Meta must sell Giphy (in a jiffy)

Meta is selling Giphy after UK regulators ruled that its ownership of the popular GIF platform restricts consumer choice and hurts competition both in the ad and social media markets.

Goldman updates itself, again

As deals slow and tech grows, old-school banks are re-inventing themselves to keep up.

You've got a friend in me

The hot new trend in global trade: “Friendshoring,” which means shrinking economic ties with countries you disagree with, and increasing them with nations you’d grab a beer with. 

Gassed up

There’s a new app you need to know about to not feel so hopelessly out of touch next time you’re around teens: It’s called Gas, and it’s rocketing up the download charts, per The WSJ.

Why it’s happening: Despite only being available in a few US states right now, Gas has caught on by allowing users to send semi-anonymous compliments to others at their high school (like choosing someone as “the most beautiful person you have ever met”). 

Virtual ads, real outrage

Advertising money makes the world go round these days… but that’s been a harsh realization for some of Canada’s most dedicated hockey fans. 

Driving the news: When the NHL kicked off its season last week, fans were quick to notice the addition of digitally enhanced dasherboards (DEDs) on rink boards, with some taking to social media to air their grievances around the “hard-to-watch” animations.

No name, no price hikes

Inflation numbers are dropping on Wednesday, shoppers and politicians are getting pretty pissed about food prices, and Loblaw is starting to play defence. 

Driving the news: Canada’s biggest grocer announced it will freeze prices on all of its No Name products (over 1,500 items) until January 2023, per The Globe and Mail. 

Snowbirds will pay more for Southern hospitality this winter

If you were planning on taking a cheap vacation this winter and crashing on your Granny’s couch in Boca Raton, you better bring that birthday card money along to foot the bill. 

“The hell with it”: Musk says he’ll keep funding Ukraine’s Starlink

He doesn’t sound happy about it, but Elon Musk is apparently willing to keep footing the bill for Starlink access in Ukraine indefinitely. 

What happened: The SpaceX CEO tweeted that the company would continue funding the satellite internet service, a reversal from a day before when he said SpaceX would have to be compensated by the Pentagon if it was to continue operating in Ukraine.

China vows to win chip war

The chip war is on, and we’re not talking about the always-heated debate about Doritos vs. Miss Vickies—this is the (just slightly) more important battle to control the world’s supply of the most advanced computer chips. 

Driving the news: Chinese President Xi Jinping committed to developing his country’s capacity to build its own cutting-edge semiconductors in a two-hour speech at the Communist Party’s twice-a-decade congress.

WEEKENDER

Where to get promoted

If you’re looking to move up the ranks at your company, you might just want to find a new one, according to a new study that found what you do isn’t as important as who you do it for.

  • Where you work “has big consequences,” the Burning Glass Institute’s President told The WSJ. “But … workers don’t have the visibility to make an informed choice.”

Weather forecasting goes private

If you’ve tried to plan a day at the park recently, you’ve probably been the victim of “unpredictable weather.” 

Driving the news: Weather forecasts have always been unreliable (since the atmosphere is changing constantly), but as the weather becomes even more unpredictable, sports leagues, airlines, and even militaries are turning to private forecasters for answers. 

Can Truss outlast a lettuce?

Embattled British Prime Minister Liz Truss made (another) U-turn yesterday, firing her top finance official, Kwasi Kwarteng, and reversing her plans to slash the corporate tax rate. 

Catch up: All eyes are on Truss as she scrambles to hang on as Prime Minister after a disastrous first few weeks in office, during which her government’s economic proposals (which she heavily campaigned on) brought the UK to the edge of a financial crisis.

TikTok versus everyone

TikTok has already put a dent in Meta’s ad business, but now the company is preparing to take on even more Western tech giants with a push into music streaming and e-commerce. 

Driving the news: TikTok parent ByteDance is laying the foundation to compete with both Spotify and Amazon, according to a pair of reports this week.

Paying the Canada premium

Canada is famous for many things: Poutine, hockey, ketchup chips—and high, high prices. 

According to The National Post, Canadians are paying a serious premium for products, including mobile plans, grocery hauls, and some basic services. Let’s unpack. 

An unwelcome inflation surprise

US core inflation hit a four-decade high last month, which, to be clear, is the opposite of what Jerome Powell & Friends need to prove their plan to cool the economy and achieve a “soft landing” is working. 

Driving the news: The core measure of the consumer price index–which excludes volatile energy and food prices–surged by 6.6% year-over-year last month, up from 6.3% in August.

Skilled workers shown the door

Let’s circle back… in the metaverse

A Zoom call is convenient, sure, but it lacks a certain je ne sais quois that you can only get through in-person meetings…

…that’s why Meta is betting that companies will pay $1,500 for the company’s new Quest Pro virtual reality headset, in its push to bring the metaverse to the corporateverse.

The new nuclear age

You can definitely call it a comeback: Nuclear power is back in vogue.

Canada-based Cameco and Brookfield Asset Management’s renewables division have buddied up to buy nuclear company Westinghouse Electric for US$7.9 billion amid a global frenzy to find climate-friendly alternatives to Russian energy, per The Wall Street Journal

Lego wants to be educational, too

The world’s largest toy company is starting to play in the $1 trillion education business. 

What happened: Lego owner Kirkbi A/S is buying video-learning firm Brainpop for US$875 million as the company expands into classroom learning, per The Wall Street Journal