City company set to expand online tutoring presence after raising large equity stake

Winnipeg education technology company Hoot Reading has landed one of the first investments in a new venture capital fund from toy maker Spin Master.

Interest in Hoot Reading, which has developed an online tutoring platform whose mission is closing the gap in what’s been identified as a reading slump in the fourth grade, has grown significantly through the pandemic.

With school-age children home in various parts of North America at various times during the pandemic, parents have been forced to look for more tools to help with early childhood educational habits and Hoot Reading has caught on.

“We have had incredible traction during the pandemic,” said Maya Kotecha, co-founder and co-CEO of Hoot Reading. “It has been a tailwind for us.”

Toy industry grapples with supply chain issues ahead of busy holiday shopping season

Ahead of the release of the Paw Patrol movie this summer, Toys “R” Us Canada and toy maker Spin Master Corp. did something rarely seen before in the toy industry.

They air freighted Liberty toys — the latest member of the animated search and rescue team — from China to Canada to get the new pup on store shelves in time for the film’s premiere.

“We really wanted to have Liberty available for our customers when the movie came out,” said Katrina Fyfle, Toys “R” Us Canada brand manager. "She was one that we put on an airplane in partnership with the vendor.”

The unusual step underscores the enduring difficulty of operating amid a pandemic and its related labour shortages, escalating material prices, rising shipping costs and lengthy delays.

The show must go on as Selkirk buys theatre

Many in Selkirk thought the credits had rolled for the Garry Theatre, but it appears there’s a sequel.

Landmark Cinemas decided to close it in May and on Wednesday, the City of Selkirk announced it had purchased the theatre for $350,000, plus closing costs.

“What we’ve heard so far is people are very excited and very happy that the city has been able to secure the property,” said Selkirk CAO Duane Nicol.

Nicol said the city will reach out to the community to determine how best to use the building. The city hopes it will become a centre for arts and culture, he said.

Investors behaving badly

Finance professor Chi Liao’s background in mathematics often comes in handy in her line of work.

After all, both corporate and investment finance are built upon numbers. Yet financial reporting — balance sheets and cash-flow analysis — is not her area of interest.

In fact, her expertise has less to do with the numerical side of money and more to do with how our emotions affect how we manage our hard-earned cash.

“I’ve always been fascinated by people-watching and why it is we do what we do,” says Liao, who studied mathematics and finance before completing a PhD in behavioural finance from the University of Toronto in 2014.

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.

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.

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.

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.