Canada Post workers take part in a picket line as they start their strike action on Nov. 15.Chris Young/The Canadian Press
Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.
Canada Post workers on strike ahead of busy holiday season
Canada Post workers went on strike Friday after contract negotiations failed between the national postal service and the Canadian Union of Postal Workers, Vanmala Subramaniam reports. CUPW and Canada Post have been at odds over a wide range of issues: wages, job conditions for their letter carriers, improved benefits and long-term protection against technological change. The strike will significantly reduce mail service in the lead-up to the busy holiday season, but some mail will still be delivered. For example, the postal service and the union have agreed to continue delivering “socio-economic cheques” such as pensions and unemployment insurance during the strike. Labour Minister Steve MacKinnon said in a statement that the government had appointed a special mediator to support both sides in reaching a deal. How will the Canada Post strike impact services, delivery times and small businesses? Here’s what you need to know.
Ottawa orders CRTC review of Rogers, Bell and Telus reselling services on each other’s networks
Ottawa has directed Canada’s telecom regulator to reconsider whether the country’s three largest carriers – Rogers Communications Inc., BCE Inc.’s Bell and Telus Corp. – should be allowed to resell internet services over each other’s networks at regulated prices, Irene Galea reports. The directive, which prompted a rare near-consensus in the industry, stems from concerns that the Big Three carriers could use their market dominance to steamroll local competitors. The federal cabinet has given the Canadian Radio-television and Telecommunications Commission (CRTC) 90 days to review.
The federal cabinet has directed Canada’s telecom regulator to reconsider whether the country’s three largest carriers should be allowed to resell internet services over each other’s networks at regulated prices.Sean Kilpatrick/The Canadian Press
Record credit card debt tests the claim that America’s economy is strong
Credit-card debt in America is at record highs, testing claims about the strength of the U.S. economy. Total credit-card debt climbed to US$1.17-trillion in the third quarter, rising by US$24-billion from the previous quarter, according to a new report from the Federal Reserve Bank of New York. Other types of consumer debt, such as auto loans and home equity lines of credit, also jumped higher. In Canada, a surge in credit-card debt is playing out in much the same way. In this week’s Decoder series, Jason Kirby takes a closer look at the numbers.
Alberta’s purge at AIMCo followed a clash of visions, complaints about leadership
The Alberta government’s recent mass dismissal of Alberta Investment Management Corp.’s top leaders was the culmination of a clash over how the $169-billion pension-fund manager should be run, James Bradshaw and Carrie Tait report. Stakeholders had raised concerns about the executive team, though CEO Evan Siddall and key lieutenants had support of the board of directors. They levelled a number of criticisms, including meddling in investment decisions, attempts to centralize authority, unnecessary spending and high turnover among senior personnel. Now, a battle is under way for control over the future of AIMCo, according to more than a dozen sources who spoke to The Globe.
White-knight bid for Japan’s Seven & i could thwart Alimentation Couche-Tard offer
Canada’s Alimentation Couche-Tard Inc. is facing a new obstacle in its audacious bid to buy the Japanese-owned 7-Eleven convenience store chain – a rival bid. Japan’s Seven & i Holdings, owner of 7-Eleven, is weighing a takeover bid from a member of its founding Ito family. The bid is said to be worth around US$58-billion, considerably more than Couche-Tard’s US$47-billion offer, and is seen as an indication of how Japan’s corporate elite are closing ranks against foreign acquisitions of Japanese companies. The emergence of the new offer reflects the belief by some Japanese powerbrokers that the country’s biggest retailer should not fall into foreign hands, Nicolas Van Praet reports.
The Japanese owner of 7-Eleven says it has received a new management buyout proposal from a member of the family that helped found the company.Ted Shaffrey/The Associated Press
X’s mass exodus: Why more people are quitting the Elon Musk-owned platform
Since the U.S. presidential election, X, formerly known as Twitter, has experienced one of its largest user exoduses since Elon Musk bought the social platform in 2022. Many users have expressed discontent with the platform’s evolution under the billionaire’s ownership – a series of rebranding, policy changes, massive layoffs and an overall lax approach to negativity, misinformation and hate speech. Mr. Musk’s involvement in Donald Trump’s presidential campaign and the announcement that he will have a role in the new administration has further encouraged others to leave X. In addition, many are worried about changes to X’s terms of service, which took effect on Nov. 15. Here’s a look at everyone who publicly joined the X exodus in recent days.
Take our business quiz for the week of Nov. 15
a. 2017. The postal service last reported a profit in its 2017 fiscal year. Since 2018, it has been losing money and had a loss from operations of $490-million in the first half of 2024 alone.
Get the rest of the questions from the weekly business and investing news quiz here, and prepare for the week ahead with The Globe’s investing calendar.