Business

McDonald’s moneymaker gets a makeover

With consumers starting to lean into burger options that are less… let’s say, mushy, McDonald’s is revamping its classic road trip staple. 

Driving the news: After seven years of testing, McDonald’s is making over 50 changes to its signature hamburgers, including the infamous Big Mac, as the world’s biggest fast-food chain tries to keep pace in the booming burger business, per The Wall Street Journal. 

Scotiabank's earnings don’t bode well

Bank earnings season started not with a bang, but a whimper—one that could be sustained into 2024.

What happened: Scotiabank was the first of Canada’s Big Six banks to report earnings, missing profit estimates after setting aside a more-than-expected ~$1.3 billion to cover potential bad loans—a sign of what’s to come for other big banks later this week. 

Windsor’s battery plant job drama

Windsor’s new electric vehicle (EV) battery plant promised a plethora of jobs for Canadian workers, but that may have been a tad overhyped. 

Driving the news: The hiring of 900 temporary foreign workers at Stellantis-LG’s NextStar EV battery plant—which prompted a political brouhaha—will cost Canadian workers and contractors ~$300 million in lost wages, per the leader of Canada’s Building Trades Unions. 

Consumers go big on Black Friday

Shoppers don’t need to wait for their credit card statements to know how much they splurged this year, with new Shopify data spilling all the details… 

What happened: Shopify merchants processed $4.1 billion in sales over Black Friday weekend this year, a 22% jump from last year—a spending surge that surprised analysts and delighted retailers who had low expectations for the holiday shopping season.

Jennifer Quaid on Canada’s competition laws

On this week’s episode of Free Lunch by The Peak, Jennifer Quaid returned to inform us further about Canada’s competition laws, how they work, and how they’re going to change.

Ski resorts turn to subscriptions

Hanging out with a fancy group of friends and don’t know what to talk about? As if they prefer Epic or Ikon, and watch the ensuing debate light up the room. 

Driving the news: Ski resort conglomerates across Canada and the U.S. are turning to a subscription model (tell us if you’ve heard this before) to lock skiers and snowboarders into their networks — which means selling as many season passes as possible, per The WSJ. 

OpenAI future in jeopardy

A complete meltdown at the world’s leading AI company continues to provide a steady stream of watercooler talking points and cast doubt on the future of the company

Driving the news: By late last night, around 700 of OpenAI's 770 employees had signed a letter calling for Sam Altman's reinstatement as CEO — including board member Ilya Sutskever, one of the board members who initially voted to fire Altman, according to people who have seen the letter.

Jennifer Quaid on Canada’s competition laws

On this week’s episode of Free Lunch by The Peak, we sat down with Jennifer Quaid to talk about Canada’s competition laws and how they have shaped the country’s economy.

What’s wrong with the IPO market?

Canada’s IPO market is drier than a desert valley at high noon. 

Driving the news: Of the 20 tech companies that went public on the TSX between mid-2020 and late 2021, digital meeting tool company Q4 has become the sixth to officially de-list — with private equity firm Sumeru buying up the company’s shares for half of their issue price.

The CRTC takes on Canada’s telecom giants

Not all heroes wear capes: Canada’s telecom regulator is trying to make your phone bill a little less daunting. 

What happened: The CRTC is forcing Canada’s biggest telecom companies to give smaller, independent competitors in Ontario and Québec access to their fibre networks — it’s the first move in the regulator's push to increase competition in the highly concentrated sector.