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The Logic •

Exclusive: Sanctuary AI’s board pushed out CEO Geordie Rose

Vancouver robotics startup Sanctuary AI’s board of directors forced co-founder Geordie Rose out as CEO earlier this month, The Logic has learned, setting off a string of personnel changes at the company.

In an email obtained by The Logic, chief financial officer Philip Smith told investors that Sanctuary’s board decided to remove Rose as CEO and “separate him from the company.” The board has formed a search committee and is now working with a global search firm to find a replacement, the Nov. 9 email said. The email did not provide details on why Rose was ousted.
The Logic •

The dark comedy of Toronto’s sky-high housing prices

Home seller June places sharp, oversized metallic bugs around her gold-embellished Toronto residence. Her late father’s shiny and bizarre insect artwork was created to reflect the ugliness within—and does exactly that for onstage characters brawling over her house in a new Toronto play.

Playwright Michael Ross Albert’s The Bidding War, which premiered at Toronto’s Crow’s Theatre earlier this week, serves as a commentary on the competitive reality of the city’s sky-high real estate market. Tensio...
The Logic •

Canada’s ‘very silent’ IPO market may be poised to bounce back

Canada’s market for initial public offerings may be preparing for a comeback after a years-long dry spell, as industry insiders say the number of large companies looking to list is on the rise.
Montreal fashion retailer Groupe Dynamite launched its IPO earlier this week with a $2.3-billion valuation target, pricing its shares between $19 and $23. And it’s not the only Canadian firm that may be eyeing going public.

Canada’s market for initial public offerings may be preparing for a comeback afte...
The Logic •

Mild winters are melting the rental property market in Canada’s ski towns

The snow-capped hills of Collingwood, Ont., were an ideal training ground for elite skier Natalie Knowles. She grew up five minutes from the slopes, and recalls a well-maintained ski experience that bred her love for the sport. 
Now, when the former Team Canada skier returns to visit her parents, the conditions there aren’t quite the same. Grass pokes through thin layers of snow, and spots of mud cake the slopes.
Bloomberg.com •

Condo 'Catch-22' Ensnares Toronto Real Estate Investors

Shemeer Ahmad is stuck with a condominium investment located near Toronto that’s losing hundreds of dollars every month.The entrepreneur purchased a two-bedroom apartment in 2019, as rents were rising and real estate seemed like a safe bet. Now, he’s losing around C$830 ($604) every month as high mortgage rates and other costs suck up more than what he receives in rent. He could sell — but he’s worried he would lose tens of thousands of dollars on it.

Shemeer Ahmad is stuck with a condominium i...
Bloomberg.com •

CIBC Plans Hiring Spree in Artificial Intelligence, Data Jobs

Canadian Imperial Bank of Commerce plans to hire more than 200 employees in data and artificial intelligence over the next year as it expands its use of generative AI.The country’s fifth-largest bank has carried out a number of pilot programs using generative AI and is adding staff in Canada to accelerate those efforts, Christina Kramer, the bank’s head of technology and innovation, said in a statementBloomberg Terminal.

Canadian Imperial Bank of Commerce plans to hire more than 200 employees i...
Bloomberg.com •

Record Maple Syrup Harvest Not Enough as Quebec Eyes Bigger Bounty

A record maple syrup harvest just isn’t enough for the world’s top producing region. Quebec — the source of 72% of the world’s maple syrup — is ramping up output to not only quench global appetites for the pancake topper, but also to replenish depleted stockpiles that are set aside to protect Canadian farmers against bad harvests in a volatile industry.

A record maple syrup harvest just isn’t enough for the world’s top producing region.

Quebec — the source of 72% of the world’s maple syrup — i...
Bloomberg.com •

A Third of Canadian Rockies Town Jasper Is Destroyed by Wildfire

The extent of the devastation from the wildfire that swept through Alberta’s resort town of Jasper is starting to emerge, as fire crews continue to fight the massive blaze that has engulfed the iconic national park in the Canadian Rockies.The inferno destroyed about 30% of the town, with 358 of 1,113 structures burned down, Jasper National Park said Friday in a statement. All critical infrastructure has been protected, though, including the hospital, emergency services building, schools, activit...
Bloomberg.com •

Rainfall to Alleviate Wildfire That Blazed Canada Rockies

Rainfall is expected to bring some relief to a fast-moving wildfire that ripped through the Rocky Mountain resort town of Jasper, destroying homes and businesses and threatening key infrastructure in the evacuated Alberta community.The area saw cooler temperatures and 10 to 15mm (0.6 inches) of rainfall shortly after midnight local time, Jasper National Park said in an update on X, formerly Twitter. That should help keep fire activity low for the next 72 hours.

Rainfall is expected to bring som...
Bloomberg.com •

Corus Warns About Its Future After Devastating Loss of Warner TV Rights

Canada’s Corus Entertainment Inc. warned that it may soon breach its debt covenants and said it’s planning more restructuring as advertising revenue spirals downward. The shares plunged to a record low. Analysts advised shareholders to get out before the company is recapitalized. Adam Shine, an analyst at National Bank Financial, cut his price target to 1 Canadian cent. “It’s hard for us to ascribe any remaining value for equity holders,” he wrote.

Canada’s Corus Entertainment Inc. warned that...
Bloomberg.com •

Canada’s Maple Leaf Foods to Spin Off Pork Unit Amid Growth Push

Maple Leaf Foods, one of Canada’s largest food companies, is spinning off its pork division in a push to expand growth opportunities while reducing exposure to volatile commodity markets.Maple Leaf Foods will retain a 19.9% stake in the new pork company, the Mississauga, Ontario-based company said in a Tuesday statementBloomberg Terminal. The yet-to-be-named pork company will supply meat at market prices to Maple Leaf Foods while tapping its North American sales network.

Maple Leaf Foods, one o...
Bloomberg.com •

Temporary Residents, New Immigrants Push Up Canada Unemployment

Temporary residents and recent immigrants are driving up Canada’s unemployment rate, as record numbers of newcomers welcomed to the country to fill labor shortages are now struggling to find work.The unemployment rate for temporary residents – including foreign workers, international students and asylum seekers – was 11% in June, according to Bloomberg calculations. Using comparable data, the unemployment rate for all workers was just 6.2% last month.

Temporary residents and recent immigrants a...
Bloomberg •

TD Says Deep Rate Cuts Will Revive Canada’s Economic Growth

The Bank of Canada ’s decision to begin cutting interest rates ahead of the Federal Reserve will ultimately lead to a “big tailwind” for the Canadian economy, Toronto-Dominion Bank economist James Orlando said.

Canada’s economy is projected to grow just 0.9% this year, well below the estimated 2.3% growth in the US, according to a Bloomberg survey of economists. Canadian consumers are more sensitive to interest rates — they have more debt than US households, on average, and mortgage rates are r
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