The Vermont Department of Financial Regulation’s filing alleges the beleaguered crypto lender was effectively insolvent as early as 2019, misled investors about the state of its finances, and “probably” used the assets of existing investors to pay yields to new investors. (The Logic)
The Canadian auto-parts maker said on Wednesday it would build thousands of autonomous-delivery robots for Cartken, which operates the small self-driving vehicles in areas like malls, universities, hotels and warehouses. (The Logic)
Rogers, Bell, Telus, Telesat and several smaller providers will back each other up if any of them suffers a network failure that puts Canadians’ lives, health or safety at risk. The deal allows them to use each other’s networks to serve their customers’ 911 calls and deliver wireless roaming and to draw on each other’s workers, equipment, vehicles and buildings if needed—subject to paying an eventual bill for the help. (The Logic)
Shailesh Prakash led the product, design and technology teams at the newspaper, which he originally joined in August 2011. He will become Google’s vice-president and general manager of news in November, Washington Post publisher Fred Ryan announced on Wednesday. (The Logic, The New York Times)
The early-stage companies chosen for the prestigious startup accelerator include Alt Tex, which makes textiles from food waste; Lancey, an interactive product demo platform; and KemNet, which reformulates popular drugs for specific patients. (The Logic)
The massive software company is the first known U.S.-based investor in CloudKitchens, a “ghost kitchen” startup, according to the Financial Times. The investment was part of a US$850-million funding round that closed in November 2021, valuing the company at US$15 billion. CloudKitchens also hired former Amazon executive John Curran as chief financial officer. (Financial Times)
Judging that Canada’s economy is still in “excess demand” and needs further chilling to reduce inflation, the central bank increased the target for its trend-setting overnight rate to 3.25 per cent. (The Logic)
Pornhub had over 13 million followers and 6,200 posts before the Meta-owned photo platform removed its profile last week. Meta didn’t provide comment to The Logic before publication time. Pornhub’s Twitter and YouTube accounts remain active. (Variety)
The country’s Data Protection Commission imposed its biggest penalty ever over previous default settings that made minors’ posts public and revealed personal contact information for teen users with business accounts on the photo-sharing network. (The Irish Times)
The Calgary-based oil-sands producer said Air Products, a U.S. industrial gas and chemicals company, will provide about half of the hydrogen feedstock needed for its proposed plant near Edmonton. Imperial plans to produce around three million litres of so-called “renewable diesel” per day—using a mix of hydrogen and vegetable oils—when the facility comes online in 2024. (The Logic)