Canada’s Privacy Commissioner launched an investigation into Facebook yesterday, in one in all many blows dealt with the massive social media. Daniel Therrien stated he has become working to decide whether Canadians have been tormented by the data breach that swept up 50 million Facebook users. Lawmakers on each side of the Atlantic are urgent Facebook’s senior executives, namely CEO Mark Zuckerberg and COO Sheryl Sandberg, to testify publicly. Neither has issued public statements. After a document over the weekend, Facebook has been under the fireplace highlighted that Cambridge Analytica, a British political statistics-evaluation firm hired via the Trump marketing campaign, had fallacious get admission to data on Facebook users. Facebook’s inventory fee fell 2.56 in line with cent the day past and is down 12 consistent with cent this week. Cambridge Analytica has because suspended its CEO, Alexander Nix.
The whistle-blower who helped screen the relationship between the Trump marketing campaign and the company is a Canadian named Christopher Wylie. He lashed out towards Facebook, pronouncing the agency is attacking him and now not addressing the essential troubles inside its platform.
The Globe’s Eric Reguly writes in a column that “the Facebook pounding is adding to jitters across the tech region. This may want to get unpleasant for buyers.”
If you’re questioning what Cambridge Analytica is and what it did, we have a guide to the Facebook scandal and its political fallout.
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U.S. Drops contentious automobile-content concept in NAFTA talks
The U.S. Has dropped its contentious automobile-content material concept, a key sticking point in renegotiation efforts. The Trump administration took the call off the desk at the latest spherical of talks in Washington. The United States had firstly wanted motors made in Canada and Mexico that were exported returned to the U.S. To have 50 percent American content material. The White House had also demanded that the prevailing requirement for the amount of North American content increased to eighty-five percent from 62.5 in line with a cent. Canada’s ambassador to the USA, David MacNaughton, is positive approximately the development of talks. “I can say in all honesty that there has been substantial development made, sincerely on the auto aspect,” he stated. “I am confident that we are going to move forward. I desire we can accomplish that as quickly as possible.” (for subscribers)
If you want to get caught up on all things NAFTA, we have a guide to the alternate talks to this point and how we were given to this point.
In the bid to maintain funding, charities signal the Ontario school board’s pledge to follow Catholic doctrine.
Around 30 non-profit agencies and charities have signed an assertion from the Halton Catholic District School Board promising they may no longer support sports that pass in opposition to its nonsecular doctrine to continue receiving investment from school activities. The Terry Fox Foundation, the WE movement, and the Knights of Columbus are some of the organizations that signed the pledge to no longer assist “either immediately or circuitously, abortion, birth control, sterilization, euthanasia, or embryonic stem cell studies.”
Controls on income practices at Canadian banks ‘inadequate’: watchdog
The Financial Consumer Agency of Canada launched a file yesterday, pronouncing that Canada’s Big Six banks have “insufficient” controls to guard opposed to misleading sales approaches. The watchdog did not discover evidence of extensive misconduct. Still, the report sheds light on the “sharp focus on sales” at Canadian banks, increasing the chance that employees “misspell“ services or products. The FCAC wrote in its document that “the importance of employees location on attaining sales objectives and qualifying for incentives may cause them to prioritize income over purchasers’ pastimes.”
Rob Carrick writes in a column that the Big Six will fleece you if you let them: ”The FCAC has a few thoughts on enhancing consumer protection for bank customers, all of which sound worthwhile. But there’s extra to this problem than earnings-hungry banks pressuring employees to squeeze customers. We stay in a rustic that is manner too impressed with the financial enterprise and presents all of its forms of liberties. We encourage the banks to be predators by using appearing like sheep.”
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IN CASE YOU MISSED IT
Is Ottawa’ssupercluster’ investment initiative a superboondoggle inside the making?
The federal authorities have a bold and expensive plan to enhance productivity and innovation by advertising 5 regional financial agencies. The initiative consists of an “ocean supercluster” in Atlantic Canada and a “virtual technology supercluster” in B.C., among other Saskatchewan, Ontario, and Quebec groupings. It may offer the spark of desires – unless it proves to be a fat subsidy for global technology giants. (for subscribers)
MORNING MARKETS
Focus on the Fed
World shares have been flat on Wednesday, and the U.S. Dollar eased off 3-week highs as traders marked time earlier than a likely hike in the U.S. Interest fees and awaited guidance on how many extra to expect for these 12 months. Tokyo’s Nikkei became closed, but Hong Kong’s Hang Seng misplaced zero. Four in step with cent, and the Shanghai composite zero.Three consistent with the cent. In Europe, London’s FTSE 100, Germany’s DAX, and the Paris CAC forty have been down by way of between 0.1 and 0.6 in line with cent through about 6:25 a.M. ET. New York futures have been also down. The Canadian greenback was stronger at 76. Seventy-five US cents. Oil rose for a second day, heading for its highest in six weeks.
WHAT EVERYONE’S TALKING ABOUT
“As our forces put together for the demanding situations beforehand, extreme questions have to be asked of our government about a way to make sure that Canadian blood and treasure aren’t wasted and that we do not go away Mali worse off than while we arrived. Every single hard lesson from Afghanistan, Somalia, and Rwanda need to be introduced to undergo.” — Aisha Ahmad.
