A few major tech players have control over key platforms, infrastructure, data and compute, which risks reducing public oversight and generating new kinds of inequality, Pope Leo XIV said in his first encyclical, titled “Magnifica Humanitas.” He called for the world to prevent technology from “dominating humanity,” by rejecting an AI arms race “driven by the desire to secure geopolitical or commercial dominance.” (The Logic)
John Lee, most recently Accenture’s global head of digital assets, will report to the bank’s head of payments and oversee the development of new crypto products, Bloomberg reported. CIBC spokesperson Kathryn Lawler confirmed the hire in an email. (Bloomberg, The Logic)
The debt could have a five- to seven-year term, and executives are due to meet potential investors in Toronto and Montreal next week, sources told Bloomberg. Bird’s stock traded up as much as 2.6 per cent on Friday. (Bloomberg)
Language in Bill C-22 that would let federal authorities require that any “electronic service provider” assist with police and security investigations would put “a dragnet on our country,” Shopify’s head of public policy for Canada, Michel Liboiron, said in a LinkedIn post. Public Safety Minister Gary Anandasangaree should narrow the bill so it couldn’t be applied to dentists who offer online bookings, Liboiron argued. (The Logic)
Industry Minister Mélanie Joly announced Friday the federal government is committing $76.2 million through the Strategic Response Fund toward the global manufacturer’s $305.9-million project to expand production of steel pipes used in oil and gas at its plant in Sault Ste. Marie, Ont. The Ontario government is kicking in up to another $72 million. (The Logic)
The Motion Picture Association, which represents streaming giants like Netflix, Amazon Prime and Disney, said asking platforms to put 15 per cent of their Canadian profits toward producing Canadian content will triple the cost of doing business in Canada and make it less attractive for them to invest in Canada. (The Logic)
Alberta Premier Danielle Smith said in a televised address Thursday that the ballot question on Oct. 19 will ask voters whether they want the province to remain part of Canada, or start the legal process to hold a second, binding vote on separation. (The Logic)
The movie-screen company has approached potential acquirers about a sale, according to The Wall Street Journal, as moviegoers increasingly opt for higher-priced theatrical experiences. (The Wall Street Journal)
Shawn Fain called on the Trump administration to overhaul the United States-Mexico-Canada Agreement (USMCA) or get rid of it entirely—a position that pits his union, representing 400,000 U.S. auto workers, against both U.S. and foreign auto manufacturers who want to keep the deal. (The Wall Street Journal)
Both firms have signed letters of intent with the U.S. Commerce Department for up to US$100 million in funding each, to help pay for research and development of their quantum computing technology. The US$2-billion federal program will back nine firms in total, with US$1 billion of it going to IBM to build a quantum-chip factory. (The Logic)