Business Update – 6 April 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Canadians living alone squeezed by the “singles tax”
Singles are feeling the pinch as rents rise, dubbing it the “singles tax”, which is the difference between what a single person pays for an apartment, groceries, and gas versus what it would cost per person if shared by a couple.
Former Bay Street worker creates affordable, high-quality tights for women’s workwear needs
Toronto-based entrepreneur Michelle Chen founded Threads to solve the problem of womens workwear – a burgeoning sector with a global market size valued at upwards of $150 billion in 2023. Learn more about her entrepreneurial journey here.
FHSA was supposed to be available on April 1, but technological development with the CRA causes delays
Canada’s new First-time Homebuyer Savings Account (FHSA) program is meant to help potential buyers save. However, eight major Canadian financial institutions, including all Big Six banks, will not be ready to offer FHSA immediately.
Rogers Communications completes $26B merger with Shaw Communications, shaking up the Canadian telecom sector
Rogers Communications has completed its $26bn merger with Shaw Communications, creating a new Canadian telecom giant. The deal had been in the works for two years. Videotron owner Quebecor Inc. also closed its own $2.85bn acquisition of Freedom Mobile from Shaw on Monday to meet anti-competition concerns raised by the merger.
Canadian crypto exchanges announce merger to create a large trading platform
Canadian crypto exchanges WonderFi, Coinsquare, and CoinSmart are set to merge to form one of the world’s biggest cryptocurrency trading platforms. The combined company will have 1.65 million users and over $600 million in assets under custody. WonderFi shares have risen by 43.75% following the announcement.
Many legacy blue check holders still have their verification marks, despite not paying for Twitter Blue
Twitter’s blue verification checkmark system was supposed to be purged by Elon Musk on April 1, but instead, the social media platform appeared to have targeted only one account from a major publication Musk dislikes: The New York Times.
Tesla shares drop as investor concerns grow
Tesla’s shares fell by 6% on Monday as the latest delivery report showed some investors’ concerns about further price cuts to drive sales, eating into the margins.
McDonald’s lays off corporate workers to focus on expansion plans
McDonald’s is laying off corporate employees despite solid sales, as it focuses on expansion and new locations in the US and Europe. The layoffs are expected to trim and consolidate teams that don’t align with the company’s priorities, including innovations like order-ahead drive-through systems.
How strangers on the internet are helping people stay focused
To combat the challenge of staying motivated and on task while working remotely from home, some people are turning to strangers to sit with them via video call as they work virtually. This solution provides a low level of accountability that helps prevent distractions and keeps individuals on track.
Is the 5-9 am morning routine actually effective?
The 5-9 am morning routine has become a trend on TikTok, with the hashtag #5to9routine having 35 million views. However, according to psychologist Suzy Reading, it may not necessarily make you more productive, as productivity can depend on an individual’s natural body clock and sleep needs.
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