Place your bets

Good morning. Usually we wouldn’t use our intro to write about hiring news in the mining world, but then again, most mining companies don’t hire highly unpopular U.S. politicians.

Former U.S. Homeland Security Secretary Kristi Noem has been tabbed for an advisory role by Vancouver-based miner NovaRed Mining, with the company citing Noem’s “exceptional leadership experience.” That’s one way of putting it! Let’s just hope there aren’t any dogs on site.  

Today’s reading time is 5 minutes.

Markets: Canada’s main stock index fell for the second straight session yesterday as both gold and oil prices fell, with the latter hitting its lowest level since before war broke out in Iran.

The line between investing and gambling is getting blurrier in Canada.

What happened: Wealthsimple is launching its own prediction markets app, Wealthsimple Predict, in partnership with U.S.-based Kalshi, marking one of the first times that real-world event trading will be offered in Canada (at least legally). 

Why it matters: The popularity of prediction markets has exploded over the last year — trading volume on Kalshi alone has more than tripled to US$178 billion between last November and this May. Wealthsimple’s entrance into the space — and Canadian regulators seemingly warming to the industry — is a sign that this type of trading is here to stay.

Yes, but: Canada might not be opening the floodgates to sports or politics (yet), but even the economic markets, like inflation data releases or interest rate decisions, can be vulnerable to insider trading. 

Our take: Canadians who want to bet on the unregulated markets can easily do so on Polymarket or Kalshi with a VPN. That grey market could provide Wealthsimple and other brokerages a ready-made argument to convince regulators to expand the markets they can offer.—LA

Canada cruises to first World Cup win. Canada obliterated Qatar 6-0, securing its first-ever men’s FIFA World Cup win — on home soil no less! Star player Jonathan David scored a hat trick, making him the first player from a host nation to do so since 1966. The only bad news was that starting central midfielder Ismaël Koné left the match with a scary injury. Watch the full highlights here. (TSN)

The U.S. and Iran officially signed their deal to end the war. Leaders of both countries signed a peace agreement, ending the nearly four-month-long conflict and reopening the Strait of Hormuz for oil shipments. The deal calls for an end to all hostilities, the dilution of Iran’s enriched uranium stockpile, a 60-day negotiation to reach a permanent deal on Iran’s nuclear program, and the lifting of sanctions on Tehran that will allow Iranian oil to be sold right away (widely seen as a major concession from Washington). (Associated Press)

Empire is leaning further into budget grocery stores. The Sobeys parent announced that it would open dozens of new budget stores in the next few years as Canadians increasingly seek out discounts in the grocery aisles. The chain says it will open 70 stores in the next three years, over three-quarters of which will be discount stores. Earlier this year, Empire bought Mayrand, a discount grocery chain based in Quebec. (The Canadian Press)

📡 What else is on our radar: 

It’s a question that we’re always asking ourselves. And in each edition of The Peak World Dispatch, we do our best to answer it.

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Montreal-based digital payment firm Nuvei is buying American rival Payoneer for US$2.75 billion. The deal — which is Nuvei’s first major acquisition since it was taken private in 2024 — will create a combined company with ~$3 billion in annual revenue. 

Why it matters: This is one of the largest acquisitions ever made by a private Canadian tech company, and marks a major milestone for Nuvei since it left public markets. Nuvei was one of the 20 IPOs on the TSX in 2020 and 2021, but the fintech (and more than half of the other firms that went public that year) have gone private again following a tech stock selloff.

For any AI haters looking for more ammunition, here’s something you can use: pricier iPhones.

Driving the news: Outgoing Apple CEO Tim Cook said that price increases for Apple products are “unavoidable” in an interview with the Wall Street Journal, citing soaring demand and skyrocketing costs for memory and storage chips driven by AI servers.

Zoom in: According to a WSJ analysis, if Apple wanted to maintain similar profit margins for its next iPhone Pro, it could potentially raise the base price by US$200 to US$1,299 (about $1,830 Canadian). However, this calculation doesn’t account for potential upgrades to the phone’s camera, which could bump the price tag to US$1,399 (just shy of $2,000 Canadian). 

Why it matters: Apple used to be top dog in the memory market, using its muscle as a customer to bully chipmakers into the lowest prices; that’s no longer the case. You might be saying, ‘that’s alright, I don’t use Apple products,’ but think about it — if not even Apple can stave off these price increases, what hope do other consumer electronics companies have?

Our take: If you need a new phone or laptop, consider buying it before the next release cycle.—QH

🌎 Hint: This island nation is known for its traditional kava ceremonies, the greeting “bula,” and a rugby culture that has produced multiple Olympic gold medals. Made up of more than 300 islands, it blends Indigenous traditions with influences from South Asia. Many of its villages still follow traditional chiefly customs, and most of the country's land remains under communal ownership.

Have an idea where this might be? Lock in your guess here.

🛢️ ~3.4 million. Albertans who will receive a $100 cheque from the provincial government thanks to a surge in oil revenues from the Iran war. The one-time benefit will go to any Albertans with combined household incomes of less than $225,000. 

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