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Markets: Canada’s main stock index and top Wall Street indexes rose yesterday as mild U.S. inflation data boosted odds for more Federal Reserve rate cuts. Meanwhile, shares of Lululemon were up after news broke that Elliott Investment built a US$1 billion stake in it.

The unexplainable desire to watch our favourite podcast hosts talk into a microphone has created a new frontier in the streaming wars.

Driving the news: Viewers tuned in for a staggering 700 million hours of podcasts on YouTube in October, nearly double the amount of time as the same month last year, per Bloomberg.

Why it matters: Aside from live sports rights, hit podcasts have become arguably the most valuable video content for platforms to hold. Just this week, Netflix signed deals with iHeart Radio and Barstool Sports to exclusively stream the video versions of popular shows like Spittin' Chicklets, The Breakfast Club, and Pardon My Take.

Yes, but: Making big-name shows exclusive can alienate audiences and doesn’t necessarily translate to profits, a lesson Spotify learned the hard way after spending over US$1 billion on podcast deals with Kim Kardashian, the Obamas, and Prince Harry and Meghan Markle. 

Our take: With a fresh slate of podcasts, live events, and creator-led content (including deals with YouTube stars Ms. Rachel and Mark Rober), we expect to see a much more YouTube-y version of Netflix in the coming years.—LA

Carney signs deal with Ontario; talks CUSMA. Prime Minister Mark Carney and Ontario Premier Doug Ford signed a deal to speed up approvals of major projects in the province. At a press conference, Carney addressed recent comments from top U.S. trade rep Jamieson Greer, who called out Canada’s dairy supply management practices as a hurdle to renewing the CUSMA trade deal. The PM held firm that changes are “not on the table." (CBC News) 

Eli Lilly lowers prices for diabetes and weight-loss drugs. The U.S. pharma giant notified Canadian pharmacies that it had lowered the list price of four-week supplies of Mounjaro and Zepbound by as much as 20%. The move comes ahead of next year’s wave of generic semaglutide products as rival Novo Nordisk's patent for Ozempic expires. (Globe and Mail)  

Ottawa appoints experts to write green investing guidelines. The feds have tasked climate and finance experts with launching a framework aimed at reducing greenwashing, guiding investors, and attracting billions in private and foreign capital to support Canada’s net-zero goals. (Globe and Mail)

As expected, Donald Trump signed an executive order directing his attorney general to reclassify marijuana as a Schedule III drug, putting it in the less-dangerous category of controlled substances alongside painkillers and testosterone. (Reuters)

The U.S. inflation rate slowed to a lower-than-expected 2.7% in November, though economists called into question the efficacy of the data in the wake of the government shutdown. (Financial Times)

Sure, why not? Trump Media & Technology, the parent of Trump’s Truth Social media platform, is merging with fusion power company TAE Technologies. (AP News)—QH

It’s a bird! It’s a plane! It’s… oh, it really is a plane. That’s strange.

Driving the news: U.S. aviation startup Natilus announced that Indian airline SpiceJet will be the first customer for its Horizon jet, ordering up to 100 of the blended-wing body (BWB) aircraft. The jet is still in development, with plans for it to take to the skies in the early 2030s.

Catch-up: BWB aircraft blend the tube-and-wing design typical of passenger planes with the more radical flying wing design usually seen in sleek stealth fighter jets. The result is an admittedly funny-looking triangle-shaped body that houses both the cabin and the fuselage.

Why it matters: They may look like a flying Dorito, but some experts believe BWB aircraft are the future of commercial flight. The design reduces drag and requires smaller engines, meaning the planes are more fuel-efficient and can help the industry meet its net-zero goals.

What’s next: Big names like Delta are bullish on BWB aircraft, but widespread adoption will require muscling in on territory dominated by Airbus and Boeing and regulatory OKs.–QH

Howard Hughes Holdings is acquiring Vantage Risk for US$2.1 billion. A Texas-based real estate developer buying a Bermuda-based insurer to diversify its portfolio usually wouldn’t catch our attention. But this deal happens to involve a person of interest: Bill “May I Meet You” Ackman. 

Why it matters: The billionaire hedge fund manager owns 46.9% of Howard Hughes and is on a mission to turn it into his own “modern Berkshire Hathaway.” Scholars of business history will remember that before Warren Buffett took charge, Berkshire was just a textiles company. If Ackman succeeds, this could mark the opening salvo of an investment colossus.

🏢 165. New condos that were sold in the Greater Toronto Area (GTA) last month, with a measly 18 sold in the old city of Toronto. Condo sales in the GTA were down 55% from the same month in 2024 and are currently projected for the worst year of sales on record.

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