Philippe Dufresne told senators examining Bill C-22 that it’s better than the Liberals’ previous attempt to expand security agencies’ power to get digital records, but he’s still worried about infringements of privacy. Among other things, the commissioner said the Senate should amend the bill to make sure government agents can use it only to get telecom records—and not apply it to electronic health files, for example. (The Logic)
The Ottawa-based e-commerce company reported US$3.74 billion in revenue for the quarter that ended Sept. 30. That’s up nearly 32 per cent from a year earlier, in line with Shopify’s outlook but below analyst expectations, which ranged from US$3.75 billion to US$3.77 billion. Net income rose to US$462 million, up from US$264 million a year earlier. (The Logic)
The Toronto-based asset manager and Abu Dhabi investment firm Lunate announced Tuesday the launch of a new company focused on premium housing developments across the Gulf. (The Logic)
The private-equity deal was backed by Export Development Canada and BDC Capital. OSI has been in business since 1979, making electronic chart software and other control systems for military ships. The acquisition guarantees OSI’s Canadian ownership and that its core intellectual property and product development will remain here, said the announcement, and Novacap intends to help OSI expand globally. (The Logic)
Galen Weston, chair of Loblaw, said Canadian growth should rely on Canadian capital. “We don’t want to end up here in 10 years like, ‘The airports are owned by this country, and the pipelines are owned by that country, and the mines run by that country.’” (The Logic)
The Toronto-based AI company said it plans to spend more than $4 billion on Canadian research and development and AI infrastructure between 2024 and 2031, and add more than 1,500 Canadian jobs by the end of that period. Roughly 1,000 would be technical positions. It also plans to offer more than 250 paid student roles by 2029. (The Logic)
The crypto giant said on X that it’s working with law enforcement to recover the US$3 billion in assets that crypto platforms and stablecoin issuers froze before hackers could make off with them. Binance said it has enough funds to make all customers whole. (The Logic)
The Montreal-based AI software company acquired Anglera, a San Francisco-based startup, for an undisclosed amount. Coveo will use Anglera’s technology as an add-on to its commerce software. The companies didn’t disclose the terms, but Coveo CFO Karine Hamel said on an earnings call Thursday that the acquisition represented a “modest upfront investment” with potentially more payment in early 2028, depending on performance. (The Logic)
The communications company hopes to squeeze two test satellites aboard a SpaceX rocket reserved by another firm, CEO Dan Goldberg said on an earnings call, and even so it expects full service on its multibillion-dollar Starlink alternative will be delayed by a quarter to mid-2028. Telesat has launches booked for nearly all the 225 satellites in its constellation, Goldberg said—but not for the two it needs to put in orbit first to be sure the rest will work as expected. (The Logic)
Industrial output was little changed for a second consecutive month in August, and early data suggests it decreased in September, Statistics Canada reported. The numbers imply gross domestic product advanced at an annual rate of 1.3 per cent in the third quarter, weaker than the Bank of Canada’s forecast of two per cent. (The Logic)