Cyberattacks come with a high price

A cyberattack on Suncor has left the company and its customers looking for answers.

Driving the news: The Canadian energy giant is still reeling from the effects of a cyberattack that hit the company last weekend. Payment systems are down at a number of Petro Canada stations nationwide, and the website and app have also been affected. 

Need a financial planner? You might end up with a salesperson instead

My bank finally caught on to the fact that I'm no longer a student and made me switch to a regular chequing account. Now I have to pay them $11 a month to keep my cash in their coffers—but they could be making a lot more off of me. 

Meta rolls out new social media safeguards

Can you name anything scarier to Meta than the EU right now? We’ll wait. 

What happened: Meta is rolling out new features aimed at users aged 13-17 that will give their parents more supervision and warn them to cool it with all the dang scrolling. 

Job ads show a wage growth slowdown

Wage growth in Canada has been flying high this year, to the point where it has actually outpaced inflation. But new data from Indeed suggests it could be coming down to Earth. 

Driving the news: Advertised pay rates for new openings have been steadily decelerating, per Indeed, settling in at a 4% year-over-year increase in May, down from a peak of 5.3% last August. Deceleration was mainly driven by slowing wage growth for higher-paying jobs. 

FTX is plotting a comeback

In what would be the most shocking comeback since Michael Jordan returned to the NBA (pick either time that it happened), bankrupt crypto exchange FTX wants a fresh start

What happened: Current CEO John Ray III has begun looking for interested parties to help revive its flagship international crypto exchange, per The Wall Street Journal. 

Regulator calls for more competition in Canada’s grocery sector

The most-anticipated release of the summer just dropped: The Competition Bureau’s report on Canadian grocers.

Catch-up: The Bureau launched a probe into Canadian grocers last October to determine whether a lack of market competition had contributed to elevated food prices for Canadians. 

Collision conference arrives in Canada

Canada’s marquee tech conference is descending on downtown Toronto this week.

Driving the news: Over 700 speakers and 40,000 attendees—from business leaders and investors to politicians and professional athletes—are flooding the Enercare Centre from around the world to share ideas, (hopefully) ink deals, and catch a Blue Jays game after.  

Inflation slows, but still has a way to go

A new round of inflation data shows that rate hikes are slowing down the economy, but it’s too soon to start celebrating just yet. 

Driving the news: Canada’s annual inflation rate slowed a full percentage point to 3.4% in May, setting the stage for the Bank of Canada’s next interest rate decision in July. 

Adidas wins patent fight with Nike… this time

While losing a case in the Supreme Court might sound like a big deal for most people, it’s just another day in the life of the world’s biggest footwear brands. 

What happened: The US Supreme Court has refused to hear a complaint by Nike in a  decade-long sneaker design dispute with its archrival Adidas, per Reuters.  

Should the “sandwich generation” let their kids struggle?

If you’ve been on the internet for more than three weeks, you’ve likely come across the phrase “Okay, Boomer.” We’ve been blaming baby boomers for a lot of stuff lately, but the truth is, they might be keeping entire families afloat. 

You’re telling me a robot made these drugs?

Have you heard about INS018_055? No, it’s not the name of Grimes and Elon Musk’s newest child. It’s a potentially groundbreaking AI-designed drug.  

What happened: Biotech company Insilico Medicine has moved to a phase two clinical trial (the stage determining an experimental drug’s efficacy) for its lung disease drug called INS018_055—a first for a drug that’s entirely “AI-discovered-and-designed.” 

Construction costs are sky-high

The cost of raising a roof is going through the roof. 

Driving the news: The average cost of building a home or apartment complex in 11 major Canadian cities was up 54% in the first three months of 2023 compared with the same timespan in 2019, per The Globe and Mail.

Fake meat isn’t meeting expectations

Even though it’s making headlines, lab-grown chicken is the least of the plant-based meat industry’s concerns right now. 

Driving the news: Plant-based meat is the latest victim of high-interest rates and inflation, with a rash of startups lining up for the slaughterhouse as investments dry up, production costs surge, and shoppers looking to cut grocery bills opt for the real, cheaper thing.  

Vladimir Putin had a chaotic weekend

When your colleagues ask how your weekend was, you can say, “Much more chill than Vladimir Putin’s, that’s for sure.”

Driving the news: Russia was engulfed by unrest over the weekend when mercenary leader Yevgeny Prigozhin led his Wagner Group troops to within a few-hours drive of Moscow before abruptly abandoning his mutiny and going into exile.

What to do this weekend

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

Canada’s accounting shake-up

This week, the groups representing accountants in Ontario and Quebéc told Canada’s national accounting organization, “it’s not you, it’s us… well, it’s also you.” 

Driving the news: CPA Ontario and Québec CPA Order have made the dramatic decision to withdraw from Chartered Professional Accountants of Canada, per The Globe and Mail. 

Chatbots help Indians sidestep red tape

Most of us use AI chatbots for mundane, day-to-day tasks like drafting memos or meal planning. But in India, they’re giving the nation’s poorest populations a leg up. 

Driving the news: A new wave of AI chatbots in India can help citizens seek legal justice, advice, and career support. One developer found that some people had given up on getting aid or information due to language barriers and bribe demands from government officials. 

Canada Bread ordered to pay record fine

If you thought 37$ chicken breasts were bad, just wait until we tell you about Canada Bread.

Driving the news: One of Canada’s biggest bread producers, Canada Bread, plead guilty to a years-long price inflation scheme unveiled by a Competition Bureau crackdown. The firm will be on the hook for a $50 million fine—the highest ever imposed by a Canadian court. 

What happens when no one wants oil?

A new report about the future of Canada’s energy sector begs the question: What are we going to sell in a world where nobody wants oil? 

Driving the news: For the first time, Canada’s national energy regulator looked into what would happen to Canadian oil and gas revenues if the world met its net-zero goals. While plenty of countries are still more than happy to buy Canada’s oil—for now, at least—the report shows the country’s oil production could plummet 76% below 2022 levels by 2050. 

The fight of the century: Musk vs. Zuck

Standing in this corner, coming in at 6 foot 1, 200 pounds. The Pride of Pretoria. The Man With a Million Titles. Twitter owner Elooooooon Musk! 

And in this corner, coming in at 5 foot 6, 155 pounds. The Master of the Metaverse. The Harvard Haymaker. Meta CEO Maaaaark Zuckerberg!  

What happened: Elon Musk and Mark Zuckerberg have agreed to a cage fight. No, this isn’t a story from an abandoned April Fool’s edition, but somehow the actual reality we’re living in.