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Which province led the country in annual rent increases last month? Take our business quiz for the week of May 17

Welcome to The Globe and Mail’s business and investing news quiz. Join us each week to test your knowledge of the stories making the headlines. Our business reporters come up with the questions, and you can show us what you know.

This week: Dax Dasilva, the founder of Lightspeed Commerce Inc., became its CEO once again. He had stepped down from the role in February, 2022, but returned on an interim basis in February. The payments company confirmed his reappointment on the same day it announced a loss of US$32.5-million for the quarter ended March 31 (which was still an improvement on the year before).

Also: Shares in Trump Media and Technology Group surged on Wednesday to around $53, approaching where the parent company of Truth Social ended its first day of trading on March 26, at just under $58. Former U.S. president Donald Trump owns close to two-thirds of the company and some observers have compared it with meme stocks, with the price driven by investor sentiment rather than performance.


1Ottawa and Washington joined forces this week to:

a. Crack down on cross-border tax cheats

b. Invest in junior Canadian miners

c. Revise rules for electric vehicles (EVs)

d. Launch an incubator program for AI developers

b. Invest in junior Canadian miners. Ottawa and Washington teamed up for the first time to invest in two early-stage Canadian miners. The companies – cobalt developer Fortune Minerals Ltd. and graphite explorer Lomiko Metals Inc. – focus on metals that China now dominates.

2Rents are jumping across Canada, but one province stood out in April for its particularly massive increases. Which was it?

a. Alberta

b. British Columbia

c. Nova Scotia

d. Saskatchewan

d. Saskatchewan led the nation in annual rent increases in April. Landlords in the province are

Money blog: Gary Neville’s hotel named among best places for hospitality jobs | UK News

By Ollie Cooper, Money team

Estate agent fees are one of the big expenses in selling a house – but rule changes and the rise of private sale websites has made it more common for people to go it alone.

But how easy is it – and what do you need to know? We spoke to industry experts to find out.

Firstly, what do estate agents do for their money?

An estate agent will typically charge in the range of 1%-3.5% of the sale price. 

That means for the average house price (£284,691, from December) you could pay anywhere from £2,846 to as much as £8,540.73 in commission fees.

“When you use an estate agent, their fee includes taking professional photographs, advertising your home, conducting property viewings, and negotiating a price on your behalf,” says Jack Smithson, from the home ownership site Better.co.uk.

In addition, an estate agent will compile comprehensive details of your house, including room sizes and descriptions of fixtures and fittings. 

“They will also provide a concise write-up about the local area, highlighting amenities, schools, and transportation links,” Jack adds. 

And they’ll conduct checks on buyers for you (more on this later).

It sounds like a lot, but…

“Selling your home yourself can be a manageable process with a few key steps,” Jack says.

Preparation 

You should begin by thoroughly researching house prices in your area, using websites like Rightmove and Zoopla – but seek free valuations from local estate agents to ensure you have a realistic asking price in mind.

Next, you want to take high-quality photos of your house.

Jack advises using tutorials on YouTube to learn new shooting and editing techniques that can take you to the next level.

You then want to write down what makes your home unique.

“While browsing

How will new tariffs affect American consumers?

Biden announced new tariffs today on Chinese electric vehicles, EV batteries and critical minerals, solar cells, semiconductor chips and more. What does it all mean for consumers?

One of the first things that happens when tariffs increase is that costs go up for business owners.

“They either have to pay the tariff on that input, or they have to source it elsewhere. And it’s going to likely be higher priced elsewhere,” said Erica York, senior economist at the Tax Foundation.

That’s true whether they get it from a manufacturer here in the U.S. or from another country. 

“Then what we see happen down the line is that as businesses grapple with those higher costs, a good chunk of it gets passed on to the consumer,” she said.

With these new tariffs, said Adam Hersh, senior economist at the Economic Policy Institute, the impact for consumers is likely to be minor.

“These tariffs that have been announced are only going to cover roughly 4% of imports from China,” he said.

Still, Dana M. Peterson, chief economist at The Conference Board, said these tariffs are affecting products that go into making lots of different things.

“Batteries and computer chips go into just about everything that consumers are purchasing from cars, to cell phones. So you could see some upward pressure on prices in the margin,” she said.

And right now, when the Fed is still trying to bring inflation down, Peterson said tenths of a percentage point matter. 

“So it’s just another thing that’s going to put upward pressure on inflation,” she said.

In addition to that, a 100% tariff on Chinese-made electric cars could effectively keep them out of the U.S. market.

And while that won’t necessarily raise prices, Urban-Brookings Tax Policy Center senior fellow Howard Gleckman said it will prevent

Businesses decry capital gains tax hike in letter to Freeland


Forging ahead with increasing Canada’s capital gains inclusion rate “sows division,” and is a “shortsighted” way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.


In a new letter sent to Canada’s chief financial steward and deputy prime minister, six of the country’s largest industry organizations are sounding off about the concerns they have that the policy change will stifle economic growth and come at the expense of future generations’ prosperity.


“Put simply, this measure will limit opportunities for all generations and make Canada a less competitive, and less innovative nation,” reads the letter.


“Whether through the diminishing (of) the creation of new companies and jobs, reducing the availability of medical practitioners, eroding hard-earned pension returns … or threatening the retirement plans of millions of Canadians who pinned their plans on the proceeds of selling a family cottage or a small business … the effects will ripple from coast to coast to coast.”


The Canadian Chamber of Commerce, the Canadian Federation for Independent Business, Canadian Manufacturers and Exporters, the Canadian Venture Capital and Private Equity Association, the Canadian Franchise Association and the Canadian Canola Growers Association are signatories.


The 2024 federal budget included a proposal to increase the inclusion rate on capital gains from 50 per cent to 67 per cent for individuals earning more than $250,000 in capital gains in a year, and for all corporations and trusts.


Since releasing the budget, Freeland and Prime Minister Justin Trudeau have faced pushback about the policy from doctors worried about their savings, and start-up-minded entrepreneurs.


The Liberals have repeatedly defended their plan to target Canada’s highest earners, and in the process rake in billions in additional revenue, as a fair way to help offset other major investments in housing and

Alibaba leverages cloud business to become a leading AI investor in China

Alibaba has been leveraging its vast cloud computing infrastructure to become a leading investor in China’s generative artificial intelligence start-ups, offering them credits to use the scarce network resources needed to train models rather than conventional cash-for-equity funding.

The Chinese ecommerce giant is trying to replicate the success of Microsoft’s investment in the US leader, OpenAI, by taking stakes in prominent start-ups Moonshot, Zhipu, MiniMax and 01.ai. They have all been developing local versions of US applications such as OpenAI’s ChatGPT and Character.ai’s avatar chatbot.

In one example, Alibaba led a $1bn fundraising round in Moonshot AI that valued the start-up at $2.5bn in February. It put $800mn into the developer of the fast-growing Kimi AI chatbot, with just under half coming in the form of cloud computing credits, according to two people familiar with the deal. Alibaba declined to comment.

Over the past year, Alibaba chief executive Eddie Yongming Wu has personally overseen investments in the four leading AI start-ups, according to people familiar with the matter, as the company seeks to reinvent itself as an AI innovator.

The splurge in investment comes at a pivotal time for Alibaba. It is trying to chart a new path as it grapples with rising competition from ByteDance and PDD Holdings in its core ecommerce market and after the chaotic unwinding of its ambitious restructuring plan, under which its cloud business was supposed to pursue an initial public offering.

Alibaba cancelled that plan in November, citing the impact of US chip restrictions. Wu then took direct control of the cloud business, pledging to invest in AI and putting the business at the centre of his strategy to boost growth.

The cloud arm had been averaging single-digit quarterly growth since 2022, following Beijing’s crackdown on large internet companies. Its profitability has lagged far

Inside the Cannes Market as Movie Business Struggles Post-Strike

Last summer, Paul Schrader was about to start shooting “Oh, Canada,” his adaptation of Russell Banks’ novel about a troubled artist taking stock of his life, when the major actors union went on strike. For a second, it looked like all that hard work, passion and planning might be for nothing — with performers on the picket lines and major studios holding out on their contract demands, it was hard to see how cameras would ever roll on the low-budget indie.

“Everything shut down,” said Brian Beckmann, the CFO and COO of Arclight Films, which is selling international rights to the film. “We were in this position where we had spent all this money and secured all this talent and we weren’t sure we could move forward until the strikes were over.”

Because it was made outside the studio system, “Oh, Canada” was able to get a union waiver and that’s a big part of the reason that it is one of the only U.S. films shot during the strike to premiere at this year’s Cannes. Others weren’t as lucky, with one project after another abandoned or delayed indefinitely, a victim of an industry in turmoil.

And even though Hollywood’s labor issues have been resolved, it’s never been harder for the independent producers and financiers who flock to Cannes each year looking to make and then sell their movies. They’re grappling with soaring interest rates, a fading theatrical marketplace and a new spirit of downsizing that’s gripped the industry. That’s to say nothing of a hangover from the COVID era, which made it costly and logistically challenging to make movies for more than a year.

“Post-strike and post-pandemic, the business is still sorting itself out,” said John Sloss, a veteran sales agent and the founder of Cinetic Media. “It’s been

Forward Water Technologies Corp. and Fraser Mackenzie Accelerator Corp. Announce Proposed Business Combination

Not for distribution to U.S. news wire services or for dissemination in the United States.

Forward Water Technologies Corp. (” FWTC “) (TSXV:FWTC) and Fraser Mackenzie Accelerator Corp. (the ” FMAC “) (TSXV: FMAC.P) are pleased to announce they have entered into a letter of intent (the ” LOI “) dated May 13, 2024, which outlines the general terms and conditions of a proposed business combination, by way of an amalgamation, arrangement, or other similar form of transaction, which will result in FMAC becoming a wholly-owned subsidiary of FWTC or otherwise combining its corporate existence with that of FWTC (the ” Transaction “). FWTC, after completion of the Transaction, is referred to as the ” Resulting Issuer

This strategic business combination between FWTC and FMAC marks a significant milestone for both entities. FMAC is contributing its founders’ extensive public market and business experience to FWTC, a pioneering entity with a revolutionary method for economically filtering water. With FWTC’s proven concept and existing customer base coupled with FMAC’s financial resources and access to capital, this partnership heralds an era of accelerated growth and innovation. Together, we are poised to revolutionize the water filtration industry, offering enhanced solutions that drive efficiency, sustainability, and profitability. This combination not only amplifies the strengths of both entities, but also underscores our collective commitment to delivering value to our stakeholders and shaping the future of the industry.

FMAC is a “capital pool company” which completed its initial public offering on February 22, 2023. The common shares of FMAC (“ FMAC Shares “) are listed for trading on the TSX Venture Exchange Inc. (“ TSXV “) under the stock symbol FMAC.P. FMAC has not commenced commercial operations and has no assets other than cash. It is intended that the Transaction, when completed, will constitute the “Qualifying Transaction”

Mining giant Anglo American to break up its sprawling business as it tries to fend off takeover

LONDON — Mining giant Anglo American PLC plans to break up its sprawling worldwide business — including spinning off the DeBeers diamond operation — as it seeks to fend off a takeover and focus on minerals that are expected to boom amid the global shift to green energy.

London-based Anglo American said Tuesday that it would spin off its platinum business, sell a unit that produces coal used in steel production and “explore all options” to separate DeBeers from the parent company.

The moves will allow Anglo American to concentrate on the production of copper and iron ore, which together accounted for more than two-thirds of its profit last year. The company will also retain its crop nutrients business.

The announcement came a day after Anglo American rejected a sweetened takeover bid from rival BHP Group that valued the company at 34 billion pounds ($42.6 billion). That was about 9% higher that BHP’s previous offer.

“We are taking clear and decisive action to deliver value — safely, responsibly and reliably — in the long-term interests of our shareholders and other stakeholders, and to deliver the products that are so critical to enabling the energy transition and supporting improved global living standards and food security,” Anglo Chief Executive Duncan Wangled said in a statement.

Anglo American shares fell 2.8% to 2,632 pence in midafternoon trading in London on Tuesday. The stock had risen as much as 33% in the previous three weeks on speculation about a takeover.

The company is seeking to simplify its operations and boost returns for shareholders by focusing on a smaller range of products that are likely to benefit from the drive to reduce the use of fossil fuels and cut carbon emissions linked to global warming.

Demand for copper, a key component of electrical wiring, solar

How many offices in Toronto’s financial district are vacant? Take our business quiz for the week of May 10

Welcome to The Globe and Mail’s business and investing news quiz. Join us each week to test your knowledge of the stories making the headlines. Our business reporters come up with the questions, and you can show us what you know.

This week: Earning season rolls merrily along! Canadian Tire Corp. Ltd. reported that traffic to its stores fell slightly in the first quarter ended March 30. The retailer’s revenue fell by 4.9 per cent in the quarter compared with the prior year, to $3.5-billion. Meanwhile, Telus Corp. reported that operating revenues and other income for the quarter totalled $4.93-billion, down from $4.96-billion in the first quarter of 2023. And Quebecor Inc. reported revenue totalling $1.36-billion for the quarter, up from $1.12-billion in the first quarter of 2023. The hike came partly from the company’s acquisition of Freedom Mobile in April 2023.

Also: Shopify Inc. reported its results as well – and shareholders had feelings.


1Which company set off a storm of outrage this week with a “shockingly bad” commercial that featured a massive compressor crushing musical instruments and works of art?

a. OpenAI

b. Spotify

c. Apple

d. Red Bull

c. Apple set off a furious reaction with its ad for the new thinner iPad. Viewers apparently did not appreciate the sight of creative tools being crushed by a giant machine. Imagine that.

2Remember when the pandemic looked as if it would sink the cruise business? That was then, this is now. Royal Caribbean Group said this week it is ramping up to meet surging demand for seaborne getaways. How many workers does the cruise operator plan to hire this year?

a. 2,000

b. 5,000

c. 10,000

d. 20,000

c. 10,000. Royal Caribbean said it will hire around 10,000 workers this year. The number of people

Fincantieri acquires Leonardo’s undersea armaments business worth up to $447 million

IMG-20240206-WA0003

Fincantieri’s FCx30 multirole frigate model on display at the World Defense Show (Breaking Defense)

BELFAST — Italian shipbuilder Fincantieri has formally agreed to the acquisition of national counterpart Leonardo’s Underwater Armament Systems (UAS) unit in a deal which could amount to a total value of €415 ($447 million), and one largely signaling military torpedo production growth.

The two companies announced the acquisition, set to be finalized in early 2025, on Thursday, with Fincantieri sharing that it will “acquire not only the technologies related to torpedo’s production but also the control of the country’s underwater acoustic technologies,” which it considers to be a “fundamental element in the group’s growth strategy in the underwater sector.”

The UAS division was originally established as Whitehead Alenia Sistemi Subacquei (WASS), a torpedo unit that recorded revenues of €160 million ($172 million) last year.

Fincantieri holds a market share of over 40 percent in naval defense and offshore vessel markets, covering 18 shipyards in four continents, according to its 2023 annual report [PDF].

Terms of the UAS acquisition include the shipbuilder paying a fixed fee of €300 million ($323 million) and, “based on certain growth assumptions,” an additional €115 ($124 million) directly relating to performance of the underwater armaments business this year.

A spokesperson for Fincantieri told Breaking Defense the company could not provide further details about the acquisition because it has yet to be finalized.

Fincantieri CEO Pierroberto Folgiero said last month that undersea defense and commercial markets are equivalent to the early development of Space technologies “40 years ago,” with the company committed to taking advantage of such opportunity. Providing insight into the lucrative undersea market, he suggested it could be worth up to $400 billion by 2030.

The latest undersea business push builds on the company’s acquisition of Remazel, an