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.
Lululemon CEO Calvin McDonald to step down in January
Lululemon CEO Calvin McDonald has led the Vancouver-based athleisure retailer since 2018.DARRYL DYCK/The Canadian Press
Lululemon Athletica Inc. announced Thursday that its chief executive officer Calvin McDonald will step down at the end of January. The Vancouver-based retailer has experienced a significant slowdown in its U.S. business starting last year. But the company’s stock price – which had dropped by more than 50 per cent this year prior to the news – jumped by roughly 10 per cent in Friday-morning trading. Lululemon said it has hired an executive search firm and is looking for its next CEO. Mr. McDonald, who leaves the role on Jan. 31, 2026, will also step away from the company’s board of directors but will continue as a senior adviser until March 31. Chief financial officer Meghan Frank and chief commercial officer André Maestrini will serve as co-CEOs on an interim basis until the search is complete.
Chip Wilson, the founder of Lululemon Athletica, is calling for an overhaul of the company’s board of directors following the news of Mr. McDonald’s departure. In a statement, he accuses the leadership of “complacency” and said that he had been urging members of the company “publicly and privately” to spearhead a “revitalization and an infusion of new skills” to fix its lagging performance.
U.S. eyes high tariffs on Canadian fertilizer, subsidies for farmers
Ore is processed into different forms of potash at Nutrien’s Cory potash mine near Saskatoon in February.Matt Smith/The Globe and Mail
On Monday, U.S. President Donald Trump threatened to impose tariffs on imports of fertilizer from Canada. The White House announced a US$12-billion aid package for U.S. farmers who have been battered by months of Trump’s trade war, which has raised input costs and led to a plunge in prices after China staged a retaliatory pause in the purchase of goods such as soybeans. Experts say, however, the aid won’t cover the US$15-billion in nationwide losses accrued from trade war and mounting input costs.
Canada’s fertilizer giants are at risk, as Kate Helmore reports, especially when it comes to potash. Potash is one of three fertilizers critical to all major agricultural operations and the U.S. depends on Canada for more than 80 per cent of its demand. One Canadian company – Saskatchewan-based Nutrien Ltd. – is the largest global producer of potash.
Decoder: All that glitters in Canada’s trade turnaround
Canada posted a trade surplus in September, the first in seven months of deficits, Statistics Canada said Thursday. Surging exports to the U.S. and shrinking imports in general were the main drivers of the small $153-million surplus. Increased gold exports – which climbed 6.3 per cent in September – also helped, with Statscan citing larger shipments to Switzerland, the U.S. and Britain.
It was far from the first month the shiny metal has provided glitter to Canada’s trade picture. Since the start of 2023, when gold price growth kicked into higher gear, precious metals have doubled as a share of Canada’s merchandise exports. Jason Kirby takes a look in this latest installment of the Decoder series.
A Bank of Canada hold and U.S. Federal Reserve cut
Bank of Canada Governor Tiff Macklem participates in a news conference following an interest rate announcement, in Ottawa.Justin Tang/The Canadian Press
The Bank of Canada held its benchmark policy rate steady at 2.25 per cent on Wednesday, following cuts at the last two meetings in September and October. Governor Tiff Macklem said in a news conference that the Canadian economy is “proving resilient overall” in the face of U.S. tariffs and the bank believes the benchmark rate is “at about the right level” to keep inflation close to the 2-per-cent target. The bank is now expected to remain on hold through the first half of next year. Financial markets are betting the bank’s next move will be a quarter-point hike in the fall of 2026, according to Bloomberg data.
On Wednesday afternoon, the U.S. Federal Reserve cut its benchmark interest rate by a quarter-point for the third consecutive time, bringing the federal funds rate to a range of 3.5 per cent to 3.75 per cent. Fed chair Jerome Powell said the decision came in response to a slowdown in U.S. hiring, but suggested another cut in January was not guaranteed.
The Globe’s second annual guide to credit cards
Illustration by Illustration by Doug Rodas
Used strategically, a great credit card can earn you free trips and do practical things such as save you thousands of dollars on food and gas. That’s why we put together The Big Guide to Credit Cards for the second year running. Last year, The Globe launched the guide to help Canadians navigate these cards, their rewards programs, interest rates and fees. This year, we’ve personalized our rankings and tapped those who’ve mastered getting the biggest payout.
For the 2025 edition, data editors Chen Wang and Yang Sun created the data-driven ranking of credit cards offered in Canada with an interactive tool to help you find the best card for your specific needs. Readers can enter their own monthly spending amounts across 12 categories and instantly generate customized rankings for cashback cards, travel cards and balance transfer cards – tailored to the highest value for your own lifestyle.
Take our business quiz for this week
b. Kick kids off social media. Australia has become the first country to ban social media for children under 16, blocking access to platforms including TikTok, Alphabet’s YouTube and Meta’s Instagram and Facebook. The backlash against the tech giants may gain momentum if other countries decide to follow Australia’s example.
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.