State Of The Race

Driving The News

...at least for France.

Canada and France were left out of a major intelligence sharing agreement between the U.S., U.K., and Australia.

What’s the agreement? Dubbed the AUKUS agreement (after the three countries), the deal formed an alliance between the U.K., U.S., and Australia to build nuclear-powered submarines to counter China's growing naval power. The trio will also share defense, AI, and cyberintelligence information.

So, what’s the fuss? AUKUS scuttled a US-$90 billion contract France signed with Australia to build 12 submarines, a major financial blow that left the French government fuming. 

The Canadian angle: Canadian officials didn’t confirm whether or not Canada was invited to be a part of the club, but PM Justin Trudeau didn't seem to care as much as France did about being left out. 

Natural gas prices are on the rise in Canada and the rest of the world, a trend could continue well into the winter. 

Why it’s happening: The increase is in part due to…

Increased demand in some countries is having ripple effects here in Canada, but as a resource rich country we’re not feeling the pinch as much as others. In the U.K, for example, there are also worries that rising gas prices could lead to food shortages.

Why it matters: High demand for natural gas will likely translate into high energy bills for us in the coming months. 

Minnesota authorities slapped a US-$3.3 million fine on Alberta-based Enbridge for issues surrounding construction work on its Line 3 pipeline

Catch up: Enbridge's Line 3 runs from Alberta to the U.S., where it passes through North Dakota, Wisconsin, and Minnesota. Enbridge began working on the last stretch of the pipeline, which goes through Minnesota, last fall and was met with protests from climate activists and Indigenous groups. 

What happened: Minnesota officials said Enbridge breached an aquifer during construction work on the pipeline,  releasing ~24 million gallons of groundwater and damaging a wetland. 

Zoom out: The incident is likely to embolden opponents of the pipeline who have argued the project threatens nearby communities and the environment.

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A Universal Music Group (UMG) spin-off company will go public in Europe tomorrow. 

Refresher: French media group Vivendi bought a controlling stake in UMG, the world’s largest record label, in 2000. In June, Vivendi approved a plan to spin out 60% of UMG into a separate company.

A lot has changed in the music industry since 2000. The most notable change has been the rise of online streaming services that have lifted sales of recorded music from US-$14 billion in 2014 to US-$21 billion in 2020. 

Zoom out: The rise of online streaming services has made UMG a great business, a major turnaround from a decade ago when it looked like the recording industry was doomed.

Boston-based Gingko Bioworks went public at a US-$15 billion valuation last week. 

What’s Gingko Bioworks? Founded in 2009, Gingko uses synthetic biology to make microbes that can then be turned into building blocks for food, agriculture, or pharmaceutical products.  

The deal: Gingko went public through a merger with Soaring Eagle, a SPAC, at a US-$15 billion valuation. It began trading under ‘DNA,’ a coveted ticker, on the NYSE last week. 

Why it matters: Gingko can make the same kinds of products that are made from petrochemicals, which could reduce our overall carbon footprint.

Earnings: Adobe will release their quarterly earnings tomorrow, BlackBerry on Wednesday, and Nike on Thursday,

Figures: Statistics Canada will tell us how retail sales fared in July on Thursday. Retail sales increased by 4.2% to ~$56 billion June as some public health restrictions dropped across Canada. However, Statistics Canada said it expects July sales to fall as consumer excitement wears off.