Storm insurance claims could set Manitoba record

Manitoba is on pace to set a record for insurance claims related to this week’s storms.

Insurance brokers have been inundated with calls to assess and process claims for flooded basements and properties. Local insurer ONE Insurance said it has received more than 700 claims and expects to issue millions of dollars to its clients.

“It is definitely the single largest event that we’ve experienced in our organization,” said interim CEO Rey Girardin.

Residents in the RM of Rockwood, including in Stonewall and Balmoral, have submitted the most claims, he said.

Small grocers embrace Ottawa’s national food security strategy

Independent grocers and industry stakeholders are welcoming the federal government's national food security strategy, aimed at boosting competition among grocers, growing local produce year-round and improving consumer affordability.

Telus to charge $15 to activate new SIM cards, as ban on switching fees takes effect

The CRTC is warning Telus Corp. that a new fee the company plans to charge customers could breach the regulator's ban on activation charges set to take effect later this week.

The commission issued a letter to the carrier on Tuesday saying it hoped the matter could be resolved before the rule change kicks in Friday.

It comes a day after Telus distributed a memo to employees saying it will begin charging customers up to $25 when they switch to a new SIM card. The company insists the fee doesn't violate the CRTC's new rules.

In the document, Telus said it would introduce a $15 SIM purchase fee for new activations.

City facing $20.4-M budget shortfall but finance chairman ‘not pressing the panic button yet’

The City of Winnipeg expects to end the year with a $20.4-million operating shortfall. However, council’s finance chairman said the budget gap is “not insurmountable.”

OpenAI files confidential SEC paperwork for IPO, opening the door to a Wall Street debut

ChatGPT maker OpenAI filed preliminary paperwork that would open the door to it becoming a publicly traded company, the third in a powerhouse trio of artificial intelligence companies racing to Wall Street debuts.

The San Francisco-based company said Monday it has filed confidential paperwork with the U.S. Securities and Exchange Commission.

“We expect it to leak so we’re just announcing it,” the company said in a statement. “We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best.”

OpenAI's move follows its rival Anthropic's June 1 disclosure that it is also moving toward an initial public offering of shares. Both are now following Elon Musk's rocket company SpaceX, which has started an IPO roadshow pitching itself as an AI-focused space company.

Is Canada in a recession? What to know after a volatile week of economic data

OTTAWA - There was one word on the lips of many Canadians economists, politicians and journalists this past week: recession.

Recent economic data has painted a mixed picture of Canada's economy, and some interpretations make the argument for a recession.

Here's what you need to know about the state of Canada's economy.

Why are people talking about a recession?

The logic of saving for a rainy day

We get it. It’s hard to be responsible, and it’s hard to pinch pennies when there’s so much pressure on your wallet.

Canadian, U.S. stock markets notch new record highs amid continued AI boom

TORONTO - Stock markets in Canada and the U.S. reached new highs, powered by gains in energy and AI, respectively.

Theresa Shutt, chief investment officer at Harbourfront Wealth Management, said themes around higher risk appetite driven by “AI fervour” helped lift the U.S. market. She said this was somewhat counterbalanced by lingering tensions between the U.S. and Iran and concerns that the market has risen too high.

The S&P/TSX composite index was up 434.57 points at 35,169.46.

In New York, the Dow Jones industrial average was up 228.91 points at 51,307.79. The S&P 500 index was up 9.82 points at 7,609.78, while the Nasdaq composite was up 7.09 points at 27,093.90. The S&P 500 rose 0.1 per cent after drifting between small gains and losses through the day.

Investors can roll dice on emerging technologies that may or may not shape future, portfolios’ net worth

We live in hyperstitious times.

A philosopher named Nick Land coined the word hyperstition in the 1990s, describing the sense of living today in science fiction of the past.

Investors may have that same sensation, given the dominance of artificial intelligence in their portfolios.

Yet AI is arguably more than an advanced chat-bot/search engine. It is “the fabric that’s binding” together a lot of other science fiction-like technologies, moving them closer to viable commercialization, says Mickey Ganguly, associate portfolio manager for the CIBC Technology Innovation Fund.

Mushroom producers face ‘worrying’ duties

Prices may mushroom for American fungi lovers — and the company behind a Manitoba grower is contesting new duties disrupting the industry.

Loveday Mushroom Farms ships roughly 10 million pounds of mushrooms annually from its Oakbank plant to the United States. It accounts for one-fifth of the mushrooms parent company South Mill Champs grows in Canada and sells south of the border.

“We’ve got a good customer base in the U.S. and Canada,” said Lewis Macleod, South Mill Champs chief executive.

But the American base will likely be hit with higher mushroom prices: South Mill Champs plans to pass a new duty to customers, upping the cost of its portabellas and shiitakes.

Gamification and memes lure young people to sports wagering apps, prediction markets

When Rory McIlroy won the Masters for the second year in a row, Kalshi shared a photo of him on Instagram with the words, “Wait he’s goated.” When a video of NBA player Damian Lillard recovering from an injury circulated online, Kalshi’s main competitor Polymarket posted, “The league is cooked.”

If you don’t know what either of those phrases mean, it's because you may not be the target audience.

The posts and hundreds of others like it are exposing younger people to prediction market platforms, where users can put money on the line for the outcomes of real-world events — or absurd ones like when the U.S. will confirm that aliens exist or whether Jesus Christ will return before 2027.

Once on the platforms, companies keep users hooked with what they market as low-stakes, casual opportunities to make an easy buck, creating an environment that some say feels more like a game and less like a risky financial transaction with potentially harmful consequences. Indeed, recent academic research looking at 588 million trades on Polymarket found that profits were concentrated to just a very small group of top traders while the majority of users — 69% — lost money.

Manitoba delinquency rate rises amid cost of living strain: Equifax

Manitobans are increasingly missing credit card payments as the cost of living rises.

Non-mortgage debt in Manitoba jumped 1.84 per cent, when comparing January through March to the same time last year. Manitobans’ average non-mortgage debt hung around $18,568.

Meanwhile, the measure tracking when Manitobans pass payment deadlines by at least 90 days — called a delinquency rate — hiked 2.32 per cent year-over-year, according to new data from credit reporting agency Equifax Canada.

“It’s not the worst province, by a long way,” said Rebecca Oakes, Equifax vice-president of advanced analytics. “But … (there’s) also a little bit more financial stress than some of the other provinces.”

Youth unemployment more than just an economic statistic

For many young Canadians, getting a first job is no longer a simple rite of passage. It has become a source of stress, frustration and uncertainty about the future.

Across Canada, teenagers and young adults are sending out resumés, applying online for hours at a time and following up with employers, only to hear nothing back. For students trying to save for tuition, get experience or simply gain independence, the struggle to find work is becoming increasingly discouraging.

Statistics Canada reported the national unemployment rate for youth ages 15 to 24 reached 14.3 per cent in April, far above the overall unemployment rate of 6.9 per cent. The youth unemployment rate remains significantly higher than the pre-COVID-19 pandemic average of 10.8 per cent.

Behind those numbers are young people who are eager to work but unable to gain a foothold in the labour market. Many employers continue to ask for experience even for entry-level positions, leaving students and recent grads trapped in a cycle where they cannot gain experience because nobody will hire them.

Investor strange love

Risk and reward seem like polar opposites. Yet when it comes to investing, greater risk yields greater potential reward. The other side of that coin, however, is the greater the reward you seek, the greater the risk of losing money.

Feds greenlight $673 million to keep Canada Post afloat this year

OTTAWA - The federal government is handing hundreds of millions of dollars to Canada Post to keep the money-bleeding mail service afloat for the current fiscal year.

A cabinet order gives the beleaguered Crown corporation up to $673 million so it can "meet its operating and income" demands through next March.

That amount was carried over from the roughly $1 billion Ottawa authorized in a massive funding top-up earlier this year. It also followed last year's initial $1.03-billion cash injection, which failed to sustain the postal service past early February 2026.

Despite the reassigned funds, Canada Post will likely need hundreds of millions more to make it through the fiscal year, said Ian Lee, an associate professor at the Sprott School of Business at Carleton University.

Developers selling some land slated for delayed ‘complete community’ near Polo Park

Plans for 84-acre development north of the major shopping mall included apartment towers, retail space and parks

Bell CEO ‘confident’ in lofty revenue targets as it doubles down on AI data centres

Bell Canada's parent company has upped its revenue target for its growing AI business by a third as it moves forward with plans to build a cluster of data centres, while assuring it will maintain "responsible usage" of the technology.

BCE Inc. chief executive Mirko Bibic said Thursday that with the recent announcement of a 300-megawatt data centre in rural Saskatchewan, the company now expects to generate around $2 billion in revenue from its portfolio of AI-powered enterprise solutions by 2028.

That's up from its previous objective of $1.5 billion in revenue over three years.

"We're confident in that target and frankly, I see potential beyond it," Bibic told analysts on a conference call as BCE reported its first-quarter results, which included a profit attributable to common shareholders of $616 million or 66 cents per diluted share.

Discount stores drive Loblaw’s Q1 profit and sales, raises quarterly dividend

An emphasis on discount stores continues to pay off for Loblaw Cos. Ltd. as shoppers search for affordable groceries amid intensifying economic headwinds.

"The ongoing outperformance of our hard-discount banners — Maxi and No Frills — was a key driver of (the) success, reinforcing their vital role in helping Canadians manage affordability," chief executive Per Bank told financial analysts on Wednesday after the retailer reported its first-quarter results.

The earnings report noted that the discount grocery banners outperformed for the owner of Loblaws and Shoppers Drug Mart, while its drugstore business saw growth in prescription drugs, particularly in sales of GLP-1 drugs such as Ozempic.

Loblaw also raised its quarterly dividend by 10 per cent to 15.5 cents per common share.

Toy company Spin Master bracing for rising production, shipping costs from war

TORONTO - The war in the Middle East will soon make your kid's favourite toys more expensive to produce and deliver to store shelves.

Spin Master Corp., the Toronto-based firm behind Paw Patrol, Gabby's Dollhouse and Ms. Rachel toys, said Thursday that a blockage of one of the region's key shipping routes is pushing up its freight, resin and packaging costs.

The impact has so far been minimal because the company had several contracts with suppliers that locked in commodity prices before the conflict began on Feb. 28.

But chief financial officer Jonathan Roiter said that will soon change.

Ottawa outlines plans to tackle financial crime, ban crypto ATMs

OTTAWA - The federal government plans to ban cryptocurrency ATMs as part of a suite of measures in its spring economic statement targeting financial crimes.

The government says scammers use the ATMs to defraud victims, while criminals use them to convert the proceeds of crime.

There are currently just under 4,000 cryptocurrency ATMs in Canada — the most per capita in the world, finance officials speaking on background said. The document says Canadians will still be able to buy cryptocurrencies from "brick-and-mortar" businesses.

The financial update outlined other measures to tackle criminal use of businesses that provide services like currency exchanges and digital payments. They include new powers around ministerial directives, stricter rules on registration and more criminal record checks for those businesses.

Funding to boost early childhood educators’ pay helps some, not others, longtime workers in field lament

Although the federal and provincial governments are boosting early childhood educator wages by more than $14 million this year, some who’ve been working in the field a long time are feeling somewhat overlooked.

Canada is getting a sovereign wealth fund. What does that mean and how do they work?

Prime Minister Mark Carney announced the creation of the country's first-ever sovereign wealth fund on Monday, called the Canada Strong Fund.

Carney pitched the new fund as a way for Canadians to invest in nation-building projects in areas that include energy, infrastructure, mining, agriculture and technology.

Here's what you need to know about sovereign wealth funds and how they operate.

What is a sovereign wealth fund?