The Wednesday news briefing: An at-a-glance survey of some top stories

By The Canadian Press

Highlights from the news file for Wednesday, June 29:

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AMIGOS: UNITED FRONT AGAINST PROTECTIONISM: North America’s three political leaders wrapped up their day-long summit meeting Wednesday by presenting a united front against the global forces of protectionism. Prime Minister Justin Trudeau, U.S. President Barack Obama and Mexican President Enrique Pena Nieto all said it would be a mistake for the continent to shut itself off from an integrated global economy. But Obama in particular noted that free trade also needs to be fair trade, and countries need to take steps to ensure that prosperity continues to flow to all of their citizens. Trudeau said it’s one of the key themes of the North American Leaders’ Summit, to highlight how trade and international agreements are good for global economy and for people around the world. Earlier Wednesday, Pena Nieto offered a sharp rebuke of the protectionist forces north of his country’s border and in Britain.

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EU TO U.K.: NO ACCESS TO SINGLE MARKET WITHOUT MIGRATION: European Union leaders drew a stark line along the British Channel on Wednesday, telling the U.K. that it cannot keep valuable business links with its former continental partners in a seamless single EU market, if it doesn’t also accept European workers. The challenge cuts to the heart of the British vote to leave the bloc following a virulent campaign where migration from poorer EU countries was a key concern. It also sets the scene for the complex departure negotiations facing departing Prime Minister David Cameron’s successor, for which nominations opened in London on Wednesday.

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B.C. ENDS SELF-REGULATION TO REAL ESTATE INDUSTRY: British Columbia is ending the self-regulation of the real estate industry in a move Premier Christy Clark says is aimed at protecting consumers. Clark says the province will hire a new superintendent of real estate, who will take over the rule-making authority held by the B.C. Real Estate Council. The announcement comes the day after an independent advisory group tasked with restoring consumer confidence in the industry released a report with 28 recommendations, including hefty fines for misconduct. Clark says the report shows that self-regulation of the industry must end because consumers are being put at risk and the reputations of honest agents are being tarnished. She says the government will also implement many of the recommendations made by the advisory group, such as prohibiting a single agent from acting for both the buyers and sellers in a transaction.

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TURKISH GOVERNMENT BLAMES ISIL FOR AIRPORT ATTACK: Suicide attackers armed with guns and bombs killed 42 people and wounded hundreds at Istanbul’s busy Ataturk Airport, apparently targeting Turkey’s crucial tourism industry. The government blamed the attack on Islamic State extremists but there was no immediate confirmation from the group. Scenes of chaos and panic unfolded Tuesday night as gunfire and explosions sent crowds fleeing in all directions. Airport surveillance video posted on social media appeared to show one explosion, a ball of fire that sent terrified passengers racing for safety. Another appeared to show an attacker, felled by a gunshot from a security officer, blowing himself up seconds later. The victims included at least 13 foreigners and several people remained unidentified Wednesday.

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BUSINESSES ISSUE WARNINGS ABOUT CANADA POST: Businesses are warning people throughout the country about the suspension of mail service if workers at Canada Post go on strike or are locked out this weekend. A number of companies including TD Bank, Virgin Mobile and American Express have told customers not to expect bills in the mail in the event of a labour disruption. Some are encouraging their customers to instead pay their statements online, over the phone or at their local bank branch and avoid mailing in payments due to potential delays. Unionized workers at Canada Post are in a legal strike or lockout position as of Saturday if an agreement isn’t reached. The Canadian Union of Postal Workers said it “absolutely” does not plan to hit the picket lines Saturday. The last day for mail delivery would be Thursday if a labour disruption occurs this weekend because of the Canada Day holiday on Friday. Canada Post and the union have been in negotiations since December for its 50,000 delivery and plant employees.

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DEPRESSED OIL PRICES HELP BOOST ALBERTA DEFICIT: The Alberta government says depressed oil prices and a shrinking economy pushed its deficit up to $6.4 billion last year — $324 million higher than expected. Revenues for the fiscal year that ended March 31 were down more than anticipated due mainly to lower oil revenue and a reduced take in corporate and personal income taxes. The government’s annual financial report says Alberta’s economy contracted by 3.7 per cent in 2015. Spending increased for health care and education — areas the New Democrats have pledged to shield from the economic downturn. The grim numbers illustrate an economy shaken by a steep drop in non-renewable resource revenue to $2.8 billion last year from $8.9 billion in 2014-15.

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BOMBARDIER HANDS OVER FIRST CSERIES TO SWISS: Bombardier’s CSeries program is finally getting off the ground with delivery of the aircraft to Swiss International Air Lines, the first carrier to accept the plane, after 2 1/2 years of delay and at least $2 billion in cost overruns. The CS100 passenger jet was formally handed over Wednesday to the European carrier at Montreal’s Mirabel airport. The plane, the first of 30 firm CSeries orders by Swiss International, is scheduled to leave for Zurich on Thursday morning and begin regular service July 15. Montreal-based Bombardier has struggled financially as it developed the CSeries, the largest plane the company has built. The aerospace manufacturer recently finalized an agreement with the Quebec government on a US$1-billion investment in exchange for a 49.5 per cent stake in the CSeries. Bombardier is seeking a similar contribution from the federal government.

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CIBC TO BUY CHICAGO-BASED BANK: CIBC is offering to buy Chicago-based PrivateBancorp, Inc. in a friendly deal valued at C$4.9 billion, or US$3.8 billion. PrivateBancorp has about 1,200 employees and a presence in 11 U.S. markets in addition to Chicago. CIBC says it’s offering a combination of cash and CIBC shares worth about US$47 per share to buy the U.S. company, which is listed on the Nasdaq stock market. The deal requires various approvals, including from the Chicago bank’s shareholders. The Toronto-based bank says the current president and CEO of PrivateBancorp will remain in those positions and become head of CIBC’s U.S. region. CIBC’s president and chief executive, Victor Dodig, says that the acquisition would provide more opportunities for its Canadian clients to bank across borders and to offer more services to its current clients in the United States. PrivateBancorp has about US$17.7 billion of assets under management.

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FISHERY CLOSURES SUGGESTED IN PLAN TO SAVE ORCAS: Strategic fishery closures and marine habitat protection are part of a proposed plan by the federal government to protect the threatened killer whales off Canada’s West Coast. The recovery plan for the Northern and Southern Resident Killer Whale population has been set out online by the Department of Fisheries and Oceans with a 60-day public comment period. The document makes 94 recommendations to help the two distinct whale populations that eat only fish. The Northern Residents are listed as threatened in Canada, while the United States has declared its Southern Resident population endangered. The whales are considered at risk because of their small population, low reproductive rate and numerous human-caused threats that could prevent recovery or cause further declines, says the report.

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LARGEST DIAMOND IN CENTURY FAILS TO SELL: Vancouver-based Lucara Diamond Corp. failed to sell a tennis-ball sized diamond at auction Wednesday in a week marked by significant economic volatility. The 1,109-carat Lesedi La Rona diamond drew a high bid of US$61 million at the Sotheby’s auction in London, falling short of the minimum Lucara was willing to accept. Lucara chief executive William Lamb declined to say exactly what that minimum was, but said it was slightly higher than the US$70 million Sotheby’s had estimated the stone would fetch. He said while there was some disappointment the diamond didn’t sell, Lucara now has a better understanding of how much value investors would place on the rough diamond. “We needed to assess whether there was a market where people who spend a hundred million dollars on a Picasso will actually see the value in a rough diamond,” said Lamb.

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PREDATORS ACQUIRE P.K. SUBBAN FROM CANADIENS: The Nashville Predators pulled off a blockbuster before the start of free agency Wednesday by acquiring P.K. Subban from the Montreal Canadiens in exchange for Shea Weber, a swap of All-Star defencemen. Subban won the Norris Trophy as the NHL’s top defenceman in 2013 and had six goals and 45 assists last season before suffering an injury. The offensive-minded, dynamic 27-year-old has 63 goals and 215 assists in 434 career games, all with the Canadiens. Weber, who turns 31 on Aug. 14, had been with Nashville since the start of his NHL career in 2005. He signed a $110 million, 14-year offer sheet with Philadelphia as a restricted free agent in 2012, but Nashville matched it to keep him. The three-time Norris Trophy finalist was a team captain and had 20 goals and 31 assists last season.

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