Jumat, 30 Juni 2023

Hours-long waits to take BC Ferries to Vancouver Island - Victoria Times Colonist - Times Colonist

B.C. Ferries passengers taking vehicles to or from Vancouver Island without reservations on Friday arrived at terminals prepared to wait — or possibly not sail at all.

Traffic to Vancouver Island, in particular, is heavy, with several-sailing waits on routes and sailing delays due to the volume of traffic. 

By early evening, vehicle traffic from Horseshoe Bay in West Vancouver to Departure Bay in Nanaimo was sold out for the rest of the day. 

The 5 p.m. sailing out of Swartz Bay to Tsawwassen had 23 per cent vehicle space available. 

Only nine per cent of deck space was available for the 9 p.m. sailing from Tsawwassen to Swartz Bay. 

For the Tsawwassen to Duke Point (Nanaimo) route, B.C. Ferries was ticketing for the 10:45 p.m. sailing with 16 per cent of deck space available; otherwise reserved traffic was moving slowly. 

Going in the opposite direction, deck space was still available through the evening on Duke Point to Tsawwassen sailings. 

Non-reserved vehicles are unlikely to get on a sailing Friday unless they had already passed through the ticket booth. There was still walk-on space. Reserved traffic has been moving normally, the company said. 

On the Departure Bay-Horseshoe Bay route, standby deck space was at capacity. 

Horseshoe Bay in West Vancouver to Nanaimo’s Departure Bay was listed as full on B.C. Ferries website Friday. 

Motorists without reservations will be turned away once the staging areas filled up, BC Ferries said. But for those willing to leave their vehicle behind, there was still room for foot passengers. 

Travellers going from Tsawwassen to Duke Point also faced lengthy waits, with space available only on the 8:15 p.m. and 10:45 p.m. trips. 

Several sailings on the main and minor routes were delayed because of the time taken to load and unload vessels due to the heavy volume of traffic. 

On top of it all, BC Ferries’ website was temporarily up and down throughout the day due to what the corporation called a “technical issue.” It was restored shortly after 2:30 p.m. Up-to-date information is always available through BC Ferries on Twitter

The reservation system has been experiencing outages for the past three days for a total of six outages in all, the company said in a statement. Most were between 30 and 90 minutes long. 

BC Ferries is down one vessel this weekend and cancelled eight sailings between Swartz Bay and Tsawwassen when work on the Coastal Celebration took longer than expected.

On Thursday, the ferry corporation reported that it carried about 5,300 vehicles and 20,000 passengers between Swartz Bay and Tsawwassen.  

More than 6,000 bookings were transferred to the Spirit of Vancouver Island and the Spirit of British Columbia — the largest vessels in the fleet — and the Queen of New Westminster to accommodate those with reservations. 

The Coastal Celebration was expected back in service by June 15 but that has been pushed back to July 4. Its return date depends on repairs being completed smoothly and successful ship trials, scheduled for Sunday. 

The July long weekend is usually the second busiest  for BC Ferries, the busiest being the August long weekend. 

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2023-06-30 19:00:00Z
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What's open/closed in Montreal this Canada Day weekend - CTV News Montreal

Canada will celebrate its 156th birthday on Saturday. Since the holiday falls on a weekend this year, some establishments will close on Monday, July 3, in addition to July 1.

Here's a list of what's open and closed in Montreal in the coming days.

CLOSED:

  • Most commercial establishments (some will close on July 3 as well)
  • Courthouses (July 1-3)
  • Canada Post offices (July 1-3)
  • Banks (July 1-3)
  • Municipal and provincial points of service (July 1-3)
  • Cannabis stores (SQDCs)

OPEN:

  • Waste collection
  • Écocentres
  • Grocery stores
  • Dépanneurs
  • Liquor stores (SAQs)
  • Pharmacies
  • Restaurants and bars
  • Espace pour la Vie (biodome, insectarium, planetarium, botanical gardens)

WHAT ELSE YOU NEED TO KNOW

The Canada Day fireworks have been cancelled due to air quality concerns.

The Canada Day parade is still scheduled to go ahead as planned on Saturday along St-Catherine Street, starting at Du Fort Street and ending at Place du Canada.

In addition, a free, family-friendly celebration will take place in Old Montreal throughout the day Saturday. 

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2023-06-30 12:58:22Z
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Inflation gauge tracked by U.S. Federal Reserve falls to its lowest point in two years - The Globe and Mail

Open this photo in gallery:

A shopper surveys stacks of clothing on a sales table in a Costco warehouse in Colorado Springs, Colo., on June 22.David Zalubowski/The Associated Press

An inflation index that is closely monitored by the Federal Reserve tumbled last month to its lowest level since April 2021, pulled down by lower gas prices and slower-rising food costs.

At the same time, consumers barely increased their spending last month, boosting it just 0.1 per cent, after a solid 0.6 per cent gain in April.

The inflation index showed that prices rose 3.8 per cent in May from 12 months earlier, down sharply from a 4.4 per cent year-over-year surge in April. And from April to May, prices ticked up just 0.1 per cent.

Still, last month’s progress in easing overall inflation was tempered by an elevated reading of “core” prices, a category that excludes volatile food and energy costs. The increase underscored the Fed’s belief that it will need to keep raising interest rates to conquer high inflation.

Core prices rose 4.6 per cent in May from a year earlier, down slightly from the annual increase of 4.7 per cent in April. It was the fifth straight month that the core figure was either 4.6 per cent or 4.7 per cent – a sign that the Fed’s streak of 10 rate hikes over the past 15 months hasn’t subdued all categories of prices. From April to May, core prices increased 0.3 per cent, a pace that, if it lasts, would keep inflation well above the Fed’s 2 per cent target.

Grocery prices edged up just 0.1 per cent from April to May, providing some relief to consumers, though food costs are still 5.8 per cent higher than they were a year ago. Gas prices, which sank 5.6 per cent just from April to May, have plunged 22 per cent over the past year.

Used cars soared 4.7 per cent from April to May, though they’re still 2.2 per cent cheaper than they were a year ago. Economists expect used car prices to fall soon because measures of wholesale used car costs are declining.

Housing costs keep rising and fuelling overall inflation, with rents increasing 0.5 per cent from April to May and 8.7 per cent over the past year.

Friday’s government report also showed that Americans’ incomes rose a solid 0.4 per cent from April to May, outpacing inflation and providing more fuel for future spending.

The report arrives two days after Chair Jerome Powell said the Fed was prepared to keep interest rates at their peak for an extended period to tame the still-rising prices that have shrunk Americans’ inflation-adjusted paychecks and disrupted businesses. The Fed’s policy-makers, as a group, envision two additional rate hikes this year.

“The bottom line is that (interest rate) policy hasn’t been restrictive enough for long enough,” Powell said in his remarks at an international forum in Sintra, Portugal. He reiterated his view that prices for services, such as restaurant meals, hotel rooms and health care, are still rising too fast, driven in part by the need of many companies to raise pay to attract and keep workers.

Inflation has also eased in the 20 countries that use the euro, according to a separate report released Friday. Prices rose 5.5 per cent in June compared with a year ago, down from 6.1 per cent in May. But as in the United States, core inflation has proved more stubborn: It ticked up from 5.3 per cent to 5.4 per cent.

European Central Bank President Christine Lagarde and Bank of England Governor Andrew Bailey, along with Powell, warned in remarks at the Sintra conference that they, too, will keep raising borrowing costs to fight high inflation.

The U.S. inflation gauge that was issued Friday, called the personal consumption expenditures price index, is separate from the government’s better-known consumer price index. The government reported earlier this month that the CPI rose 4 per cent in May from 12 months earlier.

Since inflation began surging after the pandemic recession, the PCE index has tended to show lower inflation than CPI. In part, that was because rents, which were among the biggest inflation drivers, carry twice the weight in the CPI that they do in the PCE. In addition, the PCE index seeks to account for changes in how people shop when inflation jumps – when, for example, consumers shift away from pricey national brands in favour of cheaper store brands.

Beginning with its first hike in March 2022, the Fed has lifted its benchmark interest rate to about 5.1 per cent, its highest level in 16 years, before forgoing a hike at its most recent meeting earlier this month.

The economy has shown surprising resilience despite the Fed’s rate hikes, defying long-standing forecasts of a recession. A measure of the economy’s growth in the first three months of the year was sharply upgraded Thursday to a solid annual pace of 2 per cent, from a previous estimate of 1.3 per cent.

Still, the economy’s durability could prove a mixed blessing. The Fed is raising rates to try to cool borrowing and spending by businesses and consumers. It hopes employers will then reduce their demand for workers, which, in turn, could slow wage increases and inflation pressures.

Yet if the economy continues to expand at a solid pace, the Fed would likely feel compelled to send rates even higher to achieve its goal of bringing inflation back down to 2 per cent.

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2023-06-30 13:19:51Z
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What can Canada learn from Australia's bid to make big tech pay for news? - BNN Bloomberg

Canadian lawmakers are locked in a dispute with internet technology companies over a law that would compel them to pay news publishers for content, years after a similar regulatory saga played out in Australia.

On Thursday, Google followed Meta in announcing plans to block news for Canadian users now that the Online News Act has become law. It is expected to take effect later this year.

Google spokesperson Zaitoon Murji told BNNBloomberg.ca in an email that the company made the “extremely difficult decision” to remove Canadian news links from its search, Google News and Google Discover platforms, calling its issues with the legislation “unworkable” and unlikely to be resolved through regulations.

“We’re disappointed it has come to this,” Murji said. “None of our suggestions for changes to C-18 were accepted.”

After Google’s move on Thursday, Heritage Minister Pablo Rodriguez sent a written statement calling the companies’ moves “deeply irresponsible and out of touch … especially when they make billions of dollars off of Canadian users” with advertising.

Australia’s regulatory experiment – the first of its kind in the world – also got off to a rocky start, but it has since seen tech companies, news publishers and the government reach a middle ground.

Canada can learn some lessons from Australia’s story, but experts who spoke with BNNBloomberg.ca cautioned that different economic, political and geographic realities could lead to a different outcome.

WHAT HAPPENED IN AUSTRALIA?

In both Australia and Canada, governments introduced legislation aimed at forcing online technology companies like Google and Facebook parent Meta into agreements to pay news producers for content shared on their platforms.

Tech companies opposed the laws in both cases.

Rob Nicholls, associate professor of regulation and governance at the University of New South Wales, explained in an email that in Australia, both Meta and Google threatened to leave the country if the law came into effect.

Google “did not change its local policies dramatically,” he said, but it does now follow a different product schedule from the U.S.

Facebook cut off access to news temporarily in 2021 in response to the legislation. Nicholls noted that it also blocked access to other pages such as health departments and charities, prompting threats from the Australian health department to pull advertising – an idea floated on Twitter by Canadian legislator Anthony Housefather in response to Meta’s latest moves here.

After a week, both Facebook and Google entered in to negotiations with news businesses in Australia and since then, the law has never had to be enforced.

The Australian government has since declared its News Media Bargaining Code “a success to date” in a December 2022 review of its first year in effect, pointing to more than 30 commercial agreements between tech companies and news producers.

Nicholls said there has been an estimated A$150 million in annual revenue from the law – though that fell short of what those in the media businesses wanted. There have also been concerns raised that smaller outlets have been shut out from receiving funds.

WHAT’S CHANGED: GEOGRAPHY, FINANCES AND THE PASSAGE OF TIME

Nicholls said geography – the proximity between Canada and other markets – is one major difference from the Australian context.

“Australia is a long way from other Meta and Google operations – there is no land border to the South,” he said.

Gavin Adamson, an associate professor in digital journalism at Toronto Metropolitan University, also said Canada’s closeness to the U.S. “adds a complication,” because tech companies “wouldn't want to be in the position to start negotiations to pay news agencies in a country with a vastly bigger media network.”

Michael Geist, Canada research chair in internet and e-commerce law at the University of Ottawa, said another factor that has changed from the Australian context is the financial situation tech companies now find themselves in. Meta has been focused on cutting costs in its “year of efficiency,” and it may be “less willing to cut big cheques that don't give the company much value.” Google has also made job cuts this year in the face of similar tech industry headwinds.

There is also a slight difference between the two laws. In Australia, the government has more of a say in who the law would apply to, and in Canada the CRTC makes the final call, which has the companies concerned about the process, Geist added.

Regulations are the last option to find middle ground, Geist said, but Meta and Google have both said they don’t believe regulatory tweaks will be enough to halt their plans.

Google said it hasn’t received assurance from the government that its primary concerns – forced payment for links and “uncapped financial liability” – will be resolved.

GOVERNMENTS VS BIG TECH

Beyond the issue of supporting news producers, the situation also highlights the difficulty governments face when it comes to reigning in powerful big tech companies.

Heritage Minister Pablo Rodriguez invoked that dynamic in a statement to BNNBloomberg.ca on Thursday.

“The Online News Act levels the playing field by putting the power of big tech in check,” he said in an emailed statement.”

“Big tech would rather spend money to change their platforms to block Canadians from accessing good quality and local news instead of paying their fair share to news organizations.”

The companies and the Canadian government both have a lot on the line when it comes to the law, Geist said.

For Meta, it’s an opportunity to send a signal to other governments about regulations they will tolerate, and that’s one reason Geist does not think Meta will back down from its threats.

“They would really lose pretty much all credibility with other countries at this stage if they walked away,” he said.

Meta’s decision was predictable, Geist argued, as the company had long threatened to remove links in light of the pending law. But “the Google response was always more uncertain,” he wrote in a Thursday blog post, because “it values news in a way that Meta does not.”

“Meta pointed to data demonstrating that news contributed little to user news feeds and that was highly substitutable. By contrast, Google search results are its bread and butter and removing Canadian news results makes its flagship product undeniably worse,” Geist wrote.

“That surely presented an unwelcome choice either way: agree to flawed legislation that creates a dangerous precedent on paying for links or knowingly decrease the value of its own service.”

The federal Liberal government has “backed itself into a corner” with its positioning on the law, he noted in Monday’s interview, because they went ahead with their plan despite having other options to help the news sector. If tech giants pull news, news publishers would take a significant financial hit, he added.

“Both their policy measures and the government's own credibility on this is at stake,” he said by phone.

Adamson pointed to mounting “bad PR” when it comes to the tech companies’ corporate citizenship, and said companies “have to see the benefits of a strong democracy and with that included a healthy media ecosystem.”

“That includes a bit of a financial hit, but it also boosts your financial outlook from a social governance perspective,” he told BNNBloomberg.ca in an email. “If I was the government, I would just keep underlining that point.”

WHAT HAPPENS NEXT?

Rodriguez told the media this week that the government will offer unspecified support for news producers should Meta and Google block local news. The government on Thursday said it was working with Google to get clarity on its next steps.

Google spokesperson Murji said the company is “concerned” about how the law could reduce access to news in Canada, and it plans to participate in the regulatory process.

“We hope that the Government will be able to outline a viable path forward,” Murji said.

Nicholls said the threats by both Meta and Google are “credible,” and both companies could feasibly follow through.

Adamson said he expects a “political stand-off” between the companies and the government for the next little while.

“I would still be surprised to see Alphabet and Meta back out of Canada altogether with respect to news content on their platforms but it's hard to know,” he said.

Geist, meanwhile, said he disagrees with those who sees Meta’s repeated threats to pull news as a bluff.

“Part of their goal may now well be to make it clear it was not a bluff,” Geist said.

If news is pulled from online platforms in Canada, he said advocates may stop pushing the Australian model for making tech pay for news, and Canada could become a cautionary tale for what can go wrong.

“We may end up with others saying ‘Don't be like Canada,’ where you find major social networks cutting off news within the country.”

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2023-06-30 10:52:25Z
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Can Canada make big tech pay for news? - BBC

An attendee walks past a Google logo during the Viva Technology conference at Parc des Expositions Porte de Versailles on June 14, 2023 in Paris, France.Getty Images

Meta, owner of Facebook and Instagram, and Google say they will block local news from their platforms in Canada after the country became the latest jurisdiction to pass a law aimed at forcing tech giants to pay news providers for content. What happens now?

As president of La Presse, a leading French-language publication in Quebec, Pierre-Elliott Levasseur says he tried for years to negotiate payment agreements with tech giants, which he believed were sucking up data and ad dollars on the strength of news articles his 220-odd staff were supplying.

"For years and years they've flat-out refused," he told the BBC.

He had hoped a new law, known as the Online News Act, would change that - and lead to an influx of funds that could be invested in the business.

The law - which is aimed at Google and Meta - requires tech firms to negotiate payment agreements with news outlets. If the two sides cannot reach a deal, the country's broadcast regulator can force them into arbitration.

An independent parliamentary budget watchdog has estimated that measure could generate more than C$300m (£180m; $226m) in total annually - or funding for roughly 30% of a typical newsroom's operations.

But instead of a windfall, La Presse - and every other Canadian news organisation - is now facing a potential blackout, as the tech giants pledge to block links to news articles on their platforms rather than comply.

Meta, which had opposed the proposal from the start, said it would start blocking news sites for Canadian users over the next few months.

Google has struck payment agreements with news providers in Europe, Australia and elsewhere and had appeared willing to negotiate.

But this week it called Canada's current law "unworkable" and said it would remove links to Canadian news from its search, news and discover products in the country once the act goes into effect in six months.

It says it currently has agreements with more than 150 Canadian news organisations, and estimated its traffic helped news websites earn C$250m a year.

"We're willing to do more," the company said, referring to payments. "We just can't do it in a way that breaks the way that the web and search engines are designed to work, and that creates untenable product and financial uncertainty."

Before the law was passed this month, Prime Minister Justin Trudeau had dismissed the threats from the tech firms to pull news.

Pierre-Elliott Levasseur
La Presse

"The fact that these internet giants would rather cut off Canadians' access to local news than pay their fair share is a real problem, and now they're resorting to bullying tactics to try and get their way. It's not going to work," he said earlier in June.

Tech industry organisations have compared the effort to a "shakedown", but Mr Levasseur says no one in media is looking for a handout.

"We're asking to have an opportunity to negotiate a fair commercial agreement," he says. "The only reason that they haven't done it is because they're monopolies."

How the dispute gets resolved could prove a pivotal moment in a wider fight, as countries around the world, including Indonesia, South Africa, India, the UK and the US consider similar measures.

The sums under discussion amount to a tiny drop in the bucket compared to the tens of billions of dollars made by the tech giants each year - but could prove a lifeline for journalism, says Courtney Radsch, director of the Center for Journalism and Liberty at the Open Markets Institute, an anti-monopoly think-tank.

"There is an increasing consensus around the world that Google and Facebook ... should pay for the news that they use," she says. "People realise that there is a need to protect journalism as a fundamental pillar of democracy."

Canada modelled its rule on a measure that Australia passed in 2021. That law sparked similar objections, prompting Meta to impose a brief news blackout.

But after some changes to the bill the two companies ended up negotiating more than 30 deals with publishers worth more than $130m (A$200m), according to economist Rodney Sims, who led Australia's competition agency, which developed the law.

He says he expects the companies to behave similarly this time - even though at Meta, CEO Mark Zuckerberg has been pushing the platform away from news in favour of more personal content.

"Facebook just hates the whole thing," he conceded. But "you can't have effective search with no news and I think Facebook is going to find ... that it is very hard for them to give you your feed without any news," he says.

"It's what makes their service complete."

But others are warning that how the fight plays out in Canada could be different.

Mark Zuckerberg
Getty Images

Phillip Crawley, chief executive of the Globe and Mail, which has licensing deals in place with Google, Meta, Apple and others, pointed to broader changes in search that are under way, such as the rise of chatbots like ChatGPT, which generate answers, not a list of links, in response to user questions.

With more countries considering such measures, the companies also have bigger incentive to fight, he says.

"The world is in a different place," says Mr Crawley, who spoke in support of the bill, while raising concerns that certain powers granted Canada's broadcast regulator could threaten the independence of the press.

"So I don't think the model in Australia is one that that we should be guided by too much. That was then. This is now."

Google and Meta say that Canada's law differs from Australia's in key ways. Notably, in Australia, companies could satisfy regulators without doing deals with everyone. In Canada, there's no such out. It also regulates more types of content.

Google says it tried - with little effect - to raise its concerns about the bill with the government before it passed. Though the government came back to the bargaining table after the law passed, those "overtime" discussions were too late to fix the problems, a source at the company told the BBC.

Michael Geist, a Canadian tech legal scholar and noted critic of the bill, says the government has miscalculated given the shifts in Meta's business.

The company has said the proportion of adults using Facebook for news fell by about a third between 2016-2022, from 45% to 30%, and its surveys of users show they want to see less news on the platform.

"Why did the government not read the room?" Mr Geist said. "Facebook is not bluffing - they would like to get out of news."

Google has said it will continue to participate in the regulatory process, which could take months to resolve and leaves many newsrooms facing more turmoil.

At the Globe and Mail, which now gets two-thirds of its revenue from subscriptions, Google accounts for 30% of the traffic, Mr Crawley told parliament last month.

For Le Devoir, a major French-language publication, Google drives 40% of its traffic and nearly 30% comes from social media.

Meta has already moved to cancel the deals it has in place with publishers in Canada - which can be worth millions of dollars, according to reports - as well as a funding it had provided to a fellowship programme.

Mr Levasseur conceded that a blackout would have an impact at La Presse, which is profitable and funded largely by advertising and reader donations. But he said he believed the publication, which reaches roughly 1.4 million readers each day, would adjust, as it has to the other upheavals in the news business that tech giants have unleashed.

"When we put an end to the [print] paper, advertising revenue was decreasing. Now it's increasing," he says. "We were able to adjust then and I'm sure we'll be able to adjust in the future."

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2023-06-30 01:26:44Z
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Kamis, 29 Juni 2023

Thursday BC Ferries sailings from Tsawwassen to Swartz Bay sold out - CityNews Vancouver

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  1. Thursday BC Ferries sailings from Tsawwassen to Swartz Bay sold out  CityNews Vancouver
  2. Longer than usual wait times expected for B.C. Ferries long-weekend travellers  CBC Vancouver
  3. Two days ahead of Canada Day weekend, cancellations and delays begin for BC Ferries  Global News
  4. BC Ferries cancels Canada Day long weekend sailings  CTV News Vancouver
  5. Metro Vancouver to Victoria ferries booking quickly Thursday  CityNews Vancouver
  6. View Full Coverage on Google News

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2023-06-29 22:39:31Z
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Fed Traders Jack Up Bets on Two Hikes by Year-End: Markets Wrap - Yahoo Finance

(Bloomberg) -- Wall Street got more signs the Federal Reserve’s war against inflation isn’t breaking the economy — or at least not yet — with traders sending Treasury yields soaring amid bets on further tightening.

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Bonds sold off across the curve, with two-year yields jumping 15 basis points to 4.86%. Swap markets now indicate a nearly 50% chance of a second Fed hike by year-end. The dollar rose. The S&P 500 posted a mild advance, with equities facing a lot of instability as traders adjusted their positions at the end of the quarter.

Banks led gains as the biggest lenders passed the Fed’s stress test, clearing the way for payouts. Wells Fargo & Co. and JPMorgan Chase & Co. rallied at least 3.5%. The Nasdaq 100 underperformed after soaring over 35% this year, buoyed by the artificial-intelligence hype. The Russell 2000 Index of small caps climbed 1.2%. In late trading, Nike Inc. whipsawed after mixed results.

Thursday’s readings on jobless claims and the gross domestic product showed the US economy is in better shape than many had envisioned at the start of 2023. While key gauges of inflation closely watched by the Fed have been revised down slightly, they still remain well above the central bank’s 2% target.

“The market is processing the recent strength in the economic data in both positive and negative ways,” said Carol Schleif, chief investment officer at BMO Family Office. “Solid economic data means that the economy is more resilient, but it also emboldens the Federal Reserve to keep raising interest rates.”

‘Haunt Investors’

Schleif noted that it’s very plausible that the Fed boosts interest rates in July — and perhaps again in September — especially if the economic data remains strong and if second-quarter earnings are better than expected.

In fact, market rate bets are aligning with Fed Chair Jerome Powell’s view that at least two hikes are likely necessary this year — and that acting at consecutive policy meetings isn’t “off the table.”

To Fawad Razaqzada at City Index and Forex.com, the fact that the economy continues to defy expectations should keep the doves at the Fed quiet for another couple of months at least.

“But the potential for interest rates to remain higher for longer is something that could ultimately haunt investors,” he noted.

After Thursday’s data came out, the US curve inversion intensified — with longer-dated yields rising less than shorter-maturity ones.

That means: the economy may look stronger now, but investors expect the Fed’s rate increases to curb future growth, which could boost the risk of a recession down the road.

Climbing a Wall of Worry

Despite all the jitters around a potential downturn and elevated inflation, the S&P 500 is close to wrapping up the first half of 2023 with a rally of about 15%. Traders have also climbed a wall of worry amid the collapse of some regional banks, geopolitical risks and the debt-ceiling debate.

And history suggests the bullish momentum could continue according to Adam Turnquist, chief technical strategist at LPL Financial. Since 1950, first-half gains of 10% or more have been followed by an average advance of 7.7% in the second half — with positive results 82% of the time, he noted.

While there could be some bumps along the way, the good news is that drawdowns in the second half tend to be shallower after a positive first half. In addition, a pullback in stocks could give investors “a buying opportunity into this new bull market,” Turnquist added.

Bearish Bets on Megacaps

Meantime, short sellers are stepping up bets against the largest technology companies at the heart of this year’s market gains, a sign that investors are growing more skeptical of the massive rally.

Short interest as a percentage of shares available to trade is near 12-month highs for Microsoft Corp., Tesla Inc. and Amazon.com Inc. according to data compiled by S3 Partners. In the last 30 days, traders have added to positions that would profit from declines in the shares of Apple Inc. to the tune of about $1 billion.

“Large cap equities and megacap tech names have jumped higher, providing a degree of relief for investors,” said John Lynch, chief investment officer at Comerica Wealth Management. “We remain concerned, though, that these moves are beyond optimism over growth prospects for AI, for example, and instead reflect misguided hopes for a change in the direction of monetary policy.”

Lynch expects the Fed to remain steadfast in its policy pursuits, with elevated rates and tighter credit standards weighing on the economy for the remainder of the year.

Key events this week:

  • China manufacturing PMI, non-manufacturing PMI, balance of payments, Friday

  • US personal income and spending, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:

Stocks

  • The S&P 500 rose 0.4% as of 4 p.m. New York time

  • The Nasdaq 100 fell 0.2%

  • The Dow Jones Industrial Average rose 0.8%

  • The MSCI World index rose 0.2%

Currencies

  • The Bloomberg Dollar Spot Index rose 0.3%

  • The euro fell 0.4% to $1.0869

  • The British pound fell 0.2% to $1.2613

  • The Japanese yen fell 0.2% to 144.82 per dollar

Cryptocurrencies

  • Bitcoin rose 1.8% to $30,633.72

  • Ether rose 1.5% to $1,859.01

Bonds

  • The yield on 10-year Treasuries advanced 13 basis points to 3.84%

  • Germany’s 10-year yield advanced 10 basis points to 2.42%

  • Britain’s 10-year yield advanced seven basis points to 4.38%

Commodities

  • West Texas Intermediate crude rose 0.4% to $69.83 a barrel

  • Gold futures fell 0.3% to $1,915.90 an ounce

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Brett Miller, Sujata Rao, John Viljoen, Peyton Forte, Carly Wanna and Michael Mackenzie.

Most Read from Bloomberg Businessweek

©2023 Bloomberg L.P.

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2023-06-29 20:02:47Z
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AI 'godfather' Geoffrey Hinton's 6 key areas of concern - CTV News

Advancements around artificial intelligence technology are pushing the world into “a period of huge uncertainty,” according to AI pioneer Geoffrey Hinton. As the technology becomes smarter, the “godfather of AI” is highlighting six harms it may pose to humans.

While speaking at this year’s Collision tech conference in Toronto on Wednesday, Hinton explained that some of the danger around using AI stems from the possibility that it may develop a desire to control others.

“We have to take seriously the possibility that if they get to be smarter than us, which seems quite likely, and they have goals of their own, which seems quite likely, they may well develop the goal of taking control,” Hinton said. “If they do that, we’re in trouble.”

The cognitive psychologist and computer scientist resigned from Google earlier this year to speak more openly about the potential dangers of AI. Hinton has been voicing his concerns for months as AI technology has become more accessible to the public through tools such as ChatGPT.

Use of the AI chatbot has exploded since it was released in November 2022. Developed by OpenAI, an artificial intelligence research company, the tool is capable of imitating human-like conversation in response to prompts submitted by users. As a large language model, ChatGPT digests substantial amounts of data in text form and provides responses based on the information it has ingested.

But along with raising ethical issues related to plagiarism and the disclosure of personal information, ChatGPT has also produced offensive and biased results.

Hinton took centre stage at the conference and spoke to hundreds of attendees, some of whom sat on the floor after seats quickly filled up. More than 40,000 people from around the world descended upon Toronto for this year’s Collision tech conference, and nearly every talk touched on the wide-ranging implications of AI.

In his chat with Nick Thompson, CEO of The Atlantic, Hinton said large language models “still can’t match” human reasoning, although they are getting close. When Thompson asked if there is anything humans can do that a large language model could not replicate in the future, Hinton responded with “No.”

“We’re just a machine … we’re just a big neural net,” the British-Canadian scientist said. “There’s no reason why an artificial neural net shouldn’t be able to do everything we can do.”

A fellow “godfather of AI,” computer scientist Yann LeCun, shared his outlook on artificial intelligence at the Viva Technology conference in Paris earlier this month, describing it as “intrinsically good.”

Hinton, LeCun and Yoshua Bengio won the A.M. Turing Award, known as the Nobel Prize of computing, in 2018.

“The effect of AI is to make people smarter,” LeCun said on June 14. “You can think of AI as an amplifier of human intelligence and when people are smarter, better things happen.”

Hinton, however, remains skeptical that AI designed with good intentions will prevail over technology developed by bad actors.

“I’m not convinced that good AI that is trying to stop bad AI getting control will win,” he said.

Below are six key dangers AI may pose to humans, according to Hinton:

1. BIAS AND DISCRIMINATION

By training with data sets that are biased, AI technology and large language models such as ChatGPT are capable of producing responses that are equally biased, Hinton said.

For example, a post from one Twitter user in December 2022 shows the chatbot wrote code that said only white or Asian men would make good scientists, a response that would have been derived from the data it was trained on. ChatGPT’s response to the prompt has since been updated and OpenAI has said it is working to reduce biases in the tool’s system.

Despite these challenges, Hinton said it’s relatively easy to limit the potential for bias and discrimination by freezing the behaviour exhibited by this technology, analyzing it and adjusting parameters to correct it.

2. BATTLE ROBOTS

The idea of armed forces around the world producing lethal autonomous weapons such as battle robots is a realistic one, Hinton said.

“Defence departments are going to build them and I don’t see how you can stop them doing it,” he said.

It may be helpful to develop a treaty similar to the Geneva Conventions in order to establish international legal standards around prohibiting the use of this kind of technology, Hinton said. But such an agreement should be developed sooner rather than later, he said.

Last month, a conference of countries behind a Convention on Certain Conventional Weapons met to discuss lethal autonomous weapon systems. However, after 10 years of deliberation, international laws and regulations on the use of these weapon systems don’t yet exist.

Despite this, such technology is likely to continue to develop. Looking at the ongoing war in Ukraine, the country’s digital transformation minister, Mykhailo Fedorov, said fully autonomous killer drones were “a logical and inevitable next step” in weapons development, according to The Associated Press.

3. JOBLESSNESS

The development of large language models will help increase productivity among employees and in some cases, may replace the jobs of people who produce text, Hinton said.

Other experts have also shared their concerns over AI’s potential to replace human labour in the job market. But employers will be more likely to use AI to replace individual tasks rather than entire jobs, said Anil Verma, professor emeritus of industrial relations and human resources management at the University of Toronto’s Rotman School of Management.

Additionally, the adoption of this technology will happen “gradually,” said Verma, who specializes in the impact of AI and digital technologies on skills and jobs.

“Over time, some jobs will be lost, as they have been through every other wave of technology,” Verma told CTVNews.ca in a telephone interview on May 24. “But it happened at a rate that we were able to adjust and adapt.”

While some may be hopeful that AI will help generate employment in new fields, Hinton said he is unsure of whether the technology will create more jobs than it will eliminate.

His recommendation to young people is to pursue careers in areas such as plumbing.

“The jobs that are going to survive AI for a long time are jobs where you have to be very adaptable and physically skilled,” he said. “[Manual dexterity] is still hard [to replicate].”

4. ECHO CHAMBERS

One problem that has existed prior to the development of large language models and is likely to continue is the establishment of online echo chambers, Hinton said. These are environments where users come into contact with beliefs or ideas similar to their own. As a result, these perspectives are reinforced while other opinions are not considered.

There may be programs with algorithms using AI that have been trained on human emotion to expose users to a certain type of content, Hinton said. He brought up the example of large companies feeding users content that makes them “indignant” to try to encourage them to click.

It’s an open question as to whether AI could be used to resolve this issue or make it worse, Hinton said.

5. EXISTENTIAL RISK

Finally, Hinton also raised concerns over the threat AI may pose to the existence of humanity. If this technology becomes much smarter than humans and is capable of manipulating them, it may take over, Hinton said. Humans have a strong, built-in urge to obtain control, and this is a trait AI will be able to develop, too, said Hinton.

“The more control you get, the easier it is to achieve things,” he said. “I think AI will be able to derive that, too. It’s good to get control so you can achieve other goals.”

Humans may not be able to overpower this desire for control, or regulate AI that may have bad intentions, Hinton said. This could contribute to the extinction or disappearance of humanity. While some may see this as a joke or an example of fearmongering, Hinton disagrees.

“It’s not just science fiction,” he said. “It is a real risk that we need to think about and we need to figure out in advance how to deal with it.”

6. FAKE NEWS

AI also has the ability to disseminate fake news, Hinton said. As a result, it’s important to mark information that’s fake as such to prevent misinformation, he said.

Hinton pointed to governments that have made it a criminal offence to knowingly use or keep counterfeit money, and said something similar should be done with AI-generated content that is deliberately misleading. However, he said he is unsure whether this kind of approach is possible.

CAN ANYTHING BE DONE TO HELP?

Hinton said he has no idea how to make AI more likely to be a force for good than for bad. But before this technology becomes incredibly intelligent, he urged developers to work on understanding how AI might go wrong or try to overpower humans.

Companies developing AI technology should also put more resources into stopping AI from taking over rather than just making the technology better, he said.

“We seriously ought to worry about mitigating all the bad side-effects of [AI],” he said.

With files from The Canadian Press

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2023-06-29 18:37:00Z
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Stock futures rise ahead of jobless, GDP data: Stock market news today - Yahoo Canada Finance

Reuters

US health department, law firms latest hit in wide-ranging hack

WASHINGTON (Reuters) -The U.S. Department of Health and Human Services (HHS) was among those affected by a wide-ranging hack centered on a piece of software called MOVEit Transfer, a source at HHS said on Wednesday. "While no HHS systems or networks were compromised, attackers gained access to data by exploiting the vulnerability in the MOVEit Transfer software of third-party vendors," a health department official familiar with the matter said. The ransomware gang known as cl0p posted the names of Kirkland & Ellis LLP and K&L Gates LLP to its leak site, typically a sign that negotiations between the victims and the hackers had broken down.

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2023-06-29 13:09:53Z
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Premarket: Futures edge higher as banks rise after stress test results - The Globe and Mail

U.S. stock index futures edged higher on Thursday as most banking stocks rose after clearing the Federal Reserve’s annual stress test, while megcap stocks looked to extend gains despite the prospect of further interest rate hikes. Futures for Canada’s resource-heavy main stock index were subdued on Thursday as concerns over rising interest rates globally hit risk appetite, while declining copper prices also weighed.

Bank of America rose 1.1% in premarket trading, while JPMorgan Chase, Goldman Sachs and Wells Fargo rose in thin trading after the banks sailed through the Fed’s annual test on Wednesday, showing they have enough capital to weather a severe economic slump.

Bank of New York Mellon and Charles Schwab rose almost 2%, while Citigroup slipped 0.5%.

The S&P 500 and Dow closed lower on Wednesday after Fed Chair Jerome Powell said he did not see inflation falling to the central bank’s target rate “this year or next year” and that most of the policymakers expect the central bank will need to raise interest rates at least twice more by year’s end.

Following the hawkish views, traders were pricing in an 81.8% chance the Fed would hike interest rates by 25 basis point to 5.25%-5.50% range in its July meeting, according to CME Group’s Fedwatch tool, up from 74.4% a week ago.

Investors are awaiting fresh data including the final reading of first-quarter U.S. GDP and weekly jobless claims, due at 8:30 a.m. ET, for clues on the outlook for rates.

The Personal Consumption Expenditure index (PCE), the Fed’s preferred inflation gauge, for May will be released on Friday. Economists polled by Reuters expect core rates to remain steady at 4.7%.

At 5:42 a.m. ET, Dow e-minis were up 66 points, or 0.19%, S&P 500 e-minis were up 8 points, or 0.18%, and Nasdaq 100 e-minis were up 38 points, or 0.25%.

Micron Technology rose 3.8% after the chipmaker beat estimates for third-quarter results, powered by demand for its memory chips.

Apple inched 0.2% higher after closing at a record high on Thursday and edging closer to a $3 trillion market capitalization.

Shares of other high-growth companies such as Tesla and Nvidia rose more than 1% each.

Walt Disney dipped 0.5% after a report said KeyBanc downgraded the stock to “sector weight” from “overweight”

September futures on the S&P/TSX index were flat at 7:25 a.m. ET (1125 GMT).

Copper prices hit a one-month low due to concerns about higher interest rates denting global economic growth and signs of weak demand in top metals consumer China.

Oil prices edged higher, while gold prices were pinned near their lowest levels since mid-March.

The Toronto Stock Exchange’s S&P/TSX composite index closed at its highest level in over one week on Wednesday, boosted by gains in technology stocks.

However, the TSX is on track to post a decline for the current three months, following two straight quarters of gains, pressured by volatility in commodity prices and surging global interest rates.

Among individual stocks, technology company BlackBerry posted a surprise profit for the first quarter.

Media and content company Corus Entertainment reported a third-quarter loss versus a year-earlier profit.

National Bank of Canada downgraded energy company Paramount Resources to “sector perform” from “outperform”.

Reuters

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2023-06-29 09:44:13Z
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Down one vessel, BC Ferries cancels some sailings on busy long weekend - Times Colonist

If you don’t already have a BC Ferries booking to travel between Swartz Bay and Tsawwassen this long weekend, you should plan to travel as a walk-on.

The Coastal Celebration is in refit and the job is taking longer than expected, BC Ferries said Wednesday.

As a result, BC Ferries will be down one vessel this long weekend and will have eight fewer sailings than planned.

Those with reservations will not be impacted. BC Ferries staff have already reassigned more than 6,000 bookings to the Spirit of Vancouver Island and the Spirit of British Columbia — the largest vessels in the fleet — and the Queen of New Westminster.

Customers without reservations are being urged to travel as walk-on passengers because of the limited number of spaces for standby vehicles on sailings.

All ticket booths will be open at both terminals and extra traffic flaggers will be on duty to handle expected lineups and sailing waits.

The terminals are offering activities for families at their playgrounds, hydration stations and misting stations.

The Coastal Celebration was expected back in service by June 15 but that has been pushed back to July 4. Its return date depends on repairs being completed smoothly and successful ship trials.

The 525-foot (160-metre) vessel was built in 2008 and can carry up to 1,604 passengers and crew, and 310 vehicles.

When it went into drydock, shipyard workers discovered a problem with its stern tube bearings and rudder stock. These are critical parts for the efficient and safe operation of the vessel’s propulsion system, BC Ferries said.

The repair is complex. It will require significant crew hours to carry out the repair and test it. Most of that will take place on overtime for staff at night and during this weekend, the company said.

Once the repair is finished, the ferry will head out for a full day of sea trials. It will be near the Swartz Bay terminal at that stage on Sunday. Area residents may hear engine noise for “extended periods of time” as these tests are carried out, the company said.

cjwilson@timescolonist.com

>>> To comment on this article, write a letter to the editor: letters@timescolonist.com

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2023-06-29 07:30:00Z
2139617314

Canadian Inflation Slowing, But Not Enough To Prevent Rate Hike: BMO - Better Dwelling

[unable to retrieve full-text content]

  1. Canadian Inflation Slowing, But Not Enough To Prevent Rate Hike: BMO  Better Dwelling
  2. 3 reasons P.E.I.'s inflation news isn't as good as it looks  CBC.ca
  3. Inflation falls to 2-year low, but costs remain high  CBC News: The National
  4. Data on Tuesday showed inflation well off its highs in Canada - Bank of Canada implication  ForexLive
  5. Canada's inflation rate dropped to 3.4% in May  CHCH News
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2023-06-28 18:29:09Z
2177595142

B.C. Ferries cancels sailings on busy Canada Day long weekend - Vancouver Sun

There will be eight fewer daily sailings between Tsawwassen and Swartz Bay from June 28 to July 3

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Travellers taking the ferry between Vancouver Island and the Lower Mainland on the busy Canada Day long weekend may need to pack plenty of patience as B.C. Ferries announced the cancellation of 48 sailings due to ongoing repair work on one of its vessels.

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The Coastal Celebration has been undergoing maintenance work on its propulsion system, and was due to return to service on June 15.

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However, due to “unexpected complications,” the vessel was unable to return from the dry dock as scheduled.

That means there will be eight fewer daily sailings on the Tsawwassen and Swartz Bay route from June 28 to July 3.

More than 6,600 bookings on the Celebration were affected. Passengers and vehicles were rebooked on alternate sailings on one of three other vessels on the route, said the ferry company. There have been no booking cancellations, it added.

In a statement, B.C. Ferries president and CEO Nicolas Jimenez thanked customers for their flexibility. “I can assure all travellers that our engineers are working closely with shipyard crews to expedite repairs so the Coastal Celebration can safely get back on the water as soon as possible,” he said.

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B.C. Ferries said customers with reservations won’t be affected by the Celebration’s delayed return to service, but people travelling without a confirmed booking are encouraged to go as foot passengers given the limited number of spaces for standby vehicles on each sailing.

The company said it is preparing for the expected lines and sailing waits at Swartz Bay and Tsawwassen terminals by opening all ticket booths and boosting the number of traffic flaggers.

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The Coastal Celebration is expected to return to service on July 4, pending a successful sea trial.

Meanwhile, B.C. Ferries’ online and phone reservation systems were out of service for about 90 minutes on Wednesday afternoon.

At around 1:30 p.m., the company said its online and call centre reservations systems were “unavailable.” The website was restored just after 3 p.m.

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chchan@postmedia.com

twitter.com/cherylchan

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2023-06-28 22:33:41Z
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