Business

TD probe revolves around U.S. drug trafficking case

For well over a year, Bay Street wondered what TD had done to find itself at the heart of a U.S. money laundering probe. After a long, mysterious wait, we’ve got some answers. 

Driving the news: A U.S. Justice Department probe into TD Bank is reportedly tied to the drug trafficking operation of a Chinese crime group that laundered at least US$653 million in profits from the sale of illegal narcotics, including fentanyl, at U.S. banks.

AI isn’t the only way tech companies are making money

Some tech companies have found a novel strategy for success: selling stuff.

Viking IPO has a successful maiden voyage

As post-IPO performances from shoe brands and vanity social media platforms disappoint, investors are looking to the Seven Seas for new buys.

What happened: Viking Cruises has set sail on the rocky waters of public trading, as shares of the luxury cruise line began trading yesterday after its US$1.54 billion IPO. It’s one of the biggest IPOs of the year so far, propelled by what looks like another banner year for cruises. 

The business trip is back

After a years-long hiatus, business travellers are wiping the dust off their old carry-ons and saying sayonara to their home offices. 

Driving the news: The age-old business trip is seeing a resurgence as companies in Canada and the U.S. move on from virtual meetings and send their employees back into boardrooms and conferences around the world. 

Fed-up shoppers plot Loblaw boycott

For thousands of Canadians, their relationship with Loblaws has reached the breaking point.

Driving the news: A month-long boycott of Loblaw-owned stores is set to begin tomorrow as fed-up shoppers protest stubbornly exorbitant prices at the nation's largest grocer. 

Amazon scoops up NBA rights

Amazon is spending billions of dollars to make sure fans have to get Prime to watch the Raptors lose.

Driving the news: Amazon Prime and the NBA are close to a deal that will give the streamer exclusive rights to a significant package of regular season and playoff games beginning in the 2025-2026 season, per The Athletic.

Tech companies are getting pushed for results, not hype

Investors who were unnerved yesterday morning ended up sleeping easy, thanks to some better-than-expected financials from major tech companies.

Big Tobacco doesn’t want any smoke… literally

The market for cigarettes might be going up in smoke, but Big Tobacco has new products ready to take their place.

Driving the news: Tobacco giants Philip Morris and Altria both posted revenues last quarter that blew past analyst estimates thanks to booming demand for smoke-free cigarette alternatives like nicotine pouches and heated tobacco sticks. 

Honda is the latest entrant into Canada’s EV arena

Like a rapper officially releasing a leaked diss track, Honda has dropped a long-awaited project that’s making waves throughout the industry. 

What happened: Honda officially announced its $15 billion electric vehicle investment plan in Ontario, with designs to build four — count ’em, four — new EV plants in the province. The federal government touted the move as the “largest auto investment in Canada’s history.”

Salmon farming business is in its flop era

Canada’s salmon farming industry is gasping like a fish out of water right now, and consumers looking for some homegrown salmon could soon pay the price.

Driving the news: Last year, production of farm-raised salmon in Canada hit its lowest level since 2000, per new numbers from the Canadian Aquaculture Industry Alliance. A total of 90,000 metric tonnes of salmon were farmed, a colossal 39% dip from the record-high crop seen in 2016.