Tiger Woods and Rory McIlroy’s new sports, entertainment and media company announced a star-studded group of investors that also includes Lewis Hamilton, Sidney Crosby and Justin Timberlake in a round co-led by Connect Ventures and 25madison Ventures. Financial terms of the deal were not disclosed. (The Logic)
The monetary policy authority estimates over 2,500 firms will fall under its new powers, Ron Morrow, executive director of retail payments supervision, said in prepared remarks at a Toronto event on Wednesday. The new rules will apply to companies that process transactions, offer digital wallets and transfer money. (The Logic)
The Business Development Bank of Canada will deploy the second fund for low-carbon technologies over five years. It follows a $600-million cleantech fund invested over four years beginning in 2018. (The Logic)
The cryptocurrency-trading platform is the second in Canada—and the first owned by a publicly traded company—to gain securities regulators’ approval to offer the service. (The Logic)
Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board are said to be two potential bidders for a US$2 billion, or at least 10 per cent, stake in the Brazilian mining giant’s base metals unit. The division could be valued between US$20 billion to US$25 billion. (Bloomberg)
The Alphabet subsidiary said it is the first in the autonomous-vehicle (AV) industry to make paid trips to an airport. Members of Waymo’s testing program will be able to use its app to hail rides to Phoenix’s Sky Harbor International Airport. An “autonomous specialist” will be in the driver’s seat at the start and eventually removed, Waymo said. (The Logic, The Verge)
Immigration, Refugees and Citizenship Canada’s (IRCC) plan calls for up to 277,250 economic-class arrivals in 2023; 305,000 in 2024; and 326,000 in 2025. (The Logic)
The ride-hailing company reported that its third-quarter revenue rose 72 per cent year over year to US$8.3 billion. It posted adjusted earnings before interest, taxes, depreciation and amortization of US$516 million, a US$508-million increase from the same period in 2021. Both metrics topped analysts’ expectations. Uber shares climbed nearly 12 per cent to US$29.75 on the New York Stock Exchange Tuesday afternoon. (The Logic, The Wall Street Journal)
The two telcos and the watchdog who wants to stop them from combining are meeting Tuesday afternoon to see if the companies can satisfy competition commissioner Matthew Boswell’s request that they make firm enough promises the buyout “will not likely prevent or lessen competition substantially.” (The Logic)
Canadian venture capitalist and Inovia partner Patrick Pichette was among the slate of directors who departed the social media company’s board last Thursday as new Twitter owner Elon Musk became the sole member, according to a Monday SEC filing. (The Logic)