Good morning. We’ve found yet another nefarious use case for AI: Getting free refunds. Scammers have reportedly started using AI to generate fake images of broken ceramic mugs or rotten groceries to get their money back. Some of the pictures are clearly fake, but a lot of businesses are just issuing the refunds with no questions asked.
We don’t condone it, but that’s certainly one way to not break the bank on Christmas shopping.
A programming note: We’re off tomorrow for Christmas and will return to your inbox on the 26th with the first of our year-end special editions.
Today’s reading time is 5 minutes.
MARKETS
| ▲ | TSX |
32,058.73 |
+0.18% |
|
| ▲ | S&P 500 |
6,909.79 |
+0.46% |
|
| ▲ | DOW JONES |
48,442.41 |
+0.16% |
|
| ▲ | NASDAQ |
23,561.84 |
+0.57% |
|
| ▲ | GOLD |
4,510.3 |
+0.10% |
|
| ▲ | OIL |
58.38 |
+0.00% |
|
| ▲ | CAD/USD |
0.73 |
+0.06% |
|
| ▼ | BTC/USD |
86,977.17 |
-1.14% |
Markets: The S&P 500 and the TSX both closed at new record peaks, buoyed by strength in tech stocks and new data that showed the U.S. economy grew at its fastest pace in two years last quarter.
BUSINESS
Six-figure advent calendars take over the holidays
Source: Dior
Big Chocolate’s monopoly on advent calendars appears to be slipping.
Driving the news: Advent calendars have evolved from a wholesome holiday tradition to a billion-dollar marketing tactic, with brands like Vogue, Dior and Tiffany putting their own (very expensive) spin on the daily chocolate countdown this year.
Dior’s advent calendar costs $11,000, which will somehow seem like a bargain compared to Tiffany’s US$112,000 offering.
For those who can’t cough up the equivalent of a condo down payment for an advent calendar, a slew of brands have rolled out slightly more reasonably priced options for everything from specialty jams to whisky.
Why it’s happening: The social media era has turned advent calendars into a very effective 24-day marketing campaign. The #adventcalendar tag has garnered billions of views on TikTok, with an army of influencers posting daily unboxing videos.
Even Burger King’s advent calendar, filled with nostalgic brand merch, sold out in less than five minutes last year.
Zoom out: While six-figure options are non-starters for most families (shocker), advent calendars for stuff like cosmetics and jewelry in the $100 to $500 range are becoming increasingly popular, especially for young people who see them on their feeds and no longer appreciate subpar milk chocolate.
Why it matters: Fancy advent calendars are set to become yet another seasonal financial pressure point on already-stretched family budgets.—LA
BIG PICTURE
Source: Shutterstock.
U.S. delays tariffs on Chinese chips. The White House accused China of unfair trade practices in the semiconductor chip space, but said it wouldn’t impose tariffs on Chinese chips until 2027, preserving a shaky trade truce. (Reuters)
Canada’s economy grew slightly last month. Early estimates show GDP ticking up by 0.1% in November, but growth for the quarter was still likely negative after the economy contracted in October. (Bloomberg)
Federal court sided with Trump on H-1B visa fee. The ruling means the U.S. will be able to charge a $100,000 fee for applicants to secure an H-1B visa, which is often used by tech companies to hire skilled workers from abroad. (Politico)
A concert by Cape Breton fiddler Ashley MacIsaac was cancelled after AI wrongly identified him as a sex offender. An AI-generated description of MacIsaac on Google falsely alleged he had been convicted of several felonies, including sexual assault, prompting concert organizers to cancel a planned show. (CBC)
Ottawa looks set to scrap a ban on single-use plastic exports. The ban was set to come into effect last week, but the federal government has pushed back implementation and appears likely to suspend it altogether. (The Globe & Mail)
BUSINESS
Fashion is becoming a rental business
Feeling strapped for cash after Christmas shopping? Try renting out that swanky dress gathering dust in the back of your closet.
Driving the news: With the rental clothing space taking off, Canadian peer-to-peer fashion marketplace Rax is expanding its offerings to the U.S. market. The Toronto-based business is a bit like an Airbnb for clothes, allowing users to rent out each other's pieces.
The model has already proven to be a winner in the U.S. Rival platform Pickle has seen a threefold increase in its active users between 2024 and 2025, with its average lenders earning US$3,000 a month on the platform.
Catch-up: After a pandemic slump, fashion rentals appear to be back in favour. Rent the Runway, an industry leader that was on the brink of bankruptcy just a couple of years ago, saw double-digit subscriber growth in the most recent quarter.
Why it matters: The access-over-ownership model that these platforms offer resonates with Gen Z and millennials, who often have the taste for the luxury items they see celebrities flaunting but not the budget to fill their closets with them.—LA
ONE BIG NUMBER
🎶 ~3 billion. Songs that Canadians stream every week, with nearly 15 million Canadians subscribed to a music streaming service. As it turns out, Canada listens to more music than a lot of other countries. For example, Italy — which has 40% more people than Canada — only streams two billion songs a week.
PEAK PICKS
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Read: A first-hand experience of being a water-tasting judge.
Watch: The origin of all the world’s cats.
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*This is sponsored content.
GAMES
The mini-crossword is guaranteed to fill you with spirit and good cheer!
And today’s sudoku will obliterate any ‘bah humbug’ feelings!