The Peak Daily

After a solid two-year run, the Canadian economy might be finally slowing down, growing at an annualzed rate of 3.3% in the second quarter (missing the Bank of Canada’s 4% forecast). In its first three months of operation, iGaming Ontario (IGO) reported over $4 billion in cash wagers placed resulting in net revenue of $162 million split between operators, gaming sites, and the province. Donald Tru...

BlackBerry’s deal to sell 37,175 of its patents fell apart after the buyer landed US$90M short of the $600M agreed-upon payment, per The Globe and Mail. Canadian housing prices will fall between 20-25% from recent all-time highs by the end of 2023’s first quarter, according to a new report from TD Bank. The world’s richest man is citing a recent whistleblower report filed by Twitter’s former head...

As California experiences its worst drought in 1200 years (no, somehow that’s not a typo), two of North America's largest fruit sellers are looking to Canada to grow their berries . The European Commission confirmed that it’s working on an ‘emergency intervention’ to the continent’s electricity market as prices surge Forget heavy courseloads and unrequited crushes, Canadian post-secondary students...

As streamers continue to navigate a difficult year , Amazon has come up with one simple trick to turn things around: Produce and release the most expensive show of all time. Moderna is suing Pfizer and BioNTech in the US and Germany (where BioNTech is based), claiming that the companies’ COVID shot infringes on patents for key elements of its messenger RNA technology that made its ‘Spikevax’ shot...

As the consumer price index rises to 7.6% (compared with a year ago) shoppers are flocking to discount retailers… and investors are following closely behind. Get ready for a future where your commute is more crowded and the morning Tim’s line is even longer because Canada is going to have a lot more people. Golfers Tiger Woods and Rory McIlroy have formed TMRW Sports , a new venture partnering wit...

It’s been a rough week for markets as we wait for a vibe check on the economy coming out of the Federal Reserve’s annual policy symposium , kicking off in Jackson Hole today. There’s a new trend gaining traction online amongst hoards of disaffected workers: Quiet quitting . And no, it doesn’t mean silently walking out of the office one day, never to return Poor harvests in Brazil may start hitting...

European economists and business leaders are growing increasingly worried that economic slowdowns in the region’s leading economies could send the eurozone into a difficult recession. After garnering flack earlier this year for trying too hard to be TikTok , Instagram has now set its sights on wanting to be exactly like BeReal, another popular app amongst the Gen Zs. Yesterday, Canada inked a deal...

Germany’s chancellor Olaf Scholz has touched down in Canada and is ready to make an energy deal that absolutely does not include Russia. Because arts graduates didn’t have it hard enough already, a proposed merger between publishers may spell trouble for up-and-coming Canadian authors. The UK will deem vehicle manufacturers responsible for the vehicle’s actions while driving, meaning the human co-...

Just five months after activist investor Ryan Cohen took on a ~10% position in Bed Bath & Beyond (BBBY), his sudden exit has sent shares spiralling by ~40%. Canada’s top financial regulator has introduced its first-ever framework to **limit the exposure of federally regulated financial institutions, like banks and insurers, to crypto assets (nice!). Starting next year, Lloyd’s of London insure...

The demand for natural gas has soared this year, but producers in Alberta have been unable to capitalize on higher prices (and are seeing billions lost in revenue). Hundreds of thousands of homeowners across 100 cities are banding together and refusing to repay loans on unfinished apartments After a high ride throughout the pandemic, venture capital (VC) funding for Canadian companies has finally...

Almost a decade after Zellers left suburban malls across the country sitting empty, Hudson’s Bay Company (HBC) is looking to launch its Canadian discount chain back into relevance. Airbnb is introducing a new weapon in its war against fun and will soon roll out “anti-party technology” on its platform in Canada and the US. Canada’s largest unions are now clapping back at the Bank of Canada, advocat...

Inflation may have peaked, but still remains “far too high” according to a new op-ed penned by the Bank of Canada (BoC) Governor Tiff Macklem. Pandora announced the launch of its first collection featuring lab-grown diamonds later this month throughout Canada and the US. Canadian officials are pointing to a document recently posted on the White House website that explicitly calls for Canada to be...

Five US lawmakers decided to visit Taiwan just 12 days after the same trip by US House Speaker Nancy Pelosi prompted China to launch days of military drills around the self-governing island, which Beijing considers its territory WeWork’s Adam Neumann is back with a new company and he just raised $350 million in fundraising from venture capital fund Andressen Horowitz. Some of China’s biggest tech...

As Canadian employers face the lowest unemployment rate in decades, they’re moving to fill roles with temporary foreign workers (or TFW, for short) As the post-pandemic wedding boom picks up in Canada , so are bachelor and bachelorette festivities. The only problem? They’ve become more expensive than ever (thanks, inflation). The global food crisis wreaking havoc on the world’s poorest nations is...

The Canada Pension Plan Investment Board (CPPIB) saw its funds  drop by 4.2%  last quarter or roughly $16 billion—which sounds a lot worse than it actually is. According to the International Energy Agency (IEA), Western sanctions have had a limited impact on Russia’s oil exports, which is also its biggest money maker. The average price of a Canadian home is projected to  fall by ~25%  by the end o...

As a wave of economic uncertainty hits Big Tech, Microsoft is reining in the fun money. Extreme heat and low rainfall are drying up Europe’s rivers which could lead to potentially catastrophic impacts on the US$80 billion river trade contributes to the EU’s economy. And for our last story, La vita isn’t very dolce right now for Domino’s after the pizza chain failed to take off in the saucy dish’s...

Netflix is struggling to build its gaming business as less than 1% of their users interact with them on a daily basis Just when you thought things couldn’t get any worse for Canada’s airlines and airports, the government has  launched an investigation  into the flight cancellations  making headlines . Android users know that there is no greater indignity than being the only green bubble in a frien...

Japanese technology investor SoftBank reported a record loss of US$23 billion last quarter, after a spending spree that CEO Masayoshi Son described as delirious. Baidu (China’s Google) is the country’s first company licensed to commercially offer  fully driverless robotaxis  without a human supervisor present through Apollo Go, its driverless ride-hailing platform. Canadian hospital shutdowns that...

Canada will ban the import of restricted handguns this month, part of a broader effort to curb gun violence after the country’s deadliest mass shooting in 2019, per The Washington Post. A comprehensive free trade agreement with India would be a mega-win for the Canadian economy, according to a new study commissioned by business groups backing a deal. Amazon is buying iRobot, the maker of the Roomb...

Over 1000 miners in Nunavut could be  out of a job  come September after receiving termination notices warning that their mine might be forced to shut down as it nears its yearly extraction limit. Italy is close to clinching a ~$5 billion deal with US-based Intel to build an advanced semiconductor (chip) packaging and assembly plant in the country Good news for people whose hands get super sweaty...

After an earnings report more disappointing than a bad date who didn’t even offer to split the bill, Tinder is making some changes and curtailing its metaverse ambitions. If there’s anything we can learn from Nancy Pelosi’s jaunt to Taiwan–specifically, the criticism surrounding it–it’s that the world is pretty freaked out about China right now. If you’re wondering how bad a movie has to be for a...

For the first time in the company’s history, Uber reported positive cash flow in a quarter on the back of a record US$8.1 billion in revenue. As last year’s lockdowns drove online spending to new heights, Amazon’s carbon emissions grew 18% from the year before, according to the company’s latest sustainability report . Canadian National Railway is predicting a big rebound for Canadian grain shipmen...

Tech companies may be struggling, but it’s a great time to be in a more old-school business: oil and gas companies are raking in record profits and earning windfalls for shareholders. US antitrust regulators are suing to block Meta’s purchase of virtual reality startup Within, a move that could seriously hamper the company’s metaverse ambitions and have ripple effects across Big Tech. The debate o...

DeepMind is releasing an extended database with information for nearly every protein known to science, only eighteen months after introducing the AI behind it. Global natural gas prices are on the rise this week after Russia cut gas flows to Europe in half. The federal government wants to cut fertilizer emissions by 30% by 2030 per its latest climate plan, but farming critics believe that isn’t fe...

Microsoft is leading a crusade against Amazon’s dominance in the government cloud-computing space and is asking competitors to raise their voices, too. It’s earnings season and we’re breaking down the numbers from some of the biggest companies. FTX, the world’s second largest crypto exchange, is eying a purchase of South Korean crypto exchange Bithum as founder and CEO Sam Bankman-Fried looks to c...