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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
Bloomberg •

Canada’s Conservatives Win Liberal Stronghold in Blow to Trudeau

Canada’s Conservative Party won a special election in a district in central Toronto, dealing a substantial blow to Prime Minister Justin Trudeau’s Liberal Party ahead of a national vote expected next year.

Voters in Toronto-St. Paul’s elected Conservative candidate Don Stewart to the House of Commons, flipping a seat that has voted Liberal in every election since 1993. Stewart won 42% of the vote, according to preliminary Elections Canada data, defeating Liberal candidate Leslie Church, who had
Bloomberg •

Homebuyers in Canada Bet on More Rate Cuts With Adjustable Loans

Canadian homebuyers are increasingly opting for variable-rate mortgages as expectations build that policymakers are about to provide further relief on borrowing costs.

The share of borrowers opting for mortgages that track the Bank of Canada’s benchmark rate rose to 12.9% in the first quarter, the second consecutive increase, according to new data from the central bank. That’s up from a low of just 4.2% of new mortgages in the third quarter of 2023 — though it’s still well below the levels seen
Bloomberg •

Canada Needs AI Adoption to Narrow Productivity Gap, RBC Says

Canada’s economic productivity is lagging behind the US and more industries should embrace generative artificial intelligence to catch up, according to a report from Royal Bank of Canada.

Generative AI has the potential to boost Canada’s economy by C$180 billion ($131 billion) per year by 2030, but 73% of Canadian businesses haven’t even considered using it yet, the report said, citing a Statistics Canada survey from earlier this year.
Bloomberg •

Vanguard Says Fed’s Caution Will Hold Back Canada on Rate Cuts

The Bank of Canada may hesitate to make aggressive rate cuts until policymakers feel assured the Federal Reserve is ready to start lowering borrowing costs, Vanguard Group economist Roger Aliaga-Diaz said.

Fed policymakers last week shifted their forecasts for the path of interest rates, signaling just one cut in 2024. The Bank of Canada has already started an easing cycle — this month it became the first Group of Seven central bank to cut rates — but it may be reluctant to get too far ahead of
Bloomberg •

Canada’s Largest School Board Targeted by Ransomware Attack

Canada’s largest school district is investigating a cyber incident, adding to a series of ransomware attacks that have caused disruptions to companies and public institutions in the country.

The Toronto District School Board alerted parents Wednesday in an emailed letter, noting that the attack happened when an unauthorized party gained access to the board’s technology testing environment. The TDSB said its cybersecurity team took immediate steps to preserve data and safeguard critical operations, adding that its systems are operational and haven’t been impacted. Toronto police have been notified.
Bloomberg •

Corus Shares May Be Worthless After Rogers-Warner Deal, TD Says

Shares of Canadian media company Corus Entertainment Inc. may be worth zero if Rogers Communications Inc. is successful in snatching away programming and trademark deals for channels owned by Warner Bros Discovery Inc., according to analysts at TD Cowen.

Corus, an independent television and radio company that’s controlled by the Shaw family of Alberta, is at risk of losing the Canadian rights to programming on five key channels, including HGTV and the Food Network. Rogers said Monday it signed
The Queen's Journal •

Ontario’s postsecondary budget stirs criticism from provincial lobby groups

Ontario released its yearly budget report on Tuesday, touting postsecondary funding and STEM projects. But advocacy groups say the funding won’t be enough for the province’s struggling universities.

The provincial government is reducing overall spending on postsecondary institutions by $425 million—from $12.6 to $12.2 billion in the 2024-25 fiscal year. The reduction is due to the federal government’s cap on international student study permits, according to Ontario’s Chamber of Commerce (OCC).
The Queen's Journal •

‘Divest from death’: Understanding Queen’s investments in the Israel-Gaza war

The Queen’s chapter of student advocacy group Solidarity for Palestinian Human Rights (SPHR) swung a long banner over the balcony of Stauffer Library at Queen’s last week. The poster claimed Queen’s University invests $43 million in the Israeli occupation.

Pro-Palestine protests stretched through SPHR’s Israeli Apartheid Week on March 7 and 8, culminating with the Palestinian flag being raised atop Grant Hall. Over 30,000 Palestinians have been killed in Gaza since October 7, according to the h
The Queen's Journal •

The Bank of Canada held interest rates steady. Here’s what it means for housing in Kingston

The Bank of Canada (BoC) held its policy interest rate at 5 per cent on Wednesday, a highly-anticipated move from policymakers who continue to battle elevated inflation.

“We need to give higher interest rates more time to do their work,” Governor Tiff Macklem said at the press conference.

The Consumer Price Index (CPI), which measures inflation by the change of price of a basket of goods, remains elevated at 2.9 per cent. CPI inflation reached a historic high in June 2022 at 8.1 per cent.

The
The Queen's Journal •

New study finds medical software has racial bias against Black patients

Black patients are less likely to receive an accurate skin disease diagnosis, even if the doctor has help from artificial intelligence.

A study on Feb. 5 found when physicians were assisted by AI in diagnosing skin disease among Black patients, the accuracy wasn’t improved because of the data the AI was trained on. AI models are improving the accuracy of skin disease diagnosis, but not for Black patients.

Medical and facial recognition softwares have shown bias against Black people for years.
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