From the DMs

Canadian agencies can’t crack down on cybercrime

 A scathing new report from the auditor general found that Canadian federal agencies and law enforcement aren’t adequately equipped to handle the rising threat of cybercrime.

Streamers ordered to fund Canadian content

Paw Patrol has been doing a great job carrying the Canadian film industry on its back lately, but Ottawa is keen on bringing in some reinforcements. 

What happened: Canada’s telecom regulator is looking to expand the success of Canada’s entertainment industry beyond Schitt’s Creek and Law & Order Toronto (kidding) with a 5% tax on the Canadian revenue of streaming giants like Netflix, Disney+, and Spotify.

Is today the day we finally see rate cuts?

With inflation stabilizing below 3% and the economy slowing, Bank of Canada (BoC) Governor Tiff “Big Mack” Macklem is expected to finally cut its policy rate today from 5% to 4.75%.

Driving the news: After 27 long months, rate easing would come as a relief for the millions of Canadians struggling to pay off debt and mortgages amid elevated borrowing costs. 

We’re sorry, Canadian Trader Joe’s is not going to happen

One solution to high grocery prices is to create more competition.

To get a job, you better (net)work

When it comes to landing a new job, networking has become more important than ever.

Moving out of the city won’t solve all your money problems

City slickers reportedly want to move to more affordable areas of the country, but leaving a big city comes with hidden costs. 

Canadian psychedelics head down under

A Canadian psychedelic producer run by the son of Lululemon founder Chip Wilson has cleared a big regulatory hurdle, despite using mushrooms with names like “Albino P**** Envy.” 

Driving the news: Per Bloomberg, Vancouver-based drug manufacturing startup Optimi Health has received a licence from Health Canada to ship its MDMA and psilocybin pills to Australia for patient use, putting the company among a select group of legal suppliers. 

A second wind for Canadian power

Hydro-Québec should start calling itself Hydro-and-Wind-Québec — on account of all the dang windmills it’s planning to build.

What happened: Hydro-Québec will become the main developer of wind energy projects in the province — a role previously held by the private sector — with plans to construct new wind farms that will add 10,000 megawatts of energy generation to its network by 2035. 

An Olympics competitor sprints to the front

In track and field, nothing inspires elite athletes more than the chance at eternal glory… though $150,000 could prove even more inspiring.

Driving the news: World Athletics, the global track and field body, plans to launch a new global athletics competition in 2026 called the Ultimate Championships. It will pay medallists money from a US$10 million pot, with gold medallists raking in a record prize of $150,000.

Ticketmaster hack may just be the tip of the iceberg

Hacks and data breaches are so common now they barely feel like news anymore, but details are emerging about one that may be more serious than most.

Catch up: Hacker group ShinyHunters claims to have stolen data on hundreds of millions of customers of Ticketmaster and Santander Bank.

Border services strike could begin this week

You may need to give yourself some extra time at the border if you’re travelling this summer, depending on how negotiations with the union repping border officers go this week. 

Driving the news: Mediation to avoid a strike begins today between the Treasury Board of Canada and more than 9,000 Canada Border Services Agency (CBSA) workers represented by the Public Service Alliance of Canada (PSAC).

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.

What to do this weekend

Our pick for what to eat, read, watch, and listen to this weekend.

Your next glass of OJ might have the juice but not the orange

Orange crops are so depleted that fruit juice makers are trying make orange juice without oranges.

The biggest election in history nears its end

After 44 days, seven distinct voting phases, and hundreds of millions of ballots cast, today is the final day of voting in the Indian federal election — the world’s largest election ever.

OpenAI's whiplash week

Sam Altman had a rough week. After a spat over possibly imitating Scarlett Johansson’s voice turned into a broader criticism of the OpenAI CEO’s “beg forgiveness instead of asking permission” approach to doing business, the hits kept coming.

VCs are moving past last year’s doom and gloom

 Canadian VCs aren’t letting foreboding warnings about the market dampen their spirits. 

Canada has a huge new vaccine plant

 Pharma giant Sanofi unveiled Canada’s largest vaccine production facility yesterday. The Toronto plant will produce shots for whooping cough, diphtheria, and tetanus, giving an immediate boost to the country’s pretty lacklustre vaccine supply chain.

Banks earnings season comes to a close

Canadian lenders are still feeling the effects of high interest rates on earnings, but more deal-making helped offset losses — even as the mean ol’ Bank of Canada waits to cut rates.

Driving the news: The capital markets arms at banks rebounded. Private equity firms in Canada invested $4 billion last quarter, almost double the amount seen in Q1 of last year.