The Globe and Mail - 18 04 2018 PDF
The Globe and Mail - 18 04 2018 PDF
The Globe and Mail - 18 04 2018 PDF
COM/WSNWS
from museums to
share David painting An outspoken first lady
Wife and mother to U.S. presidents, Barbara Bush played down her role in her
CHRIS HANNAY OTTAWA
husband’s political success. But she was a shrewd and valuable ally, becoming
a sought-after speaker in campaigns spanning decades B20
The director of the National Gallery of Canada is dis-
missing the entreaties of two Quebec museums that
want to share ownership of a 239-year-old French
painting, saying a work of art is “not a child of a di-
vorced couple that shuttles back and forth.”
The National Gallery is selling the 1929 Marc Cha-
gall painting The Eiffel Tower at a New York auction
next month for an estimated US$6-million to US$9-
million, to buy the 1779 Jacques-Louis David piece
Saint Jerome Hears the Trumpet of the Last Judgment.
The gallery has valued the latter at US$5-million.
The David work is owned by the parish of Notre-
Dame de Québec and
currently hangs in the
Montreal Museum of
Fine Arts (MMFA). Que- It’s going to Ottawa,
bec City’s Musée de la
civilisation is the legal for heaven’s sake. I
guardian of the piece. don’t really
The Quebec mu- understand what the
seums say the painting big deal is.
should retain its roots in
their province, but the MARC MAYER
director of the National DIRECTOR OF THE NATIONAL
Gallery says those con- GALLERY OF CANADA
cerns are overblown be-
cause the National Gallery is just across the Ottawa
River from Gatineau, Que.
“We’re a five-minute walk away from the fourth-
largest city in Quebec,” Marc Mayer said in an in-
terview. “It’s not as if it’s going to Saudi Arabia or
Russia, it’s going to Ottawa, for heaven’s sake. I don’t
really understand what the big deal is.”
The David painting was brought to Canada in the
late 1800s, and stayed in Quebec City for decades
starting in 1917. It was part of a collection owned by SCOTT OLSON/GETTY IMAGES
Henriette and Geneviève Cramail.
PAINTING, A7
(HDFFC|00003S /b.g
JOHN DOYLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . A17 OPINION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A13 GLOBE INVESTOR . . . . . . . . . . . . . . . . . . . . . . . . B10
MON-FRI: $3.00
ROB CARRICK . . . . . . . . . . . . . . . . . . . . . . . . . . . . B2 LIFE & ARTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A15 SPORTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B14 SATURDAY: $5.00
KONRAD YAKABUSKI . . . . . . . . . . . . . . . . . . . . . B4 FIRST PERSON . . . . . . . . . . . . . . . . . . . . . . . . . . . A17 COMICS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B16 PRICES MAY BE
JOHN HEINZL . . . . . . . . . . . . . . . . . . . . . . . . . . . B10 WEATHER & PUZZLES . . . . . . . . . . . . . . . . . . . . A18 OBITUARIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . B20 HIGHER IN SOME AREAS
TM
†
Conditions apply. Visit cibc.com/thetravellerscard for details. $400 value is based on redemption of 20,000 Aventura
ventura Points for airfare
purchase, based on the Aventura Airline Rewards Chart at CIBCRewards.com, before taxes and other charges, ges as at March 11, 2018
2018.
*Trademark of Visa Int., used under license. CIBC Cube Design is a trademark of CIBC. All other trademarks are owned by CIBC.
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
MOMENT IN TIME
Maybe all
your pool needs BALLOON BOMB LANDS
ON B.C. COAST
is a facelift. y late 1944, Japan was like a cornered ani- the ocean, with one getting as far as Minton, Sask.
[ COLUMNISTS ]
LAWRENCE KATE
MARTIN TAYLOR FIRST
OPINION OPINION PERSON
James Comey’s This National Canadian Dianne Scott decides
perceived God complex Film Day, domestic it is time to take up
may be undermining his offerings are finding her rightful space on
mission to blow the lid new life in a grassroots the sidewalk – shovers
off Washington A13 movement A16 beware A17
betzpools.com
Plastic-eating enzyme holds
Toronto
416.798.7955
Oakville
905.825.5551
Stouffville
905.640.1424 promise in fight against pollution
The substance is able to
digest a form of plastic
used in millions of
tonnes of bottles
MICHELLE NICHOLS
UNITED NATIONS
ANGUS MCDOWALL BEIRUT
Starbucks Energy: ‘Nobody likes the option put on the table,’ CAPP says
to temporarily FROM A1
TECHNOLOGY MARKETPLACE
ADVERTISERS PLEASE CONTACT US
[email protected]
TORONTO 416-585-5672
MONTREAL 514-982-3050
Nerve agent used to poison Skripal was in liquid form: U.K.
VANCOUVER 604-685-0308
LONDON In a briefing to media on Tuesday, the el of specialist cleaning, but some areas
HARD SHELL Department for Environment, Food and that had been sealed off since the poison-
CASES WATER Rural Affairs (Defra), which is handling a ing were being reopened to the public.
TIGHT,
Drop them! EXTREMELY The nerve agent used to poison former Rus- clean-up operation in Salisbury, said a very “Thanks to detailed information gath-
Kick them! TOUGH sian spy Sergei Skripal and his daughter at small amount of Novichok was used with ered during the police’s investigation, and
Leave them in the rain. his home in southern England last month the substance delivered in a liquid form. our scientific understanding of how the
No need to pay more money was delivered in a liquid form, British offi- Police have said they believe the poison agent works and is spread, we have been
for cases with less features! cials said on Tuesday. had been applied to the front door of Mr. able to categorize the likely level of con-
Check our prices! Underwater Kinetics Mr. Skripal, 66, who as a colonel in Rus- Skripal’s modest home as that was where tamination at each site and are drawing up
Cases are designed to protect valuable equip- sian military intelligence betrayed dozens the highest concentration of the toxin had tailored plans,” Defra’s chief scientific ad-
ment. 69 sizes ready to go. Over 20,000 cases of agents to Britain’s foreign spy service, been detected. viser Ian Boyd said.
in stock in Edmonton. Cases come with pluck was found slumped unconscious on a After weeks of treatment, Yulia Skripal, The Organisation for the Prohibition of
foam or empty. Large cases are available with bench in the city of Salisbury along with his 33, was discharged from hospital a week Chemical Weapons has confirmed Britain’s
wheels & pull out handle. Same day shipping.
Call for nearest dealer, sizes & price list.
daughter, Yulia, on March 4. ago. Her father remains in hospital, al- analysis that a highly pure type of Novi-
Britain has blamed Russia for the attack though he is no longer in critical condition, chok, developed by the Soviet Union in the
Underwater Kinetics Canada Inc.
16652-117 Ave. Edmonton, AB. which the authorities said was carried out and both are still receiving treatment for 1970s and 80s, had been used in the attack
Ph (780) 484-2350 using a Novichok form of nerve agent. Mos- the effects of the poisoning. on the Skripals.
Fx (780) 444-3989 cow denies the accusation and says Britain Defra said nine sites, including three in
www.underwaterkineticscanada.com is trying to whip up anti-Russian hysteria. the Salisbury city centre, needed some lev- REUTERS
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
With 1 in 5 Canadians
expected to have a
disability by 2036,
access matters now
more than ever.
The Rick Hansen Foundation
Accessibility Certification™
rates, certifies and showcases
accessible spaces.
Learn more at
rickhansen.com/RHFAC
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
Along the Beaufort Sea in Tuktoyaktuk, NWT, homeowners face tough decisions about whether to relocate or stand their ground against natural forces. PATRICK DELL/THE GLOBE AND MAIL
SEA CHANGE
0 1 0 1 0 1
KM KM KM
MURAT YUKSELIR / THE GLOBE AND MAIL, SOURCE: NSCC MARITIME COASTAL FLOOD RISK MAP; GEONB; APPLIED GEOMATICS RESEARCH GROUP (NSCC)
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
A10 | NEWS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
ROLEX•PATEK•CARTIER
DIAMONDS
We buy
GOLD If you’ve got money questions, Gen Y Money and its award-
& winning journalists like Rob Carrick and Roma Luciw have answers.
SILVER
VAN RIJK Visit the Gen Y Money hub at
BUY•SELL•TRADE tgam.ca/genymoneyhub
Join our Facebook group at facebook.com/groups/genymoney
vanrijk.com
416-440-0123 90 Eglinton Ave. E
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O NEWS | A11
At UN event,
Boushie
supporters call
for changes
to legal system
KELLY GERALDINE MALONE
Judge rules jury can hear Cosby’s the most traumatic thing” for the
family. When the verdict came
out, she said her “world just
crumbled.”
prior testimony about encounter “Ultimately, I wanted to have
hope that something would
come of this, that Indigenous
people, that we are not just seen
Comedian testified more than Mr. Cosby also testified he didn’t think cutors to reopen Mr. Cosby’s criminal case as criminals like they continue
Ms. Constand had come forward to collect and shredded his good-guy persona as [to make] my brother out to be,”
a dozen years ago as part of a a big payday. But his defence team has America’s Dad. Ms. Tootoosis said.
civil lawsuit that chief accuser called Ms. Constand a “con artist” who set Jurors got a sense of Mr. Cosby’s view of Mr. Boushie, who was a mem-
filed against him him up by levelling false accusations of consent when the comedian described in ber of the Red Pheasant First Na-
sexual assault. the deposition reaching an area “some- tion, and four other young people
Montgomery County Detective James where between permission and rejection” drove onto Mr. Stanley’s farm
MICHAEL R. SISAK Reape, who has been working on the Cos- during what he claims was a prior sexual near Biggar, Sask., in 2016.
CLAUDIA LAUER NORRISTOWN, PA. by investigation since it was reopened in encounter with Ms. Constand. During the trial, Mr. Boushie’s
2015, told jurors he wasn’t concerned “I’m giving Andrea time to say ‘yes’ or friends told court they were look-
about inconsistencies in Ms. Constand’s ‘no’ about an area that is right there in the ing for help with a flat tire. But Mr.
Bill Cosby’s own words from 2005 might story, such as her early uncertainty over question zone,” Mr. Cosby testified. Stanley testified he thought the
have undercut his defence on sexual-as- the date of the alleged assault, because He said he rubbed the skin above her group was trying to steal an all-
sault charges. Mr. Cosby’s testimony had filled in many trousers and “without talking I’m asking terrain vehicle. He said he fired
Prosecutors on Tuesday sought to max- of the blanks. can I go farther.” warning shots to scare them away
imize the impact of Mr. Cosby’s graphic “The defendant said it happened. The “I don’t hear her say anything. And I and the gun accidentally went off
deposition, in which he testified about his defendant said it happened in 2004. The don’t feel her say anything,” Mr. Cosby again when he went to pull the
sexual encounter with chief accuser An- defendant said he was present. The de- testified in the deposition. “And so I con- keys from their SUV. Mr. Boushie
drea Constand and acknowledged apol- fendant admitted to the contact that she tinue, and I go into the area that is some- was shot in the back of the head
ogizing to her mother a year later “be- said happened,” Det. Reape told jurors. where between permission and rejection. as he sat in the front seat.
cause I’m thinking this is a dirty old man “When I look at who, what, when, where, I am not stopped.” Ms. Tootoosis was part of a del-
with a young girl.” why in 2015, I’m able to see the answers.” He then described the purported en- egation that included Mr. Boush-
Mr. Cosby, 80, testified more than a Det. Reape made clear what he thinks counter in extremely graphic terms that ie’s mother, Debbie Baptiste, his
dozen years ago as part of a civil lawsuit of Mr. Cosby: “I have strong beliefs that he had several jurors with their hands to uncle Alvin Baptiste, Saskatche-
that Ms. Constand filed against him, and drugged and sexually assaulted Andrea their chins, some of them looking taken wan lawyer Eleanore Sunchild,
prosecutors won the right to introduce it Constand.” aback, pained or disgusted. the family’s lawyer Chris Murphy
at his sexual-assault retrial on charges he Mr. Cosby says the encounter with Ms. Ms. Constand has testified she rejected and former Red Pheasant First
drugged and molested her at his subur- Constand was consensual. Mr. Cosby’s prior advances. Nation chief Sheldon Wuttunee.
ban Philadelphia home. As prosecutors approached the end of Judge Steven O’Neill ruled on Tuesday The group criticized the jury-
In a transcript read to the jury, Mr. Cos- their case, jurors were expected to hear that prosecutors could have The Cosby selection process, which resulted
by testified he believed the encounter was more from the deposition on Wednesday, Show star’s deposition testimony read in- in no visibly Indigenous jurors,
in 2004, undermining his defence team’s including Mr. Cosby’s explosive testimony to the record, handing the prosecution a the Crown’s communication with
assertion that it had to have been earlier about how he gave quaaludes to women key victory in its effort to portray the co- the family and the RCMP investi-
and thus outside the criminal statute of before sex. median as a serial predator. gation into Mr. Boushie’s death.
limitations. Mr. Cosby was charged in late The unsealing of the deposition, at the
2015. request of the Associated Press, led prose- ASSOCIATED PRESS THE CANADIAN PRESS
PHILLIP CRAWLEY
DAVID WALMSLEY
EDITOR-IN-CHIEF
The subject who is truly loyal to the chief magistrate will neither advise nor submit to arbitrary measures - Junius
Ontario NDP
bets on itself
ow that’s an NDP election platform.
E
so that it can possibly outbid two sultations with affected groups their last actions. Green ribbons
courage flash photography and raised voices, the on- Quebec museums? Once the Cha- are essential but do not confer ve- are a permanent way to remem-
gall is gone, it is gone – lost to fu- to power to them. It’s unfortunate ber and act.
going scandal at the National Gallery of Canada is in- ture generations of Canadians. that this conflict has arisen and, Joy Ruttan
credibly quaint. The powers that be for the Na- no matter how it ultimately plays Gatineau, Que.
tional Gallery need to reign in this out, there will be scars.
Let’s review. The museum announced recently that it silly endeavour and put the Cha- B.C. has legitimate concerns Let us all push for legislation con-
planned to sell a painting by the important Russian-French gall back up on the wall. about potential spills off its cerning presumed consent re-
David Kister shores and, while the federal gov- garding organ donation – and call
modernist Marc Chagall – The Eiffel Tower – in order to buy Toronto ernment has contingency plans it Logan’s Law.
another work with national significance that was at risk of to deal with such risks, further Karen Kingsbury
Why can’t these museums act like improvements can be made Pointe-Claire, Que.
leaving the country. adults and share, as they obvious- while the pipeline is being built.
On Monday, the National Gallery confirmed that the sec- ly have done in the past? We B.C. should be a partner in such
would have both the David and a process. It will achieve better DOUG FORD’S ONTARIO
ond, mystery painting was a 1779 work by the French neoclas-
the Chagall, surely the definition protection against the risks of
sical master Jacques-Louis David, called Saint Jerome Hears of win-win. spills by working with the federal
the Trumpet of the Last Judgment. Michael Vollmer government than by opposing it. Re It’s Fear And Loathing Time In
Burlington, Ont. This will be politically difficult Ontario (April 17): Margaret
The Ottawa museum has methodically explained its logic for B.C. Premier John Horgan, but Wente says of Doug Ford that “you
for the swap. It has another, better Chagall painting. Plus, this My Canada includes Quebec. governing sometimes requires don’t have to understand the
Doesn’t the National Gallery’s? compromises. swamp to drain it.” Actually, you
one is expected to fetch in the ballpark of $8-million at auc- Why bid against other Canadians? Tony Manera do. Without knowing how the wa-
tion, equal to the museum’s annual acquisitions budget. Carol Andrews Ottawa ter gets into Ontario’s political
Halifax swamp, you’re only replacing one
Meanwhile, the museum doesn’t have any major works by problem with another. Blindly
David, and this one in particular has a Canadian backstory, LOVE TO TRAVEL? RUN messing around with any ecosys-
PIPELINE SCARS tem is never a good thing. What
having been brought here around 1917 by a private buyer and about the wildlife? Where will it
owned for decades by a church in Quebec City. Re Running A Marathon Is A Ter- go if there is no swamp?
Re Notley Threatens To Restrict rible Reason To Travel (Pursuits, A year from now, if you see alli-
What’s more, the gallery recently learned that a foreign Oil Exports To B.C. (April 17): April 15): My experience is the op- gators crawling across Highway
museum was interested in the David, raising the stakes. What would Alberta do if B.C. cut posite of Adam Hammond’s. 401, you can be sure Doug Ford
off supplies of a product, so prices I have run marathons (and half has messed things up.
So why the consternation? Some people simply prefer the in Alberta skyrocketed? Alber- marathons) locally, nationally Les Bowser
Chagall to the David, which is fair, though you can’t please tans would be angry. But their re- and internationally. Memorable Omemee, Ont.
solve would be strengthened, not among them are England (Bristol
everybody on a budget.
weakened. Alberta Premier Ra- to Bath), Manhattan and, most Margaret Wente writes that Onta-
There’s also much hand-wringing among museum people chel Notley and Prime Minister notably, Paris. How many people rio Progressive Conservative
Justin Trudeau have been suck- have run past the Louvre, Notre Leader Doug Ford’s shtick is to re-
about selling one work to buy another. One curator at a rival
ered by a wily American company Dame, the Bastille, the Eiffel Tow- peatedly talk about the elites, de-
gallery called the move “very, very, very radical.” – possibly to set up a NAFTA ap- er, the Bois du Boulogne, and the fined by Mr. Ford as people who
Critics should take a deep breath. The National Gallery is peal, or at least to have Canadian Arc de Triomphe – all in one day? “look down on the common folk
taxpayers bail Kinder Morgan out All this with 50,000 other run- drinking Champagne … with
looking to buy a painting of impeccable pedigree and artistic of a pipeline which would be ob- ners from around the world and their pinkies in the air.”
merit with deep national ties the only way it can manage. solete the day it opened. with my daughter, with whom I If the “common folk” can af-
Dilbit is not economical. Asia can share that grand memory for- ford Champagne, things must be
Of course, because this is Canada, questions of provincial doesn’t want it except at a huge ever. I am not a competitive run- pretty good in Ontario these days.
prerogative have also entered the picture. Two Quebec mu- discount. The pipeline has be- ner, but I always feel a sense of ac- Stephen Beaumont
come an emotive symbol, unteth- complishment and the thrill of Toronto
seums say they want to share ownership of the David, but ered to economic reality. being part of a larger community
National Gallery director Marc Mayer has bluntly said no. Alberta’s economy is thrum- of runners. And yes, I do have en-
ming; the province’s revenues ergy for sightseeing after. Letters to the Editor should be
He should think about jointly buying the David with the would be healthy if it had the guts Travelling for a marathon can exclusive to The Globe and Mail.
Quebec museums and banking some of the Chagall money. It to institute a sales tax, like other create a once-in-a-lifetime expe- Include name, address and daytime
provinces. It’s time to start acting rience. Don’t be dissuaded from a phone number. Keep letters under
would be a gracious move. And it would defuse a controversy, like grown-ups. potentially great opportunity. 150 words. Letters may be edited for
once and for all, that never really deserved the name. Rob Garrar Janet Durbin length and clarity. E-mail:
Victoria Toronto [email protected]
SINCLAIR STEWART DEREK DECLOET KEVIN SIU CYNTHIA YOUNG ANGELA PACIENZA
DEPUTY EDITOR EXECUTIVE EDITOR MANAGING EDITOR HEAD OF AUDIENCE HEAD OF EXPERIENCE
EDITOR, REPORT ON BUSINESS LONGFORM,FEATURES, OPINION
DENNIS CHOQUETTE TONY KELLER NATASHA HASSAN ADRIAN NORRIS SYLVIA STEAD
HEAD OF ENTERPRISE EDITORIAL PAGE EDITOR OPINION EDITOR HEAD OF NEWSROOM DEVELOPMENT, PUBLIC EDITOR
BUDGETS AND STAFFING
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O NEWS | A13
OPINION
Discrimination in the name of campus diversity?
If universities want against Asian applicants for dec- intersectionality, a term coined mental gymnastics. students based on qualities un-
ades. by Kimberlé Crenshaw, an Amer- Instead of acknowledging that related to merit. In fact, a 2011
to fight intolerance, As discussed in a complaint ican civil-rights advocate, almost “white privilege” doesn’t exist, study in Psychological Science
the last thing they filed by 64 Asian-American orga- 30 years ago. At its crux is the those supporting diversity initia- showed how prejudice-reduction
should do is offer nizations in 2015, affirmative ac- belief that women and minori- tives will use terms such as “un- policies can actually produce
tion requires the SAT scores of ties experience systemic injus- derrepresented minorities” to greater bias in individuals, par-
preferential treatment Asian applicants to be hundreds tice, and that those who are not exclude Asians from the equa- ticularly if they feel they are be-
of points higher than applicants members of minorities are con- tion, thereby preserving the idea ing pressed into changing their
from other ethnic backgrounds. sidered to have privilege. that racial minorities require in- attitudes. These strategies pro-
DEBRA SOH It has reached a point where This ideology has since per- tervention in order to be success- duced worse outcomes than if
mixed-raced Asian applicants meated the mainstream, and the ful. no interventions had been im-
will choose to hide their Asian area of education more specifi- These policies don’t come plemented at all.
OPINION heritage when they apply to Ivy cally, through exercises such as without a cost, casting asper- What is racist is placing such
League schools. the “white privilege checklist.” sions as to whether a person was an emphasis on immutable char-
Writes about the science of sex, The case echoes discrimina- (In a video, Buzzfeed conducted granted admission based on acteristics a person had no say in
politics and culture, and holds a PhD tion documented by former You- a similarly themed “privilege competence. They don’t help to obtaining. As an Asian woman,
in sexual neuroscience research from Tube recruiter, Arne Wilberg, in a walk.”) Questions such as “I can improve underlying tensions the way I look has no bearing on
York University recent lawsuit against its parent turn on the television … and see around race, nor do they encour- the way I think, and to assume
company, Google. In the suit, Mr. people of my race widely repre- age resilience or the belief that otherwise is close-minded and
he concept of “diversity” Wilberg alleges that Google im- sented,” and “I can choose … an individual can overcome diffi- patronizing.
NEW
BEGINNINGS.
FRESH IDEAS.
RE D’S NE XT WAVE
Don’t turn your nose up.
The revival of Italy’s
Lambrusco is giving fizzy
red wines a second chance.
FULL SP ECTRUM
This spring, every colour
is in vogue. It’s all in
how you wear them.
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O NEWS | A15
pring seems to be skipping 2018 in Canada. A bit disappointing for those who’d been looking forward
S to doing anything outdoors during March and April. And while it might feel like the entire world is
sitting under a shroud of overcast, believe it or not, there are places where the sun is actually shining
right now. Many of which are just a short plane ride away. Here are five spots where you can get a quick
weekend escape to sunshine and still be back to bone-chilling temperatures and grey skies by Monday.
PHOENIX, ARIZ. KEY WEST, FLA. ORANGE COUNTY, CALIF. AUSTIN, TEX. ARUBA
The Valley of the Sun hasn’t reac- Poor little Key West had a spot of Albert Hammond might have Summer crowds in Austin are of- When you picture the Caribbean,
hed shut-the-airport-down hot weather this past fall, but since been exaggerating a little when ten overwhelming, thanks to all you might summon visions of
this time of year, which means around December, this quirky is- he sang, “It never rains in South- the live music, craft beer and in- emerald hills cascading down in-
golf at any of the area’s nearly 200 land at the end of the Florida Keys ern California.” But in the spring, ventive food. Best to go in this lull to blue waters, with the occasion-
courses or hikes up Camelback has been up and running at full your odds are pretty good you’ll between spring break and sum- al tropical storm blowing through
Mountain can be downright strength. The scenic, three-plus- stay dry. Los Angeles and San Die- mer holidays, when the weather in the afternoon to cool everyone
pleasant. You can also sip cock- hour drive from Miami has go are the big names in SoCal, but is still pleasant, school at the Uni- off. Not the case in Aruba, where
tails by the luxe pool at Mountain changed after Hurricane Irma, as tucked in-between, you’ll find Or- versity of Texas is still in, but ev- the trade winds keep the island
Shadows, which as the name sug- much of the vegetation by the ange County with all the perfect ery stag party in North America nice and dry, offering sunshine
gests, sits right at the base of Cam- side of the Overseas Highway was weather, wide beaches and hasn’t quite yet come to town. every day of the year. It’s a slice of
elback. If you have kids, or just blown away and ocean views world-class surfing, minus most Since you’re in Texas, barbecue desertscape stuck on a Caribbean
enjoy splashing around like one, abound the whole way down. of the traffic and crowds. is a must. The line at Franklin’s is island.
Phoenix has three water parks to Once in Key West, you’ll want to OC’s most famous beach is famous, but if you don’t feel like April and May are low season
hit, from River Ranch at Pointe do the requisite drinking along Huntington Beach, dubbed Surf spending your precious sun time in Aruba, meaning you won’t
Hilton Squaw Peak, to the seven- Duval Street, at famous spots City, USA and home to the Surf- shuffling through a queue, La have to ask too many people to
acre park at Arizona Grand Re- such as Captain Tony’s, Irish Ke- ers’ Hall of Fame. The downtown Barbecue, Stiles Switch and John get out of your selfie in front of
sort, to simulated surfing on the vin’s and the Hemingway favou- beachfront got a major upgrade Mueller’s Black Box are just as the divi-divi tree on Eagle Beach.
Kierland FlowRider at Westin rite Sloppy Joe’s. last year, adding the award-win- good with a fraction the wait. You’ll also find ample space along
Kierland. Speaking of Hemingway, his ning Lot 579 food hall to other Head out to Salt Lick Barbecue Palm Beach, as you enjoy the
The Desert Botanical Garden is long-time residence on the island new retail developments and cre- and you can pair that smoky bris- white sand stretching into the
always a calming place to spend is open for tours, complete with ating a vibrant, walkable city cen- ket with a tasting from the on-site turquoise water. If you’re looking
an afternoon and this spring, in the six-toed cats descended from tre. Just down the Pacific Coast winery. to get out into nature, hit Arikok
addition to strolling through des- the writer’s old pet. There’s plen- Highway, you’ll find Newport To make the most of the sun, National Park, a breathtaking
ert landscapes, you can also catch ty of jet skiing, snorkelling and Beach, a funky beach town set on hit Barton Springs where the desert that takes up nearly one-
Jun Keneko’s sculpture exhibit scuba diving here, with the large- the Balboa Peninsula. massive spring-fed pool and near- fifth of the island with limestone
and the butterfly pavilion. st stretch of coral reef in the con- For a real hidden gem, head in- by river won’t yet be overrun with bridges and swimming holes all
There’s also outdoor baseball on tiguous United States just off- land to Irvine, where you can bi- screaming kids. Or drive a bit along the coast. Here you can take
nights when the weather is cool shore. For a true Florida experi- cycle through picturesque Cali- down the highway to San Marcos, ATVs through the desert, ride
enough, as the Arizona Diamond- ence, head over to Dry Tortugas fornia hills. If you’re not super fit, grab a cooler of beer and spend horses on the beach, or hike to se-
backs celebrate their 20th season. National Park, where you’ll ferry Pedego bike tours offers electric- the day floating down the San cluded grottos. The landscape in
Sound enticing? Well you’re in out to an old fort set on mangrove bicycle tours with all the nature Marcos and Guadalupe Rivers. Aruba might not be what you ex-
luck, as Air Canada Rouge just islands and camp overnight out and a lot less work and might pect, but if you’re looking for
started a new, non-stop route in the middle of the ocean. even give you beer for your effort guaranteed sun, it’s your best bet
from Montreal with three weekly at the end. It’s also home to one of in the Caribbean right now.
flights. Orange County’s highest rooftop
bars at the brand-new Marriott Ir- Special to The Globe and Mail
vine Spectrum.
My love of movement
starts now.
Help me develop physical literacy and I will be
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
A16 | NEWS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
KATE
TAYLOR
OPINION
$10,365CAD
UP TO $1,000 USD Shipboard Credit ** FROM Maude Lewis. to shoot at the creature.
- $400 Inside, $750 Oceanview, $1,000 Balcony & Mini Suite Classic choices include Sarah Those looking for a subtler
Travel Insurance Included‡ Polley’s award-winning autobio- definition of the national culture
No Age Restriction Pre-Existing Condition Waived No Medical Questionnaire AIR, TAXES & FEES INCL. graphical documentary, Stories can always check out a Canadian
We Tell (2012) and Patricia Roze- film.
Japan, China, Taiwan, Vietnam, Philippines, Hawaii Malaysia, Vietnam, Thailand, Indonesia ma’s enduring charmer, I’ve
Shanghai to Los Angeles Heard the Mermaids Singing For information about Canadian
Roundtrip Singapore
(1987). Reel Canada is also mark- Film Day screenings in public
32-Day Cruise + 3-Nt Hotel & Land | Oct 18, 2018 21-Day Cruise + 1-Nt Hotel | Dec 19, 2018 ing the day with a Toronto event venues and online see
bringing together directors Dee- canadianfilmday.ca
FREE Air *
FREE Air * Christmas &
FREE Prepaid Gratuities New Year Cruise
FREE Prepaid Gratuities
FREE 3 Nights Pre-cruise Land Program
- 2 Nights Beijing & Great Wall of China Tour FREE 1 Night Pre-cruise Hotel in Singapore TODAY’S KENKEN SOLUTION TODAY’S SUDOKU SOLUTION
- 1 Night Shanghai and Tour FREE Pre-cruise Transfers
FREE China Visa Service & Fee Travel Insurance Included‡
$6,249CAD $4,299CAD
FROM FROM
$200 USD Shipboard Credit**
- Oceanview and higher only
Travel Insurance Included‡ AIR, TAXES & FEES INCL. AIR, TAXES & FEES INCL.
Hawaii, Tahiti, Auckland, Tauranga, Akaroa Honolulu, Kauai, Tahiti, Moorea, Pago Pago
H
Los Angeles to Sydney L Angeles to Auckland
Los
28-Day Cruise + 2-Nt Hotel | Sep 23, 2018 220-Day Cruise + 3-Nt Hotel | Sep 23, 2018
$5,299CAD $4,169CAD
FROM
Travel Insurance Included‡ FROM
AIR, TAXES & FEES INCL. AIR, TAXES & FEES INCL.
WINE ROUTES OF PORTUGAL POUSADAS OF PORTUGAL
1-866-636-WAVE 2014-2018 2 Weeks $2998 3 Weeks $3998 2 Weeks $3298 3 Weeks $4498
416.840.3448 europatravel.ca 1.866.870.1377
www.cruise-connections.com PRICES PER PERSON BASED ON DOUBLE FROM TORONTO; OTHER GATEWAYS AVAILABLE.
163 HISTORIC MAIN STREET SOUTH, NEWMARKET, ONTARIO TICO 50014161
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O NEWS | A17
FIRST PERSON
OPINION
TELEVISION
A18 | NEWS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
THE GLOBE AND MAIL CENTRE SUBSCRIPTIONS AND TECH SUPPORT EDITORIAL OFFICES ADVERTISING EXECUTIVES
351 KING STREET EAST, SUITE 1600 PRINT 1.800.387.5400 TORONTO 416.585.5225 TOLL FREE 1.800.387.9012 ERIN ADAMS V.P. HUMAN RESOURCES
TORONTO, ONTARIO, M5A 0N1 TORONTO 416.585.5222 MONTREAL 514.982.3065 ON + MAN (EXCL OTT) 416.585.5600 CHRISTINE COOK CHIEF FINANCIAL OFFICER
416.585.5000 | GLOBEANDMAIL.COM GLOBE 2 GO 1.866.232.0988 OTTAWA 613.566.3600 OTT, QUE, ATL 514.982.3050 GREG DOUFAS CHIEF DIGITAL OFFICER
[email protected] CALGARY 403.245.9100 1.800.363.7526 SEAN HUMPHREY V.P. MARKETING
[email protected] EDMONTON 780.428.8261 WESTERN CANADA 604.631.6608 JIM JENNINGS ASSOCIATE PUBLISHER
The Globe and Mail is a Woodbridge owned property. [email protected] VANCOUVER 604.685.0308 JESSE LANGDON V.P., GENERAL COUNSEL/CORPORATE SECRETARY
HALIFAX 902.471.9479 ANDREW SAUNDERS CHIEF REVENUE OFFICER
NOTICES COPYRIGHTS AND TRADEMARKS The Globe and Mail, Canada's National Newspaper, Report on Business, Facts & Arguments, Canada's Business Newspaper and Globe Toronto are trademarks of The Globe and Mail © 2017.
All rights reserved. All letters, articles, comments, and other material submitted to publication may be published, displayed, distributed, retained and archived by The Globe and Mail's assignees and its licensees in whole or in part,
in print or any other media and in any product or service, now known or created in the future, worldwide, in perpetuity, without compensation to the author. Any advertising published by The Globe and Mail in its publications may
be published, displayed, distributed, retained and archived by The Globe and Mail, our assignees and licensees, worldwide, in perpetuity, in print or any other media and in any product or service, now known or created in the future.
PRIVACY CODE The Globe and Mail's privacy policy describes how we use your personal information and is available at globeandmail.com/privacy. COMPLAINTS For concerns about editorial content,
contact [email protected]. If you are not satisfied with the response and wish to file a formal complaint, visit mediacouncil.ca or call toll-free at 1-844-877-1163 for more information.
BRIDGE The key to good declarer play a club. Declarer ruffs and plays a difficult, since it’s unlikely East
BY STEVE BECKER is the ability to figure out how diamond to the 10, losing to the would double five diamonds un-
WEDNESDAY, APRIL 18, 2018 the unseen cards are divided. If ace. Back comes a club, ruffed less he had the ace of hearts.
declarer could see all four hands by South, and after cashing the South therefore leads a heart
instead of only two, he would trump king, declarer is at the and, after West follows low, fi-
seldom fail to achieve the best critical point of the hand. nesses the nine! This works like a
possible result. His only problem is to avoid charm because West happens to
The knack of determining how losing two heart tricks. He can hold both the jack and 10, so de-
North dealer.
the defenders’ cards are divided do this easily enough, if West has clarer loses only one heart trick.
North-South vulnerable.
can be acquired by anyone will- the ace, by leading twice toward Considering the bidding, the
ing to take the trouble to assem- the K-Q. But if East has the ace, nine is clearly the right play to
The bidding: ble the necessary clues. In do- this method of play fails, since a make – even though it requires a
ing so, declarer forms a picture second heart trick would eventu- substantial measure of good luck
North East South West consistent with the bidding and ally have to be lost. to succeed. But the fact remains
1 [H] 2 [C] 2 [D] 5 [C] plays that have taken place. Before broaching the suit, that once East is credited with
Pass Pass 5 [D] Pass Today’s deal illustrates how the South must first try to decide the ace of hearts, there is no oth-
Pass Dble process works. South is in five di- which opponent is more apt to er hope of making the contract
Opening Lead – jack of clubs. amonds doubled, and West leads have the ace. This is not really than the deep finesse.
9 10
11 12
13 14 15
16 17
18 19 20 21
22 23
INSTRUCTIONS Fill in the grid so that each row of nine squares, each column of nine
and each section of nine (three squares by three) contains the numbers 1 through 9
in any order. There is only one solution to each puzzle.
KENKEN
24 25
INSTRUCTIONS
1. Each row and each
CRYPTIC CLUES QUICK CLUES column must contain
ACROSS DOWN ACROSS the numbers 1 through
1 Remove from high office (6)
6 without repeating.
1 Route followed by an 1 Spot the politician
Afghan tribesman (6) in a heap (6) 4 Make up for loss (6)
4 A fraction too slow 2 State needs new taxes (5) 9 Facsimile (7) 2. The numbers within
the heavily outlined
to get a medal (6) 3 Nine act in an old- 10 In the style of (5) boxes, called cages,
9 A Central American team is fashioned way (7) 11 Logically sound (5) must combine using
able to kick off with me (7) 5 Animal found near water 12 Strongly resisting change (7) the given operation (in
10 Ship could be a drifter (5) in hot territories (5) 13 Mutual concessions (4,3,4) any order) to produce
11 I sell new thread (5) 6 Apprehend how to turn 18 Unable to sleep (7) the target numbers in
20 French composer, d.1937 (5) the top-left corners.
12 Care to put in an offer property into money? (7)
for acetylene fuel (7) 7 Stroke in this boat- 22 Action (5)
Freebies: Fill in
13 Conflicting tastes in race, for example (6) 23 South-east Asian country (7) 3. single-box cages with
the plant (11) 8 Untimely error made 24 Nullify (6) the numbers in the
18 Sound, old-fashioned when chairman’s on 25 Variegated (6) top-left corner.
stuff to eat (7) an exchange (11)
20 Walk like a doctor 14 One thousand turn DOWN
in drink? (5) out better (7) 1 Obtain (6) ©2018 KENKEN Puzzle LLC. KENKEN is a registered trademark of Nextoy, LLC. Dist. by Andrews McMeel
22 Old capital of Japan 15 We get new heart 2 Schoolchild (5) www.kenken.com
changed to Tokyo (5) when it improves (7) 3 Defraud (7) YESTERDAY'S CRYPTIC
23 Fields of activity he gets 16 Points for athletes (6) 5 Rub out (5)
ACROSS: 1 Takes up, 5 First, 8 Electric organ, 9 Acorn, 10 Ottoman, 11 Fresco,
a mixed press about (7) 17 It’s knitted for a milk 6 Australian bush country (7) 12 Rodney, 15 Inhabit, 17 Teams, 19 Housebreaking, 20 Speck, 21 Sidings.
24 Wine one may be mistaken producer (6) 7 Display ostentatiously (6) DOWN: 1 Theta, 2 Keep open house, 3 Satanic, 4 Poison, 5 Float, 6 Regimentation,
to be diffident about (6) 19 There’s nothing persistent 8 In very close relationship (4,2,5) 7 Tenancy, 11 Flights, 13 Outward, 14 Stores, 16 Break, 18 Sighs.
25 Hard baked and irritable (6) in this scent (5) 14 Vague notion (7)
21 Poet is emotionally 15 Submarine weapon (7) YESTERDAY'S QUICK
excited (5) 16 North European monarchy (6) ACROSS: 1 Exclaim, 5 Point, 8 Stand to reason, 9 Eagle, 10 Ignoble, 11 Glossy,
17 Unconvincing (6) 12 Scurry, 15 Ethical, 17 Moist, 19 Again and again, 20 Entry, 21 Hothead.
19 Boxing match (5) DOWN: 1 Ensue, 2 Change of heart, 3 Address, 4 Myopic, 5 Preen, 6 Insubordinate,
Solutions to today's Sudoku and Kenken can be found in the Life & Arts content 7 Tannery, 11 Grenade, 13 Compact, 14 Clinch, 16 Canny, 18 Tuned.
area of the A section. Crossword solutions will be with tomorrow's puzzles. 21 Open to bribery (5)
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O NEWS | A19
A NEW CHAPTER
IN THE HISTORY OF THE SUV.
IT’S A SEDAN.
*MSRP of $24,995 on 2018 Legacy 4dr Sdn 2.5i CVT (JA2 25). MSRP excludes Freight & PDI of $1,650. Taxes, license, registration and insurance are extra. $0 security deposit. Model shown is 2018 Legacy 4dr Sdn 2.5i Limited w/ Eyesight CVT (JA2 LPE) with an MSRP of $33,795. Dealers may sell for less or may
have to order or trade. Prices may vary in Quebec. Vehicle shown solely for purposes of illustration, and may not be equipped exactly as shown. See Owner’s Manual for complete details on system operation and limitations. See your local Subaru dealer for details. Legacy and Subaru are registered trademarks.
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
SPORTS
NBA PLAYOFFS NHL PLAYOFFS HOCKEY
Kyle Korver’s delicate Boston’s Brad Marchand seems Calgary Flames fire head
balance: time to grieve, impervious to psychoanalysis, coach Gulutzan after two
time to play B18 Cathal Kelly writes B17 seasons on the job B16
ANDREW WILLIS
JEFFREY JONES
B2 | REPORT ON BUSINESS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
LULULEMON NAMES
PATRICK GUIDO AS NEW CFO
Guptas: Preservation order prevents family from selling CASPER TO ROLL OUT
BRICKS-AND-MORTAR STORES
or disposing of assets while court case continues
Online mattress retailer Casper
FROM B1 application to ground the airplane earlier farm project, a senior South African pros- plans to open bricks-and-mortar
this year. ecutor cited the EDC dispute with the stores in Canada as it flips its busi-
In connection with the farm case, prose- “It is important to remember that, at Guptas over the Bombardier jet. The case ness model and goes head-to-
cutors have obtained a preservation order this point in time, the authorities have demonstrates that the Guptas have a head with traditional bed retail-
on dozens of Gupta assets, including the provided us with a preservation order on- “propensity to unlawfully alienate and ers. The New York-based startup,
Bombardier jet, a Rolls-Royce, a Lam- ly, and have not seized the aircraft,” Mr. dissipate property when faced with lawful which upended the mattress in-
borghini, a helicopter, several Mercedes- Taylor told The Globe and legal processes and at- dustry with its bed-in-a-box prod-
Benz and Porsche cars and dozens of Mail on Tuesday. tempts,” the prosecutor uct that can be delivered, is open-
farms and other properties. The Gupta brothers − said. ing the first of its retail shops
The order prevents the Guptas from Ajay, Atul and Rajesh − were It is important to Karen Hamilton, a re- north of the border next month
selling or disposing of the assets while the business partners of family searcher at the Ottawa- in Toronto. Casper is also estab-
court case continues. Authorities raided members of former presi- remember that, based watchdog group lishing a Canadian headquarters
the lavish Gupta villa in an upscale Johan- dent Jacob Zuma for many at this point in Above Ground, said her in Toronto and will begin manu-
nesburg suburb on Monday to begin years and were alleged to time, the group was not surprised facturing some of its products in
marking the luxury cars and enforcing the have so much political pow- authorities have that the South African pros- Canada, creating an estimated 75
order. er that they influenced Mr. ecutors have placed a pres- new jobs across the country.
The Bombardier jet, meanwhile, was Zuma’s decisions on cabinet provided us with ervation order on the EDC- Casper co-founder and chief
flown from Dubai to Johannesburg last appointments. They were a preservation financed airplane. “The case executive Philip Krim says it has
Friday and was placed in safekeeping at accused of siphoning off order only, and points to the need for more seen three years of triple-digit
Lanseria Airport after EDC had threatened huge sums of money from have not seized stringent oversight of EDC growth in Canada, and expanding
to pursue a contempt-of-court finding their insider deals with by the Canadian govern- its local presence will help the
against the Guptas for defying a court rul- state-owned enterprises, in- the aircraft. ment,” she said. company reach more Canadians.
ing to ground the plane. cluding South Africa’s elec- “There was ample evi- The company also recently
PHIL TAYLOR
Phil Taylor, a spokesman for EDC, said tricity monopoly and its EDC SPOKESMAN dence the Guptas were a se- teamed up with Indigo Books &
the agency is “working with the relevant freight cargo company. The rious corruption risk well Music to allow shoppers to test
authorities to resolve the issues surround- Guptas and Mr. Zuma have denied the al- before EDC approved them for a loan in out Casper’s pillows at several of
ing the asset.” Those authorities include legations. 2014 – including the risk that they would the Canadian retailer’s locations.
South Africa’s national prosecuting au- In an affidavit released this week in use the proceeds of crime in their deal-
thority, which was named in EDC’s court connection with the alleged fraud in the ings with EDC,” she said. THE CANADIAN PRESS
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O REPORT ON BUSINESS | B3
The securities
commission says
Brookfield unit lines up financing for planned BitConnect isn’t
registered in the
$15-billion acquisition of U.S. mall owner province to solicit
investments or provide
advice about buying
SCOTT DEVEAU Brookfield Asset Management in the form of declining rents and or selling securities.
GILLIAN TAN Inc., didn’t name its partners at occupancy – being endured by re-
Brookfield Property the time. tail centres elsewhere in the Unit- There was no initial response
Representatives for Brookfield, ed States. to requests for comment sent to
Brookfield Property Partners LP last month reached Calpers, CBRE and TH Real Estate Brookfield Property last BitConnect and BCC Exchange.
has lined up a slate of heavy- a deal to buy declined to comment on the GGP month reached a deal to buy the The OSC warning comes after a
weight backers to help finance its the 66 per cent mall partnerships, and represen- 66 per cent of Chicago-based GGP Texas regulator issued a cease and
planned takeover of GGP Inc. tatives for Future Fund didn’t re- it doesn’t already own. GGP share- desist order against BitConnect in
of Chicago-based holders will receive US$23.50 a
The California Public Employ- spond to a request for comment. January, claiming BitConnect said
ees’ Retirement System, a CBRE GGP it doesn’t Landlords have increasingly share in cash, or either one Brook- it would deliver annualized re-
Group Inc. unit, Future Fund and already own. been willing to top up their coffers field unit or one share of a new re- turns of 100 per cent or more by is-
TIAA affiliate TH Real Estate have by selling stakes in their best-per- al estate investment trust for each suing BitConnect coins.
agreed to invest in select GGP forming malls. For example, TIAA share they own. The deal, in- The OSC said on April 6 that it is
malls, according to people with in 2015 bought a 12.5-per-cent creased from a November propos- gathering information on several
knowledge of the matter. The stake in GGP’s Ala Moana Center al, consists of US$9.25-billion in cryptocurrency trading platforms
properties weren’t identified. mall in Hawaii shortly after Aus- cash and about 254 million shares after it received a number of com-
When the agreement to ac- tralianSuper acquired a 25-per- in Brookfield Property and the plaints.
quire GGP was announced in cent stake in the same property. new REIT. OSC spokeswoman Kristen
March, Brookfield Property said The continued willingness of Rose said platforms that offer this
the cash portion of the roughly large investors to increase their BLOOMBERG NEWS type of trading may classify as a
US$15-billion deal for the second- holdings in retail real estate marketplace and would be re-
largest U.S. mall owner would be comes as the sector finds itself BROOKFIELD PROPERTY PARTNERS quired to comply with the rules
funded in part by about US$4-bil- splitting into haves and have- (BPY.UN) governing exchanges or alterna-
lion from joint-venture equity nots. GGP’s portfolio of Class A CLOSE: $24.37, UP 51¢ tive trading systems.
partners. Brookfield Property, the malls are, by definition, better-po- GGP (GGP)
real estate arm of Toronto-based sitioned and less prone to pain – CLOSE: US$20.32, UP 55 US CENTS THE CANADIAN PRESS
B4 | REPORT ON BUSINESS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
Clean tech’s next heat wave could come from Smarter Alloys
TYLER HAMILTON eventually became part of Boe- now in the shape of a maple leaf, grammable stents for heart pa- When it leaves the water and re-
ing) developed a prototype de- bent perfectly in more than a doz- tients, lightweight and low-cost laxes, another portion is sub-
vice that took advantage of this en places. actuators for vehicles and air- merged, causing another contrac-
OPINION heat-triggered mechanical move- “We call this a Multiple Memo- planes, precision golf clubs and tion.
ment to produce limited amounts ry Material,” he says. heat-activated sports apparel. This process continues as long
Adviser with the non-profit of power. When Dr. Khan founded Smart- But the biggest prize, by far, is as one portion of the belt is always
MaRS Discovery District in Toronto Problem is, scientists back then er Alloys in 2009 to develop com- creating a heat engine that can fi- submerged in the water. When
who works with clean-tech didn’t know why nitinol behaved mercial applications for the mate- nally take advantage of all the there is a consistent heat source,
companies from across Canada the way it did, meaning they rial, generating power from waste low-grade heat around us – even, the belt will snake itself around
couldn’t really manipulate the heating wasn’t on his radar. His one day, the latent heat that exists the pulley, creating enough
hen we burn fuel to pow- material in a way that explored its initial focus was on high-end orth- in our oceans. Dr. Khan estimates torque to spin a generator.
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O REPORT ON BUSINESS | B5
IMF predicts
moderate Canadian
growth in 2018, 2019
ALEXANDER PANETTA WASHINGTON
BUSINESS CLASSIFIED
TO PLACE AN AD CALL: 1-866-999-9237 EMAIL: [email protected]
ME E T I NG NO TI CE S LEGALS
B6 ADVISOR CORNER O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
KIRA VERMOND
Six disruptive tech stocks Dot-com bubbles, overinflated housing markets and run-
away bull markets might seem like different beasts on the
outside, but their trajectories show similar patterns of over-
These companies can help the energy sector deal Nubeva has a solid management optimism and panic. Booms and busts just happen to involve
with stricter environmental reg- team, including chief executive different timelines and people.
are poised to leave ulations, says Mr. Barr. The burn- officer Randy Chou, who has Mr. Mastracci points out similarities between the financial
competitors in the dust. ing of waste gas at oil-and-gas been involved in tech startups shockwaves felt in 2001 and then again 2008. “The same kind
They could also become production facilities, also known and successfully exited them of thing keeps happening over and over. We make the same
as “flaring,” is bad for health and through sales or going public, mistakes,” he says.
takeover targets the environment, he says. “Ques- Mr. Taylor says. “Even if competi-
tor has developed an incinerator tion comes on, there should be
‘HIGH FEES DON’T MATTER AS LONG AS THE INVESTMENT IS
SHIRLEY WON
technology, which is 99.9 per room for a lot of companies to
MAKING MONEY’
cent efficient and removes the grow and disrupt the current
bad stuff that goes into the air.” standard of practice [of relying
nvesting in disruptive technol- Its proprietary technology has on cloud providers for security].” Making money for whom, exactly? “Fees always matter,” says
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O ADVISOR CORNER B7
Invest in $44,175
Mar. 31, 2018
the future.
Your financial 2017
future. 2016
2013
2012
$10,000
2011
Mar. 31, 2008
2010
2009
Ask your
financial
advisor.
Source: Fidelity Investments Canada ULC. Performance shows annual compounded returns as at March 31, 2018 (Series F) net-of-fees, in Canadian dollars. Chart depicts the
growth of $10,000 invested in Fidelity Technology Innovators Fund over the period indicated, in Canadian dollars, and is based on compounded monthly total returns.
Read a fund’s prospectus and consult your financial advisor before investing. Mutual funds are not guaranteed; their values change frequently and past performance may not
be repeated. Investors will pay management fees and expenses, may pay commissions or trailing commissions and may experience a gain or loss. The indicated rates of return
are the historical annual compounded total returns including changes in unit value and the reinvestment of all distributions and do not take into account sales, redemption,
distribution, optional charges or income taxes payable by any security holder that would have reduced returns. If you buy other series of Fidelity funds, the performance will
vary largely due to different fees and expenses.
Investors who buy Series F pay investment management fees and expenses to Fidelity. Investors will also pay their dealer a fee for financial advice services in addition to the
Series F fees charged by Fidelity.
Fidelity Investments is a registered trademark of Fidelity Investments Canada ULC. 835654.3.0
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
PRICE
GET YOUR TICKETS NOW! Visit www.tgam.ca/SBS18
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O REPORT ON BUSINESS | B9
Bombardier: Sale of Toronto site likely to be the first stage in battle at city hall
FROM B1 that his plan would require pub- plan two years ago to outsource
lic and government support, but cockpit and wing assembly of the
CK Asset Holdings could not im- noted that it conforms with To- Q400.
mediately be reached for com- ronto’s requirement that the land Toronto Mayor John Tory told
ment. Avro Bourdeau said its retain its current industrial zon- reporters recently that preserving
$800-million bid − the only one ing. the employment lands was his
that includes preserving the air- A Bombardier spokesman de- “going-in position” in any talks
plane manufacturing business on clined to answer questions about over the property, and that keep-
the site − was rejected. options for the Downsview site ing that zoning must be the city’s
Bombardier wants to sell the and the company’s intentions for “principle focus.”
Toronto property as a way to gen- the planes built there. “We have Mr. Tory also said there was
erate cash from an asset that’s nothing to announce,” said Si- plenty of residential land nearby:
not being used to its full poten- mon Letendre. “I don’t accept the notion that ev-
tial. The company says it only us- The sale of the Toronto site will ery single piece of land without
es about a tenth of the site and likely be the first stage of a poten- exception … should be just allo-
shoulders the full cost of using tially long battle at city hall. The cated because we just decide we
the two-kilometre-long runway. entire area, much of which is tak- are going to have condo towers
“It’s an amazing piece of land,” en up by Bombardier’s test run- and apartment buildings every-
Bombardier chief executive Alain way or is vacant, is zoned for em- where. We need places for people
Bellemare told analysts on the Hong Kong billionaire Li Ka-shing, chair of CK Asset Holdings, peers ployment use: factories or offices. to work.”
company’s earnings call in Febru- down at the city during an interview in 2016. JUSTIN CHIN/BLOOMBERG “The employment lands, once Employment lands are also
ary. “We can do the same type of they are gone they are gone forev- taxed at a much higher rate, and
work somewhere else and really itself. The unit was once consid- sembly of those jets is now done er,” long-time local Councillor they need fewer services than res-
unlock huge value.” ered a shaky part of Bombardier’s in Mirabel, Que., but Avro Bour- Maria Augimeri said. “You can’t idential zones, making keeping
Bombardier currently builds commercial aircraft lineup, but in deau’s plan would shift that work buy them back, you can’t manu- them in the city important to the
Global luxury jets and Q400 tur- recent months it has begun to see to Downsview. facture them. And they create the municipal government’s bottom
boprop planes at the Downsview the fruits of a bolstered market- Bombardier’s rejection letter base for Toronto’s economy. ” line.
site. The Montreal-based compa- ing and sales effort implemented said Avro Bourdeau had no expe- In addition to the loss of the However, lobbying is already
ny has raised the option of mov- two years ago, winning new or- rience manufacturing airplanes 3,600 aerospace manufacturing under way. Bombardier has hired
ing these manufacturing oper- ders from India’s SpiceJet among and questioned the company’s jobs, a sale could also see a new Toronto-Dominion Bank to han-
ations to Toronto’s Pearson inter- others. ability to obtain financing. But buyer scrap Bombardier’s run- dle the sale. Ashley Martis, a di-
national airport. Still, history suggests Bombar- the company’s CEO Marc Bour- way, which would loosen flight- rector with TD’s real estate arm,
Proceeds from a Downsview dier would entertain offers for the deau said he interpreted the re- path-related building-height re- registered as a lobbyist earlier
deal and those of a recent share turboprop business if they were jection letter as a negotiating tac- strictions. this month and met with senior
sale could contribute as much as reasonable, AltaCorp Capital ana- tic. Unifor is in the midst of nego- officials in the mayor’s office, se-
US$1-billion of cash to shore up lyst Chris Murray said. “You have “We don’t believe that Bom- tiations on a new contract, but nior city officials and Toronto
Bombardier’s balance sheet or to to be realistic and remember bardier is going to send [Q400 has received no answers to its chief planner Gregg Lintern, ac-
help buy back a minority stake in Bombardier has sold other pro- production] over to Pearson,” questions to the company about cording to the city’s lobbyist reg-
its train business from the Caisse grams in the past as they reached said Mr. Bourdeau, citing the the future of the site and the istry.
de dépôt et placement du Qué- maturity,” he said, including de costs of purchasing real estate, Q400 and Global programs, Uni- Mr. Lintern said he outlined in
bec, JP Morgan analyst Seth Seif- Havilland Canada assets now shifting tooling to another plant for president Jerry Dias said. his meeting with TD how com-
man said in an April 13 note. owned by Viking Air Ltd. and its and halting production of the The current contract has a so- plex any potential rezoning
Although the land is for sale, water-bomber business. planes for up to a year while the called work ownership clause would be.
Bombardier management has Avro Bourdeau also made an assembly line is transferred out of that requires approval of the
never expressed any intention offer to purchase Bombardier’s Downsview. union before major changes can With a file from
publicly to sell the Q400 business regional jet business. The as- Mr. Bourdeau acknowledged be made, such as Bombardier’s reporter Jacqueline Nelson.
Catalyst: In a letter to investors, firm Energy: B.C. depends on Alberta for gas
doesn’t detail how it got the interviews FROM B1 rently $1.55 a litre, the highest in Canada,
according to the Kent Group. The Cana-
The Vancouver region is already home to dian average is $1.35, which is also the
FROM B1 whether it came from Black Cube. He Canada’s most expensive gasoline, and price in Toronto. In Calgary, it is $1.29. A
said: “The confidential communication the prospect of even higher prices would year ago, the situation was the same,
In its letter to fund investors, Catalyst to our LPs reflects our strong belief that cut into the provincial economy, accord- with prices somewhat lower, but Van-
does not detail how it went about getting Catalyst’s rights were violated on the ing to industry leaders. couverites still paying the most of any-
the interviews or when and where they Wind transaction. This confidential let- Greg D’Avignon, CEO of the B.C. busi- where in Canada.
were conducted. Nor does it describe ter outlined some of the reasons for this ness council, said the economies of Al- One reason is taxes, which are about 10
who conducted the questioning. belief and Catalyst’s intention to explore berta and B.C. are more integrated than cents a litre more in Vancouver than on
Black Cube, a private investigation and pursue all appropriate legal reme- any other two provinces, and the cost of average in Canada – accounting for half
firm founded by veterans of Israel’s intel- dies in order to protect our investor’s Alberta reducing the flow of energy to the price gap between Vancouver and
ligence service, allegedly had operatives rights.” B.C. could reverberate widely. the national average. A second factor is
pose as recruiters for a global private eq- The push to introduce new evidence “There’s always unintended conse- the already tight supply situation on the
uity firm who approached West Face em- to second Wind lawsuit, which Catalyst quences when you have a trade war,” Mr. Trans Mountain pipeline, which has no
ployees with potential job offers to get first filed in May, 2016, comes as ques- D’Avignon said of the impact that could room to move additional gasoline, Mr.
them talking. Black Cube has also done tions mount about the value of several be felt in both B.C. and Alberta. “There’s Ervin said.
work for disgraced movie businesses owned by Cata- the increased price of goods, everything Karl Gillies, president of Surrey-based
producer Harvey Wein- lyst and its ability to cash from produce to clothing over the course Diamond Delivery, which delivers an ar-
stein, an assignment that out at attractive prices. of time.” ray of goods in a fleet of more than 180 ve-
executives in the firm sub- The confidential Litigation may be part The GDP impact of higher prices is hicles, said higher trucking costs would
sequently apologized for of Catalyst’s strategy to try hard to exactly quantify, Mr. D’Avignon hurt consumers, dampen spending and
taking on. West Face filed a communication to boost its investment re- said, and the business council has not radiate negatively through the economy.
suit against Catalyst and to our LPs turns. In fact, the Wind done the analysis yet. But Mr. D’Avignon “We supply everything to anybody,”
Mr. Glassman in December reflects our lawsuit was given a value said an array of negative factors could in- Mr. Gillies said. “We deal with thousands
alleging the use of the firm strong belief of US$447-million in Catal- clude a decline in the Canadian dollar as of customers. Without fuel, the trucks
against its employees. yst’s 2016 annual report to foreign investors sidestep Canada be- don’t move.”
The Catalyst investor that Catalyst’s investors of two of its cause of the political fights and per- Pipeline politics are frustrating Mr.
document purports to con- rights were largest funds. ceived instability. “It just doesn’t make a Gillies, given that Kinder Morgan Canada
tain short excerpts from in- violated on the Some other Catalyst in- lot of sense,” Mr. D’Avignon said of the Ltd. has the federal green light to expand
terviews with a former Wind vestments are performing escalating tensions between B.C. and Al- Trans Mountain. “It’s already approved,
West Face portfolio manag- poorly. The firm sold a mi- berta. is what I understand.”
er and a second ex-staffer – transaction. nority stake in distressed B.C. depends on Alberta for gasoline, One vulnerable group of customers
both unnamed – that Cata- lender Callidus Capital most of which comes on the Trans that have been working for a more se-
DAN GAGNIER
lyst says show that West CATALYST SPOKESMAN Corp. for $14 a share in Mountain pipeline, according to the Na- cure supply link is a consortium of 25 air-
Face received leaked de- 2014, and the stock closed tional Energy Board. The pipeline is able lines that use the Vancouver Interna-
tails about Catalyst’s Wind discussions, Tuesday at $4.91. Catalyst and its funds to deliver raw and refined products, gas- tional Airport.
allowing it to structure a bid for the wire- own over 70 per cent of Callidus and have oline, diesel and jet fuel, along with oil About 40 per cent of the jet fuel the
less carrier with fewer conditions. loaned the firm more than $300-million. and diluted bitumen. B.C. produces airlines use comes from Parkland Fuel
“Accordingly Catalyst will use its best Catalyst has said it aims to take public some gasoline in two refineries, one in Corp. refinery in Burnaby and the rest ar-
efforts to ensure that all of the relevant two of its funds’ major holdings – Gate- Burnaby at the pipeline terminus and a rives from the Cherry Point Refinery in
facts and documents come to light, and way Casinos & Entertainment Ltd. and a small facility in Prince George. Less than Washington State, by barge and tanker
to pursue all available remedies to obtain unit of biotech company Therapure Bio- 10 per cent of B.C.’s gasoline currently ar- truck. The consortium’s Vancouver Air-
redress for the benefit of the investors in pharma Inc. – in hopes of realizing value rives by ship or barge from the Pacific port Fuel Facilities Corp. is building a
the funds,” the document said. for the assets. It also disclosed that it is Northwest of the United States. new marine terminal on the Fraser River
Catalyst spokesman Dan Gagnier de- exploring sales of Advantage Rent A Car “The Kinder Morgan pipeline is not an that will be able to take jet fuel off tank-
clined to answer specific questions about and Sonar Entertainment in documents inexhaustible supply,” Mr. Ervin said. ers from Asia. A 15-kilometre pipeline
the information in the document and that it sent to financial backers. Regular gasoline in Vancouver is cur- would connect it with the airport.
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
B10 | REPORT ON BUSINESS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
GLOBE INVESTOR
Scotiabank plans How delaying CPP can help
leave less money on the table
to enter the ETF race FREDERICK VETTESE
CLARE O’HARA lion in assets under manage- ter, we want to make sure we en- OPINION
ment. ter in an area that meets our cus-
The partnership was a first of tomers’ needs. Similar to the Dy- Partner at Morneau Shepell. He is also the author of Retirement
Another Canadian bank is pre- its kind for BlackRock, which namic ETF launch – we want to Income for Life: Getting More without Saving More.
paring to enter the exchange- dominates the ETF market with make sure we are very clear with
traded fund industry, with Bank $58-billion in assets as of March our offering and not just simply ost retirees say their biggest fear is outliving their
of Nova Scotia planning the
launch of a suite of its own Sco-
tia-branded ETFs.
The bank’s asset-management
division – 1832 Asset Manage-
31. The Dynamic iShares ETFs
have a similar strategy to the pro-
posed Scotia ETFs, as they invest
in “underlying” Dynamic mutual
funds that are only available to
entering the ETF business to say
we are in the business.”
Upon regulatory approval,
Scotiabank will be the fourth
Canadian bank to enter the ETF
M money. One wouldn’t know it, though, from the
way they convert their savings into income. Reti-
rees are loath to take advantage of certain strate-
gies that would guarantee substantial income for life. In par-
ticular, few people like the idea of buying an annuity and few-
ment LP – has filed a preliminary iShares and are not accessible to market. Currently, Bank of Mon- er still wait until 70 to begin collecting their Canada Pension
prospectus with regulators for the general public. treal, Royal Bank of Canada and Plan benefits.
four ETFs: Scotia Strategic Fixed Toronto-Dominion Bank offer So what is going on? Of all the possible explanations for
Income ETF Portfolio (SFIX), Sco- ETF products through their asset- why people don’t act in their best interests, the most likely
tia Strategic Canadian Equity ETF Upon regulatory management divisions. perhaps is that an even greater fear lurks beneath the surface:
Portfolio (SCAD), Scotia Strategic “Scotia’s entrance is another the fear that they will leave money on the table in the event of
U.S. Equity ETF Portfolio (SUSA) approval, Scotiabank vote of confidence for the viabil- early death.
and Scotia Strategic International will be the fourth ity and continued growth of ex- Unfortunately, acting on that second fear doesn’t always
Equity ETF Portfolio (SINT). Canadian bank to enter change-traded funds,” said Kevin lead to the best outcome. Consider Carl and Hanna, who are
Management fees for the the ETF market. Gopaul, chair of the Canadian both turning 65. Like most new retirees, they want to scoop
funds range from 0.50 per cent to ETF Association. up as much government money as they can in case one of
0.65 per cent. All four ETFs would Scotiabank declined to com- Offering fund-of-funds ETFs them dies early. Their goal is to maximize the value of Carl’s
follow a “fund of fund” invest- ment on its entrance into the ETF has been a popular strategy CPP entitlement. That value is the sum of all the CPP pension
ment strategy, whereby each ETF marketplace. But in an interview among several of the larger asset cheques Carl actually gets during his lifetime plus the value of
will consist of a portfolio made last December with The Globe managers with substantial distri- the survivor pension that CPP would pay to Hanna. (For the
up of one or more underlying and Mail, Scotiabank’s head of as- bution networks and prominent sake of simplicity, I’m assuming Hanna will outlive Carl.)
ETFs. set management Glen Gowland brands. Mackenzie Investments, Let’s say Carl’s CPP pension starting at 65 is $1,000 a month
Scotiabank, in the filing made said the bank was actively look- BMO and TD have all launched and Hanna’s is $700. If Carl dies a year after retiring, he will
on Friday, did not disclose which ing to enter the ETF space under ETF products in a mutual fund have received 12 CPP cheques for a total of $12,000. In addi-
underlying ETFs will be included. the Scotiabank brand and want- wrapper to sell through different tion, he is passing along a survivor pension to Hanna equal to
The fund of funds could incor- ed to continue to leverage their networks – although these tend 60 per cent of his CPP pension or $600 a month (plus infla-
porate a number of BlackRock or partnership with BlackRock. to come with a higher price tag. tion).
Dynamic-branded ETFs. Black- “When looking at the ETF Both Mackenzie and BMO As- The trouble is that this survivor pension plus Hanna’s own
Rock Asset Management Canada space, one of the things you have set Management packaged their CPP pension exceeds the maximum annual amount that CPP
has been named a sub-adviser to to be thoughtful about is how ETF products in a mutual fund will pay to any individual. Some complicated CPP combina-
the Scotia ETFs, a partnership you go to market,” Mr. Gowland wrapper to sell through their mu- tion rules come into play that end
that first came to fruition last said. tual fund channels, while TD As- up reducing Hanna’s overall pen-
year when Dynamic Funds, a sub- “Cost and offering are impor- set Management packaged their sion entitlement. In spite of that,
sidiary of Scotiabank, entered the tant but right now there are al- ETF products into a D-series mu- we still find that the value of Carl’s Studies have shown
ETF industry with five active ready a huge number of zombie tual fund, which are targeted to- entitlement is greater if CPP starts
funds in January, 2017. ETFs with very little assets and ward do-it-yourself investors. at 65 rather than 70 assuming Carl that people routinely
Over the past year, Dynamic flows and just sitting on the shelf. dies a year after retirement. In overestimate the
launched three more funds for a That is something we would cer- SCOTIABANK (BNS) fact, starting CPP early is the bet- probability of dying
total of eight ETFs with $715-mil- tainly like to avoid. When we en- CLOSE: $76.40, DOWN 7¢ ter choice if Carl dies at any time
up to age 80.
young, which is why
This of course is exactly why they tend to favour
people don’t like to start their CPP starting CPP early.
late, but we’re not finished yet. If
The secret to Premium Brands’ premium returns Carl dies after 80, then the better strategy is to have started
CPP at 70 instead of 65 and the gain from doing so grows with
every succeeding year. The gain or loss due to starting CPP at
JOHN 70 rather than 65 is shown in Figure 1.
HEINZL Based on Figure 1, the question of whether to take CPP
early or late seems to be practically a tossup. We can expect
OPINION that if this chart were the only information to go on, then peo-
ple who are predisposed to take CPP early will do so.
Figure 1, however, is incomplete. The gain or loss at any age
YIELD HOG is useful information only if one knows the probability of that
gain or loss materializing. We therefore have to weight each
ungry for dividends? Pre- gain or loss by the probability of it happening.
company invested nearly $1-bil- dividend hikes ahead. Even the company has ex-
40,000
lion in more than 40 deals, focus- pressed reservations about the
ing on regional food businesses With the dividend payout ra- rocket-like performance of the 20,000
with strong entrepreneurial tio comfortably below 50 per share price in recent years.
management teams that can cent of earnings and Premium “While we are pleased to see 0
benefit from the capital, exper- Brand’s business still expanding the value inherent in our compa-
tise and economies of scale that rapidly, I would expect to see ny being recognized and our -20,000
Premium Brands provides. more dividend hikes ahead. long-term shareholders reward-
Last year, Premium Brands Not including the four most ed, we do view the recent sharp -40,000
generated revenue of nearly $2.2- recent acquisitions, the company increases with some caution,”
billion – up 18 per cent from 2016 projected 2018 revenue of be- Mr. Paleologou wrote in his 2016 -60,000
65 68 71 74 77 80 83 86 89 92 95 98
– selling packaged deli meats, tween $2.65-billion and $2.73-bil- message to shareholders, after THE GLOBE AND MAIL, SOURCE: FRED VETTESE
prepared sandwiches, seafood, lion and adjusted EBITDA (earn- the stock had appreciated by
baked goods, beef jerky and oth- ings before interest, taxes, depre- about 80 per cent that year
er products to customers across ciation and amortization) of alone.
North America including super- $244-million to $256-million, up “Our long-term objective is to
markets, convenience stores, air- from $190.2-million in 2017. generate a compounded annual
lines, restaurant chains and as- Driving the expected growth return for our shareholders of 15
sorted food-service operators. this year are a new sandwich per cent by investing in stable,
Even as Premium Brands’ plant in Phoenix that came on- well-run specialty food business-
fourth-quarter results came in line last June, a meat-cutting and es with solid growth opportuni-
below expectations, reflecting la- distribution facility in the Toron- ties and attractive risk profiles.”
bour shortages and supply-chain to area that is scheduled for com- So before you load up on this
disruptions, it said 2018 is shap- pletion in 2018 and and cost sav- fast-growing food stock, you
ing up as a strong year. ings and sales growth from ac- might want to temper your ex-
“We are extremely busy,” chief quisitions in recent years. pectations – and indulge in mod-
executive officer and president Premium Brands’ stock isn’t eration.
George Paleologou said on the without risks. Rising raw materi-
fourth-quarter conference call in al costs, a soft economy, food- PREMIUM BRANDS (PBH)
March. “We believe that 2018 will safety recalls or the loss of a ma- CLOSE: $120.80, DOWN 61¢ !"#$%&#'()*'+%,&-.#/0.#)1#!!#,#
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O REPORT ON BUSINESS | B11
Markets summary
CANADIAN STOCKS
Canada’s main stock index rose to a 12-day high on Tuesday
as technology and energy shares climbed and domestic da-
ta showed a stronger-than-expected gain for manufacturing
sales.
The Toronto Stock Exchange’s S&P/TSX Composite Index
ended up 0.35 per cent, at 15,353.30, its highest close since
April 5. It was the fourth straight day of gains for the TSX.
The TSX’s technology group rallied 2.7 per cent, led by a
7.7-per-cent gain for Shopify to $158.04.
Also helping was Open Text’s 3.5-per-cent rise after activ-
ist hedge fund Blue Harbour Group LP’s chief executive said
the business information management software company
could be acquired.
U.S. STOCKS
A Canadian Pacific Railway locomotive travels past tanker rail cars in Medicine Hat in August, 2016.
Crude by rail made up 2.4 per cent of CP Rail’s freight revenue in 2017. BAYNE STANLEY/THE CANADIAN PRESS U.S. stock indexes rallied on broad-based gains while Netflix
and UnitedHealth earnings impressed investors and boost-
ed optimism about the U.S. corporate reporting season.
Shares in Netflix, the first of Wall Street’s leading mo-
Amid pipeline spat, mentum stocks to report earnings, rose 9 per cent to close
at a record high after the video-streaming pioneer smashed
analysts’ quarterly subscriber estimates.
Fund manager says Although Mr. Lekkerkerker de- quirements. The British Colum-
COMMODITIES
scribes himself as “very cautious bia government plans to chal-
he sees opportunity for on energy,” and doesn’t expect lenge the project in court, but Oil prices rose, as support from the possibility of supply
company to capitalize crude prices to rise much above Prime Minister Justin Trudeau disruptions and a strong equities market offset the effects
on growing demand for current levels, he sees plenty of has said the government will start of profit-taking after last week’s rally above three-year
opportunity for CP Rail to capital- talks with the company to find highs.
alternative methods of ize on growing demand for alter- ways to backstop it. Brent crude oil futures gained 16 cents to settle at
getting crude to market native ways to get crude to mar- “In the past, crude by rail was US$71.58 a barrel, while U.S. crude futures rose 30 cents to
ket as Canadian pipeline projects looked at as low-quality revenue settle at US$66.52.
languish amid legal and political because it was very cyclical, but Gold turned positive as some investors held onto posi-
KRISTINE OWRAM uncertainty. given the lack of market access, I tions, while a sharper risk appetite benefited cyclical assets
think it makes sense for the ener- at bullion’s expense as the U.S. dollar’s recovery from three-
gy producers to sign up to longer- week lows versus the euro added pressure on the metal.
$6.9-billion Fidelity Invest- term take-or-pay contracts,
NETFLIX (NFLX-NASDAQ) ALARIS ROYALTY (AD-TSX) BLACK DIAMOND GROUP (BDI-TSX) VERMILION ENERGY (VET-TSX) SLATE OFFIC REIT (SOT.UN-TSX)
CLOSE US$335.95, UP US$28.28 CLOSE $18.49, UP $1.63 CLOSE $2.46, DOWN 7¢ CLOSE $43.36, UP 61¢ CLOSE $7.65, UP 5¢
This year is an inflection year for Alaris Royalty Corp. now pos- Black Diamond Group Ltd.’s new In reaction to its proposed acqui- Echelon Wealth Partners analyst
Netflix Inc., RBC Dominion Secu- sesses a “compelling” risk-reward plan for its Sunset Prairie Lodge sition of Spartan Energy Corp., Stéphane Boire initiated coverage
rities analyst Mark Mahaney said profile and valuation for inves- camp is “a good outcome in a less BMO Nesbitt Burns analyst Ray of Slate Office REIT with a “buy”
after the release of “very strong” tors, according to Desjardins Se- than ideal situation,” Raymond Kwan downgraded Vermilion En- rating. “Although we believe
first-quarter financial results fol- curities analyst Gary Ho, leading James analyst Andrew Bradford ergy Inc. to “market perform” SOT’s management is taking the
lowing market close on Monday. him to raise his rating to “buy” said. However, expecting earn- from “outperform.” “Although we right steps while taking SOT to its
“We believe secular demand for from “hold.” “AD has a diverse ings to decline, Mr. Bradford still consider Vermilion to be a critical mass, at this time we
Internet TV is ramping rapidly portfolio, strong capital deploy- downgraded it to “market per- premium multiple name, with would look for improvements
globally, and Netflix has posi- ment since inception and a solid form” from “outperform.” the increased Canadian expo- and better consistency of same-
tioned itself extremely well to track record of growing divi- Target: His target for Black Dia- sure, we think this multiple property metrics,” he said.
benefit from this,” he said. dends,” the analyst said. mond shares fell to $2.40 from should move closer in line with Target: Mr. Boire set an $8 target,
Target: With an “outperform” Target: Mr. Ho maintained a tar- $2.45, which is below the consen- its Canadian peers.” which is 43 cents less than the
rating, Mr. Mahaney increased his get of $20.50. Consensus is $22.21. sus of $2.72. Target: His target fell to $47 from consensus.
target to US$360 from US$350. $50, versus the consensus of
The consensus is US$322.85. $53.27.
РЕЛИЗ ПОДГОТОВИЛА ГРУППА "What's News" VK.COM/WSNWS
B12 MARKETS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
S&P/TSX COMPOSITE INDEX S&P 500 DOW JONES INDUSTRIAL AVERAGE S&P GLOBAL 100 INDEX
PAST 12 MONTHS PAST 12 MONTHS PAST 12 MONTHS PAST 12 MONTHS
15353.30 | 52.92 | 0.35 % | -2.11 % 1-YR | 172630 VOL(000) 2706.39 | 28.55 | 1.07 % | 15.21 % 1-YR 24786.63 | 213.59 | 0.87 % | 20.11 % 1-YR | 342409 VOL(000) 1896.34 | 16.11 | 0.86 % | 15.96 % 1-YR
TSX INDEXES AND SUB INDEXES TSX GAINERS TSX LOSERS TSX VOLUME
TOP 20 FOR STOCKS $1 OR MORE TOP 20 FOR STOCKS $1 OR MORE TOP 20 FOR STOCKS $1 OR MORE
CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR
CHG CHG 000S %CHG CHG CHG 000S %CHG CHG CHG 000S %CHG CHG CHG 000S %CHG
TSX COMPOSITE IND 15353.30 52.92 0.35 172630 -2.11 HYG HYDROGENICS C 11.25 1.02 9.97 1 21.36 RVX RESVERLOGIX C 1.35 -0.43 -24.16 327 -38.91 ACB AURORA CANNAB 8.44 -0.49 -5.49 11112 212.59
TSX 60 INDEX 904.19 2.32 0.26 69216 -2.15 AD ALARIS ROYALTY 18.49 1.63 9.67 516 -17.79 SCU THE SECOND CU 3.55 -0.50 -12.35 336 144.83 ATH ATHABASCA OIL 1.43 0.07 5.15 7756 -0.69
TSX COMPLETION IN 971.22 5.97 0.62 103413 -2.00 DCM DATA COMMUNIC 1.88 0.15 8.67 109 -21.67 HVU BETAPRO SP500 22.19 -2.47 -10.02 288 -75.23 APH APHRIA INC 11.34 -0.90 -7.35 5483 65.79
TSX SMALLCAP INDE 627.85 5.10 0.82 59805 -6.34 TRIL TRILLIUM THE 9.31 0.71 8.26 2 16.23 TMQ TRILOGY METAL 1.43 -0.14 -8.92 30 52.13 CVE CENOVUS ENERG 12.25 -0.22 -1.76 4831 -15.52
TSX VENTURE COMPO 797.55 -4.41 -0.55 64242 -3.87 SHOP SHOPIFY INC 158.04 11.26 7.67 373 65.49 XDC XTREME DRILLI 1.85 -0.15 -7.50 34 -19.91 SPE SPARTAN ENERG 6.32 0.15 2.43 4205 -18.66
TSX CONSUMER DISC 208.04 -0.17 -0.08 7438 8.37 NXE NEXGEN ENERGY 2.67 0.19 7.66 1124 -16.56 APH APHRIA INC 11.34 -0.90 -7.35 5483 65.79 ECA ENCANA CORP 15.37 0.13 0.85 4089 -1.41
TSX CONSUMER STAP 508.36 -1.42 -0.28 3673 -6.33 OSK OSISKO MINING 2.89 0.20 7.43 857 -47.17 PNP PINETREE CAPI 2.00 -0.15 -6.98 15 -25.37 BBD-B BOMBARDIER 3.77 0.07 1.89 3850 61.80
TSX ENERGY CAPPED 190.01 1.26 0.67 44866 -5.72 USA AMERICAS SILV 4.88 0.31 6.78 27 20.20 DF DIVIDEND 15 SP 5.41 -0.39 -6.72 176 -32.12 BTE BAYTEX ENERGY 4.44 0.19 4.47 3804 -1.11
TSX FINANCIALS CA 287.33 0.01 0.00 19471 0.16 TI TITAN MINING C 1.28 0.08 6.67 40 -3.76 HUV BETAPRO SP500 7.08 -0.49 -6.47 7 -42.63 WEED CANOPY GROWT 29.86 -1.04 -3.37 3543 210.72
TSX HEALTH CARE C 82.93 -1.90 -2.24 22853 29.13 ESM EURO SUN MINI 1.45 0.09 6.62 12 104.23 TRST CANNTRUST HO 6.44 -0.43 -6.26 301 -29.69 ENB ENBRIDGE INC 41.38 0.38 0.93 3326 -27.11
TSX INDUSTRIALS C 236.11 0.68 0.29 9782 10.92 MOGO MOGO FINANCE 4.22 0.26 6.57 265 6.84 ACB AURORA CANNAB 8.44 -0.49 -5.49 11112 212.59 LUN LUNDIN MINING 8.03 0.07 0.88 3016 7.79
TSX INFORMATION T 71.75 1.91 2.73 4802 19.11 KEW KEW MEDIA GRO 6.75 0.40 6.30 26 -36.62 PCY PROPHECY DEVE 2.56 -0.14 -5.19 5 -27.89 EFN ELEMENT FLEET 4.84 0.21 4.54 2750 -60.78
TSX MATERIALS CAP 238.11 1.78 0.75 37323 -5.88 SPPP SPROTT PHYSI 11.25 0.65 6.13 N-A -7.02 AIM-PR-B AIMIA IN 9.50 -0.50 -5.00 N-A -31.16 MFC MANULIFE FIN 23.42 -0.04 -0.17 2729 1.69
TSX REAL ESTATE C 300.51 0.73 0.24 4680 -0.53 RRX RAGING RIVER 6.52 0.36 5.84 2132 -24.62 CLQ CLEAN TEQ HOL 1.01 -0.05 -4.72 119 -38.41 BTO B2GOLD CORP 3.65 0.05 1.39 2478 -1.88
TSX GLOBAL GOLD I 189.59 0.23 0.12 44788 -13.86 CFP CANFOR CORP 31.71 1.74 5.81 718 68.49 HQD BETAPRO NASDA 7.75 -0.36 -4.44 82 -42.76 TD TORONTO-DOMINI 69.94 0.18 0.26 2468 5.65
TSX GLOBAL MINING 71.65 0.54 0.76 105515 6.81 EDR ENDEAVOUR SIL 3.73 0.20 5.67 392 -12.85 SRX STORM RESOURC 2.38 -0.11 -4.42 79 580.00 TVE TAMARACK VALL 3.17 0.09 2.92 2434 10.84
TSX INCOME TRUST 194.66 0.21 0.11 4828 -2.89 TGZ TERANGA GOLD 4.74 0.25 5.57 266 28.11 LFX LEADFX INC 1.30 -0.06 -4.41 14 52.94 HOD BETAPRO CRUDE 5.57 -0.03 -0.54 2192 -43.16
TSX PREFERRED SHA 705.02 0.51 0.07 1767 -0.77 HTA-U TECH ACHIEV 10.33 0.53 5.41 1 13.64 PG PREMIER GOLD M 2.66 -0.12 -4.32 324 -13.92 XIU ISHARES SP TS 22.76 0.06 0.26 2169 -2.11
TSX TELECOM SERVI 154.27 -0.67 -0.43 2868 -6.36 ATH ATHABASCA OIL 1.43 0.07 5.15 7756 -0.69 CGG CHINA GOLD IN 2.51 -0.11 -4.20 144 12.56 RRX RAGING RIVER 6.52 0.36 5.84 2132 -24.62
TSX UTILITIES CAP 229.17 0.17 0.07 4448 -9.02 YGR YANGARRA RESO 5.99 0.29 5.09 1618 117.82 MFI MAPLE LEAF FO 30.80 -1.28 -3.99 200 -4.23 WCP WHITECAP RESO 8.65 0.14 1.65 2111 -14.53
CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR
CHG CHG 000S %CHG CHG CHG 000S %CHG CHG CHG 000S %CHG CHG CHG 000S %CHG
AX-PR-I ARTIS REI 25.64 0.06 0.23 10 2.68 DIR-UN DREAM INDU 10.06 0.12 1.21 351 20.33 DRX ADF GROUP INC 1.65 0.00 0.00 6 -37.26 DHX-B DHX MEDIA L 3.65 -0.04 -1.08 89 -37.07
ATH ATHABASCA OIL 1.43 0.07 5.15 7756 -0.69 FVI FORTUNA SILVE 7.25 0.17 2.40 397 6.15 ATD-A ALIMENTATIO 54.38 0.18 0.33 5 -14.35 DF DIVIDEND 15 SP 5.41 -0.39 -6.72 176 -32.12
ASO AVESORO RESOU 5.01 0.05 1.01 7 25.25 MG MAGNA INTERNAT 76.21 -0.39 -0.51 819 42.90 ATD-B ALIMENTATIO 53.20 -0.32 -0.60 1316 -13.82 ERM ECLIPSE RESID 9.60 0.10 1.05 3 -3.71
BIP-PR-E BROOKFIE 25.17 -0.08 -0.32 5 0.88 MX METHANEX CORP 86.00 0.99 1.16 400 37.29 ALA-PR-I ALTAGAS 25.24 -0.01 -0.04 54 -3.33 MXG MAXIM POWER C 2.50 0.00 0.00 2 -9.42
DOO BRP INC 54.32 1.49 2.82 275 68.07 NSU NEVSUN RES J 3.43 0.07 2.08 1008 3.94 ALA-PR-K ALTAGAS 24.97 -0.01 -0.04 2 -3.74 MPVD MOUNTAIN PRO 2.99 -0.11 -3.55 560 -33.70
CAR-UN CDN APARTM 37.73 0.06 0.16 245 9.87 OSB NORBORD INC 53.67 2.22 4.31 377 34.14 BSD-PR-A BROOKFIE 9.80 0.10 1.03 2 -2.97 PDV-PR-A PRIME DI 10.10 -0.01 -0.10 N-A -1.46
CAE CAE INC 24.79 0.29 1.18 673 21.58 PBH PREMIUM BRAND 120.80 -0.61 -0.50 71 41.98 CCI-UN CANADIAN C 5.60 -0.05 -0.88 10 -4.92 QSR RESTAURANT BR 68.26 -0.50 -0.73 626 -9.46
CAL CALEDONIA MIN 11.16 0.06 0.54 8 12369.3 TVE TAMARACK VALL 3.17 0.09 2.92 2434 10.84 CLQ CLEAN TEQ HOL 1.01 -0.05 -4.72 119 -38.41 RCH RICHELIEU HAR 27.16 -0.34 -1.24 231 -5.20
CFP CANFOR CORP 31.71 1.74 5.81 718 68.49 WFT WEST FRASER T 94.42 2.91 3.18 238 63.81 CSW-A CORBY SPIRI 19.20 -0.09 -0.47 6 -14.40 TRL TRILOGY INTER 4.75 0.00 0.00 9 -51.03
CXI CURRENCY EXCH 29.79 0.09 0.30 6 34.80 YGR YANGARRA RESO 5.99 0.29 5.09 1618 117.82 DHX-A DHX MEDIA L 3.63 -0.07 -1.89 8 -38.16 URB-A URBANA CORP 3.08 0.03 0.98 7 -7.23
DRG-UN DREAM GLOB 14.10 0.25 1.81 958 43.73
CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR
CHG CHG 000S %CHG CHG CHG 000S %CHG CHG CHG 000S %CHG CHG CHG 000S %CHG
AAV ADVANTAGE OIL 3.99 0.08 2.05 732 -55.12 CUF-UN COMINAR R 12.55 0.03 0.24 278 -14.57 ITP INTERTAPE POL 19.93 -0.02 -0.10 84 -15.59 RRX RAGING RIVER 6.52 0.36 5.84 2132 -24.62
ARE AECON GROUP I 18.22 0.04 0.22 48 9.50 CMG COMPUTER MODE 9.69 0.03 0.31 41 -9.35 IVN IVANHOE MINES 2.64 -0.07 -2.58 1568 -49.91 QSR RESTAURANT BR 68.26 -0.50 -0.73 626 -9.46
AEM AGNICO EAGLE 56.57 -0.22 -0.39 696 -8.95 CSU CONSTELLATION 891.29 12.70 1.45 34 41.25 REI-UN RIOCAN REA 23.36 -0.08 -0.34 512 -11.35
AC AIR CANADA 25.82 0.63 2.50 864 93.99 CJR-B CORUS ENTER 6.62 -0.02 -0.30 273 -48.56 PJC-A JEAN COUTU 24.69 0.08 0.33 213 15.81 RBA RITCHIE BROS 41.83 0.03 0.07 86 1.88
ASR ALACER GOLD C 2.10 0.02 0.96 286 -16.00 BCB COTT CORP 18.03 -0.30 -1.64 160 5.93 RCI-B ROGERS COMM 56.79 -0.44 -0.77 694 -6.89
AGI ALAMOS GOLD I 7.10 0.00 0.00 459 -33.95 CPG CRESCENT POIN 9.84 0.09 0.92 2007 -31.09 KEL KELT EXPLORAT 7.87 0.17 2.21 958 3.83 RY ROYAL BANK OF 96.22 -0.17 -0.18 1410 0.31
AD ALARIS ROYALTY 18.49 1.63 9.67 516 -17.79 CRR-UN CROMBIE RE 12.45 0.00 0.00 224 -14.43 KEY KEYERA CORP 35.45 0.28 0.80 292 -8.85 RUS RUSSEL METALS 28.11 0.26 0.93 54 8.87
AQN ALGONQUIN POW 12.52 0.19 1.54 1254 -3.17 KMP-UN KILLAM APA 13.89 0.09 0.65 151 7.09
ATD-B ALIMENTATIO 53.20 -0.32 -0.60 1316 -13.82 DSG DESCARTES SYS 37.20 0.29 0.79 76 22.57 KXS KINAXIS INC 84.14 1.37 1.66 24 9.83 SMF SEMAFO J 3.84 0.01 0.26 344 -4.95
AP-UN ALLIED PROP 41.85 -0.25 -0.59 153 11.10 DGC DETOUR GOLD C 14.85 0.05 0.34 719 -15.96 KML KINDER MORGAN 17.50 0.13 0.75 394 7.76 SSL SANDSTORM GOL 5.91 -0.02 -0.34 129 -1.50
ALA ALTAGAS LTD 25.23 0.19 0.76 311 -18.59 DOL DOLLARAMA INC 149.24 0.14 0.09 163 26.72 K KINROSS GOLD CO 4.87 0.06 1.25 1732 -5.07 SAP SAPUTO INC 41.08 -0.12 -0.29 288 -11.90
AIF ALTUS GROUP L 32.13 0.06 0.19 33 6.29 DII-B DOREL INDUS 29.06 -0.63 -2.12 31 -9.78 KL KIRKLAND LAKE 21.44 0.12 0.56 426 105.17 SES SECURE ENERGY 7.75 0.06 0.78 229 -23.80
APH APHRIA INC 11.34 -0.90 -7.35 5483 65.79 DRG-UN DREAM GLOB 14.10 0.25 1.81 958 43.73 GUD KNIGHT THERAP 7.84 0.05 0.64 80 -24.62 VII SEVEN GENERAT 16.60 0.17 1.03 646 -34.41
ARX ARC RESOURCES 13.92 -0.01 -0.07 1357 -25.36 D-UN DREAM OFFICE 23.76 0.01 0.04 136 18.86 SJR-B SHAW COMMUN 26.41 0.08 0.30 887 -7.53
AX-UN ARTIS REAL 13.67 0.04 0.29 143 0.89 LIF LABRADOR IRON 23.07 0.51 2.26 342 37.32 SCL SHAWCOR LTD 25.37 0.37 1.48 43 -33.93
ACO-X ATCO LTD CL 41.12 -0.14 -0.34 96 -18.10 ECN ECN CAPITAL C 3.55 0.01 0.28 336 -6.82 LB LAURENTIAN BAN 47.70 0.35 0.74 72 -18.24 SHOP SHOPIFY INC 158.04 11.26 7.67 373 65.49
ATA ATS AUTOMATIO 17.29 0.00 0.00 261 36.03 ELD ELDORADO GOLD 1.22 0.01 0.83 1194 -75.15 LNR LINAMAR CORP 72.82 0.43 0.59 65 31.78 SIA SIENNA SENIOR 18.00 -0.03 -0.17 116 2.33
ACB AURORA CANNAB 8.44 -0.49 -5.49 11112 212.59 EFN ELEMENT FLEET 4.84 0.21 4.54 2750 -60.78 L LOBLAW CO 63.60 0.16 0.25 383 -12.40 SW SIERRA WIRELES 21.26 0.32 1.53 75 -36.76
EMA EMERA INCORPO 40.44 -0.01 -0.02 443 -14.76 LUC LUCARA DIAMON 1.98 -0.02 -1.00 598 -36.94 ZZZ SLEEP COUNTRY 33.92 -0.83 -2.39 73 -4.93
BTO B2GOLD CORP 3.65 0.05 1.39 2478 -1.88 EMP-A EMPIRE COMP 23.92 -0.28 -1.16 528 16.17 LUN LUNDIN MINING 8.03 0.07 0.88 3016 7.79 SRU-UN SMARTCENTR 28.85 -0.09 -0.31 227 -11.72
BCE BCE INC 53.82 -0.36 -0.66 1673 -12.19 ENB ENBRIDGE INC 41.38 0.38 0.93 3326 -27.11 SNC SNC-LAVALIN S 55.35 0.27 0.49 295 2.56
BAD BADGER DAYLIG 26.88 0.66 2.52 135 -23.85 ENF ENBRIDGE INCO 28.42 0.40 1.43 352 -16.17 MAG MAG SILVER CO 13.94 0.13 0.94 310 -20.75 SPE SPARTAN ENERG 6.32 0.15 2.43 4205 -18.66
BMO BANK OF MONTR 94.75 -0.42 -0.44 974 -3.83 ECA ENCANA CORP 15.37 0.13 0.85 4089 -1.41 MG MAGNA INTERNAT 76.21 -0.39 -0.51 819 42.90 TOY SPIN MASTER C 47.24 0.51 1.09 108 22.13
BNS BANK OF NOVA 76.40 -0.07 -0.09 984 -0.96 EDV ENDEAVOUR MIN 21.69 -0.36 -1.63 333 -14.17 MFC MANULIFE FIN 23.42 -0.04 -0.17 2729 1.69 SSRM SSR MINING I 12.88 0.16 1.26 164 -9.55
ABX BARRICK GOLD 16.39 0.02 0.12 1702 -37.89 ECI ENERCARE INC 17.44 -0.21 -1.19 593 -16.52 MFI MAPLE LEAF FO 30.80 -1.28 -3.99 200 -4.23 STN STANTEC INC 31.57 0.07 0.22 113 -10.82
BTE BAYTEX ENERGY 4.44 0.19 4.47 3804 -1.11 EFX ENERFLEX LTD 15.76 0.28 1.81 220 -22.52 MRE MARTINREA INT 15.99 0.19 1.20 156 70.47 SJ STELLA JONES I 45.01 -0.19 -0.42 59 5.16
BIR BIRCHCLIFF EN 4.20 0.08 1.94 1475 -44.44 ERF ENERPLUS CORP 14.69 0.30 2.08 1157 40.17 MAXR MAXAR TECHNO 56.72 0.63 1.12 211 -21.56 SLF SUN LIFE FINA 50.96 -0.24 -0.47 792 7.92
BB BLACKBERRY LIM 13.53 0.31 2.34 1691 15.84 ENGH ENGHOUSE SYS 67.45 0.60 0.90 47 17.94 MEG MEG ENERGY CO 6.13 0.14 2.34 1311 -9.85 SU SUNCOR ENERGY 47.53 0.37 0.78 1770 15.20
BEI-UN BOARDWALK 44.50 0.33 0.75 124 -5.40 ESI ENSIGN ENERGY 5.90 0.02 0.34 90 -25.13 MX METHANEX CORP 86.00 0.99 1.16 400 37.29 SPB SUPERIOR PLUS 12.98 -0.07 -0.54 160 -0.08
BBD-B BOMBARDIER 3.77 0.07 1.89 3850 61.80 EIF EXCHANGE INCO 31.65 0.31 0.99 21 -19.45 MRU METRO INC 42.04 0.42 1.01 361 0.33
BLX BORALEX INC 22.31 0.02 0.09 100 5.43 EXE EXTENDICARE I 8.69 -0.06 -0.69 149 -15.63 MNW MITEL NETWORK 12.56 0.46 3.80 249 37.57 THO TAHOE RESOURC 6.58 0.15 2.33 482 -45.17
BYD-UN BOYD GROUP 110.00 -0.13 -0.12 7 31.75 MSI MORNEAU SHEPE 25.29 -0.19 -0.75 82 25.26 TECK-B TECK RESOU 33.01 0.16 0.49 1573 10.77
BAM-A BROOKFIELD 48.98 -0.25 -0.51 781 -0.69 FFH FAIRFAX FINAN 668.61 -4.39 -0.65 38 8.54 MTL MULLEN GROUP 15.28 0.16 1.06 51 -9.96 T TELUS CORP 44.64 0.06 0.13 500 -0.07
BBU-UN BROOKFIELD 48.34 0.22 0.46 73 48.83 FTT FINNING INTL 31.59 0.31 0.99 170 30.38 TFII TFI INTERNAT 34.12 0.23 0.68 67 14.42
BIP-UN BROOKFIELD 51.53 -0.32 -0.62 132 -1.79 FCR FIRST CAPITAL 20.37 -0.04 -0.20 212 0.54 NA NATIONAL BANK 59.22 0.03 0.05 1152 7.59 NWC THE NORTH WES 27.41 -0.30 -1.08 54 -13.07
BPY-UN BROOKFIELD 24.37 0.51 2.14 280 -20.10 FR FIRST MAJESTIC 8.40 0.13 1.57 441 -31.60 NSU NEVSUN RES J 3.43 0.07 2.08 1008 3.94 TSGI THE STARS GR 35.37 0.14 0.40 1614 54.93
BEP-UN BROOKFIELD 39.21 0.20 0.51 90 -5.65 FM FIRST QUANTUM 17.43 0.70 4.18 1968 24.06 NFI NEW FLYER IND 58.60 -0.91 -1.53 134 16.83 TRI THOMSON REUTE 50.43 0.93 1.88 640 -12.34
DOO BRP INC 54.32 1.49 2.82 275 68.07 FSV FIRSTSERVICE 88.80 -0.34 -0.38 29 11.94 NGD NEW GOLD INC 3.07 0.02 0.66 710 -30.39 X TMX GROUP LIMIT 77.98 1.27 1.66 93 5.72
FTS FORTIS INC 42.59 0.32 0.76 629 -5.31 NXE NEXGEN ENERGY 2.67 0.19 7.66 1124 -16.56 TOG TORC OIL AND 6.70 -0.03 -0.45 664 2.60
CAR-UN CDN APARTM 37.73 0.06 0.16 245 9.87 FVI FORTUNA SILVE 7.25 0.17 2.40 397 6.15 OSB NORBORD INC 53.67 2.22 4.31 377 34.14 TXG TOREX GOLD RE 13.68 0.55 4.19 422 -47.79
CNQ CDN NATURAL R 43.70 0.15 0.34 1599 -2.72 FNV FRANCO-NEVADA 90.85 1.03 1.15 491 -2.10 NPI NORTHLAND POW 22.90 -0.02 -0.09 146 -6.53 TIH TOROMONT IND 55.15 -0.51 -0.92 46 19.17
REF-UN CDN REAL E 50.78 -0.02 -0.04 129 2.15 FRU FREEHOLD ROYA 12.86 -0.11 -0.85 240 -8.21 NVU-UN NORTHVIEW 25.63 -0.21 -0.81 103 13.11 TD TORONTO-DOMINI 69.94 0.18 0.26 2468 5.65
CWB CDN WESTERN B 33.03 0.07 0.21 195 14.85 NG NOVAGOLD RES I 5.80 -0.06 -1.02 87 -3.33 TOU TOURMALINE OI 22.59 0.26 1.16 512 -22.05
GIB-A CGI GROUP I 73.60 0.69 0.95 501 17.50 MIC GENWORTH MI C 38.51 -0.16 -0.41 112 8.48 NTR NUTRIEN LTD 59.07 0.20 0.34 587 -14.39 TA TRANSALTA CORP 6.86 -0.02 -0.29 365 -8.29
CAE CAE INC 24.79 0.29 1.18 673 21.58 GEI GIBSON ENERGY 17.11 0.12 0.71 159 -12.17 NVA NUVISTA ENERG 7.80 0.06 0.78 261 14.04 RNW TRANSALTA REN 11.69 0.01 0.09 89 -27.66
CCO CAMECO CORP 13.05 0.17 1.32 1238 -11.88 GIL GILDAN ACTIVE 37.32 0.14 0.38 455 1.97 TRP TRANSCANADA C 54.88 0.81 1.50 1552 -13.90
GOOS CANADA GOOSE 43.29 0.22 0.51 137 103.14 G GOLDCORP INC 18.00 -0.05 -0.28 1091 -12.07 OGC OCEANAGOLD CO 3.47 -0.04 -1.14 1298 -21.49 TCL-A TRANSCONTIN 26.52 0.13 0.49 192 9.77
CM CANADIAN IMPER 110.54 0.02 0.02 688 -2.07 GTE GRAN TIERRA E 3.82 0.04 1.06 346 9.14 ONEX ONEX CORP 93.78 1.22 1.32 81 -3.32 TCW TRICAN WELL 3.08 -0.03 -0.96 1429 -28.21
CNR CANADIAN NATI 94.83 0.09 0.09 997 -3.84 GRT-UN GRANITE RE 50.55 0.11 0.22 44 4.27 OTEX OPEN TEXT CO 45.00 1.53 3.52 856 0.13 TCN TRICON CAPITA 10.14 -0.09 -0.88 315 -8.57
CP CANADIAN PACIF 225.54 -0.84 -0.37 356 11.59 GC GREAT CANADIAN 35.99 1.15 3.30 246 44.19 OR OSISKO GOLD RO 12.66 -0.03 -0.24 300 -15.32 TRQ TURQUOISE HIL 3.84 0.00 0.00 584 0.52
CTC-A CANADIAN TI 167.11 -0.94 -0.56 125 1.22 GWO GREAT-WEST LI 33.38 0.44 1.34 543 -8.12
CU CANADIAN UTILI 34.75 -0.03 -0.09 147 -10.60 GUY GUYANA GOLDFI 5.19 0.14 2.77 344 -29.58 PAAS PAN AMERICAN 21.09 0.17 0.81 140 -16.01 UNS UNI SELECT IN 19.86 0.02 0.10 88 -43.45
CFP CANFOR CORP 31.71 1.74 5.81 718 68.49 POU PARAMOUNT RES 15.88 0.42 2.72 383 -14.30
WEED CANOPY GROWT 29.86 -1.04 -3.37 3543 210.72 HR-UN H&R REAL ES 20.63 0.02 0.10 339 -11.57 PXT PAREX RESOURC 19.91 0.11 0.56 510 11.98 VRX VALEANT PHARM 21.71 0.08 0.37 1045 71.76
CPX CAPITAL POWER 24.36 -0.20 -0.81 115 -0.94 HCG HOME CAPITAL 13.56 -0.17 -1.24 232 -38.70 PKI PARKLAND FUEL 29.32 0.19 0.65 150 0.86 VET VERMILION ENE 43.36 0.61 1.43 1549 -13.25
CAS CASCADES INC 13.65 -0.16 -1.16 127 -11.25 HBM HUDBAY MINERA 8.91 -0.05 -0.56 1681 8.92 PSI PASON SYSTEMS 18.03 0.11 0.61 30 -8.38
CCL-B CCL INDUSTR 64.62 -0.05 -0.08 151 8.71 HBC HUDSONS BAY C 8.93 -0.05 -0.56 121 -26.56 PPL PEMBINA PIPEL 41.88 0.90 2.20 1557 -5.53 WSP WSP GLOBAL IN 61.45 0.14 0.23 264 27.30
CLS CELESTICA INC 13.08 0.11 0.85 103 -32.47 HSE HUSKY ENERGY 19.04 0.72 3.93 1714 20.89 PEY PEYTO EXPLORA 11.01 0.01 0.09 544 -58.79 WCN WASTE CONNECT 92.40 0.17 0.18 216 18.00
CVE CENOVUS ENERG 12.25 -0.22 -1.76 4831 -15.52 H HYDRO ONE LIMIT 20.78 -0.14 -0.67 448 -14.87 POW POWER CORPORA 29.18 0.17 0.59 430 -5.75 WFT WEST FRASER T 94.42 2.91 3.18 238 63.81
CG CENTERRA GOLD 7.92 0.18 2.33 616 7.17 PWF POWER FINANCI 31.89 0.11 0.35 427 -6.75 WEF WESTERN FORES 2.81 0.08 2.93 746 31.92
CEU CES ENERGY SO 6.14 -0.11 -1.76 378 -15.54 IMG IAMGOLD CORP 6.96 -0.07 -1.00 835 18.77 PSK PRAIRIESKY RO 29.58 -0.05 -0.17 267 1.16 WJA WESTJET AIRLI 22.96 0.13 0.57 232 -1.03
CSH-UN CHARTWELL 15.26 -0.01 -0.07 325 -2.74 IGM IGM FINANCIAL 36.98 0.09 0.24 214 -7.57 PD PRECISION DRIL 3.91 0.12 3.17 689 -36.63 WN WESTON GEORGE 102.77 0.35 0.34 94 -12.60
CHE-UN CHEMTRADE 15.28 0.19 1.26 145 -18.90 IMO IMPERIAL OIL 36.89 -0.07 -0.19 512 -9.18 PBH PREMIUM BRAND 120.80 -0.61 -0.50 71 41.98 WTE WESTSHORE TER 23.80 0.17 0.72 127 -7.93
CHR CHORUS AVIATI 8.21 -0.02 -0.24 194 10.35 IAG INDUSTRIAL AL 51.38 -0.03 -0.06 128 -7.11 PVG PRETIUM RESOU 8.96 0.22 2.52 522 -37.30 WPM WHEATON PRECI 26.99 0.19 0.71 611 -7.92
CIX CI FINANCIAL 26.85 0.13 0.49 495 0.71 INE INNERGEX RENE 13.78 -0.01 -0.07 228 -6.51 AAR-UN PURE INDUS 8.08 0.01 0.12 640 27.65 WCP WHITECAP RESO 8.65 0.14 1.65 2111 -14.53
CGX CINEPLEX INC 30.89 0.22 0.72 88 -40.22 IFC INTACT FINANC 96.33 0.52 0.54 176 1.36 WPK WINPAK LTD 48.04 0.01 0.02 23 -10.02
CCA COGECO COMMUN 67.22 0.70 1.05 105 -11.55 IPL INTER PIPELIN 23.94 0.26 1.10 687 -15.35 QBR-B QUEBECOR IN 24.11 -0.07 -0.29 377 16.50
CIGI COLLIERS INT 89.69 1.54 1.75 36 39.44 IFP INTERFOR CORP 25.39 0.76 3.09 323 31.35 YRI YAMANA GOLD I 3.70 0.01 0.27 1223 -11.48
CLOSE NET % VOL 1-YR CLOSE NET % VOL 1-YR TERM YIELD CHG CAD USD AUD EUR GBP JPY CHF
CHG CHG 000S %CHG CHG CHG 000S %CHG
2-YEAR TREASURY 1.87 0.01 CAD - 0.7965 1.0247 0.6438 0.5573 85.240 0.7696
CCX CANADIAN CRUD 10.89 -0.08 -0.73 105 19.41 HVI BETAPRO SP500 2.20 0.06 2.80 196 -80.92 5-YEAR TREASURY 2.12 0.03 USD 1.2552 - 1.2865 0.8083 0.6997 107.02 0.9662
DLR HORIZONS US D 12.51 -0.02 -0.16 105 -5.44 HVU BETAPRO SP500 22.19 -2.47 -10.02 288 -75.23 10-YEAR TREASURY 2.27 0.04 AUD 0.9752 0.7770 - 0.6281 0.5437 83.153 0.7507
FIE ISHARES CDN F 7.23 0.01 0.14 102 -2.69 HXT HORIZONS SP T 31.81 0.10 0.32 628 0.86 30-YEAR TREASURY 2.37 0.03 EUR 1.5525 1.2369 1.5914 - 0.8654 132.37 1.1950
HAF HORIZONS ACTI 8.03 0.01 0.12 100 -0.99 XEF ISHARES CORE 31.16 0.09 0.29 96 9.95 GBP 1.7934 1.4288 1.8384 1.1550 - 152.90 1.3805
HGD BETAPRO CDN G 9.69 -0.11 -1.12 151 27.84 XEG ISHARES SP TS 12.08 0.07 0.58 1482 -5.70 JPY 0.0117 0.0093 0.0120 0.0076 0.0065 - 0.9027
HGU BETAPRO CDN G 11.48 0.10 0.88 244 -38.08 XIC ISHARES CORE 24.41 0.11 0.45 243 -1.73 RATES RATE CHG CHF 1.2987 1.0346 1.3308 0.8364 0.7240 110.73 -
HMMJ HORIZONS MAR 16.72 -0.30 -1.76 457 59.54 XIU ISHARES SP TS 22.76 0.06 0.26 2169 -2.11
HND BETAPRO NAT G 14.61 0.11 0.76 259 38.09 XRE ISHARES SP TS 16.68 0.03 0.18 109 -0.18 BOFC OVERNIGHT TARGET 1.25 UNCH
HNU BETAPRO NAT G 3.71 -0.03 -0.80 671 -55.08 XSP ISHARES CORE 30.69 0.33 1.09 297 14.13 CANADIAN PRIME 3.45 UNCH
HOD BETAPRO CRUDE 5.57 -0.03 -0.54 2192 -43.16 ZEB BMO SP TSX EQ 27.85 -0.03 -0.11 122 1.16 Source: wires
HOU BETAPRO CRUDE 10.06 0.04 0.40 796 30.99 ZPR BMO LADDERED 11.64 0.07 0.61 180 0.43
HSD BETAPRO SP500 4.25 -0.10 -2.30 213 -29.87 ZUB BMO EQL WGT U 29.31 -0.44 -1.48 109 17.57
U.S.
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O REPORT ON BUSINESS | B13
CAREERS
How mobile innovation led to a new age of entrepreneurship
RICHARD BRANSON bile Canada. When the business trepreneurship and innovation in roads that are stronger, cheaper
started, flip phones were all the mobility. We have run competi- and longer-lasting than current
rage and all they were used for tions in Britain, the United States alternatives.
OPINION was calls and texts. Now, there is and Mexico to find young inspir- I’m sure Canadians will em-
more cutting-edge technology in ing entrepreneurs. Our most re- brace the challenge of submitting
LEADERSHIP LAB your pocket than in the biggest cent competition in Britain al- a short elevator pitch for their
supercomputers of a decade ago. lowed us to unearth some really mobile-related businesses. I’m
Founder, the Virgin Group The internet has changed the strong businesses with a couple expecting great ideas from young
world, but it is phones that have trends emerging. entrepreneurs who look at the
woke up early on Necker Is- brought the web into our every- The first was the power of mo- world with fresh eyes and think
40 FACULTY
communications plan for MODC that promotes, enhances, and
protects the organization’s brand reputation. The CEAO will
also serve as the primary lead for the government relations
POSITIONS
function, to plan and execute a comprehensive, proactive
government affairs strategy that advances the organization’s
mission and goals with local, regional, provincial and federal
elected officials. In addition the CEAO will further develop
B14 | REPORT ON BUSINESS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
SPORTS
It was doubleheader day The Maple Leafs seem
in Toronto for the Blue to have some of
Jays and the Royals, their swagger back,
Jamie Ross writes B18 David Shoalts says B17
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O REPORT ON BUSINESS | B15
With Leonard, it’s the Spurs who need answers Cavs’ Korver
TIM REYNOLDS
walking an
emotional
awhi Leonard has a new team and balance beam
K Gregg Popovich isn’t the coach.
This is where the San Antonio
Spurs are at right now, as this im-
passe between the franchise and its best
player continues even as the season is al-
TOM WITHERS
INDEPENDENCE, OHIO
B16 | REPORT ON BUSINESS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
WEDNESDAY, APRIL 18, 2018 | THE GLOBE AND MAIL . O HOCKEY B17
With their Game 3 win, the Leafs get their groove back
DAVID SHOALTS TORONTO “Plus, we’re pumped to have breakaway. But his puck luck in
the day [off] and then we’ll have this series continued and he lost
a real good practice pace and we control of it at the Bruins’ net.
here was certainly an ele- can get the tempo of our game,” However, the Leafs persisted
B18 | REPORT ON BUSINESS O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
Formula One
approves
fuel-limit
increase
ALAN BALDWIN
B20 OBITUARIES O THE GLOBE AND MAIL . | WEDNESDAY, APRIL 18, 2018
B and the fiercely loyal mother of another, died Tuesday ordered the invasion of Iraq, she said in a television interview
evening. She was 92. that she had not been watching coverage of the prelude to war.
Jim McGrath, a family spokesman, announced the death in a “Why should we hear about body bags and deaths, and how
had on my nose were from the
fairies that walked on me at night
with muddy feet. It was the 1950s
statement posted to Twitter. many, what day it’s going to happen?” she asked. “Why would I and 60s and women kept the
On Sunday, the office of her husband, former President Ge- waste my beautiful mind on something like that?” house nice, and learned how to
orge Bush, issued a statement saying that after consulting her She was similarly outspoken in 2013 when she was asked, on make escargot and Caesar salad
family and her doctors, Ms. Bush had “decided not to seek addi- the Today show, if she thought her son Jeb should run for presi- to impress their husband’s bosses
tional medical treatment and will instead focus on comfort dent in 2016. “I really don’t,” she replied, adding, “There are when they came for dinner at the
care.” other people out there that are very qualified, and we’ve had drop of a hat. My mother did this
The Bushes had celebrated their 73rd wedding anniversary enough Bushes.” with ease. She appeared to be the
in January, making them the longest-married couple in presi- She later changed her mind. In an e-mail to potential sup- perfect corporate-executive wife.
dential history. porters in March, 2015, she acknowledged, “When the idea of She was adored, kind and gener-
Ms. Bush had been hospitalized with pneumonia in Decem- Jeb running for president first came up, I was hesitant.” But she ous to a fault. But she never slept
ber 2013. She underwent surgery for a perforated ulcer in 2008 said she was starting a “Run Jeb Run Fund” because “Jeb is our at night. She was scared all the
and had heart surgery four months later. best chance of taking back the White House in 2016.” time and when she wasn’t crying,
As the wife of the 41st president and the mother of the 43rd, She went on to campaign for him in New Hampshire, but he she was angry – spitting, illogical-
George W. Bush, Ms. Bush was only the second woman in U.S. finished fourth in the Republican primary there in February ly angry.
history to see a son of hers follow his father to the White House. and suspended his campaign a few days later. After miscarriages and a still-
(Abigail Adams, wife of John Adams and mother of John Quin- Barbara Bush enjoyed a favourable public image through- birth, Jean had two boys. She
cy Adams, was the first.) out her years as first lady. In one respect, she benefited from planted rose bushes for each lost
Another son, Jeb, the governor of Florida from 1999 to 2007, comparisons with her predecessor, Nancy Reagan, whom child and I would often find her in
was an unsuccessful candidate for the Republican presidential many perceived, rightly or wrongly, as remote, icy and overly the garden, tending and talking to
nomination in 2016. style conscious. each one.
During that campaign, he was repeatedly derided in person- By contrast, Ms. Bush was regarded as unpretentious, a The 1970s brought happier
al terms by the eventual nominee and now president, Donald woman who could wear fake pearls, enjoy takeout tacos, walk times. She found she could paint
Trump, prompting Ms. Bush, who was never shy about ex- the dog in her bathrobe and make fun of herself. Perhaps add- and she loved it. She still stayed
pressing her views, to lash back, suggesting in tel- ing to her appeal, she conformed to the popular awake all night, but instead of
evision interviews that Mr. Trump was a misogy- view of an old-fashioned grandmother, with her fearful thoughts she played with
nist and a hatemonger. Ms. Bush was white hair and matronly figure; although she oil paints and made beauty. The
“He’s said terrible things about women, terri- was almost a year younger than her husband, early 1990s were trying. Arthritis
ble things about the military,” Ms. Bush told regarded as many thought she looked much older. had set in hard. Drinking became
CNN. “I don’t understand why people are for unpretentious, a “What not everyone always understood is that a problem until she sought ther-
him.” woman who could Barbara revealed as much as she wanted to but apy and found a close friend.
Dedicated to her family and largely indifferent wear fake pearls, seldom more,” Donnie Radcliffe wrote in a 1989 Though she was smart and
to glamour, Ms. Bush played down her role in her biography, Simply Barbara Bush: A Portrait of worked hard on her recovery, ev-
husband’s political success. But she was a shrewd enjoy takeout tacos, America’s Candid First Lady. “She came into the eryone disowned her except her
and valuable ally, becoming a sought-after walk the dog in her White House with a dexterity at manipulating children. Somehow, we knew be-
speaker in at least four national campaigns: in bathrobe and make her image, and she wasn’t above playing off her yond the chaos she loved us and
1980, when George Bush was chosen to be Ronald own outspoken style against Nancy Reagan’s re- just needed help.
fun of herself. Then, in 2012, doctors found
Reagan’s running mate; in 1984, when the two luctance and often inability to express herself.”
ran for re-election; in 1988, when Mr. Bush campaigned for “A less popular political wife,” Mr. Radcliffe added, “might the problem. I think she decided
president; and in 1992, when he sought re-election. have seemed calculating.” right then and there not to die.
She stepped into another presidential campaign in 2000, Part of Ms. Bush’s popularity stemmed from her penchant She told me she wanted to heal
that of her son George W., then the governor of Texas. She ap- for self-deprecation. Soon after moving into the White House, whatever wounds she had caused
peared at fundraisers and met voters in New Hampshire and she said, “My mail tells me a lot of fat, white-haired, wrinkled our family through her illness.
other states on his behalf as he rolled to the Republican presi- ladies are tickled pink.” And over the five years she had
dential nomination. She would do anything asked of her to help the Bush admin- left, she did. As I slept beside her
She was clearly a political asset. A 1999 poll found that 63 per istration, she said, but she drew a line: “I won’t dye my hair, the night she died, I felt proud to
cent of Americans had a favourable opinion of her and that change my wardrobe or lose weight.” Even so, as first lady she be the daughter of such a warrior.
only 3 per cent had an unfavourable one. was known to wear designer clothes and have her hair styled. I will miss her forever.
While first lady, from January, 1989, to January, 1993, Ms. Bush She was born Barbara Pierce on June 8, 1925, at a maternity
generally refused to talk publicly about contentious issues, hospital in New York run by the Salvation Army principally for Lauri Copeman is Jean’s daughter.
particularly when her opinion was said to differ from her hus- unwed mothers. The family obstetrician practised there one
band’s. month a year, and that month happened to be June. She was
“I’m not against it or for it,” she said of the Equal Rights the third child of the former Pauline Robinson and Marvin
Amendment in 1989. “I’m not talking about it. I want equal Pierce. Her father was in the publishing business and eventu-
rights for women, men, everybody.” ally became president of the McCall publishing company. Her
There were rumours that she favoured abortion rights, but mother, the daughter of an Ohio Supreme Court justice, was
she made it clear that she supported her husband and would active in civic affairs. One of Ms. Bush’s ancestors was Franklin
not say whether she was comfortable with his anti-abortion Pierce, the 14th president of the United States.
stand. She met George Bush in 1941 at a Christmas dance at the
She was vocal, however, in championing causes of her Round Hill Country Club in Greenwich, Conn. George had
choosing. Literacy was one, and so was civil rights; she had grown up in Greenwich, a son of Prescott S. Bush, a Wall Street
been an early supporter of the movement. executive and a future U.S. senator from Connecticut, and the
And she could be combative in news interviews, sometimes former Dorothy Walker. At the time, he was a senior at Phillips
yanking off her glasses and tartly chastising reporters when she Academy in Andover, Mass. They began corresponding.
thought they were being overly aggressive. She and Mr. Bush, on leave from the Navy, married in Rye on
Her candour occasionally got her into trouble. In 2005, while Jan. 6, 1945; the bride, not yet 20, had dropped out of Smith at
visiting victims of Hurricane Katrina at the Houston Astro- the beginning of her sophomore year. “The truth is, I just
dome, where they were being temporarily housed, she re- wasn’t interested,” she said in interviews. “I was just interested
marked that many of them “were underprivileged anyway” in George.”
and that their Astrodome stay – although the living conditions To submit a Lives Lived:
there were dire – was “working very well for them.” NEW YORK TIMES NEWS SERVICE [email protected]