A real page-turner

Good morning. Coca-Cola announced that it will no longer sell frozen products in Canada, with these items disappearing from grocery stores this quarter. If you’re a fan of those cans of Minute Maid frozen juice concentrate, it’s time to clear some freezer space and stock up.

Personally, we haven’t had one in a while (maybe that’s why they’re being discontinued), but we do have fond memories of pounding back some limeade on a hot summer’s day when we were kids.

Today’s reading time is 6 minutes.

Markets: It was a rough outing yesterday. Canada’s main stock index dropped on lower gold and oil prices, and top Wall Street indexes were hammered by the tech sell-off. The biggest loser may have been bitcoin, which fell to its lowest levels since November 2024. But there’s also Amazon, shares of which tanked after hours following a super-sized spending forecast.

The feds are resurrecting one electric vehicle sales policy, and sending another to the grave. 

What happened: Ottawa unveiled a revamped national automotive strategy that revived EV rebates, but also brought an end to the availability standard enacted in 2023, which had required all new light-duty vehicles sold in Canada to be EVs or plug-in hybrids by 2035. 

Zoom in: The five-year program, which begins February 16, is estimated to cost $2.3 billion and promote the purchase of 840,000 vehicles. In the first year, buyers can get up to $5,000 back on EV purchases and up to $2,500 on purchases of plug-in hybrids under $50,000. The catch: the car must be made in Canada or in a country Canada has a free trade deal with.

Why it matters: Once again, the Carney government is trying to walk the fine line of rolling back old policies to promote industry — here, taking a load off the auto sector as it continues to grapple with U.S. tariffs — while trying to save some face with regard to climate policy. If the rebates manage to spark slumping EV sales, it would be a win for this playbook.—QH

Toronto rocked by police officer arrests. In what could go down as one of the largest instances of police corruption in Canadian history, seven current and one former Toronto Police Service officers were arrested and are facing a variety of allegations, including drug trafficking and leaking information to criminals. The arrests of the cops, along with 19 civilians, were the result of a probe launched after an alleged plot to kill a corrections officer last June. (Globe and Mail)

Y Combinator welcomes back Canadian companies. After facing a torrent of backlash, the world’s top startup incubator revised its policies to once again allow investments in Canadian-domiciled companies. Per Y Combinator’s startup directory, there are 144 graduate companies from the incubator that are headquartered in Canada. (BetaKit) 

Rio Tinto and Glencore just can’t make a deal. Rio Tinto is ditching its quest to acquire Glencore, marking the fourth time a proposed merger between the two mining giants has fallen through. The deal would have created the world’s largest mining company, and one with significant Canadian interests. But hey, maybe it’s just not meant to be. (Globe and Mail) 

Ottawa will use Cohere’s model for its AI assistant. The Canadian AI leader inked a one-year deal worth $339,000 to license its software to power CANChat, the federal government’s in-house chatbot for public servants. (The Logic) 

Canadian pension funds to depart British port biz. The Canada Pension Plan Investment Board and Ontario Municipal Employees Retirement System are looking to sell their combined majority stake in Associated British Ports, the U.K.’s largest port operator. It’s not the sexiest money move, but it could net them more than £10 billion. (Financial Times)—QH

Calgary fintech Neo Financial closed a $68.5 million funding round. The challenger bank’s latest raise was backed by a mix of Canadian, U.S., and Swiss investors. The fresh cash will be used to launch securitization — the practice of bundling up loans and selling them to investors for upfront cash. It’s the first Canadian fintech to pursue this strategy. 

Why it matters: Securitization is standard practice among Canada’s Big Six banking institutions. This could be a sign that Neo is the next Canadian fintech ready to secure a banking licence and become a real-deal bank (something Questrade did last year).

Catch up on yesterday:

What’s happening today:

The king of playlists and podcasts is now taking a run at print. 

Driving the news: Following the success of its audiobook business, Spotify will start selling hardcover and paperback books this spring, putting it in direct competition with major booksellers — most prominently, Amazon.

Why it’s happening: Since it got into the audiobook game a couple of years ago, Spotify has been quietly killing it. Its audiobook listeners were up 36% last year compared to 2024, and over half of its 281 million premium subscribers have listened to an audiobook.

Why it matters: In the age of endless scrolling, more people are turning to books as a screen-time antidote. Gen Zers in particular have embraced the digital detox of books to the point where they have suddenly become — dare we say it — trendy. 

Zoom out: Books are part of a broader trend of young people romanticizing all things analogue, from record players to knitting to jigsaw puzzles. Basically, all the things people used to do for fun before smartphones are back in style.—LA

🍝 ~450 kilograms. Amount of pasta that will be prepared every day at the Milano-Cortina Winter Games and served at various dining halls — the games are in Italy, after all. In total, more than 3 million meals will be prepared over the course of the Olympics, feeding hungry athletes, their family members, Olympic staff, members of the media, and spectators.

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Remember the week that was and play The Peak’s Weekly News Quiz! 

Then, it’s time for the holy gaming trinity: the mini-crossword, the daily sudoku, and Codebreakers.