All Business stories

It’s a bad time to be a big bank

Like a Transylvanian townsperson trying to ward off Dracula with garlic, Canada’s banking sector is trying to keep spooky times at bay with layoffs.

What happened: Scotiabank is the latest Canadian bank to roll out cost-cutting measures as the outlook for the economy worsens, moving to cut 3% of its employees (amounting to about 2,700 jobs) and bracing for a $590 million hit in restructuring charges this quarter.

Another day, another EV battery investment

Cigarettes. Hard drugs. Handing out electric vehicle (EV) battery plant subsidies. All of these are, apparently, highly addictive. 

What happened: The federal and Ontario governments have pledged nearly $1 billion in subsidies for a plant in Loyalist Township from Belgian EV battery group Umicore.

Why aren’t more Canadians starting businesses?

Entrepreneurs in Canada are getting harder to find than an apartment for under $2,000. 

Driving the news: There are 100,000 fewer business owners today in Canada than 20 years ago, with the rate of people choosing to start businesses down by more than half. With fewer small business openings, the rate of self-employment is notably down as well.

Five years of legal weed

Light up a dutchie and pass it ‘pon the left-hand side (or do so when the workday is over) because today marks the fifth anniversary of weed legalization in Canada. 

Driving the news: Per newly released Stats Canada data, Canada’s cannabis sector is valued at $10.8 billion, an increase from the $6.4 billion valuation it held when legalization occurred but a far cry from the lofty $22.6 billion potential that Deloitte predicted in 2018. 

Ikea cuts prices

In the market for a new place? The bad news is that rent will be terrifying. The good news is, furnishing it just got cheaper! 

What happened: Ikea is slashing prices on a range of its furniture worldwide, as easing supply chain costs have made things cheaper to produce. In a world where food and gas prices remain sky-high, at least the famous Billy bookcase just saw a 20% discount.

PAW Patrol is a Canadian success story

If you’ve had a passing interaction with a small child recently, chances are you’re aware of PAW Patrol, the animated series about heroic dogs. In fact, the show’s second movie hit theatres this month and had the largest box office opening for a Canadian film in a decade.

And now, the company behind it just made a move to get even bigger. 

What happened: Toronto-based toy giant Spin Master agreed to buy US toymaker Melissa & Doug for a cool US$950 million. Melissa & Doug specializes in toys for preschoolers and wooden jigsaw puzzles, diversifying Spin Master’s already vast portfolio of toys and games. 

Putting the stocks in Birkenstocks

A 249-year-old orthopedic sandal maker is now one of the year’s top IPOs amongst a crowd of buzzy tech companies. How did that happen? 

Driving the news: Birkenstock is hitting the public market today, with the German shoemaker aiming to sell ~32 million shares for US$46 a pop, giving the company a ~$9.2 billion valuation. 

Businesses are getting worried about weight loss drugs

Diabetes-turned-weight-loss medications like Ozempic, Wegovy, and Mounjaro—collectively known as GLP-1 drugs—may be shrinking more than just celebs’ waistlines. 

Driving the news: A growing number of companies are worried that mass adoption of the drugs, which work by suppressing people’s desire to eat and drink, will be bad for their bottom line and could lead to a general drop in consumption. 

Cordell Jacks on Canada’s looming succession wave

On this week’s episode of Free Lunch by The Peak, we chatted with Cordell Jacks, CEO and General Partner of The Regenerative Capital Group, to discuss the oncoming retirement wave of small-to-medium-sized business owners and how entrepreneurs can capitalize on it. 

BlackBerry cuts itself in half

BlackBerry just booted up the ol’ Bold 9700 and sent a heartfelt break-up text… to itself.  

What happened: BlackBerry announced its splitting into two separate public companies next March as it looks to stoke new investor interest and chart a clearer path forward.