Prime Minister Mark Carney announces Canada’s 1st sovereign wealth fund

OTTAWA -

Prime Minister Mark Carney announced the country's first national sovereign wealth fund on Monday, pitching it as a way for Canadians to invest in nation-building projects.

Carney said the Canada Strong Fund will invest in major Canadian industrial projects in areas such as energy, infrastructure, mining, agriculture and technology.

The prime minister said the federal government will put up funds starting at $25 billion to invest alongside private investors. He said individual Canadians can also put money into the fund and suggested it would be similar to purchasing a government bond, where the initial investment is protected.

Jury finds that Ticketmaster and Live Nation had an anticompetitive monopoly over big concert venues

NEW YORK (AP) — A jury found Wednesday that entertainment giant Live Nation, which hosts tens of thousands of concerts a year, and its Ticketmaster subsidiary had a harmful monopoly over big venues.

The ruling, in a lawsuit brought by dozens of states, won’t immediately bring relief for concertgoers who have long complained about high ticket prices. But it could cost Live Nation hundreds of millions of dollars and perhaps force the company to sell some of its concert venues when the judge hands out penalties later.

Among other things, the jury found Ticketmaster's anticompetitive practices led to people in 22 states paying an extra $1.72 per ticket, which the judge could order the companies to pay back.

A jury in New York deliberated for four days before reaching its decision. State attorneys general who sued Live Nation said the verdict could potentially lead to lower ticket prices for music fans.

NDP pushing for ban on AI surveillance pricing as Lewis makes Parliament Hill debut

OTTAWA - The NDP is expected to introduce a motion on Wednesday calling on the government to ban a practice known as surveillance pricing that New Democrats say is unfair to consumers.

The text of the motion describes the practice as companies using a customer's personal data, like search history or how long they stay on a web page, to increase prices both in store and online.

NDP Leader Avi Lewis said Monday examples of this can include a parent with a sick baby being charged a higher price for a thermometer or medicine based on internet search history.

"This means that two different people could pay two different prices for the exact same product in the same store or on the same website on the day. It's unfair, it's a ripoff, and it's downright creepy. And it's time to put a stop to it," Lewis said.

Rent control killing jobs: landlords

Companies are laying off staff and pausing major investments ahead of changes to Manitoba’s rental market.

One Manitoba company that works primarily on apartment buildings has had four projects put on hold and had to lay off roughly a dozen staff.

“That’s been a common theme with my peers… They’re all having to do the same,” said Con-Restor Technologies owner Stephane Phaneuf.

The Manitoba government plans to change how rental property managers can apply for above-guideline increases this spring. If implemented, landlords won’t recoup renovation costs through rent as quickly.

Latest smartphone app launch for young do-it-yourself investors points to industry trending toward no commissions on trades

A battle for young investors is being waged among Canada’s big banks and upstart fintechs, with RBC firing among the more recent salvos.

It recently launched a smartphone app called GoSmart, offering self-directed investors — or do-it-yourselfers (DIY) —access to online trading with the ability to choose from 53 exchanged-traded funds (ETFs) that can be bought and sold without commissions.

As well, GoSmart investors can trade up to 50 times per year commission-free on any U.S. or Canadian stock. This is notable, given users of RBC’s existing discount brokerage platform Direct Investing, who have been able to trade these select ETFs for free since last year, do not receive those additional 50 free trades.

“It’s a pretty substantial change,” says Dimitri Busevs, president and chief executive officer of RBC Direct Investing.

On schedule: provincial minimum wage to rise to $16.40/hr in October

Manitoba’s minimum wage is set to rise 40 cents in October, leaving labour and business advocates split on the benefit of continuing to tie the baseline to the rate of inflation as the cost of living grows.

The minimum wage will rise to $16.40 per hour from $16/hr on Oct. 1. (The provincial government is required to announce the incoming minimum wage by April 1 each year.)

Provincial legislation ties the mark to inflation — the 40-cent increase is in line with Manitoba’s 2.7 per cent inflation rate in 2025 — and in 2022, the former Progressive Conservative government amended the rules to allow minimum wage be boosted beyond inflation, but only if inflation exceeds five per cent.

However, that same legislation prevents the province from closing the gap between the minimum wage and the cost of living, said Manitoba Federation of Labour president Kevin Rebeck.

Apple’s 50-year odyssey has redefined technology, pop culture and comeback stories

CUPERTINO, Calif. (AP) — A scrawny hippie and a nerdy engineer who became prank-playing friends vowed to change the world when they founded a Silicon Valley startup on April Fools' Day 50 years ago and then — no joke — pulled it off.

The improbable odyssey began April 1, 1976, when a then-shaggy Steve Jobs and his gadget-tinkering friend Steve Wozniak signed a two-page partnership document that created Apple Computer Co.

Jobs, a 21-year-old college dropout, and Wozniak, a 25-year-old Hewlett-Packard employee, each received a 45% stake in Apple, with the remaining 10% going to their 41-year-old adviser, Ron Wayne.

The company got off to such a shaky start while trying to build a personal computer in the Los Altos, California, home of Jobs' parents that Wayne relinquished his stake for $2,300. It proved to be a $370 billion mistake, based on how much his holdings would have grown now that Apple boasts a $3.7 trillion market value.

PWHLPA president Stacey says salary leak ‘a shock’ but may help players push for more

MONTREAL - Laura Stacey was caught off guard when PWHL player salaries leaked last week.

Now she hopes the added transparency helps players seek better contracts moving forward.

Stacey, the president of the Professional Women’s Hockey League Players’ Association, addressed the situation Tuesday after The Hockey News published salaries from the 2024-25 season, despite the union voting last summer to make that information available only to players and agents.

“It is amazing for the players that our salaries are public so that one another can help each other, especially in terms of expansion and signing new contracts and free agency,” the Montreal Victoire forward said after practice at Verdun Auditorium. “With that being said, we voted on it to be public for our eyes and for our agent's eyes only, so I think that was a bit of a shock for us and not something that we necessarily wanted, or the way we wanted it to come out.

Canadians increasingly choosing to stream with ads as prices rise: report

Canadians subscribed to streaming platforms again faced rising costs last year, as a new report estimates the 10 leading providers hiked prices by an average of seven per cent.

The annual Couch Potato Report, released Monday by Convergence Research, said consumers are continuing to pivot from traditional cable and satellite television packages toward alternatives like Netflix, Crave and Disney Plus, despite those streaming giants having upped their prices in recent years.

In 2024, the top streaming providers had raised their prices by an average of eight per cent for Canadian customers, according to new data from the firm.

The trend comes as streamers continue to push viewers toward plans that include advertisements. Those packages cost less for subscribers but drive additional revenue for the companies because they are able to sell commercial spots.

Gas pains: soaring prices due to Mideast conflict could lead to energy turning point in Canada

Veteran actor Billy Bob Thornton may seem like an unlikely source of wisdom about the world’s relentless dependence on oil. Then again, it would be hard to find a better, more poignant description of the global addiction than a diatribe he delivered in a recent episode of Landman, a melodrama set in the Texas oil industry.

Thornton’s character, Tommy Norris, a crisis manager for a large oil company, is walking through a wind turbine farm that generates electricity to power remote oil rigs. Norris notes that over a wind turbine’s 20-year lifespan, the “clean” energy it produces won’t offset the carbon emitted in the manufacturing of its components or its installation. The same economics, Norris says, can be applied to solar panels and batteries for electric vehicles.

Then, the punchline.

“Our whole lives depend on (oil). And hell, it’s in everything — that road we came in on, the wheels on every car ever made, including yours. It’s in tennis rackets and lipstick and refrigerators and antihistamines. Pretty much anything plastic: your cellphone case, artificial heart valves, any kind of clothing that’s not made with animal or plant fibers. Soap, f—king hand lotion, garbage bags, fishing boats. You name it, every f—king thing. And you know what the kicker is?

Shopping bill is a good pre-emptive strike

On the face of it, it looks like a solution desperately hunting for a problem.

But that’s sometimes the way proactive legislation looks.

As first salvos go, Manitoba’s Bill 49 should probably be viewed not an effort not to deal with an imaginary problem, but one being put in place to ensure that the problem doesn’t arrive.

What the bill does is to add individual pricing to the province’s collection of improper business practices.

Most Canadians want to ban or regulate algorithmic pricing, poll shows

OTTAWA - Most Canadians want the government to ban or regulate the use of algorithms to set prices, a new poll suggests — with half of respondents saying the practice is unfair because it can result in people paying different prices for the same product.

The Abacus Data poll, which was conducted online and can't be assigned a margin of error, surveyed 1,931 Canadians on algorithmic pricing.

The poll defined algorithmic pricing as the adjustment of prices in real time based on such factors as who is buying, the time of day and browsing behaviour.

Algorithmic pricing is already established in sectors like travel but has been expanding into other markets, such as retail and rental housing. It could, for example, lead to a retailer charging different prices for diapers online, depending on what it can glean about a shopper's habits.

Abercrombie & Fitch to open first Manitoba store in Polo Park

If Peter Havens has learned anything from two decades of managing shopping centres, it’s that malls reinvent themselves.

“That’s really the name of the game in retail, is to keep it fresh,” said Havens, general manager of CF Polo Park.

Winnipeg’s largest mall is keeping it fresh this year with the addition of the province’s first Abercrombie & Fitch store. The 133-year-old lifestyle retailer will open a store in April or May in the main-floor space once occupied by Hollister.

“They’re excited to be in Winnipeg,” Havens said.

How the Iran war and surging oil prices are affecting consumers at the gas pump and beyond

NEW YORK (AP) — As the war in Iran ratchets up, the price of crude oil has been swinging sharply. Consumers are already feeling the effects of the war and its destabilizing effect on worldwide energy production.

Gasoline prices are climbing, and many people will find some of the most immediate economic pain at the pump.

But you don't have to drive a car to be affected. Nearly all goods — including food — that are bought and sold must travel from where they’re produced. Those costs will climb with higher gasoline, diesel and jet fuel prices.

And the spike in oil prices — surpassing $110 a barrel, then retreating — will likely be a big factor for U.S. inflation. As the war continues, some experts say the price of, well, everything could be affected.

Show her the money

Slogans and even legislation only go so far in a world in which cash rules everything around us.

That remains true today, especially for women on the eve of International Women’s Day, commemorating the long fight for equality, rights and liberation.

Society has made strides, including legislation ensuring women receive equal pay for equal work.

It must also be recognized — especially on the financial ledger — more work needs to be done. Financial inequality remains a glaring sore spot.

Spin Master sees loss, lower revenue in holiday quarter

TORONTO - Spin Master Corp.'s busiest time of year left the business with some holiday blues — a US$184.3 million loss.

The Toronto-based toy maker behind the Paw Patrol, Hatchimals and Melissa & Doug brands announced the fourth-quarter result Thursday, saying it compared with a profit of US$21.1 million or 20 cents US per diluted share a year earlier.

The company, which keeps its books in U.S. dollars, blamed the loss on a US$229.1-million non-cash impairment of goodwill and intangible assets and said it came as Spin Master capped "a challenging year for our U.S. toy sales."

"We navigated a difficult tariff macro environment and while we achieved many of our goals, our results did not meet our expectations we set at the beginning of the year," conceded CEO Cristina Miller on a call with analysts.

Manitoba small businesses losing faith in U.S. as a trade partner, poll shows

When Kathy Tran-Riese’s eyeglass company was faced with a tough decision in the face of a trade war last May — eat the huge tariff cost, or pause shipments to the U.S. — she chose the latter, losing nearly half of her customer base in the process.

Nearly a year later, she’s found a way to make it work. KayTran Eyewear opened a distribution centre in Ohio in September to receive the frames, which are made for people with low nose bridges and exported from China, directly into the U.S. But now, she’s navigating a new hurdle: trying to repair her business’s relationship with its American customers.

“From my perspective, I almost foolishly thought that as soon as it opened up, it would be opening up the floodgates in a way, customers that had been waiting to come back and waiting to return with us,” she said Wednesday.

“But once you lose that customer base for several months, a lot of them have gone elsewhere, a lot of them have lost touch with you.”

Google settles with Epic Games with offer to lower its app store commissions

SAN FRANCISCO (AP) — Google will lower the lucrative fees imposed on its Android app store and offer a way for rival options to gain its stamp of approval, ending a bruising legal battle that led to one of several rulings condemning its tactics as an illegal monopoly.

The proposed changes filed Wednesday with a federal court in San Francisco mark the latest twist in a case that began in August 2020 when video game maker Epic Games filed an antitrust case seeking to make it easier for alternative payment options to compete against Google's Play Store system, which charges 15% to 30% commissions on a wide variety of in-app transactions.

Google's concessions come five months after the U.S. Supreme Court refused to hear an appeal of the company's attempt to overturn a federal judge's order requiring a far more extensive overhaul of the Play Store following a 2023 trial that culminated in a jury declaring the setup an illegal monopoly.

Backed into a legal corner, Google is now prepared to decrease its baseline commissions for subscriptions and e-commerce transactions into the 10% to 20% range. It's also offering an optional 5% payment processing charge that would be applied in addition to the other service fees for apps that prefer to keep everything within the Play Store.

‘Neighbourhood staple’ Oakwood Cafe to shutter

At one of the Oakwood Cafe’s last lunch rushes, one might guess the restaurant packed full of diners was influenced by the announcement a day earlier the decades-old South Osborne neighbourhood institution would be closing its doors for good.

That’s partially true — some customers beeline to veteran server Kendra Menard with questions, well-wishes and hugs — but every time it happens, a chain reaction follows: diners just here for lunch, shocked, ask their companions if it’s true, if the Oakwood is really closing.

Menard has been a server at the Oakwood for 23 years, almost half her life. It shows: while speaking with the Free Press on Friday, she welcomes guests by name and preps drinks at tables reserved by regulars before they show up.

Pointing to a single-seat table, she tells a story of a regular, Bob, who was at that table for breakfast nearly seven days a week for years. Menard’s children shovelled his snow and staff would call to check on him if he didn’t show up.

Winnipeg-based tech firm Taiv closes US$13M growth round

Taiv Inc. may rely on AI, but there’s nothing artificial about the Winnipeg company’s progression. The tech company has closed a US$13 million growth round fewer than nine months after raising US$10.5 million in series A financing.

Small businesses weigh cost of carrying credit card fees, possibility of cash-only crime

Cash, credit or debit — or maybe just one and not the others? Even as technology advances, rising costs and the impacts of crime mean some Manitoba businesses are still seeking new ways to settle the bill with customers.

In Morden, Alex Kanski found himself in the middle of an unexpected controversy when he announced his family restaurant, Moment in Thyme Neighbourhood Grill, would be removing its card payment system and only accepting cash at the end of January.

Kanski said interchange fees — or the cost to process credit card transactions — and other fees to maintain card payments has cost the restaurant about $7,500 annually since it opened three years ago. For a 38-seat restaurant, he said, those losses are hard to take.

“With a restaurant, there’s only so many places you can cut costs,” Kanski said.

Canada Goose says diversification efforts working but Q3 profit fell from year ago

TORONTO - Canada Goose Holdings Inc. says its efforts to convince customers to turn to the company for more than a down-filled parka as winter hits are paying off — but investors may not be convinced.

While customer demand for the retailer's star product — down-filled outwear — remained strong in its most recent quarter, Canada Goose said Thursday that its non-down-filled outwear grew even faster and was accompanied by gains in lightweight and year-round apparel.

"That shift is intentional," said Carrie Baker, Canada Goose's president of brand and commercial, on a call with analysts.

"We want to be able to bring newness to the floor. We want to be able to drive repeat visitors, bring people back to see something new."