U.S. escalated this summer, other provinces had warned of coming budgets drenched in red ink. Ontario's fiscal watchdog said in the spring that the province is not on track to deliver its promised balanced budget by 2027. And Quebec announced an estimated deficit of \$8.6-billion this year.

Alberta initially projected \$9.4-billion deficit for this year, but last month its first-quarter update showed it now projects a surplus of \$2-billion, thanks to oil prices, which have surged because of the U.S. conflict with Iran.

B.C. isn't as lucky, Ms. Osborne noted, but her ministry reported the overall value of B.C. exports increased 4.2 per cent until July

2026, mostly due to a strong demand for copper. Plus, she said, the province stands to benefit from the influx of federal funding for several major projects.

The provincial Finance Ministry says businesses are adapting to changes in global trade, with exports rising by 16 per cent year-over-year to destinations like China, South Korea and India.

Meanwhile, B.C. has also been hit by lower revenues from the property transfer tax it places on home sales because more and more people have been postponing the purchase of a new home over the past year, according to Bryan Yu, chief economist for Central 1, a payments and treasury company owned by credit unions from across B.C. and Onta-

rio.

Plus, he added, real estate prices have dipped, which means the resulting property transfer taxes have also been lower than in past frothier markets. For example, he said, the province took in \$3.3-billion in these taxes in the 2021 fiscal year compared to \$1.6-billion in this budget update, which was down nearly \$300-million from the initial spring estimates.

"It wouldn't be necessarily that bad if prices were declining if there was still kind of some movement, but having that coupled with the lack of sales really is hurting the bottom line here," Mr. Yu said.

Private: 79% of Canadians surveyed said additional investment in airports important

FROM A1

The bill to implement elements of that update contained new measures that give the government more power to obtain financial information from airports.

Canada's large airports were not mentioned in a 66-page "prospectus” booklet circulated among summit participants.

A survey of 3,000 Canadians, commissioned by Australian asset manager IFM Investors ahead of the investment summit, found that 79 per cent of respondents said additional investment in airports is important or needed.

IFM is one of several pensionfund investors that have signalled their interest in investing in Canada's airports if they are opened to private capital.

One model that Ottawa is believed to have studied closely is Australia's own experience with privatization. Under that country's model, the government maintains ownership of major airports, but signs long-term leases with private-sector investors.

Law firm Gowling WLG reported in an article published Mon-day that as of last year, more than 850 airports across more than 90 countries involve some form of private-sector participation.

Europe leads with roughly 75 per cent of the global air traffic to airports with private involvement; North America stands at just 1 per cent.

But the Canadian Labour Congress has urged Ottawa not to include airports on the agenda at this week's summit. It released a report on Friday outlining economic arguments against airport privatization.

Ukraine will pause attacks if Russia spares critical infrastructure: Zelensky

A firefighter walks in front of a destroyed building following a Ukrainian strike, in Donetsk, a Russian-controlled city in Ukraine, in August. ALEXANDER ERMOCHENKO/REUTERS

CLAUDIA CIOBANU ELISE MORTON HANNA ARHIROVA WARSAW, POLAND

Ukrainian President Volodymyr Zelensky said Monday that Ukraine is ready to halt its strikes on Russian territory if allies can secure a genuine Russian commitment not to hit Ukraine's critical infrastructure.

His comments came after U.S. President Donald Trump claimed in a social media-post that Russia and Ukraine had agreed “not to hit” each other’s energy infrastructure, though Mr. Trump did not offer further details on the purported agreement.

Russia did not immediately comment on Mr. Trump's claim. Previous efforts to broker even a partial ceasefire have repeatedly fallen apart within hours, with both sides accusing each other of violations.

Mr. Trump did not offer further details about the agreement but it comes a day after the U.S. president called on Mr. Zelensky to stop targeting Russian oil refineries and other infrastructure used to produce and distribute diesel, claiming the attacks are causing a global shortage. Diesel prices have surged in the U.S., and high fuel costs associated with the Iran war have become a major issue for Trump's party in upcoming congressional elections.

He also claimed that the rise in the price of global diesel fuel “is mostly caused by the Russian/Ukraine war” and not Iran. But restricted shipments caused by the slowdown of oil flowing through the Strait of Hormuz and damaged refining systems in Russia are causing strains in the energy market.

In his post, Mr. Zelensky said Ukraine has proposed that partners help secure an agreement with Russia for a ceasefire. It's not the first time Kyiv has floated the idea.

“Every day, Ukrainian energy facilities, port infrastructure, logistics, even food and pharmaceutical warehouses become targets,” he said. “The war must be ended. And a de-escalation step regarding critical infrastructure could be a first step toward peace."

Mr. Zelensky said he “expects concrete proposals from our partners.” Mr. Trump on Sunday called on Mr. Zelensky to stop the strikes. Afterward, Kremlin spokesman Dmitry Peskov said any call on Kyiv to stop strikes on civilian economic infrastructure “can only be welcomed.”

NATO Secretary-General Mark Rutte said Monday that Russian drone strikes near the Ukraine-Poland border – one of which hit a train shortly after senior visiting officials had passed through the same station – would drive the military alliance to increase its support for Kyiv, calling Sunday's attacks a sign of Moscow's growing desperation.

The strikes “close to NATO territory” show Russian President Vladimir Putin’s “desperation and also his desire to sow fear and terror,” Mr. Rutte said at NATO’s political headquarters in Brussels. “Russia is growing increasingly reckless as it continues its terrible war against Ukraine.” Mr. Rutte pledged to increase support for Ukraine and bolster the 32-nation alliance's own defences along its long eastern border with Russia.

“He thinks that he can stop us from supporting Ukraine and that he can undermine our unity. He is wrong,” the NATO chief said of Mr. Putin.

Sunday's strikes near the Polish border are the latest in a string of incidents that officials say point to a deliberate pattern of escalation by Mr. Putin, as Moscow tests NATO's response while pressing its offensive in Ukraine.

Mr. Rutte's comments came as Poland pledged increased security along its border with Ukraine after a wave of Russian drone strikes near the frontier, including two that landed within kilometres of Polish territory.

Polish Prime Minister Donald Tusk warned Sunday that Moscow appears poised to intensify its campaign against Ukraine's borders with European countries. Ukraine is under mounting pressure from Russia's intensifying air campaign that uses ballistic missiles and jet-powered drones to pierce defences.

"These coming weeks and months will be a time of very intensified actions on the Russian side, and unfortunately we cannot rule out that this escalation will also affect our territory,"Mr. Tusk said Sunday after a governmental security briefing in Warsaw. He issued a similar warning on Thursday.

Defense Minister Władysław Kosiniak-Kamysz said Monday in a post on X that the Polish army recovered what was believed to be a Russian military drone from the Baltic Sea near the coastal village of Jaroslawiec.

Polish officials said intelligence reports, including a CIA briefing last week, suggested Russia was likely to attack border points and intensify sabotage actions inside European countries as part of its efforts to discourage partners from supporting Ukraine.

Kremlin spokesman Dmitry Peskov, asked Monday about the strike on the train near the Polish border, said Russian forces were operating “across the entire territory of Ukraine and continue to do so – and will continue to do so.”

Mr. Peskov noted the potential role of Global South nations in a settlement, saying “any country can use its influence on the Kyiv regime to encourage it to show greater flexibility.”

Chinese President Xi Jinping and Indian Prime Minister Narendra Modi each expressed willingness to help broker a settlement during recent meetings with Mr. Putin, who briefed them on the situation in Ukraine, Mr. Peskov said.

Mr. Peskov also addressed Mr. Trump's call for Ukraine to halt strikes on Russian diesel fuel facilities, saying “any call on the Kyiv regime to stop strikes on civilian economic infrastructure can only be welcomed.”

Mr. Trump on Sunday called on Mr. Ze-lensky to halt strikes on Russian oil refineries and other infrastructure used to produce and distribute diesel, saying the attacks are causing a global shortage. He spoke after diesel prices in the U.S. hit a record on Friday, soaring past an average of US\$6 per gallon.

ASSOCIATED PRESS

Scotiabank paid FACTOR \$11-million after heist

Auditor's report reveals music funder settled a nearly two-year dispute over theft from its bank account

JOSH O'KANE

The Bank of Nova Scotia paid music-industry funding non-profit FACTOR \$11-million last March to settle a longstanding dispute over the theft of \$9.8-million from FACTOR's bank account two years ago, according to a new report and court filings.

The two organizations declined to reveal the value when The Globe and Mail first reported on the settlement in June. But the amount was disclosed in an independent auditor's report prepared by Farnham Accountants + Advisors as part of FACTOR's latest annual report, published over the weekend.

The report did not disclose who paid the money, but described it having been provided in March. Though there are numerous parties in the legal case, court filings show that Scotia-bank is the only one that settled with FACTOR that month. “FACTOR does not expect to receive any further recoveries in connection with this matter,” the report stated.

The June, 2024, heist of FACTOR's funds, by someone who gained access to the non-profit's Scotiabank account five months earlier, was one of the largest thefts in Canadian cultural history. The \$9.8-million was taken from FACTOR's bank account barely a week after the Department of Canadian Heritage deposited about \$14,349,500 into the account to be disbursed across the music industry.

The money was destined for a wide range of music industry programs supported by FACTOR, short for The Foundation Assisting Canadian Talent on Recordings – which receives funding from the Department of Canadian Heritage's Canada Music Fund and private radio broadcasters to bolster the domestic English-language music industry.

Ottawa did not backstop the deposit, FACTOR has said; instead, the non-profit had to eat into its reserve funding to cover the missing money. The non-profit uses federal funding to support live performances, music videos and entrepreneurship, among other things.

The heist rocked the music industry at a moment when making a living is tremendously difficult for musicians, especially independent ones, with incomes afflicted by soaring touring costs and streaming services' royalty math.

FACTOR and Scotiabank tussled for nearly two years in civil court to determine who was responsible for the security lapse that led to the theft, among other matters. The settlement value in FACTOR's annual report appears to encompass the entire amount that was stolen, or a figure close to it, on top of legal costs. The civil settlement doesn't end the saga, however. Despite the passing of more than two years, there have been no developments on the criminal side of the case.

The civil judge overseeing the case, Justice William Black of the Ontario Superior Court of Justice, issued a warrant for the arrest of a Quebec man named James Campagna earlier this year, citing him in contempt of court. But no criminal charges have been laid in direct connection with the theft.

Mr. Campagna was the sole shareholder of a numbered company whose Scotiabank account initially received the \$9.8-million from FACTOR's account through a wire transfer. Court filings show his company accepted the wire transfer after receiving a request by someone purporting to be FACTOR's then-chief financial officer to purchase 2,800 bitcoin-mining machines with the money. FACTOR has repeatedly said it did not try to make such a purchase and that cryptocurrency-mining machines do not align whatsoever with its line of business.

Filings show Mr. Campagna converted the money into cryptocurrency, which he said, in correspondence before the court, was to pay his supplier. The crypto was then shifted between wallets to the point where the parties involved in the civil case no longer appeared able to trace it. The contempt ruling is related to Mr. Campagna's non-compliance with providing documentation to the court in the civil case.

"I find that Mr. Campagna is a liar, a fraud, and a scofflaw, deliberately and knowingly breaching this court's orders," Justice Black wrote in his decision. He added: "It is highly likely that he was a knowing and active participant in the fraud, and that he has benefitted and continues to benefit from the proceeds of that fraud."

Mr. Campagna, who now resides in Qatar and has not been arrested, said in an e-mail to The Globe in January responding to the judge's decision: "Great neutrality on display here. This judge has clearly made a decision already on this case (it was clear to me anyway before this) and is playing crowd pleaser. No point spending another 500k in lawyers uselessly then."

Ahead of the settlement, FACTOR argued in court filings that Scotiabank should fulfill a guarantee on its website, which says that in cases of direct financial losses due to unauthorized activity, the bank would “fully reimburse you, provided you’ve met all of your security responsibilities as outlined in the terms of our customer agreements.”

Scotiabank declined to comment Monday. FACTOR did not respond to comment requests.

Family demands answers in death of First Nations woman after heart surgery

KRISTY KIRKUP HEALTH REPORTER

A couple of weeks before she died, Miranda Mamakwa described feeling abandoned by a federal agency that was supposed to help her get to crucial health appointments.

Ms. Mamakwa, 31 and a member of Fort Severn First Nation in Northern Ontario, had open-heart surgery in April.

She wrote on Facebook in August that the federal Non-Insured Health Benefits program (NHIB) failed her by denying her medical travel for follow-up care, only available outside of her community.

She had missed four appointments – on May 28, June 11, July 2 and Aug. 6.

The mother of three young children also made a haunting request: If she died, she wanted others to “go after” the NIH B, to seek accountability.

Ms. Mamakwa's health deteriorated to the point where she could no longer wait for medical care. She went to her community's nursing station for help and was airlifted by an Ornge helicopter from Fort Severn First Nation, a fly-in-only community located near Hudson Bay, to Thunder Bay Regional Health Sciences Centre.

She died last Tuesday.

Following her death, Ms. Mamakwa's family is working with First Nations leaders and the Sioux Lookout First Nations Health Authority, which delivers health programs and services to First Nations across Northwestern Ontario, to demand answers.

“We will honour her dying wish by demanding full accountability,” said Alvin Fiddler, Grand Chief of Nishnawbe Aski Nation.

NAN, representing 49 First Nations in Northern Ontario, says that the NIHB failed to arrange medical travel for Ms. Mamakwa's four follow-up appointments.

"It is outrageous that Miranda's travel was denied," Mr. Fiddler said.

“There is no doubt in my mind that her life may have been saved if she had been allowed to travel to her appointments.”

Federal Indigenous Services Minister Mandy Gull-Masty on Friday called for a review to learn what happened with Ms. Mamakwa's requests for medical travel. "I have instructed Indigenous Services Canada officials to urgently establish the facts surrounding Miranda's death and the circumstances that led to it," she wrote in a statement released on X.

Ms. Gull-Masty said she would meet with the Sioux Lookout First Nations Health Authority and NAN to discuss what needs to happen next. A date has not been announced.

The NIHB covers the cost of travel and accompanying expenses, including meals and hotel stays, when medically necessary care is not available in a First Nations or Inuit community.

The federal program, offered through Indigenous Services Canada, has been criticized by First Nations leaders, who have raised concerns about the bureaucratic red tape that makes it more difficult for Indigenous people to receive timely services.

Sonia Isaac-Mann, president and chief executive officer of the Sioux Lookout First Nations Health Authority, said Ms. Mamakwa's death underscores much wider issues of system failures.

The health authority and NAN say they have spent years warning the federal government about how delays and administrative failures put lives at risk.

The organizations say Ms. Mamakwa's death is the “clearest and most devastating proof yet” these were not exaggerated warnings.

Sol Mamakwa, the deputy leader of the Ontario NDP who is not related to Ms. Mamakwa, issued a recent statement that echoed the health authority and NAN's call for accountability.

“Miranda deserved so much better,” he said.

He also noted how demonstrators held a rally in June in Sioux Lookout, urging Ottawa to fix the NIHB program.

“Miranda’s death was not an accident, but a result of both individual decisions and systemic failures that continue to compromise the lives of First Nations people in this province,” he said.

“It’s time the NIHB program and the federal government take accountability in Miranda’s death and acts to ensure that no more lives are lost because of the program’s failures.”

Alvin Fiddler, Grand Chief of Nishnawbe Aski Nation, said it will demand full accountability for the death of Miranda Mamakwa, who died while awaiting medical care in Northern Ontario. CHRIS YOUNG/CP

A worker prepares a machine for automated blood plasma collection at Grifols Plasma Donation Centre in Whitby, Ont. SHAY CONROY/THE GLOBE AND MAIL

Spanish parent company of Grifols takes full ownership of Canadian operations

CHRIS HANNAY

The Spanish parent company of the Grifols chain of private plasma collection centres has taken over full ownership of its Canadian operations, according to corporate documents.

The disclosures shed light on internal changes the company is making as it works to address concerns from Health Canada since announcing a temporary closure last month, including parting ways with a director who started many of the company's Canadian collection centres.

Grifols is the country's only major commercial collector of plasma, a golden-coloured fluid found in blood that is used to make medicine.

The company operates in Canada as part of an agreement signed with Canadian Blood Services in 2022. CBS relies on volunteers for blood and plasma donations, while Grifols pays donors. CBS spends more than \$1-billion per year on supplying hospitals with drugs made from plasma and other related products.

Grifols has been the target of scrutiny in recent months after the deaths of two donors in

Winnipeg. The company's locations, including its head office, have received multiple “non-compliant” ratings from Health Canada inspectors in the past year.

The company's plasma collection sites have been closed to donors since Aug. 14, two days after Health Canada delivered its most recent critical review.

Grifols said it would use the temporary closing to retrain staff and work with Health Canada and CBS to improve its operations.

Recent corporate disclosures show the company has also used the time to revamp some of its internal leadership.

Grifols owns 17 collection centres across six provinces, as well as a pharmaceutical factory in Montreal. Most of those collection sites were started by other companies before Grifols bought them.

Ten of those centres were started by a company called Canadian Plasma Resources (CPR), whose co-founder and chief executive officer was Barzin Bahardoust. Grifols announced in the summer of 2023, after reaching its agreement with Canadian Blood Services, that it intended to acquire CPR.

According to financial statements and an interim directors' report released on July 28, the publicly traded Grifols S.A. and its subsidiaries acquired 50.1 per cent of CPR two years later, on Nov. 1, 2025, and renamed the company to "Grifols Canada Plasma Corporation." The transaction was worth \$27-million, paid in shares, which included transaction costs.

'Collection activities are expected to resume as soon as feasible, in agreement with Health Canada on the requirements and conditions for reopening'

GRIFOLS CANADA PLASMA CORPORATION

But even with a majority ownership, the documents said “the governance structure and the contractual arrangements in place restrict Grifols’ ability to control Grifols Canada Plasma Corporation.”

The documents continue that the “management and direction” of the company’s activities correspond to its “Sole Director,” who “holds full decision-making authority over operating activities – including the approval of the business plan, the annual budget, the dividend policy, and the direction of operations – without any contractual mechanisms requiring such decisions to be submitted to Grifols for approval.”

The financial documents said Grifols and its subsidiaries had an agreement to purchase the remaining shares of the Canadian operation starting in January of 2027. The final price would be determined by a formula that included the volume of plasma collected by the Canadian operations.

Canadian corporate records show that as of late July the only director listed for Grifols Canada Plasma Corporation was Mr. Bahardoust, the former chief executive officer of CPR.

But on Sept. 1, Grifols changed the directors of the Canadian corporation to remove Mr. Bahardoust and replace him with three Grifols executives, one based in Canada, one based in the United States and one based in Spain.

Grifols told The Globe and Mail in an unsigned statement that it is now the sole shareholder of the Canadian corporation.

“In connection with this transition, Mr. Bahardoust is no longer a corporate director nor is he currently employed by or contracted by Grifols,” the company said.

Mr. Bahardoust did not respond to a request for comment.

Grifols said it has been a long-time supplier of plasma-derived drugs to Canadians and has invested more than \$1-billion in its Canadian operations, including the construction of the drug manufacturing facility in Montreal.

Grifols' agreement with CBS calls for it to collect 600,000 litres of plasma a year in Canada. The company said it collected about 400,000 litres in 2025.

The company did not say when it expects to start collecting plasma again in Canada.

“Collection activities are expected to resume as soon as feasible, in agreement with Health Canada on the requirements and conditions for reopening,” Grifols said.

Alexandre Bergeron, spokesperson for federal Health Minister Marjorie Michel, said Health Canada was continuing to work with the company on corrective active plans for its locations.

The deals and dealmakers to watch at the Canada Investment

Ottawa has identified scores of projects to showcase during the event

JASON KIRBY

This week investors from around the world have descended on Toronto for the Canada Investment Summit, Prime Minister Mark Carney's effort to show the world the country is ready to build big things again.

As part of that, Ottawa has identified scores of projects to showcase during the event, which 120 Canadian and international funds and investment companies with roughly \$120-trillion in combined assets under management are expected to attend.

Here's a look at possible candidates for deals and some of the big-name investors set to show up for the summit.

THE DEALS

Ahead of the summit, the federal government identified more than 160 projects that are open for development, which it compiled into a “prospectus” that was shared with attendees.

Some of the projects are well underway, with permits in hand and construction already started.

Many others are, at best, a twinkle in an entrepreneur's eye.

The prospectus grouped the projects into eight sectors and included details on the current state of each project and the estimated capital spending (capex) required to bring them to fruition.

All told, the prospectus included projects with capex needs of roughly US\$620-billion.

Mr. Carney has said he wants to attract \$1-trillion in new investment over the next five years by slashing red tape and developing mining, energy, infrastructure and other projects.

Landing deals on any of these projects would help meet that ambitious target.

Satellite antennas at Telesat's Allan Park, Ont., facility in January, 2019. RYAN CARTER/THE GLOBE AND MAIL

ADVANCED MANUFACTURING

Telesat Lightspeed low-Earth-orbit satellite constellation

Company: Telesat Corp.

Project capex: US\$5.2-billion

Publicly traded Telesat's Lightspeed aims to build a communications network of 225 low-Earth-orbit satellites. It's one of four space-related projects on the summit prospectus.

While the Lightspeed network is already fully funded, Telesat is offering minority stakes either in the company itself or in the Lightspeed program. In return, sovereign investors would score dedicated capacity on the network for their home countries once the service is up and running in the first quarter of 2028.

Other notable projects:

Red Leaf Pulp Ltd., a Regina-based alternative fibre company, is pitching a US\$860-million biorefinery to convert cereal straw into pulp.

Saskatoon-based CellCore Technologies Inc. bills itself as Canada's first Indigenous-owned manufacturer of nitrocellulose, a highly flammable material, and it is developing a US\$220-million facility to produce military-grade propellant products.

A long shot: Project Arrow Defence Industries, a joint venture between the Automotive Parts Manufacturers' Association and South Korea's Hanwha, plans to build specialty industrial vehicles using Canadian steel and aluminum, though the \$1-billion project is still in the development phase.

A 1.2-megawatt wind turbine on Higgins Mountain, N.S., in September, 2007. ANDREW VAUGHAN/CP

CLEAN ENERGY

Nova Scotia renewable energy park Company: Octopus Energy Generation Ltd. Project capex: US\$4.5-billion

Nova Sustainable Fuels, a company backed by U.K.-based Octopus, is developing a facility to produce sustainable aviation fuel and other products near Goldboro, N.S.

While the project is still relatively early in its development, preliminary engineering is complete, and last December, the project received environmental approval from the province.

Other notable projects:

Elemental Clean Fuels, a New York-based clean energy company, has proposed a \$1.3-billion biofuels facility near Prince Rupert, B.C., on the site of the former Skeena Pulp Mill.

The US\$800-million Alberta Industrial Heartland 1.0 project would convert municipal solid waste from the City of Edmonton into electrical power with carbon capture. The project has been greenlit by the Alberta Utilities Commission.

A long shot: The New Brunswick government has proposed expanding nuclear capacity at its Point Lepreau facility, though the concept is still at the initial project design stage.

Projects showcased at Canada Investment Summit - Advanced manufacturing - Clean energy - Conventional energy - Digital technology
When no specific location was available for a project, the company's head office was use THE GLOBE AND MAIL, SOURCE: GOVERNMENT OF CANADA, COMPANY WEBSI

Nisga'a Nation President Eva Clayton at a Ksi Lisims LNG event in Vancouver in 2025. ETHAN CAIRNS/CP

CONVENTIONAL ENERGY

Ksi Lisims liquefied natural gas terminal Company: Ksi Lisims Project capex: US\$28.5-billion

The Ksi Lisims LNG project, backed by the Nisga'a Nation along with Rockies LNG and Western LNG, received regulatory approval last year, with a goal of exporting LNG to Asia from northwest B.C. starting in 2029.

The project has received the backing of five First Nations, which have signed benefits agreements with Ksi Lisims. The final investment decision on whether to proceed is slated for next year.

Other notable projects:

South Bow Canada Services Ltd.'s SOBO-T Prairie Connector is a proposed US\$2.1-billion pipeline expansion to connect Hardisty, Alta., to the Canada-U.S. border, with a final decision due in mid-2027.

CSV Midstream Solutions Corp.'s US\$1-billion Gold Creek Industrial Complex bills itself as a "shovel-ready" natural gas processing hub in northeastern B.C.

A long shot: The US\$440-million Blue and Turquoise Hydrogen and Methanol Modular Processing Plant is an Alberta project proposed by Bolton, Ont.-based Enervoxa, though the company's website makes no mention of the project.

DIGITAL TECHNOLOGY

Al Hub of Innovation Company: Havenz Corp Project capex: \$2.7-billion to \$3.2-billion

One of several data centre-related developments on the government's prospectus, the project, featuring an on-site power energy centre, is located near Red Deer, Alta.

The centre, designed to be a large-scale AI and innovation hub, is currently under construction on 119 acres, with the potential to expand to more than 500 acres.

Other notable projects:

The Redcliff AI data centre campus, a \$14.5-billion project proposed by Norway's BW Velora, would be located near Medicine Hat, Alta., though the permitting process is still continuing.

The US\$620-million Leif Erikson transatlantic fibre system, proposed by Norway's Bulk Infrastructure Group AS, would connect Atlantic Canada to Norway and bills itself as “execution ready.”

A long shot: Xanadu Quantum Technologies XNDU-T, which went public in March, is developing a photonic quantum computer. The prospectus acknowledges the \$1.3-billion “Project Optimism” has a “long-term development horizon, with full realization targeted for 2040.”

Marine & port infrastructure Minerals & metals

- Power & utilities - Transportation

CAMILLA LANGUILLE CO-CEO OF PRIVATE EQUITY AT MUBADALA INVESTMENT COMPANY
DILHAN PILLAY CEO OF TEMASEK HOLDINGS

The Port of Churchill on Hudson Bay in Churchill, Man., in January. MATT HORSEMAN/THE GLOBE AND MAIL

MARINE AND PORT INFRASTRUCTURE

Port of Churchill Plus Proponent: Manitoba government Project capex: US\$57-billion

The Port of Churchill expansion, the largest project on the prospectus, had a home-province booster at the summit on Monday in Manitoba Premier Wab Kinew, who announced the project would receive an exemption from the province's 7-per-cent retail sales tax.

The goal of the expansion is to transform the port into a four-season gateway through rail upgrades, a port modernization project and the construction of all-weather road access.

Other notable projects:

With all permits secured, the US\$350-million Qikiq-tarjuaq Deep Sea Port (Qik Port) project bills itself as a shovel-ready deep-water Arctic port, located on the western shore of Broughton Island, in Nunavut.

The US\$357-million Melford International Terminal is also considered shovel-ready for a fully permitted deep-water terminal and rail hub in Nova Scotia.

A long shot: Port Saint John has pitched a brown-field expansion to upgrade warehouses and a new Canada Border Services Agency container examination facility, but it remains at the planning stage with no capex estimate.

Potential uranium processing site at NexGen's Rook mine in August. DIVYA RAJAGOPAL/REUTERS

MINERALS AND METALS

Rook 1 uranium project Company: NexGen Energy Ltd. NXE-T Project capex: \$1.6-billion

Construction is under way on the uranium project in northern Saskatchewan, located roughly 155 kilometres north of the town of La Loche, with NexGen arguing it could become one of the largest new sources of uranium in the world.

The publicly traded company estimates the mine could produce 30 million pounds of uranium each year when it is fully constructed, and is seeking institutional investors to support its capital needs.

Other projects:

The US\$2-billion Crawford nickel mine, north of Timmins, Ont., is in the preconstruction phase but Canada Nickel Company CNC-X, which is backing the project, expects it to produce more than 1.6 million tonnes over its 40-year life.

The US\$881-million Prairie Lithium project in southeast Saskatchewan is under construction. A long shot: An Alberta critical minerals and rare earth refining complex, budgeted at between US\$216-million and US\$360-million, is the second Enervoxa-backed project on the prospectus, which says a scoping study will be completed this year.

Marguerite Lake Energy Storage will be Canada's first commercial compressed-air storage facility. ELLISDON

POWER AND UTILITIES

Marguerite Lake Energy Storage Company: Cache Power Corp. Project capex: \$790-million

The project is a large-scale energy storage facility that works by compressing excess grid electricity into underground salt caverns, then releasing it through turbines to generate power on demand.

Last December, EllisDon, a large construction services company, partnered with Cache Power to develop the project, which would be capable of storing up to 48 hours of energy once completed.

Other notable projects:

The Mactaquac Generating Station in New Brunswick is embarking on a US\$5.1-billion to US\$6.6-billion project to ensure the station operates for its intended lifespan out to 2068.

The \$3.4-billion Inuit-led Kivalliq Hydro-Fibre Link would connect Nunavut to the North American electricity grid and fibre-optic network for the first time.

A long shot: While Novatron Energy's onshore and offshore wind project carries one of the largest price tags in the prospectus, at US\$36-billion, the project is still in its early stages.

TRANSPORTATION

Area 55

Company: Thompson Regional Airport Project capex: US\$178-million

Area 55 is a cold-weather research and testing facility at the Thompson Regional Airport in northern Manitoba. It gets its name from the 55th parallel and was formerly operated by Ford Motor Company.

The facility is in the midst of expansion and the prospectus says it would be the first Indigenous-owned northern research and innovation centre. When completed, it would also provide testing for emerging technologies such as drones, robotics and automated vehicles.

Other notable project:

The future of Halifax's aging A. Murray MacKay Bridge is up in the air, with the Nova Scotia government launching a business case study in July for the project, which would exceed \$3-billion.

A (pair of) long shots: In Canada's long-delayed quest for high-speed rail, the prospectus includes two competing high-speed rail lines that would eventually link Calgary and Edmonton: the \$10.9-billion Prairie Link High Speed Rail project, and the \$22-billion TransPod Alberta ultrahigh-speed corridor.

5 BIG INVESTORS

ANNA MONEYMAKER/GETTY IMAGES
LARRY FINK, CEO OF BLACKROCK

Mr. Fink built BlackRock into the world's largest asset management company, overseeing more than US\$15-trillion of investments. The company was a founding member of the Glasgow Financial Alliance for Net Zero (GFANZ), which Mr. Carney co-chaired from 2021 to 2024. Before that, Mr. Carney, in his role as chair of the Financial Stability Board from 2011 to 2018, monitored asset managers such as BlackRock.

PATRICK T. FALLON/AFP VIA GETTY IMAGES
JONATHAN GRAY, PRESIDENT OF BLACKSTONE

With Mr. Gray as president since 2018, Blackstone has expanded its assets under management to more than US\$1-trillion. On Tuesday morning, Mr. Gray is expected to join Mr. Fink, Annette Mosman, the CEO of APG Group, a large Dutch pension provider, and Dilhan Pillay, the CEO of Singapore's state-owned Temasek Holdings, in a panel discussion about Canada as an international investment destination.

ANNETTE MOSMAN, CEO OF APG GROUP

Ms. Mosman has been the head of APG Group, one of the Netherlands' largest pension funds overseeing US\$700-billion in assets, since 2021. That year, APG formally signed on to the Net Zero Asset Managers initiative, one of the alliances under GFANZ, while Mr. Carney was co-chair.

FRED LUM/THE GLOBE AND MAIL

Ms. Languille has served as the co-head of private equity at the US\$385-billion Abu Dhabi state-owned investment fund since 2013. In November, 2025, Mr. Carney met with Mubadala's leadership as part of talks on an investment pact between Canada and the United Arab Emirates, which led to a pledge by the UAE to invest \$70-billion in Canada.

EDGAR SU/REUTERS

Temasek Holdings is a Singapore state-owned investment company with roughly US\$400-billion in assets under management. In 2021, Temasek was a founding investment partner when Brookfield Asset Management launched its Global Transition Fund, of which Mr. Carney was co-head. He and Mr. Pillay also worked together at GFANZ.

EDITORIAL

The subject who is truly loyal to the chief magistrate will neither advise nor submit to arbitrary measures - Junius

The Democrats are not coming to save Canada

Canadians with a dim view of Donald Trump and his Republican Party might hope that the Democrats will reverse what the President has wrought on the Canadian economy if they gain control of Congress at the midterms in November or win the White House in 2028.

But this is no guarantee. Take it from a likely contender for the Democratic presidential nomination.

Last month, California Gov. Gavin Newsom was asked to assure Canadians that Democrats would reverse Mr. Trump's tariffs. "I can't guarantee that," he said, "but I can guarantee you nothing like this, the level of disrespect ... those days are numbered."

Congressional Democrats have also conspicuously focused their criticisms of Mr. Trump's tariffs for being “reckless” or not being “coherent” or for circumventing Congress, as opposed to the way they have detonated a relationship with an integrated supply-chain partner and undermined shared prosperity.

These responses underscore the reality that Democrats might strike a less grating tone than Republicans, but would not reject protectionist policies. A tonal shift would certainly be welcome in Canada amid the trade war, as would a shift away from the Republicans' brazenly imperialist ambitions, and their belligerent foreign policy that carves the world up into spheres of influence and through the hard power of economic coercion.

But Canadians should not mistake more friendly rhetoric for a repudiation of the longstanding protectionist streak that exists in the Democratic Party.

Despite his rivalry with Mr. Trump, Joe Biden maintained his predecessor's efforts to restore U.S. manufacturing jobs, creating incentives for American-made goods that forced Ottawa to lobby for exemptions. Mr. Biden also kept his predecessor's tariffs on around US\$350-billion of Chinese goods in place, while imposing 100-per-cent tariffs on Chinese electric vehicles, putting pressure to Canada to follow suit; Ottawa announced it would match Washington's efforts just one day after Mr. Biden's national security advisor spoke to Canadian cabinet officials.

Mr. Biden's trade representative Katherine Tai also did not appear to suggest that renewal of the USMCA was a fait accompli, saying in 2024 that “the whole point [of the review process] is to maintain a certain level of discomfort, which may involve a certain level of uncertainty.”

Bill Clinton helped to launch the free-trade era when he signed NAFTA into law in 1993, but it received more nays than yeas from his own party in the House and Senate. Two decades later, Barack Obama – who threatened to withdraw from NAFTA during the 2008 campaign – had his Trans-Pacific Partnership blocked by Congressional Democrats, too.

Meanwhile, the Democratic socialist wing of the party is now on the rise in the party, and many have long railed against free-trade agreements, viewing them as drivers of job loss and the hollowing-out of labour unions.

While Democratic presidents have long leveraged U.S. military and economic might, they generally did so to serve as the guarantors of the international norms and multilateral institutions that Mr. Trump has trashed. Perhaps Democrats may do so again, understanding that this has its own value that cannot be measured in trade-deficit sums.

But U.S. debt is swelling past US\$40-trillion and the bond market is roiling, increasing the pressure on Washington to raise revenues in the years to come. It is impossible to predict how America might respond to keep itself on top.

Even if the Democrats want to be Canada's saviours – a Democratic White House might work assiduously to rebuild trust, remove tariffs and act in good faith toward mutual interests, including making things more affordable for both Canadian and American households – they cannot issue guarantees.

It will take more than four or eight years to repair the relationship, and every U.S. election would be an opportunity for a Republican leader to gut any progress. After all, the imperial nativism Mr. Trump trumpets is a feature, not a bug, particularly in the Republican Party. And if only one of a country's two national parties can be a reasonable partner, that still makes it by definition an erratic nation.

No one is riding to this country's rescue. Even if the Democrats do make a difference, that will not reduce the urgency to make Canada less reliant on a United States that has become less reliable.

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

David Park 2026

LETTERS TO THE EDITOR

STATE OF THE UNION

Re “Snowbirds, for the love of country, resist the siren call of U.S. travel” (Report on Business, Sept. 9): While I appreciate the passion to stand up for Canada, I believe an alternate view to banning U.S. visits would be beneficial.

Through travel to the United States and respectful conversations with Americans, I have come to realize many voted for Donald Trump because they felt the Democrat alternative was a worse outcome for their families from a social perspective. We can disagree with their choices, but we should not ignore or reject their feelings and views. In many of their minds, it seems that voting for him was the lesser of two poor options.

Only by engaging with Americans can we gain this understanding and remain true to our Canadian roots so bravely described on the 25th anniversary of Sept. 11, 2001, by Jean Chrétien: open, generous and strong.

Let's all work in both Canada and the U.S. to ensure we have candidates with strong character-based, seasoned leadership. ■ Brad Vollmershausen

Norfolk County, Ont.

Re “Trump calls for Irish reunification during visit to his Doonbeg golf course” (Online, Sept. 12): In the spirit of meddling in other nations’ affairs, may I respectfully suggest that Donald Trump start with the reunification of his own sadly divided country. Steven Diener Toronto

HOUSE REPAIRS

Re “The Prime Minister should make the House his home” (Editorial, Sept. 12): It is refreshing to read that “certainly, Question Period is no model of Athenian debate. Showboating, grandstanding, heckling and (on the government side) bloviating, prevaricating and deflecting: all are unlovely features of QP.”

Why should this be? Those of us who participated in Model Parliament in high school or university took our political roles seriously and debated important issues of the time.

Surely Canadians can expect their elected representatives to consider it their duty to use Question Period as an opportunity to be open with voters, discuss critical issues with intelligence and offer viable solutions.

We deserve better. ■ Heather MacFadyen Canmore, Alta.

During my decades of observing the successes and failures of our federal governments, I cannot recall a single Question Period that helped get the job done through constructive discussion.

Once upon a time, Question Period played an important role when there were few other mechanisms to communicate to the public and hold government to account. Now the sources of timely information are almost limitless, although we should be careful to validate sources and authenticity.

I look forward to viewing Mark Carney's YouTube addresses and his presentation at the European Parliament in Strasbourg, France. I suspect the discussion amongst his European Union peers will be far more informative than what we would hear during Question Period.

Let us recognize Question Period for what it is: a quaint democratic practice that no longer serves the purpose originally intended.

■ Stuart Brindley Hamilton

The Prime Minister could waste his valuable time answering lame questions (repeated in English and French) in the House, or he could compromise by following British tradition: Attend on Wednesdays for a version of Prime Minister's Questions.

Thirty minutes of non-stop questions from all sides, friend and foe alike. Now that's democracy – and answers – in action. ■ Christopher Causton Victoria

The question is one of balance: time participating in the inanities of Question Period versus getting on with business.

Polling would suggest many Canadians think Mark Carney is getting it about right. ■ Ian Bryden Calgary

CAN'T AFFORD IT

Re “A fix for the foreign buyer ban” (Editorial, Sept. 10): Governments should consider that if this ban’s underlying aim was to protect “affordability” for Canadians, then when has there ever been profit in prohibiting wealthy foreigners from purchasing residences in the luxury segment? For example, multimillion-dollar homes in Greater Victoria are wildly beyond the means of the vast majority of Canadians.

Over the past several years, the foreign buyer ban has made the sale of such luxury homes difficult to nearly impossible, punishing sellers who are challenged to liquidate these valuable assets at the best price. It also foolishly starved governments of much-needed revenue. This includes the spinoff benefits that occur when wealthy individuals buy luxury properties and renovate them, or otherwise choose to spend discretionary income making other purchases in local economies.

If Canada is to achieve its economic and social potential, thinking big requires a broader mindset. That should include the thoughtful throttling of yesterday's protectionist policies. ■ Randall Mang Sidney, B.C.

WHAT WORKS

Re “Leading mental health hospital cuts wait times by condensing programs, hiring and tracking data” (Sept. 14): The Royal’s dramatic reduction in psychiatric wait times is encouraging, but attributing it to the consolidation of specialized programs may be premature.

The Ottawa hospital simultaneously hired 12 psychiatrists and introduced centralized tracking of patient demand.

Greater clinical capacity, simpler referral pathways and better information may all have been necessary to achieve the reported improvement.

Health care services are interconnected systems. Changing one component can remove one bottleneck while creating another, and measures such as throughput and waiting time may not capture effects on specialized expertise, staff retention, quality of care, teaching or research.

The lesson may therefore be broader than fewer programs work better. Successful redesign requires understanding which parts of a care pathway depend on one another and measuring what happens to the whole system when they are changed.

MD, FRCPC, FCAHS; Research Institute and department of psychiatry, The Hospital for Sick Children; Toronto

CREATIVE DESTRUCTION

Re “Ontario announces 40,000 new seats at universities and colleges, with focus on practical job training” (Sept. 11): In welcoming Ontario’s funding mostly for technical subjects, the words of McMaster University’s president confirmed to me its disregard of much else, as shown by actions such as the recent suspending of some longstanding creative arts programs.

The Ontario government has made clear it shares the opinion that the arts have little value. It continually ignores their large economic benefits and human importance.

Even if technical subjects share some of what the arts can do, to underfund them ignores what work and life entail and makes a society ill-suited to handle the challenges posed by technology itself.

■ Paul Rapoport Professor emeritus, McMaster University; Hamilton

NATURALLY

Re “Menopause symptoms aren’t just disruptive, they’re costly” (Sept. 11): Since menopause is not a disease, might we try to find a better word than “symptoms” when we talk about the experiences associated with it? ■ Judy Segal Vancouver

DENNIS CHOQUETTE DEPUTY EDITOR, REPORT ON BUSINESS

MELISSA STASIUK HEAD OF NEWSROOM DEVELOPMENT

GARY SALEWICZ EDITOR, REPORT ON BUSINESS

PATRICK BRETHOUR EDITORIALS EDITOR

NATASHA HASSAN OPINION EDITOR

MATT FRENCH HEAD OF VISUALS

MATT FREHNER MANAGING EDITOR, PRODUCTS AND PLATFORMS

Trump tries the art of the steal

The U.S. President looks set to cheat and offer bribes to snatch victory in midterms

DEBRA THOMPSON

Contributing columnist for The Globe and Mail

Buckle up, friends. The American midterm elections are two months away, and they are already shaping up to be a dumpster fire.

President Donald Trump is facing an uphill battle on many fronts. Unchecked inflation, the spiking oil price caused by the U.S.'s war with Iran, mounting uncertainty about what Mr. Trump will next unleash on a volatile global economy and the consequences of global tariffs – including the idiotic trade war he started with Canada – are being felt acutely by middle-class Americans. Meanwhile, soaring government debt offers little reason for optimism that any- thing will improve soon.

Mr. Trump, of course, has called the affordability crisis “fake,” claiming he is “bringing prices way down.”

The mismatch between the administration's messaging and Americans' lived realities is becoming increasingly stark. MAGA's cultural agenda is in full swing: attacks on DEI, environmentalism, science and universities, along with severe cuts to social benefits for millions of Americans. But when it comes to the cost of basic necessities, many Americans have yet to see material payoffs from the President's self-proclaimed art of the deal.

So Mr. Trump has become deeply unpopular, with a recent net-approval rating of -26. That's also true in the crucial swing states that voted for Joe Biden in 2020 but then swung to Mr. Trump in 2024. Republicans will likely lose ground in, and maybe control of, the House and the Senate in November. There is little evidence that the Republicans will buck the trend that the party occupying the White House loses seats.

The President's response? Apparently, to bribe, cheat and steal.

At last week's Republican National Convention in Dallas, there were no candidates or voting – not really much of a convention at all, so much as a platform for talking heads basking in the rancorous applause of the most hardcore in the MAGA base. Mr. Trump did, however, find time to offer a \$5,000 "Trump dividend" to every adult citizen after the election, but only if the Republicans keep their House and Senate majorities.

Call me old-fashioned, but this sounds an awful lot like a bribe, which is expressly prohibited by federal election law. And it could cost the United States upward of US\$1-trillion.

Meanwhile, America's voting infrastructure is under assault. Most notable is Mr. Trump's executive order to restrict mail-in ballots, which were used by nearly a third of voters in the 2022 midterms and the 2024 general election. The administration is attempting to require states to upload a list of eligible voters to a U.S. Postal Service online portal that doesn't yet exist; states that fail to do so would be denied service for election mail entirely. A USPS whistle-blower alleged in August that the mail-in ballot verification process could result in the rejection of an entire batch if “even one bar code on one single ballot” fails to scan properly. Two judges have blocked this for now, as the Supreme Court considers the government's appeal.

In addition, after the Supreme Court gutted Section 2 of the Voting Rights Act last April, there has been a frenzy of Congressional district redrawings. Missouri, for instance, is in the midst of legal chaos over its attempt to use a gerrymandered congressional map that favours Republicans, which the Supreme Court blocked last week.

Voter intimidation cannot be ruled out, either. Democrats and civil rights organizations have warned for months that the Trump administration could send ICE agents to polling sites across the country. Last week, U.S. Homeland Security Secretary Markwayne Mullin confirmed that while ICE would not target polling locations, they could be present “if there is a threat to that polling place or we're serving a warrant."

And of course, there's the question of whether the election results will be contested should Republicans lose, as they were when Mr. Trump lost in 2020. The President has also refused to rule out declaring a national security emergency to force his elections law through.

Democracy, of course, is not just about elections; it is legitimized or eroded by what happens after them. And at the core of centuries of democratic theory and practice is a simple principle: those who lose must give up power. Mr. Trump, however, has often implied that his electoral losses could only be the result of rampant election fraud.

Then again, it's unclear if Mr. Trump actually cares about the midterms. Mr. Trump has allegedly said that he's proud that Republicans don't do as well without him. Elections appear to be just another opportunity to feed his insatiable narcissism, and the legislature an inconvenient obstacle between him and unfettered power.

That, perhaps, is the most troubling conclusion of all.

Volodymyr Zelensky has more than one front line to hold

MICHAEL BOCIURKIW

Ukraine President Volodymyr Zelensky attends the funeral of King Harald V of Norway on Sept. 9 in Oslo. Mr. Zelensky's whirlwind visit to Alberta last week was wedged between the funeral and the UN General Assembly meeting. CHRIS JACKSON/GETTY IMAGES

OPINION

Founder of the World Briefing report on Substack and a senior non-resident fellow at the Atlantic Council

The first time I saw Volodymyr Zelensky up close, in July, 2019, was at the third annual Ukraine Reform Conference in Toronto. He had been President for six weeks. Standing beside Justin Trudeau, he looked like he had been sent by the same casting agency.

The resemblance was uncanny, and not only physically. Both men were young, photogenic, magnetic in a room, instinctively warm. Both had come to politics from performance: Mr. Trudeau the former drama teacher, Mr. Zelensky the comedian who had played a president on television and then, astonishingly, became one. Watching them work that room together, it was almost impossible not to think of them as two versions of the same political animal.

The conference itself was about inclusive, accountable government and breaking the habits that had bled the Ukrainian state for a generation.

It was the promise that had euphorically carried Mr. Zelensky to office only months earlier. And it was why the room in Toronto – full of people asked to pay for the rebuilding – was so willing to believe in him.

Seven years later, those same promises are being examined by Ukraine's friends with increasing scrutiny.

To be clear, Mr. Trudeau was never a wartime leader, and nothing in politics can prepare someone for leading a country in- to an existential battle.

But watching Mr. Zelensky's whirlwind visit to Alberta last week – wedged between a funeral in Norway and with the UN General Assembly meeting only days away – it was hard not to conclude that the Ukrainian President needs to spend more time tending to the problems accumulating at home. A wartime president has more than one front line to hold.

Awaiting him are hard problems. The New York Times has reported audits showing about US\$1.2-billion lost to fraud, waste and mismanagement in defence procurement in 2024 alone.

Then came another uncomfortable number: a €23-billion

Defence Ministry funding gap that Kyiv is asking its partners to help fill, including by bringing forward money intended for next year.

Mr. Zelensky is entitled to ask allies for help. But he is asking in an unforgiving donor environment, and the ask is not helped by the corruption investigations focusing on the office of the President.

“I think it’s very sad that corruption is a problem in Ukraine. And we do need to fix it,” former British prime minister Boris Johnson, who initiated the reform conference process, told Ukraine’s War and Politics 24 on the weekend.

Which is why I hope Mr.

Zelensky offered Prime Minister Mark Carney a concrete commitment to transparency on how Canadian money is spent. Support here remains strong, but foreign assistance now competes with spending priorities at home in a way it did not two years ago.

Then there is the matter that troubles many Ukrainians. I have heard repeatedly that the national unity that held through the worst years of this war has badly frayed. Mr. Zelensky bears a considerable share of the blame. It began with last year's attempt to decapitate anti-corruption agencies, reversed only after Ukrainians filled the streets. It continued with the sacking of the reform-minded defence minister,

Mykhailo Fedorov, a move few could justify then and fewer can justify now.

Mr. Zelensky cannot snap national unity back into existence. But a national unity summit bringing together political rivals, civil society, anti-corruption leaders and business would cost him little. The signal abroad could be worth considerably more.

None of this is to say the visit was empty. Mr. Zelensky left Alberta with real commitments: \$373-million in fresh Canadian contributions, a further \$635-million in loan guarantees and concessional lending, \$46.1-million for Ukrainian veterans and for children forcibly deported to Russia.

The drone agreement may prove the most consequential of all, and it runs in both directions.

But Canada missed an opportunity of its own. It remains the only G7 country not to have expelled a Russian diplomat since the full-scale invasion. Ottawa added eight more Russian names to its sanctions list during Mr. Zelensky's visit. Yet only weeks earlier it quietly removed one of the most recognizable names in post-Soviet Russian politics, former Putin insider Anatoly Chubais.

At a time when Russia's grey-zone campaign is increasingly reaching beyond Ukraine's borders – Russian drones over a German airport and a strike on the Kyiv–Warsaw rail line Sunday that forced the evacuation of a train carrying Mr. Johnson and senior European security officials home

- reducing Moscow's diplomatic footprint would have been an inexpensive but unmistakable signal. Accountability, after all, runs both ways: Ukraine's friends are entitled to demand more of Kyiv. And Ukraine is entitled to demand more of its friends.

All Canadians should be eligible for a free shingles vaccine

ANDRÉ PICARD

OPINION

One of the most frustrating aspects of Canada's decentralized health care system is how it results in inconsistent, and often incoherent, public policies.

Take, for example, the largely overlooked issue of shingles infection.

Anyone who has had chickenpox – which is about 90 per cent of people born before 1995 – can develop shingles later in life, and about one-third will do so at some point.

Shingles can cause pustulent sores and, in up to one in five cases, postherpetic neuralgia, a form of debilitating nerve pain that has been likened to “being wrapped in flaming barbed wire,” and even deafness and blindness.

Yet, these woes are largely preventable because there exists a highly effective vaccine to prevent shingles. In clinical trials, Shingrix was 97 per cent effective in adults between the ages 50 and 69, and 91 per cent effective in those over 70. That protection lasts for at least seven years.

The National Advisory Committee on Immunization recommends that everyone over the age of 50 get vaccinated, as well as anyone over the age of 18 who is immunocompromised. But only 38.3 per cent of adults over 50 has actually had the shot. (Which requires two doses, two to six months apart.)

One of the principal reasons is the cost, roughly \$400. The other, related issue is spotty public coverage. Ontario started covering shingles vaccine for some seniors back in 2016, and other jurisdictions have gradually come on board. But eligibility rules are all over the map.

Only Newfoundland and Labrador, and Prince Edward Island follow the evidence-based NACI recommendations to the letter, offering shingles vaccine at no cost to everyone over age

50, and younger adults who are immunocompromised. Ontario covers Shingrix for seniors age 65-70, except those who previously received Zostavax, an earlier version of shingles vaccine.

Nova Scotia offers the shot to anyone over the age of 65, in Quebec you have to be over the age of 71 (or immunocompromised), while in the Yukon only those aged 65-79 are eligible.

Meanwhile, in Alberta and Saskatchewan the shingles vaccine is covered publicly only for organ transplant patients, or those treated with stem cells or CAR-T therapy for cancer.

In Manitoba, New Brunswick, Northwest Territories and Nunavut, people who want to be vaccinated against shingles must pay out-of-pocket or depend on private insurance benefits.

Finally, in B.C., there is no public coverage of shingles vaccine, except for First Nations elders over age 60.

Dan Levitt, the provincial Seniors Advocate, has been highly critical of B.C.'s lack of coverage of shingles vaccine, saying it could reduce physician visits, ER use, and hospitalization.

The National Institute on Ageing has also called out the wildly different coverage rules from province to province, saying they don't make any sense.

They have a point: Why should someone be eligible for a free shingles vaccine in PEI but not B.C.? Canada may not have a national health care system, but that doesn't preclude having coherent national policies on essential issues like vaccination.

The U.K. offers free shingles vaccination to everyone over 65. The U.S. to everyone on its Medicare program. They do so because it's cost-effective.

These policies have been bolstered of late by research showing that shingles vaccine is associated with lower rates of heart attack and stroke, and dementia.

According to the Public Health Agency of Canada there are 130,000 shingles cases in Canada annually, including 17,000 cases of postherpetic neuralgia, and 2,000 hospitalizations.

Costs of care are estimated at \$67- to \$82-million a year.

Surely our health dollars would be better spent on preventing shingles than treating its painful symptoms.

In Canada, we cover varicella vaccination for all children to prevent chickenpox. (Mind you, Canada also lacks a unified, national immunization schedule and centralized digital registry for children, but that's an issue for another day.)

It makes sense to do the same to prevent the reactivation of a virus – which is essentially what shingles is.

Over time, widespread chickenpox vaccination should greatly reduce the likelihood of shingles but, in the meantime, we should be aiming to protect people at both ends of the age spectrum from the ravages of varicella-zoster virus.

Shingles should serve as a reminder too that vaccination is not just for children, and that we need a life course strategy for protecting Canadians from infectious diseases at all ages.

LIFE & ARTS

OPINION | PUZZLES | WEATHER

Everest, told from the other side of the rope

In Tenzing, director Jennifer Peedom tells a famous mountaineering story from the Sherpa's perspective

BARRY HERTZ

SCREEN TIME

If premiering the film that you've worked on for years might feel like scaling a cliff – the potential for impossibly high triumph, but also the danger of falling to your ruin – then at least director Jennifer Peedom knows what she's getting into. Or climbing up.

This week, the Australian filmmaker is heading to the Toronto International Film Festival with Tenzing, her new docudrama chronicling the unbelievable life of Nepalese-Indian mountaineer Tenzing Norgay, who alongside New Zealander Edmund Hillary in 1953 was first to summit Mount Everest.

- from an impoverished childhood to becoming an indispensable member of John Hunt and Hillary's expedition team - Peedom's biopic both shines a light on a severely underexposed historical figure and asks thornier questions about why humanity continues to push itself to explore every corner of the world, sometimes with devastating consequences.

Peedom is far from a rookie when it comes to standing amid the clouds, having previously made the acclaimed documentaries Sherpa and Mountain, which each explored the intoxicating mix of courage and death-defiance that one must possess to reach new heights. She has a personal connection with Everest, too.

"I first went to the Himalayas with a friend of mine who was a camera operator on Everest expeditions. We stayed with Sherpa families the whole way through, and that was my introduction to the region, through the Sherpa community," Peedom says in an interview a few weeks ahead of her film's TIFF debut.

A few years after that initial visit, Peedom went back to shoot her first documentary, which focused on the north side of Everest. Made for a foreign-correspondent program back in Australia, the 20-minute doc looked at Everest from the Sherpa point of view, a perspective almost wholly ignored in films and books about the region.

Top: Samdrup Dorje Lama plays the youngest version of Tenzing Norgay in Tenzing, premiering at at the Toronto International Film Festival on Tuesday.

Above: Director Jennifer Peedom with Genden Phuntsok behind the scenes of the film, shot on location in Nepal as well as in the mountains of New Zealand.

“That community was always more interesting to me than the Western pursuit,” Peedom says.

The experience of making Tenzing was more of a learning curve for Genden Phuntsok, a Chinese actor of Tibetan descent who, in his English-language debut, plays the Sherpa as an adult – and develops a kind of crackling chemistry with the British actor Tom Hiddleston, who plays the refined but progressive Hillary. Fortunately, Phuntsok had not only Peedom's base of knowledge to rely upon, but also the memories and legacy of Tenzing's family, who were deeply involved in the production.

"When I met his family, I felt something truly special deep inside my heart. It was as if I became Tenzing," Phuntsok says in a separate interview. "I understand everything about his past. It's almost like watching those memories through glass – visible, yet untouchable. I told them, ‘I’m happy that all of you now live a good life.’ Perhaps I’m representing Tenzing. They said, ‘You are just our father, with your special smile.’ ”

Much like Hillary had to find Tenzing in order to scale new heights, Peedom had to search far and wide for the right actor to play her hero. “Finding our Tenzing was make or break, and it was a multiple-year search,” she recalls. “When I met Genden for the first time, there was this kind of energy, like Champagne sitting behind a cork, just wanting to break out.”

The actor would need that energy as Peedom took her cast and crew to shoot on location in Nepal, as well as in the mountains of New Zealand. From Phuntsok's perspective, it helped that Peedom was able to show him the ropes of it all, so to speak.

“Jen has been preparing this film for many years, just like a mountaineer. She once showed me a photo taken when she climbed to base camp; she was very young back then. It really touched me that she keeps doing one thing well, all the way," he says. "Her preparation helped me a great deal to understand what we truly needed to do, down to every detail, like how your breathing changes when you're high up."

Tenzing arrives at TIFF at a curious time for Everest's legacy. For starters, Peedom's movie is not the only film about the mountain playing the festival. This week, Toronto will also host the Canadian premiere of Everest: The Other Side, the latest doc from Elizabeth Chai Vasarhelyi and Jimmy Chin, best known for their awe-inspiring (and frankly terrifying) 2018 film Free Solo. More controversially, Everest has been in the news this past summer thanks to a National Geographic story that noted the site's evolution into an overcrowded tourist trap, with the climbing community now dubbing the mountain "the world's highest garbage dump."

"It has become the symbol of human pursuit, hasn't it? There are many more mountains out there to climb, but most people seem to want to climb Everest," Peedom says.

"There are two kinds of people who climb Everest: egomaniacs and dreamers. There are people who go there for the right reasons, but I think you'll find true mountaineers are not climbing Everest. We probably would all be well served to look at the cost of that and to try to take a leaf out of the Sherpa community's book and approach the mountain with reverence and respect."

Tenzing screens at TIFF Sept. 15, 9:30 p.m.; Sept. 16, 8:15 a.m.; Sept. 18, 9 p.m.; and Sept. 19, 6:30 p.m. It will be available to stream on Apple TV starting Oct. 16.

Sara Bareilles grieves both a friend and the U.S. on her new album

Musician Sara Bareilles will play Toronto's Massey Hall on Sept. 15 and 16 sharing songs from her latest album, Good Grief. IAN ALLEN

BRAD WHEELER

The title of Sara Bareilles's first album in seven years is Good Grief, which sounds either like an expression of exasperation ripped from a Peanuts comic strip, or a statement on the cathartic nature of mourning.

It's both – the double meaning is intentional.

“It’s a phrase I use a lot,” she says, speaking on a video call. “I sound like my mom when I say it.”

The album is a reflection on the death of a close friend and a politically conscious reaction to a society going haywire. “This whole collection of songs felt like transmissions rather than a deliberate attempt to make sense of the world,” she said earlier this year when the record was announced.

A few months have passed. The album is out, and Bareilles is on a tour that brings her to Toronto's Massey Hall on Sept. 15 and 16. How is she doing now?

"I'm fine," the musician, actress and Broadway composer says with a smile. "I've figured it all out." Sarcasm. "No, I'm not fine," she continues, still smiling. "I don't think there's a solution here. It's not an album of answers."

What Good Grief is, then, is an elegant account of frustration and loss – melodic punches thrown in the air. The album's first track and lead single is Home, an affecting ballad inspired by a conversation between Stephen Colbert and Anderson Cooper on the latter's podcast about sorrow. The song serves as a rallying call for community: “So tell me your story, I’ll tell you mine.”

From her home in New York, the 46-year-old native of Northern California spoke about journeys – musical, emotional and otherwise.

When putting the album together, were you conscious of the whole 14-track experience as opposed to just putting out songs for playlists?

I'm an artist who has been around long before playlists. I'm schooled in a different way. I'm also someone who takes time between records. If I'm going to take the time to make an album, I'm going to curate the listening experience from top to bottom.

I should point out to the readers that the album is not a downer. The song Capsize Me is upbeat and Nervous Breakdown is probably the jazziest number about an acute mental health crisis ever written.

[Laughs] Well, it's about taking the listener on a journey. I'm thinking thematically and tonally about what the sounds evoke, and what the tempos feel like next to each other. The tracking is a big undertaking.

What's the takeaway? What do we learn about grief?

The whole point of this record is to try to capture the fullest embodied expression of grieving, which to me is not one thing. It is the paradox. It is the surprise and delight of what can sometimes feel monolithic or like dark matter. There is so much awe and mystery and joy and connection and fulfillment in grief as well.

And resilience?

Yes, and hopefulness. That is all embedded in the record as well. And humour. You brought up Nervous Breakdown.

I smiled at the line "keep the Novocaine out of my wisdom teeth" when I heard it.

Who doesn't need a cheeky moment when they've having a hard time? I was trying to speak to grief in all its forms.

Let's talk about Hands off My Body. When you performed it in 2024 at the Hollywood Bowl, you told the audience that the song would speak for itself. Now that I have you, can you speak for it?

I started writing it just after the women's movement in Iran in 2022, after Mahsa (Jina) Amini's death. Then the song began taking on different layers. Roe v. Wade fell, and women's reproductive health was under attack in the United States and all over the world. There were just so many places in which I felt like we are witnessing the kind of monster of misogyny and what feels oppressive to me on behalf of women. So, the song is a plea for autonomy and independence and community.

Would you say community is a

theme throughout the album?

Yes. I think so many of the songs on the record are about bringing your pain to each other so we can hold it together. I think Hands off My Body is a battle cry for women to come stand together and ask for freedom.

Speaking of women, tell me about Heartland. I love the Carole King feel, and it seems you're singing about one woman in particular, the one with the torch.

Heartland is about grief of country. It's a complicated feeling being American right now. I wrote the song from the perspective of what something like the Statue of Liberty actually represents. And from the perspective of the Constitution – these words on the page, what they embody and what they idealize. I still feel the ideas are worth pursuing.

What is America grieving over as you see it?

The cruelty. The greed. The competition. There's just a lot of grief, and the powerlessness seems so big.

Where are you in your own grieving process?

I'm in the messy middle. I'm not healed. And I'm trying to share from that place.

This interview has been edited and condensed.

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Why specializing early can sideline a young athlete

Encouraging children to focus on one sport too soon can be counterproductive

ALYSSA AGES

To earn his first Olympic gold medal, Damian Warner followed what is becoming an increasingly unlikely path: He didn't play organized sports until he was 16 years old. He didn't specialize until 20. If he gets to the 2028 Summer Olympics as planned, he will be the oldest decathlete in the history of the games at 38 years old.

“This is something I’ve always chosen to do,” he says. “I love sports and I tried to get better at it through my own terms.”

So much of what goes into making a professional athlete is unknown. Is it genetics? Superior discipline? What we do know is that children who specialize early – training eight months or more per year in a single sport before the age of 12 – are more likely to leave their sport because of injury or mental and emotional burnout, have just a slight chance of going professional and are less likely to be active into adulthood.

If the goal of most parents is to raise a child who becomes a healthy, happy adult, encouraging them to train early at a high level of intensity appears to be counterproductive. So why do we keep doing it?

A generation ago, sport specialization was less common. There isn't one clear moment when this shifted, but maybe it was Malcolm Gladwell's popularization of the 10,000-hour rule – which asserts it takes that long to achieve true expertise – in 2008. Or maybe it started earlier, suggests Mark McGuire, executive director of Give and Go Sport Education, with the stories of Tiger Woods and the Williams sisters, who drilled their sports early and near exclusively and became champions.

Canadian Olympic medalist Damian Warner says part of why he felt so confident trying different things was that his mother supported his passion but never pressured him to compete. ULF SCHILLER

“They’re anomalies,” he says. According to one survey of around 4,000 parents, one in six believe their child has the talent to become a professional athlete, but the odds aren’t in their favour. For example, roughly one in 4,000 Canadian youth playing minor league hockey will make it to the NHL, according to a 2003 study. In the U.S., NCAA data show that only about one per cent of high school athletes get an athletic scholarship.

In many organized sports, if your child doesn't specialize early, they may not get the chance to play at an older age (save for school teams). That brings its own sense of anxiety: 'If I don't push my kid hard on this now, they might miss their chance.'

“Sport is a business,” McGuire says. “Everybody gets caught up in this great big sports engine and nobody knows how to get off. And it’s going so fast.”

There is so much to be gained from understanding that reaching your goals requires work. But it's worth stepping back to examine the origin of those goals and how they might impact your child long-term.

THE DOWNSIDE OF EARLY SPORTS SPECIALIZATION

More than 70 per cent of Canadian youth play organized sports, according to 2025 data from the Canadian Fitness and Lifestyle Research Institute. That's good news because participation helps prevent long-term health problems, reduces school dropout and builds self-confidence, perseverance and respect for others.

In a 2025 report on the state of youth sport in Canada, 96 per cent of parents with children in organized sports reported positive impacts on physical health, and 93 per cent reported mental and emotional well-being.

When I connected with parents of children who specialize in their sport, most of their responses were positive.

Elise Pulver's 15-year-old daughter Brayden has been snowboarding competitively since she was 10 and trains year-round. Though Elise notes the high financial investment and challenges in shuttling Brayden to training and competitions, she says the sport has taught Brayden independence, resilience and how to get along on a team – all things she can carry into adulthood.

"It's all she wants to do," Elise says. Some parents also felt the benefits outweighed the drawbacks, citing improved discipline and an opportunity to learn how to deal with adversity and different personality types.

Still, in many cases, specializing early has the opposite effect many families are hoping for. A 2025 study in the journal Science reviewed findings for more than 34,000 adult high achievers, including Olympic athletes. It found that in most cases, early top performers are not the same people who are at the height of their game in adulthood.

Dropout rates are high: It's estimated that 70 per cent of youth athletes drop out of organized sport by the age of 13. Girls drop out twice as much as boys. The reason cited most often? It's no longer fun. Many of those adolescents may drop sports entirely.

I have spoken to former youth and college athletes who find themselves lost when their structured sport ends, unsure of how to continue being active without a program, a coach or a game to prepare for.

A 2020 review and meta-analysis of more than 300 studies found that youth between the ages of seven and 18 who specialized had “a significantly higher injury risk” than those who played multiple sports.

Robert Litchfield, an orthopedic surgeon and the president of the Canadian Orthopaedic Association, says that most injuries for youth who specialize tend to be because of overuse or repetitive movement. ■ ATHLETE, A15

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Daytime high, overnight low, and conditions

The dress that has seen six brides down the aisle

ILLUSTRATION BY VIAN WRYA

FIRST PERSON

Seeing my niece in our family's 70-year-old wedding gown defied all logic, Susan Gibbons writes

We all took our seats amongst the green forests of the Gatineau Hills, just across the river from Ottawa. Cousins, aunts, uncles and siblings craned their necks to catch that first glimpse of the bride. The radiant smile of my niece shone back to us. She tightly gripped the arms of her mother and father and slowly walked toward us. As we smiled back, many of us glanced at each other with looks of confusion and, for some, shock. It appeared that our bride was wearing a dress made 70 years ago by her great-grandmother (my granny) in Wales. This stunning lace dress, safely stored in my mother's home for seven decades, had become a legend in our family. Could it truly be the same gown?

My Welsh mother was married in 1956, in Swansea, Wales, to my father, who was Canadian. They met during my mother's first year of undergraduate studies in London. My Calgarian father was also in London, completing his graduate studies. Their eyes had met at a "Paul Jones" dance, where the next dance partner is decided for you: an inner circle of moving women and an outer circle of men stop and face each other when the music cuts out. This is how their story began. My mum was swept away by Dad's gentle spirit, curious mind and Canadian accent and my dad was swooped away by my mum's beauty and warmth. They became engaged in 1954, with plans to relocate to Canada.

So, my Welsh granny took on the project of creating a wedding dress for her daughter. She took the train from Swansea up to London to find the fabric, and mother and daughter met at the famous Harrods Department Store, which was renowned for selling imported fabrics. A gorgeous French lace was selected. Money was in short supply for most families post-war, so knowing that my granny had taken the train up to London to buy this expensive lace would have resulted in many other sacrifices. Our family grew up hearing the story that Granny almost went blind making this dress, as much of it was hand-sewn.

Meanwhile, my dad returned to Canada to start his career as a research scientist in Ottawa. After one year apart, he returned to Wales two days before the wedding. Regular commutes across the Atlantic did not occur in the 1950s.

And so, the threads of this dress began to weave through generations of our family. My mother wore it in 1956, as did her sister in 1958. I am one of three daughters and we all processed down the aisle in this same dress in 1980, 1985 and 1987. We all felt elegant in the gown that our Welsh granny had sewn. There was never a discussion about looking at other options; we all wanted to wear it and be linked to its history.

Between our families, there are now six young women (and six granddaughters for my parents). All four of the married granddaughters considered wearing the beloved dress, stored in my now 92-year-old mother's house. The lace had become very fragile and there were many holes where some of the lace had worn away. By holding the dress in their hands, it gave them a chance to share stories with their granny of her happy wedding day decades ago. They also heard again the story of their courtship and the journey across the Atlantic to their new home in Canada, which served as their honeymoon. The dress still held its magic, but repair work seemed insurmountable. None of them wore it on their wedding day.

Seeing my niece walk down the grassy meadow in the 70-year-old wedding gown this summer defied all logic. The dress had been reborn with a new bride enveloped in its folds. A dress that has presided at five marriages, which have endured for decades. She glowed with this special connection to the past.

My prayer is that in wearing this dress, the sixth bride to do so, my niece will be blessed with a unique and loving relationship which will also endure. The threads have linked a new generation to its past and perhaps with other generations to come.

Susan Gibbons lives in Ottawa.

First Person is a daily personal piece submitted by readers. Have a story to tell? See our guidelines at tgam.ca/essayguide.

Athlete: Parents often the biggest culprits in a child specializing too early, expert says

FROM A14

(Gymnastics injuries, he notes, are usually acute or traumatic.) And if an individual keeps specializing after an injury, the risk of reinjury is “very high.” An injury often extends beyond the physical. Many are forced to grapple with who they are without the sport that defines them.

“I see that at the competitive levels all the time,” says Dana Sinclair, a performance psychologist who works with athletes of all ages. They think: “If I don’t have any other skills and then I do get injured, then what am I? What do I have?” she says. It can lead to depression and anxiety.

TODAY'S SUDOKU SOLUTION

4	3	5	6	2	8	7	1	9
7	8	2	1	9	3	4	5	6
9	6	1	4	5	7	3	2	8
3	7	4	2	6	9	1	8	5
5	2	9	8	7	1	6	3	4
8	1	6	5	3	4	2	9	7
1	5	8	7	4	2	9	6	3
6	9	7	3	1	5	8	4	2
2	4	3	9	8	6	5	7	1

Parents are often the biggest culprits in a child specializing too early, Sinclair says. “They want the best for their kids, of course,” she says. “But they push.”

To prevent this pressure from building, Sinclair suggests shifting how you talk to your child: Instead of asking them, "How did it go?" after a practice or a game, try, "How did you feel about it?"

Look for signs of burnout, such as avoiding practice sessions, decreasing levels of interest and diminished performance.

Warner says part of why he felt so confident trying different things was that his mother supported his passion but never pressured him to compete: “I think that’s why I’ve been able to stay around so long.”

TODAY'S KENKEN SOLUTION

$\frac{3 \div}{2}$	6	1	$60 \times$ 4	5	3
$8+$ 5	$1-$ 3	2	1	$5-$ 6	$24 \times$ 4
3	$11+$ 2	4	5	1	6
$120 \times$ 4	5	6	$2 \div$ 3	$1-$ 2	$1$ 1
$5-$ 1	$4$ 4	$15 \times$ 5	6	3	$10 \times$ 2
6	1	3	$2 \div$ 2	4	5

THE PERKS OF BEING A MULTISPORT ATHLETE

Olympian Kelsey Mitchell once considered specializing in gymnastics as a child, but her parents pushed her to diversify. At 23, Mitchell was selected to train for the Olympics as a track cyclist because of her raw potential and power. She recalls being “so bad” the first time she went to a training session. But she also loved it.

“I’m so happy and grateful that I had done so many different sports and put myself out there ... because then it was normalized as an adult,” she says.

Canadian Olympian Kelsey Mitchell tried many different sports as a child before winning a gold medal in cycling. She later switched to bobsleigh.

She went on to win a gold medal in cycling. Then, she switched to bobsleigh.

The experts I spoke to all prefer a multi-sport approach. “You’re stressing the body in different ways that are positive,” Litchfield says. “It allows you to balance out.”

McGuire points to the development of “figure-it-out skills” – learning how to solve problems and try new things.

Joe Siddall, a broadcaster for the Toronto Blue Jays and a former professional baseball player who didn't specialize until after high school, says having different coaches helps youth adapt to varying styles of management, a skill that can be an asset in the professional world. "I think that's probably one of the biggest life lessons that kids can learn from youth sport," he says.

If your child loves one particular sport, it doesn't mean you have to pull them away. But there's tremendous value in learning that your skills and interests can extend beyond just one single activity.

"If you play a variety of sports, you realize there's so much more to life than just one sport," Mitchell says.

Special to The Globe and Mail

WORLD FORECAST
NATIONAL FORECAST

	TODAY		TOMORROW		THURSDAY
AMSTERDAM	24/13	PC	19/11	SH	18/12	SH
ATHENS	28/20	PC	27/19	S	28/19	S
BANGKOK	29/25	T	31/25	T	31/26	T
BEIJING	29/19	S	31/21	S	31/21	PC
BERLIN	24/17	PC	20/11	R	19/14	SH
BRUSSELS	27/12	S	18/11	SH	18/11	C
COPENHAGEN	19/14	PC	18/12	SH	17/14	SH
FRANKFURT	24/14	S	21/10	SH	19/12	PC
HONG KONG	29/26	SH	28/26	S	27/26	S
JERUSALEM	31/20	S	32/20	S	31/20	S
LAS VEGAS	37/25	S	36/25	S	35/24	S
LONDON	21/12	SH	18/12	SH	20/11	SH
LOS ANGELES	28/19	S	28/19	S	27/18	S
MADRID	35/20	S	29/15	S	27/15	PC
MIAMI	32/26	T	31/25	T	32/25	T
MOSCOW	18/9	SH	17/10	S	20/14	S
NEW DELHI	32/26	SH	34/24	T	34/26	T
NEW YORK	22/16	S	25/20	S	26/21	PC
NICE	28/21	S	27/20	S	26/19	T
ORLANDO	32/25	T	31/24	SH	31/24	T
PARIS	32/14	S	21/13	SH	20/12	PC
PHOENIX	38/27	SH	33/27	T	37/28	S
ROME	31/18	S	30/20	S	28/18	T
SAN FRANCISCO	17/14	PC	16/15	PC	18/14	SH
SEOUL	26/16	S	29/18	S	28/18	PC
SINGAPORE	31/26	T	31/27	PC	30/27	SH
SYDNEY	25/11	S	16/10	S	15/9	S
TOKYO	26/21	R	22/19	R	22/19	PC
WASHINGTON	26/17	S	29/19	S	30/22	S

LEGEND

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

	TODAY		TOMORROW		THURSDAY
BANFF	10/2	SH	17/3	S	21/4	S
BARRIE	21/15	SH	21/14	S	20/14	SH
BRANDON	14/4	PC	13/4	R	19/8	S
CALGARY	10/2	SH	18/5	S	21/5	S
CHARLOTTEOWN	17/11	S	19/14	S	18/14	PC
CHICOUTIMI	17/13	S	21/9	PC	16/11	PC
CHURCHILL	6/4	PC	9/4	SH	8/3	SH
CORNER BROOK	16/7	SH	17/12	PC	17/8	PC
CORNWALL	21/18	PC	25/15	PC	20/14	SH
EDMONTON	16/3	S	20/8	S	21/7	S
HALIFAX	21/11	S	20/14	S	22/15	PC
HAMILTON	23/19	PC	24/16	PC	22/14	R
HUNTSVILLE	18/13	SH	21/13	S	21/13	PC
IQALUIT	8/2	PC	7/1	C	7/0	SH
JASPER	16/2	SH	19/4	S	22/5	S
KELOWNA	19/8	SH	23/8	S	25/9	S
KINGSTON	21/19	PC	24/17	PC	21/16	R
LONDON	23/18	PC	25/17	PC	23/14	R
MONTRÉAL	19/17	PC	25/15	S	20/14	SH
NIAGARA FALLS	24/20	S	23/17	SH	22/16	R
NORTH BAY	17/10	SH	20/12	S	19/11	S
OTTAWA	20/16	PC	24/15	S	20/14	SH
PRINCE GEORGE	19/5	S	24/7	S	22/7	S
PETERBOROUGH	21/17	PC	24/15	S	21/14	SH
QÜBEC	18/15	S	23/13	PC	18/12	PC
REGINA	14/7	PC	17/4	SH	21/6	S
SASKATOON	15/4	PC	17/6	S	22/6	S
SAULT STE MARIE	22/11	R	20/13	S	20/11	S
SAINT JOHN	19/10	S	19/13	S	20/14	PC
SEPTÈLES	13/11	S	18/10	S	13/10	PC
ST JOHN'S	18/11	C	18/13	PC	17/12	S
SUDBURY	19/9	R	21/12	S	22/11	S
THUNDER BAY	19/7	PC	18/10	S	21/6	S
THOMPSON	9/1	R	13/1	SH	12/7	PC
TORONTO	22/19	PC	24/17	PC	23/17	SH
VAL-D'OR	15/11	R	18/8	S	19/7	S
VANCOUVER	20/11	SH	23/11	S	22/11	S
VICTORIA	19/10	SH	20/10	S	18/11	S
WHISTLER	21/6	SH	23/8	S	25/8	S
WHITEHORSE	17/6	PC	17/2	S	14/4	PC
WINNIPEG	16/4	PC	16/6	SH	19/9	S
YELLOWKNIFE	8/2	PC	9/6	S	12/5	SH

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UNIVERSAL CROSSWORD BOMB SQUADS BY ZACHARY EDWARD-BROWN

1 Like iced cappuccinos 5 Loops in, on Gmail 8 Potassium particle, perhaps 12 It covers Cousin ltt 13 Many an Insta post 15 Genuine 16 Italian volcano 17 Early ____ (no night owl) 18 Pasta or rice, briefly 19 Nickname for Alexander Ovechkin 22 Muzzle 23 Baseball's Moises 24 Leather piercer 27 Not far from 29 Dog of 1950s TV 31 Every Shakespeare play has five of them 34 Top score in gymnastics 37 Lion or Tiger or Bear (oh my!) 38 Mister, in Mexico 39 Unagi and anago, in sushi bars 40 Tubular pasta 42 "Absolument!" 43 Daffy Duck, Road Runner or Foghorn Leghorn 44 Coming-of-age celebration 47 Word with "panel" or "power" 48 Minecraft explosive 49 Ad that raises awareness 52 Be sincere 54 Louvre Pyramid architect I.M. 55 Polydactyl cats have at least 19 of them 56 Huge coffee container 57 BTS and Cream ... or what 19-, 34- and 44-Across could be? 60 Hat, in slang

BRIDGE BY STEVE BECKER TUESDAY, SEPTEMBER 15, 2026

East dealer. Neither side vulnerable.

The bidding:

East South West North Pass 2 NT Pass 3 NT Opening Lead – five of hearts.

61 Spruce or sycamore
62 Mouse with a polka-dot dress
63 Flowery welcome gift
64 Thanos' devastating finger motion
65 Company founded by Adi Dassler in 1949

1 NBA star Holmgren
2 Promises
3 Bedding material
4 Mythical fire-breathers
5 Mexican seed
6 ____ Rica
7 Carnegie's industry
8 St. Louis has one that's 630 feet tall
9 Expert in oolong's flavor
10 Rower's need
11 Sports org. that gives away many bobbleheads
13 Record in advance
14 Feathered friend in Baltimore
20 Regret
21 It's free in Chipotle's veggie burrito
25 Exercise, as power
26 Microscope part
28 Monet contemporary
30 Beer vessel
31 Google Play downloads
32 Ship's staff
33 "Dance Monkey" singer
35 Gravy thickener
36 Deep-fried treat
38 Song lineups
41 Element of flashy advertising?
43 Put money down
45 Least dense planet in the 47-Across system

NORTH ♠ 8 2 ♥ A 9 3 ♦ J 6 ♣ J 10 9 7 5 3 WEST ♠ K 10 5 ♥ J 8 7 5 4 ♦ 2 ♣ K 8 4 2 EAST ♠ Q 7 6 4 3 ♥ 10 2 ♦ K Q 9 8 5 ♣ 6 SOUTH ♠ A J 9 ♥ K Q 6 ♦ A 10 7 4 3 ♣ A Q

EDITED BY DAVID STEINBERG

There's something paradoxical about the statement that bridge is a relaxing game, when the fact is you can't ever relax – if you want to do well.

Take this hand, where West leads a heart against three notrump. Declarer plays low from dummy and wins East's 10 with the king. He then cashes the ace of clubs and continues with the queen, but West plays low, and East shows out.

This is disappointing for South, because if West had taken the king, a minimum of 10 tricks would have been ensured.

But South sees there is a chance to establish the club suit, so he leads a low heart and, after West plays low, finesse the nine. When the nine wins, he leads the jack of clubs, forcing West to take the king now or on the next trick.

The finesse of the nine is unusual, since South started with three sure heart tricks and appears to be jeopardizing one of them. It is necessary because he needs an extra entry to dummy to establish the clubs and get back to cash them later.

However, West was asleep at the switch at the critical point in the play. Having refused to take his club king at trick three, he relaxed at trick four. When South led the low heart toward dummy's A-9, West should have put up the jack. Had he done that, nothing could have saved the contract.

West knows from East's play of the 10 at trick one that South has the king and queen of hearts. West should therefore try to prevent declarer from gaining an extra entry to dummy by inserting the jack when South leads the six. It can cost West nothing to make this play and might wind up gaining him a great deal.

©2026 King Features Syndicate Inc.

CRYPTIC CROSSWORD

© News Licensing/Times Media Limited

SUDOKU DIFFICULTY RATING: ★★☆☆☆

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.

© 2026 Andrews McMeel Syndication

SOLUTIONS

1 Goal partly is to get to other side of pub (8) 6 After break, this quick to make meal (4) 8 Small, pale bird (4) 9 Vigour of big town, on examination (8) 10 Terrible to-do, then? Exactly (2,3,3) 12 Catch in mouth (4) 13 Sign in the heavens divided us, I would say (6) 16 We're told ways to navigate island (6) 17 Made haste with some furious pedalling (4) 18 From trade fair, certain publicity (8) 21 Ivy, a tint used freely in Christmas scene (8) 22 Shy about page in text for printer (4) 23 Woman's last to receive present (4) 24 Letter from countrywoman following separation (8)

DOWN 2 Argument over a name for tree (5) 3 Different, but not dry, warm weather (3) 4 Roman poet after black sheep, for one (5) 5 Short of oxygen, overtire poorly shipyard worker perhaps (7) 6 Flippant aspect associated with debts (9) 7 Put in chair I consumed stuff (7) 11 Computer storage tough to control (4,5) 14 A very quiet relaxation and calm (7) 15 Exceptional short period of work covering US agency (7) 19 Add to one's account years in agony (3,2) 20 Sudden attack nets pawn (5) 22 Mountain pass is chilly for the most part (3)

KENKEN

©2026 KENKEN Puzzle LLC. KENKEN is a registered trademark of Nextoy, LLC. Dist. by Andrews McMeel www.kenken.com

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.

Tariffs: Trade war has particularly animated Toronto's mayoral race

Calgary's estimates show the city's transit system is now likely to face \$84-million in tariff costs. JUDE BROCKE/THE GLOBE AND MAIL

FROM A1

Calgary's estimates show the city's transit system is now likely to face \$84-million in tariff costs on top of \$535-million in future spending that city hall has already committed to its transportation network. Scotia Place, the glitzy \$800-million arena scheduled to open at the beginning of the Calgary Flames' 2027-28 season, is expected to face an extra \$30-million in tariff costs, and projects for Calgary's aging water infrastructure will feel the bite of an additional \$21-million price tag.

Calgary Mayor Jeromy Farkas said the extra costs would be equal to an annual property-tax hike of between 12 per cent and 18 per cent. His office said he is proposing for the federal government and Canada's big-city mayors to find ways that will ensure cities aren't at the losing end of a tariff fight.

The Globe and Mail reached out to more than a dozen municipalities across the country. The City of Brampton in Ontario was the only municipality apart from Calgary to outline the tariffs' estimated impact, pegging its potential capital cost exposure at between \$100-million and \$150-million.

An official for the federal Department of Finance said in an e-mailed statement that municipalities can ask Ottawa for financial relief on tariffed products. However, municipalities typically recoup that money through their contractors, who are often responsible for paying the duties in the first place.

John Fragos, a spokesperson for Federal Finance Minister François-Philippe Champagne, said that Ottawa is always looking at ways to better support municipalities.

Evan Robinson, a spokesperson for Ontario's Economic

Development Minister Vic Fedeli, pointed to a \$40-million fund for “trade-impacted communities” to reshore critical supply chains, attract new investment and diversify economies.

Hamilton's incumbent mayoral candidate, Andrea Horwath, said there is a sense of “concern and foreboding” in her Ontario city, which employs about 28,000 people in steel, manufacturing and food processing.

“People are really uncertain about the future,” she said in an interview. “There’s no doubt that Hamiltonians feel like we are specifically under attack.”

Marianne Meed Ward, the incumbent mayoral candidate in Burlington, who chairs Ontario's big-city mayors' group, said the tariffs will force cities to defer costs that will only become more expensive in the future. She said 43 per cent of Burlington's businesses are directly affected by tariffs or countertariffs, representing about half the city's jobs. "It's quite staggering, and very eye-opening," she said.

The trade war has particularly animated Toronto's mayoral race, where incumbent Olivia Chow and her main challenger, councillor Brad Bradford, are presenting different visions for how they would handle the issue in office. Election day is Oct. 26.

Elsewhere, other cities say they have either been able to withstand the effects of the tariffs so far or haven't yet measured the repercussions on local

In a statement, Ms. Chow's campaign defended her response so far, pointing to an economic action plan released in March, 2025, with the goal of diversifying Toronto's trade and buying local. More than 98 per cent of the city's spending now goes to Canadian companies, her campaign said. She has also launched a grant program for businesses and introduced a new industrial property tax deferral program.

Mr. Bradford, meanwhile, suggested the city's tariff response has been inadequate. He has floated numerous proposals, including establishing a permanent tariff-response group, speeding up permit approvals for companies and tax relief. Mr. Bradford said he fully supports Mr. Carney's efforts in the trade fight but added that cities such as Toronto are absorbing the costs.

“Every month this drags on is more pressure on a municipal budget that’s already stretched thin. It’s crucial for Ottawa to step up and provide tariff relief so cities aren’t left carrying this cost alone while Washington keeps moving the goalposts,” he said in a statement.

Elsewhere, other cities say they have either been able to withstand the effects of the tariffs so far or haven't yet measured the repercussions on local budgets.

The issue has bubbled to the surface in Vancouver, where candidates are gearing up for the city's Oct. 17 municipal vote.

Late last month, Vancouver councillor Lucy Maloney, who is running for re-election, called for a special meeting to push incumbent mayoral candidate Ken Sim to take urgent measures on U.S. tariffs. Mr. Sim declined Ms. Maloney's plea, calling tariffs a national matter and stating that he is planning to support Ottawa "without adding unnecessary noise to the process."

The City of Vancouver said it hasn't conducted modelling similar to Calgary's yet.

On the Prairies, where Manitoba is holding municipal elections this fall, City of Winnipeg spokesperson Adam Campbell said the city's public service department is reviewing U.S. supplier arrangements to analyze “the potential economic impact of the tariffs.”

For Brandon, Man., incumbent Jeff Fawcett said his larger concern as mayor had been tariffs from China before they were rolled back earlier this year, as the levies directly affected the agriculture sector in and around what is colloquially dubbed the Wheat City. “The U.S. tariffs haven’t necessarily been as big of a problem for us,” Mr. Fawcett said in an interview.

One province over, in Saskatoon, chief financial officer Clae Hack said the city hasn't yet calculated the impact, noting that it's hard to examine how much costs will be passed on to the municipality.

A majority of East Coast cities

A majority of East Coast cities – including Halifax, St. John's and Charlottetown – say they are less vulnerable to tariffs compared with the rest of Canada, in large part because of diversified trade initiatives with Europe. Over the years, the Atlantic provinces have worked collectively toward solidifying export and sales pathways with countries such as Britain and Spain, which have particularly benefited the seafood and energy industries.

Still, the U.S. is Atlantic Canada's largest international export market by a wide margin. Continued tariffs "will have impacts" on those local economies, including on Prince Edward Island, said City of Charlottetown spokesperson Jessica Bradley.

The situation, however, is more dire in New Brunswick. Last year, the Canadian Chamber of Commerce designated Saint John as the most tariff-vulnerable municipality in the country. Its exposure to risk is vastly higher because of southbound exports to the U.S., particularly in the energy and forestry sectors.

The seaport city, home to roughly 78,000 people, hasn't yet run the numbers, said Lisa Kennedy, Saint John's director of external relations.

"At this point, there is still too much uncertainty to put a firm number on the impact."

Cohere CEO Aidan Gomez, seen at the Canadian Global Growth Forum on Monday, is pressing for a co-ordinated international effort to address AI harms. FRED LUM/THE GLOBE AND MAIL

AI: Canada should be involved in shaping regulatory regimes, professor says

FROM A1

U.S. President Donald Trump has rejected the idea of further safety measures for AI. “The only control or ‘guardrails’ that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT, and the U.S.A has that, in spades!” he wrote in a Truth Social post on Monday.

Mr. Gomez at Cohere, which competes with the AI giants, wrote that he supports independent reviews of powerful models, but rejects other parts of Mr. Amodei's proposals. "The firms drafting the framework are the firms sitting at the top of the market today," he wrote. "A mechanism that slows everyone down while explicitly preserving existing commercial advantage does not make AI safer. It risks entrenching today's dominant AI companies."

Instead, he proposed a co-ordinated international effort to develop a framework around AI harms, identifying which risks are of concern and setting thresholds for when governments should get involved. He also called for more transparency, particularly when serious incidents occur, and for independent testing of models around capabilities that have been identified as dangerous.

Such testing must be truly independent, similar to how financial institutions are licensed, Mr. Gomez wrote. He argued that Mr. Amodei's proposal involves "handpicked" auditors, which could lead to regulatory capture.

As for the OpenAI hack, Mr. Gomez wrote that none of Mr.

Amodei's proposals likely would have prevented it. "What failed was the quality of the instructions, and the strength of the walls around the test, and how long agents were allowed to continue working without observation," he wrote.

Alvaro Bedoya, a former commissioner of the U.S. Federal Trade Commission, wrote on X that antitrust law does not prevent AI companies from working together to improve safety, but it does prevent them from organizing to forestall upstarts. “Moves by their CEOs to achieve some kind of broad ‘antitrust waiver’ or ‘exemption’ should be met with deep skepticism in light of the economics of the industry and the threat they face from open models,” he wrote.

David Duvenaud, an associate professor at the University of Toronto who worked at Anthropic, said Mr. Gomez's essay raises valid concerns, but glosses over some of the risks AI labs are seeing, such as loss of control. "The labs don't know how to safely develop these models further by their own standards, and they are saying so loudly," he said. "The point that Anthropic and OpenAI have been making is that co-ordination is required to even begin controlling the pace."

Canada should be involved in shaping AI regulatory regimes, said Gillian Hadfield, former director of the Schwartz Reisman Innovation Campus in Toronto and now a professor at Johns Hopkins University studying AI governance. But she does not think that entrenching power is a primary motivator for the big U.S. AI companies in this instance.

"I wouldn't write the whole thing off as an effort to get an antitrust exemption and block the market," she said. "There are two time frames here: the urgency of doing something, and the need to build a proper regulatory response." The latter takes longer, she said, while voluntary pacing is designed to have a short-term effect.

Governments need to have a strong role in helping oversee the technology and its developers, said Yoshua Bengio, a Canadian AI pioneer who now runs Law-Zero, a non-profit building safe AI systems. “They need the government to be in the room to make sure there is no cartel,” he said in an interview.

Prime Minister Mark Carney told Bloomberg News in an interview Monday that he's in favour of a global technology stability body to ensure AI is safe. He compared it to the Financial Stability Board, an international organization that monitors and makes recommendations about the financial system.

China's Global Times newspaper, meanwhile, said in an editorial Sunday that Mr. Amodei's proposals amount to a "silent AI cold war" designed to curb the country's AI development. Chinese companies such as DeepSeek and Z.ai have been releasing more powerful open-weight AI models that can be freely modified, which could threaten the dominance of U.S. tech.

KING CHARLES TO HOST EXECUTIVES FROM MAJOR AI COMPANIES INCLUDING OPENAI, ANTHROPIC

LONDON Britain's King Charles will host the leaders of major artificial intelligence companies this week to discuss whether a shared set of principles is needed to guide a technology that has sparked growing warnings about its threat to humanity.

With the biggest names in AI calling for a slowdown in its development, Charles will host executives from Nvidia, Google DeepMind, OpenAI, Anthropic, and the U.K. Minister for AI, to discuss how the technology can be harnessed to benefit society and uphold human dignity.

The debate about AI was thrust back into the spotlight when two Anthropic researchers issued warnings that the rapidly progressing technology could lead to the extinction of the human race in the not-too-distant future.

The chief executive of Anthropic, Dario Amodei, said on Saturday that companies must slow the pace of advance of AI models.

The San Francisco-based firm released a threat intelligence report last week detailing how several actors had used its Claude AI models for activities ranging from weapons development and cyber operations to surveillance and fraud.

However, securing a global stand will be difficult: U.S. President Donald Trump rejected any talk of a slowdown on Sunday while China's Global Times tabloid said it was really a “Cold War playbook” targeting Beijing.

Charles, both as King and when he was the Prince of Wales, has used his position to convene meetings to discuss a range of topics, most notably on the environment.

Buckingham Palace said the gathering would discuss how AI could be harnessed in ways that benefit society and contribute “to the flourishing of both people and the planet”.

Britain, the European leader in AI funding and startups, has favoured a light-touch approach to AI regulation, aligning more closely with the United States than the European Union. REUTERS

GOOGLE TO BEGIN IDENTIFYING UNDERAGE USERS IN CANADA USING AI

OTTAWA Google is bringing its age assurance technology – which uses artificial intelligence to detect underage users – to Canada.

"Our age estimation model uses machine learning to interpret a variety of signals already associated with a user's account, such as the types of information a user has searched for or the categories of videos they've watched on YouTube," the company said in a blog post Monday.

The company says that if the technology identifies someone as underage, their Google account will be changed to include additional protections, such as safeguards on content recommendations.

If it mistakenly identifies an adult as being under 18, the company says that person will be able to prove their age using things like a government ID or a selfie.

“In the coming days, we’ll begin to gradually roll out this technology in Canada, carefully monitoring progress as we expand its availability,” Jeanette Patell, director of government affairs and public policy at Google Canada, said in the post.

She said the company won't be collecting any new information that isn't already associated with the user's account.

The increasing use of age assurance technology comes as governments around the world, including in Canada, move to implement age restrictions for social media.

Meta has already started using AI to identify underage users and place them in teen accounts in Canada.

Meta uses AI to look at context clues, such as birthday celebrations, to identify accounts that may be underage. In May, it said it would add “visual analysis” as a technique – which involves AI scanning photos and videos for “visual clues” to a user’s age. THE CANADIAN PRESS

Women's Mental and Brain Health: From awareness to action

PRESENTING SPONSOR

CHARTwell

IN PERSON AND VIRTUAL EVENT: MONDAY, SEPTEMBER 28, 2026

Women's mental and brain health is under pressure across Canada, due in part to factors such as cognitive load and caregiving pressures, hormonal transitions, job-related stress and burnout. The challenge is even sharper for women who are part of marginalized groups and those with lower socioeconomic standing. What solutions and approaches will close the gaps in prevention, awareness and care?

SESSIONS FOR THE DAY INCLUDE:

ATTEND IN PERSON: 11:30 A.M. – 4:30 P.M. ET IN-PERSON NETWORKING: 11:30 A.M. – 12:30 P.M. AND 3:30 P.M. – 4:30 P.M. ET THE GLOBE AND MAIL CENTRE, 351 KING STREET EAST, 17TH FLOOR, TORONTO ATTEND VIRTUALLY: 12:30 P.M. – 3:30 P.M. ET

Join The Globe as we bring together leading wellness experts, healthcare providers, advocates and community leaders to examine the evolving science and lived experiences shaping women's mental and brain health. Speakers will highlight strategies to raise awareness, close persistent gaps in care and advance more effective, holistic approaches to prevention and long-term resilience.

PRESENTATION

Dr. Liisa Galea

Dr. ElnSa Galea Ph.D. FCAHS Treliving Family Chair in Women's Mental Health, Centre for Addiction and Mental Health, Professor, University of Toronto

Mind the Gap: Why Women's Brain Health Can't Wait This presentation will outline the urgent need to close the women's mental and brain health research gap, identify research blind spots and advance equitable prevention, diagnosis and care in Canada.

INTERVIEW

Dr. Crystal T. Clark

MD, MSc, Head, Department of Psychiatry and Canada Research Chair in Reproductive Mental Health, Women's College Hospital

Dr. Sara Mitchell

MD FRCPC MPH, Cognitive Neurologist; Deputy Chief, Hurvitz Brain Sciences Program, Sunnybrook Health Sciences Centre

How are mental health and brain health connected across a woman's life? This conversation will bring together leading psychiatry and neurology experts to examine the links between mental and brain health and how they shape women's experiences across life stages.

PANEL DISCUSSION

Kearie Daniel

Founder and Executive Director, Black Women's Institute for Health

Sharon Ranalli

Vice President,

Marketing & Communications, Chartwell Retirement Residences

Deeper Dive – What are women experiencing?

Deeper Dive – What are women experiencing? This panel will centre on women's lived experiences, revealing realities behind the data and challenges across life stages shaped by social, cultural and systemic factors.

PANEL DISCUSSION

Christina Scicluna

Alzheimer Society of Canada

Alpa Shah MS, RDN Senior Director, Medical & Scientific Affairs, Haleon

Prevention Strategies – Supporting lifelong mental wellness and brain health This panel will explore practical solutions to support women's mental resilience, cognitive health and wellbeing, and how prevention can be prioritized across society, health care and communities.

FIRESIDE CHAT

Lynn Posluns

Founder and President of Women's Brain Health Initiative

Advocacy, Leadership and the Future of Women's Brain Health What will it take to move women's brain health from growing awareness to national priority? This conversation will explore the power of advocacy, public engagement and bold leadership and how research, communities, workplaces and health systems can work together to build momentum for change.

In Person Ticket: \$129 + HST & fees

Virtual Ticket: FREE

REPORT ON BUSINESS*

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Brookfield, CPPIB to partner on \$50-billion Maple Fund

Venture will make minimum investments of \$5-billion in infrastructure, other key sectors

JAMES BRADSHAW

INSTITUTIONAL INVESTING REPORTER

The Canada Pension Plan Investment Board and Brookfield Asset Management Ltd. are jointly launching a \$50-billion “Maple Fund” that will make major investments in infrastructure and key sectors in Canada, two sources said Monday.

Brookfield and CPPIB will each put up as much as \$25-billion over the next five years to make equity investments in sectors that Canada considers strategic, as well as critical infrastructure projects, the sources said.

The Globe and Mail is not identifying the sources because they are not authorized to discuss the agreement publicly.

Spokespeople for CPPIB and Brookfield each provided statements from their respective CEOs that confirmed plans for the fund when The Globe contacted them for comment, but did not offer details.

“Canada is entering a period of new ambition to advance major projects and build for the future, creating compelling investment opportunities across the country,” CPPIB chief executive officer John Graham said in an e-mailed statement.

Each investment made through the Maple Fund will be worth at least \$5-billion and structured so that each partner holds 50 per cent of the equity, the sources said. The money deployed through the

Maple Fund is intended to be over and above CPPIB'S and Brookfield's normal investing activity.

An announcement is expected at Tuesday's Canada Investment Summit, a two-day event led by Prime Minister Mark Carney.

The joint agreement will pave the way for large-scale transactions led by Brookfield, one of the world's largest asset managers with more than US\$1-trillion, and Canada's largest pension fund, which invests \$864-billion in assets on behalf of more than 22 million Canadians.

Mr. Graham is a co-organizer of the Canada Investment Summit taking place in Toronto on Monday and Tuesday. ■ BROOKFIELD, B6

Ottawa must create easier path for mid-market deals, forum hears

Manitoba Premier Wab Kinew, left, Jim Balsillie, chair of the Council of Canadian Innovators, centre, and Abdulrahman Ali Al Neyadi, the UAE's ambassador to Canada, attend the Canadian Global Growth Forum in Toronto on Monday. FRED LUM/THE GLOBE AND MAIL

SEAN SILCOFF JAMESON BERKOW

Canada needs to facilitate ways for global capital giants to invest in domestic mid-market deals, financiers and CEOs from some of the top tech companies said Monday at a forum hosted by the country's private capital association.

The day-long conference held at Toronto's waterfront and hosted by the Canadian Venture Capital and Private Equity Association (CVCA) was one of the most prominent side events to Prime Minister Mark Carney's Canada Investment Summit this week.

The CVCA's Canadian Global Growth Forum drew hundreds of attendees, among them national investors, foreign capital providers, politicians and prominent Canadian founders including CEOs of

Wealthsimple Financial Corp., Cohere Inc., Waabi Innovation Inc. and Xanadu Quantum Technologies Ltd.

While the Prime Minister is highlighting big infrastructure projects seeking investment at the summit, the CVCA event focused on smaller-scale opportunities that dominate the deal flow in Canada. A delegation from the United Arab Emirates held closed-door meetings with attendees, and the CVCA set up other curated meetings between investors and attendees.

Canada is “a very trustworthy partner,” said Cohere CEO Aidan Gomez, who is pitching his AI company as an alternative to U.S. giants. “That brand is something Cohere wants to protect on the world stage with AI.”

But Mr. Gomez also said a culture change is needed, and that Canada should be more ambitious.

Brookfield executive chairman of private equity Cyrus Madon told the conference the trade war was “the greatest gift that anybody could have given our country,” as it is “forcing us to focus on what really matters,” including attracting capital and growing GDP.

Canadian sovereign pride played well in the room, which was predominantly attended by CVCA members.

Manitoba Premier Wab Kinew kicked off the forum with a land acknowledgement during which he defiantly noted, to applause, that the event was being held on the shore of Lake Ontario. (President Donald Trump recently signed an executive order for the U.S. government to rename it Lake America.) "We are at a time of nation building," Mr. Kinew said.

Several attendees called for changes to make Canada more appealing to foreign investors.

FORUM, B10

MANUFACTURING U.S. tariffs, cheap Asian imports wreak havoc on South Africa's auto industry ■ B6

LULAMA MAU MAU/ THE GLOBE AND MAIL

TECHNOLOGY Edmonton startup Artificial Agency brings AI to the \$214-billion video-game market ■ B3

INVESTING U.S. benchmark bond yield breaches 5% as oil and inflation worries mount ■ B11

Global funds need certainty on investment projects, CEOs tell conference

STEFANIE MAROTTA JAMES BRADSHAW

Top CEOs and finance executives told a room of more than 200 people – including pension fund managers, investors and bankers

- that Canada does not lack access to capital, but lacks the measures to create investable projects.

California-based think tank the Milken Institute held its first conference in Canada on Monday, gathering top senior business leaders in Toronto before Prime Minister Mark Carney's global investment summit got under way.

Canada will need to provide streamlined regulatory requirements, less complicated taxation and more efficient approvals processes to convince investors that these projects are worth betting on, speakers at the conference said.

"The difficulty of building stuff in Canada is the reason that you're not seeing it, rather than the absence of capital," Fitch Ratings global analytical head Jeremy Carter said.

While companies can manoeuvre around complications that arise, they cannot strategize their way through regulatory uncertainty, he added. ■ INVESTMENT, B10

Bell considers big increase in Saskatchewan data centre footprint

IRENE GALEA

BCE Inc. is planning to quadruple the capacity of its artificial intelligence data centre operations in Saskatchewan, with ambitions to provide up to 1.2 gigawatts of compute power across three new facilities in the province through a series of investments that could top \$5-billion.

The expansion, proposed through a non-binding memorandum of understanding with the province, would build on the company's current 300-mega-watt project currently under construction in Sherwood, Sask., and will follow the same structure, in which Bell will build the physical facility and arrange for power and internet connections. Commercial partners, meanwhile, will provide the compute technology.

The company is in “advanced discussions” with potential partners for “some of the capacity,” Mirko Bibic said in an interview. While he declined to say how much capacity was currently spoken for, he said the company “won’t have trouble over time filling the 1.2 gigawatts.”

The company made the announcement Monday afternoon at the Invest in Saskatchewan Forum in Toronto with chief executive officer Mr. Bibic, Saskatchewan Premier Scott Moe and Prime Minister Mark Carney. BELL, B10

COMPANIES

ENGHOUSE SYSTEMS ....B12 MICROSOFT ....B6 RB GLOBAL ....B12 ROGERS ....B12 ROYAL BANK OF CANADA ....B2 TRANSAT ....B12

HOCKEY Canadiens sign head coach Martin St. Louis to a multiyear extension ■ B14

President and CEO of Capital Power Avik Dey, seen speaking during the Intersect 26 conference in Calgary in May, expects conversations between CEOs and global investors will outline the benefits of being in Canada. TODD KOROL/THE GLOBE AND MAIL

Canada still needs to remove regulatory roadblocks, CEO says

Act of transforming business enthusiasm into final investment decisions will be the real challenge at Carney's summit, Dey says

EMMA GRANEY ENERGY REPORTER

Transforming the enthusiasm of business and political leaders into final investment decisions will be the real challenge at the Canada Investment Summit this week in Toronto, says Capital Power chief executive officer Avik Dey.

Prime Minister Mark Carney first announced plans for the summit in April, saying it will focus on attracting new investment from domestic and global players for nation-building projects. It is part of his stated effort to broaden Canada's economic ties in order to reduce its dependence on trade with the United States.

The business community is on board with that ambition and committed to big projects, but catalyzing it into final investment decisions and shovels in the ground means busting through Canada's multiple layers of bureaucracy and regulation, Mr. Dey told The Globe on Monday.

Ottawa's Major Projects Office goes some way toward doing that, but lacks the teeth to say, “These are the projects we're supporting, and here's how we're going to push them through to approval,” he said.

Mr. Dey spent Sunday evening at an invite-only reception at the Royal Ontario Museum. There, nearly 500 guests from sectors such as banking, mining, pension funds and technology rubbed shoulders with federal and provincial politicians ahead of the summit.

He described the event as something of a “rallying cry;” a chance to say, “Let’s put our game face on, and let’s not lose this opportunity” to get major projects built.

"I've been in finance and energy my entire career, working around the globe, and I've never seen a room like that assembled last night of Canadian business leaders, policy makers, the federal government," Mr. Dey said.

“It was very inspiring as a Canadian to be in that room.”

Mr. Dey comes to the event in something of a unique position. When he meets with investors, he'll be tapping his experience on their side of the table from when he worked in private equity and pension investments.

He expects conversations between CE-Os and global investors will outline not just potential projects, but the benefits of being in Canada; namely, the country's security of law, proximity to markets and a regulatory body that, "if you can navigate it, gives you security of outcomes."

Officials organizing the Canada Investment Summit identified more than 160 projects in various stages of development that are open for investment, including a proposed \$10.9-billion high-speed rail link between Edmonton and Calgary and a planned \$57-billion Port of Churchill expansion project.

Capital Power was on that list for a proposed US\$2-billion to US\$6-billion expansion of its Genesee electricity generation station site near Edmonton. The project would make the site a “major power generation and energy storage hub capable of supporting large industrial and data centre demand.”

The 66-page “prospectus” booklet, shared with summit attendees ahead of the event, was framed as “a snapshot of the diverse opportunities available across multiple asset classes, sectors and stages of development.”

Yet the next two days are “just the tip of the iceberg,” Mr. Dey said.

Global investors will be in Toronto “excited and ready” about major projects, he said. “But the deliverability of them is going to be on us.”

Guilbeault joins Quebec impact investment and pension plan alliance in postpolitics job

JEFFREY JONES CALGARY

Former federal environment minister Steven Guilbeault has landed his first post-politics job, signing on with a Quebec pension plan and impact investment fund to advise on climate, biodiversity and the social effects of environmental action.

Mr. Guilbeault, who stepped down as a Liberal member of Parliament at the end of August following a philosophical split with the government, has joined the Montreal-based Bâtirente and Fondaction Combination, the organization will announce on Tuesday.

The combination, formed in January, 2025, brought together the group pension plan established by the Confédération des syndicats nationaux as well as Fondaction. The latter is a \$4.5-billion labour-sponsored impact fund, which focuses on sustainable investments.

Mr. Guilbeault said he was attracted to the opportunity because the organization aligns with his own environmental and social values. He will be an executive adviser in a role that will involve using his contacts in numerous sectors and environmental experience to develop relationships with stakeholders in Quebec, across Canada and internationally.

"I think one could easily argue that they are definitely one of the most progressive of Canadian funds out there, and I'll be happy to help them evolve and implement the vision that they have," Mr. Guilbeault said.

That involves seeking financial returns from business opportunities that advance United Nations Sustainable Development Goals, including such objectives as expanding clean energy, protecting biodiversity and oceans, and promoting environmentally friendly production and consumption.

"There are very few countries that have not adhered to the SDGs. Now, how many of them are putting them in place and working day in and day out to do that is another story. But I think, at least in theory, we all agree with this, and what I like about Fondaction is that it's not just theoretical in their case. It's very day-to-day; it's very on-the-ground," he said.

He will serve in the role part-time, and is exploring other opportunities, he said.

Stéphan Morency, chief executive officer of Fondaction and the Bâtirente and Fondaction Combination, said Mr. Guilbeault has established himself as a leading voice on the environment as an activist and decision-maker who will broaden the fund's perspectives.

“His ability to drive ideas forward, build bridges between different groups, and mobilize support around complex issues will be a valuable asset as we move forward with the next stages of our development,” Mr. Morency said in a statement.

He and Mr. Guilbeault will attend Climate Week NYC, being held Sept. 20 to 27.

Mr. Guilbeault was elected as a Liberal in the Montreal riding of Laurier-Sainte-Marie in 2019 after more than two decades in the world of environmental activism. As minister of environment and climate change, he championed the climate policy focus under former prime minister Justin Trudeau, including industrial and consumer carbon pricing and a proposed cap on oil and gas emissions.

That made him a frequent target of derision among governments of provinces with large conventional energy industries, notably Alberta and Saskatchewan.

Mr. Guilbeault left Prime Minister Mark Carney's cabinet last November after the government signed a memorandum of understanding with Alberta Premier Daniel Smith to advance a new multibillion-dollar oil pipeline to the Pacific Coast and softened other climate policies. In May, he announced his resignation as an MP.

One example of what he wants to accomplish at Bâtirente and Fondaction is building up the Value Nature Fund, a \$480-million investment vehicle focusing on regenerative farming and forestry. Fondaction and Dutch sustainable investor Triodos Investment Management launched the fund last spring, with the former committing \$25-million.

It is one of the largest private-sector funds directed at nature conservation, Mr. Guilbeault said. He intends to discuss the fund with potential investors and other contacts while at New York climate week.

Meanwhile, there are several promising renewable energy and cleantech projects in the dealbook assembled for the Carney government's two-day Canada Investment Summit that wraps up Tuesday in Toronto, Mr. Guilbeault said. However, he remains opposed to the expansion of fossil fuels, which other proposals on the list promote.

"I continue to disagree with that, but I've tried to be careful in my public commentary to not throw the baby out with the bathwater," he said. "I think that the government is still doing things to fight climate change – nowhere near to the level that the previous government was. So yeah, I'd say mixed bag."

Canada inflation holds at 3%

BRETT BUNDALE

Canada's inflation rate held steady in August, suggesting higher energy costs have yet to spill over significantly into broader consumer prices.

The Consumer Price Index report released Monday by Statistics Canada showed the annual rate of inflation was unchanged at 3 per cent last month.

The inflation reading was in line with economists' forecasts and could ease speculation of a Bank of Canada rate hike next month, said Benjamin Reitzes, BMO's managing director of Canadian rates and macro strategist.

He said there was little in the inflation report to push the central bank toward an interest-rate increase, potentially cooling market expectations of an October hike.

However, oil prices continued to be a real problem, which could “drive angst among policymakers and concern that it’s just a matter of time before we get some spillover into broader inflation,” Mr. Reitzes said in a note.

Financial odds of a hike at the central bank's Oct. 28 meeting have jumped over the past week or so to 60 per cent as of midday Monday, according to LSEG Data & Analytics.

The conflict in the Middle East continued to drive up gasoline prices in August but just at a slower pace, with prices up 22.8 per cent compared with 25.7 per cent a month earlier, StatCan reported.

Excluding gasoline, consumer prices rose 2.4 per cent last month.

The slowdown in rising gas prices was offset by higher costs for rent, travel tours and air travel.

Canadians paid more for travel amid rising fuel surcharges and as airlines adjusted to the sharp decline in Canadian travel to the United States in 2025, the agency said.

Rent prices also trended higher, increasing 2.8 per cent year-over-year in August, up from 2.5 per cent in July.

Consumers found some relief at the grocery store as food prices rose more slowly than overall inflation for the first time since July, 2024, climbing 2.8 per cent year-over-year, according to StatCan.

Prices for dairy products such as cheese and yogurt led the deceleration in grocery prices. Stat-Can said dairy prices rose 0.7 per cent in August compared with a 3.1 per cent rise in July.

Smaller price hikes for pork, condiments, spices and vinegars also added to the year-over-year slowdown in grocery inflation.

Still, overall food affordability is a challenge for households, Royal Bank of Canada economist Abbey Xu said.

"The direction has been somewhat more encouraging recently," she said in an interview. "We have seen food inflation overall ticking slightly lower for several months.

“But consumers might still feel it’s expensive to fill up their gas tanks and go to the grocery store,” Ms. Xu added.

“We’re seeing improvements but it doesn’t really make the household cost of living pressure any less significant.”

Consumers paid less for clothing in August, with annual prices edging down 1.1 per cent last month due to a 2.3-per-cent drop in men's clothing prices and a 1.9-per-cent decline in children's clothing.

Across Canada, the Atlantic provinces had the highest rates of inflation in August, with prices accelerating in Nova Scotia, Prince Edward Island and Newfoundland and Labrador, Statistics Canada said.

Overall, the August inflation data was “fairly reassuring” with core measures remaining around the Bank of Canada’s 2-per-cent target and limited evidence that higher energy costs were spreading to other consumer prices, Ms. Xu said.

Yet the outlook for inflation and interest rates depends largely on how persistent higher energy prices prove to be, she said.

THE CANADIAN PRESS

FLAIR AIRLINES SECURES \$76-MILLION IN AID FROM OTTAWA AS FUEL COSTS SOAR

The federal government has approved \$76-million in emergency aid for Flair Airlines as the high price of jet fuel continues to bleed money from carriers.

Flair chief executive officer Len Corrado said in an interview the financial lifeline shows that government officials “recognize the severity of the problem” and want to keep the industry competitive. The Canada Enterprise Emergency Funding Corp. says it approves bailout loans to offset soaring fuel costs and make

airfares more affordable. The Crown corporation says the loan must be repaid within four years, with interest that sits below market rates.

Air Transat parent Transat A.T. Inc. has secured \$430-million in financial aid since the Iran war began in late February. THE CANADIAN PRESS

Edmonton-based Artificial Agency to bring AI to video games with first title next year

Company partners with Owlchemy to build custom model to determine actions of non-player characters

JOE CASTALDO

Andrew Eiche, chief executive of gaming studio Owlchemy Labs, had been puzzling over how to make a single-player version of one of the Austin-based company's virtual reality titles. Called Dimensional Double Shift, the game is designed for groups of friends to inhabit characters that serve customers at an interdimensional diner and garage. Everything the company had tried made the gameplay worse, and the collaborative element was lost when reduced to single-player mode. Maybe artificial intelligence could help, Mr. Eiche wondered.

At an industry conference last year, he found an answer when he met Artificial Agency, an Edmonton-based startup bringing AI to the US\$214-billion video game market.

The company has partnered with Owlchemy, which is owned by Google, to build a custom AI model to determine the actions and responses of non-player characters in Dimensional Double Shift, resulting in an interactive experience for single players that could not be achieved if every movement and response was hard-coded in a traditional way. "They can understand your intention. They can co-operate with each other. They can goof off with you. And you can have this multiplayer experience with AI," said Brian Tanner, chief executive officer and co-founder of Artificial Agency.

Targeted for release next year, the AI-powered single-player mode marks the first commercial application of Artificial Agency's technology in a video game since the company launched in 2024.

The company's four founders, including Alex Kearney, Michael Johanson and Andrew Butcher, have extensive experience in AI and previously worked for research lab Google DeepMind in Edmonton. After the tech giant shut down its Alberta outpost in 2023, the foursome spun up Artificial Agency. (Mr. Johanson and Mr. Butcher have since left for

Two of Artificial Agency's four founders, CEO Brian Tanner, left, and Alex Kearney, have extensive experience in AI and previously worked for research lab Google DeepMind in Edmonton. The AI-powered single-player mode marks the first commercial application of the company's technology in a video game since it launched.
JASON FRANSON/ THE GLOBE AND MAIL

The characters in Dimensional Double Shift were designed by humans, while the dialogue was scripted by writers and recorded by voice actors.

roles at the University of Alberta and Google DeepMind, respectively.) The company has also raised US\$16-million from investors, including Radical Ventures, which has backed many of Canada's most promising AI companies, such as Cohere Inc. and Waabi Innovation Inc.

Mr. Tanner said Artificial Agency made significant progress over the summer on its technological approach and has been able to train custom AI models that are small enough to run on local devices, such as a smartphone or a gaming console. That significantly reduces costs compared to running advanced foundation models from OpenAI and Anthropic.

“Foundation models are quite expensive, so us cracking how to make game-specific models that are efficient enough to deploy them in a way that studios don't have to change their monetization and go-to-market strategy is a huge game-changer,” said Ms. Kearney.

Artificial Agency fine-tuned an open-weight model using gameplay data from Dimensional Double Shift, which can run at about 1 per cent of the cost of a frontier

AI model, according to Artificial Agency. (Open-weight models are free for developers to modify, unlike proprietary models.) The company expects to take a similar approach with other studios. In June, it hired Greg Canessa – who previously worked at Activision Blizzard and gaming divisions at Microsoft, Sony and Google – to serve as chief operating officer and expand its commercial operations.

The use of AI is contentious in creative industries, and gaming is no exception. A state of the industry report tied to the GDC Festival of Gaming conference this year found that 52 per cent of professionals said that generative AI is having a negative effect on the field, up from 18 per cent two years ago. Visual and technical artists held the most unfavourable views of the technology.

Some titles have courted controversy by using AI. Arc Raiders, a popular title from Swedish developer Embark Studios, initially used some AI-generated voices for characters before the company rerecorded dialogue with humans. "A real professional actor is better than AI," Embark CEO Patrick Söderlund told trade publication GamesIndustry.biz in March. Gamers also spotted seemingly AI-generated assets this year in a preview for another title, 1666: Amsterdam, prompting an apology from developer Panache Digital Games, which called the matter an oversight.

Artificial Agency's approach is different. "We are not doing any generative content that replaces work or that puts human game designers or technicians out of a job," Mr. Tanner said. The characters in Dimensional Double Shift were designed by humans, while the dialogue was scripted by writers and recorded by voice actors. Artificial Agency's technology decides which preset actions and dialogue the AI characters will take based on what the human player is doing and saying.

Mr. Eiche at Owlchemy said any studio looking to adopt AI will have to decide how much freedom to give the technology to shape events in a game. AI can create new possibilities, but also risks straying from a designer's intent. "We want precise authorial control over large parts of the game," he said. "The AI can do anything within its limited set of actions."

Hydro-Québec, U.S. utilities lock horns over non-payment

NICOLAS VAN PRAET

A potentially explosive legal battle has flared up between Hydro-Québec and utilities in New England after the Canadian hydropower producer suspended deliveries of electricity to the region during an extreme cold spell last winter.

Three electric utilities in Massachusetts – Eversource, National Grid and Unitil – filed a lawsuit against Hydro-Québec in U.S. federal court Sept. 8 over its decision to stop sending clean energy south over two periods totalling 12 days this past January and February. Hydro-Québec has countersued, claiming non-payment after talks between the two sides failed to yield a resolution.

Deliveries were halted little more than a week after they started under a 20-year supply contract between the utilities and the provincial Crown corporation, one of the world's biggest producers of hydroelectricity. Quebec was dealing with its own cold snap at the time.

The dispute threatens to undermine the relationship between Quebec and neighbouring U.S. states and weaken the increasingly closer ties forged with over the years as governments seek cleaner and more reliable sources of power. It also comes amid a wider trade conflict between the two countries – one in which energy has been floated as a potential weapon.

Hydro-Québec says it pulled back power deliveries, flowing on a transmission line known as the New England Clean Energy Connect, under “emergency reliability curtailments” to protect the safety and reliability of the grid. It says the prolonged and life-threatening cold weather at the time amounted to a “force majeure” event that suspended its obligations under the U.S. contract.

The Massachusetts utilities counter that Hydro-Québec is under an obligation to deliver “firm” and “uninterrupted” power under the pact, which it failed to do. “Most troubling,” they say in their lawsuit, “the interruptions were imposed in a discriminatory, discretionary and non-transparent manner.”

Hydro-Québec's conduct and public statements in the months since the interruptions signal that it "will continue interrupting service" under the power purchase agreements as it sees fit, the utilities charge. They're claiming US\$40 million in damages and offsets, which include costs incurred having to buy higher-priced electricity generated from oil-fired operations.

Hydro-Québec doesn't deny the service interruptions, but says they're legal. It says it delivered more than one million megawatt-hours of power to the three energy companies in January and February in all – US\$50-million worth of power the utilities haven't paid for. Instead, the company says they've “deliberately withheld” the funds they owe as a form of compensation for the costs they incurred when the Quebec power was not available, calling the tactics “an inappropriate form of self-help.”

“Hydro-Québec’s position is straightforward: The electricity was delivered and received and therefore must be paid for,” Lynn St-Laurent, a company spokesperson, said in an e-mail. “Hydro-Québec is asking the courts to enforce the parties’ contractual obligations.”

Power deliveries to New England continue as normal, Ms. St-Laurent said. Hydro-Québec remains “a reliable supplier” of renewable energy and a long-term partner in the Northeastern United States, she said.

The contract with the Massachusetts utilities is one of three long-term supply agreements Hydro-Québec has with U.S. states. The utility also supplies Vermont and New York, the latter under a new transmission line called the Champlain Hudson Power Express that went live for commercial operations in May.

Critics have questioned whether Hydro-Québec, and by extension the Quebec government, made the right move in signing these long-term export pacts given it faces increasing demand in its home market and pressure on its power-generation resources. The utility is dealing with a drop in its northern water reservoirs that it hasn't experienced since the 1960s.

U.S. Fed's table is set for a rate hike this week, a first under Warsh

the chairman goes through that balancing act."

ANN SAPHIR MICHAEL S. DERBY

A week ago, there was far less certainty about this week's outcome.

Federal Reserve chair Kevin Warsh dislikes giving any guidance about the likely path of U.S. interest rates, but elevated inflation, US\$100-a-barrel oil, and his own emphasis on the need to deliver price stability and to pay attention to signals from financial market pricing appear to leave little doubt about what's next.

The U.S. central bank will announce its policy decision at 2 p.m. EDT on Wednesday after the end of a two-day meeting. Financial markets are betting heavily that Fed policy makers will lift their benchmark rate a quarter of a percentage point, to a 3.75-per-cent to 4-per-cent range, and signal further tightening ahead.

Such a decision could land Mr. Warsh, who has run the Fed's rate-setting committee since starting the job in May, in a tight place. U.S. President Donald Trump picked Mr. Warsh with the explicit expectation that he would cut interest rates, but so far has not blamed him for failing to deliver, saying it is the fault of his “political” fellow central bankers. It’s not clear how the President would react to a rate hike so soon before November elections in which Mr. Trump’s Republican Party is defending slim majorities in Congress.

A decision to raise rates, especially if accompanied by policy maker projections for another increase this year as some analysts now expect, could also force Mr. Warsh into delivering at least a bit of a steer on the rate path and his own expectations for the economy – unless he is comfortable with leaving the door wide open to further increases.

“Warsh will also need to walk a fine line in his remarks if he still aims to provide no forward guidance,” TD Securities economist Oscar Munoz wrote. “If the Fed decides to tighten policy, he will certainly be asked about future rate hikes. It is fairly clear to us that more tightening would be in the pipeline if the Fed goes the hiking route in September. It will be interesting to see how

“Give disinflation a chance,” quipped Fed governor Christopher Waller at a REUTERS NEXT event in early September, citing cooler inflation readings in June and July that appeared to carve a path toward the Fed’s 2-per-cent goal within a reasonable time frame. “I think that we have to wait and see,” New York Fed president John Williams said earlier this month.

But hotter-than-expected inflation readings last week may disappoint both Mr. Williams and Mr. Waller, and add to the dismay of the three regional Fed bank presidents – Cleveland Fed's Beth Hammack, Dallas Fed's Lorie Logan, and Minneapolis Fed's Neel Kashkari – who already in July felt the Fed ought to be raising rates and dissented on the decision to hold steady instead. Several other Fed policy makers have said they need to see disinflation “soon” or they too would support a rate hike.

U.S. consumer price inflation excluding energy and food, a key measure of underlying inflation, rose 0.3 per cent last month from the previous month, the Bureau of Labor Statistics reported, far more than is consistent with inflation at the Fed's 2-per-cent goal. Coupled with oil prices that have soared above US\$100 a barrel amid renewed hostilities in the Middle East, the latest data won't add to confidence that underlying inflation is moving toward 2 per cent "clearly and at sufficient speed," as Mr. Warsh told global central bankers in Jackson Hole, Wyo., last month that he wanted to see.

"At the end of the day the chair's repeated stern warnings on inflation intolerance risk institutional credibility absent some action to back it up," said JPMorgan economist Michael Feroli, who projects the Fed will raise rates on Wednesday although he thinks it's a "closer call" than the 85-per-cent chance or so priced in by futures markets.

REUTERS

Canada must capitalize on investment summit

Windows of opportunity do not stay open indefinitely. Capital moves, and Canada must move with it

JOHN GRAHAM

OPINION

President and CEO of CPP Investments

Canada has captured the world's attention.

The country has not fundamentally changed overnight. But its strategic value has. The world now places a higher premium on qualities Canada has built over decades.

Today, investors are putting a much higher premium on resilience, secure supply chains, reliable energy, trusted partners, policy predictability and geopolitical alignment.

These are long-standing Canadian strengths. And, in today's volatile world, the value of those attributes has risen steadily. Canada is also making the pragmatic choices needed to compete, such as balancing economic growth, energy security and responsible development, while working across governments to advance projects of national importance.

In a more polarized world, the ability to balance competing priorities and make durable decisions is itself an advantage.

That's why 100 of the largest global investors have arrived for the Canada Investment Summit on Monday, hosted by the Government of Canada in partnership with CPP Investments and PSP Investments.

The summit unites global investors with Canadian business leaders and governments to turn that attention into action. It is also an example of something Canada does particularly well when we are at our best: Bringing governments, institutions and businesses together around shared national opportunities.

CPP Investments itself was built through federal-provincial co-operation and has become one of the world's leading institutional investors. The summit offers another opportunity to bring that collaborative instinct to the challenge of attracting global investors who are now curious to learn more about Canada.

The question is: What will it take for global investors to commit more capital and build partnerships in Canada?

Sophisticated investors weigh multiple attributes in deciding where to allocate long-term capital and research shows a predictable and stable policy environment is a top driver. About this specifically, Canada is graded an A+ by global investors, and we must play to our strengths and build from there.

Increasingly, countries are competing for capital by showing how their strengths in different sectors work together to support big development initiatives. That's because the largest investors are often now looking for a combination of energy, infrastructure, technology, resources, financing and skilled talent that can support projects large enough to absorb capital at scale.

Canada has this unique combination. The task is to connect these strengths and translate them into a deeper investment pipeline, positioning Canada's traditional advantages as the foundation for the further development of conventional and renewable energy and strategic infrastructure.

That would not only benefit new investors but also longstanding domestic players, such as CPP Investments. A more dynamic and competitive market in Canada will create more opportunities for us and other Canadian investment managers, while helping to build or strengthen partnerships at home and abroad.

During the two days of the summit, investors from around the world will learn that Canada is simplifying how decisions get made and that governments, Indigenous partners, operators and investors are working together and moving with greater urgency.

Canada has a window to turn its growing strategic value into investment, partnerships and economic growth at home. But windows of opportunity do not stay open indefinitely. Capital moves, and Canada must move with it.

The Canada Investment Summit has a rare chance to seize the day and build on the world's interest. Our success will ultimately be measured by what follows: Investments evaluated, projects advanced, partnerships formed and capital committed.

Canada has captured the world's attention. Now we must make the most of it.

'Associate member' of the EU? Why not, Canada?

CHRISTOPHER WORSWICK

Prime Minister Mark Carney, centre, is welcomed to the European Council building by António Costa, president of the European Council, right, and Ursula von der Leyen, left, president of the European Commission, for the Canada EU Summit in Brussels in 2025. SEAN KILPATRICK/THE CANADIAN PRESS

OPINION

Professor of economics at Carleton University and a fellow of the Global Labor Organization

Prime Minister Mark Carney is pushing for Canada to substantially deepen ties with the European Union. In his talks with the EU, the title of “associate member” has been floated, as first reported by The Wall Street Journal.

There is no such thing as an associate member yet. So, if Mr. Carney's plan comes to fruition, it's a relationship that is still very much to be defined. A source told The Globe and Mail Mr. Carney wants to forge deeper trade, investment, security, data, academic and labour ties, without sacrificing autonomy. Not much else was provided in terms of details.

While it is difficult to evaluate something without knowing all of the facts, this would be a major step that has broad implications for our economy.

U.S. President Donald Trump would no doubt be displeased by Canada's getting closer to the EU. And we don't know if that can actually be accomplished. What we have now is a free-trade agreement with the EU that 10 countries – including France and Italy – are yet to ratify, which is not encouraging in terms of finding a way to integrate our economies fully.

But taking into account both the benefits and costs, there exists considerable potential for EU associate membership to be a net win for Canada.

In an influential study, the economist John Kennan used a standard economic framework to argue that worldwide GDP could rise by 50 per cent as a result of removing all labour market barriers. Integrating the Canadian and EU labour markets would not have such large benefits but they still could be significant. Also, integrating student exchange programs and research programs between Canada and the EU could greatly benefit both economies.

Integrating our military production with the EU would benefit our industry since Canadian manufacturing is struggling with the Trump tariffs. In fact, the proposed sale of the Stellantis factory in Brampton to Roshel, announced on Friday, is strong evidence that Canadian manufacturing could benefit greatly if we were part of the EU's defence procurement program. Roshel produces armoured vehicles. If Canada were part of EU defence procurement, we might see the commercial demand that would justify using defence manufacturing to replace declining auto manufacturing.

A major concern related to becoming an associate member of the EU is whether it would make it more difficult to further develop our oil, gas and mining capacity owing to stringent restrictions on carbon emissions. But the EU seems to want countries such as Canada to expand supply of these commodities. So, I would expect a satisfactory arrangement could be made allowing Canada to have higher than normal carbon emissions.

Would the EU tolerate our provincial restrictions on trade and labour mobility given that equivalent restrictions are not allowed within the EU? Probably not and it actually could be a really good thing for Canada. It may be possible for Ottawa to sell the idea to the provinces to agree to meaningful liberalization of trade and labour mobility, if it allowed Canadians to work in the EU and students to study there with reciprocal rights. These domestic restrictions are a major drag on the Canadian economy.

The European bureaucracy and complex regulations spring to mind as a key cost. It is possible that EU red tape might further slow innovation in Canada, but the reality is that we already have a lot of red tape and slow innovation, so negotiations may not lead to much growth in red tape. It could in fact lead to less red tape because Canada, which has resolved to cut red tape, has the potential to nudge the EU bureaucracy in a better direction.

This seems especially plausible if Canada's membership is the first domino to fall with other developed liberal democracies, such as Britain, Japan, South Korea, Australia and New Zealand exploring the same.

Given our geography and recent history with free trade with the United States, further southward integration would make more sense and likely lead to larger benefits than associate member status with the EU could. However, with Washington's hostile turn, it is difficult to see this as being possible, or even desirable, in the near future.

However much U.S. President Trump would be displeased by Canada's closer ties to the EU, it is unclear that he would further punish us in terms of tariffs, for fear of a backlash by his own voters already worried about affordability.

Mr. Carney should continue to pursue closer ties with the EU.

Canada should get closer to the EU. But remember our history, and mind the gap

TONY KELLER

OPINION

In the early 1930s, the Canadian economy took a double-fisted beating.

First, the Great Depression delivered a worldwide slump. Global demand for Canada's exports was low and falling, as were the prices buyers were willing to pay.

The United States compounded the disaster by embracing protectionism. It passed the Smoot-Hawley Tariff Act. No country was more targeted than Canada, because the U.S. was our biggest customer.

Ottawa responded to U.S. tariffs with countertariffs. (History repeats, and it rhymes.) But at the same time, Prime Minister R.B. Bennett sought closer economic ties with Canada's second-largest trading partner. He proposed that Britain, and the rest of the Commonwealth and Empire, form a trade bloc, with reduced tariffs among members.

It was not an unreasonable idea: If your biggest customer is building walls against your exports, try to shift business elsewhere. If your best customer is discriminating against you, find friends willing to discriminate in each other's favour.

Today, the global economy is not mired in a depression. Nor are Canadian exports suffering from a worldwide evaporation of demand or a related collapse in prices. The world price for oil, Canada's biggest export, is north of US\$100.

But we share a problem with the Canada of the 1930s: Our main trading partner is building barriers to our exports. Washington also talks constantly about raising new impediments.

What's more – there was nothing like this during the Depression – the current U.S. President often positions his actions as being designed to harm this country, reduce our industrial capacity and diminish our sovereignty.

With our best friend having turned heel, it only makes sense for Prime Minister Mark Carney to try to draw closer to Canada's No. 2 partner.

The European Union is Canada's second-largest trading relationship and second-largest source of foreign investment. Its member states are also our NATO allies.

In the words of a recent press release from Mr. Carney's office, he wants to “strengthen Canada’s ties with European partners.” It’s not entirely clear what that means, or if there might be any negatives along with the positives.

Canada already has a free-trade agreement with the EU, the Canada-European Union Comprehensive Economic and Trade Agreement (CETA). It hasn't been ratified by all EU members, but it is provisionally applied. With Britain, Canada has the Trade Continuity Agreement, or TCA, which extends most of the terms of CETA to that country, even after it left the EU.

Canada also has a free-trade agreement with the European Free Trade Association (EFTA) – Iceland, Liechtenstein, Norway and Switzerland. These countries are outside the EU yet have a toe, or a foot, inside it.

For example, there is border-free movement of goods and people between Norway and the European Union. Norway contributes indirectly to a fund that benefits poorer EU states, a bit like Canadian equalization. Norway has also adopted many EU laws and regulations.

Would Canada want a relationship with the EU like Norway's? I think the best answer is a strong yes to many aspects, and a hard no to others.

The fact that our trade with the U.S. is more than five times as great as our trade with the EU is largely a function of geography. It's cheaper to ship Canadian-made car parts to Detroit than to Germany; it's cheaper to ship oil from Alberta to the U.S. Midwest than to Poland.

However, to the extent that the U.S. border becomes thicker, imports and exports will have an incentive to flow in other directions. Removing any remaining barriers to European trade and investment, while boosting co-operation in other areas, makes infinite sense, given the erecting of barriers along the Canada-U.S. border.

Canada has also joined the EU's Security Action for Europe (SAFE) initiative, which means that Canada is partnering with Europe to stand up a stronger defence industry. This aims to embed Canadian industry within European defence development and procurement, and vice-versa.

It's something Canada has long done in concert with the U.S. Time to hedge our bets.

The prospect of a closer economic relationship with the EU could also give Ottawa the leverage to knock down interprovincial trade barriers. External pressure to prod Canada into turning itself into a single market for goods, services and labour would be welcome.

What Ottawa should avoid is a surrender of sovereignty. The original Canada-U.S. Free Trade Agreement, negotiated in the late 1980s, created an economic partnership, and built on an existing security and defence partnership. But it left the two countries entirely independent politically and constitutionally. Europe, with a different history and needs, went a different route. It created a political confederation, a still deeply unsettled United States of Europe.

What Canada had with the U.S. (and may one day have again) should be the model for a stronger Canada-Europe relationship. No less, but no more.

R.B. Bennett's scheme to pick up the slack from the loss of American trade is barely remembered today. But from 1932 to 1938, before Washington came to its senses and began to lower tariffs, Britain surpassed the U.S. as the top purchaser of Canadian goods.

It wasn't a crazy idea then. It's an even better idea now.

National Payroll Week

Tuesday, September 15, 2026

Recognizing how payroll professionals help employees pursue goals and reach milestones

National Payroll Week 2026 is highlighting the ways in which payroll professionals apply their credentials and expertise to help employees strengthen their financial well-being. HIRUN VIA GETTY IMAGES

Most employees would readily agree it is crucial their paycheques are accurate and delivered on time, and they acknowledge that payroll's function is very important to their lives. They may not be as aware of the added value that payroll professionals provide when they apply their expertise to solving problems or enhancing a person's financial well-being.

Christine Khatchérian, PCP (Payroll Compliance Professional), working in Montreal, Quebec, was approached by a company employee who feared they wouldn't qualify for the mortgage they were seeking.

"They needed help," Ms. Khatchérian explains. "Her lender needed accurate year-to-date figures and proof of income, and they needed it fast."

Ms. Khatchérian stepped up to create the kind of record that would put the employee on a strong footing with the lender. She worked quickly, understanding the importance of the situation. She then issued a clean employment income letter with accurate, reconciled figures that demonstrated the employee's stability.

"She came back a week later with tears in her eyes; she had been approved for her first home," Ms. Khatchérian says. "She told me, 'I didn't think payroll had anything to do with dreams, but you proved me wrong.'

"That moment reminded me why payroll matters: we don't just process numbers; we safeguard people's milestones."

"Milestones" is the theme of this year's National Payroll Week, held annually during the third week of September to recognize the contributions of payroll professionals and the important

“

She told me, 'I didn't think payroll had anything to do with dreams, but you proved me wrong.' That moment reminded me why payroll matters: we don't just process numbers; we safeguard people's milestones.

Christine Khatchérian PCP (Payroll Compliance Professional)

role they play in keeping the economy moving.

"This year, we're highlighting the moments made possible by payroll," says Peter Tzanetakis, president and CEO of the National Payroll Institute. "Whether it's finally booking that dream vacation, faithfully saving towards your retirement, obtaining the necessary paperwork to secure your first home or making sure you're covered while on parental leave – payroll professionals have your back in some of life's biggest moments."

The campaign was originally inspired by story from a National Payroll Institute member. When an employee had maxed their CPP contributions for the year, the member suggested that he put that extra money that was now going to appear on his net pay into a savings account. He followed her advice

and, later that year, came to show her the engagement ring he was able to buy, in part, thanks to those additional savings.

Throughout the campaign, payroll professionals have shared their own stories and the milestones they have supported.

"The stories have been incredible, and they speak to how much impact payroll professionals have on employees' lives," says Mr. Tzanetakis.

"Payroll is often believed to be a back office function, rather than a career. Some believe it's as easy as pushing a button. But that's simply not the case," he says. "There are incredibly talented, caring, compassionate professionals behind Canadians' paycheques, and bringing that realization to more people is what National Payroll Week is all about."

PAYROLL SUPPORTING MILESTONES: ONE STORY

"Early in my tenure with the company, I had the opportunity to assist an employee who was a single mother. During a review of her benefits, I noticed she was not maximizing the employer contributions available through the retirement plan. We spent time discussing her options, and she was able to increase her contributions and take full advantage of the employer match. Back then, it seemed like a small act of support, but it would prove to have a lasting impact on her future.

Fifteen years later, shortly after her retirement, she reached out to thank me. She shared that she had successfully achieved the retirement goals we had discussed years before and expressed how grateful she was for the guidance she received early in her career.

[This experience] ... reminded me that our work can have a profound impact on people's lives far beyond payroll and benefits administration."

Shared anonymously for the National Payroll Institute's Milestones campaign.

During life's big moments.

Payroll professionals have your back.

NATIONAL PAYROLL INSTITUTE

payroll.ca

Big trouble in South Africa's motor city

Men work in a scrap-metal yard in Kariega, South Africa, in late August. The country's auto sector hub faces an unemployment crisis, a rising crime rate and a deterioration of basic services that include water and electricity. LULAMA MAU MAU/THE GLOBE AND MAIL

U.S. tariffs and cheap Asian imports have undermined the country's automotive industry

GEOFFREY YORK AFRICA BUREAU CHIEF KARIEGA, SOUTH AFRICA

As job losses and factory closings gain momentum in South Africa's auto-industry capital, criminals are targeting a new source of revenue here: severance payments.

Laid-off workers in Kariega stay quiet about their severance payments because of the risk of attack by thieves, residents say. "If you've got even a few rand in your bank account, you'll immediately be a target," said Lindithemba Sdeba, a skills training official in the city.

South Africa's motor city is in trouble. Under pressure from cheap Asian imports and higher U.S. tariffs, the hub of the country's auto sector is facing an unemployment crisis, a rising crime rate and a sharp deterioration of basic services, including water and electricity.

For decades, Kariega was a humming industrial centre, with a strategic location just inland from the Indian Ocean port city of Gqeberha (formerly Port Elizabeth), from where its autos were shipped to the world. The two cities are part of Nelson Mandela Bay, a coastal metropolis with a population of 1.2 million.

Manufacturers such as Volkswagen and suppliers such as Goodyear built major factories in Kariega, making the city the heart of the country's auto manufacturing sector, which accounts for 5 per cent of national GDP. Thousands of cars sold in Europe every year are made here, mainly from the VW plant, the biggest on the continent.

Chinese and Indian competition, however, is ruthlessly eroding the industrial sector in the “Detroit of South Africa.” About 6,000 manufacturing jobs have been lost in Nelson Mandela Bay over the past two years, according to the local business chamber.

Three major tire manufacturers have closed their factories here since 2020, largely because of Asian tire imports. Goodyear was the latest to shut its doors, eliminating more than 900 jobs last year. Even Volkswagen has faced rumours about its future.

Until recently, about half of all cars sold in South Africa were supplied by domestic manufacturers. But today two-thirds of car sales are imports, primarily Chinese and Indian. Morocco, meanwhile, has surpassed South Africa to become the biggest automaker on the continent.

Many of the surviving manufacturers in South Africa have switched to cheaper, Asian-made components, including tires – despite anti-dumping duties imposed by the South African government. This, in turn, has devastated an entire network of industry suppliers in Kariega.

Some Chinese companies, including Beijing Automotive Industry Company (BAIC), have set up assembly operations in Nelson Mandela Bay. But their wages are much lower than those of other factories, and they import most of their components, leaving their South African plants to do mainly the final assembly and some finishing touches.

Higher U.S. tariffs, imposed by President Donald Trump last year, have also hurt South Africa's auto sector. The country's vehicle exports to the United States dropped 83 per cent last year.

"Our auto industry is in a very difficult situation," said Denise van Huyssteen, the chief executive officer of the Nelson Mandela Bay Business Chamber, which is lobbying for government measures to protect the sector.

“You can’t allow operators to come into the market when they’re only importing vehicles and displacing the local manufacturers and local jobs,” she told The Globe and Mail.

"The imports out of Asia land in this market cheaper than what can be manufactured by local suppliers. No country can compete with them. The business case doesn't work any more."

It was the Goodyear shutdown that had perhaps the biggest psychological impact on Kariega. The company was regarded as one of the better-paying employers in the city. Now its sprawling factory sits empty. At the factory gate is an auction notice from March, when the site was opened to bidding, but there is no indication of a buyer.

“It’s like someone switched off the light when we needed it the most,” Mr. Sdeba said. “So now we’re in darkness and we have to fight for survival.”

Kariega, once known as “Garden Town” for its lush vegetation, is now filled with abandoned buildings, potholed streets, broken traffic lights and crumbling infrastructure as the auto industry declines. A new sports facility was thoroughly looted, with anything of value – even the turf on a playing field – carted away by thieves.

Scrap-metal yards, heaped with parts from old cars and stolen cables, are among the few booming businesses. "You wake up one morning and your front gate is gone – they sell it for 80 rand [about \$7]," Mr. Sdeba said.

Municipal services have drastically deteriorated. The nearby township of Kwanobuhle, where many auto workers live, is plagued by water leaks that leave stagnant algae-infested pools on crumbling streets. “There’s a smell, and the kids are getting diseases,” said Noxolo Swartbooi, who lives on a street blocked by a chronic water leak. “The mosquitoes and rats are big.”

Nelson Mandela Bay loses as much as 63 per cent of its municipal water from leaks and illegal diversions – one of the reasons why some businesses have fled. Factories face unreliable water supplies and the risk of flooding. Frequent power disruptions also deter investors.

But the business chamber refuses to give up. It works with a coalition of civil society groups on “adopt a leak” programs to fix the water outages. It has similar projects to repair the damage from vandalism and cable theft at pumping stations and electricity substations. Guards and surveillance cameras are being installed to protect the infrastructure. Volunteers work at busy intersections to prevent accidents when the traffic lights are broken.

With its seaports and other assets, the city is a “Bay of Opportunities” for investors, according to the business chamber’s campaign to attract investors. It is also lobbying for government help: higher tariffs on imported vehicles, stronger anti-dumping measures, local procurement rules for manufacturers and technology incentives to help factories become more globally competitive.

Because of its auto industry history, Nelson Mandela Bay has the largest number of engineers and technical specialists in the country, Ms. van Huyssteen said. Many of those specialists are among the volunteers repairing the leaks and tackling the infrastructure crisis.

“We’ve learned how to run a city,” she said. “We believe this is the most fixable city in South Africa. It can be turned around very quickly.”

Brookfield: Maple Fund to invest in large projects with complex development needs, set up so investors can partner up

FROM B1

Mr. Carney was head of transition investing at Brookfield, as well as the asset manager's board chair, before he stepped down from those roles to run for public office.

The Maple Fund is intended to invest in large projects with complex development needs, and will be set up so that other investors can partner with CPPIB and Brookfield on investments on a case-by-case basis, the sources said.

Brookfield Asset Management CEO Connor Teskey said in an e-mailed statement that the Maple Fund “brings together two companies with a shared commitment to investing in the country’s future.”

“By combining CPP Investments’ scale and long-term capital with Brookfield’s development and operating capabilities, we believe the Maple Fund can help drive a generational investment program to invest in critical infrastructure, industries and businesses that will support the growth of globally competitive Canadian businesses," he said.

Both CPPIB and Brookfield will independently assess and underwrite each deal, and the five-year time frame is intended to be an initial commitment.

It is understood that there will not be fees or carried interest charged on investments that the two partners make through the fund, one of the sources said.

The joint agreement between CPPIB and Brookfield is among the most significant of several plans to increase investment in Canada that major banks and pension funds have announced in recent days, in the lead-up to the summit.

“CPP Investments has the capital, long-term investment horizon and expertise to pursue these opportunities, and the Maple

Fund brings together our strengths with Brookfield's strong origination and development capabilities to help move ambitious projects from opportunity to investment," Mr. Graham said in his statement.

The Maple Fund “positions us well to meet this moment and move with speed on opportunities of unusual scale and complexity when they offer compelling value for the CPP Fund,” he said.

Two years ago, Brookfield privately floated an exploratory proposal to launch a \$50-billion fund that would have sought to raise capital from major Canadian pension funds and from Ottawa.

Since then, the concept has changed and evolved, resulting in the equal partnership that will soon be announced, one of the sources said. And discussions between CPPIB and Brookfield predated Ottawa's announcement of the Canada Investment Summit.

China's top spy chief warns AI could threaten party rule

LILY KUO

China's top spy chief has warned that artificial intelligence could pose a direct threat to the Chinese Communist Party's hold on power, in what is the highest-level and most detailed articulation yet of how Beijing sees the technology's security risks.

The unusually blunt assessment by Chen Yixin, the head of China's Ministry of State Security, is in contrast to the warnings dominating the AI debate in the United States, which have focused on the possibility that AI could slip out of human control or pose a threat to humanity itself.

In an article published Sunday in the state-run magazine China Cyberspace, Mr. Chen called for more party control over AI and stricter government oversight. This, he said, was necessary to protect political stability at home; to defend against increasingly sophisticated cyberattacks and misinformation campaigns from “hostile forces”; and to compete militarily with countries like the United States.

Mr. Chen referred specifically to U.S. tech companies and their AI models – like Claude Mythos and GPT-5.5-Cyber – as examples of new threats to cybersecurity. He also described the danger that foreign intelligence agencies might use AI for “large-scale espionage” and attacks on China’s critical infrastructure.

The warning from the powerful security agency makes clear that China sees foreign AI models as an active threat to China, according to Henry Gao, a law professor at Singapore Management University. That effectively draws a red line before talks between American and Chinese officials on AI safety risks, expected before a meeting between U.S. President Donald Trump and China's leader, Xi Jinping, on Sept. 24 in Washington.

“Beijing is going into these talks viewing AI safety not as a shared humanitarian mission, but through an adversarial lens,” Prof. Gao said. It is making clear to Chinese tech firms and foreign rivals that “data sovereignty and political security will never be traded away for international safety accords,” he added.

Previous warnings from Chinese regulators have tended to focus on specific issues, such as when the Ministry of Industry and Information Technology said that it had detected a security risk in some versions of Anthropic's coding tool.

"This is now a much more broad-based sort of warning, not about a specific threat from this one model or this one vulnerability, but a broader paradigm shift in how AI will create new risk for China," said Kyle Chan, a fellow at the Brookings Institution.

NEW YORK TIMES NEWS SERVICE

MICROSOFT DRAFTS AI CODE TO GUIDE FUTURE MODELS, CURB RISKS

Microsoft Corp. on Monday unveiled a draft code of conduct for its in-house artificial intelligence that reflects growing industry concern that companies must keep future powerful AI under human control.

The document, in the works for five to six months, would require Microsoft's AI to never resist correction or shutdown, to communicate in ways that humans can understand, and to consider any conduct violation to be a failure – an effort to address concerns that AI can go to dangerous lengths to accomplish a task.

Its release comes days after Anthropic CEO Dario Amodei and OpenAI chief Sam Altman renewed calls for industry to pace AI's development to ensure its safety. “People matter more than AI,” Microsoft declared, in line with its prior vision for “humanist superintelligence.”

The code of conduct represents a constitution of sorts for future models made by the company, Microsoft AI CEO Mustafa Suleyman said in an interview with Reuters.

Microsoft fashioned it after expert consultations and now wants public feedback over six weeks, including on open questions such as whether AI should respect a user's boundaries and how it should interact with someone in a sensitive state, he said.

"After that, it's going to be used to train the models that we build," he said of the code.

The AI industry's most famous constitution is one that Anthropic laid out years ago for its Claude AI. That one differs in some ways from Microsoft's. REUTERS

Developers look to hotels for adaptive reuse

The Canadian Pacific Building, a 1913 landmark at the southeast corner of downtown Toronto's Yonge and King streets, is slated to transform into a 162-room luxury hotel operated under Marriott International. WALLACE IMMEN/THE GLOBE AND MAIL

Plans pivot from condo, office projects amid softening of markets

WALLACE IMMEN

A Toronto skyscraper that was once the tallest building in the British Empire is set to take on a new life, transforming from downtown offices into a new luxury hotel.

The Beaux-Arts-style Canadian Pacific Building, a historic 15-storey 1913 landmark at the southeast corner of Yonge and King streets, will soon be converted into a 162-room hotel operated under Marriott International's Tribute Portfolio, a mid-to-upscale collection of boutique accommodations.

The property was acquired by Montreal-based developer Artifact Group this past spring. It was previously owned by H&R REIT, which initially began planning to convert the office building into condominiums in 2022.

In Canada, developers are increasingly looking toward hotel conversions as the office and condo markets have softened in recent years, says Nicole Nguyen, senior vice-president of CBRE Canada's Hotels Valuation and Advisory Services group.

Between 2022 and the first quarter of 2025, condo sales dropped by 75 per cent in Toronto and 37 per cent in Vancouver census metropolitan areas, according to the Canada Mortgage and Housing Corporation. Inventories of unsold units have also more than doubled, with prices down by 7.5 per cent this year compared to last, says a report from the Toronto Regional Real Estate Board.

NATIONAL HOTEL GROWTH

Ms. Nguyen says there's ample room for growth in hotel development, which was stalled during the COVID-19 pandemic.

Since 2020, Canada has seen hotel development growth of just 0.5 per cent annually. Prior to that, annual hotel room growth averaged 1.5 per cent or more, according to a CBRE market report.

For 2026, average daily room rates were also forecast to grow by about five per cent, the report says.

“Since we haven’t been pumping a ton of new supply into the system, occupancy rates have stayed at record-high levels,” Ms. Nguyen says. “That makes developers want to get new supply into the pipeline.”

As a result, she expects the sector to see some of the strongest hotel supply growth it has seen in years.

“Overall, the Canadian accommodation sector continues to demonstrate resilience despite ongoing economic and geopolitical uncertainty,” Ms. Nguyen adds.

As of the second quarter of this year, a record 345 hotel projects with a total of 47,874 rooms are in the construction pipeline, according to a new report from hotel market data company

Nobu Hotel Toronto opened last year in Toronto's Entertainment District atop a 700-unit condominium building that's home to residences under the same brand. Located on Mercer Street, the hotel incorporates the façade of the former Pilkington Glass factory. TEEPLE ARCHITECTS AND TURNER FLEISCHER ARCHITECTS

Lodging Econometrics. This represents a 4-per-cent increase in projects and a 7-per-cent increase in rooms compared to 2025.

Ontario is leading the charge on hotel constructions with 190 projects, representing 55 per cent of the total pipeline. British Columbia also has a record high of 77 projects, representing 22 per cent of the total, up by 13 per cent from 2025.

The cities in Canada developing the most hotels include Toronto with 71, Vancouver with 24 and Niagara Falls, Ont. with 41.

IMPROVING A HOSPITALITY PORTFOLIO

The Canadian Pacific Building at 69 Yonge St. in downtown Toronto housed the offices of the Canadian Pacific Railway, now part of CPKC, until 1988.

Since then, H&R REIT acquired the building before Artifact Group bought it in April 2026, with the intention to turn it into a luxury Marriott hotel.

"The property will be repositioned through an adaptive reuse strategy into a 162-key lifestyle luxury hotel under Marriott International's Tribute Portfolio brand, with a focus on design, wellness and elevated guest experience," says Gaurav Gupta, Artifact Group's president.

Details of the redevelopment, which is being planned by Giannone Petricone Associates Inc. Architects with interior design by Montreal-based Ivy Studio, have not yet been announced. However, Artifact Group expects renovations to begin in early 2027, with an anticipated opening in 2028.

The project is Artifact Group's first in Ontario, complementing the company's recent expansion of its Quebec hospitality portfolio with the acquisition of the 595-room, four-star DoubleTree by Hilton Montreal Downtown Hotel – a major part of the Complexe Desjardins shopping complex in the city's Entertainment District.

HOTELS INTERSECT WITH RESIDENTIAL DEVELOPMENT

Ms. Nguyen cautions that the speed of the hotel development pipeline will be dependent on the recovery of both the residential and commercial real estate markets.

While Vancouver and Toronto land values have dropped from their peaks a few years ago, they haven't declined enough to make building an urban hotel profitable enough to support construction costs without some kind of additional residential component, she says, making it even more attractive to convert existing buildings into hotels.

Downtown Toronto hotels sometimes include residences for sale or rent.

Among recent examples, one includes Nobu Hotel Toronto, which opened last year atop the west tower of a 700-unit condominium building, designed by Teeple Architects and Turner Fleischer Architects. The new luxury hotel incorporates the façade of the former Pilkington Glass factory on Toronto's Mercer Street.

The 224-room Le Méridien Toronto Pinnacle Hotel by Marriott is also scheduled to open later this year, occupying the bottom 12 floors of the 106-storey Sky-Tower condominium complex at Pinnacle One Yonge.

Amid the condo market slump, some developers have cancelled or delayed project construction starts since they were not able to sell at least 70 per cent of units beforehand – the threshold required to obtain construction financing from lenders.

But even if the real estate market recovers suddenly, the flow of new projects through the pipeline won't immediately surge, Ms. Nguyen says.

"To get any new development approved and completed in Toronto takes a minimum of five years, so even if things were to magically rebound tomorrow, substantial openings are still several years out from today," she adds.

Special to The Globe and Mail

U.S. EPA axes rule limiting greenhouse gas emissions from power plants

MATTHEW DALY WASHINGTON

The Environmental Protection Agency said Monday it is repealing rules that limit planet-warming greenhouse gas emissions from power plants fuelled by coal and natural gas, an action the agency said would remove more than US\$300-billion in costs for the industry and help “unleash” American energy.

The rule change, first proposed last year, represents a fundamental shift from efforts by former Democratic presidents Joe Biden and Barack Obama to address climate change and clean up industrial pollution. EPA officials said the change would allow utilities to make the best decisions for their ratepayers rather than be forced to close aging or inefficient plants.

The rule, which is expected to face immediate legal challenges, also could prevent future administrations from regulating greenhouse gas emissions from power plants.

EPA chief Lee Zeldin, Interior Secretary Doug Burgum and Energy Secretary Chris Wright are hosting a G20 ministerial meeting on “energy abundance” in Houston. The site is both a nod to the important role the oil-rich state plays in the energy industry and a potential snub of European and other international allies in attendance who have pursued environmentally friendly policies that the Trump administration has moved to undo.

Republican President Donald Trump called climate change "the greatest con job ever perpetrated on the world" at a speech to the United Nations last year, and his administration withdrew the U.S. – for the second time – from the 2015 Paris climate accord that sets voluntary goals to curb planet-warming emissions.

Mr. Trump has boasted of U.S. energy abundance even as the Iran war continues to disrupt global fuel markets and gas prices top US\$4.31 a gallon, up more than a dollar from a year ago.

The rollbacks are meant to fulfill Mr. Trump's repeated pledge to “unleash American energy” and make it easier for utilities to supply electricity for homes and businesses.

The power plant rule is among nearly three dozen environmental regulations that Mr. Zeldin targeted in early 2025 when he announced what he called the “most consequential day of deregulation in American history.”

Mr. Zeldin said in proposing the new rules last year that they were meant to end the Biden and Obama administrations' “war on so much of our U.S. domestic energy supply.”

Environmental and public health groups called the roll-backs dangerous and vowed to challenge the rules in court.

“Tearing down our national protections against climate pollution from power plants will have enormous costs for the health, safety and well-being of families across the country,” said Vickie Patton, general counsel for the Environmental Defense Fund. “Americans everywhere are already suffering from record-breaking heat, more dangerous floods and storms, and skyrocketing insurance costs.”

The EPA has a legal responsibility to protect the public from harmful pollution, Ms. Patton said, adding that “clean, affordable and reliable technologies are widely available to power our homes and businesses."

Coal, gas and oil-fired power plants are responsible for about one-quarter of the nation's total climate pollution, second only to the transportation sector. Pollution from power plants is one of the largest sources of climate-changing pollution in the world.

The rules targeted by Mr. Trump's EPA could prevent an estimated 30,000 deaths and save US\$275-billion each year they are in effect, according to an Associated Press examination last year that included the agency's own prior assessments and a wide range of other research.

Even a partial dismantling of the rules would mean more pollutants such as smog, mercury and lead – and especially more tiny airborne particles that can lodge in lungs and cause health problems, the AP analysis found. It would also mean higher emissions of greenhouse gases, driving Earth's warming to deadlier levels.

Mr. Biden, a Democrat, had made fighting climate change a hallmark of his presidency. Coal-fired power plants would have been forced to capture smokestack emissions or shut down under a strict EPA rule issued in 2024. Those rules are now being upended.

In its proposal last year, the Trump EPA argued that carbon dioxide and other greenhouse gases from fossil fuel-fired power plants “do not contribute significantly to dangerous pollution” or climate change and therefore do not meet a threshold under the Clean Air Act for regulatory action. Greenhouse gas emissions from coal and gas-fired plants “are a small and decreasing part of global emissions, the EPA said.

Mr. Zeldin, a Republican and former New York congressman, said Biden-era actions were designed to “suffocate our economy in order to protect the environment,” with the intent to regulate the coal industry “out of existence” and make it “disappear.”

The coal industry and groups representing coal-fired power plants have denounced the Biden rule as “overreach” by the EPA and urged its repeal.

ASSOCIATED PRESS

Sovereign computing in Canada

Tuesday, September 15, 2026

Produced by Randall Anthony Communications. The Globe's Editorial Department was not involved.

Collaboration moving Canadian capabilities from individual components toward deployable infrastructure

Immersion cooling fluids enable a more effective heat transfer compared to air, and Hypertec engineered its TRIDENT immersion-born servers specifically for immersion. SUPPLIED

Discussion around AI capabilities in Canada are prompting debate around how and where to deploy data centres responsibly. At the municipality level, decision-making requires weighing considerations such as energy efficiency, noise, water use and community impact against the economic benefits AI infrastructure can bring.

Investment in innovative technologies can tip the scales, allowing economic benefits and minimizing impact. With the right support, solutions can emerge through collaboration across the digital infrastructure ecosystem.

“Collaboration is critical because no entity or organization holds all the answers,” says Alex Buczek, director, New Business Development, HF Sinclair’s Lubricants & Specialties, an organization that has developed INNOVATE, a Canadian-made single-phase immersion cooling fluid solution.

Collaboration will be front and centre at ALL IN 2026, Canada's largest AI and tech event in Montreal. "We are excited to demonstrate an immersion system that is a collaboration of Hypertec, Intelliflex and Petro-Canada Lubricants with INNOVATE," says Mr. Buczek. "Since this combines INNOVATE's immersion cooling fluid, Hypertec's immersion-optimized compute platforms and Intelliflex's modular AI data-centre approach, what attendees will see is an all-Canadian immersion cooling technology solution."

Cooling has increasingly become a strategic infrastructure issue. "Thermal density is rising faster than most facilities were designed to handle, and no single cooling approach suits every deployment," says Peter Hanna, vice-president, Engineering & Technology, Hypertec. "Immersion cooling is often suited where space or power is limited or where compute has to run at the edge."

Yet getting to implementation "depends on the servers, the fluid and the cooling infrastructure being designed with each other in mind," he notes. "As a Canadian company with more than 40 years of experience delivering data centres and advanced compute solutions, Hypertec engineered its TRIDENT immersion-born servers specifically for immersion, so density and efficiency are there from the start."

Immersion cooling fluids such as INNOVATE enable a more effective heat transfer compared to air – and reduce reliance on energy-intensive air-cooling equipment. In a single-phase immersion system, servers or computing components are submerged in an electrically non-conductive liquid fluid, which absorbs heat directly from the hardware and carries it to a heat exchanger, where the heat is transferred out of the system.

Due to the close proximity of components, Mr. Buczek says collaboration is a must to ensure cooling solutions function well within technology systems.

"Working with entities like Hypertec, a leader in server technology, is important since we need to understand how servers are designed and optimized for liquid cooling," he says. "Similarly, managing fluid circulation, heat exchange and dissipation is where leaders like Intelliflex are important for insights on how our fluid technology will interact with server technology and containment systems."

Key benefits of collaboration are shared learning, aligned technology development and accelerated rollout of new, innovative solutions, says Mr. Buczek, who advocates for “building partnerships early on, to be able to demonstrate mutual interests, alignment and goals.”

He adds, "We work closely with our partners and across the entire ecosystem to understand how immersion fluid cooling can help meet the needs of both the end customer and the overall system."

A collaborative approach can also bolster supply-chain and ecosystem readiness. Responsible deployment requires compatible fluids, hardware, cooling equipment, modular infrastructure, utilities, controls, operators and service practices – and weakness in any part of the chain can affect performance or reliability.

"One of the biggest challenges with infrastructure projects is simply how many things have to come together at the right time," says Rodney Briere, president & CFO, Intelliflex. "Power, cooling, site infrastructure, IT capacity – if one piece gets delayed, it can hold up the entire project."

To address this challenge, "at

Intelliflex, we look at the site as a whole," he says. "Our grid-to-rack approach means we can provide and co-ordinate the infrastructure across the full deployment, which gives us more control over how those pieces come together."

The approach "makes it easier to solve issues earlier, reduce some of the complexity customers normally deal with, and bring capacity online in phases instead of waiting for everything to be built at once. Ultimately, it gives customers a faster and more flexible path from planning to operation," Mr. Briere adds.

"We're proud of our achievement, with all our R&D on INNOVATE and its production based in Canada," says Mr. Buczek. "We've also seen a real willingness among our partners to identify the best way in which we can deliver Canadian-made ingenuity and design for the Canadian consumer and the future of the country."

As consumers are asking detailed questions about electricity, water, noise, land use and long-term community value associated with data centres, this is an opportunity for Canada to establish a higher standard for deployment: advanced cooling, high-density compute and modular design can help address several of these concerns, but only when projects are engineered as complete systems.

The demonstration unit – jointly designed with Petro-Canada Lubricants, Hypertec and Intelliflex – effectively illustrates how Canadian capabilities can move from individual components toward deployable infrastructure.

"At ALL IN, we're showing Canadians the potential of this innovative technology," Mr. Buczek says. "They'll see first-hand what is possible for taking a more sustainable approach to data centres and AI."

CANADA'S IMMERSION COOLING FLUIDS.

The demand for advanced liquid cooling technologies is rising, driven by the upsurge of compute power required to support AI, cloud computing and other high-performance applications. INNOVATE™ Advanced Immersion Cooling Fluids are designed to deliver superior cooling and performance benefits for modern computing and digital infrastructure.

INNOVATEIMMERSION.COM

INNOVATE™ Faster, Cooler, Cleaner.

ADVANCED IMMERSION COOLING FLUIDS

Powering innovation, commercialization and data sovereignty across Canada

As artificial intelligence reshapes the global economy, Canada faces a critical question: who will own and control the computing power behind the next generation of innovation?

"Sovereign compute isn't just an IT decision, it is the foundation of Canada's future economic independence and competitive edge," says Dr. Eric Flaim, director of the Alberta CREATE Centre.

Many Canadian firms currently rely on foreign cloud providers, risking data sovereignty, intellectual property and escalating costs. For startups and scale-ups navigating development and deployment, this dependence can mean the difference between success and missed opportunity.

ISAIC (Industry Sandbox and AI Computing) – a University of Alberta program supported by Prairies Economic Development

“

Sovereign compute isn't just an IT decision, it is the foundation of Canada's future economic independence and competitive edge.

Eric Flaim Director of the Alberta CREATE Centre

Canada (PrairiesCan) and Alberta Innovates – delivers a 100 per cent Canadian-owned, vendor-neutral, high-performance AI development environment built specifically to support small and medium-sized enterprises (SMEs) while advancing national data sovereignty and commercial capacity.

For nearly a decade, ISAIC has harnessed University of Alberta infrastructure and expertise in bridging academic research, commercial innovation and data stewardship. Dr. Solange Gagnebin, industry manager for ISAIC, says, "Building and scaling AI locally ensures that Canadian innovation, data and commercial value stay here at home."

DRIVING COMMERCIALIZATION ACROSS KEY SECTORS ISAIC provides startups and established businesses with afford- able computing power to build,

Emerald and azure status lights illuminate a server aisle in the University of Alberta data centre. SUPPLIED

test and scale AI solutions locally. Over the last seven years, ISAIC has supported over 181 companies and trained 1,099 highly qualified personnel.

Here are some key examples: Agriculture – OneCup AI trained neural networks on millions of livestock images to develop facial and body recognition systems, now deployed across North American farms. ISAIC's infrastructure enabled the company to rapidly move from research to production-grade deployment.

Public safety – FireSafe AI relies on ISAIC to train and deploy wildfire detection systems supporting municipalities and emergency management across Canada. The company estimates that having access to ISAIC creates a pathway to over \$1-million in future contract revenue.

Health care and life sciences – Thoth Biosimulations, a startup incubated in the health innovation hub at the University of Alberta, powers its generative AI platform for drug discovery on ISAIC infrastructure. Another Alberta digital health company leveraged ISAIC to secure a U.S. patent, raise over \$2.5-million in funding and generate \$750,000 in revenue. OKAKI Health Intelligence launched two new clinical AI products through ISAIC support, while Clinisys AI credits ISAIC with accelerating commercialization by eliminating prohibitive cloud costs and rigid contracts.

SECURING DATA SOVEREIGNTY As concerns grow about cross-border data access, defence alignment and IP protection, sovereign infrastructure is becoming a strategic national asset. To address these security demands, the University of Alberta houses the Canadian AI Compute Vault (The Vault), supported by a recent \$3-million investment through PrairiesCan.

This initiative underscores growing recognition of secure, Canadian-controlled AI infrastructure as essential for protecting sensitive data and national defence interests.

Industry leaders, including Binloop, FliteX and AFSC, actively engage ISAIC to secure their data and intellectual property while reducing reliance on foreign cloud providers.

ACCELERATING DEEP-TECH VENTURES

To further speed commercial opportunities from concept to market, ISAIC is launching a new Fast-Paced Innovation Program. This three-tier accelerator combines ISAIC's enterprise GPU compute and nanoFab's semiconductor manufacturing and characterization lab with founder coaching, technical mentorship and University of Alberta talent to help early-stage AI and deep-tech founders rapidly build and deploy investment-ready products.

BUILDING CANADA'S AI TALENT PIPELINE

Infrastructure alone does not create innovation – people do. ISAIC has become a vital training ground for Canada's next generation of AI researchers, engineers and entrepreneurs.

"Access to affordable and reliable computing resources is essential to training the next generation of software engineers," says Dr. Cor-Paul Bezemer, Canada Research Chair, one of the top researchers

– alongside Drs. Mahdi Tavakoli, CIFAR Chair and Amii fellows Jacob Jaremko and Nilanjan Ray – supported by ISAIC, where critical infrastructure underpins graduate training, internships, research publications and technology commercialization.

THE PATH FORWARD

The challenge is no longer whether AI will shape our future, but whether the intellectual property, talent and economic value created will remain Canadian. ISAIC demonstrates what is possible when uniting University of Alberta expertise and infrastructure with industry demand and government support to build a secure, sovereign and competitive national AI ecosystem.

Smart machines. Smarter humans.

Artificial intelligence at the University of Alberta is built to empower people. From predicting wildfires to detecting cancer earlier, our researchers are leading Canada in AI innovation — saving lives, protecting communities and shaping a better future.

Ranked #2 in Canada for AI research.

UNIVERSITY OF ALBERTA

Forum: Interprovincial trade barriers make Canada feel like several markets, CEO says

FROM B1

The CVCA's Canadian Global Growth Forum drew hundreds of attendees including national investors, foreign capital providers, politicians and prominent Canadian founders. FRED LUM/THE GLOBE AND MAIL

Mr. Madon said it would take the emergence of giant Canadian companies to impact the country's GDP.

Henry Hager, New York-based managing director of the Waterous Energy Fund, said in an interview regulatory processes here are beset by a duplicative “overburden” that slow projects and discourage capital providers.

Mina Mitry, CEO of Canadian satellite technology company Kepler Communications Inc., said in an interview “the most important thing is procurement reform” that makes it easier and faster to sell to government. “It would dramatically alter the course of the business” and encourage private capital inflows.

Canadian-born Camilla Languille, co-CEO of private equity for Abu Dhabi-based sovereign wealth fund Mubadala, said capital providers and company builders should shift from being transaction-focused to forging deeper, longer-term partnership with foreign investors.

She also encouraged the federal government to give foreign investors a clear, coordinated entry point to invest here. "It's difficult for global investors to navigate multiple federal departments, provinces, regulators, agencies, independently."

Like others, she called for an end to interprovincial trade barriers that can make Canada feel like several markets and which would help companies “scale nationally from day one,” making it more attractive for foreign investors to “help take them to the next level” in global markets.

Stuart Waugh, managing partner with Toronto-based private capital investor Northleaf Capital Partners, addressed a specific challenge bedeviling the market here. He said large foreign investtors have a “fairly positive view of Canada” as a place to do business, but that the vast majority of investment opportunities are too small for them to effectively allocate capital. He encouraged global investors to set specific portfolio allocations for Canada, and to work with local partners to help “diffuse’ their allocations into smaller opportunities, as

Northleaf has done for two large Canadian pension funds here.

Speakers praised Canada for its stable political, economic and regulatory environment, depth of talent and clean, low-cost and abundant electricity, while offering a reassuring pat on the back for an economy threatened by a trade war with the U.S. “Where there is trust, capital flows,”

CVCA CEO Benjamin Bergen said in his opening remarks.

Waabi CEO Raquel Urtasun, whose Toronto-based autonomous driving startup has struck a deal to power 25,000 Uber robotaxis and recently raised US\$1 billion in financing, said in an interview her company's success shows Canadian-based entrepreneurs "can attract massive pools of capital. We can build a global leader, and you don't need to go to the U.S."

Paul Desmarais III, senior vice-president of Power Corp. of Canada, said Canada offers huge market opportunities for investors to back financial services startups, as his Montreal-based conglomerate has done through various affiliates including Portage Ventures. "But it requires bold bets," he added, saying people thought he was "certifiably crazy" after Power and its affiliates invested \$300-million in Wealthsimple in its early years. The digital bank challenger last year reached a valuation of \$10 billion and surpassed \$155-billion in assets under management in June.

Wealthsimple CEO Michael Katchen said it's up to the country to make the most of the current moment.

“We’ve never seen a Canada that’s more ambitious in terms of both the companies that we want to build, the industries that we want to tackle the global partnerships that we want to forge,” Mr. Katchen told the crowd.

Investment: More than 160 potential projects circulated at Carney summit to guests

TMX Group CEO John McKenzie, seen speaking at the Milken Institute's Global Dialogues Toronto summit on Monday, says Canada will need a more attractive tax regime than other markets to compete globally. SAMMY KOGAN/THE GLOBE AND MAIL

FROM B1

“It is far easier to kill these things. And there’s far more binary risk on regulatory uncertainty than there is on technical, engineering, market uncertainty – all of the other elements of uncertainty that companies can manage,” Mr. Carter said.

TMX Group chief executive officer John McKenzie, whose company operates the Toronto Stock Exchange, said Canada will need a more attractive tax regime than other markets to compete globally. He cited needed reforms in the tax treatment for capital gains and capital cost allowance to allow companies to invest more money at home.

He also suggested adjusting the country's savings programs to encourage Canadians and retail investors to take more risk alongside the larger global funds.

Those policy levers “send that signal to the rest of the world that we’re collectively serious about it,” Mr. McKenzie said.

"The more we get everyday Canadians involved in those programs, projects or companies that are executing them, they get to share in that success, and that's what you want to do if you're rallying the country."

Separately, at the event, Finance Minister François-Philippe Champagne announced a new federal measure to offer “advance tax rulings” for investments of \$1-billion or more. That would give investors binding decisions on how Canadian tax law will apply on a transaction before they commit capital, giving them more certainty.

Investors and finance leaders have warned that too many holdups and lengthy approval processes in Canada make closing a big deal uncertain.

"The tone at the top matters a lot," Mr. Champagne told reporters during a media scrum.

Prime Minister Mark Carney understands that “the time to market really matters,” he said. “We’re trying to fix and change how things are done.”

A commonly cited example is Canada's Major Projects Office, which was created under Mr. Carney in August, 2025, to help fast-track proposals deemed to be in the national interest.

TD Securities head Tim Wiggan said the MPO is just one piece of the puzzle. Complexity at a global scale is at historical levels and a key question is how to adapt to the new environment.

Answering that will require both policymakers and capital allocators, including banks, to work together, he said.

“I do think that what you’re seeing this week and leading up to this week needs to involve the entire ecosystem,” Mr. Wiggan said.

“It’s going to take all hands on the board, pulling in the same direction, rather than one single thing that is going to check the box and unlock a change.”

The one-day Milken conference was held as Mr. Carney's Canada Investor Summit, brings the world's most powerful investors together in Toronto.

The summit aims to pitch the country as a reliable investment. More than 160 potential projects were circulated to guests by the organizers. Only 15 investment opportunities were described as “shovel-ready” or “fully permitted.”

While the prospectus mostly consists of energy projects and mining ventures, it also included multibillion-dollar data-centre projects in Saint John, N.B., and Redcliff, Alta.

Data centres were top of mind for many of the Milken Institute's panelists.

Royal Bank of Canada chief executive officer Dave McKay said foreign investors have underinvested in the country for more than a decade because of difficulty getting projects to market. However, that is changing and investors are exploring energy, mining and infrastructure projects, and are showing “lots of interest in data centres.”

He said he met with an investor from Asia earlier Monday who is interested in projects that boost data centre capacity. States including New York and Pennsylvania are unlikely to build them, prompting investors to look for other sources of electricity, water and other resources, he said.

In July, New York became the first U.S. state to cease construction of large new data centres over concerns that the facilities powering artificial-intelligence are hiking power costs and impacting water supplies.

“Investors need confidence we’re going to get stuff done because the time value of money is really important,” Mr. McKay said. “They don’t have time to waste. There are other opportunities to move on to.”

AI Minister Evan Solomon said if Canada builds the technology wrong, there will be dangers, and communities will not support the social licence to build data centres.

At the same time, “you don’t stop building,” he said. “You build it safer.”

Bell: Company is spending \$1.7-billion on the initial facility, a benchmark amount

FROM B1

Global investors have gathered in the city for the two-day Canada Investment Summit to assess opportunities to deploy capital in the country.

"It's hard to overstate the scale of what's being done here," Mr. Carney said before a crowd that included two former prime ministers, several ministers and premiers and investors from around the world.

“You can depend on infrastructure built elsewhere, you can depend on laws of other countries, you can have your data sent elsewhere, or you can build it right here on Canadian ground, with Canadian power and Canadian law,” he said.

As for timing, Mr. Bibic said the company will start building incrementally on sites around Sherwood as soon as it has “signatures on paper” and the necessary local permits.

Bell is spending \$1.7-billion on the initial facility, an amount which should be seen as a benchmark for each of the next three facilities, the company said earlier this year. Mr. Bibic noted those costs could be higher owing to inflation. This suggests Bell could invest upward of \$5-billion if it reaches its capacity target.

The extra costs do not change the company's capital expenditure or leverage goals, Mr. Bibic said. The company has been doubling down on its AI division, Bell AI Fabric, as a high-growth area as its earnings growth from telecom have slowed and it works to pay down its \$37.5-billion in long-term debt.

The total capital investment for the project, including Bell's data centre build, the cost of power generation and the amount that tenants will pay to other companies for compute technology, such as chips, could exceed \$50-billion, Bell said. The company's existing tenants are two American firms, Coreweave and Cerebras, who will source their AI hardware from Nvidia.

The company does not have any outside investors in place for the project, although Mr. Bibic said he is open to considering partners for Bell's AI Fabric division.

Data centre construction in Canada and around the world has attracted criticism from the public, with concerns about water and energy consumption, carbon output, as well as land use and noise. While 46 per cent of Canadians believe data centre development is a good thing, only 42 per cent support their construction in their own province, according to a July poll by Ledger.

To address environmental concerns, in early September the federal government set out a list of responsible data centre principles, which Bell has signed on to.

The total capital investment for the project, including Bell's data centre build, the cost of power generation and the amount that tenants will pay to other companies for compute technology, such as chips, could exceed \$50-billion, Bell said. The company's existing tenants are two American firms, Coreweave and Cerebras, who will source their AI hardware from Nvidia.

Provinces, too, have introduced requirements. Under its new data centre framework, Saskatchewan, like Alberta, requires companies to “bring their own power.” These measures are intended to prevent new infrastructure from straining the grid and increasing costs for consumers.

Unlike the first data centre, which will draw electricity directly from the provincial energy grid managed by SaskPower, Bell plans to partner with a number of natural gas power providers to generate energy “behind the meter,” meaning the energy will not run through the grid first.

Bell is looking to work with several Saskatchewan Crown corporations for the project, including TransGas, a wholly-owned subsidiary of SaskEnergy, which will provide power to the data centres. SaskTel will provide fibre connectivity.

If fully built, Bell's total power consumption for its data centres in the province would be equivalent to about one fifth of SaskPower's total available generation capacity of 6.1 gigawatts, according to its latest annual report.

The data centres will use closed-loop cooling technology, which does not draw on municipal water, Bell said. This is in contrast to evaporative open-loop systems being used in some major U.S. data centres, which have been widely criticized for their heavy water use.

The company will also need to navigate a series of local permitting requirements. Bell expects to build the new facilities “in or around the same areas” as the initial project, which earlier this year generated protests and pushback from the local community.

“We still have work to do in terms of approvals,” Mr. Bibic said. “We’re already hard at work with the various levels of Premier Moe’s government.”

In order to gain the public's confidence on data centre projects, Canadian businesses will need to show that they are addressing environmental and social concerns, said Cohere cofounder and CEO Aidan Gomez, speaking at a Canadian Venture Capital & Private Equity Association conference Monday morning. Cohere is a leading AI developer and one of Canada's most valuable technology companies.

“We have a cold climate, we have clean energy. We are very well positioned to become a superpower in data centres to the world,” Mr. Gomez said.

They also present an opportunity for Canada to build more leverage in its international relationships, he said.

"If we are the supplier of compute to the world, that is an incredible leverage point for Canada."

U.S. 10-year yield tops 5% on inflation fears

A statue of Alexander Hamilton is seen outside the U.S. Treasury in March, 2013. A Scotiabank analysis found U.S. Treasury yields above 5% tend to be associated with lower stock prices. CHIP SOMODEVILLA/GETTY IMAGES

Canadian yields also climb as markets price in rate hikes from the Fed and Bank of Canada

ANDREW GALBRAITH

U.S. government borrowing costs jumped above a key psychological threshold on Monday, and Canadian bond yields also rose, as surging oil prices fed into growing worries over rising inflation and expectations that both the U.S. and Canadian central banks will lift interest rates.

The yield on 10-year U.S. Treasury bonds briefly rose above 5 per cent for the first time since 2023, while the 30-year yield touched 5.385 per cent, its highest level since June, 2007. The Canadian 10-year yield rose above 3.98 per cent, its highest in nearly three years.

“People who look at the markets are so hyper-focused on this number,” said Pierre-Benoît Gauthier, vice-president of investment strategy at IG Wealth Management. “Five per cent is kind of a psychological mark. It’s a number that hits the psyche a little harder than 4.90.”

Rising yields put more pressure on government finances, homebuyers and stock markets by raising debt service costs and affecting the valuation calculations of risky assets such as stocks against nominally risk-free government bonds, Mr. Gauthier said.

"At some point the rate starts mattering not just for bondholders, but also for stockholders," he said.

A recent Scotiabank analysis showed that above 5 per cent, higher U.S. Treasury yields tend to be associated with lower stock prices.

U.S. stocks slipped on Monday, with the S&P 500 index trimming 0.5 per cent. The S&P/TSX Composite index, the broadest Canadian equity market gauge, was little changed, up 0.01 per cent.

Mr. Gauthier said stock markets were taking the rise in bond yields “in stride” because of strong corporate earnings growth, though he said the “crazy growth rate we have is probably unsustainable at these levels.”

The rise in yields came as the price of a barrel of Brent crude, the global benchmark, jumped more than 4 per cent to a 16-week high on Monday, following attacks on Saudi Arabian energy infrastructure, and ships in the Middle East. Analysts said new disruptions to the energy supply could exacerbate concerns around rising consumer prices after U.S. inflation data on Friday was hotter than expected.

Canada's consumer price index on Monday showed a 3 per cent rise in August over the previous year, matching the previous month's pace and coming in line with expectations, but remaining above the Bank of Canada's 2-

per-cent target.

“Persistently elevated energy prices are likely to be passed through more clearly to consumers in the coming months,” Royce Mendes, head of macro strategy at Desjardins, said in a note to clients.

"The benign starting point for core inflation will allow Canadian officials to be more patient than some of their global counterparts, but the Bank of Canada will also be forced into action if crude prices don't come down in the coming weeks. For monetary policy, oil is now in the driver's seat."

Derek Holt, head of capital markets economics at Scotiabank, said in a note that the market is now pricing 75 per cent odds of an interest rate hike at the Bank of Canada's meeting in October, with about 1.25 per cent worth of hikes priced in by next summer.

Expectations are also high that the U.S. Federal Reserve will raise interest rates at the Federal Open Market Committee meeting on Wednesday. On Monday, markets were pricing in 90 per cent odds of a hike announcement.

"There has never been a time when odds were that high and the Fed failed to deliver," J.P. Conklin, president of Charlotte, North Carolina-based Pensford Financial Group, said in an e-mailed commentary. The U.S. 10-year yield hitting 5 per cent is a "bigger factor" pointing to a hike than Friday's inflation data, he said.

Fed chair Kevin “Warsh has said he wants to incorporate market feedback into the Fed decision-making process. The market is giving him plenty of feedback.”

Expectations of a hike boosted the U.S. dollar on Monday to a 12-day high against its Canadian counterpart, but IG Wealth Management's Mr. Gauthier said he expects the loonie to continue to trade in a tight range. Higher oil prices have historically supported the Canadian dollar, while the rate differential, or spread, between the two countries has tended to weigh on it.

A divergence in central bank policy could lead to large moves in the Canadian dollar, he said.

“But as long as everybody keeps dancing together at the same time, the range should be quite respected.”

With reports from Reuters

Global AI stocks fall as industry chiefs call for slowing development

Electronic displays show financial news on the floor at the New York Stock Exchange in New York on Monday. SETH WENIG/ASSOCIATED PRESS

GREGOR STUART HUNTER

AI-linked stocks plunged worldwide on Monday after leaders of the biggest artificial-intelligence companies warned of potentially existential risks from the technology, shaking confidence in the industry whose vast infrastructure spending has driven world stock markets to record highs.

The sell-off rippled through the industry, where companies are increasingly relying on debt and circular financing to fund ambitious AI spending plans even as global borrowing costs, reflected in multiyear-high bond yields, continue to rise.

Anthropic CEO Dario Amodei, in a lengthy essay shared on X on Saturday, called on AI companies to slow the rate at which they advance model capabilities amid mounting fears AI could be misused. Both Elon Musk, who runs xAI, and Sam Altman, CEO of OpenAI, said they agree with Mr. Amodei.

Mr. Altman also said the company would not proceed with an IPO this year, citing safety concerns.

Wall Street's major tech index, the Nasdaq 100, slid 1.2 per cent to a six-week low in early trading as chip stocks, which have led the AI rally, fell the most, although it pared losses in early afternoon trading and ended down 0.8 per cent.

“If this does lead to sort of a slowdown and a rethink of AI spending, that will have ramifications for the economy and some important sectors of the stock market, because essentially, we’ve been running hot based on AI spending,” said Steve Sosnick, chief market analyst at Interactive Brokers Group Inc.

The Philadelphia chip index dropped nearly 6 per cent, with

Nvidia Corp. down 3.3 per cent, Advanced Micro Devices Inc. off 4.4 per cent and Micron Technology Inc. falling 5.2 per cent.

Semi-conductor equipment makers Lam Research Corp., Applied Materials Inc. and tech utility Bloom Energy Corp. lost more than 6 per cent each.

Earlier in the day, Europe's tech sector fell 2.2 per cent, dragged by ASML's 6-per-cent decline, alongside steep losses in Infineon and Siemens Energy, while in Asia, SoftBank plunged more than 10 per cent and chipmakers TSMC and SK Hynix also retreated.

Alarm about the potential harm from AI spiked earlier this month when Anthropic researcher Jacob Coxon resigned, stating that the AI giants are “gambling with our lives.”

A few days later, the San Francisco-based AI lab released a threat intelligence report detailing how its Claude AI models were used for activities ranging from weapons development and cyber operations to surveillance and fraud.

Over the weekend, Mr. Amodei wrote that in six to 12 months, AI agents “could be capable of taking over the entire internet potentially causing hundreds of billions of dollars in damage.” Separately, OpenAI’s Mr. Altman warned in an interview that the risk of human extinction posed by AI was serious enough that AI companies and governments should act.

"The warnings should be taken seriously," said Gillian Hadfield, Bloomberg Distinguished Professor of AI Alignment and Governance at Johns Hopkins University. "There are real risks of models doing things we don't want them to do and which we don't anticipate well."

Several U.S. lawmakers have raised concern about AI's rapid progress and called for new rules.

U.S. Senate negotiators are debating legislation that would require AI companies to demonstrate they are taking reasonable precautions, Reuters reported on Monday.

But U.S. President Donald Trump on Monday appeared to dismiss the worries as a “sick conspiracy” against AI and data centres, which have become a flashpoint in the midterm elections.

AI-related trades have powered many of the gains in global equities since OpenAI released ChatGPT in 2022, but more recently cyberattacks by rogue AI agents and public discontent with data centre construction have raised opposition to the development of the industry.

The U.S. and Chinese governments are expected to hold AI safety talks as part of bilateral discussions taking place this month, Reuters reported. But China's state-backed Global Times criticized the Anthropic essay in an editorial, calling it a “Cold War playbook” intended to curb the country's technological development.

Meanwhile, Mr. Amodei's Anthropic has pushed ahead with its public debut, expected next month.

REUTERS

Canada should lower pointless tariffs on goods from countries other than the U.S.

MIKE MOFFATT

OPINION

Founding director of the Missing Middle Initiative and co-host of the Missing Middle podcast

Canada finds itself in a trade war with the United States that it did not ask for and although Canadians overwhelmingly recognize and support the need for countervailing tariffs, those levies will make life less affordable for Canadians.

One solution Prime Minister Mark Carney could use to counter this loss of affordability and signal support for global trade is to eliminate selected tariffs on goods originating outside the United States.

Governments use tariffs to raise revenue and help domestic industries, which U.S. President Donald Trump has cited, at various times, as motivations for his actions. The third reason is to impose sanctions or to remedy trade disputes, which is Canada's motivation for our countervailing tariffs.

If a Canadian tariff on a particular import serves one of these three purposes, the federal government should not remove it. That includes not only Canada's countervailing tariffs on the United States, but also our tariffs on automotive imports, and the tariffs on dairy and poultry imports that make up the backbone of Canada's supply management system on these commodities.

But Canada imposes tariffs on more than 1,000 classes of goods that meet none of these criteria. They raise little revenue relative to their administrative cost; they do not protect a domestic industry, nor are they used as a countervailing measure. Most are the tariff equivalent of a vestigial tail, an evolutionary leftover that no longer serves a useful purpose.

These tariffs do not raise much money for the government and they make life more expensive for families. They are on standard household items such as vacuum cleaners (8-per-cent import tariff), brooms (11 per cent), ball-point pens (7 per cent), combs (5.5 per cent) and toothbrushes (7 per cent). Others include tariffs on furnaces (7.5 per cent) and stoves (8 per cent), which raise the price of new homes.

Sometimes these tariffs raise little revenue because they are levied on relatively low-cost items, but often it's because they are manufactured in countries with which Canada has a trade deal, so they can enter Canada tariff-free if they meet the conditions set out in the agreement.

Those conditions, however, are not straightforward and create compliance costs for businesses, since they require record-keeping and tracking to ensure that a high enough proportion of a good's value originates in the country to meet the agreement's requirements.

For example, an art kit for children may consist of a wooden box made in one country, paints made in another and brushes made in a third, so determining whether this product can enter Canada tariff-free is no trivial task.

Complying with these rules costs Canadian companies, which pass those costs along to consumers. A 2014 study found that this red tape costs Canadian businesses roughly \$20-billion a year, while Canadian governments at the time were collecting only \$4-billion in tariff revenue each year.

If the Canadian government were to simply remove tariffs on these goods, regardless of their country of origin, then most of these compliance costs would disappear, and that 7-per-cent import tax that Canadians pay on toothbrushes that don't qualify under one of Canada's trade deals would be eliminated, lowering prices for Canadian families.

It would also give Canadian importers more choice, since imports of these goods from the United States would no longer be cost-advantaged through the USMCA, so Canada could diversify its trading relationships.

While eliminating these tariffs feels like an extreme step, such arrangements are quite common in the guide that sets out Canada's tariff rates. Mr. Carney would also not be the only prime minister to unilaterally eliminate some tariffs, since both Stephen Harper and Justin Trudeau removed tariffs on hundreds of classes of goods.

Selectively eliminating tariffs does not prevent Canada from imposing further countervailing tariffs on the United States, if they need to, nor does it force us to eliminate tariffs that serve a useful purpose.

However, it would offset price increases on some goods by lowering them for others, reduce compliance costs for Canadian businesses, allow Canadian importers to diversify further away from the United States and send a strong signal to the world that Canada still believes in trade.

Rising rates call for a shift to safer investments

Higher borrowing costs raise risks for bonds and rate-sensitive stocks

GORDON PAPE

OPINION

Editor and publisher of the Internet Wealth Builder and Income Investor newsletters

The escalating trade war between Canada and the U.S. has been the headline story of late. That's not surprising. U.S. President Donald Trump seems determined to grind down our economy and make Canada subservient to the United States. Our country is faced with an existential threat, and Prime Minister Mark Carney has no choice but to respond forcefully.

It's a big story for Canadians and may have contributed to the drop in the TSX last week. But New York has been paying more attention to something else: rising interest rates, sparked by oil prices that are now in the US\$100-a-barrel range.

The European Central Bank raised its target rate by a quarter point last Thursday. The Bank of Canada and the Federal Reserve Board are holding steady so far. But the bond market is doing its own thing and that has many people worried.

The reality is that the interest-rate holiday we've enjoyed since the Great Recession is over. Long rates are rising quickly, bringing with them growing inflation fears.

Rates were scaled back dramatically to help stabilize the global economy during the financial crisis of 2007-2009. It worked, barely, but then came COVID. The global shutdown of 2020-21 forced central banks to drop rates to near zero (and in some cases to negative levels) once again.

COVID also forced governments to make massive spending commitments to bail out businesses and individuals whose incomes were reduced or wiped out. That high level of spending has continued even though the pandemic is well behind us. The U.S. government is now facing in-

The Bank of Canada and the U.S. Federal Reserve are holding rates steady, but rising bond-market rates are causing concern. AARON VINCENT ELKAIM/THE CANADIAN PRESS

The reality is that the interest-rate holiday we've enjoyed since the Great Recession is over. Long rates are rising quickly, bringing with them growing inflation fears.

terest costs that are equivalent to 3.3 per cent of the country's GDP.

A look at a chart of 30-year rates on sovereign bonds reveals that Japan, which has long been a low-rate country, was paying 0.16 per cent in late 2019. Those bonds are now yielding just over 4 per cent according to data from Bloomberg.

Even though the Bank of Canada and the U.S. Federal Reserve Board have yet to move from neutral to hawkish, the bond markets are doing it for them. This is having an impact on long-term mortgage rates, credit card rates, car sales and leases and more.

The Bank of Canada stood pat at this month's rate review, citing a broadening economic recovery.

However, the upside risks to inflation have increased, while new tariffs make growth prospects more uncertain," the Bank said in a statement. "Governing Council will assess the sustainability of the economic rebound and the outlook for inflation and is prepared to adjust monetary policy as needed. The Bank remains committed to maintaining Canadians' confidence in price stability through this period of global upheaval."

New Federal Reserve chair Kevin Warsh has also warned that U.S. rates may have to rise. Speaking at the August Jackson Hole symposium, he said that stubborn inflation could force the central bank to raise interest rates in the coming months. If that happens, it could set off a vicious political battle in the U.S. Mr. Trump and his administration have been urging the Fed to lower rates, and Mr. Warsh was appointed Fed chair earlier this year with the expectation he would do just that. If he turns around and bumps the target rate higher ahead of the mid-term elections in early November, Mr. Trump's wrath will shake the country and endanger the Fed's political independence.

Meantime, Mr. Trump's tariffs and the high price of oil will continue to feed the inflation fears driving up long rates and the probability is growing that the next move in North American interest rates is likely to be up. That would have a negative effect on the prices of long-term bonds and bond exchange-traded funds, as well as interest-sensitive stocks such as utilities, real estate investment trusts and heavily leveraged companies.

Banks could swing either way.

Higher rates can improve their bottom lines by increasing the spread (net interest margin) between what they can charge borrowers and what they must pay to depositors. But if higher rates lead to decreased business activity and lower borrowing, the impact on bank bottom lines would be negative.

And all this is happening in September and October, historically the two worst months of the year for equities.

In this climate, investors should consider reducing their exposure to high-volatility stocks and taking some profits. Focus on lower-risk securities instead. A reduced return is better than riding a market plunge.

The safest investments in a rising interest-rate environment are short-term cash-type securities. Here are some examples.

Inflation-protected bonds and funds. We recommended the iShares 0-5 Year TIPS Bond Index ETF (XSTP-T) in September, 2022, at \$39.44. It gained 3.08 per cent in the year to Aug. 31 and has had an average annual compound rate of return of 5.2 per cent since it was launched in July, 2021. It has never lost money in a calendar year.

☑ Savings account ETFs. These invest in high-interest deposit accounts at major Canadian banks. If short-term interest rates rise, their monthly payout should too. Most were launched at \$50, and the price rarely swings more than 10 cents on either side of that. We recommended the CI High Interest Savings ETF (CSAV-T) in August, 2023. It was up 2.1 per cent in the year to Aug. 31. CSAV is another ETF that has never lost money in a calendar year.

Money Market ETFs. As the name indicates, these invest in low-risk, short-term securities such as treasury bills. Guardian Capital offers two that are worth considering. The Guardian Ultra-Short Canadian T-Bill Fund (GCTB-T) invests in a portfolio of federal, provincial and corporate short-term bonds. It gained 2.25 per cent in the year to Aug. 31. The companion Guardian Ultra-Short U.S. T-Bill Fund (GUTB-U-T) invests entirely in U.S. government T-bills. It showed a return of 3.8 per cent in the year to Aug. 31. Both ETFs have a management expense ratio of 0.12 per cent.

A bullish economist's ‘worry list’

SCOTT BARLOW OPINION

E d Yardeni is a respected long-time investment professional and I mean loooong time. He, for instance, was the chief economist for E.F. Hutton, a company that was acquired in 1987. Mr. Yardeni's latest report finds him still bullish but admitting that his growing concerns – he calls it a worry list – have him waffling a bit.

The first of his worries is geopolitics, specifically the potential for a wider conflict in the Middle East. Recent escalation by Iran has pushed crude prices well above US\$100 a barrel.

Worry number two is inflation shocks becoming a constant pattern. The U.S. economy remains

The U.S. economy remains strong enough that energy costs, AI-related inflation and tariff-caused higher prices have been easily passed on to consumers.

strong enough that energy costs, AI-related inflation and tariff-caused higher prices have been easily passed on to consumers. This may not remain the case and profits would be threatened as a result.

Worry three is related to number two – a wage-price spiral similar to the 1970s. This involves higher prices leading to widespread wage demands (which do need to happen, just not incessantly), which in turn leads to higher prices and more wage demands. Wage-price spirals are terrible for equities.

The fourth worry is that the Fed will announce hike after hike for the foreseeable future. This would both slow the economy and demand and also raise the cost of capital for companies. Again, terrible for profits.

Worry number five is that higher interest rates lead to a deteriorating U.S. fiscal outlook. U.S. federal debt just crossed the US\$40-trillion mark and the need for Treasury issuance is constant.

Significantly higher government borrowing costs could potentially cause a rapidly rising deficit and eventually a crisis of confidence in U.S. debt.

The sixth worry – the one that concerns me most – is a slowing AI capital spending boom. This would immediately reduce profit expectations in the dominant data centre equipment providers such as Nvidia that have been leading the market.

Worry number seven concerns the imminent U.S. congressional elections. Mr. Yardeni is concerned that elections will result in even more partisan behaviour and an environment cantankerous enough to threaten debt-related legislation.

Democrats will certainly want to reverse some of President Donald Trump's corporate tax cuts and the President's plan to send US\$5,000 to people who vote for him would be disastrous for public finances in addition to being ridiculous.

The eighth worry is that large-scale technology IPOs will limit market upside. Anthropic is among the likely issuers and could confirm a market cap of two trillion dollars. OpenAI is also reportedly mulling going public. These big new issues will divert funds from existing winners, and the spreading out of investment will limit stock price gains across the board.

Mr. Yardeni listed important reasons to be bullish, including baby boomer and ongoing AI-related spending, but there are darker clouds on the horizon for markets. Potentially this is just the usual wall of worry that equities climb, but markets are prone to worsening sentiment changes at the same time.

EYE ON EQUITIES DAVID LEEDER

ROGERS COMM. (RCI.B-TSX) CLOSE \$50.94, UP 76¢

Desjardins Securities analyst Jerome Dubreuil upgraded Rogers Communications Inc. to a "buy" recommendation from "hold" previously, pointing to "strong momentum in sports valuations as evidenced by recent transactions, upcoming private market valuation (PMV) updates in October and December, the looming monetization of the sports portfolio, and the de-risked Kilmer transaction."

Target: Mr. Dubreuil maintained his 12-month target of \$58 for Rogers shares. Consensus is \$58.35.

RB GLOBAL (RBA-NYSE) CLOSE US\$84.03, UP 43¢

National Bank Financial analyst Maxim Sytchev thinks RB Global Inc.'s valuation is currently "mis-aligned" with the quality of its platform, emphasizing that recent channel checks point to IAA "gaining mind(share)."

Target: Seeing its valuation “sitting at a decade-low despite significant and consistent earnings compounding,” Mr. Sytchev moved his target to US\$130 from US\$133, keeping a “sector outperform” rating. Consensus is US\$135.17.

SOURCE: BARCHART TECSYS (TCS-TSX) CLOSE \$33.50, UP \$3.08

Following “strong” first-quarter fiscal 2027 results from Tecsys Inc., National Bank Financial analyst Doug Taylor sees a “quick rebound” in expectations for the Montreal-based supply chain management software provider. “FQ1’s better-than-expected bookings strength led to much of the meaningful guidance/visibility gains vs. the Company’s initial FY27 guidance,” he added. Target: Mr. Taylor raised his target by \$1 to \$41, exceeding the \$38.92 consensus, with an “outperform” rating.

SOURCE: BARCHART TRANSAT AT (TRZ-TSX) CLOSE \$1.86, DOWN 3¢

While Desjardins Securities analyst Benoit Poirier thinks new government funding “provides timely relief” for Transat AT Inc., he warns “competitive pricing continues to limit fuel cost pass-through.” “The key positive was the new \$250-million government facility, which materially extends the liquidity runway and should provide sufficient funding if fuel prices evolve in line with the current forward curve,” he said.

Target: Keeping a “hold” rating, he lowered his target to \$2.50 from \$2.80. Consensus is \$1.88.

ENGHOUSE SYSTEMS (ENGH-TSX) CLOSE \$17.37, UP 81¢

While TD Cowen analyst David Kwan thinks Enghouse Systems Ltd.'s "attractive dividend/FCF yields and pristine balance sheet should provide downside support," he warns investors "sustained share price appreciation will be difficult, mostly due to its negative organic growth that is unlikely to materially change in the near-term/medium-term." Target: Mr. Kwan increased his target to \$17 from \$16, keeping a "hold" rating. Consensus is \$18.

SEPT. 14, 2026 \$0.7192

COMMODITIES

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	35702.53	5.04	0.01	301230	12.58
TSX 60 INDEX	2101.12	4.68	0.22	172054	12.96
TSX COMPLETION IN	2309.47	-19.56	-0.84	129175	11.05
TSX SMALLCAP INDE	1433.84	-9.87	-0.68	93313	19.83
TSX VENTURE COMPO	919.87	-7.99	-0.86	63351	-6.87
TSX CONSUMER DISC	384.41	2.11	0.55	5113	0.47
TSX CONSUMER STAP	1260.47	29.90	2.43	5769	1.80
TSX ENERGY CAPPED	452.74	3.07	0.68	94956	50.70
TSX FINANCIALS CA	746.27	0.58	0.08	31959	18.93
TSX HEALTH CARE C	22.57	0.44	1.99	1512	3.06
TSX INDUSTRIALS C	495.59	4.67	0.95	19348	6.12
TSX INFORMATION T	310.47	2.56	0.83	7843	-4.94
TSX MATERIALS CAP	855.54	-20.11	-2.30	62796	14.12
TSX REAL ESTATE C	298.99	0.74	0.25	5575	-5.50
TSX GLOBAL GOLD I	935.44	-24.12	-2.51	101392	14.40
TSX GLOBAL MINING	248.70	-6.45	-2.53	336941	18.52
TSX INCOME TRUST	226.66	-1.79	-0.78	6610	2.92
TSX PREFERRED SHA	710.97	-1.60	-0.22	845	2.12
TSX COMMUNICATION	149.62	1.93	1.31	13500	-4.62
TSX UTILITIES CAP	372.46	-2.29	-0.61	21808	5.72

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	69.94	0.62	0.89	33691	50.44
CVE CENOVUS ENERG	46.27	0.38	0.83	16412	99.27
ENB ENBRIDGE INC	67.03	0.80	1.21	12478	2.06
SU SUNCOR ENERGY	95.58	0.28	0.29	8997	56.89
TRP TC ENERGY COR	85.05	0.74	0.88	6702	12.53
T TELUS CORPORATI	12.73	0.13	1.03	6702	-29.63
TOU TOURMALINE OI	62.34	0.97	1.58	6101	1.25
WCP WHITECAP RESO	18.68	0.14	0.76	5850	62.43
AQN ALGONQUIN POW	7.46	0.11	1.50	5784	-11.61
BTE BAYTEX ENERGY	6.98	0.02	0.29	5194	57.21
MFC MANULIFE FIN	60.56	0.28	0.46	4514	21.51
ABX BARRICK MININ	58.95	-1.57	-2.59	4374	-1.40
H HYDRO ONE LIMIT	51.13	0.16	0.31	3978	-6.42
BCE BCE INC.	32.59	0.20	0.62	3914	-0.46
K KINROSS GOLD CO	39.21	-1.18	-2.92	3783	1.42
XIU ISHARES SP TS	53.03	0.11	0.21	3764	12.85
BN BROOKFIELD COR	52.29	-0.64	-1.21	3740	-17.03
TD TORONTO-DOMINI	168.26	0.54	0.32	3483	30.07
IVN IVANHOE MINES	12.34	-0.46	-3.59	3438	-20.95
DSV DISCOVERY MIN	11.57	-0.84	-6.77	3423	38.07

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
SOXD MEGASHORT -3	17.20	2.54	17.33	22	-91.63
VCM VECIMA NETWOR	13.01	1.82	16.26	9	23.79
COIU SAVVYLONG 2X	27.55	3.80	16.00	5	-57.75
CHLT CUSTOM HEALT	8.10	1.10	15.71	3	-19.00
CRWY HARVEST CROW	21.31	2.66	14.26	8	85.79
TRX TRX GOLD CORP	1.79	0.22	14.01	502	40.94
CRWD CROWDSTRIKE	72.98	8.95	13.98	119	97.24
PANW PALO ALTO NE	43.78	5.04	13.01	89	99.36
TCS TECSYS INC J	33.50	3.08	10.12	12	9.30
CYBR EVOLVE CYBER	77.75	6.57	9.23	5	50.97
SLT SALTIRE CAPIT	3.00	0.25	9.09	1	-55.88
COIN COINBASE CDR	11.55	0.96	9.07	347	-17.20
MSTU SAVVYLONG 2X	32.84	2.73	9.07	341	-60.72
XRPQ 3IQ XRP ETF	9.26	0.76	8.94	50	-18.77
TRI THOMSON REUTE	146.94	12.01	8.90	781	-18.88
CNYE HARVEST COIN	4.93	0.40	8.83	116	-39.14
XHAK ISHARES CYBE	67.33	5.34	8.61		38.62
CONY HARVEST COIN	5.35	0.42	8.52	17	-28.09
CSUU SAVVYLONG 2X	9.32	0.73	8.50	15	-39.20
BPO-PR-X BROOKFIE	14.24	1.09	8.29	4	26.92

S&P/TSX COMPOSITE INDEX STOCKS LARGEST STOCKS BY MARKET CAPITALIZATION

TSX LOSERS TOP 20 FOR STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
COID SAVVYSHORT -	3.89	-0.88	-18.45	13	-74.51
SOXU MEGALONG 3X	30.59	-6.28	-17.03	89	130.96
MUU SAVVYLONG 2X	13.64	-1.61	-10.56	383	-39.38
TINY TINY LTD	5.06	-0.54	-9.64		-47.29
CRWN CROWN CAPITA	1.34	-0.14	-9.46		106.15
MSTZ SAVVYSHORT -	2.84	-0.29	-9.27	144	-86.88
FLNT FLINT CORP	1.34	-0.13	-8.84		-1.47
DCM DATA COMMUNIC	2.17	-0.21	-8.82	61	32.32
ENI-UN ENERGY INC	2.18	-0.21	-8.79	9	11.79
GEV GE VEROVA CD	58.65	-5.48	-8.55	80	31.74
AMDU SAVVYLONG 2X	17.04	-1.59	-8.53	9	-21.11
CLS CELESTICA INC	439.70	-40.53	-8.44	422	8.30
SMCI SUPERMICRO C	11.84	-1.08	-8.36	831	23.08
LRCX LAM RESEARCH	24.00	-2.16	-8.26	80	-5.10
ABXU SAVVYLONG 2X	27.50	-2.47	-8.24	1	-21.79
MMP-UN PRECIOUS M	4.26	-0.38	-8.19	1	11.81
CLHI NINEPOINT CE	8.31	-0.71	-7.87	19	-19.32
PCA PHOENIX METAL	1.06	-0.09	-7.83	87	-15.20
VRT VERTIV CDR (C	17.65	-1.48	-7.74	175	-30.18
HPS-A HAMMOND POW	234.46	-19.39	-7.64	75	47.02

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
VNP 5N PLUS INC.	25.16	-1.64	-6.12	806	41.99
ABRA ABRASILVER R	13.81	-0.38	-2.68	583	29.31
AAV ADVANTAGE ENE	10.57	0.00	0.00	679	-9.97
ARE AECON GROUP I	43.89	-0.72	-1.61	427	40.31
AEM AGNICO EAGLE	274.59	-3.50	-1.26	700	17.97
AC AIR CANADA	27.58	0.05	0.18	2550	42.98
AGI ALAMOS GOLD I	49.54	-0.26	-0.52	691	-6.53
AQN ALGONQUIN POW	7.46	0.11	1.50	5784	-11.61
ATD ALIMENTATION	81.91	1.41	1.75	948	9.27
AAUC ALLIED GOLD	30.03	-1.67	-5.27	677	-4.52
AP-UN ALLIED PROP	8.15	0.07	0.87	376	-39.04
ALA ALTAGAS LTD.	52.16	0.25	0.48	1567	24.64
ALS ALTUS MINERA	65.71	-0.85	-1.28	223	60.90
AIF ALTUS GROUP L	46.83	1.16	2.54	269	-17.42
USA AMERICAS GOLD	6.68	-0.30	-4.30	1279	-5.11
ARIS ARIS MINING	25.97	-1.11	-4.10	668	16.67
ATZ ARITZIA INC	123.50	0.68	0.55	507	5.24
ACO-X ATCO LTD. C	71.38	-0.25	-0.35	182	26.61
ATH ATHABASCA OIL	11.04	0.17	1.56	2014	57.04
ATRL ATKINSREALIS	84.85	-0.39	-0.46	620	-4.23
ATS ATS CORPORATI	26.99	0.44	1.66	827	-28.62
ASM AVINO SILVER	8.70	-0.30	-3.33	682	1.87
AYA AYA GOLD AND	37.42	-1.34	-3.46	1844	90.53
BTO B2GOLD CORP.	7.27	-0.19	-2.55	2391	17.64
BCE BCE INC.	32.59	0.20	0.62	3914	-0.46
BDGI BADGER INFRA	83.88	-0.38	-0.45	116	14.70
BMO BANK OF MONTR	242.41	-0.06	-0.02	1745	35.99
BNS BANK OF NOVA	129.95	0.32	0.25	3274	28.37
ABX BARRICK MININ	58.95	-1.57	-2.59	4374	-1.40
BHC BAUSCH HEALTH	8.25	0.15	1.85	395	-13.43
BTE BAYTEX ENERGY	6.98	0.02	0.29	5194	57.21
BIR BIRCHCLIFF EN	6.39	0.07	1.11	1112	-14.46
BDT BIRD CONSTRUC	72.61	0.65	0.90	268	154.59
BB BLACKBERRY LIM	10.77	0.16	1.51	1844	107.92
BEI-UN BOARDWALK	62.33	0.08	0.13	70	-3.33
BBD-B BOMBARDIER	309.02	8.20	2.73	196	32.34
BYD BOYD GROUP SE	126.92	1.92	1.54	152	-41.95
BAM BROOKFIELD AS	64.89	-0.58	-0.89	1456	-9.75
BBUC BROOKFIELD B	36.02	-0.58	-1.58	57	-26.56
BN BROOKFIELD COR	52.29	-0.57	-1.08	3740	-17.03
BIP-UN BROOKFIELD	49.66	-1.42	-2.78	642	4.09
BEP-UN BROOKFIELD	40.98	-1.15	-2.73	604	10.49
DOO BRP INC	84.43	-0.13	-0.15	231	-13.00
CAR-UN CDN APARTM	32.39	0.25	0.78	565	-12.15
CNQ CDN NATURAL R	69.94	0.62	0.89	33691	50.44
GIB-A CGI INC	101.52	4.17	4.28	499	-19.92
CRT-UN CT REAL ES	16.90	0.11	0.66	216	3.87
CAE CAE INC	33.80	0.59	1.78	1815	-19.02
CCO CAMECO CORP	129.73	-4.28	-3.19	1104	3.22
CM CANADIAN IMPER	158.80	-0.11	-0.07	2493	27.62
CNR CANADIAN NATI	169.81	0.21	0.12	1472	25.09
CP CANADIAN PACIF	124.99	1.15	0.93	1599	23.69
CTC-A CANADIAN TI	188.84	1.83	0.98	239	8.57
CU CANADIAN UTILI	49.92	-0.10	-0.20	508	16.83
CPX CAPITAL POWER	59.52	-1.30	-2.14	1681	1.66
CS CAPSTONE COPPE	13.89	-0.48	-3.34	3201	0.80
CJT CARGOJET INC.	81.00	0.78	0.97	167	-3.50
CCL-B CCL INDUSTR	94.69	0.86	0.92	434	9.22
CLS CELESTICA INC	439.70	-40.53	-8.44	422	8.30
CVE CENOVUS ENERG	46.27	0.38	0.83	16412	99.27
CG CENTERRA GOLD	30.29	-1.09	-3.47	489	53.29

ETFS STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
CEU CES ENERGY SO	19.07	-1.02	-5.08	1215	55.42
CSH-UN CHARTWELL	20.40	0.27	1.34	342	1.49
CHP-UN CHOICE PRO	15.06	-0.02	-0.13	615	1.69
CCA COGECO COMMUN	58.56	1.40	2.45	130	-11.90
CIGI COLLIERS INT	130.70	1.32	1.02	154	-35.21
CSU CONSTELLATION	2959.87	131.93	4.67	50	-10.34
CRR-UN CROMBIE RE	15.62	0.09	0.58	195	2.29
CURA CURALEAF HOL	14.05	0.76	5.72	211	37.34
DFY DEFINITY FINA	71.98	1.63	2.32	205	-5.20
DML DENISON MINES	4.03	-0.16	-3.82	3345	10.71
DSG DESCARTES SYS	111.16	5.84	5.55	356	-7.68
DSV DISCOVERY MIN	11.57	-0.84	-6.77	3423	38.07
DOL DOLLARAMA INC	168.35	1.24	0.74	908	-17.93
DPM DPM METALS IN	58.55	-1.82	-3.01	447	38.02
DIR-UN DREAM INDU	13.08	-0.02	-0.15	452	3.97
EQB EQB INC	128.93	-0.67	-0.52	148	24.10
ELD ELDORADO GOLD	57.19	-3.43	-5.66	879	15.93
EFN ELEMENT FLEET	25.73	0.90	3.62	1881	-28.63
EMA EMERA INCORPO	68.17	-0.02	-0.03	672	0.78
EMP-A EMPIRE COMP	46.80	1.19	2.61	439	-1.93
ENB ENBRIDGE INC	67.03	0.80	1.21	12478	2.06
EDR ENDEAVOUR SIL	13.54	-0.56	-3.97	992	4.88
EFX ENERFLEX LTD	30.80	-0.97	-3.05	1362	45.56
EFR ENERGY FUELS	17.17	-0.81	-4.51	961	-13.63
EQX EQUINOX GOLD	16.53	-0.63	-3.67	2318	-14.31
ERO ERO COPPER CO	46.78	-2.39	-4.86	519	20.47
EIF EXCHANGE INCO	116.69	-0.15	-0.13	123	42.37
EXE EXTENDICARE I	31.14	0.13	0.42	254	45.85
FFH FAIRFAX FINAN	2267.54	19.37	0.86	39	-13.32
FTT FINNING INTL	92.08	-1.71	-1.82	488	23.81
FCR-UN FIRST CAPI	22.55	-0.07	-0.31	414	19.31
AG FIRST MAJESTIC	26.14	-0.97	-3.58	1328	14.15
FM FIRST QUANTUM	42.30	-1.64	-3.73	2553	14.95
FSV FIRSTSERVICE	188.47	-2.53	-1.32	129	-11.70
FTS FORTIS INC	75.27	-0.09	-0.12	1165	5.48
FVI FORTUNA MININ	16.15	-0.44	-2.65	740	20.07
FNV FRANCO-NEVADA	363.82	-5.19	-1.41	175	27.88
FRU FREEHOLD ROYA	17.49	-0.01	-0.06	548	15.14
GMIN G MINING VEN	49.20	-2.81	-5.40	974	18.58
GFL GFL ENVIRONME	59.30	-0.02	-0.03	721	0.58
GEI GIBSON ENERGY	30.89	0.21	0.68	373	22.97
GIL GILDAN ACTIVE	65.98	-1.17	-1.74	783	-23.09
GRT-UN GRANITE RE	85.56	0.38	0.45	48	4.71
GWO GREAT-WEST LI	92.73	0.09	0.10	1038	36.99
HPS-A HAMMOND POW	234.46	-19.39	-7.64	75	47.02
HWX HEADWATER EXP	13.85	0.34	2.52	888	47.81
HR-UN HR REAL EST	9.76	0.07	0.72	479	-4.59
HBM HUBDAY MINERA	35.60	-1.13	-3.08	1506	30.64
H HYDRO ONE LIMIT	51.13	0.16	0.31	3978	-6.42
IAU I 80 GOLD COR	2.35	-0.07	-2.89	782	16.34
IAG IA FINANCIAL	211.55	5.88	2.86	408	18.96
IMG IAMGOLD CORP	27.49	-0.62	-2.21	1095	21.37
IGM IGM FINANCIAL	87.75	-1.94	-2.16	446	41.97
IMO IMPERIAL OIL	183.17	2.81	1.56	1445	54.47
IFC INTACT FINANC	259.71	2.19	0.85	540	-9.11
IPCO INTERNATIONA	36.24	0.38	1.06	157	45.95
IVN IVANHOE MINES	12.34	-0.46	-3.59	3438	-20.95

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
BANK EVOLVE CDN B	11.41	0.01	0.09	442	17.75
DLR-U GLOBAL X US	10.16	0.00	0.00	868	0.20
DLR GLOBAL X US D	14.12	0.05	0.36	1660	1.44
GDXD BETAPRO CDN	7.96	0.38	5.01	403	-51.29
HHIS HARVEST DIVE	11.28	0.17	1.53	1167	-7.84
HND BETAPRO NAT G	24.21	-0.83	-3.31	530	-35.70
HNU BETAPRO NAT G	8.17	0.24	3.03	2463	-49.88
HOD BETAPRO CRUDE	16.16	-0.39	-2.36	1953	-88.84
HOU BETAPRO CRUDE	28.31	0.61	2.20	1893	222.80
MSTE HARVEST STRA	2.44	0.10	4.27	691	-43.26
QQD BETAPRO NASDA	23.84	0.39	1.66	365	-28.30
QQU BETAPRO NASDA	37.02	-0.60	-1.59	549	22.91

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
RING GLOBAL X EQL	16.24	0.17	1.06	459	-11.35
SQQQ BETAPRO -3X	7.76	0.18	2.37	483	-40.94
UMAX HAMILTON UTI	12.54	0.04	0.32	413	-4.78
VEQT VANGUARD ALL	61.41	-0.26	-0.42	396	14.34
XEG ISHARES SP TS	29.07	0.19	0.66	3399	51.25
XEQT ISHARES CORE	45.17	-0.12	-0.26	553	13.24
XGD ISHARES S&P/T	58.58	-1.51	-2.51	437	14.59
XIU ISHARES SP TS	53.03	0.11	0.21	3764	12.85
XRE ISHARES SP TS	15.73	0.05	0.32	384	1.94
ZAG BMO AGGREGATE	13.34	-0.01	-0.07	402	-3.19
ZCN BMO SP TSX CA	47.91	0.00	0.00	426	12.97
ZEB BMO EQUAL WEI	74.55	-0.03	-0.04	772	27.87

	PRICE	NET CHG		PRICE	NET CHG		PRICE	NET CHG
GOLD	4351.90	-57.00	LEAN HOGS	79.60	-1.92	CORN	512.00	1.75
SILVER	64.14	-1.05	COFFEE	307.35	-6.30	SOYBEAN	1285.25	5.00
NATURAL GAS	2.90	0.06	ALUMINUM	3382.00	-1.00	CANOLA	823.00	5.80
CRUDE OIL WTI	101.39	1.34	HKFE NICKEL CNH	109750.0	-1090.0	S&P 500 COMM SRVS	600.55	12.55
CRUDE OIL BRENT	104.61	-3.02	WHEAT	707.00	0.00	FEED WHEAT	215.25	-2.50
HIGH GRADE COPPER	6.40	-0.14	LUMBER PHYSICAL	570.00	1.00	BITCOIN FUTURES	79270.0	1840.0

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
ARG AMERIGO RESOU	8.41	0.13	1.57	3005	85.24
XLY AUXLY CANNABI	3.40	0.13	3.98	221	67.49
PRM-PR-A BIG PHAR	10.37	0.03	0.29		1.27
BN-PR-R BROOKFIEL	24.65	0.15	0.61	3	15.13
BN-PF-A BROOKFIEL	26.39	0.18	0.69	3	2.09
BN-PR-C BROOKFIEL	15.30	0.05	0.33		18.88
BPO-PR-X BROOKFIE	14.24	1.09	8.29	4	26.92
CF-PR-A CANACCORD	25.22	0.00	0.00	365	17.69
CF-PR-C CANACCORD	25.57	0.07	0.27		3.56
CVE CENOVUS ENERG	46.27	0.38	0.83	16412	99.27
CEU CES ENERGY SO	19.07	-1.02	-5.08	1215	55.42
CVX CHEVRON CDR (	27.25	-0.25	-0.91	7	11.13
ROSY CORTON ROSEN	25.05	0.00	0.00	35	0.00
CRWD CROWDSTRIKE	72.98	8.95	13.98	119	97.24

TSX 52-WEEK LOWS STOCKS \$1 OR MORE

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
FTN-PR-A FINANCIA	10.99	0.03	0.27	71	3.10
GFR-RT-A GREENFIR	2.20	0.05	2.33	133	25.71
IFP INTERFOR CORP	14.97	0.89	6.32	343	74.88
KEL KELT EXPLORAT	10.81	0.11	1.03	1433	40.94
MSA MINEROS SA	9.15	0.05	0.55	596	62.81
RFA-PR-I RFA FINA	24.25	0.50	2.11	4	6.59
SEC SENVEST CAPIT	440.00	0.00	0.00		18.44
SU SUNCOR ENERGY	95.58	0.28	0.29	8997	56.89
SGY SURGE ENERGY	12.16	0.00	0.00	587	76.23
SWP SWISS WATER D	9.52	0.03	0.32	14	115.87
TNZ TENAZ ENERGY	73.08	-0.86	-1.16	230	175.77
TOT TOTAL ENERGY	34.94	-1.30	-3.59	215	134.50
YGR YANGARRA RESO	1.64	0.04	2.50	394	56.19

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
AMAP AMAPA MINERA	1.08	0.01	0.93	33	-1.82
CAKE AVANTIS CIBC	19.76	-0.07	-0.35	2	-1.54
BBUC BROOKFIELD B	36.02	-0.58	-1.58	57	-26.56
BN BROOKFIELD COR	52.29	-0.64	-1.21	3740	-17.03
BEPC BROOKFIELD R	41.31	-1.31	-3.07	370	-21.54
BNT BROOKFIELD WE	52.32	-0.73	-1.38	17	-17.20
BTB-UN BTB REIT U	3.64	0.01	0.28	80	-11.00
BU BURCON NUTRASC	1.41	-0.08	-5.37	34	-13.50
CIA CHAMPION IRON	3.19	-0.10	-3.04	572	-41.89
TPUT CORTON THETA	25.07	-0.49	-1.92		-3.58
DGGB DESJARDINS G	19.51	-0.08	-0.41		-2.69
DUIG DESJARDINS U	19.29	-0.15	-0.77		-3.50
GLRA-PR-A GLOBAL	18.25	0.25	1.39	5	-22.24
PAVE GLOBAL X US	26.48	-0.42	-1.56	10	-4.06

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
GWO-PF-A GREAT WE	24.71	-0.29	-1.16	14	-0.64
HAI HAVISION SYS	3.80	-0.08	-2.06	82	-27.48
HON HONEYWELL TEC	11.36	-0.03	-0.26	8	-49.42
MRG-UN MORGUARD N	15.12	-0.15	-0.98	47	-12.95
GRA NANOPXLORE IN	1.37	0.00	0.00	176	-46.48
NFGC NEW FOUND GO	2.29	-0.02	-0.87	403	-11.92
NRR-UN NORTHVIEW	15.11	-0.13	-0.85	2	-6.44
RGSI ROCKPOINT GA	23.33	-0.27	-1.14	434	-16.68
COID SAVVYSHORT -	3.89	-0.88	-18.45	13	-74.51
OILD SAVVYSHORT G	11.32	-0.25	-2.16	44	-91.54
T TELLUS CORPORATI	12.73	0.13	1.03	6702	-29.63
VCOR VANGUARD GLO	24.73	-0.06	-0.24	1	-0.80
WHYP-U WESTCOURT	15.81	-0.10	-0.63	3	-0.69

TSX COMPOSITE INDEX

SEPT. 14, 2016

SOURCE: BARCHART

SEPT. 14, 2026

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
JWEL JAMIESON WEL	45.46	-0.04	-0.09	542	35.10
KNT K92 MINING IN	28.33	-0.98	-3.34	736	24.86
KEL KELT EXPLORAT	10.81	0.11	1.03	1433	40.94
KEY KEYERA CORP	54.76	0.22	0.40	2129	24.45
KMP-UN KILLAM APA	17.50	0.12	0.69	234	6.71
KXS KINAXIS INC	176.72	5.06	2.95	245	2.10
K KINROSS GOLD CO	39.21	-1.18	-2.92	3783	1.42
LIF LABRADOR IRON	25.36	-0.37	-1.44	187	-15.10
LB LAURENTIAN BAN	40.63	-0.01	-0.02	162	0.82
LSPD LIGHTSPEED C	14.09	0.29	2.10	498	-14.92
LNR LINAMAR CORP	98.36	-1.60	-0.74	82	18.56
LAC LITHIUM AMERI	4.01	-0.03	-0.74	1141	-32.83
L LOBLAW CO	63.05	1.77	2.89	1662	1.61
LUG LUNDIN GOLD I	92.06	-0.94	-1.01	464	-19.26
LUN LUNDIN MINING	32.43	-1.02	-3.05	2733	9.93
MG MAGNA INTERNAT	90.30	-1.34	-1.46	714	23.41
MFC MANULIFE FIN	60.56	0.28	0.46	4514	21.51
MFI MAPLE LEAF FO	26.62	0.32	1.22	283	6.78
MDA MDA SPACE LTD	40.14	0.02	0.05	2274	50.68
MX METHANEX CORP	87.21	-0.04	-0.05	599	60.19
MRU METRO INC	91.55	3.39	3.85	839	-7.33
MAU MONTAGE GOLD	19.11	-0.04	-0.21	483	93.42
MTL MULLEN GROUP	25.87	0.26	1.02	184	64.36
NA NATIONAL BANK	211.35	-0.74	-0.35	1216	22.44
NXE NEXGEN ENERGY	13.17	-0.46	-3.37	1795	4.28
NFI NFI GROUP INC	23.42	-0.09	-0.38	111	50.90
NGEX NGEX MINERAL	24.40	-1.27	-4.95	273	-4.69
NPI NORTHLAND POW	21.14	0.34	1.63	1711	18.43
NG NOVAGOLD RES I	10.10	-0.29	-2.79	561	-21.09
NTR NUTRIEN LTD	107.02	-1.78	-1.64	2006	26.32
OR OR ROYALTIES I	49.40	-0.51	-1.02	511	1.60
OGC OCEANAGOLD CO	40.78	-1.09	-2.60	981	4.83
ONEX ONEX CORPORA	109.17	-1.33	-1.20	106	-3.36
OTEX OPEN TEXT CO	33.31	1.31	4.09	1096	-25.48
PAAS PAN AMERICAN	67.61	-2.13	-3.05	656	-4.99
POU PARAMOUNT RES	31.96	0.00	0.00	182	32.12
PXT PAREX RESOURC	28.87	-0.06	-0.21	1192	56.48
PPL PEMBINA PIPEL	66.12	-0.14	-0.21	2825	26.45
PPTA PERPETUA RES	31.35	-1.44	-4.39	81	-5.66
PEY PEYTO EXPLORA	24.42	0.11	0.45	500	7.53
POW POWER CORPORA	93.73	-0.64	-0.68	2039	28.49
PSK PRAIRIESKY RO	36.00	0.24	0.67	325	33.19
PBH PREMIUM BRAND	77.50	0.87	1.14	279	-23.80
PMZ-UN PRIMARIS R	20.96	0.06	0.29	142	34.45
QBR-B QUEBECOR IN	64.06	1.24	1.97	602	23.91
RBA RB GLOBAL INC	116.90	0.99	0.85	366	-17.27
QSR RESTAURANT BR	109.60	2.85	2.67	1646	17.02
RCH RICHELIEU HAR	35.51	0.34	0.97	141	-10.24
REI-UN RIOCAN REA	20.71	0.08	0.39	800	10.75
RCI-B ROGERS COMM	50.94	0.76	1.51	2151	-1.68
RY ROYAL BANK OF	285.19	-0.01	0.00	2321	21.88
RUS RUSSEL METALS	76.21	0.36	0.47	117	74.00
SAP SAPUTO INC.	39.80	0.41	1.04	528	-3.66
SEA SEABRIDGE GOL	41.27	-1.69	-3.93	60	1.43
SHOP SHOPIFY INC	186.18	7.77	4.36	1365	-15.76

	CLOSE	NET CHG	% CHG	VOL 000s	YTD %CHG
SIA SIENNA SENIOR	19.96	0.15	0.76	308	-2.30
SVM SILVERCORP ME	15.92	-0.59	-3.57	747	38.68
SKE SKEENA RESOUR	42.56	-1.34	-3.05	205	30.55
SRU-UN SMARTCENTR	26.96	0.19	0.71	408	4.70
SOBO SOUTH BOW CO	49.70	-0.24	-0.48	793	31.66
SXGC SOUTHERN CRO	12.19	-0.13	-1.06	340	15.11
SDE SPARTAN DELTA	13.36	-0.12	-0.89	418	84.28
SII SPROTT INC.	182.57	-2.29	-1.12	115	35.80
SSRM SSR MINING I	48.42	-1.85	-3.68	366	60.92
STN STANTEC INC	98.01	1.37	1.42	355	-24.33
SJ STELLA JONES I	68.46	1.46	2.18	508	-19.58
SCR STRATHCONA RE	44.56	0.34	0.77	452	57.29
SLF SUN LIFE FINA	111.64	1.09	0.99	1851	30.30
SU SUNCOR ENERGY	95.58	0.28	0.29	8997	56.89
SPB SUPERIOR PLUS	6.90	0.04	0.58	1074	-1.99
TRP TC ENERGY COR	85.05	0.74	0.88	6702	12.53
X TMX GROUP LIMIT	53.87	0.75	1.41	456	3.14
TVE TAMARACK VALL	13.61	0.32	2.41	2975	70.55
TECK-B TECK RESOU	92.16	0.05	0.05	1271	40.25
T TELLUS CORPORATI	12.73	0.13	1.03	6702	-29.63
TVK TERRAVEST IND	115.35	-3.06	-2.58	60	-29.88
TFII TFI INTERNAT	183.15	1.38	0.76	216	29.10
NWC THE NORTH WES	52.22	0.55	1.06	99	6.77
TRI THOMSON REUTE	146.94	12.01	8.90	781	-18.88
TPZ TOPAZ ENERGY	31.03	0.24	0.78	530	12.67
TXG TOREX GOLD RE	67.59	-2.20	-3.15	375	3.13
TIH TOROMONT IND	201.20	-2.24	-1.10	267	21.17
TD TORONTO-DOMINI	168.26	0.54	0.32	3483	30.07
TOU TOURMALINE OI	62.34	0.97	1.58	6101	1.25
TA TRANSALTA CORP	16.39	-0.34	-2.03	2233	-5.59
TKO TREKOR METALS	10.86	-0.35	-3.12	860	39.77
TFPM TRIPLE FLAG	45.33	-1.58	-3.37	232	-0.61
TSU TRISURA GROUP	42.45	-0.29	-0.68	154	-0.63
VET VERMILION ENE	18.47	0.13	0.71	1211	61.73
VZLA VIZSLA SILVE	5.27	-0.19	-3.48	768	-29.92
WSP WSP GLOBAL IN	182.46	2.29	1.27	623	-26.58
WCN WASTE CONNECT	224.07	2.51	1.13	344	-6.92
WDO WESDOME GOLD	34.00	-1.06	-3.02	884	49.52
WFG WEST FRASER T	98.20	2.44	2.55	320	16.95
WN WESTON GEORGE	101.87	3.05	3.09	146	7.58
WPM WHEATON PRECI	208.11	-5.64	-2.64	430	28.97
WCP WHITECAP RESO	18.68	0.14	0.76	5850	62.43

BONDS CANADA

TERM	YIELD	CHG
2-YEAR	3.39	0.04
5-YEAR	3.67	0.02
10-YEAR	3.96	0.02
30-YEAR	4.29	0.02
RATES	RATE	CHG
BOFC OVERNIGHT TARGET	2.25	UNCH
CANADIAN PRIME	4.45	UNCH
Source: wires

CURRENCIES FOREIGN EXCHANGE CROSS RATES

	CAD	USD	AUD	EUR	GBP	JPY	CHF
CAD	-	0.7193	1.0080	0.6228	0.5328	111.01	0.5879
USD	1.3902	-	1.4011	0.8658	0.7407	154.33	0.8173
AUD	0.9921	0.7137	-	0.6179	0.5286	110.14	0.5833
EUR	1.6056	1.1551	1.6184	-	0.8556	178.25	0.9439
GBP	1.8768	1.3501	1.8917	1.1690	-	208.37	1.1034
JPY	0.0090	0.0065	0.0091	0.0056	0.0048	-	0.0053
CHF	1.7010	1.2237	1.7144	1.0595	0.9063	188.85	-

TERM	YIELD	CHG
2-YEAR TREASURY	4.65	0.02
5-YEAR TREASURY	4.80	0.02
10-YEAR TREASURY	4.97	0.01
30-YEAR TREASURY	5.34	-0.01

CANADIAN DOLLAR \$0.7192 -0.0066 (-0.9094%)
PAST YEAR, AS OF 4:44 P.M.

RATES	RATE	CHG
FED TARGET RATE	3.5-3.75	UNCH
U.S. PRIME	6.75	UNCH
Source: wires

DATA PROVIDED BY BARCHART, EXCEPT WHERE NOTED

SPORTS

Ballmer backs down, accepts fine and apologizes to fans ■ B17

Same old Bills, as Allen shines in opener, while defence struggles ■ B17

BLUE JAYS VS. TIGERS

Stretch drive

Blue Jays catcher Alejandro Kirk hits an RBI single in the first inning during Monday's game against the Detroit Tigers at Rogers Centre in Toronto. For the game story, go to GLOBESPORTS.COM

VAUGHN RIDLEY/GETTY IMAGES

Canadiens sign head coach St. Louis to multiyear contract extension

Montreal Canadiens head coach Martin St. Louis signed a contract extension on Monday that will keep him under contract through the 2029-30 season. CHRISTOPHER KATSAROV/THE CANADIAN PRESS

DANIEL RAINBIRD LAVAL, QUE.

Martin St. Louis ushered the Montreal Canadiens out of a rebuild. Now he'll have the opportunity to guide them through a competitive window.

The head coach signed a multiyear contract extension Mon-day as the Canadiens held their season-opening golf tournament. St. Louis, who was entering the final year of his deal, is now under contract through the 2029-30 season.

“I love what I do, and if they give me the vote of confidence that, ‘Martin, you’re the guy,’ I’ll continue. And if I’m not the guy, it’s okay,” St. Louis said. “I am humble enough to know that it’s not just because you put so much effort into something that you will always succeed, but my heart is in the right place, and I love being the coach of the Canadiens.”

So far, St. Louis has only trended upward in Montreal.

The 51-year-old from Laval, Que., has helped the upstart Canadiens to consecutive playoff berths, including a trip to last year's Eastern Conference final, after taking over during a full-scale rebuild.

Montreal hired St. Louis on an interim basis following Dominique Ducharme's dismissal in February, 2022, giving him his first NHL coaching job after he had previously coached at the youth level. The Canadiens removed the interim tag at the end of that season.

"When Marty came in, it was probably the biggest change," captain Nick Suzuki said. "It was pretty dark in those days when we were losing and finishing last place in the whole league, and Marty found ways to challenge us to keep things fun and light and not let the pressure of everything get too heavy, and every year we've gotten better.

“He’s probably my favourite coach, ever, so it’s nice to have him locked in with us. I feel like he’s gotten better every year, he’s pushed us every year. He’s such a hockey nerd, for lack of a better term.”

St. Louis is the NHL's fourth-longest tenured active coach, behind Tampa Bay's Jon Cooper,

Colorado's Jared Bednar and Carolina's Rod Brind'Amour.

He has a 163-155-47 record entering his sixth season as Canadiens coach and was a finalist for the Jack Adams Award as NHL coach of the year in 2025 after leading Montreal to the playoffs for the first time since 2020-21.

“Marty has done a terrific job leading our young team,” Canadiens general manager Kent

Hughes said in a statement. “He is a great communicator and teacher. We look forward to his continued efforts to mould this group into a championship-calibre team.”

Inducted into the Hockey Hall of Fame in 2018, St. Louis, an undrafted player, totalled 1,033 points during a decorated career before retiring in 2015.

His most decorated season came in 2003-04, when he won the Hart Trophy as league MVP, the Art Ross Trophy as the NHL's leading scorer with 94 points and helped the Tampa Bay Lightning win the Stanley Cup.

“His experience as a player, everything he overcame to be what he is, the way he works at it every day. He’s never somebody that [says], ‘I have all the answers,’” Canadiens president of hockey operations Jeff Gorton said.

“You’re not gonna walk in a room with Marty and he’s gonna just shut everybody down. He has that thirst to get better all the time.”

St. Louis, who added former Detroit Red Wings head coach Derek Lalonde to his staff for the upcoming season, joins his president of hockey operations and general manager on long-term deals.

Gorton and Hughes signed five-year extensions with the franchise last October.

THE CANADIAN PRESS

Raptors, Clippers complete deal to send Kawhi Leonard back to Toronto

The Raptors and Los Angeles Clippers agreed on Monday to complete their trade to send star forward Kawhi Leonard back to Toronto.

The trade was made official by the NBA on Monday evening.

“We’re thrilled to welcome Kawhi back to Toronto,” Raptors general manager and executive vice-president Bobby Webster said in a team-issued statement. “His impact on our organization, our city, and our country is undeniable, and he embodies the competitiveness and championship mindset that we value. We believe his leadership, experience and talent will help us as we continue building toward our next championship."

Webster thanked Brandon Ingram and guard Gradey Dick, who head to the Clippers as part of the deal. The Raptors also gave the Clippers unprotected first-round picks in 2031 and 2033, a 2027 first-round pick swap and two second-round picks.

The deal had been on hold while the NBA investigated Leonard and the Clippers for salarycap circumvention.

The league completed its investigation on Sept. 2, fining Leonard US\$700,000 but declining to suspend him or void his contract.

The 35-year-old Leonard averaged 27.9 points, 6.3 rebounds, 3.6 assists, 1.9 steals and 0.4 blocks per game last season for the Clippers in 2025-26.

Ingram averaged 21.5 points, 5.6 rebounds and 3.7 assists in his one season in Toronto, but was injured 11 minutes into Game 5 of the Raptors' first-round playoff series against the Cleveland Cavaliers. He underwent right heel surgery on May 8.

Dick took a step back in his third NBA season, averaging 14 minutes per game in 2025-26, as well as six points, 1.9 rebounds and 0.7 assists, all career lows.

The players involved in the trade tried to participate with their new teams as much as NBA rules allowed.

Leonard was at Kyle Lowry's July 7 news conference at OVO Athletic Centre, where Lowry announced he would retire as a member of the Raptors. Ingram attended a Clippers summer league game in Las Vegas on July 10.

Leonard was the central player in the Raptors' 2019 championship run, but spent just one season with the club before joining his hometown Clippers as a free agent.

With the trade officially complete, Leonard is expected to speak to reporters at the Raptors' media day on Sept. 28.

THE CANADIAN PRESS

Djokovic's drop marks first time since 2002 no member of Big 3 is in the top 10

Novak Djokovic waves to the crowd following his loss to Mariano Navone during their first-round men's singles match at the U.S. Open on Aug. 30 in New York. FRANK FRANKLIN II/THE ASSOCIATED PRESS

DIALLO WITHDRAWS FROM CANADA'S DAVIS CUP TIE AGAINST FRANCE DUE TO LEG INJURY

Djokovic went out in the first round of the U.S. Open, facilitating his rankings slip to No. 12

ANDREW DAMPF

George W. Bush was the U.S. president. The Euro currency had just gone into circulation. Tom Brady was coming off the first of his seven Super Bowl titles. And Ronaldo had just led Brazil to the World Cup trophy.

It's been nearly a quarter century since no member of the Big Three – Roger Federer, Rafael Nadal and Novak Djokovic – appeared in the top 10 of the men's tennis rankings.

With the 39-year-old Djokovic – the last member of the trio still competing – dropping from No. 5 to No. 12 when the latest rankings were released on Monday, it's the first time since October, 2002 that neither him, Federer nor Nadal appear in the first 10 entries of the list.

Federer and Nadal retired in 2022 and 2024, respectively. Federer was 41 when he stopped and Nadal was 38.

Lleyton Hewitt was No. 1 in October 2002 and – in a measure of just how much time has passed – his son, 17-year-old Cruz Hewitt, is now a rising professional.

Djokovic was beaten in the first round of the U.S. Open by Mariano Navone 15 days ago.

It was Djokovic's earliest Grand Slam exit in two decades – dating back to the 2006 Australian Open – and the first time ever that he lost his opener at the U.S. Open.

"I've been very proud of all the achievements in the past, but now is now," Djokovic said after the loss in New York.

Djokovic's 24 major titles are two more than Nadal's 22 and four more than Federer's 20.

Federer made his first appearance in the top 10 later in October, 2002 and remained there until the end of 2016 – during which time he had a record run of 237 weeks as No. 1.

Gabriel Diallo withdrew from Canada's upcoming Davis Cup tie against France due to a leg injury, Tennis Canada said Monday.

Diallo, who was hurt at the National Bank Open last month in his hometown of Montreal, was replaced by Keegan Rice for the second-round qualifier starting Friday at Videotron Centre.

"I'm of course disappointed and sad that I won't be able to compete with the team in Quebec City," Diallo said in a statement. "The Davis Cup means so much to me, and it's one of the events I look forward to most each year.

"While I continue to rehab my leg injury, I do plan to make my way to Quebec City to cheer on the team. I hope the fans will be ready to support us as loudly as possible and help us get back to the finals."

Twelfth-ranked Canada won the Davis Cup in 2022. No. 6 France last won the title in 2017.

The winner of the best-of-five tie will advance to the Davis Cup Final 8 in November. The losing side will fall into the 2027 first-round qualifier.

Diallo holds the No. 125 position in the latest ATP Tour world rankings. Rice, who won the NCAA national championship with the University of Virginia, made his ATP 1000 debut in Montreal as a qualifier.

Canada's lineup also includes fifth-ranked Félix Auger-Alias-sime of Montreal, No. 205 Liam Draxl of Newmarket, Ont., and Duncan Chan (No. 254 in doubles) of Markham, Ont. THE CANADIAN PRESS

Nadal entered the top 10 in April of 2005, during his breakout run as an 18-year-old on Europe's clay courts. The Spaniard remained there for a record 912 consecutive weeks until 2023.

Djokovic was the last of the Big Three to enter the top 10 in 2007. He's had a record of 428 total weeks at No. 1.

With current top players Jannik Sinner and Carlos Alcaraz both missing majors this year due to injury and Alcaraz having said he plans to take more breaks during future seasons, it's unclear yet if the current generation will have as much staying power as the Big Three.

"I'm proud of the fact that I was able to play from January to November throughout. I never really missed indoor season or Australia or any of the American swings," Federer said ahead of his induction into the International Tennis Hall of Fame last month.

“I kind of showed up everywhere,” Federer added. “I never really wanted to make it all about the Slams. I remember Pistol [Pete Sampras] talked a lot about how it was Slams only for him toward the end of the career, and I didn't like the fact that was going to be my case. I liked too many other tournaments and I love the ATP Tour. So from that standpoint, I really tried to keep everything a priority."

Already, this year has been quite different from last year in terms of men's finals at the Grand Slams.

After Sinner and Alcaraz met in three of the four major finals last year, they didn't meet in any in 2026.

Alcaraz missed the French Open and Wimbledon due to a right wrist injury and Sinner withdrew from the U.S. Open because of a right knee injury.

While both Alcaraz (Australian Open) and Sinner (Wimbledon) won majors this year, the most consistent performer on the men's side was Alexander Zverev, who won the French Open and the U.S. Open, lost in the Wimbledon final and reached the semi-finals in Australia.

Still, Zverev wasn't about to declare himself the best.

"If everyone is healthy, I think Jannik is still ahead," Zverev said after beating Ben Shelton for the U.S. Open title on Sunday. "It's as simple as that."

In the new rankings, Sinner, Zverev and Alcaraz remained 1-2-3, respectively, while U.S. Open finalist Ben Shelton jumped five spots to No. 4.

The picture was a bit clearer on the women's side, where Elena Rybakina won two of the four Grand Slams this year, at the Australian Open and U.S. Open.

Rybakina's run in New York enabled her to climb to No. 1 in the rankings, ending Aryna Sabalenka's 99-week run at the top.

“Her serve is amazing,” Sabalenka said after Rybakina cranked out 12 aces against her in the U.S. Open final. “The way she [is] able to step in and overpower you on court and especially if it’s a U.S. Open court where it’s super fast, definitely huge advantage for her.”

THE ASSOCIATED PRESS

Tennis players seeking more prize money say they will no longer go public with their protests

ANDREW DAMPF

Top tennis players who have been protesting for a larger share of revenues from the biggest tournaments in the sport say they will no longer go public with their demands now that a Grand Slam Player Advisory Council has been formed.

"The players will now work directly with the Grand Slams to establish the council, through which players themselves will be directly consulted and able to negotiate on an ongoing basis," a statement from the players' representatives said Monday.

The Grand Slam Player Advisory Council was announced last month by the Australian Open, the French Open, Wimbledon and the U.S. Open.

"Now that a formal council exists to carry this work forward, the public phase of the campaign led by the unified group of top players comes to a close," the players' statement said. "Players reserve the right to restart the campaign should the council fail to deliver on these aims."

Besides a bigger cut of revenues, the players have also sought better representation, health options and pensions. Some limited their media appearances at the French Open and Wimbledon as a protest, with Aryna Sabalenka and Coco Gauff among the stars who even threatened a potential boycott of the Slams before play began in Paris if they didn't start receiving more compensation.

The players had asked for 22 per cent of tournament revenues.

“While the Grand Slams have not yet reached this figure or committed to formal revenue sharing agreements, all have increased prize money significantly beyond their long-term trend prior to the campaign, over the past 18 months,” the players’ statement said.

“Since the players’ formal proposal was submitted on July 31, 2025, prize money across these Grand Slam tournaments – the 2025 and 2026 U.S. Open and the 2026 Australian Open, Wimbledon and Roland Garros – has grown to US\$415.6-million in total, with players estimating that more than US\$30-million of that reflects incremental gains above the rate of growth in the years before the campaign began.”

Sakic plans to indefinitely stay in GM role for Avalanche with no search scheduled, per source

PAT GRAHAM CASTLE ROCK, COLO.

Joe Sakic will remain in the role of general manager for the Colorado Avalanche indefinitely with no search scheduled, a person with knowledge of the situation told The Associated Press on Monday.

Already the president of hockey operations, Sakic added the title of GM in June when the Nashville Predators hired away Chris MacFarland to lead their front office. The person spoke of Sakic's dual responsibilities on condition of anonymity because the team hasn't announced the decision.

Sakic was the architect behind building the Avalanche squad that captured the 2022 Stanley Cup title. He turned the responsibilities over to MacFarland soon after the celebratory parade that summer. It's a position MacFarland held until the Predators made him their president of hockey operations/general manager.

As a player, Sakic led the Avalanche to Stanley Cup titles in 1996 – their first season in Denver – and 2001. The Hall of Fame forward is the only one in league history to win a title as a captain and GM with the same franchise.

It's been a busy off-season for Sakic that's included several trades with MacFarland (Ross Colton was sent to the Predators and later Jack Drury).

Sakic created quite a bit of buzz around the league in late August by making standout defenceman Cale Makar the highest paid player in NHL history. Makar, a two-time Norris Trophy winner, signed a US\$163.2-million, eight-year extension that kicks in next season. As a way to free up space to negotiate the extension, Sakic dealt Valeri Nichushkin to the Columbus Blue Jackets for draft

Colorado is coming off a season in which the team won the Presidents' Trophy with the best record in hockey before being swept by Vegas in the Western Conference final. Among the moves made by Sakic was bringing in forward Jaden Schwartz on a three-year contract. Schwartz had 11 goals and 15 assists over 50 games with the Seattle Kraken last season.

The Avalanche assembled Monday for a charity golf tournament. They start training camp later this week.

“A very talented group,” Schwartz said of the Avalanche before teeing off. “They’re a team that’s been up there in the standings every year and have a good chance every year. I feel pretty fortunate to be part of it now.”

McVay says Rams' season opener made it clear Garrett needed surgery

DAN GREENSPAN LOS ANGELES

After spending time during training camp trying to manage Myles Garrett's knee injury, it was the Los Angeles Rams' dismal season-opening loss to the San Francisco 49ers that made it evident to everyone that the star defensive end needed surgery.

Garrett did not record a tackle or sack while playing 61.5 per cent of the defensive snaps in the Rams' 27-7 defeat in Melbourne, Australia. Coach Sean McVay said Monday that conversations with Garrett immediately after the game last Thursday made it clear he couldn't go on without an operation. The Rams could get some help soon on the defensive line, though it's not clear when Aaron Donald will be ready to play.

“We had been aware of this, thought it [Garrett’s knee] was something he would be able to work through,” McVay said. “Obviously, being out there and playing in a real game, you learn like, ‘Hey, maybe that’s not the case. So let’s change course with that.’”

McVay did not have an updated timeline for Garrett's recovery beyond the four-game minimum that comes with being placed on injured reserve, pending the results of the procedure.

Garrett missed much of training camp because of what had been described as swelling in his knee, but McVay has not elaborated on the exact nature of the injury. The Rams acquired the reigning AP defensive player of the year from the Cleveland Browns in a blockbuster trade for pass rusher Jared Verse and three draft picks in June, knowing that Garrett's workload had been carefully managed in recent seasons. That was acceptable to McVay, who has frequently limited practice time for veteran players to maximize their game-day performance.

"The reality is our job is to put our players and our team in positions to have successful outcomes. Thought we would take an approach where he'd be feeling good enough to go contribute positive change and be the player that he's capable of. That wasn't the case, and so the next right thing for us is to be able to get this thing fixed," McVay said.

Garrett provided no indication he was physically compromised prior to the game, terming himself as “ready” last Tuesday. “I think I can go out there and do what I know I can do,” he said.

During that news conference, Garrett embraced the high expectations that came with him joining the Rams, stating his goals for this season were to win the Super Bowl and repeat as AP defensive player of the year.

It was the addition of Garrett that accelerated the idea of the Rams as a super team, in part because his presence helped lure Donald out of retirement last month.

McVay said Garrett's absence would not have any impact on when the standout defensive tackle will return to the field.

Donald, a three-time AP defensive player of the year, did not travel with the team to Australia as he works his way into playing shape following two seasons out of football. McVay said it was too early to know if Donald would play in the Rams' home opener against the New York Giants next Monday.

THE ASSOCIATED PRESS

Guerrero finding his form as Jays' playoff race picks up

Blue Jays infielder Josh Smith, left, and centre fielder Myles Straw, centre, douse first baseman Vladimir Guerrero Jr. after a win over the Baltimore Orioles at Rogers Centre on Sunday. JOHN E. SOKOLOWSKI/IMAGN IMAGES VIA REUTERS

Stronger play from Toronto's star, plus some improved pitching health finding the team at the right time

GREGORY STRONG TORONTO

Baseball's stretch drive is here and the Toronto Blue Jays are in the mix as they aim to return to the postseason after reaching the World Series last fall.

With 12 games to go entering play Mon-day against the visiting Detroit Tigers, here are five things to watch over the season's final fortnight.

SWEET STROKE

Blue Jays slugger Vladimir Guerrero Jr. is showing signs that he may be ready for a long-awaited breakout.

Over the weekend, the face of the franchise homered at Rogers Centre for the first time this season. It was part of a 4-for-5 day that included a curtain call from the sellout crowd.

He entered play against Detroit with a .333 batting average and .898 OPS (on-base plus slugging) over 12 games in September.

Most of Guerrero's offensive numbers this season are below his career averages. But if the first baseman gets hot like he did last October – look out.

MUSHY MIDDLE

The American League has never seemed weaker and that may be good news for the reigning AL champions.

A .500 record might just be good enough for a division crown in the mediocre West Division as well as the middling Central race. The third wild-card spot will likely go to a team with a similar mark.

Detroit squeaked in last year with a record of 87-75.

The Blue Jays, who took a 75-75 record into their opener against the Tigers, were just one game behind the Cleveland Guardians in the race for the final berth.

TREY DAY

Bullpen days have been the norm in recent weeks due to injury woes to Toronto's starting pitchers.

Some much-needed relief may soon be on the way.

Trey Yesavage, who has been out six weeks after undergoing knee surgery, was scheduled to make a rehab appearance for triple-A Buffalo on Tuesday. Fellow right-hander Shane Bieber (shoulder) is also making progress but his timeline is less certain.

Slugger Anthony Santander (shoulder) has been playing with the Bisons and could be a late-September addition.

TIEBREAKERS

Baseball's old "Game 163" setup to break ties was retired a few years ago.

If teams finish with the same regular-season record, Major League Baseball has a list of criteria, including teams' records playing against each other, to determine which club gets the postseason spot.

The Blue Jays hold the tiebreaker over the Guardians thanks to a better head-to-head record.

However, if Cleveland wins the Central and Chicago falls into a tie for the wild-card spot, the White Sox have the tiebreaker edge on Toronto.

PLAYING THE ODDS

The Blue Jays' playoff odds were slim at best in late July when the team was 10 games under the .500 mark.

Entering the opener against Detroit, Toronto had won 11 of 17 games to greatly improve its chances.

Every opponent the Blue Jays play the rest of the way – Detroit, Texas, Baltimore and Cincinnati – currently has a sub-.500 record.

At the start of the day Monday, Toronto had a 43.4 per cent chance of qualifying for the postseason, per FanGraphs.

THE CANADIAN PRESS

MLB

AMERICAN LEAGUE
EAST DIVISION

	W	L	Pct	GB
z-Tampa Bay	90	59	.604	—
New York	86	63	.577	4
Boston	82	68	.547	$8\frac{1}{2}$
Toronto	75	75	.500	$15\frac{1}{2}$
Baltimore	72	78	.480	$18\frac{1}{2}$

CENTRAL DIVISION

Chicago	76	73	.510	—
Cleveland	76	74	.507	$1/2$
Detroit	70	79	.470	6
Minnesota	70	79	.470	6
Kansas City	66	84	.440	$10^{1}/_{2}$

WEST DIVISION
Houston	75	75	.500	—
Texas	74	76	.493	1
Seattle	70	80	.467	5
Athletics	61	89	.407	14
Los Angeles	56	93	.376	$18^{1}/_{2}$

WILD CARD

	W	L	Pct	GB
New York	86	63	.577	+10 $\frac{1}{2}$
Boston	82	68	.547	+6
Cleveland	76	74	.507	—
Toronto	75	75	.500	1
Texas	74	76	.493	2
Baltimore	72	78	.480	4

AMERICAN LEAGUE

Monday

Chicago White Sox at Cleveland Detroit at Toronto N.Y. Yankees at Minnesota Seattle at L.A. Angels

Sunday

Tampa Bay 14, Houston 4 Toronto 8, Baltimore 1 Cleveland 9, Minnesota 2 Boston 4, Kansas City 1 Athletics 8, Seattle 7

Tuesday

All Times Eastern

Athletics (Perkins 3-11) at Tampa Bay (Jax 7-10), 6:40 p.m.
Chicago White Sox (Martin 9-7) at Cleveland (Griffin 15-5), 6:40 p.m.
Detroit (Anderson 4-6) at Toronto (TBD), 7:07 p.m.
N.Y. Yankees (Fried 4-4) at Minnesota (Ober 7-5), 7:40 p.m.
Boston (Sandoval 1-5) at Texas (Bradford 0-5), 8:05 p.m.
Kansas City (Wacha 9-8) at Houston (Brown 5-3), 8:10 p.m.
Seattle (Gilbert 12-9) at L.A. Angels (Johnson 4-8), 9:38 p.m.

INTERLEAGUE

Monday

Sunday

Baltimore at N.Y. Mets

Detroit 8, Colorado 1 N.Y. Yankees 2, N.Y. Mets 0 Washington 6, L.A. Angels 5 St. Louis 3, Chicago White Sox 1 Texas 7, Arizona 6

NATIONAL LEAGUE
EAST DIVISION

	W	L	Pct	GB
Atlanta	88	62	.587	—
Philadelphia	83	67	.553	5
Miami	74	76	.493	14
Washington	70	81	.464	$18\frac{1}{2}$
New York	69	80	.463	$18\frac{1}{2}$

CENTRAL DIVISION

z-Milwaukee	93	57	.620	—
Chicago	83	67	.553	10
Pittsburgh	75	75	.500	18
St. Louis	74	76	.493	19
Cincinnati	70	79	.470	$22:1/2$

WEST DIVISION

WEST DIVISION
Los Angeles	90	59	.604	—
San Diego	81	68	.544	9
Arizona	79	71	.527	$11\frac{1}{2}$
San Francisco	62	88	.413	$28\frac{1}{2}$
Colorado	55	94	.369	35

WILD CARD

	W	L	Pct	GB
Chicago	83	67	.553	$+1\frac{1}{2}$
Philadelphia	83	67	.553	$+1\frac{1}{2}$
San Diego	81	68	.544	—
Arizona	79	71	.527	$2\frac{1}{2}$

Tuesday
Monday
WOMEN'S
DOUBLES — ROUND OF 16

Air Times Basic Baltimore (Baz 6-15) at N.Y. Mets (Manaea 5-7), 7:10 p.m.

NATIONAL LEAGUE

Monday

L.A. Dodgers at Cincinnati Atlanta at Chicago Cubs San Francisco at St. Louis San Diego at Colorado Miami at Arizona

Sunday

Philadelphia 9, Atlanta 4
Miami 6, L.A. Dodgers 4
Cincinnati 4, Milwaukee 3
Pittsburgh 4, Chicago Cubs 3
San Diego 6, San Francisco 4

Tuesday

All Times Eastern

L.A. Dodgers (Yamamoto 13-8) at Cincinnati (Lowder 6-10), 6:40 p.m. Milwaukee (Misiorowski 14-5) at Pittsburgh (TBD), 6:40 p.m. Philadelphia (Sánchez 17-5) at Washington (Kent 14), 6:45 p.m. Atlanta (López 4-4) at Chicago Cubs (Gausman 9-12), 7:40 p.m. San Francisco (Tidwell 0-2) at St. Louis (Pallante 12-6), 7:45 p.m. San Diego (Buehler 8-6) at Colorado (Feltner 5-10), 8:40 p.m. Miami (Junk 6-9) at Arizona (Gallen 3-9), 9:40 p.m.

AMERICAN LEAGUE LEADERS

HOME RUNS

Caminero, Tampa Bay, 40; Alvarez, Houston, 38; Rice, New York, 38; Alonso, Baltimore, 35; Okamoto, Toronto, 32; Murakami, Chicago, 31; C. Montgomery, Chicago, 31; M. Vargas, Chicago, 30; Dingler, Detroit, 27; 5 tied at 26.

WTA TOUR

GUADALAJARA OPEN

SINGLES — ROUND OF 32 Kayla Day, United States, def. Elvina Kalieva, United States, 7-6 (9), 6-4. Sloane Stephens, United States, def. Carole Monnet, France, 6-4, 7-6 (5).

Alexa Guarachi, Chile, and Makoto Ninomiya, Japan, def. Nika Radisic, Slovenia, and Isabelle Haverlag, Netherlands, 5-7, 6-4, 10-4.

Al Berlin, Germany
Sunday
THIRD PLACE
Spain 81, Germany 58
CHAMPIONSHIP
United States 97, France 79

NFL

WEEK ONE

Monday

Denver at Kansas City

Sunday

Baltimore 41, Indianapolis 23
Buffalo 36, Houston 31
Chicago 59, Carolina 37
Cincinnati 33, Tampa Bay 27
Detroit 31, New Orleans 30, OT
Jacksonville 34, Cleveland 10
N.Y. Jets 23, Tennessee 10
Pittsburgh 20, Atlanta 13
Arizona 26, L.A. Chargers 14
Las Vegas 27, Miami 13
Minnesota 39, Green Bay 22
Philadelphia 24, Washington 22
N.Y. Giants 28, Dallas 20

U SPORTS FOOTBALL

WEEK FOUR

Friday, Sept. 18

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.

2026 FIBA WOMEN'S WORLD CUP
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

Austin 2 Vancouver 1 New England 2 Chicago 1 Philadelphia 5 San Diego 0

Friday, Sept. 18

N.Y. Red Bulls at N.Y. City FC, 7:30 p.m.

FIFA WOMEN'S UNDER-20

WORLD CUP

At sites in Poland

Spain 3 China 1

Spain 3, Brima 2 Nigeria 10 New Caledonia 1 North Korea 3 Colombia 0 Portugal 3 Costa Rica 0 END OF GROUP STAGE

PLAYOFFS

ROUND OF 16

Wednesday

All Times Eastern

Argentina vs. South Korea, 9 a.m. Brazil vs. United States, 9 a.m. Italy vs. China, 12:30 p.m. Spain vs. Portugal, 12:30 p.m.

Thursday

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.

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

Leeds 4, Newcastle 1

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

Toronto 3 Vancouver 1 Calgary 1 Victoria 0

Saturday, Sept. 19

Saturday, Sept. 19 Hamilton at Calgary, 5 p.m. Vancouver at Victoria, 8 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

Vancouver, 4 Ottawa 0

Saturday, Sept. 19

All Times Eastern

Toronto at Halifax, 2 p.m. Montreal at Vancouver, 5 p.m.

CANADIAN MEN'S CLUB

SOCCER CHAMPIONSHIP

SEMIFINALS

SECOND LEG

Tuesday — All Times Eastern Supra du Quebec (CPL) at Hamilton Forge (CPL), 7 p.m.

Wednesday, Sept. 16

Wednesday, Sept. 20 Vancouver Whitecaps (MLS) at C.F. Montreal (MLS), 7 p.m.

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

x — clinched playoff berth

WEEK 16 Bye: British Columbia, Saskatchewan and Winnipeg Friday, Sept. 18 All Times Eastern Montreal at Hamilton, 7:30 p.m.

Saturday, Sept. 19

Edmonton at Toronto, 3 p.m. Ottawa at Calgary, 7 p.m.

SPORTLIGHT

SEPTEMBER 15

1899 — Willie Smith wins the U.S. Open golf title, beating George low, Val Fitzjohn and W.H. Way.

1923 — Bill Tilden wins the U.S. Lawn Tennis Association championship, beating William Johnston in straight sets, 6-4, 6-1, 6-4.

1962 — Frank Tripucka of the Denver Broncos passes for 447 yards and two touchdowns in a 23-20 win over the Buffalo Bills.

1971 — Stan Smith wins the U.S. Open title over Jan Khodes and Billie Jean King beats Rosemary Casals for the women's title. It's the first time in 16 years both titles were won by U.S. players.

TELEVISION

TUESDAY (ALL TIMES EASTERN)

SOCCER

Coppa Italia: Pisa vs. Fiorentina, TLN, 3 p.m.

Canadian Championship: Supra du Quebec vs. Hamilton, TSN 3, 5, 7 p.m.

GOLF

NCAA: Jackson T. Stephens Cup, Golf Channel, 4 p.m.

BASEBALL

MLB: Detroit vs. Toronto, SN Ontario, East, West, Pacific, 7 p.m.

MLB: Atlanta vs. Chicago, TSN 1, 4, 7:30 p.m.

p.m.

MLB: Boston vs. Texas, SN 1, 8 p.m. MLB: Seattle vs. Los Angeles Angels, TSN 1, 3, 5, 9:30 p.m.

RESULTS AS OF MONDAY, SEPTEMBER 14, 9:35 P.M.

CORNERED

9-15 © Mike Baldwin Dist. by Andrews McMeel 2026 www.cornered.com

"I took your advice and demanded a raise. They moved my desk to the roof."

OFF THE MARK

SPEED BUMP
offthemark.com ©2026Mark Parisi Dist by Andrews McKeel. Get a signed print:otmCartoon@gmail.com

BIZARRO

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Ballmer apologizes as team accepts \$30-million fine

Los Angeles Clippers owner Steve Ballmer was suspended by the NBA for one year after an investigation found that the team circumvented the league's salary cap. JAYNE KAMIN-ONCEA/THE ASSOCIATED PRESS

POLAND ELIMINATES HOST CANADA FROM MEN'S WHEELCHAIR BASKETBALL WORLD CHAMPIONSHIPS

Clippers owner says he will not fight NBA ruling, wants to focus on moving forward

BETH HARRIS INGLEWOOD, CALIF.

Los Angeles Clippers owner Steve Ballmer won't fight the NBA's salary cap circumvention punishment in a reversal of the team's initial defiance and vow to fight against what it called "a heavily biased investigation."

In his first public comments since the NBA announced a sweeping punishment against the Clippers this month, Ballmer said in a statement posted online Sunday night that the team would comply with the penalties handed down by the league.

The league suspended Ball-mer for one year, fined the team US\$30-million and forced it to forfeit five first-round draft picks.

Ballmer said the team has paid the fine.

“While there are still disagreements concerning the findings in the report, this is not where I want to focus,” he said. “Team owners should support, not distract.”

Ballmer apologized to Clippers fans, employees and his fellow owners for the “distraction and distress” caused by the investigation that found the team violated salary cap circumvention rules involving Kawhi Leonard.

“This has been a very difficult time for everybody associated with the Clippers, and for that, I have sincere regrets,” Ballmer wrote. “I want to apologize to our fans, employees, and fellow NBA team owners for the distraction and distress this matter has caused, for which I accept responsibility as principal owner.”

The league came down hard on the organization after a nearly year-long investigation led by an outside law firm. The Clippers had said multiple times that they had done nothing wrong and expected to be exonerated.

After the penalties were announced, the team said it “vehemently” rejected the NBA’s findings and called it “a heavily biased investigation.”

The Clippers also released a letter from Ballmer's attorney David Kelley to NBA commissioner Adam Silver in which he

OTTAWA The Canadian men were eliminated from medal contention at the IWBF Wheelchair Basketball World Championships with a 79-65 loss to Poland in round-of-16 action Monday.

The teams were tied at the half, but Poland took control by outscoring the hosts 25-14 in the third quarter.

Nikola Goncin led Canada with

described the investigation as “a witch hunt” and the subsequent penalties as a “gross injustice.”

The NBA began investigating in September, 2025 whether a US\$28-million endorsement contract between Leonard and Aspiration Fund Adviser LLC – a company that filed for bankruptcy last year – broke league rules, following a report by journalist Pablo Torre. Earlier this year, Aspiration co-founder Joseph Sanberg was sentenced to 14 years in federal prison after pleading guilty to defrauding investors and lenders of at least US\$248-million.

The league said Ballmer knowingly sought to help Leonard obtain off-court income deals, approved a business deal

22 points, while captain Colin Higgins had 17 points, 10 rebounds and eight assists.

Mateusz Filipski had a game-high 26 points, 11 rebounds and 11 assists for Poland.

The Canadian women (4-0) finish their group stage with a game against Britain on Tuesday.

The competition continues through Saturday. THE CANADIAN PRESS

that he knew was a precondition for Aspiration to enter into an endorsement contract with Leonard, and for failing to create conditions under which his team followed league rules.

Ballmer said the team is “committed to putting this chapter behind us.”

"The challenges ahead of us are significant, but so is our resolve," he said. "We will continue to build our team and invest in our community. The confidence of our fans is our priority. With our talented roster, outstanding staff and clear vision, I am certain that we will compete at the highest level and be an organization our fans can be proud of."

THE ASSOCIATED PRESS

New-look Bills open season in familiar fashion, with Allen patching over defensive deficiencies

JOHN WAWROW ORCHARD PARK, N.Y.

As first impressions go, the new-look Buffalo Bills under Joe Brady opened the season looking much like the team previously coached by Sean McDermott.

And that's not an altogether good thing.

Josh Allen was a near one-man offensive show in a 36-31 win at Houston that featured eight lead changes, including four in the final quarter.

He threw two TD passes and had two rushing for his 25th four-touchdown career outing; improved to 24-8 when topping 300 yards passing; and pulled out the victory with his 26th game-winning drive.

Breathtaking as the performance was, it was also reminiscent of the recent past with Allen once again required to patch over the defence's deficiencies.

This was one of the reasons the Bills changed course in January by firing McDermott after Buffalo's defensive dud in a 33-30 overtime playoff loss to Denver.

Though on Sunday the defence came up with a victory-sealing stop on Greg Rousseau's strip-sack of C.J. Stroud with nine seconds remaining at the Bills 18. It marked one of the few times Buffalo got the Texans off the field.

The Bills allowed 124 yards rushing, a year after allowing 120 or more eight times in a game.

The Bills allowed Houston to convert 7 of 16 third down opportunities, including four of eight yards or longer, and both fourth down attempts.

The Texans scored on four of five drives inside the Buffalo 20. The 26 first downs surrendered by Buffalo were the most in a game since December, 2024.

year co-ordinator Jim Leonhard acknowledged there's much room for improvement.

“I love the way we started by creating a turnover and then finishing it out with a big turnover. There was a lot of ugly in between,” he said on Monday. “It did feel like Week 1, when things started to unravel a little bit at times or feel a little bit off, I thought our guys looked around like they weren’t sure what the answer should be.”

The defence was expected to go through an early season break-in period given Buffalo introduced four new starters while making the switch to a three-lineman/four linebacker system.

Leonhard said he's still learning his unit's strengths, while also expressing confidence the defence is still tracking on an upward trajectory.

“We’re closer than it looked. And I’m excited for where we’re going,” he said.

The test doesn't get any easier with Buffalo facing a short week and preparing to host the high-octane Detroit Lions on Thursday night.

The previous time the teams met in December, 2024, Allen threw for two TDs and ran for two more in a 48-42 win in an outing the Lions scored touchdowns on each of their final four possessions.

WHAT'S WORKING

Big-play offence. Buffalo scored 36 points on just 52 offensive snaps. The Bills combined for 10 plays on two touchdown drives each starting at their four.

WHAT NEEDS HELP

Defensive stops. The Texans had 73 offensive snaps (the most by a Bills opponent since they beat Detroit), and finished with a near

13-minute edge in time of possession.

STOCK UP

WR DJ Moore. The off-season veteran trade acquisition built on the chemistry he developed with Allen this summer. Moore finished with five catches for 100 yards and drew a 46-yard pass interference penalty in the end zone to set up Allen's one-yard touchdown run.

STOCK DOWN

RB Ray Davis. The primary back-up to James Cook was limited to playing five offensive snaps, while practice squad call-up Frank Gore Jr. played 11 and most notably in pass-blocking situations.

INJURIES

LB Terrel Bernard was listed as having a calf injury, and deemed a limited participant in practice Monday. S Cole Bishop (knee/groin) and edge rusher Bradley Chubb (thumb) were listed as full practice participants.

KEY NUMBER

130 - Dalton Kincaid's yards receiving, the third most by a Bills tight end in team history. Paul Costa had 163- and 138-yard outings in 1967.

NEXT STEPS

Face a short turnaround and whatever additional nerves that could come with a desire of having to put on a show to open their new stadium hosting the Lions.

THE ASSOCIATED PRESS

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DEATHS

PAUL FREDERICK COBB

Paul passed away peacefully on Thursday, September 10, 2026 in Toronto at the age of 78.

Paul lived a very full and accomplished life with loyalty, integrity, hard work and most of all a love for his family.

From humble beginnings, Paul earned multiple university degrees, became a Chartered Accountant and built a remarkable professional career as a partner at Deloitte that took him around the world.

While he loved many sports, he was most passionate about golf as a member and director at Scarboro Golf & Country Club where he could always be found with friends and his two boys.

Paul was the beloved husband of 55 years to Linda. Loving father of Ryan (Belinda), Evan (Vasuda), and a very proud grandfather. Paul is also survived by his sister Denise (Dean). We are grateful to Rio, Alice, Ace, Lemon, Flora, Risa, Leticia, Joanna, Robin and Brendan for their dedicated and exceptional care and to all staff at the Dunfield Retirement Residence.

In lieu of flowers, donations can be made to the Alzheimer Society of Canada: Alzheimer.ca. Condolences may be forwarded through www.humphreymiles.com. Information regarding a Celebration of Life will follow, the details for which will be provided on this website.

Humphrey Funeral Home AW.Miles-Newbigging Chapel 416-487-4523

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In Loving Memory

TOM BARRETT January 20, 1954 September 15, 2025

Always deeply loved.

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JEAN-FRANÇOIS LEROY

PHOTOGRAPHER, ORGANIZER, 69

FRENCH FESTIVAL DIRECTOR CHAMPIONED PHOTOGRAPHY AT ITS REALEST AND RAWEST

Artistic director Jean-François Leroy poses in U.S. photographer Stephanie Sinclair's exhibition at the launch of the Arche du Photojournalisme in Puteaux, France, in June, 2017. THOMAS SAMSON/AFP VIA GETTY IMAGES

Through the festival he co-founded, he was an impassioned cheerleader for a risky yet vital form of journalism: the photography of war, suffering and environmental disaster

Mr. Leroy works in his office at the former Pams Hotel, which was converted into the festival headquarters for the Visa Pour l'Image, in September, 2001. ERIC CABANIS/AFP VIA GETTY IMAGES

ADAM NOSSITER

Jean-François Leroy, who co-founded and directed the world's leading festival of photojournalism, bringing images of conflict to wide attention and shaping the careers of many photographers, died on Aug. 31 at his home in Paris. He was 69.

The cause was cancer, his nephew Vincent Jolly, a journalist, said.

In a statement after the death, President Emmanuel Macron of France called Mr. Leroy's festival, Visa Pour l'Image, held annually in the southern French city of Perpignan, “a home, a public square, sometimes a refuge for a profession he saw was threatened.”

Mr. Leroy was, Mr. Macron wrote, “a great defender of reality.”

For more than 30 years, he was an impassioned cheerleader for a form of journalism that is as risky as it is vital: the photography of war, suffering and environmental disaster.

For a few weeks at the end of each summer, hundreds of photographers – major names including Stanley Greene, Don McCullin, Raymond Depardon and Véronique de Viguerie, as well as young unknowns like Rémi Ochlik, who was killed in Syria in 2012 – descend on Perpignan, a medieval city with crumbling ochre walls, to show their work, argue about it, meet with agents and receive prizes.

Visa, with almost 30 exhibitions each year, draws more than 200,000 visitors from around the world. The 2026 instalment, which began on Aug. 29, includes David Guttenfelder's searing images in “The People of Minneapolis vs. ICE,” Elise Blanchard’s disturbing photographs from Afghanistan of child brides sold by their families, and Khames Alrefi’s powerful shot of a boy watching his neighbourhood exploding in the Gaza Strip.

Mr. Leroy, a self-described “mediocre” photographer, decided his best use was serving the talents of others. In 1989, he helped create Visa Pour l’Image, and for more than three decades, he shaped it around a conviction that exposing his fellow citizens to the worst of what humanity was doing was, in fact, a good thing. A few principles steered him: no altered images, nothing prettified, no aestheticization of suffering and no turning your back on red-hot news.

“Despite all the images that haunt me, I'm above all trying to keep my ability to be shocked, bowled over,” Mr. Leroy wrote in a memoir, Le Devoir de Regarder, that is scheduled to be published this month; its English translation is “Never Look Away.”

“I remain persuaded,” he added, “of the power of a photograph, even today, to shake the indifference of our contemporaries.”

His interests extended to the revival of important photographers of the recent past, like Paul Fusco, who recorded the journey of Robert F. Kennedy's funeral train in 1968; Mr. Leroy exhibited those images in 2000. "You were in the rhythm of the train that went across America," Mr. Leroy recalled to the radio station France Culture in 2008. In that same interview, he rattled off a list of great female photojournalists, gently chiding his interlocutor for suggesting that men had dominated the profession.

“Jean-François really believed in unfiltered photography, and in photojournalism,” Alison Morley, the chair emerita of the Documentary Practice and Visual Journalism Program at the International Center of Photography in New York, said in an interview.

Ms. Morley praised Mr. Leroy for the “countless conflicts that he brought to light,” noting that he “printed all these pictures people sent to him, so there was no chance they could be altered.”

For Mr. Leroy, the images had to tell a story. In his memoir, he addresses an open letter to young photojournalists, writing: "Before you even begin, ask yourself: 'What tale do I want to recount? Where do I want to take the spectator?' What the true photographer does, is the opposite of improvising."

Mr. Leroy was born Oct. 3, 1956, in Paris, one of five children of Jean Leroy, a trader at the Paris stock exchange, and Suzanne (Laplagne) Leroy.

To please his father, Jean-François studied medicine for a year, but he had already developed a passion for photography, having hung out as a teenager in the photo lab of the magazine La Vie Catholique (now La Vie), of which his aunt was the editor-in-chief.

Hired as a photographer by the agency Sipa Press, he shot for magazines, and was editor of Photo Magazine from 1985-87.

over. I remain persuaded of the

Despite all the images that haunt me, I'm above all trying to keep my

ability to be shocked, bowled

power of a photograph, even today, to shake the indifference of our contemporaries.

JEAN-FRANÇOIS LEROY

In 1989, with his friends Roger Thé-rond, the editor of the magazine Paris Match, and Michel Decron, of Photo, he founded the Visa festival, having successfully won a bid put out by Perpignan for ideas to extend the city's summer tourist season.

Mr. Leroy was then, as ever, worried about the future of photojournalism – “I don’t know how you’re going to make a living doing this,” he wrote to young photographers in his memoir – and yet “ever sanguine,”

Alan Riding wrote in 1999 in The New York Times.

He leaves three sisters, Dominique, Pascale and Béatrice Leroy.

It started with 150 participants and two photo agencies. By 1995, the festival had grown to include more than 2,000 participants and 174 agencies.

In an interview in Le Figaro after this year's festival had opened – for the first time without Mr. Leroy – Mr. Depardon, the eminent photographer, said that “thanks to the relentlessness of Jean-François Leroy, its founder, we have all become respectable.”

Mr. Leroy, for his part, aimed for something more than respectability. "A photographer who doesn't know why they are shooting something or someone might make pretty images, technically," he wrote in his memoir. "But they will be hollow."

NEW YORK TIMES NEWS SERVICE

LIVES LIVED

KENNETH LUCIEN DE LA BARRE

Optimist. Humanist. Scholar. Boulevardier.

Born May 4, 1932, in Montreal; died May 8, 2026, in Whitehorse, of natural causes; aged 94.

Ken's early life was shaped on the streets of Montreal. He recounted often how he and his older brother Buster were "too poor to have a daddy" and embellished the story with tales of escape from rooming houses due to unpaid rent, taxi rides with all of life's belongings and warm memories of their mother, Peggy de la Barre, from Glasgow, who struggled to keep her boys out of foster homes, and was known for smoking up a storm and enjoying a good rye and ginger.

It's a mystery how Ken's rose-coloured approach to life was born from such beginnings. Yet during his last year, his good humour even permeated his descent into dementia.

Sports were central to shaping Ken's character and resilience. Among his many accolades, he was listed in the Montreal Herald newspaper as a high scorer for the Vagabonds basketball team in 1952. He spent weekends skiing in the Laurentians with a gang whom he remained friends with until they all predeceased him.

Patricia, the love of his life, died in 2002 at 65. Ken was five years older than Pat and he had known her his whole life. Her mum was also a young Scottish migrant, just like Peggy, and the two single mothers (with marriages that fell apart during wartime) waitressed together in Montreal, sharing friendship and family along the way. Pat McKimm and Ken married in 1956.

After the birth of their first child, Suzanne, Ken spent his evenings getting his Bachelor of Commerce at Sir George Williams University, realizing in the last semester before graduating that he did not want to be an accountant. During this time, the couple's second daughter, Tracy, was born.

Ken earned a Bachelor of Arts in 1967 and developed a lifelong passion for the North while employed by the Arctic Institute of North America (AINA). He was the director in Montreal until the organization relocated to Alberta in 1976.

When their girls were in elementary school, Pat and Ken had a son, Michel. In the 1970s, the family camped from Montreal to Yukon where Ken worked at AINA's research station at Kluane Lake. These excursions would lead both his daughters to permanently make Yukon their home. Pat and Ken joined their daughters in 1996 when a grand-child was due. They planned on staying a year but built a life based in Whitehorse with multiple trips back to Montreal each year.

At 56, Ken completed a master's in Human Geography at McGill University. He pursued other careers including working with Katimavik, Canada's national youth program, for which he received a Commemorative Medal from the Governor-General, and projects that spanned demography research in the Arctic regions, to community development in British Columbia and overseas. He worked into his early 80s as an occasional adviser to the Cree Outfitting and Tourism Association in northern Quebec.

Into his 90s, Ken held court at a White-horse café where he read his paper and talked to all who sat near him (his extra-hot latte was always waiting). He had regular stops on his daily walks around town, always wearing his famous floppy hat and accompanied by his ski pole walking stick. He was known for crashing any conference on any topic held in town.

Those who knew Ken best would note his inability to share his feelings, which often translated into his lack of awareness for the feelings of others. Despite this, Ken's three children each had a special friendship with their father; with Suzanne he shared an interest in travel, arts and culture, and careers in human geography; with Tracy he shared daily life while living next to her family; and he and Michel bonded over the love they had for Montreal, his family and playing a variety of sports, first against one another and later with one another.

Ken was an engaged and kind person, who believed, in spite of any bad news that came his way, that the world was a beautiful place and that he was lucky to be alive.

Suzanne de la Barre is Ken's eldest daughter.

Ken de la Barre COURTESY OF FAMILY

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Lives Lived celebrates the everyday, extraordinary, unheralded lives of Canadians who have recently passed. To learn how to share the story of a family member or friend, go online to tgam.ca/livesguide*