Daniel Johnson, The Canadian Press – Jul 11, 2025 / 8:06 pm | Story: 561138
Photo: The Canadian Press
People check their phones as AMECA, an AI robot, looks on at the All In artificial intelligence conference, on Sept. 28, 2023 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
With a fresh wave of patriotic calls for Canada to scale its domestic tech sector, industry players say there are opportunities to better attract and retain homegrown talent and knock down barriers that are preventing companies from growing.
Sheldon McCormick, CEO of Kitchener, Ont.-based tech hub Communitech, said he is seeing “growing momentum” behind the idea that Canada needs to “build, buy and own more of its own innovation” across areas like artificial intelligence and health tech.
Executing on this, he said, would require protecting data and intellectual property as well as attracting the talent needed to “anchor economic value here at home.”
The challenges in attracting and retaining talent highlighted by those in the tech space span compensation, government support and the cost of living.
Benjamin Bergen, president of the Council of Canadian Innovators, said there was a spike in U.S. tech talent coming north during Donald Trump’s first term as U.S. president, but that doesn’t appear to be materializing currently.
“I think part of the challenge is just some of the new realities around the economy. I think there has obviously not been the same amount of tremendous hiring that you’ve seen in past periods,” Bergen said.
“Donald Trump being in the White House is not a strategy for our tech sector. It can be slightly beneficial, but it’s not any big mover in terms of being able to attract meaningful talent.”
MaRS Discovery District CEO Grace Lee Reynolds is seeing a slightly different trend in her tech universe though.
“Anecdotally, it certainly feels like a lot more people are talking about it. You hear anecdotal stories of someone about to make that type of change,” she said regarding tech talent moving to Canada from the U.S.
“It’ll be interesting then to be able to see that over a longer period of time. I think this is really critical.”
Bergen said that realigning Canada’s economic interests would allow the country to build and develop more successful tech firms that could, in turn, attract more talent. Specifically, he said government procurements could be a critical aspect.
“One of the reasons why Silicon Valley is Silicon Valley is because of all the procurement that the U.S. government initially did and continues to do with companies in the region,” Bergen said.
Comparatively, Canada procures its own domestic solutions less, making it harder for companies to grow since they don’t receive the same level of purchase orders from the government, he said.
Elaine Kunda, the founder and general partner at Disruption Ventures, said government procurements may not be an all-encompassing solution.
“If you feel like it’s not a growing economy with investors that are buying into the sector, government procurement is not going to solve our tech sector challenges. It’s actually making it more government-dependent,” she said.
Instead, she thinks the industry would significantly benefit from business tax credits that incentivize people to take more risks.
Compared with Canadian tech firms, U.S. companies have a “much easier” ability to raise capital and find purchasers for their product, Bergen said.
Lee Reynolds also sees access to capital as a barrier to growth, calling it one of the classic challenges that Canada has.
« Capital, especially at that early stage, to be able to grow and scale your business. There’s not quite enough here. »
Given the current moment, Lee Reynolds said it’s important to keep talent in the country as people see opportunities in Canada “from a values perspective.
“Call it then working with government, or call it working as an ecosystem together, to unlock more early-stage capital funding for ventures to grow,” she said.
As Canadian tech firms work toward scaling their businesses, Lucy Hargreaves, the CEO of tech-focused think tank Build Canada, says the challenge becomes attracting top talent from around the globe and preventing homegrown workers from leaving Canada.
“The first thing is to make sure that the people we have don’t leave. It’s great to bring in new talent to the country, but we have incredible talent in Canada,” she said.
“We graduate extremely highly talented and capable people from our universities every year, including programs that are world-renowned in the tech space at universities like Waterloo. So I think the first thing is, how do we get those people to stay?”
Compensation is a significant issue for tech workers who might consider moving to or remaining in Canada, according to Hargreaves.
“Salaries are definitely a big part. If you look at salaries in the tech space and other industries right now, in Canada, they’re not generally competitive. There may be some exceptions, but generally speaking, not competitive with salaries in U.S. dollars that are being offered in Silicon Valley,” she said.
A 2023 study conducted by The Dais, a think tank at Toronto Metropolitan University, found U.S. tech workers earned an average salary of $122,604, while Canadian workers in the industry earned an average of $83,698.
When adjusting for the exchange rate and cost of living, the study found U.S. tech workers earned about 46 per cent more in salary.
“The cost of living in Canada is not much cheaper, » Bergen said.
« And often what we’ll hear from our member companies is that they are maybe looking to, let’s say, hire or bring over an amazing CTO or CFO. But candidly, the cost of living is higher or at the same level as it is in other big jurisdictions.”
Bergen said Canadian companies looking to attract U.S. talent might have to pay “a lot more” to offset cost of living issues and a weaker dollar that has created a “bigger and bigger gap.”
Overall, he said some “super talented individuals” may choose to work in Canada based on the nation’s values, but he would like to see the government strengthen opportunities for domestic tech firms to be successful.
This report by The Canadian Press was first published July 11, 2025.
Michelle Chapman And Wyatte Grantham-philips, The Associated Press – Jul 11, 2025 / 10:27 am | Story: 561031
Photo: The Canadian Press
FILE – In this April 3, 2013 photo, a 25 Bitcoin token is displayed in Sandy, Utah.
Bitcoin has reached yet another all-time high, surpassing $118,000 for the first time on Friday — as a flood of money continues to move into spot bitcoin ETFs, all while U.S. President Donald Trump’s crypto-friendly influence makes its way through Washington.
According to data from CoinMarketCap, the going price for bitcoin climbed as high as $118,856 early Friday. It’s since fallen closer to $117,300 around 12:30 p.m. ET — but that’s still over $7,400 higher than what the world’s most popular cryptocurrency was trading at a month ago, and more than double its price this time last year.
Spot bitcoin ETFs opened up cryptocurrency investing more widely after launching last year — and analysts have pointed to record inflows recently. And a soft U.S. dollar and the digital currency friendliness of Trump’s administration also has helped to lift the price of bitcoin to unprecedented levels over the past few months.
Last month, the Senate passed legislation that would regulate a form of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to bolster its legitimacy and reassure consumers.
Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.” And next week, the House of Representatives will be considering this bill as part of Congress’ efforts to strengthen the country’s crypto position.
The fast-moving legislation comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country.
Trump, once a crypto skeptic, became a major promoter of the industry throughout his presidential run last year — and has since moved to expand his and his family’s own crypto empire even further. Earlier this week, Trump Media & Technology Group said it had filed paperwork with the Securities and Exchange Commission seeking approval to launch its “Crypto Blue Chip ETF” later this year.
Bitcoin’s rise also arrives amid a wider backdrop of economic uncertainty, notably the global turmoil spanning from Trump’s steep — and at times on-again, off again — new tariffs the president has imposed against key trading partners worldwide.
“Bitcoin has shown resilience this year rebounding in-line with its macro exposures following tariff announcements, » Citi analysts wrote in a Friday research insights. But again, they noted that the Trump administration “has been positive for Bitcoin” overall — and attributed bitcoin’s recent rally to overall changes to the outlook of U.S. regulation, as well as investments into spot ETFs.
Bitcoin’s backers have often argued that the asset is like a “digital gold” that can act as a hedge against volatility — but many have remained skeptical of that comparison. Larger market conditions have previously proven also to sway bitcoin’s price.
In April, amid a wider selloff following Trump’s sweeping “Liberation Day” tariff announcements, bitcoin briefly dipped below $75,000. That marked the cryptocurrency’s lowest price since before Trump’s Election Day victory in November.
While bitcoin has since rebounded significantly, it’s important for investors to remember that it’s still a highly volatile — and relatively new — asset that’s seen wild swings in value before. In short, history shows you can lose money in crypto as quickly as you’ve made it.
Craig Lord, The Canadian Press – Jul 11, 2025 / 7:53 am | Story: 561007
Photo: The Canadian Press
Statistics Canada reported June employment figures on Friday. A worker uses an angle grinder on a vessel under construction at Seaspan Shipyards, in North Vancouver, B.C., on Thursday, October 10, 2024.
Canada’s labour market topped expectations in June amid a surprise surge in hiring.
Statistics Canada said Friday that the unemployment rate dropped a tenth of a percentage point to 6.9 per cent in June as the economy added some 83,000 jobs.
The vast majority of those jobs were part-time, the agency said, with 47,000 positions added in the private sector.
A Reuters poll of economists heading into Friday’s release had expected the jobless rate would rise to 7.1 per cent in June as employment levels held flat.
The June figures buck the recent slowdown in the labour market. Last month was the first significant job gain since January and snapped a streak of three consecutive months where the unemployment rate rose.
The wholesale and retail trade industry led growth with 34,000 new positions, followed by healthcare and social assistance with 17,000 jobs added. Only the agriculture sector faced notable job losses with 6,000 positions shed, StatCan said, while other industries saw little change.
Even the manufacturing sector, which has faced job losses in recent months amid Canada’s tariff dispute with the United States, saw a gain of 10,000 positions in June.
Tariff pressures are continuing to bite in trade-heavy markets like Windsor, Ont., which StatCan noted has the highest unemployment rate of all census metropolitan areas at 11.2 per cent. Alberta, Manitoba, Ontario and Quebec all posted job growth in June.
The unemployment rate for returning students – those heading back to school in the fall – remained elevated at 17.4 per cent in June. That’s up from 15.8 per cent in the same month last year but down slightly from 20.1 per cent in May, which marked the start of the summer jobs season.
TD Bank senior economist Leslie Preston said in a note to clients Friday that one month of job gains doesn’t change the fact that the labour market is much cooler than it was a year ago.
U.S. President Donald Trump’s threat on Thursday to impose 35 per cent tariffs on Canadian goods starting Aug. 1 also reflects the fraught landscape for businesses, Preston said.
The Bank of Canada will be parsing the labour figures closely as it prepares for its next interest rate decision on July 30.
CIBC senior economist Katherine Judge said in a note Friday that while the unemployment rate remains elevated, « the strength in other measures in this report clearly diminishes the odds » of the Bank of Canada cutting its policy rate this month.
After the jobs report Friday morning, financial markets were pricing odds of just 16 per cent for a quarter-point rate cut at the central bank’s July decision, according to LSEG Data & Analytics.
The Bank of Canada has kept its benchmark interest rate on hold at 2.75 per cent in two consecutive decisions as it awaits more clarity on how the trade disruption will affect the economy.
Preston said TD Bank still sees room for more interest rate cuts but argued that next week’s June inflation report from StatCan will have a bigger say in whether the central bank returns to cuts or not.
Benjamin Reitzes, BMO’s managing director of Canadian rates and macro strategist, said in a note that while he is « skeptical » of the strong report given the uncertainty hanging over the economy, the June jobs figures were « pretty decent overall. »
He said he expects the Bank of Canada will remain on the sidelines at its next decision, barring a sharp decline in underlying inflation next week.
Canada’s national unemployment rate was 6.9 per cent in June.
Here are the jobless rates last month by province (numbers from the previous month in brackets):
Newfoundland and Labrador 9.9 per cent (9.7)
Prince Edward Island 8.6 per cent (8.2)
Nova Scotia 6.7 per cent (6.5)
New Brunswick 7.3 per cent (6.3)
Quebec 6.3 per cent (5.8)
Ontario 7.8 per cent (7.9)
Manitoba 5.5 per cent (5.9)
Saskatchewan 4.9 per cent (4.2)
Alberta 6.8 per cent (7.4)
British Columbia 5.6 per cent (6.4)
The Associated Press – Jul 11, 2025 / 6:46 am | Story: 560992
Photo: AP Photo/Tatan Syuflana
Cranes unload shipping containers from trucks at Jakarta International Container Terminal (JICT) at Tanjung Priok Port in Jakarta, Indonesia, Wednesday, July 9, 2025.
President Donald Trump has sent letters this week outlining higher tariffs countries will face if they don’t make trade deals with the U.S. by Aug. 1.
Some mirror the so-called “reciprocal » rates Trump unveiled against dozens of trading partners in April — the bulk of which were later postponed just hours after taking effect. But many are higher or lower than those previously announced amounts.
So far, Trump has warned 23 nations, including major trading partners like South Korea and Japan, that steeper tariffs will be imposed starting Aug. 1.
Nearly all of these letters took the same general tone with the exception of Brazil and Canada. Neither country was on the tariff list Trump released in April, though Canada was already facing a 25% tariff at that time.
Trump has singled out Brazil in an apparent grudge over the trial of former president Jair Bolsonaro, charged with trying to overturn his 2022 election loss.
In his letter to Canada, Trump framed the tariffs as an effort to get the country to crack down on fentanyl smuggling, though there is relatively modest trafficking in the drug from that country. Trump has also expressed frustration with a trade deficit with Canada that largely reflects oil purchases by America.
Nearly every country has faced a minimum 10% levy on goods entering the U.S. since April, on top of other levies on specific products like steel and automobiles. And future escalation is still possible. In his letters, which were posted on Truth Social, Trump warned countries that they would face even higher tariffs if they retaliated by increasing their own import taxes.
Here’s a look at the countries that have gotten tariff letters so far — and where things stand now:
Brazil
Tariff rate: 50% starting Aug. 1. Brazil wasn’t threatened with an elevated “reciprocal” rate in April — but, like other countries, has faced Trump’s 10% baseline over the last three months.
Key exports to the U.S.: Petroleum, iron products, coffee and fruit juice.
Response: In a forceful response, Brazilian President Luiz Inacio Lula da Silva said Trump’s tariffs would trigger the country’s economic reciprocity law — which allows trade, investment and intellectual property agreements to be suspended against countries that harm Brazil’s competitiveness. He also noted that the U.S. has had a trade surplus of more than $410 billion with Brazil over the past 15 years.
Myanmar
Tariff rate: 40% starting Aug. 1. That’s down from 44% announced in April.
Key exports to the U.S.: Clothing, leather goods and seafood.
Response: Maj. Gen. Zaw Min Tun, the spokesperson for Myanmar’s military government said it will follow up with negotiations.
Laos
Tariff rate: 40% starting Aug. 1. That’s down from 48% announced in April.
Key exports to the U.S.: Shoes with textile uppers, wood furniture, electronic components and optical fiber.
Cambodia
Tariff rate: 36% starting Aug. 1. That’s down from 49% announced in April.
Key exports to the U.S.: Textiles, clothing, shoes and bicycles.
Response: Cambodia’s chief negotiator, Sun Chanthol, said the country successfully got the tariff dropped from the 49% Trump announced in April to 36% and is ready to hold a new round of negotiations. He appealed to investors, especially factory owners, and the country’s nearly 1 million garment workers not to panic about the tariff rate announced Monday.
Thailand
Tariff rate: 36% starting Aug. 1. That’s the same rate that was announced in April.
Key exports to the U.S.: Computer parts, rubber products and gemstones
Response: Thailand’s Deputy Prime Minister Pichai Chunhavajira said Thailand will continue to push for tariff negotiations with the United States. Thailand on Sunday submitted a new proposal that includes opening the Thai market for more American agricultural and industrial products and increasing imports of energy and aircraft.
Bangladesh
Tariff rate: 35% starting Aug. 1. That’s down from 37% announced in April.
Key export to the U.S.: Clothing.
Response: Bangladesh’s finance adviser Salehuddin Ahmed said Bangladesh hopes to negotiate for a better outcome. There are concerns that additional tariffs would make Bangladesh’s garment exports less competitive with countries like Vietnam and India.
Canada
Tariff rate: 35% starting Aug. 1. That’s up from 25% imposed in March. Some of Canada’s top exports to the U.S. are subject to different industry-specific tariffs.
Key exports to the U.S.: Oil and petroleum products, cars and trucks.
Response: Canadian Prime Minister Mark Carney posted on X early Friday that the government will continue to work toward a trade deal by the new Aug. 1 deadline.
Serbia
Tariff rate: 35% starting Aug. 1. That’s down from 37% announced in April.
Key exports to the U.S.: Software and IT services; car tires.
Indonesia
Tariff rate: 32% starting Aug. 1. That’s the same rate that was announced in April.
Key exports to the U.S.: Palm oil, cocoa butter and semiconductors
Algeria
Tariff rate: 30% starting Aug. 1. That’s the same rate that was announced in April.
Key exports to the U.S.: Petroleum, cement and iron products.
Bosnia and Herzegovina
Tariff rate: 30% starting Aug. 1. That’s down from 35% announced in April.
Key exports to the U.S.: Weapons and ammunition
Iraq
Tariff rate: 30% starting Aug. 1. That’s down from 39% announced in April.
Key exports to the U.S.: Crude oil and petroleum products.
Libya
Tariff rate: 30% starting Aug. 1. That’s down from 31% announced in April.
Key exports to the U.S.: Petroleum products.
South Africa
Tariff rate: 30% starting Aug. 1. That’s the same rate that was announced in April.
Key exports to the U.S.: Platinum, diamonds, vehicles and auto parts
Response: The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the U.S., but it would “continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States” after having proposed a trade framework on May 20.
Sri Lanka
Tariff rate: 30% starting Aug. 1. That’s down from 44% announced in April.
Key exports to the U.S.: Clothing and rubber products.
Brunei
Tariff rate: 25% starting Aug. 1. That’s up from 24% announced in April.
Key exports to the U.S.: Mineral fuels and machinery equipment.
Moldova
Tariff rate: 25% starting Aug. 1. That’s down from 31% announced in April.
Key exports to the U.S.: Fruit juice, wine, clothing and plastic products.
Japan
Tariff rate: 25% starting Aug. 1. That’s up from 24% announced in April.
Key exports to the U.S.: Autos, auto parts, electronics
Response: Japanese Prime Minister Shigeru Ishiba called the tariff “extremely regrettable” but said he was determined to continue negotiating.
Kazakhstan
Tariff rate: 25% starting Aug. 1. That’s down from 27% announced in April.
Key exports to the U.S.: Oil, uranium, ferroalloys and silver.
Malaysia
Tariff rate: 25% starting Aug. 1. That’s up from 24% announced in April.
Key exports to the U.S.: Electronics and electrical products.
Response: Malaysia’s government said it will pursue talks with the U.S. A cabinet meeting is scheduled for Wednesday.
South Korea
Tariff rate: 25% starting Aug. 1. That’s the same rate that was announced in April.
Key exports to the U.S.: Vehicles, machinery and electronics.
Response: South Korea’s Trade Ministry said early Tuesday that it will accelerate negotiations with the United States to achieve a deal before the 25% tax goes into effect.
Tunisia
Tariff rate: 25% starting Aug. 1. That’s down from 28% announced in April.
Key exports to the U.S.: Animal and vegetable fats, clothing, fruit and nuts.
Philippines
Tariff rate: 20% starting Aug. 1. That’s down from 17% announced in April.
Key exports to the U.S.: Electronics and machinery, clothing and gold.
Nick Murray, The Canadian Press – Jul 11, 2025 / 6:39 am | Story: 560989
Photo: The Canadian Press
A car is charged at a charging station for electric vehicles on Parliament Hill in Ottawa on Wednesday, May 1, 2019.
The federal government will explain today how it plans to reimburse auto dealers who were left hanging when Ottawa suspended its electric vehicle rebate program earlier this year.
In January, Transport Canada paused its popular Incentives for Zero-Emission Vehicles program — iZEV — after its funding ran out. Ottawa spent nearly $3 billion on iZEV during its five-year lifespan.
The program provided up to $5,000 toward the purchase of a new zero-emissions vehicle. But with the abrupt suspension of the program — only three days after the government suggested it would be paused when the funds were exhausted — hundreds of dealerships were forced to swallow the cost of any rebate claims they hadn’t yet submitted.
« It was a shocking series of events in January when they shut down the program after giving notice that the program would go through an orderly wind-down, » said Huw Williams, public affairs director with the Canadian Automobile Dealers Association, which represents about 3,500 auto dealerships.
He said that, collectively, dealers are out about $11 million.
Tesla submitted rebate claims worth more than $43 million for 8,600 EVs on the weekend before the program was suspended, according to analysis by the Toronto Star.
In March, Transport Minister Chrystia Freeland said Ottawa was pausing payments to Tesla in order to investigate the claims it had made.
A spokesperson for Freeland’s office would not offer an update on the Tesla investigation.
Williams said his organization has asked the government to explain what happened with Tesla’s claims.
« Every taxpayer should want to know how Tesla was allowed to game the system over such a short period of time, and were all the rules followed and was there any inside notice given to them, » Williams said.
« We don’t know that, and we’re not alleging that, but we think these are reasonable questions to ask for sure. »
EV sales have sagged since the iZEV program was suspended. EV sales under the program peaked in December 2024 at 18.29 per cent of all new vehicles sold — the last full month before the program was suspended.
Sales fell in January to 11.95 per cent and slid further to 7.53 per cent in April, according to the most recent data from Statistics Canada.
Federal ministers have said the government is working toward bringing back consumer incentives for EVs — a promise also made in the Liberal party’s election platform.
Automakers are warning that sales are slumping further as buyers wait for the rebates to come back.
Daniel Johnson, The Canadian Press – Jul 11, 2025 / 6:38 am | Story: 560988
Photo: The Canadian Press
People check their phones as AMECA, an AI robot, looks on at the All In artificial intelligence conference, on Sept. 28, 2023 in Montreal.
With a fresh wave of patriotic calls for Canada to scale its domestic tech sector, industry players say there are opportunities to better attract and retain homegrown talent and knock down barriers that are preventing companies from growing.
Sheldon McCormick, CEO of Kitchener, Ont.-based tech hub Communitech, said he is seeing “growing momentum” behind the idea that Canada needs to “build, buy and own more of its own innovation” across areas like artificial intelligence and health tech.
Executing on this, he said, would require protecting data and intellectual property as well as attracting the talent needed to “anchor economic value here at home.”
The challenges in attracting and retaining talent highlighted by those in the tech space span compensation, government support and the cost of living.
Benjamin Bergen, president of the Council of Canadian Innovators, said there was a spike in U.S. tech talent coming north during Donald Trump’s first term as U.S. president, but that doesn’t appear to be materializing currently.
“I think part of the challenge is just some of the new realities around the economy. I think there has obviously not been the same amount of tremendous hiring that you’ve seen in past periods,” Bergen said.
“Donald Trump being in the White House is not a strategy for our tech sector. It can be slightly beneficial, but it’s not any big mover in terms of being able to attract meaningful talent.”
MaRS Discovery District CEO Grace Lee Reynolds is seeing a slightly different trend in her tech universe though.
“Anecdotally, it certainly feels like a lot more people are talking about it. You hear anecdotal stories of someone about to make that type of change,” she said regarding tech talent moving to Canada from the U.S.
“It’ll be interesting then to be able to see that over a longer period of time. I think this is really critical.”
Bergen said that realigning Canada’s economic interests would allow the country to build and develop more successful tech firms that could, in turn, attract more talent. Specifically, he said government procurements could be a critical aspect.
“One of the reasons why Silicon Valley is Silicon Valley is because of all the procurement that the U.S. government initially did and continues to do with companies in the region,” Bergen said.
Comparatively, Canada procures its own domestic solutions less, making it harder for companies to grow since they don’t receive the same level of purchase orders from the government, he said.
Elaine Kunda, the founder and general partner at Disruption Ventures, said government procurements may not be an all-encompassing solution.
“If you feel like it’s not a growing economy with investors that are buying into the sector, government procurement is not going to solve our tech sector challenges. It’s actually making it more government-dependent,” she said.
Instead, she thinks the industry would significantly benefit from business tax credits that incentivize people to take more risks.
Compared with Canadian tech firms, U.S. companies have a “much easier” ability to raise capital and find purchasers for their product, Bergen said.
Lee Reynolds also sees access to capital as a barrier to growth, calling it one of the classic challenges that Canada has.
« Capital, especially at that early stage, to be able to grow and scale your business. There’s not quite enough here. »
Given the current moment, Lee Reynolds said it’s important to keep talent in the country as people see opportunities in Canada “from a values perspective.
“Call it then working with government, or call it working as an ecosystem together, to unlock more early-stage capital funding for ventures to grow,” she said.
As Canadian tech firms work toward scaling their businesses, Lucy Hargreaves, the CEO of tech-focused think tank Build Canada, says the challenge becomes attracting top talent from around the globe and preventing homegrown workers from leaving Canada.
“The first thing is to make sure that the people we have don’t leave. It’s great to bring in new talent to the country, but we have incredible talent in Canada,” she said.
“We graduate extremely highly talented and capable people from our universities every year, including programs that are world-renowned in the tech space at universities like Waterloo. So I think the first thing is, how do we get those people to stay?”
Compensation is a significant issue for tech workers who might consider moving to or remaining in Canada, according to Hargreaves.
“Salaries are definitely a big part. If you look at salaries in the tech space and other industries right now, in Canada, they’re not generally competitive. There may be some exceptions, but generally speaking, not competitive with salaries in U.S. dollars that are being offered in Silicon Valley,” she said.
A 2023 study conducted by The Dais, a think tank at Toronto Metropolitan University, found U.S. tech workers earned an average salary of $122,604, while Canadian workers in the industry earned an average of $83,698.
When adjusting for the exchange rate and cost of living, the study found U.S. tech workers earned about 46 per cent more in salary.
“The cost of living in Canada is not much cheaper, » Bergen said.
« And often what we’ll hear from our member companies is that they are maybe looking to, let’s say, hire or bring over an amazing CTO or CFO. But candidly, the cost of living is higher or at the same level as it is in other big jurisdictions.”
Bergen said Canadian companies looking to attract U.S. talent might have to pay “a lot more” to offset cost of living issues and a weaker dollar that has created a “bigger and bigger gap.”
Overall, he said some “super talented individuals” may choose to work in Canada based on the nation’s values, but he would like to see the government strengthen opportunities for domestic tech firms to be successful.
The Associated Press – Jul 10, 2025 / 11:31 am | Story: 560859
Photo: The Canadian Press
Ford issues major recall.
Ford is recalling more than 850,000 of its cars across the U.S. because the low-pressure fuel pump inside the vehicles may fail — and potentially cause an engine stall while driving, increasing crash risks.
The recall covers a wide range of Ford and Lincoln-branded vehicles made in recent model years. That includes certain Ford Broncos, Explorers and F-150s, as well as Lincoln Aviators and Navigators, documents published this week by the National Highway Traffic Safety Administration note.
Ford plans to send out notification letters to affected owners starting this Monday (July 14), to warn of safety risks related to potential fuel pump failure. But a remedy is still “under development,” the NHTSA’s recall report notes.
It wasn’t immediately clear if there was an estimate for when a fix would become available. But this week’s recall report noted that owners will receive an additional letter with instructions to take their car to an authorized dealer for that service when the time comes — and that there will be no charge.
The Associated Press reached out to Ford for further comments Thursday.
The Michigan-based automaker isn’t aware of any accidents or injuries related to this recall, this week’s report notes. But owners should look out for potential warnings. Prior to fuel pump failure, customers may encounter poor engine performance, for example, a check engine light or a decrease in engine power.
Fuel pump failure is “more likely to occur” during warm weather or if there’s low fuel in the tank, the recall report notes. And loss of fuel pressure and flow can be caused by internal contamination of a car’s jet pump, amid other factors. Ford also identified supplier changes during a review of the manufacturing process, the report adds.
Ford estimates that 10% of the 850,318 vehicles it’s recalling in the U.S. have this fuel pump risk. The recall covers certain Ford Broncos, Explorers and Lincoln Aviators between the 2021 and 2023 model years, in addition to 2021-2023 model year F-250 SD, F-350 SD, F-450 SD and F-550 SD vehicles. Select 2021-2022 Lincoln Navigators, Ford Mustangs and F-150s are also impacted, as well as some 2022 Expeditions.
Kelvin Chan, The Associated Press – Jul 10, 2025 / 10:56 am | Story: 560849
Photo: The Canadian Press
FILE – The TikTok app logo is shown on an iPhone on Friday, Jan. 17, 2025, in Houston.
TikTok is facing a fresh European Union privacy investigation into user data sent to China, regulators said Thursday.
The Data Protection Commission opened the inquiry as a follow up to a previous investigation that ended earlier this year with a 530 million euro ($620 million) fine after it found the video sharing app put users at risk of spying by allowing remote access their data from China.
The Irish national watchdog serves as TikTok’s lead data privacy regulator in the 27-nation EU because the company’s European headquarters is based in Dublin.
During an earlier investigation, TikTok initially told the regulator it didn’t store European user data in China, and that data was only accessed remotely by staff in China. However, it later backtracked and said that some data had in fact been stored on Chinese servers. The watchdog responded at the time by saying it would consider further regulatory action.
“As a result of that consideration, the DPC has now decided to open this new inquiry into TikTok,” the watchdog said.
“The purpose of the inquiry is to determine whether TikTok has complied with its relevant obligations under the GDPR in the context of the transfers now at issue, including the lawfulness of the transfers,” the regulator said, referring to the European Union’s strict privacy rules, known as the General Data Protection Regulation.
TikTok, which is owned by China’s ByteDance, has been under scrutiny in Europe over how it handles personal user information amid concerns from Western officials that it poses a security risk.
TikTok noted that it was one that notified the Data Protection Commission, after it embarked on a data localization project called Project Clover that involved building three data centers in Europe to ease security concerns.
“Our teams proactively discovered this issue through the comprehensive monitoring TikTok implemented under Project Clover, » the company said in a statement. « We promptly deleted this minimal amount of data from the servers and informed the DPC. Our proactive report to the DPC underscores our commitment to transparency and data security.”
Under GDPR, European user data can only be transferred outside of the bloc if there are safeguards in place to ensure the same level of protection. Only 15 countries or territories are deemed to have the same data privacy standard as the EU, but China is not one of them.
Dee-ann Durbin And Michelle Chapman, The Associated Press – Jul 10, 2025 / 9:39 am | Story: 560831
Photo: The Canadian Press
FILE – This is a shelf of Kellogg’s Frosted Flakes cereal at a market in Homestead, Pa., on Monday, Feb. 24, 2025.
Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old U.S. cereal company WK Kellogg in an effort to expand its North American sales.
The Ferrero Group said Thursday it will pay $23 for each Kellogg share, or approximately $3.1 billion. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.’s portfolio of breakfast cereals across the United States, Canada and the Caribbean.
WK Kellogg’s shares were up 31% in morning trading Thursday.
Kellogg was founded in Battle Creek, Michigan, in 1906 after its founder accidentally figured out how to make flaked cereal while he was experimenting with granola. Kellogg still makes Corn Flakes, as well as Froot Loops, Special K, Frosted Flakes, Rice Krispies and other cereals.
The current company was formed in 2023, when Kellogg’s snack brands like Cheez-Its and Pringles were spun into a separate company called Kellanova. M&M’s maker Mars Inc. announced last year that it planned to buy Kellanova in a deal worth nearly $30 billion.
Ferrero Group, which was founded in Italy in 1946, has been trying to expand its U.S. footprint. In 2018 it bought Nestle’s U.S. candy brands, including Butterfinger, Nerds and SweeTarts. And in 2022 it bought Wells Enterprises, the maker of ice cream brands like Blue Bunny and Halo Top.
WK Kellogg’s brands have been struggling with a long-term decline in U.S. cereal consumption as consumers turned to protein bars, shakes and other breakfast items. Cereal sales got a bump during the pandemic as more families stayed home, but sales continued to decline after the pandemic eased.
At the start of July, U.S. cold cereal sales were down 6% compared to the same period in 2022.
But Brad Haller, a senior partner for mergers and acquisitions at West Monroe, said Kellogg’s large distribution network and relationship to grocers is appealing to Ferrero, since it will help Ferrero negotiate pricing and positioning for its products. The purchase also helps Ferraro expand beyond snacks and sweets and into a meal category, he said.
But Haller said Ferrero may look with a more critical eye on Kellogg’s stable of brands and may wind up cutting brands or shutting down manufacturing plants.
“As Americans, these brands are iconic and beloved by us, but a European company buying these wouldn’t have the same nostalgia,” Haller said.
Kellogg has had other issues. A nearly three-month strike by workers at all its U.S. cereal plants in late 2021 hurt sales. And last fall, dozens of people rallied outside the company’s Battle Creek headquarters demanding that Kellogg remove artificial dyes from its cereals. Earlier this year, Kellogg said it was reformulating cereals sold to schools to remove artificial dyes and will not include them in any new products starting in January.
Ferrero’s acquisition, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year. Once the transaction is complete, Kellogg’s stock will no longer trade on the New York Stock Exchange and the company will become a Ferrero subsidiary.
The Canadian Press – Jul 10, 2025 / 7:05 am | Story: 560808
Photo: The Canadian Press
Montreal-area home sales were up in June compared with the same month a year ago, as prices rose around seven per cent across all housing types. A real estate sign is posted outside a home in Pointe-Claire, a city in Montreal’s West Island.
Montreal-area home sales were up in June compared with the same month a year ago, as prices rose around seven per cent across all housing types.
The Quebec Professional Association of Real Estate Brokers says 4,385 homes changed hands in the region last month, up 15.5 per cent from 3,798 sales in June 2024.
Active listings rose 1.8 per cent year-over-year to 18,122, driven by inventory growth in the condominium market, while there were fewer single-family homes and plexes on the market compared with last year.
There were 5,654 new listings throughout the Montreal area last month, up 6.4 per cent from a year earlier.
Year-over-year median price growth was similar across all housing types, led by a 7.4 per cent increase in the price of a single-family home to $627,000.
The median price of a condo increased 6.6 per cent to $426,494.
Matt Ott, The Associated Press – Jul 10, 2025 / 7:01 am | Story: 560806
Photo: AP Photo/Matt Rourke
A now hiring and help wanted sign is posted in Morrisville, Pa., Monday, June 9, 2025.
U.S. applications for unemployment benefits fell last week, remaining in the historically healthy range of the past couple years.
The Labor Department reported Thursday that jobless claims for the week ending July 5 fell by 5,000 to 227,000, fewer than the 238,000 that analysts forecast. Applications for unemployment aid are viewed as representative of layoffs.
Last week, the Labor Department reported that U.S. employers added a surprising 147,000 jobs in June, yet another sign that the American labor market continues to show resilience despite uncertainty over President Donald Trump’s economic policies. The job gains were much bigger than expected and the unemployment rate ticked down 4.1% from 4.2% in May. Analysts had forecast that unemployment would rise to 4.3%.
Though the job market is broadly healthy by historical standards, some weakness has surfaced as employers contend with fallout from Trump’s policies, especially his aggressive tariffs, which raise prices for businesses and consumers. Most economists believe they make the economy less efficient by reducing competition. They also invite retaliatory tariffs from other countries, hurting U.S. exporters and potentially driving businesses to freeze hiring or cut staff.
The deadline on most of Trump’s stiff proposed taxes on imports were extended again until Aug. 1. Unless Trump reaches deals with other countries to lower the tariffs, economists fear they could act as a drag on the economy and trigger another bout of inflation.
Companies that have announced job cuts this year include Procter & Gamble, Workday, Dow, CNN, Starbucks, Southwest Airlines, and Facebook parent company Meta.
Last week, Microsoft announced that it is laying off about 9,000 workers, its second mass layoff in months and its largest in more than two years.
In June, Google confirmed that it had offered buyouts to another swath of its workforce in a fresh round of cost-cutting.
The Labor Department’s report also said that the four-week average of claims, which evens out some of the weekly volatility, fell by 5,750 to 235,500.
The total number of Americans collecting unemployment benefits for the week of June 28 rose by 10,000 to 1.97 million. That’s the most since November of 2021.
Itzel Luna, The Associated Press – Jul 9, 2025 / 9:32 pm | Story: 560779
Photo: The Canadian Press
FILE – SAG-AFTRA signage is seen on the side of the headquarters in Los Angeles on Friday, Nov. 10, 2023. (AP Photo/Richard Vogel,File)
Unionized video game performers have overwhelmingly voted to approve a new contract with their employers.
The vote, whose results were announced Wednesday night by the Screen Actors Guild-American Federation of Television and Radio Artists, ends a nearly three-year-long effort from union negotiators to obtain a new contract for the performers. The process, which included an 11-month strike against several major game makers, hinged on how artificial intelligence would affect performers in the industry.
SAG-AFTRA said 95% of the members who voted favored ratification.
The new contract delivers pay raises, control over performers’ likenesses and artificial intelligence protections. A tentative contract agreement was first reached in early June between the union and an industry bargaining group consisting of several major video game companies, including Activision, Disney and Electronic Arts.
Video game performers “endured a great deal of sacrifice throughout the 11-month strike,” Duncan Crabtree-Ireland, the SAG-AFTRA national executive director and chief negotiator said in a press release announcing the results.
“Now that the agreement is ratified, video game performers will be able to enjoy meaningful gains and important A.I. protections, which we will continue to build on as uses of this technology settle and evolve,” Crabtree-Ireland wrote.
Audrey Cooling, a spokesperson for the video game producers involved in the deal, wrote that the agreement “delivers historic wage increases, industry-leading A.I. protections, and enhanced health and safety measures for performers.”
“We look forward to building on our industry’s decades-long partnership with the union and continuing to create groundbreaking entertainment experiences for billions of players worldwide,” Cooling wrote.
What’s part of the tentative video game performers contract
Employers must obtain written permission from a performer to create a digital replica — consent which must be granted during the performer’s lifetime and is valid after death unless otherwise limited, the contract states.
The time spent creating a digital replica will be compensated as work time, according to the agreement. The agreement also requires the employer to provide the performer with a usage report that details how the replica was used and calculates the expected compensation.
The contract also secured an increase in performer compensation of just over 15% upon ratification and an additional 3% increase each year of the three-year contract.
Increasing awareness and knowledge about the new AI provisions among union membership is crucial moving forward if the contract is ratified, Sarah Elmaleh, a voice actor and chair of the union’s interactive branch negotiating committee, told The Associated Press before the voting period closed.
“Actually applying these guardrails in our work is going to take members paying attention, understanding what they should look out for, being engaged with their union and reporting things that look fishy or that are actually violations,” she said.
More Business News
