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Markets: Canada’s main stock index rose yesterday, buoyed by gold prices and strong U.S. economic data. It was able to shake off a fall in energy shares and a 6.6% dip for AI infrastructure company Celestica.

For a company repeatedly branded a national security threat, TikTok has emerged from its U.S. standoff in remarkably good shape.

What happened: The U.S. and China have reportedly closed their deal to sell TikTok’s American business to a group of U.S. investors, ending a years-long saga over the fate of the platform, per Semafor.

Why it matters: Considering Western governments' rhetoric about TikTok being a Trojan horse for the Chinese government, this deal is a puzzling end result. Not only did TikTok avoid an outright ban, but ByteDance is retaining a ton of control over the platform. 

Our take: At least a third of the population in both Canada and the U.S. is now on TikTok. It’s not that the platform is suddenly perceived as less of a national security threat to either country — it’s simply become too popular to be outlawed.—LA

Ottawa is considering banning social media for kids under 14. The feds have drafted plans for the ban as part of a new online harms bill, sources told the Globe and Mail. Canada already has a social media ban in place for kids under 13, which they can easily dodge by lying about their age. Canada might have to go the Australian route (read: actual age verification) to enforce any new rules. (Globe and Mail)

A Canadian fusion firm is going public. B.C.’s General Fusion aims to list on the Toronto Stock Exchange and the Nasdaq after merging with a special purpose acquisition company (SPACs really are back). The company, which is pursuing viable fusion energy, raised $51.5 million in funding late last year on the condition that it went public as soon as possible. (Globe and Mail)

Our thoughts are with those poor Marineland belugas. Marineland presented a plan to Ottawa to export its 30 remaining belugas and four dolphins to four U.S. institutions, including SeaWorld, after the feds blocked a previous proposed sale to a Chinese theme park. Marineland warned it will euthanize the animals if the plan isn’t quickly approved. (The Canadian Press)

Shopify sheds more jobs. The Canadian e-commerce giant carried out "significant" layoffs across its partnerships division as it restructures how it works with third-party businesses building tools for the platform. Shopify also conducted layoffs in November. (The Logic)

Carney, Trump spat continues. In his first speech on home soil since his viral Davos address — and Donald Trump’s thorny retort, in which he said “Canada lives because of the United States” — Mark Carney told his cabinet that “Canada doesn’t live because of the United States. Canada thrives because we are Canadian.” Then, last night, Trump withdrew his invitation for Carney to join the planned “Board of Peace”. (CTV News)

Trump sues JPMorgan and Jamie Dimon for US$5 billion. The U.S. prez alleged the bank wrongfully dropped him as a client following the Jan. 6 riots. Dimon had recently lambasted Trump’s proposal to cap U.S. credit card interest rates. (CNN)—QH

Jetson Home raised US$50 million in new funding. The Vancouver-based startup sells smart heat pumps and has seen great success in its first two years of operation. It will use the cash to expand to more cities and build out a network of electric home products, including EV chargers and water heaters.

Why it matters: Heat pumps have been touted by environmental experts as a key aspect of shifting to green energy, as they produce fewer carbon emissions than other heating methods, but adoption has been slow due to high upfront costs. Jetson’s early success is an encouraging sign that it's found a way to make heat pumps an attractive offering.

Groceries feel expensive, but who's really to blame?

Spoiler: It's not price gouging. Grocery stores make roughly $3 profit per $100 sold, one of the lowest margins in any Canadian sector. Meanwhile, global food manufacturers average $14.

The truth? Food inflation is driven by forces beyond any single store:

Even buying direct from farmers doesn't escape these pressures.

Want the full picture? Get myth-busting facts here.

Chinese EV companies are starting their engines to enter the Canadian market.

Driving the news: Chery is laying the groundwork to become the first Chinese automaker to sell mainstream passenger vehicles in Canada, per the Globe and Mail, wasting no time following Mark Carney’s decision to dramatically reduce tariffs on Chinese-made EVs.

Catch-up: Under Canada’s new strategic partnership with China, Chinese-made EVs will be tariffed at a rate of 6.1% (down from 100%), with a maximum of 49,000 vehicles allowed in annually, about 3% of Canada’s car market. In five years, that number will jump to 70,000. 

Why it matters: Chinese automakers are the global leaders in making quality EVs on the cheap. Even though they’ll be limited to how many cars they can sell, their looming arrival should be a kick in the pants of North American automakers to find ways to lower EV prices.

Yes, but: There’s a chance Chinese EVs do little to advance the market as buyers shun the cars over security concerns. Boycottin’ Doug Ford’s nightmare could also come true, and cheap Chinese vehicles could tank the domestic auto industry. Talk about a crapshoot.—QH

🎥 16. Oscar nominations that Sinners racked up, setting a new record. It dominated the technical categories, scored slots in three of the four acting categories, and, of course, is up for best picture. The fact that the record was broken by a vampire movie — blending action, horror, history, and musical — made by a Black director, only makes it more impressive. 

Take a walk down recent memory lane and play The Peak’s Weekly News Quiz! 

Then, we’ve got a double dose of the mini-crossword and the daily sudoku. 

And as we continue testing our new games platform, we ask that you play today’s bonus mini and let us know if you run into any bugs.