[ TECHNOLOGY ]

A police robot keeps watch over a pedestrian shopping area in Shanghai on Tuesday. The androids sound warningmessages about sanitary precautions and alert police if someone is spotted not wearing a mask. ALY SONG/REUTERS

Patrol robot combats coronavirusChina deploys artificial intelligence machines to check temperatures of pedestrians

and to remind them to wear masks and wash their hands amid the pandemic

ONTARIO EDITION ■ WEDNESDAY, JUNE 17, 2020 ■ GLOBEANDMAIL.COM

S&P/TSX15,515.83+156.17

DOW26,289.98+526.82

S&P 5003,124.74+58.15

NASDAQ9,895.87+169.85

DOLLAR73.76/1.3558+0.25/-0.0046

GCAN 10-YR0.55%+0.03

OIL (WTI)US$38.38+1.26

GOLD (oz.)US$1,736.50+9.30

FOOTBALL Roger Goodell has opened the NFL door for Colin Kaepernick, Cathal Kelly writes B10SPORTSB10-B14 SOCCER Canadian Alphonso Davies sent off as Bayern Munich clinches German title B10

Major Bombardier Inc. sharehol-der and supporter Caisse de dé-pôt et placement du Québec isvoting against the company’s ex-ecutive pay practices at its com-ing shareholder meeting.It’s one of a number of major

North American pension plansthat intend to rebuff Bombar-dier’s compensation program.Some, including the Caisse, havegrown sufficiently discontentedto oppose reappointing directorsto the company’s board.Bombardier, like most major

Canadian companies, submits itscompensation program to share-holders for a non-binding “say-on-pay” vote at its annual meet-ing.Canada Pension Plan Invest-

ment Board (CPPIB), British Co-lumbia Investment ManagementCorp. (BCI), as well as two majorpensions fromCalifornia and onefrom Florida, also say they arevoting “no” Thursday.At issue this year is Bombar-

dier paying former chief execu-tive Alain Bellemare a severancepackage of US$12.35-millionwhen he was terminated inMarch.Promised future special pay-

ments and potential severancepackages to other top executiveswhen a deal to sell the company’strain division closes in 2021 are al-so at issue.Spokeswoman Jessica McDo-

nald said Tuesday the deal is“transformational and strategicfor Bombardier’s future.”

BOMBARDIER, B5

Major pensionplans to voteagainstBombardier’spay practices

DAVID MILSTEADNICOLAS VAN PRAET

After unleashing a barrage of measuresearly in the COVID-19 crisis to successfullystabilize financial markets and keep creditflowing, theBankofCanada is about topiv-ot to bolstering the burgeoning economicrecovery, new Governor Tiff Macklem saidTuesday.“The focus in the initial months of the

crisis was very much on restoring orderlymarket conditions, and we are pleased tosee that market conditions are normaliz-ing.Andsowith that,weare turningour fo-

as governor expired earlier thismonth.In the final three months of Mr. Poloz’s

tenure, the bank took aggressive actionsagainst the COVID-19 crisis, includingslashing interest rates to a record-low 0.25per cent, and injectinghundredsof billionsofdollars into the financial systemthrougharaftofnewprogramsthathavemore thanquadrupled the bank’s balance sheet.Mr. Macklem suggested that the bank’s

forthcomingquarterlyMonetaryPolicyRe-port (MPR), to be published July 15, will laythe groundwork for the next policy steps,as thebankbegins toposition for therecov-ery.

MACKLEM, B5

cusmoretomonetarypolicy,”Mr.Macklemtold a video-conference session of theHouse of Commons standing committeeon finance.“With market functioning improved

and containment restrictions easing, thebank’s focuswill shift to supporting the re-sumptionofgrowth inoutputandemploy-ment.”The committee appearance marked Mr.

Macklem’s first public comments since hetook over as the Governor on June 3. Afterless than two weeks on the job, Mr. Mack-lem’s comments deviated little from thebank’s public position under his predeces-sor, Stephen Poloz, whose seven-year term

Bank of Canada to shift focusto recovery, Macklem says‘We are pleased to see that market conditions are normalizing,’ Governor tells federal committee

DAVID PARKINSONECONOMICS REPORTER

The stockmarket rebound ofthe past three months hasmade Warren Buffett look

like a know-nothing and know-nothings look like geniuses.The greatest investor of all

time has sat on US$137-billion incash and missed out on the mas-sive surge in share prices sincelate March. Meanwhile, day trad-ers betting on a quick bounceback from the pandemic have en-joyed double-digit gains.You can interpret this reversal

of fortune as a generational shift,a sign that Mr. Buffett is over thehill. Maybe people such as DavePortnoy, the newly famous F-bombing guru of the “stocks areeasy” set, are the new voice ofmarket wisdom.But, really? The sudden rise of

day trading seems to be moreabout the U.S. Federal Reservethan about a changing of theguard.Mr. Buffett has made some

bum deals in recent years. How-ever, the 89-year-old billionaireremains reliably brilliant, judgingfrom his appearances at annualmeetingsofhis flagshipBerkshireHathaway Inc.Meanwhile, Mr. Portnoy, foun-

der of Barstool Sports, a pop-cul-ture website, has soared to fameby bellowing “stocks only go up”to his online audience and Twit-ter followers. He is fun in a frathouse sort of way, but severalsubway stops short of brilliant.

MCGUGAN, B5

Retail investorsknow best:This reboundis brought toyou by the Fed

IAN McGUGAN

ANALYSIS

AGF MANAGEMENT ............................... B8AIR CANADA .......................................... B2APPLE ............................................... B4,B8

BP ......................................................... B1BOMBARDIER ........................................ B1CANWEL BUILDING MATERIALS GROUP B8

FORD ...................................................... B3FRONSAC REIT ....................................... B8KINROSS GOLD ...................................... B8

COMPANIES

AUTOS

Workers worry about Oakvilleplant after report says Fordmay end Edge production B3

HOUSING

Advocates welcome CMHCpledge to fix programs to helpracialized communities B3

OPINION

Without festivals, summer of2020 is a writeoff for Montreal,Konrad Yakabuski writes B3

The COVID-19 crisis and climatechange are catching up with BigOil. It is no longer business as usu-al. The era of stranded assets – oil

left in the ground, a fantasy concept ped-dled by allegedly out-of-touch environ-mentalists only a few years ago –may havearrived.As if to prove the point, BP, the former

British Petroleum that is Europe’s second-biggest oil company, on Monday unveiledoil and natural gas writedowns of as muchas US$17.5-billion after taxes, or US$21-bil-

lion pretax. The latter is equivalent to aquarterofBP’smarketvalueontheLondonStock Exchange.The writedown marks what may be the

start of a Bernard Looney-inspired revolu-tion at BP. Mr. Looney, 49, is the Irish engi-neer and career BP insider who replacedBob Dudley as chief executive in Februaryand immediately swung into action.Within days of taking the job, he an-

nounced a grand plan to make BP carbon-neutral (net-zero emissions) by 2050. Asthe coronavirus onslaught took on globaldimensions, sending oil prices into the toi-let, Mr. Looney culled 10,000 jobs. Thencame the massive writedown and admis-sion that the easy money era was prettymuchover. Inan internalwebcast theweek

before the writedown news, he said: “Theoil price has plunged well below the levelwe need to turn a profit. We are spendingmuch,muchmore thanwemake.”Anyone can understand that concept –

best to avoid a slow-motion financial sui-cide. But low prices aren’t BP’s only prob-lem.Theotherbiggie is how toachievenet-zero emissions while maintaining profitsand, crucially, thehefty dividend. BP’s divi-dend is worshipped by pensioners. It ac-counts for fully 7 per cent of the dividendspaid by FTSE 100 companies. But with ayieldof 10per cent, thedividend seemsun-sustainable, and BP is wary of taking onnew debt to finance the payments whenthe price of oil is so low.

REGULY, B5

Is BP’s future really ‘Beyond Petroleum?’ Don’t count on it

ERIC REGULY ROME

OPINION

Juris Doctor/Master of Business AdministrationMacKinlay, Devon

Master of Business AdministrationAndruschak, NicholasAroh, ChukwudiBajwa, InderjitBasaran, GokhanBassey, AdolphusBehl, AkashBodnarchuk, KeithBondarenko, AndriyBrar, AmarBravo Gallegos, JuanBrown, Brittany SageChan, SamuelChandel, HarshChang, LianaChen, YunChoudhary, AditiDonnelly, AmberlyElliott, JamesF. A. Collet Silva, Antonio PedroFan, TommyFischer, ZacharyFoulds, JonathanGeraldo, LuizGirish, Shreya

Gupta, VatsalaGupta, YashHart, AlexanderHerjavec, BrendanIloh, Roland ChieduIlyantseva, InnaJang, DajungJoda, OluwafemiJones, NorthKaath, AarushiKamra, BhumikaKang, YitingKaur, GurvenusKempe, MatthiasKerklaan, HeatherKhan,MuhammadAbdul RafayLang Mora, FelipeLe, ChiLi, JiaopuLi, XiaoLimaye, PranavLiu Jara, JoseMacKew, MarkMangal, Divya

Manuel, JeromeMcLean, BrandonMiller, JessicaMudiri, BonfaceMui, KatherineMwanza, MtiseNagpal, SagarNarahari, VarshithaNeilson, SheenaNelford, JasonNguyen, VinhOri, PeterOrser, LuciaParker, GillianPednekar, NidhiPetry Junior, GilbertoQiu, NiRau, MonikaRivera Ludlow, Gabriela SofiaSandhu, AmitojSandhu, HarminderSemenovykh, KyryloSharma, ArushiSharma, Kulbhushan

Sharma, PurvikaSzczurowska, AnnaTanc Gonzalez, EduardoTeichroeb, ReidThupalli Siva, PadminiTian, YuTrevino Martinez, JavierUlrich, DevonVerduzco, AlfonsoVerma, PalakWang, BeixiWang, DanWang, LingliWentz, PeterWilkinson, BrynXu, ChristinaYadav, AbhishekYang, Xi XiYe, LiaoshaYoung, MitchellYu, Ruochen

Master of ManagementAnderson, ZoëAng, Anna DominiqueAng, KevinAnthony, MatthewBates, JordanBruins, MackenzieBussinger, CodyCassie, AndrewChan, Lok Lam LaurelChan, Tsui HeiChang, Cheng-YiChase, BridgetCinotti Ballarte, ClaudiaClark, GraydonCua, Geline IrabelDel Negro, NicoleFarache, HannahFarshchian, GhazalGai, Gengchen

Golovko, MariaGraf, TéaGueco, SofiaHolland, HeidiHong, JulieHsiung, Chia WeiHuang, YenjungJina, RaheesaKhaira, JasmeenKwong, CrystalLau, AliciaLee, JasmineLee, KaraLighter, NicholasLin, SandraLinder, KylaLo, LilacLy, ChristopherMa, Ingrid

MacPherson, MadelineManifould, KendallMaskall, MariaMichaels, CharlotteMultani, ManpreetPang, AmandaPassey, KaraPollack, TravisRhodes, MatthewRichards, StephanieRochwerg, JordynSalcedo, Thersa LouiseSandhu, HarkiranSaretsky, RobertSarkar, SrishtiSimpson, MeganSmith-Manchip, JessieSpencer, KatherineSwinnen-Galbraith, Saskia

Tneh, Zi JingTse, BentleyWang, LingWanWassen, ClemenceWax, JacquelineWittenberg, JasperWong, Pearl Lynn QinWong, TiffaniWu, VictoriaXia, SusanXu, Jenny Jing YiXu, QiminZhang, KaiLianZhang, KeranZhang, LilinZhao, YingyingZubiria Perez, Jose Pablo

Professional Master of Business AdministrationAmirov, TimurArora, GarryAu-Yeung, DerekBai, TianyiBalfour, CecilieBell, MatthewCasal, Lorenzo LuisChahal, Upinder

Chang, Sheng-ChiehChoi, DeniseCyril, NishaDodds, ColinGarrison, TylerHaghnegahdar, GhazalHair, PeterJing, Jing

Kaishauri, MedeaKilina, MariiaKolawole, OmowunmiLiang, Yu-FanLin, JiaxinLoodu, PavanjitNguyen, Ngoc SonNill, Taylor

Norris, JohnO’Farrell, TravisVan Hemmen, CayleyWong, JacquelineYang, BrandenYeung, BonnieZhang, Kai

Congratulations, graduates of the UBC Sauder’s Robert H. Lee Graduate School! We’reimmensely proud of everything you’ve accomplished. And this is just the beginning.

The world needs leaders like you.