All Business stories

Fake meat isn’t meeting expectations

Even though it’s making headlines, lab-grown chicken is the least of the plant-based meat industry’s concerns right now. 

Driving the news: Plant-based meat is the latest victim of high-interest rates and inflation, with a rash of startups lining up for the slaughterhouse as investments dry up, production costs surge, and shoppers looking to cut grocery bills opt for the real, cheaper thing.  
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Canada’s accounting shake-up

This week, the groups representing accountants in Ontario and Quebéc told Canada’s national accounting organization, “it’s not you, it’s us… well, it’s also you.” 

Driving the news: CPA Ontario and Québec CPA Order have made the dramatic decision to withdraw from Chartered Professional Accountants of Canada, per The Globe and Mail. 
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Canada Bread ordered to pay record fine

If you thought 37$ chicken breasts were bad, just wait until we tell you about Canada Bread.

Driving the news: One of Canada’s biggest bread producers, Canada Bread, plead guilty to a years-long price inflation scheme unveiled by a Competition Bureau crackdown. The firm will be on the hook for a $50 million fine—the highest ever imposed by a Canadian court. 
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Canadian grocers face potential windfall tax

If you were disappointed by the new grocer “code of conduct” for being light on details around how the new rules would actually be enforced, this might be some welcome news. 
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The Peak sells to Moses Znaimer’s ZoomerMedia

We have, as they say, some personal news

What happened: The Peak has agreed to sell to ZoomerMedia for an aggregate purchase price of $5 million, the companies announced yesterday. 
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Shopify faces class action suit over severance pay

Shopify employees were once known for their loyalty and reverence for the company, but that was before people started getting fired. 

Shopify is facing a class action lawsuit that alleges the company dialled back on hefty severance sums offered to laid-off employees. Shopify says the offers were miscalculated, but ex-employees are asking for a $130 million apology, per the Canadian Press.   
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Canadian banks hurt by weak earnings

Our high-level bank earnings summary: “Not great, but things could be worse.” 

Four of Canada’s Big Five banks—TD, RBC, BMO, and Scotiabank—missed estimates this week as tough economic conditions force lenders to put aside more money to prepare for borrowers falling behind on their repayments. 
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WestJet lands a deal

WestJet and the union representing its pilots struck a last-minute deal to avert a strike (and rescue many people's weekend travel plans).

What happened: The Air Line Pilots Association, which represents around 1,800 pilots at WestJet and its subsidiary Swoop, announced it had a deal with the airline early this morning.
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Who’s paying for the EV transition?

Everyone wants to be the next big EV player… as long as someone else pays for it.
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Canadian trucking has a tax dodging problem

A group representing Canadian truckers is sounding the alarm about a scam it thinks has reached a “crisis level.” And unlike a novelty mudflap, it’s no laughing matter.
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