Burst into tiers

Good morning. Auto thefts are trending downward in Canada from record highs a couple of years ago, but still remain a pressing issue — especially for Toyota RAV4 owners. The SUV was singled out as Canada’s most stolen vehicle of 2024 in a new Équité Association report.

Thieves stole over 2,000 RAV4s last year, motivated by its global serviceability and high resale value. What a sad blight on what is otherwise a remarkably reliable vehicle.

Today’s reading time is 5½ minutes.

Markets: Canada’s main stock index hit an eleven-day low yesterday as AI bubble fears continued to drag down tech stocks. Nvidia’s third quarter earnings report, which comes out today after market close, will go a long way in determining whether things keep going down.   

Alberta’s government has drafted legislation that would allow doctors to work at both private and public institutions simultaneously, per documents obtained by the Globe and Mail.

Why it matters: Under these changes, more physicians would be encouraged to dip their toes into the private sphere, knowing they have the public system to fall back on. This would effectively create Canada's first true two-tiered healthcare system.

Why it’s happening: The argument Alberta has made in the past for expanding private care is that it would open up more access and capacity, particularly for patients in need of urgent attention. This would, they say, alleviate stress on the public system and free up wait times.

Yes, but: Critics argue the opposite will happen, with the private sector sapping resources, making the struggling public sector even worse for those who can’t pay private practice fees.  

What’s next: The legislation could run afoul of the Canada Health Act, which has rules restricting docs from charging patients for insured services they already bill to the province. However, if it evades federal scrutiny, it could open the floodgates for two-tiered systems in provinces that have shown interest in increased private care, like Ontario and B.C.—QH

Canada Post is virtually bankrupt. After seeing its losses climb to $1 billion so far this year, the CFO of the postal service says it is “effectively insolvent,” adding that its $535 million in losses last quarter was unprecedented. Ottawa has ordered a complete overhaul of Canada Post that includes ending all home delivery service. (The Canadian Press)

Meta wins major antitrust case. In a landmark ruling, a U.S. judge found that the social media giant did not monopolize the market by buying Instagram and WhatsApp. The Federal Trade Commission brought the case against Meta, arguing that the company should be forced to divest from Instagram and WhatsApp to restore competition in the industry. (CNBC)

CRTC loosens its Cancon rules. The broadcast regulator has expanded the definition of what is considered Canadian content, including whether a show-runner or department head of a TV show is Canadian. It will also award bonus points if a show or movie is based on a Canadian book or has Canadian music. Domestic broadcasters have to hit a certain quota of Canadian content, while foreign streamers like Netflix don’t face the same restrictions.  (The Canadian Press)—LA

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For a country so rich in brainpower, Canada is having an oddly hard time figuring out how to use it. 

Driving the news: Canada’s investment in research and development has fallen well behind its peers. A new report by the Council of Canadian Academies found that Canada has now dropped out of the top 20 OECD countries for research spending relative to GDP. 

Why it matters: The R&D problem isn’t one that can simply be solved by cutting a bigger cheque. Right now, there’s a clear disconnect between Canada’s academic talent and the economic benefits of their work, particularly in the private sector. 

Zoom in: While companies in the U.S. and Australia eagerly scoop up PhDs, Canada’s private sector has overlooked the academics who historically have the highest potential to innovate. In 2021, only 20-25% of Canadian PhD holders worked in private industry.

Bottom line: The report underscored a fundamental problem with how Canada has made use of its intellectual capital. More funding is needed, but as experts point out, we also need to put innovators in a better position to innovate.—LA

Nestled among the hills of the Laurentians, this lovely country house-style residence in the tiny municipality of Saint-Adolphe-d'Howard, Quebec, is a restorative tonic to the doldrums of modern living.

Who needs civilization when you can wander your strip of private shoreline, curl up and read fine literature in the warm glow of your stone fireplace, or ponder the wonders of the infinite as you gaze upward at your tremendous cathedral ceiling.

And hey, if you do crave civilization, Montreal is only an hour drive away. Heard enough? Then check out the listing.

🦈 16.4 billion. Views that Baby Shark Dance has on YouTube, making it the most-watched video ever on the platform. The company behind the video launched an IPO in South Korea. 

🌶️ $50. Price of a single gram of saffron, making it the most expensive spice in the world. A farm in B.C. is now growing saffron, with over 500,000 bulbs currently planted. 

🤖 650 million. Monthly active users of Google’s Gemini app, while its AI overviews tool hit 2 billion monthly users. Rival OpenAI said ChatGPT hit 700 million weekly users in August.

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Feed your gaming fix with today’s mini-crossword!