The Peak Daily

The TSX re-enters correction territory and S&P falls into bear market as recession fears intensify with rising inflation. Layoffs and hiring freezes in the US tech sector are creeping into Canada, with some prominent industry figures worried that tech could lose more jobs than during the 2008 financial crisis. Big oil companies are fleeing Alberta’s oil sands as the industry becomes a villain of the environmental, social and governance investing movement, per Bloomberg. The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.

BoC Governor Tiff Macklem now says rates may need to move above 3% to tame inflation, putting a rarely seen 0.75% hike on the table for the Bank’s next meeting in July. The United States may have finally dropped its COVID testing requirements for international travellers, but a combo of flight cancellations, airport backlogs, and labour disputes around the world are likely to make summer travel more painful than usual. In its never-ending quest to be the home of all things people use their ears to consume, Spotify is now making a push into the audiobooks space. The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.

Researchers at some of Canada’s top universities will continue to partner with Huawei even after the federal government banned the telecoms giant from the country’s 5G networks. In its annual Financial System Review, the Bank of Canada warned that high levels of household debt and record-high home prices are the top vulnerabilities that could lead to big problems for the country’s financial system*.* The world is running low on semiconductor chips and the most advanced chip manufacturers say they could see shortages running into 2024. The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.

Politicians in Canada and all over the world are jumping on the idea of seizing Russian assets to help rebuild Ukraine, despite a number of practical and legal hurdles. Soon you’ll be able to use your Scene card to save on more than just cinema popcorn, as Sobeys’ parent company Empire drops Air Miles to unlock better insights into customer data. Some of the most recognizable names from the PGA Tour will be missing from this weekend’s Canadian Open, as the Saudi-backed LIV Golf Invitational Series makes its debut in London. The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.

The price of lumber has bucked the inflation trend by plummeting more than 50% from recent peaks, as people adjust their spending priorities for a post-pandemic lifestyle. From fish-and-chip shops to big corporations, more than 3,300 workers across 70 companies in the UK will work 80% of their hours for 100% of their pay as part of the world’s largest four-day workweek pilot Shopify shareholders have voted in favour of giving CEO Tobi Lutke a special “founder share” that entrenches his control of the company

Municipal governments across the country, including Winnipeg, Ottawa and Charlottetown are enforcing new regulations to get a grip on the booming short-term rental market, ahead of the busiest summer travel season in years. Elon Musk threatened to walk away from buying Twitter in a letter that accuses the company of not complying with his request for data on the number of spam and fake accounts on the social media platform Day One of Apple’s World Wide Developer’s Conference kicked off yesterday with an updated iOS, a buy-now-pay-later service, and two new Macbooks capturing the most attention. The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.

Amidst rampant inflation and supply-chain disruptions, Canadian dairy farmers feel squeezed to get their products onto grocery store shelves. Billionaire CEO Elon Musk is feeling "super bad" about the economy and will move to pause hiring and cut ~10% of his Tesla workforce, he said in an email to executives on Thursday. Canada’s got a bigger productivity problem on its hands that threatens to drag down both business profits and wages. The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.

Montreal-based Repare Therapeutics has entered a deal (potentially worth US$1.2 billion) with pharma giant F Hoffman La Roche to create a new drug to treat cancerous tumours. Almost half of Canada’s asset managers, researchers and lenders are “not very satisfied” or “totally dissatisfied” with available company data for so-called “green” investments, One estimate suggests that inflation has offset two-thirds of the buying power of Canadians after the pandemic The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.

The Bank of Canada (BoC) is continuing to aggressively hike interest rates to combat high inflation, announcing another 0.5 percentage point raise yesterday to 1.5%. Canada’s largest employers are now required to report wage-gap data, part of an effort to shine a light on pay discrepancies across the country. Some of North America’s largest food and drink companies are pledging to limit advertising to children under 13, as increased regulation on the practice looms The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.

Canadians could soon find it difficult to cool down this summer as lifeguard labour shortages start to impact beaches and pools across the country. Over four million Canadians who use the Tim Hortons mobile app may have had their day-to-day movements recorded without their knowledge Job hunters tired of sending out cover letters that may never be read, along with employers tired of reading them, are increasingly turning to work messaging app Slack to connect The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.