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WHAT YOU NEED TO KNOW

Trudeau violated conflict-of-interest law with Aga Khan trips, ethics watchdog says

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Ethics Commissioner Mary Dawson has ruled that Prime Minister Justin Trudeau violated four sections of the Conflict of Interest Act while vacationing last year in the Bahamas with the Aga Khan. While Parliament was on recess during the winter last year, Mr. Trudeau accepted free trips and helicopter flights to the private island of the billionaire, whose family has had a relationship with Mr. Trudeau's for decades. "Section 12 [of the Act] prohibits ministers and their family members from accepting travel on non-commercial chartered or private aircraft for any purpose unless required in their capacity as public office holders, in exceptional circumstances or with the prior approval of the Commissioner," Ms. Dawson said, arguing that Mr. Trudeau acted in contravention of this statute.

What Trump's tax victory means for the U.S. economy

The most sweeping overhaul of the U.S. tax code in three decades was passed by both the U.S. Senate and House of Representatives on Wednesday. The bill, which was largely written in secret and without open consultations, passed the Senate along party lines, but in the House a dozen GOP lawmakers voted with every single Democrat against the bill. According to a bipartisan analysis, the tax changes are expected to increase GDP by 0.7 per cent over the next 10 years, while adding $1-trillion (U.S.) to the deficit. The bill disproportionately cuts taxes for the wealthiest Americans and, although many middle– class households will see a reduction in taxes, households earning less than $75,000 (U.S.) will see those cuts turn into increases by 2027. The corporate tax rate will be reduced from 35 to 21 per cent and that reduction is permanent. The White House and Republicans say that the reforms will accelerate growth but economists of all stripes are skeptical. Polling has found that the public is deeply opposed to the bill.

Seven firms targeted in bread price-fixing probe

Canada's Competition Bureau is looking into price-fixing allegations of bread at seven firms: Sobeys Inc., Metro Inc., Canada Bread Co. Ltd, Wal-Mart Canada Inc., Giant Tiget Stores Ltd, Loblaw Cos. Ltd. and George Weston Ltd. The seven are made up of Canada's two biggest producers of bread, its three largest grocery retails and two discount giants. Court documents unsealed this week confirm the seven and all of the companies say they are co-operating with the Bureau. Loblaw and its parent company George Weston admitted yesterday to being involved in a scheme to increase the price of packaged bread for more than 14 years. Spokespersons for Giant Tiger, Metro and Sobeys said they are not aware of violations of competition laws.

And if you want to learn more about this topic, The Globe put together an explainer of everything you need to know about price-fixing.

Barrie McKenna writes in a column that there's more to this story than bread: "Let's assume the scheme, which is being investigated by the federal Competition Bureau, added 25 cents to the price of a loaf of bread. If your family buys two loaves a week, you might have paid an extra $25 a year. That's nothing to sniff at, and it went on for 14 years. But if you really want to get riled up, head over to the dairy aisle or the meat counter. There, producers have been brazenly fixing prices on dozens of essential food items since the 1970s – all with the blessing of Ottawa and the provinces." (for subscribers)

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MARKET WATCH

Canada's main stock index rose on Wednesday as energy and mining stocks increased and shares of BlackBerry Ltd. surged after a strong earnings report. The Toronto Stock Exchange's S&P/TSX composite index closed up 0.16 per cent to 16,159.67. On Wall Street, major U.S. indexes dropped after recent record highs as Congress approved a tax overhaul. The Dow Jones Industrial Average fell 0.11 per cent to 24,726.65, the S&P 500 lost 0.08 per cent to 2,679.25 and the Nasdaq Composite dropped 0.04 per cent to 6,960.96.

Note: Evening Update will be taking a break for the holidays next week. We'll be back in your inbox in the new year.

WHAT'S TRENDING

One Canadian has been killed and three others injured following a bus crash in Mexico's Quintana Roo state. Twelve people died and 20 were injured in total. The tour bus was heading toward Mayan ruins.

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TALKING POINTS

Allow Delilah Saunders to have a liver and save her life – transplants should be judgment-free

"Family say Ms. Saunders' liver issues were partly caused by taking acetaminophen for pain, but even if they weren't, she'd be far from the first person to use alcohol to cope when things get difficult, and denying her a transplant won't make her the last. Perhaps the worst part of this story is that the Trillium network is planning to temporarily soften its six month sobriety requirement next August to study the long-term effects of transplants on those whose liver disease is related to alcohol. To abandon Ms. Saunders today because she became sick nine months early would be callous, and another blow to a family painfully acquainted with suffering." – Denise Balkissoon

Uber's raison d'être collides with the facts on the ground

"There was a time when you could go for a ride in a gig, a two-wheeled horse drawn carriage suitable for short journeys. Today, the "gig" is not the vehicle, it's the part-time, unregulated, seat-of-the-pants work done by the driver of your Uber taxi. But the meaning of gig may soon be about to change again after Wednesday's ruling by the European Court of Justice, which has just driven a coach and horses through Uber's business model in Europe." – Carl Mortished

The Weinstein case should prompt boards to review their culture

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"Directors need to be prepared to act swiftly if they see or hear of unacceptable behaviour within the leadership ranks. They must be proactive in ensuring their organization has a framework that supports ethical behaviour and a safe workplace. Failure to take such action in light of today's news stories could be considered a failure of leadership." – Liz Watson

LIVING BETTER

How should seniors be exercising? And what clues can they take from Santa Claus? The central focus should be on enhancing core stability and low-back health and staying moving while doing any sort of strength exercises. Personal trainer Paul Landini details a simple two-day training program that can help you stay fit over the holiday season.

LONG READS FOR A LONG COMMUTE

A guide to bitcoin: What you need to know about the cryptocurrency

Its rise to mainstream prominence has been riddled with drama and controversy, but after eight years, bitcoin is still the top dog in the cryptocurrency world. As prices increased astronomically so too did interest, among both casual investors and on Bay Street and Wall Street. But what is bitcoin? How does it work? The Globe's Alexandra Posadzki breaks down everything you need to know.

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The good place: Canadian architect drawn to improve Rwandan society

London and New York are often thought of as global hubs for architecture, cities upon which ambitious young architects choose to make their mark. Canadian Kelly Doran turned to Kigali, Rwanda. Why? To make a lasting impact. "What we do is not just some service, and it's not a luxury; it's a need," the 39-year-old said. "That's the challenge for architecture right now: to make that case. Design can add so much value. We need to be able to prove it."

Evening Update is written by Mayaz Alam and Omair Quadri. If you'd like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.