In a blog post, the Vancouver crypto firm said it has “done a terrible job” with communications since a hack that drained about US$300 million from a crypto lending protocol last month. The company also conceded that it “made a mistake” by letting one of its security components act as the sole checkpoint for high-value transactions. (The Logic)
The Waterloo, Ont.-based technology firm reported US$173 million on US$1.28 billion of revenue in its fiscal quarter through March, up 86 per cent and 2.2 per cent year over year, respectively. Both were ahead of analysts’ consensus estimates, as compiled by Visible Alpha. (The Logic)
Closer AI co-operation between Canada and Germany is welcome and needed, Vice-Chancellor Lars Klingbeil told reporters, in German. “I have no interest in the future of artificial intelligence being determined exclusively by people like Elon Musk or Peter Thiel.” Startups and scaleups need large markets to grow, he said, and by combining Europe with “friendly states” like Canada, “we really have reach.” (The Logic)
The Vancouver-based clothing retailer said its net revenue for the fourth quarter was $1.19 billion, up 32.6 per cent from the same time last year, led by strong growth in the U.S. (The Logic)
The California Energy Commission is investigating a deal between Golden State Wind and the U.S. Interior Department that sees the company give up plans to build a two-gigawatt wind farm off California’s coast in exchange for a US$120-million payout—which it promises to invest “in the development of U.S. oil and gas assets, energy infrastructure and/or LNG projects along the Gulf Coast.” CPP Investments announced the project in 2022. (The Logic)
The firm reported first-quarter net income of US$617 million, up about six per cent from US$581 million the same period last year. Distributable earnings—a measure of cash earnings that could be paid to shareholders—reached US$702 million, up seven per cent from a year earlier. Brookfield also raised US$21 billion in the first quarter, and US$67 billion since January, putting it on track for a record year. (The Logic)
The Toronto fintech said in a release that its assets under administration were up 71 per cent from last year in the first quarter. (The Logic)
The federal government launched a 30-day consultation on its plan to revamp the approval process for major projects, including the way First Nations are consulted. (The Logic)
The U.S.-based social media giant objects to the part of Bill C-22 that would give the government the power to make it install mechanisms that give police “lawful access” to user communications, its head of public policy for Canada testified to a House of Commons committee Thursday evening. “It is not possible to build backdoors to encrypted systems for law enforcement without creating vulnerabilities that will be exploited by malicious actors,” Rachel Curran said. (The Logic)
The federal government is “just about to set up, with labour leaders, an AI labour advisory group,” AI Minister Evan Solomon said at the Public Policy Forum’s Canada Growth Summit in Toronto on Thursday. (The Logic)