Hook, line, and sinker

Good morning. Ali vs. Frazier. Magic vs. Bird. Federer vs. Nadal. And… the Boss vs. Split Lip. 

The Boss, a ~700-pound grizzly that once survived being hit by a train, has been the dominant bear in Banff’s Bow Valley for well over a decade. But recently, he has seemingly ceded territory to his most hated rival, Split Lip, as he loses fights he had won in the past. 

With both bears likely well into their 20s, these two ursine warriors have extended their primes late into their careers. This new chapter in their rivalry might be one of the last, and could define their legacies.

Today’s reading time is 5½ minutes.

Markets: It was a rough day for Canada’s main stock index and top Wall Street indexes amid a continued tech share sell-off. The exception was Alphabet, which touched a record share price in intraday trading after Berkshire Hathaway disclosed a $4.9 billion stake.

The most digitally savvy generation is now falling for online financial scams at a higher clip than their grandparents. 

Driving the news: Canadians aged 18 to 24 fell for a record number of investment scams last year, and, for the first time ever, were victimized at a higher rate than senior citizens. The schemes range from fake investment endorsements to scammers impersonating bank employees. 

Why it matters: The rise in scam victims is a symptom of the unhappy economic reality that many young Canadians face. As experts point out, financial desperation is the driving factor behind these scams' success. 

Zoom out: In September, a group of 50 organizations launched a coalition to crack down on scams in Canada, with the Big Six banks, Rogers, Bell, Telus, Google, and Meta all on board. By working together, the companies say they can do a better job of tackling new schemes before they reach Canadians.—LA

Carney’s budget passes confidence vote. The Liberals passed the federal budget by a margin of two votes, narrowly avoiding a second federal election in less than a year. Two Conservatives and two NDP MPs abstained from the vote, and Green Party leader Elizabeth May voted yes. The budget calls for $141 billion in new spending, $51 billion in program cuts, and a suite of tax measures that would make Canada’s corporate tax rate the lowest in the G7. (Globe and Mail)

Jeff Bezos is launching his own AI startup. The Amazon founder is planning to be the co-CEO of his new AI company, Project Prometheus, a venture that will build AI products to help make everything from cars to space equipment. The company’s initial US$6.2 billion in funding, part of which came out of Bezos’ pocket, makes it one of the most well-funded early-stage startups in the world. (TechCrunch)

Canada’s inflation rate cooled to 2.2%. Lower gas and grocery bills helped ease Canada’s annual inflation rate in October — down from 2.4% in September — but still higher than what economists were expecting. Grocery prices saw their largest month-to-month decline in over five years, driven in part by retaliatory U.S. tariffs being waived on more goods. (CBC News)—LA

Here's a perk that you might not know about: RBC and DoorDash are expanding their program to give eligible RBC credit cardholders complimentary access to DashPass, the subscription program from DoorDash that provides $0 delivery fees and reduced service fees on eligible orders.

Depending on your RBC credit card, you could be eligible for up to 12 months of DashPass free. That's almost $120 in value before you've ordered a single taco.

Other eligible RBC credit cardholders now get six months of DashPass free and even Avion Rewards members without an RBC credit card can grab two months of DashPass on the house. Terms apply please see here.  

Plus, all eligible credit cardholders get a $10 credit to use on one DoorDash order over $25 (terms apply).

Whether you're feeding a late-night craving or avoiding grocery stores, your RBC credit card now reduces the cost of convenience.

Check your eligibility, and activate your DashPass at rbc.com/doordash.

After over 14 years of leading Apple and crafting his own path in the long shadow of Steve Jobs, Tim Cook might soon have more time to hike around Yosemite.  

Driving the news: Apple is reportedly speeding up its CEO succession plan, with sources telling the Financial Times that Tim Cook (a.k.a. Tim Apple) could step down as soon as next year. Senior VP of hardware John Ternus has been tabbed as his most likely heir apparent. 

Why it matters: Sources said Cook’s long-planned departure isn’t performance related — after all, Apple’s shares have climbed by 9.7% this year as the iPhone 17 broke sales records. But a leadership swap might give a shot in the arm to a giant that’s lost some mojo. 

Zoom out: It could be, per Axios, the “twilight of the star CEO.” Walmart's Doug McMillon is retiring at the start of 2026, and Disney's Bob Iger is (for a second time) eyeing the exit. If Cook leaves, too, three of the world’s biggest consumer-facing companies will have new leaders.—QH

What they’re saying: “A continent that has prided itself for at least a decade on its tech-focused regulation is now almost doing this complete U-turn,” digital policy consultant Mathias Vermeulen told the New York Times, referring to the EU’s softening stance on Big Tech. The bloc will unveil a package of new proposals to simplify its tech laws tomorrow.

Why it matters: The EU has typically been the global trendsetter when it comes to reining in tech, often setting the standards that other countries will later adopt. However, bloc leaders worry that this restrictiveness has caused it to fall behind in the AI arms race. By loosening rules, it may be able to spur AI development, but at the expense of the world losing its regulatory pacecar.

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💰 US$90 trillion. Assets that are expected to be passed down from Baby Boomers to their Gen X and millennial kids. In addition to money, there’s expected to be a “Great Stuff Transfer.”

🩺 254,800. Canadians who are expected to be diagnosed with cancer this year, 87,400 of whom are expected to die from it, though the overall mortality rate from the disease is on the decline. 

🧸 38. Toys “R” Us locations in Canada that will be closed this year, with another 12 set to be put up for sale. The toy chain once had 103 stores across Canada, though only 40 remain.

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Play today’s mini-crossword — it’s on the house!