Prime Minister Mark Carney joined Jamie Dimon and other titans of industry and Wall Street in New York on Thursday, including Ted Sarandos of streaming giant Netflix, Troy Rudd of infrastructure firm AECOM and Mick Beekhuizen of food-manufacturing firm Campbell’s. (The Logic)
Gross domestic product declined at an annual rate of 0.1 per cent, after dropping one per cent in the fourth quarter, Statistics Canada reported. That satisfies the most basic definition of a recession, which is consecutive quarters of negative growth. (The Logic)
The Toronto-based drugmaker did not disclose how much it is looking to raise in its filing and said it is planning to trade under the symbol APTX. The company has reportedly been planning an IPO of up to $1 billion. (The Logic, Bloomberg)
Palantir co-founder Joe Lonsdale’s venture firm 8VC was the lead investor in the Series A fundraising round. Other investors included Audacious Ventures, Homebrew, Btech Consortium and Service Ventures. (The Logic)
The Ottawa-headquartered tech services firm will add Toronto-based Cohere’s agent-builder platform, North, to its military operations and training systems. Calian’s venture arm will also help small defence firms adopt Cohere’s AI. (The Logic)
Canada’s biggest bank reported a second-quarter $5.5 billion profit, up 25.5 per cent year on year and barely topping Visible Alpha’s consensus analyst expectations by 2.2 per cent. Analysts pointed to broad-based strength across the bank’s businesses, noting the earnings beat was not driven primarily by capital markets activity. (The Logic)
Over the last 18 months, the Toronto-based firm has launched a new version of its product and rolled out automations in its engineering, operations and science functions, CEO Liran Belenzon said in a post. He added that the shift “required a redesign” of the company. BenchSci chief of staff Christina Peck said the changes affected 68 workers. (The Logic)
A total of 659 doctoral and post-doctoral scholars—a third of them from the United States—have been offered three-year grants to attract them to Canadian universities, Industry Minister Mélanie Joly announced at the University of Ottawa’s STEM complex. “We welcome your ideas, your ambition, and your drive to push the boundaries of what is possible,” she said. (The Logic)
The bank reported second-quarter net income of $2.47 billion, up roughly 23 per cent from the same period a year earlier and ahead of Visible Alpha analyst expectations. (The Logic)
The Bank of Canada conducted a stress test that imagines what would happen if current oil prices and supply bottlenecks persisted for three years. The result: a recession, a jobless rate of 10 per cent and a 25-per-cent collapse in home prices. (The Logic)