Newsstand: June 25, 2013




Newsstand: June 25, 2013

Boom! Thunder, where you are this morning? In the news: Ford and Sousa verbally spar, the TSX will get some competition, development costs could spike, and all streaks must come to an end.

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The war of words between Mayor Rob Ford and Ontario’s provincial government continued yesterday after a meeting between the mayor and Finance Minister Charles Sousa concerning the government’s announcement of funding cuts to social housing. Sousa told Ford yesterday that a $150-million fund for social housing from the provincial government would be gone by 2016, and Ford responded by saying that the move will result in cuts from the City. “We just have to shut down some programs. I obviously have to go back, without $150-million, go to the housing portfolio,” he said. “It’s going to hurt the most vulnerable people.” Sousa responded that Ford was holding those in social housing “hostage” by his refusal to increase taxes to garner funding.

Toronto is getting a new stock exchange, and the TSX is getting a competitor. The new exchange is being launched by a group that includes the Royal Bank of Canada and five other investment firms, the Globe and Mail reported. It’s being launched to appeal to investors upset with “high-frequency traders” who use ultra-fast computers to exploit quirks of the market. The official announcement of the project is expected today, though it wouldn’t start until late next year.

The City will consider nearly doubling development charges for construction projects. Part of a report set to be released today as part of the agenda for the mayor’s upcoming executive committee meeting, the recommendation is for an across-the-board increase on residential units of different sizes. If adopted, by next July, the charges for building a large apartment with two or more bedrooms would go from $12,412 to $23,036, according to the National Post.

And the Blue Jays’ impressive 11-game winning streak ended last night with a 4–1 loss in Tampa Bay. (Well, technically in St. Petersberg.) The boys of summer have a chance to get a new one going with a game against the Rays tonight.