In Rio, rescue dogs watch out for their rescuers

By MARIO LOBAO

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Police Cpl. Cristiano de Oliveira offers a hand to police dog "Corporal Oliveira," at the 17 Military Police Battalion's station, in Rio de Janeiro, Brazil, Thursday, April 7, 2022. Oliveira is one of two rescue dogs that have turned into local mascots and budding online influencers after joining their rescuers' ranks. (AP Photo/Silvia Izquierdo)


RIO DE JANEIRO (AP) — In Rio de Janeiro, two rescue dogs have turned local mascots and budding online influencers after joining their rescuers’ ranks, wooing their growing audience, one bark at a time.

Corporal Oliveira, a dog with short brown hair thought to be around four years old, turned up one morning in 2019 at a police station on Rio’s Governador Island, injured and weak.

“I gave him food, water. It took a while for him to get used to me,” said Cpl. Cristiano Oliveira, the officer who took the dog under his wing and later gave him his name. But within a few days, Corporal Oliveira – the furry animal – started following his new master around the precinct. Oliveira has since joined another precinct, but the dog never left.

Corporal Oliveira has his own Instagram profile with more than 45,000 fervent followers, always hungry for more photos and videos of their mascot in his trademark police uniform, standing on top of police armoured vehicles, motorcycles or sticking his little head out of a regular patrol car’s window. He even has a miniature toy firearm attached to his uniform.

A dozen miles from there, in the leafy and leftist neighborhood of Laranjeiras, another rescue dog has turned mascot.

Caramello – a name inspired by the colour of his fur – has been residing at the fire brigade that found him injured across the iconic Sugarloaf mountain ever since he was rescued nearly a year ago. During that time, the 11-year-old dog has amassed some 27,000 followers.

Older, and slightly less adventurous then Corporal Oliveira, Caramello’s online efforts have focused on drawing attention to a wide range of good causes and campaigns.

He has used his newly found clout to promote awareness around cancer, or to encourage donations for victims of natural disasters such as the recent deadly landslides in Petropolis. He’s also helped other rescue dogs or cats find new homes.

“Caremello is a real digital influencer,” said Maj. Fabio Contreiras, from the Catete Fire Brigade, one of Rio de Janeiro’s oldest.

But with fame, comes burden. And the dogs’ fans are demanding.

“Sometimes I have too much work. I go a week without posting and people complain: ‘Where is (Corporal) Oliveira? Has he gone missing?’,” jokes Oliveira, the police officer in charge of the dog’s social media. He can get more than 200 messages in one day. Sometimes, he just has to tell them: “He’s on holiday!”

Elon Musk accused of breaking law while buying Twitter stock

By MICHAEL LIEDTKE

FILE - Elon Musk founder, CEO, and chief engineer/designer of SpaceX speaks during a news conference after a Falcon 9 SpaceX rocket test flight at the Kennedy Space Center in Cape Canaveral, Fla, Jan. 19, 2020. Musk won't be joining Twitter's board of directors as previously announced. The tempestuous billionaire remains Twitter’s largest shareholder. (AP Photo/John Raoux, File)


SAN FRANCISCO (AP) — Elon Musk’s huge Twitter investment took a new twist Tuesday with the filing of a lawsuit alleging that the colorful billionaire illegally delayed disclosing his stake in the social media company so he could buy more shares at lower prices.

The complaint in New York federal court accuses Musk of violating a regulatory deadline to reveal he had accumulated a stake of at least 5%. Instead, according to the complaint, Musk didn’t disclose his position in Twitter until he’d almost doubled his stake to more than 9%. That strategy, the lawsuit alleges, hurt less wealthy investors who sold shares in the San Francisco company in the nearly two weeks before Musk acknowledged holding a major stake.

Musk’s regulatory filings show that he bought a little more than 620,000 shares at $36.83 apiece on Jan. 31 and then continued to accumulate more shares on nearly every single trading day through April 1. Musk, best known as CEO of the electric car maker Tesla, held 73.1 million Twitter shares as of the most recent count Monday. That represents a 9.1% stake in Twitter.

The lawsuit alleges that by March 14, Musk’s stake in Twitter had reached a 5% threshold that required him to publicly disclose his holdings under U.S. securities law by March 24. Musk didn’t make the required disclosure until April 4.

That revelation caused Twitter’s stock to soar 27% from its April 1 close to nearly $50 by the end of April 4′s trading, depriving investors who sold shares before Musk’s improperly delayed disclosure the chance to realize significant gains, according to the lawsuit filed on behalf of an investor named Marc Bain Rasella. Musk, meanwhile, was able to continue to buy shares that traded in prices ranging from $37.69 to $40.96.

The lawsuit is seeking to be certified as a class action representing Twitter shareholders who sold shares between March 24 and April 4, a process that could take a year or more.

Musk spent about $2.6 billion on Twitter stock — a fraction of his estimated wealth of $265 billion, the largest individual fortune in the world. In a regulatory filing Monday, Musk disclosed he may increase his stake after backing out of an agreement reached last week to join Twitter’s board of directors.

Jacob Walker, one of the lawyers that filed the lawsuit against Musk, told The Associated Press that he hadn’t reached out to the Securities and Exchange Commission about Musk’s alleged violations about the disclosure of his Twitter stake. “I assume the SEC is well aware of what he did,” Walker said.

An SEC spokesperson declined to comment.

The SEC and Musk have been wrangling in court since 2018 when Musk and Tesla agreed to pay a $40 million fine t o settle allegations that he used his Twitter account to mislead investors about a potential buyout of the electric car company that never materialized. As part of that deal, Musk was supposed to obtain legal approval for his tweets about information that could affect Tesla’s stock price — a provision that regulators contend he has occasionally violated and that he now argues unfairly muzzles him.

Musk didn’t immediately respond to a request for comment posted on Twitter, where he often shares his opinion and thoughts. Alex Spiro, a New York lawyer representing Musk in his ongoing dispute with the SEC, also didn’t immediately respond to a query from The Associated Press.

Giants’ Alyssa Nakken becomes 1st MLB female coach on field

By JANIE McCAULEY

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San Diego Padres first baseman Eric Hosmer, left, shakes hands with San Francisco Giants first base coach Alyssa Nakken during the third inning of a baseball game in San Francisco, Tuesday, April 12, 2022. (AP Photo/Jed Jacobsohn)


SAN FRANCISCO (AP) — Alyssa Nakken was hard at work in the batting cage, just a few steps from the dugout, when suddenly the call came: The San Francisco Giants needed her to coach at first base.

She quickly pulled off her sweatshirt, grabbed her No. 92 jersey and found a bright orange batting helmet.

A few minutes later, Nakken made major league history as the first female coach on the field in a regular-season game when she took her spot Tuesday night in a 13-2 win over San Diego.

“I think we’re all inspirations doing everything that we do on a day-to-day basis and I think, yes, this carries a little bit more weight because of the visibility, obviously there’s a historical nature to it,” she said. “But again, this is my job.”

Nakken came in to coach first base for the Giants in the third inning after Antoan Richardson was ejected.

When she was announced as Richardson’s replacement, Nakken received a warm ovation from the crowd at Oracle Park, and a congratulatory handshake from Padres first baseman Eric Hosmer.

“Right now in this moment as I reflect back, I reflect back to somebody needed to go out, we needed a coach to coach first base, our first base coach got thrown out, I’ve been in training as a first base coach for the last few years and work alongside Antoan, so I stepped in to what I’ve been hired to do, is support this staff and this team,” Nakken said.

The baseball Hall of Fame was ready, too. Her helmet is already on its way to the shrine in Cooperstown, New York.

San Francisco manager Gabe Kapler said Nakken had “prepared for this moment” while working with Richardson and others.

“So it’s not a foreign spot on the field for her. She does so many other things well that aren’t seen,” he said. “So it’s nice to see her kind of be right there in the spotlight and do it on the field.”

Nakken is an assistant coach who works heavily with baserunning and outfield defense. She watches games from an indoor batting cage near the steps to the dugout — and keeps a Giants jersey nearby, just in case she needs it.

And in an instant Tuesday night, she needed it.

The 31-year-old Nakken jogged onto the field four days after Rachel Balkovec became the first woman to manage a minor league affiliate of an Major League Baseball team. She guided the New York Yankees’ Class A Tampa club to a win in her first game.

Nakken had previously coached the position in spring training and during part of a July 2020 exhibition game at Oakland against now-Padres manager Bob Melvin when he was skipper of the Athletics. She started at first again a night later against the A’s in San Francisco as the teams prepared for the pandemic-delayed season.

“You feel a sense of pride to be out there,” Nakken said at the time. “Me personally, it’s the best place to watch a game, that’s for sure.”

The former Sacramento State softball star, whose blonde braid hung out from her orange protective helmet Tuesday, became the first female coach in the big leagues when she was hired for Kapler’s staff in January 2020.

At Sacramento State from 2009-2012, Nakken was a three-time all-conference player at first base and four-time Academic All American. She went on to earn a master’s degree in sport management from the University of San Francisco in 2015 after interning with the Giants’ baseball operations department a year earlier.

From Day One with the Giants, Nakken embraced her role as an example for girls and women that they can do anything.

“It’s a big deal,” she said. “I feel a great sense of responsibility and I feel it’s my job to honor those who have helped me to where I am.”

___

More AP MLB: https://apnews.com/tag/MLB and https://twitter.com/AP_Sports

Cryptocurrencies may all ‘come crashing down’: Michael Lewis

Max Zahn with Andy Serwer
Wed, April 13, 2022, 

Cryptocurrency has divided the celebrity ranks into two camps: Boosters and skeptics.

Gwyneth Paltrow, Snoop Dogg, and Justin Bieber — all have joined the growing camp of crypto supporters. But digital assets also have their detractors, including former "The O.C." star Ben McKenzie, who's co-authoring a book on the risks posed by cryptocurrency.

Best-selling author Michael Lewis, whose 16 books include deeply reported chronicles of the thrills and flaws of Wall Street, appears to fall in between the two camps.

In a new interview, Lewis cautioned that the value of cryptocurrency may dramatically plummet and its wide adoption could threaten traditional capital markets. But he also lauded crypto innovations that he says could establish fairness between traders.

"The whole thing may come crashing down," says Lewis, whose podcast "Against the Rules" recently returned for its third season. "Crypto is an act of faith — like gold, like the dollar."

"It's hard to judge — impossible to judge — whether that faith is sustainable or not," he adds. "But the longer it goes on, the more of a threat it poses to the existing financial order."

While the major stock indexes have suffered losses so far this year, the widely held cryptocurrencies bitcoin (BTC-USD) and ethereum (ETH-USD) have seen sharper declines. Bitcoin has dropped 16% so far this year, and Ethereum has fallen 21%, as of early Wednesday morning.

But proponents of cryptocurrency say volatility is to be expected for a relatively new asset class, often noting that regulatory uncertainty helps foster market swings.

Treasury Secretary Janet Yellen last week called for regulation of cryptocurrency in a comprehensive speech, saying government intervention would monitor the rapid spread of digital assets and prevent illicit uses.

The remarks came just weeks after President Joe Biden signed an executive order on cryptocurrency in March. Many top players in crypto praised the Biden administration for the move.

 A Bitcoin logo is displayed on an ATM in Hong Kong, Thursday, Dec. 21, 2017. A cryptocurrency expert was sentenced Tuesday, April 12, 2022, to more than five years in federal prison for helping North Korea evade U.S. sanctions. (AP Photo/Kin Cheung, File)

Lewis, whose 2014 book heightened criticism over the lucrative use of high frequency trading on Wall Street, said cryptocurrency markets could improve upon equity markets in their removal of brokers who otherwise provide an advantage for some traders.

Cryptocurrency "eliminates middlemen," Lewis says. "If you are trading on a cryptocurrency exchange, you have an account with the exchange; you don't account with a broker who's moving your stuff in and out of the exchange."

"There are not high frequency traders who are paying the cryptocurrency exchange for faster information about the exchange," he adds. "The whole jerry-rigging of the stock market isn't happening here."

For Jews fleeing Ukraine, Passover takes on new meaning
By DEEPA BHARATH

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From left, Danya, 21, Gabriel, 21 and Borden, 17 all refugees from Odesa, Ukraine help to deliver bags with food to needy people during preparations for the celebration of Jewish Passover at the Chabad Jewish Education Center in Berlin, Germany, Thursday, April 7, 2022. Rabbis and Jewish organizations are working round the clock within Ukraine, Eastern Europe and other parts of Europe to make sure that Jews who remain in Ukraine and refugees who have fled as far away as Israel are able to celebrate Passover. (AP Photo/Markus Schreiber)

“Good morning! Happy morning!” Rabbi Avraham Wolff exclaimed, with a big smile, as he walked into the Chabad synagogue in Odesa on a recent morning.

Russian missiles had just struck an oil refinery in the Ukrainian city, turning the sky charcoal gray. Hundreds were lining up outside his synagogue hoping to receive a kilo of matzah each for their Passover dinner tables. The unleavened flatbread, imperative at the ritual meal known as a Seder, is now hard to find in war-torn Ukraine amid the war and a crippling food shortage.

But the rabbi wanted no challenge to get him down — be it the lack of matzah or that he was missing his wife and children who had fled the Black Sea port for Berlin days ago.

“I need to smile for my community,” Wolff said. “We need humor. We need hope.”

Tens of thousands of Ukrainian Jews have fled while about 80% remain in Ukraine, according to estimates from Chabad, one of the largest Hasidic Jewish organizations in the world. Inside and outside Ukraine, a nation steeped in Jewish history and heritage, people are preparing to celebrate Passover, which begins sundown on April 15. It’s been a challenge, to say the least.

The holiday marks the liberation of Jewish people from slavery in ancient Egypt, and their exodus under the leadership of Moses. The story is taking on special meaning for thousands of Jewish Ukrainian refugees who are living a dramatic story in real time.

Chabad, which has deep roots and a wide network in Ukraine, and other groups such as the American Jewish Joint Distribution Committee (JDC) and the Jewish Federations of North America, have mobilized to help Ukrainian Jews celebrate Passover wherever they have sought refuge. In Ukraine, Chabad plans 52 public Seders welcoming about 9,000 people.

In Odesa, Wolff is preparing to host two large Seders – one in early evening at the Chabad synagogue for families with young children and a later Seder at a hotel where participants can stay the night, obeying a 9 p.m. curfew.

He’s been waving in trucks loaded with Passover supplies – matzah from Israel, milk from France, meat from Britain.

“We may not all be together, but it’s going to be an unforgettable Passover,” Wolff said. “This year, we celebrate as one big Jewish family around the world.”

JDC, which has evacuated more than 11,600 Jews from Ukraine, has shipped more than 2 tons of matzah, over 400 bottles of grape juice and over 700 pounds of kosher Passover food for refugees in Poland, Moldova, Hungary and Romania, said Chen Tzuk, the organization’s director of operations in Europe, Asia and Africa. In Ukraine, their social service centers and corps of volunteers are distributing nearly 16 tons of matzah to elderly Jews and families in need, she said.

“Passover is something familiar and basic for Jewish people,” Tzuk said. “For refugees who have left everything behind, it’s important to be able celebrate this holiday with honor and dignity.”

JDC is organizing in-person Seders in countries bordering Ukraine and elsewhere in Europe, she said, and is facilitating online Seders where it’s too dangerous to gather in person.

The Jewish Federations of North America has set up a volunteer hub in support of refugees fleeing Ukraine; it’s a partnership with the Jewish Agency for Israel, the JDC and IsraAID. Russian-speaking volunteers, such as Alina Spaulding, will help organize a Seder for 100 refugees at a hotel in Budapest.

Spaulding, a resident of Greensboro, North Carolina, fled Kharkiv, Ukraine, as a 5-year-old in the 1970s with her parents. She said the war has rekindled strong connections to Ukraine.

“My mom showed me a photo of me with my grandpa on a street that was recently bombed,” Spaulding said. “We talked about the university in Kharkiv where my mom and dad went, which was also hit. Suddenly, it all felt so personal.”

Spaulding believes spending Passover with refugees will be “an experience to remember.”

“Part of the magic of Passover is finding your own story,” she said. “We’re in the middle of a modern-day exodus. I can’t even imagine the stories I will hear.”

Celebrating a holiday can give people a rush of hope and happiness even in grim situations, said Rabbi Jacob Biderman, who leads Chabad activities throughout Austria, including a center in Vienna that is sheltering about 800 Ukrainian Jews. Days after refugees reached his center, Biderman led a joyous celebration of Purim, a festival commemorating the deliverance of Jews from a planned massacre in ancient Persia.

“The look on their faces changed from sorrow to joy... Their eyes lit up,” Biderman said. “It gave them a sense of normalcy, dignity and the belief that their spiritual life is something no one can take away from them.”

That fueled Biderman’s determination to provide a memorable Passover Seder for the refugees.

Dr. Yaacov Gaissinovitch, his wife, Elizabeth, and their three children – ages 11, 8 and 4 – will be part of that celebration. They fled the Ukrainian city of Dnipro by car on Friday, March 4. Gaissinovitch, a urologist and mohel who performs the Jewish rite of circumcision, said it pained him, as an observant Jew, to drive on Shabbat – a forbidden act on the day of rest and prayer except when lives are at stake.

“I drove nonstop for 12 hours to Moldova to save us all,” he said. “We sang all the Shabbat songs in the car. It was very, very hard.”

In Dnipro, Gaissinovitch had his offices in the sprawling Menorah Center, which serves as a center of Jewish life, housing a synagogue, shops, restaurants, museums and the office of the city’s chief rabbi.

After a month of being severed from everything familiar, the Chabad center in Vienna has been a blessing, Gaissinovitch said.

“We’ve been accepted here very warmly,” he said. “After being disconnected for days, the children have been able to see that our life hasn’t stopped.”

A similar community at the Chabad center in Berlin is housing about 1,000 refugees, including Rabbi Avraham Wolff’s wife and children from Odesa. The center plans to host eight Seders citywide and has distributed matzah and other food to community members. Refugees, including 120 children from an Odesa orphanage who arrived in Berlin along with Wolff’s family, distributed the items to locals, said Yehuda Teichtal, the chief rabbi of Berlin.

“To me, this is extremely touching,” he said. “That people on the receiving end are able to give and not be viewed as victims. It’s empowering and energizing.”

As they prepare for Passover, Teichtal, Biderman and Wolff said they have been inspired by Rabbi Menachem Mendel Schneerson, known as the Lubavitcher Rebbe, who was among the most influential global leaders in Judaism in modern times. April 5 marked the Rebbe’s 120th birth anniversary, a special number in Jewish tradition.

“The Rebbe built a strong foundation (in Ukraine) so we’re able to do what we’re doing now,” Wolff said.

Schneerson grew up in Ukraine during a challenging time in the former Soviet Union, Teichtal said.

“In spite of all the darkness, his focus was selflessness, dedication, love for all humanity and the unwavering faith that we are going to overcome,” Teichtal said.

___

Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.

Opinion: Intersecting of religions' holiest times shows much in common

Daniel Kuhlen - Yesterday
Leader Post


© Provided by Leader Post

Eid Al Fitr prayers mark the end of Ramadan at Prairieland Park in Saskatoon, SK on Tuesday, June 4, 2019.


What is Ramadan? It is the ninth month of the Islamic calendar, the month of fasting and, for Muslims, a time of deep spiritual contemplation, reflection, renewal and recommitment.

The Five Pillars of Islam are: The Shahada, the declaration of faith; Salat, prayer; Sawm, fasting during Ramadan; Zakat, the obligatory annual payment of 2.5 per cent of one’s excess wealth for the sake of the needy; and undertaking the Hajj, a holy pilgrimage to Mecca, once in a lifetime for those who are able.

Why do Muslims fast? It’s simple: Allah (God) tells Muslims in the Holy Qur’an that fasting is prescribed for us, as it was for the peoples before us, to help us draw closer to our Creator. For Muslims, it is a sacred obligation and a practice undertaken for the sake of Allah alone.

The most well-known feature of Ramadan is the practice of dawn to sunset fasting over the course of 29 or 30 days, from one sighting of the crescent moon to the next (a lunar month). During Ramadan, observant adult Muslims, in the absence of contraindicated medical or health reasons, do not consume any fluids, including water, or any food or other nourishment during the proscribed hours.

Ramadan is often viewed by non-Muslims as a harsh and arduous undertaking, one of self-deprivation and rigid denial. To be sure, Ramadan does require effort, self-sacrifice and discipline as, despite daytime fasting, Muslims are expected to carry out their normal day-to-day activities as far as reasonably possible.

However, fasting is the means to, not the end of, Ramadan. It reminds us of the millions everywhere who lack sufficient food and clean water and basic essentials, teaching us compassion, patience and empathy, and also of our total reliance on Allah, who alone is self-sufficient.

As such, at a deeper level, Ramadan is approached by Muslims with feelings of humility and introspection, as well as profound happiness and gratitude; another precious opportunity to draw closer to our Creator, both spiritually and practically.

Consequently, during Ramadan, in addition to fasting, Muslims also emphasize greater engagement in prayer, the remembrance of Allah, giving in charity, showing kindness toward others and conducting ourselves with an elevated intention as we recognize our total dependence on our Creator.

Given the annual advance of Ramadan through the solar calendar, as the lunar calendar is about 10 days shorter, Ramadan 2022 coincides with both the Christian Lenten season, and the celebration of Easter, and the Jewish observance of Passover.

It is noteworthy that, during a time of much upheaval and division here and elsewhere, the followers of these three monotheistic religions, comprising approximately 4.3 billion people, almost 55 per cent of the 2022 global population, are all experiencing their most sacred and spiritually profound religious celebrations during the same month.

We have much more in common than we realize.

Muslims in Saskatchewan and around the world hope and pray that Ramadan 2022 is a time of deeper spiritual growth, understanding, and peace for all.

Ramadan Mubarak!

Daniel J. Kuhlen is co-chair for the media, communications and outreach committee with the Islamic Association of Saskatchewan (Saskatoon) Inc.

 

5/13 | PROPERTY IS THEFT!

Theo Bleckmann opens the seminar with music from Bertolt Brecht’s The Threepenny Opera.  

Professors Amy Allen, Étienne Balibar, Karuna Mantena, Dan-el Padilla Peralta, and Bernard E. Harcourt

read and discuss

Manifesto of the Communist Party by Karl Marx and Frederick Engels

Critique of the Gotha Programme by Karl Marx

What is Property? by Pierre Joseph Proudhon

Thursday, December 3, 2020

Pierre-Joseph Proudhon circa 1862

~~~

Pierre-Joseph Proudhon and, famously, Karl Marx militated for the abolition of private property at a time when, across the Atlantic, abolitionists were challenging slavery. As Marx and Engels declared in 1848 in The Communist Manifesto, at a time precisely when abolitionism was raging in the U.S.: “the theory of the Communists may be summed up in the single sentence: Abolition of private property.”

The relationship, interconnections, overlap, differences, and conflicts between the movements to abolish slavery and to abolish property are complex, to say the least. The historical record is fraught. But the resonances are clear.

Chattel slavery was, of course, a form of property, and its abolition entailed technically the abolition of property. As W.E.B. Du Bois emphasized, “Property in the South had its value cut in half during the Civil War.” But naturally, one half is not a whole. The abolition of slavery did not entail the abolition of property writ large. To the contrary, it was precisely the maintenance of property and the profit-motive that was responsible for the reproduction of forms of slavery through convict leasing.

From the other end, the abolition of capitalist property-ownership was often presented as a liberation from relations of dominance no different than slavery. As Marx and Engels wrote in The Communist Manifesto: workers in capitalist systems are “slaves of the bourgeois class, and of the bourgeois state” and “are daily and hourly enslaved by the machine, by the over-looker, and, above all, by the individual bourgeois manufacturer himself.” Or, even more explicitly, as Marx wrote in his Critique of the Gotha Program: “the system of wage labour is a system of slavery.”

The resonances are clear, but the history is fraught—especially the relationship between anti-racism and the labor movement.

And so we turn now, in this seminar, to the puzzle: How should we rethink the movements to abolish property through the lens of abolition democracy? How do we rethink Proudhon, Marx, and utopian socialist thinkers—as well as the entire political traditions of the labor theories of property and of value from Locke onwards—through the prism of abolition democracy?

[To read the full text of this introduction: click here. © Bernard E. Harcourt.]

Critique 1/13 at Columbia University, September 11, 2019

LIBERAL'S RENTIER STATE

Roughly one-third of Liberal cabinet ministers own rental, investment real estate: records

Amanda Connolly - Yesterday 
Global News

Roughly one-third of ministers sitting around the Liberal cabinet table own rental or investment real estate assets, according to their filings with the federal conflict of interest commissioner.

While fully legal, real estate experts say the holdings reflect the degree to which Canadians increasingly view real estate as a financial asset, rather than a place to live.

It also comes as recent data from Canadian financial institutions has demonstrated the growing role of investors in fuelling price growth — a trend Deputy Prime Minister and Finance Minister Chrystia Freeland billed this week as an issue of "intergenerational injustice."

Read more:
Sky-high home prices in Canada are ‘intergenerational injustice,’ Freeland says

“One of the things that I am most concerned about as someone who — it shocks me to say this — is 53 years old, is the intergenerational injustice,” Freeland told reporters on Monday.

“We had a better shot at buying a home and starting a family than young people today, and we cannot have a Canada where the rising generation is shut out of the dream of homeownership.”

She was speaking at an event touting measures in the federal budget that the government says will tackle the sky-high prices pushing young Canadians out of homes, by both increasing supply and also cracking down on the financialization of real estate.

Financialization is a term increasingly being used in reference to investors buying up real estate — typically residential real estate that could otherwise serve as starter homes or affordable rental units — and then treating those as financial assets to generate profit, either through resale or raising rents.

Budget 2022: Will feds be able to deliver on housing affordability?

According to a Bank of Canada analysis earlier this year, home purchases by investors have outpaced those of first-time homebuyers or even repeat homebuyers during the COVID-19 pandemic.

Investors account for one-fifth of home purchases in Canada, that analysis found, while the share of purchases by first-time homebuyers hit a new low last year.

According to the disclosures filed with the federal conflict of interest commissioner, 12 of the 39 cabinet ministers — 31 per cent — hold real estate assets described by them in those filings as being either for "rental" or "investment" purposes.

That number does not include ministers who hold mortgages unrelated to rental or investment purposes.

Based on conversations with multiple government officials, those declared rental and investment assets range from homes being rented out as well as vacant land, properties used for tourism and properties purchased with the intent to move into them later.

All of that is legal and all of the ministers have fulfilled their duties under Canadian conflict of interest laws to report those assets to the federal conflict of interest commissioner.

Housing Minister Ahmed Hussen, tasked with implementing the government's promised measures to tackle housing unaffordability, is among those who own a rental property.

His disclosure form states he is the sole owner of a rental property in Ottawa.

Read more:
Federal budget needs more targeted support on housing, advocates say

Freeland does not own domestic rental or investment property in Canada but does own two rental properties with her spouse in London, U.K. She also co-owns a residential property in Kyiv, Ukraine.

Innovation Minister Francois-Philippe Champagne owns two rental properties in the U.K. as well, while nine other cabinet ministers own properties domestically that are described by them in the conflict of interest disclosures as for rental or investment purposes.

Veterans Minister Lawrence MacAulay co-owns a farm rental property located in St-Peter's Cable Head, Prince Edward Island

Tourism Minister Randy Boissonnault holds what he described as a "nominal interest" in an investment property in Edmonton, Alta. A government official said the property is a condo that Boissonnault co-owns with a friend, and that he holds roughly one per cent of the ownership but doesn't receive an income from the property.

Indigenous Services Minister Patty Hajdu is the sole owner of a rental property in Thunder Bay, Ont.

The most recent disclosure form for Gudie Hutchings, minister for rural economic development, lists her as jointly owning a real estate holding company in Little Rapids, Nfld., which one official said was related to her past work in the tourism industry before becoming an MP.

Minister for Seniors Kamal Khera is listed as the sole owner of an investment property in Caledon, Ont., and Justice Minister David Lametti is listed as the sole owner of a triplex described as a rental property in Verdun, Que. His office said he lives in one of the units, and rents out the others.

Read more:
Around 40% of parents of young Ontario homeowners helped children with purchase: poll

Minister of National Revenue Diane Lebouthillier stated in her forms that she holds a "significant interest" in a Quebec general partnership that rents out cottages in Sainte-Thérèse-de-Gaspé.

Harjit Sajjan, international development minister, owned a rental property in Osoyoos, B.C., until last year but recently sold that. He now jointly owns one investment property in Whistler, B.C., that an official said is a personal tourist accommodation in a commercial, not residential, facility.

As well, Fisheries Minister Joyce Murray disclosed ownership of two properties in her forms: one rental property in Riondel, a village in B.C.'s Kootenay region, as well as a parcel of vacant land in the region described as being held for investment purposes.

‘Can’t afford a home? Have you tried finding richer parents?’: MPs debate affordable housing in Canada

Parliamentarians owning property isn't a factor unique to the federal cabinet — MPs from the Conservative Party, NDP and Bloc Quebecois all own real estate assets listed in their disclosure forms as for rental or investment purposes.

But as members of the cabinet, ministers are uniquely positioned in their ability to drive and implement policy change that could aim to lower prices.

"In an ideal world, one's financial interest doesn't bias their decisions, but people are human and obviously there is some bias there," said John Pasalis, president of Realosophy Realty, a Toronto brokerage.

"No one wants to see their financial assets or their retirement plan drop in value, and I think we saw that in the housing minister's argument several months ago about protecting the financial interests of mom and pop investors."

Hussen told The Globe and Mail in February that the government didn't want to take actions that would "negatively affect them because they are actually providing a rental service to a lot of people.”

He said in that interview those investors add to the housing stock by renting out their properties.

Video: Real estate market: A look at tactics meant give buyers competitive edge

Pasalis, though, suggested they actually contribute to the challenge.

"If mom and pop investors were not rushing out and buying all of these pre-construction homes because they're wealthier and they have assets and they have the income, they'd probably be more affordable for households who want to raise their family there long term," he added.

Paul Kershaw, founder of Generation Squeeze, added that the cabinet minister's real estate holdings reflect one of the core challenges fuelling sky-high prices in Canadian real estate: the deeply ingrained cultural view among Canadians of real estate as an investment.

"I think it reflects a broader cultural blindness to how we are literally addicted to high and rising home values in a range of ways as we plan our financial savings strategies for down the road," said Kershaw, an associate professor studying generational equity at the University of British Columbia.

"I don't want anyone to think these politicians are anything but hardworking. But they also are encultured, which gives us blind spots to see that housing has become this strategy to become wealthy and not just a place to call home," he added.

"We're at a moment where we need to choose between those two things."

Data released by Statistics Canada on Tuesday showed that between 2019 and 2020, 31 per cent of Ontario's residential and recreational housing stock was held by people who owned multiple properties.

In Nova Scotia, that number rose to 41 per cent while in New Brunswick and B.C., it sat at 39 per cent and 29 per cent respectively. That data also showed that in all four provinces, the top 10 per cent of property owners earned more than the bottom 50 per cent put together.

Read more:
Upwards of 41% of housing in some provinces held by multiple-property owners

The data did not account for the white-hot surge in homebuying during the second year of the COVID-19 pandemic or the start of this year, which have both seen prices soar to record levels as frustration festers among a growing number of younger as well as middle-class Canadians who are priced out.

Fierce competition has sparked many to routinely waive home inspections or financing requirements, practices real estate experts have warned can put buyers at risk. In the budget, tabled last week, Freeland vowed to make good on a Liberal campaign promise to introduce a bill of rights for homebuyers.

That is expected to include a promised ban on waiving inspections.

Read more:
Budget 2022 — Tax-free savings account coming for first-time homebuyers

While the budget contained a number of new measures targeting housing unaffordability, there remain questions over whether their proposals, including a two-year ban on most foreign buyers and a one-year tightening of the tax rules around flipping residential properties, will make enough of a difference.

Countries like Singapore, for example, have over the last year changed their tax system to put a heavier burden on those who buy up multiple residential properties: a 25 per cent transfer tax on the purchase of secondary homes, and 30 per cent on third or subsequent homes.

For foreign buyers, the purchase tax on residential properties in that country went up from 20 per cent to 30.

Video: How interest rates impact the housing market

Some have suggested a longer ban on flipping homes, or tougher down payment requirements for either non-resident buyers or investors, which New Zealand has done recently, should be part of the range of measures needed to bring the unaffordability crisis under control.

"This is not a solution for all of our housing problems. Because at the end of the day, we still have this imbalance between supply and demand," Pasalis said.

"But what it does is it takes some of the demand out of the market, at least the investor demand, and potentially makes those homes a little bit more available and affordable for people who want to buy them and occupy them themselves. And I think that's a step forward that we should be moving towards."

Hussen said in a statement on Wednesday that the measures announced in the budget aim to curb "speculation" and boost supply.

"By putting Canada on the path to double our target to build more homes over the next decade, in partnership with provinces, municipalities, and the private sector, we’re addressing the housing supply shortage across the country," he said.

"These measures come in addition to crucial programs that will create more jobs, help house those most vulnerable in our communities, and help cool the market as we work to ensure that all Canadians have a safe and affordable place to call home."

A government official who spoke with Global News said the budget shouldn't be viewed as ruling out any measures that were not in the plan this year, and that a number of options remain on the table.

The government's goal, that person said, is to take a "progressive" approach that could yet see more measures layered on top of those in the budget, depending on how well they work.

Economists from BMO and RBC both warned about the brewing risk of letting the overheated market continue unabated in notes to investors last year.

In the separate notes, economists emphasized the need for action that "immediately breaks market psychology and the belief that prices will only rise further," noting the frenzy threatened to "destabilize the economy down the road if or when a correction occurs, with possible heavy costs for governments."

Inflation is currently running at 30-year highs, prompting the Bank of Canada to raise rates in a bid to tamp down on the cheap lending rates that helped spur consumer spending during the pandemic.

On Wednesday, citing the need to bring consumer expectations back under control, the Bank of Canada again raised rates in what economists called an "oversized" hike of half a percentage point.

How — and if — that will work to begin cooling the housing market fire remains to be seen.

Canadian home prices soar to new heights, averaging $800K

1. Rentier state - Wikipedia

   https://en.wikipedia.org/wiki/Rentier_stateIn current political-science and international-relations theory, a rentier state is a state which derives all or a substantial portion of its national revenues from the rent paid by foreign individuals, concerns or governments.

What is Property? Proudhon 1840 (marxists.org)

If I were asked to answer the following question: What is slavery? and I should answer in one word, It is murder, my meaning would be understood at once. No extended argument would be required to show that the power to take from a man his thought, his will, his personality, is a power of life and death; and that to enslave a man is to kill him. Why, then, to this other question: What is property! may I not likewise answer, It is robbery, without the certainty of being misunderstood; the second proposition being no other than a transformation of the first.

LA REVUE GAUCHE - Left Comment: Search results for RENTIER 

Poor management, new buildings led to Laurentian University insolvency, Ontario AG's preliminary report says

© Jonathan Migneault/CBC

Sudbury's Laurentian University announced it was insolvent in February 2021. In April that year, it cut 69 programs and fired more than 100 staff and faculty members.

Jonathan Migneault - cbc.ca

Yesterday 

Laurentian University's capital expansions from 2010 to 2020, along with "poor management of its financial affairs," were big factors in the Sudbury school's insolvency last year, according to a preliminary report by Ontario's auditor general.

In her "Preliminary Perspective on Laurentian University," which was submitted to the Legislature on Wednesday, Bonnie Lysyk says Laurentian refused to seek financial assistance from the province and made a mistake when it opted to go through the Companies' Creditors Arrangement Act (CCAA) for restructuring.

"As of March 3, 2022, the university had incurred legal and other financial consultant fees associated with its insolvency of more than $24 million," the auditor general said in the document.

The Sudbury university announced it was insolvent in February 2021. On April 12 that year, it cut 69 programs, which affected an estimated 932 students. Laurentian also fired 195 staff and faculty members with little notice and severance.

Like all universities, Lysyk said, the COVID-19 pandemic affected Laurentian's finances, but its problems started long before, in 2010, when it went on a building spree to expand its Sudbury campus.

"There wasn't the revenue coming in to support the payment down of the principal and interest from those investments," Lysyk told CBC News.

She said there doesn't seem to be any intentional wrongdoing by Laurentian, and added its capital expansion plans were well meant. But she said the university's board of governors failed to provide proper oversight, and the Ministry of Colleges and Universities did not intervene in time when it was clear Laurentian was in financial straits.

From 2010 to 2020, Lysyk also found, Laurentian senior administration costs grew by 75 per cent, and in 2018 they peaked at more than $4 million annually.

Laurentian's CCAA move a mistake: AG

In her preliminary perspective, she said the size of Laurentian's senior administration had been consistently larger than at other Ontario universities around the same size. As well, some senior administrators' salaries exceeded limits set by legislation meant to put a ceiling on public-sector pay.

Lysyk said Laurentian's solution to its financial problems, restructuring under the CCAA, was a mistake.

The CCAA was created as a tool for insolvent private companies to restructure, but it had never been applied to a public university like Laurentian.

"In this particular case, we do believe that Laurentian needed to pull together a stronger ask of the ministry and work with the Ministry of Colleges and Universities to pull together a plan, even a year ahead of time, to support them in their endeavours going forward," Lysyk said.

She noted that nearby Nipissing University, which is in North Bay, ran into financial difficulties in 2014. But Nipissing worked with the Ministry of Colleges and Universities early on to seek funding and improve its position.

Influence from outside parties

In her preliminary perspective, Lysyk said she believes Laurentian was influenced by external parties to use the CCAA, up to a year before it announced it was insolvent.

"In August 2020, Laurentian raised the potential of CCAA to the Minister of Colleges and Universities but did not clearly define how much financial assistance was required from the province to avoid a CCAA filing," the document said.

"An explicit request for funding to the Ministry was not made until December 2020, at which point the ask was significant and the timeline for intervention was short."

Katlyn Kotila, a Laurentian political science student, said the preliminary report was not surprising to her, and has echoed concerns students, staff and faculty have had since the university announced it was insolvent.

"I love the community that Laurentian has provided me with," Kotila said.

"But I'm also so angry. And this process has made me incredibly angry because I'm watching as a university I love and a community that I love has basically been burnt to flames."

Kotila said it was telling that Nipissing University was able to climb out of a bad financial situation by working closely with the Ministry of Colleges and Universities.

"It's really sad to see that Laurentian had that opportunity to do so and they chose not to."

Professors react

Albrecht Schulte-Hostedde, a professor at Laurentian's School of Natural Sciences, said the auditor general's preliminary findings showed consultants influenced the university's leaders to file for insolvency and go through the CCAA process.

"It wasn't lost on me that yesterday [Tuesday] we celebrated, in a way, the one-year anniversary of the terminations of over 100 faculty," Schulte-Hostedde said.

"And today we learned in this report that it was all unnecessary, that the university's administration had made a conscious choice to go down this route."

Schulte-Hostedde said the university is now "a shadow of what it once was," but added he is optimistic now that many of the university's former board members have resigned.

He said Jeff Bangs, Laurentian's interim board chair, has "said all the right things" so far.

Fabrice Colin, president of the Laurentian University Faculty Association, said the preliminary report validated things his association has argued for 14 months.

The key point, he said, was the CCAA process was not the appropriate cure for Laurentian's financial problems — something the faculty association said all along.

Colin said Laurentian's leadership will need to be more transparent with faculty members to move forward and rebuild.

"We definitely saw a change in the tone and approach since the arrival of the new board members and the new president of the board," he said.

"It seems now there is a commitment towards more transparency and toward more collaborations, so it's encouraging."

Laurentian responds to AG findings

In a written statement, Laurentian said it would carefully examine the auditor general's findings.

The university said it has implemented a number of reforms and initiatives in recent months to ensure its financial sustainability.

It noted the province provided recent financial support when it refinanced a $35 million debtor-in-possession loan.

The statement said it is renewing its board of governors, and has completed a review of its operations and governance.

"We know that our successful recovery will come from essential changes within the institution," the emailed statement said.

"Laurentian is absolutely committed to seeing this transformation to completion — and will do what is necessary to acquire the skills, operational efficiencies, transparency and accountability that is required and expected from Laurentian."

Call for resignations

In a written statement, the Canadian Association of University Teachers (CAUT) called for Laurentian president Robert Haché and all senior administrators to resign, following the auditor general's preliminary report.

"It is absolutely scandalous that the university leadership used money intended for employee health benefits and academic research for its capital projects and other purposes," CAUT executive director David Robinson said in the statement.

"It then diverted more than $24 million to high-priced consultants and lawyers handling the unnecessary insolvency proceedings, while at the same time demanding staff layoffs and program cuts."

Robinson said Haché and other senior leaders need to step down for Laurentian to regain the public's trust.

SASKATCHEWAN
Nippi-Albright bill aims to transform duty to consult for Indigenous communities

Chief Evan Taypotat of Kahkewistahaw First Nation said he’s looking for a hand up and a seat at the table to help his community prosper.

Author of the article: Jeremy Simes
Publishing date: Apr 13, 2022 

Kahkewistahaw First Nation Chief Evan Taypotat speaks at a NDP press conference at the Legislative Building on April 13, 2022 in Regina. 

PHOTO BY TROY FLEECE /Regina Leader-Post
Article content

Near a potash mine in southeast Saskatchewan sit two different communities — Esterhazy and Kahkewistahaw First Nation.

The difference, according to Chief Evan Taypotat, is his community doesn’t have the million dollar homes, nice stores and burgeoning opportunity. This, he says, is a result of industry and governments not willing to sit down at the table.

“Potash companies throw us a trinket and a bead, and all the nice jobs go to the non-Indigenous folks,” he told reporters Wednesday. “When these potash companies come into our territory, we want to sit at the table.”

The idea of meaningful consultation is at the crux of a new private members’ bill presented by NDP MLA Betty Nippi-Albright.

Flanked by a delegation representing six First Nations communities, Nippi-Albright explained Bill 609 aims to bolster the existing duty to consult process.

Opposition critic for First Nations and Métis relations Betty Nippi-Albright says her new bill would prevent decisions from happening without First Nation input.

 PHOTO BY TROY FLEECE /Regina Leader-Post

She said it would ensure that Indigenous communities are meaningful partners when impacted by Crown land sales or other developments. It would allow them to determine the consultation process.

“Industry needs to involve Indigenous people and the government needs to involve Indigenous people,” said Nippi-Albright, the NDP critic for First Nations and Métis relations.

She explained the current process sees the province write a letter and have a “one-off meeting,” with decisions being made prior to consultation.

“The first thing that the government should be doing is contacting the nations and say, ‘Here’s what’s coming down the pipe, we need to talk to you and give you that heads up,’” she said. “You’re at that table when this is happening, not after a decision has been made.”

In B.C., Taypotat said, industry asks First Nations for permission. In Saskatchewan, he said First Nations have to beg.

“That is wrong,” he said. “We have potash companies coming into Saskatchewan, making millions, billions of dollars.”

He said the First Nation foremost wants to protect the environment and the water. Secondly, it wants procurement, which creates management and leadership jobs.

“We don’t want a hand out. We want a hand up,” he said. “We want to work just as hard as the next company; we want to work just as good. We want to produce product.”

After meeting with members of the First Nations, Government Relations Minister Don McMorris told reporters he understands their concerns and is willing to re-look at the duty to consult process.

He said the province will begin engagement this year to hear from First Nations communities about the current system, which hasn’t been updated in 12 years.

“Maybe there has to be some more policy put in place where industry knows what is expected to properly consult. A fax is not consulting,” he said. “It’s a communications piece that isn’t taking place. That’s what we’re hearing.”

While McMorris said the province plans to put forward a new Indigenous Investment Finance Corporation to increase involvement in the economy, he’s open to bridging gaps between First Nations and industries.

“It’s real in their life, obviously, and I can imagine how they are frustrated with that,” he said, though added he has questions about how far government should go to get between private business.

Kahkewistahaw First Nation and Onion Lake Cree Nation have written letters to the province raising concerns about not being consulted about Crown land sales.

Nippi-Albright has called for a pause on sales of such land.

She added that these lands are essential for Indigenous hunters, trappers and traditional land users.

Onion Lake Cree Nation Councillor Hubert Pahtayken.

 PHOTO BY TROY FLEECE /Regina Leader-Post

Onion Lake Cree Nation Coun. Hubert Pahtayken told reporters the province plans to sell Crown land located next to the First Nation. It has been used for hunting and gathering medicines.

“Without consultation to our people, they sell them,” he said. “For whatever reason, the province doesn’t look at our situations.”

When asked if the province would consider pausing Crown land sales, McMorris said the government needs to review how it’s engaging with Indigenous communities.

“I’m not sure if it’s necessarily a freeze, but to look at that process and how do we better communicate with First Nations to see if they’re interested,” he said. “Some of these parcels of land are pretty small … so a freeze would impact all of that. I’m not sure that is useful for all.”

jsimes@postmedia.com