The Office of the Superintendent of Financial Institutions issued interim rules Thursday requiring the firms it regulates—which include all the country's banks, credit unions and insurance companies—to alert it if they have more than modest crypto holdings or short positions. (The Logic)
The Victoria-based company controlled by Andrew Wilkinson’s Tiny Capital said its second-quarter loss totalled about $4.5 million compared to about $224,000 at the same time last year. Tiny is an investor in The Logic. (The Logic)
Xiao Jianhua, whose disappearance from a Hong Kong hotel in 2017 sent shockwaves through the financial community, pled guilty to charges of bribery and illegal use of funds, according to a statement from Shanghai No. 1 Intermediate People’s Court. Tomorrow Group, a digital marketing giant that Xiao founded, was given a US$8.1 billion fine. (The Wall Street Journal, South China Morning Post)
The automaker is replacing two of its most iconic cars, the Challenger and Charger, with the Charger Daytona SRT, a sleek battery-powered model still in the concept stage. Stellantis, which manufactures Dodge vehicles, is discontinuing both the Challenger and Charger from its Brampton assembly line as it switches to EVs, but hasn’t specified what models—if any—it will manufacture in their place. (The Wall Street Journal)
The Leiden-headquartered company is promising to spend US$15 million to hire more than 100 staff to work in the city by 2025. (The Logic)
The Guelph, Ont.-based solar-power company reported $2.31 billion in revenue for the second quarter of the year, beating expectations, and reporting $74 million in profit. The company’s shipments increased by nearly 40 per cent compared with the same period last year. (The Logic)
A petition signed by more than 600 employees asks Google to do more to protect consumers “from having their data used against them” around health matters. They’re speaking up after Facebook handed over messages between a Nebraska teen who had an abortion and her mother, which were used to prosecute them. (TechCrunch)
Nuvei, Payfare, Pivotree, Q4 and Verticalscope have all launched normal course issuer bids, or share buybacks, since the start of the year. (The Globe & Mail)
Canadian startups raised $1.65 billion across 182 deals in the second quarter of the year, down from $5.6 billion across 296 deals for the same period last year, according to the Canadian Venture Capital and Private Equity Association (CVCA). The total was in line with 2020 and 2019 investment activity, when companies raised about $1.6 billion in the second quarter. (The Logic)
The International Finance Corporation is launching the Carbon Opportunities Fund, aimed at raising private capital to develop technologies that will “identify, monitor, evaluate and natively tokenize verified carbon credits.” (The Logic)