In a call with Minister of Finance Chrystia Freeland and Deputy Minister of Finance Michael Sabia on Feb. 13, the day before the government invoked the Emergencies Act to address the convoy protests against COVID-19 restrictions, a group of bank CEOs pressed for financial measures to include non-bank businesses and online platforms as well. (The Logic)
Much of the promised money is for infrastructure meant to protect Canada from fires and floods, which are expected to be more frequent on a warmer planet and to repair damage after disasters. The strategy includes $164.2 million for flood-mapping, $69.9 million for a new national climate-science assessment and $59.5 million for better building codes and standards. (The Logic)
The quarter saw 144 deals with a total of $896 million invested compared to 202 deals with nearly $4 billion invested in the same quarter last year, according to data from the Canadian Venture Capital and Private Equity Association. (The Logic)
In her first address to the province since becoming premier in October, Danielle Smith laid out several programs aimed at helping people cope with rising costs. Smith blamed the federal government’s high spending and “continual string of anti-energy policies” for Canada’s current struggle with inflation. (The Logic)
In a report, the business association said Alberta is “struggling with stereotypes that exacerbate a misperception” of the province. “To some, including many already living here, the perception is that if you’re not corporate and cowboy, you don’t belong,” the report said, adding that it has hampered Calgary’s ability to attract skilled labourers. (The Logic)
Money invested in assets deemed responsible from a social, environmental and governance (ESG) perspective in Canada declined from $3.2 trillion in 2019, according to Canada’s Responsible Investment Association (RIA). At the same time, the report found investors are using more responsible investing strategies than ever. (The Logic)
The disgraced former CEO of the collapsed cryptocurrency-trading platform said he didn’t realize how large and risky the platform’s margin position was, saying he’s “deeply sorry” but that “when sh—y things happen to us, we all tend to make irrational decisions.” The letter was first reported by CoinDesk. (CoinDesk, Semafor)
The Toronto IT and cloud solutions company has formed a special committee of independent directors, in consultation with its financial and legal advisors, to review how to “unlock shareholder value.” (The Logic)
The country’s central bank is reportedly preparing the fine, which it’s expected to announce in the second quarter of 2023. The forthcoming penalty could signal the wind-down of a years-long regulatory battle for the financial services company. (Reuters)
James Bromley, a lawyer for the new management of the failed crypto platform, said the missing assets may have been stolen. Bromley made the comments during the first court appearance for FTX’s Chapter 11 bankruptcy Tuesday. (The Wall Street Journal)