The Québec City-based firm reported US$27.9 million in revenue for its fiscal second quarter ending in September, up 43 per cent year over year. The company’s net loss was US$9.9 million, down from US$61.9 million. Coveo’s shares closed up nine per cent Tuesday on the Toronto Stock Exchange. (The Logic)
The Toronto-based crypto entrepreneur unveiled his new venture, Andiami, at an event at the Metro Toronto Convention Centre Monday evening. Among other features it includes a game with a native crypto token, which is eventually meant to incentivize players to participate in the infrastructure of various blockchain protocols. (The Logic)
The Singapore sovereign wealth fund will form a joint venture with Dream to acquire Markham, Ont.-based Summit in a deal that also assumes its debt. Toronto-based Dream will own a 10 per cent stake, while GIC will hold the remaining 90 per cent. (The Logic)
The Canadian Union of Public Employees said their members will return to work tomorrow and resume collective bargaining negotiations, after Premier Doug Ford said he would repeal a bill that made the strike illegal and invoked the notwithstanding clause. (The Logic, CityNews)
Changpeng Zhao, the Chinese-Canadian CEO of Binance, the world’s largest cryptocurrency-trading platform by volume, said on Sunday that the company will liquidate its position in the crypto token “due to recent revelations.” Last week, CoinDesk reported that a significant share of FTX sister company Alameda’s US$14.6 billion in assets is comprised of the FTT token, raising concerns about the two firms’ solvency and close ties. (The Logic)
Facebook’s parent company is planning a large-scale downsizing as early as Wednesday that could affect thousands of employees, The Wall Street Journal reported, citing people familiar with the matter. The company’s stock closed up more than six per cent Monday. (The Logic, The Wall Street Journal)
If the Competition Bureau gets its way and Rogers’s buyout of Shaw is blocked, the only winners will be fellow telcos, Shaw’s lawyer Kent Thomson argued to the Competition Tribunal as a trial on the market effects of the $26-billion deal began Monday. (The Logic)
The Detroit automaker is reportedly set to sign a deal for a cathode factory in Bécancour, Que. later this year with battery companies EcoPro and SK On. Another Quebec battery-material plant, which rival General Motors and South Korean chemical company POSCO are building, may expand. (The Korea Economic Daily)
Bill C-27, which would establish the new Consumer Privacy Protection Act (CPPA) and Artificial Intelligence and Data Act (AIDA), was raised for second reading in the House of Commons on Friday. “It’s a call to action for [MPs] to realize that our privacy laws are 20 years old,” Innovation Minister François-Philippe Champagne told reporters. (The Logic)
The Toronto-headquartered Bitcoin miner issued a release Friday clarifying that its power agreements remain in place. A proposal by the public utility not to allocate a planned additional 270 megawatts to the blockchain industry in an effort to address an anticipated uptick in electricity demand will not affect Bitfarms’ existing operations in the province, the company said. (The Logic)