In the soup

Good morning. Katy Perry, spacefaring pop star (and GF of Justin Trudeau), is suing a man for $5 million, seeking damages for a prolonged legal fight over a disputed real estate transaction. The man also happens to be an 85-year-old, disabled, dying military veteran. 

Most people go their whole lives without getting in real estate battles with sickly old folks. Perry has somehow managed to do it twice. She found herself embroiled in a fight against a group of nuns after purchasing a former convent in 2015, with one of the nuns literally dying in court.    

Today’s reading time is 5 minutes.

Markets: Canada’s main stock index was on a roll yesterday, hitting a new record high for a second straight session as higher gold and copper prices lifted the materials sector by 3.7%.

It’s the classic gift you buy your nephew when he grows out of his dinosaur phase. It might also be the hottest holiday present of the year. 

Driving the news: Demand for gift cards is expected to grow this holiday season, as shoppers hunt for tariff and inflation-resistant gifts. A BMO survey found that 47% of Canadians are planning to buy gift cards for their loved ones this year, up 5% from 2024. 

Why it’s happening: Gift cards can be a bit of an inflation hack for those who don’t want to break the bank checking names off their holiday shopping lists – a $25 gift card still only costs $25, after all.

Why it matters: The gift card boom is part of a creative, cost-cutting shift in how shoppers approach their holiday spending, as nearly half of Canadians plan to spend less than they did last year, according to Boston Consulting Group data shared with The Peak. 

Zoom out: Around 44% of Canadians are expected to gift DIY or homemade presents this year, while the same share of shoppers are considering gifting resale or second-hand items.—LA

Ottawa rolls out more support for steel and lumber producers. Two of Canada’s most tariff-affected industries are getting a helping hand from the feds, including new import limits on foreign steel and more cash to help lumber producers keep their doors open. Carney, who has been pushing for a deal with the U.S. to lower steel and lumber tariffs, will meet with President Trump next week at the White House. (BNN Bloomberg)

Couche-Tard strikes gold with its meal deal. The Canadian convenience store giant says its new meal deal combos — bundling a hot dog, bag of chips and pop for US$3 — have been a major hit, with one million now being sold every week in North America (that’s a lot of hot dogs). After failing to buy 7-Eleven, the company is now hunting for other takeover opportunities. (Globe and Mail)

National Guard members shot in attack near White House. Two members of the West Virginia National Guard were shot just outside the White House on Wednesday afternoon in what appeared to be a targeted attack. Police say a suspect has been arrested and is in critical condition. Following the shooting, President Trump ordered 500 more National Guard members to Washington. (AP News)—LA

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Campbell’s is on the defence after some soup-er incriminating leaked audio.

Driving the news: Campbell’s released a statement assuring consumers that its canned soups don’t contain any artificial, 3D-printed, lab-grown, or otherwise bioengineered meat. The company was forced to do this after an audio clip went viral in the worst way possible.

Catch-up: A new lawsuit by a former Campbell’s employee alleges he was fired for reporting chief information security officer Martin Bally for inappropriate behaviour. As evidence, the ex-staffer presented audio where a voice, allegedly Bally’s, said Campbell’s products are “sh*t for f*cking poor people” that use chicken that “[comes] from a 3D printer.” Bally has since been fired. 

Why it matters: These claims about phony meat affect grocery carts across the country. As food prices stay elevated even as inflation drops elsewhere, canned goods, like soup, are a staple for shoppers stretching their dollar and for food banks receiving record visitorship.

Our take: We’re inclined to believe Campbell’s, and that Bally was likely overexaggerating, kinda like how kids gross each other out by speculating what hot dogs are made of. Still, the incident only amps up health concerns about ultra-processed products, especially canned goods, which the Canadian Food Inspection Agency found often contain BPA plastics.—QH

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🍃 $5.4 billion. Tax revenue that federal and provincial governments have collected from cannabis since its legalization in 2019. Ontario led all provinces, taking home $1.5 billion.

🏢 54. New condos sold in Toronto last month, one of the weakest months on record for housing sales. In the old City of Toronto region, just 25 condos were sold.  

💉 US$1.2 billion. Valuation of the Peter Thiel-backed Enhanced Games as it plans to go public. The so-called steroid Olympics will allow athletes to take drugs to boost performance.

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Start your engines — today’s mini-crossword is ready to roll.