Business

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. 

Pop brands join the drink industry’s health kick

The way things are trending, a nice fizzy drink could soon replace your morning vitamins.

Driving the news: Legacy pop brands like Coca-Cola, Pepsi, and Sprite are dropping new low-cal, bold-flavoured drinks in an effort to keep up with newer brands that are catering their fizzy beverages to younger and health-conscious consumers. 

Indigenous investing is on the rise

Just like a space probe hurtling through deep space, Indigenous investing is only going up.

What happened: The First Nations Bank of Canada — the largest Indigenous-owned bank in the country — announced a plan to raise as much as $50 million to reach more customers, expand its capital by as much as 50%, and double its loan book to $600 million.  

Uber pulls up to Newfoundland

Break out the bottle of Screech and reel in a kissable cod because Newfoundland has a new resident: Uber.

What happened: Uber is now servicing St. John’s, Newfoundland's largest city, and the accompanying Avalon Peninsula area. It is the first ride-sharing company to operate on the Rock since the province updated its Highway Traffic Act late last year to support such services. 

Can the competition watchdog get its groove back?

Canada’s competition watchdog is looking to regain its mojo after face-planting in its attempt to block a merger between Rogers and Shaw last year.

What happened: The Competition Bureau issued a report warning that Bunge’s impending US$8.2 billion acquisition of fellow agriculture company Viterra will seriously reduce competition in Canada’s agricultural sector, particularly in the grain and canola oil markets.

Québec Amazon warehouse attempts to unionize

Things coming to Canada this year: Shake Shack, the Eras Tour, and… a unionized Amazon warehouse? 

What happened: The DXT4 Amazon warehouse in Laval, Québec, could soon be the first in Canada to unionize after the Confédération des syndicats nationaux (CSN) — one of Québec's largest trade union federations — filed an application to represent 200 workers there.

Feds pitch reluctant global grocery chains on move to Canada

The federal government is sending out invites asking foreign grocery chains to come to Canada, but like a sad birthday party, it’s doubtful anyone will show up.

Catch-up: Canada’s Industry Minister is trying to lure 12 different foreign grocery chains to set up shop in the Great White North, part of an effort to increase competition in the grocery sector, per The Wall Street Journal.

CEO looks to take 23andMe private

The DNA test kit that once made Oprah’s list of favourite things (alongside sheepskin slippers and pre-made chicken pies) has fallen on tough times.

What happened: 23andMe CEO Anne Wojcicki is planning to take the company private following a disastrous three years, during which its valuation crashed ~98%. The company’s stock has fallen so far that it has been on the verge of being delisted from the Nasdaq. 

NHL scores a record-breaking year

The only thing more impressive than the players' soon-to-be-grown playoff beards is the total at the bottom of the NHL balance sheet this year. 

Driving the news: The NHL playoffs are kicking off this weekend, but the league is already set to walk away as the real winner — though it won’t be hoisting a silver cup — after raking in a record US$6.2 billion this season thanks to a number of lucrative sponsorship deals.   

Canada has mob ties and a money laundering problem

*Spoken in the worst Tony Soprano impersonation you’ve ever heard* You think La Casa Nostra don’t have a piece of da pie in da Great White North? Ayyy, fuhgeddaboudit! 

Driving the news: A faction of the infamous 'Ndrangheta Italian mafia allegedly laundered money through TD and RBC branches in Ontario after a suspected leader made connections with bank employees, according to reporting by the Toronto Star and other media outlets.