Sarah Bartnicka

Cohere doubles its valuation to $5.5 billion

While the rest of us were baking sourdough and crafting Hinge prompts, Aidan Gomez, Ivan Zhang, and Nick Frosst were building Canada’s next big AI company. 

When the U.S. cuts rates is anyone’s guess

As countries around the world start rolling back interest rate hikes, U.S. Federal Reserve Chair Jerome Powell says he needs more information to convince him the economy has cooled down enough before following suit. 

Credit card companies justify high fees with perks

Credit card companies have historically made the bulk of their profits from interest paid by cardholders, and now they’re tapping into exclusive experiences to drive up annual fees. 

IA

Simons sets its sights beyond Québec

It may have taken more than 170 years for Simons to expand beyond Québec, but ever since opening in the West Edmonton Mall back in 2012, the retailer has been on a roll.

Driving the news: Simons, one of Canada’s oldest department stores, is spending $75 million to open two stores in Toronto this fall, taking over shuttered Nordstrom locations a little over a year after its CEO said there was no “path to profitability” in Canada. 

BP

Cohere’s Ivan Zhang on the real-world benefits of AI

Toronto-based Ivan Zhang is a co-founder at Cohere, a leading enterprise AI company. Cohere builds enterprise-grade frontier AI technology with the highest levels of security and privacy to solve real-world business challenges. We sat down with Zhang to tell us more.

Germany takes action against climate activists

From throwing potatoes at art to gluing their hands to airport runways, climate activists are growing bolder by the day, but so are the governments aiming to get them under control. 

What happened: Five members of Letzte Generation, a group of climate change activists, have been charged with “forming a criminal organization,” under Germany’s criminal code.

Is Lululemon stretched too thin?

What do 13-year-old girls, finance bros, and Team Canada have in common? You can find them all decked out in Lululemon… in schoolyards, by water coolers, and at the Olympics. 

But in the last year, the seemingly unstoppable Canadian athleisure brand hit a hard patch, from slowing sales to inventory problems to an investigation into greenwashing claims. Just this week, the company said its chief product officer was leaving, sending shares down ~7%.