The takeover announced in January stood “no reasonable likelihood” of being completed any time soon, Allied said, due to “broader external factors applicable to cross-border transactions of this scale.” Instead, Zijin is buying a 9.2 per cent stake in the company, injecting capital that Allied plans to use to expand and prospect. All of Allied’s mining is in Africa; in its most recent quarter, it booked a net loss of US$58.3 million. (The Logic)
Intact Financial’s second-quarter net income fell 17 per cent to $720 million from $867 million a year earlier, as higher claims costs pushed its U.K. and international business to a $129-million pre-tax operating loss, down from a $77-million operating profit a year ago. (The Logic)
The Liberal government is dropping its plan to make online streaming giants such as Netflix, Amazon and Disney devote a portion of their Canadian revenues to fund Canadian content. (The Wire Report)
At least nine locomotives from Switzerland’s Stadler are to come from a Spanish factory but up to 36 could be finished in a $357-million assembly and maintenance facility in Montreal, Transport Minister Steven MacKinnon announced. The train engines will be hybrids—mainly diesel but with an assist from batteries, akin to a hybrid car—specially designed for cold Canadian winters, Stadler’s Miguel Cerdá said in a news conference. (The Logic)
Battery Ventures led the Series A round, which included existing investors Y Combinator and San Francisco-based Wayfinder Ventures. Insurer Intact joined the round via its private capital arm, as did truck dealer Penske. Terminal unifies data from trucks so it can be used more easily by insurers and other service companies, and said it will use the money to meet more demand from partner companies. (The Logic)
The average cost of a successful cybersecurity attack on a Canadian firm has reached $7.11 million, IBM reported Wednesday. That’s up from $6.98 million last year. Energy organizations have it worst, with the average cost of a breach in that sector hitting $9.21 million. The findings are based on a voluntary survey of organizations that suffered breaches between March 2025 and February 2026. (The Logic)
The federal government will not meet its goal of growing exports to non-U.S. countries to $600 billion per year organically until the 2040s, according to new analysis from Oxford Economics, and going faster will require rapid improvements to ports and transportation infrastructure. (The Logic)
The Montreal-headquartered company said it will begin testing within months and plans to have the autonomous trucks on the road next year. TFI chief financial officer David Saperstein said the company is working with an unnamed U.S. partner on the rollout. (The Canadian Press)
The New York City-based company is launching its business expense management and financial automation software in Canada. It’s also hiring staff in Toronto to support customers in the country, although it didn’t say how many. (The Logic)
The Competition Bureau said Ontario residents John Jesse Breslin and Phoebe Hui Ting Wong ran a scam from 2016 to 2020 through websites that purported to be official government services for getting and renewing passports quickly. Besides Criminal Code charges of fraud and possessing the proceeds of crime, the bureau said police in the Toronto suburb of York Region charged the pair with deceptive marketing. (The Logic)