The Peak Daily

After becoming the first company to  lose US$1 trillion in market value  (yes, ever), Amazon is taking a long, hard look at its business, because something ain’t right. Elon Musk held his first meeting as the company's CEO, fielding questions from staffers and dropping several off-side comments, like saying “ there’s a good chance ” Twitter will not survive the economic downturn. After  scrambling...

Cost-cutting is the name of the corporate game these days, and WeWork is no exception. Just a few months ago, text-to-image AI seemed like super-futuristic tech reserved solely for hardcore researchers. Now, it’s available for free on one of the most popular design apps. In the wee hours of Thursday morning, NASA launched JPSS-2— its newest satellite, which joins a global observation system analyz...

Keurig Dr. Pepper invested US$50 million for a minority stake in Athletic Brewing , a leader in the booming non-alcoholic craft beer market. Picture this: The reality TV show “ Love is Blind ,” but for your personal dating life. The Big Tech carnage continued as Meta laid off 13% of its workforce (~11,000 workers), in the largest staff reduction in the tech industry this year. Celebrating somethin...

Live from The Peak’s Bet on Canada Summit in Toronto! Retirees used to spend their time sunning in Florida. These days, they’re going back to work . The federal government will dish out money to fix provincial healthcare—hooray! And just like that, one of the world’s most valuable cryptocurrency exchanges has fallen. Celebrating something? Let us know here: https://thepeak.typeform.com/to/MNdYA3TO...

Executives at Airbnb want you to know they have, in fact, read all your angry tweets about out-of-control cleaning fees , and that they’re listening and learning. Canada’s proposed Online Streaming Bill Canadian is starting to make creators sweat. Americans head to the polls today, which means that by tomorrow there will be a crop of kooky new congresspeople that may or may not keep you awake at n...

In exchange for not seeing the sun after work until spring, you’re now getting an extra hour of sleep—and the odds are, that’s something you desperately need. Unilever, the multinational giant that owns brands like Ben and Jerry’s and Dove, is the biggest corporation yet to give a big thumbs up to the four-day workweek. China’s president Xi Jinping has gone from having “ concerns ” over the war in...

Over 55,000 Ontario education workers, including early childhood educators, educational assistants and custodians, are set to walk off the job today. The government served up its annual Fall Economic Statement , including a declining deficit as the main, and risks around Canada entering into a recession as a side. As the world becomes increasingly like a sci-fi novel, new devices are letting the h...

The US Federal Reserve raised interest rates by 75 percentage points, bringing its benchmark rate range to 3.75%-4% and effectively making any type of debt (mortgages, credit cards, auto) a little bit pricier. Less than a week into his tenure as “Chief Twit” turned “ Twitter Complaint Hotline Operator ,” Elon Musk is moving quickly to make his mark on Twitter by revamping its business model. The l...

The Adidas-Kanye West split meant the death of Yeezy: The immensely popular and influential line of shoes the controversy-mongering rapper designed for the company. That’s potentially bad news for the sneaker resale market (projected to be a US$30 billion industry by 2030 ) and for those touting sweet kicks as a burgeoning asset class. Toronto-based TouchBistro, a software provider for restaurants...

From squashing presidential term limits to picking fights with Taiwan, a lot is going on in China these days... so much so that we almost forgot about the zero-COVID crackdowns. Canadians are starting to feel the economic crunch as the Bank of Canada continues to try and combat inflation that’s more stubborn than a toddler before naptime. Italian alcohol giant Campari paid US$600 million for a 75%...

First came “The Great Resignation”. Then there was “quiet quitting” (and the reaction, “quiet firing”). Countless stories about workers checking out from their job over the past year—either literally, or just mentally—painted a bleak picture of the modern workplace, but one that new data suggests bears little relationship to reality. After what felt like thousands of years (but was really just a f...

In the midst of a healthcare workers shortage, Canada's nurses are heading south of the border. From exercising organs to “ hacking ” menstrual cycles, there’s a ton of terrible medical advice on the internet… which is why YouTube is moving to certify channels of licensed professionals like doctors, nurses, or therapists who produce health-related content. Household wealth in Canada dropped by ~$9...

The Bank of Canada surprised markets with a smaller-than-expected interest rate hike of 0.5 percentage points yesterday (bringing its policy rate to 3.75%), below the 0.75 percentage point hike most economists had forecast. Deepfakes are growing in popularity with small brands to generate buzzy content featuring celebs without having to shell out endorsement money,  per  The WSJ . On Monday, NASA’...

Remember when Europe faced those “unprecedented risks” to its natural gas supply earlier this month? That was then. Now, the continent is basically swimming in it. Canadian pot grower Canopy (+23.5%) has purchased three pot companies south of the border (Acreage, Wanna, and Jetty’s) to form a brand new American business arm. Tech giants Microsoft and Alphabet are kicking off a week packed with ear...

Saudi Arabia’s [Future Investment Initiative]( https://www.bnnbloomberg.ca/wall-street-is-heading-to-saudi-arabia-as-us-oil-spat-simmers-1.1836247#:~:text=An escalating dispute over an,the US and Saudi Arabia.) (FII) kicks off today, with the who’s who of international finance meeting in Riyadh to talk shop, despite the icy chill hanging over Western relations. As Canada Blood Services (CBS) deals...

If Snap’s earnings are any indication of how social media companies are faring right now, the answer is: Not well, not well at all. The G7 price cap on Russian oil imports set to start December 5 has been touted as the biggest step yet in defunding the Russian war machine. But experts aren’t so sure. The battle between blue and green bubbles is about to get a whole lot uglier as cars evolve into d...

After six weeks in office (the shortest tenure for a British prime minister), Truss was forced to resign in the wake of economic turmoil caused by her disastrous “mini-budget”. In today’s normal, nothing-to-see-here news: VIA Rail is adding ‘buffer cars’ to its oldest passenger trains to absorb impact in the event of a crash. Tomorrow’s draw for the 2023 Women’s World Cup will decide the tourney’s...

After a rocky year of subscriber losses and investor doubt, Netflix is back with ambitions bigger than a season premiere of Stranger Things. The annual inflation rate slowed to 6.9%, down from 7% last month, mostly thanks to falling gas prices, but is still above what most experts expected . The core inflation rate (which excludes energy and food prices) actually rose to 5.4% from 5.3%. In the glo...

Friendshoring is on the rise as Western countries start shifting trade to friendly partners to cut dependence on totalitarian regimes, most notably China and Russia. Goldman Sachs, one of the world’s most important financial institutions, is restructuring its business to streamline work and improve its digital offerings. Meta is selling Giphy after UK regulators ruled that its ownership of the pop...

Canada’s biggest grocer announced it is freezing prices on all of its No Name products (over 1,500 items) until the end of January 2023, per The Globe and Mail. When the NHL kicked off its season last week, fans were quick to notice the addition of digitally enhanced dasherboards (DEDs) on rink boards, with some taking to social media to air their grievances around the “hard-to-watch” animations....

Embattled British PM Liz Truss made (another) U-turn yesterday, firing her top finance official, Kwasi Kwarteng, and reversing plans to slash corporate taxes. Weather forecasts have always been unreliable (the atmosphere is changing constantly), but as the weather becomes  even more unpredictable, sports leagues, airlines, and even militaries are turning to private forecasters. If you’re looking t...

US core inflation hit a four-decade high last month, which, to be clear, is the opposite of what Jerome Powell & Friends need to prove their plan to cool the economy and achieve a “soft landing” is working. Canada is famous for many things: Poutine, hockey, ketchup chips—and high, high prices. According to The National Post, Canadians are paying a serious premium for products, including mobile...

Canada-based Cameco and Brookfield Asset Management’s renewables division have buddied up to buy nuclear company Westinghouse Electric for US$7.9 billion amid a global frenzy to find climate-friendly alternatives to Russian energy, per The Wall Street Journal . Meta is betting that companies will pay $1,500 for the company’s new Quest Pro virtual reality headset, in its push to bring the metaverse...

Seven months into the Bank of Canada’s rate hike spree, some Canadians are already taking to their local parks to protest higher interest rates on their mortgages. Dream job alert: Get paid millions of tax-free dollars to help design a gleaming city of the future from the ground up. There’s only one catch: Your employer is the Kingdom of Saudi Arabia, and that city is Neom, the brainchild of Crown...

Hockey Canada has officially lost every last one of its top-tier corporate sponsors after  Nike  suspended its 23-year partnership with the organization Have you been spending time in the metaverse? No? That makes you, everyone else you know, and even Meta's own employees. Six years after the release of the  Panama Papers , it’s not clear if the government has collected any tax-evasion-money hidde...