Aliens: Terrifying threat from beyond the stars… or untapped economic opportunity? 

Driving the news: This week, a former US intelligence officer told Congress while under oath that the US government has been hiding UFOs from the public view for decades, including a wreckage that included "non-human" biologics (an alien, he means an alien). 

Like a friend trying to get you to the wildest party when it’s well after midnight, Tesla is facing accusations of over-exaggeration. 

Driving the news: A new bombshell exposé from Reuters alleges that Tesla had rigged its dashboards to show more optimistic driving ranges, starting about a decade ago. 

Inflation is cooling across the Western world, but don’t grab your party hats just yet. 

Driving the news: Over the last month, the Bank of Canada, US Federal Reserve, and European Central Bank (ECB) each raised their respective key interest rates by 0.25 of a percentage point, bringing the cost of borrowing in Western markets to 22-year highs. 

Canada’s top high-end winterwear brand (named after an aggressive northern waterfowl) is tapping into the growing consumer desire to get thrifty.

What happened: Canada Goose (CG) has launched a resale platform in Canada that lets people exchange their used apparel for gift cards worth up to 60% of the item’s retail price. 

As the demand for experiences like travel, movie passes, and concert tickets soars, companies are taking advantage by leaning into ‘dynamic pricing.’ 

Driving the news: Last weekend, some Cineplex locations charged $1 more for tix to see blockbusters Barbie and Oppenheimer than other older releases, per The Globe and Mail. 

According to a new TD Economics report, Canada's historic population growth risks exacerbating the country’s biggest problem areas.

What happened: With Canada on track to welcome over one million permanent and temporary residents in 2023—between immigrants, students, temporary workers, and refugees—economists from a Big Five bank are urging the feds to pump the brakes.

As of yesterday, almost 80% of Canada’s ministers are new or in a new role… all with the hopes of making a dent in the country’s most pressing issues ahead of the next election. 

What happened: Following what former Liberal minister Catherine Mckenna called a “bonkers Cabinet shuffle speculation," Prime Minister Justin Trudeau almost completely overhauled his front bench with a renewed focus on housing, defence, and public safety. 

Much like baggy clothes and country music, zoning laws are having a moment. 

What happened: Vancouver city council is voting on a policy that would allow developers to build up to six units on just over half of land reserved for single-detached housing. If approved, the policy could come into force by January. 

In the most significant rebrand since BackRub became Google, Twitter is now X. 

What happened: If you’ve ever thought of changing your name and leaving it all behind, Elon Musk is right there with you. This week, the X (previously Twitter) owner began rolling out the platform’s teased rebrand, bringing his vision of an “everything app” closer to life.  

AI chatbots have generated a lot of talk, but are they generating revenue??

Driving the news: Alphabet and Microsoft dropped their earnings reports for the first full quarter since going all in on AI. Both companies are at the forefront of commercializing generative AI and recently released search engine chatbots.

A new report from research and management firm Morningstar shows that only 48% of the revenue streams for Canadian equities are sourced domestically. In other words, your investments could be getting more globalized – whether you know it or not. 

Driving the news: According to Morningstar, Canada is joining the likes of the United States, Japan, and Australia as its companies’ revenues become more internationally focused. 

Forget crypto, the new get-rich-quick strategy is playing pro soccer in Saudi Arabia.  

What happened: Saudi Arabian soccer club Al-Hilal made a record-breaking €300 million bid for French superstar Kylian Mbappé to his current team Paris Saint-Germain, and reportedly intends to offer him a pay package totalling €700 million for a single season.

To keep emergency rooms open, hospitals are dropping stacks on private nurses.   

Driving the news: Per The Globe and Mail, Ontario hospitals are paying private nursing agencies more than quadruple the amount they paid back in the first year of the pandemic.

If you followed in Jay Z’s footsteps and locked up some expensive bottles of wine as a retirement investment, you might be looking for a refund right about now. 

Driving the news: Fine wines, pitched to investors as a safe store of value, have turned out to be not-so-safe after all, with values falling amid a rebound in the stock market.

Get ready to cross some more squares off your extreme weather bingo card, because El Niño is here. 

Driving the news: El Niño—a weather phenomenon that shifts temperatures and intensifies climate conditions—is underway and likely to become unusually strong later in the year. 

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

Columbia Business School professor and economist Brett House joined us on Free Lunch this week to explain what was behind the Bank of Canada’s latest decision to raise interest rates, and how they’re thinking about the economic picture moving forward.

Riding the comeback wave this year are cargo pants, vinyl records and… cruises? 

In addition to adding oat milk and Aperol Spritzes to their in-flight menu, Air Canada is making moves to add more sustainable aviation fuel (SAF).

Driving the news: The nation’s largest airline entered an agreement with SAF producer Air Company to use its unique “power-to-liquid" aviation fuel.