Rock and roll

Good morning. In a bid to get people off their phones, the government of Singapore has launched a new program that will pay them to read books. For every 15-minute session of reading, Singaporeans will receive one Singapore dollar (worth around C$1.10). While it’s unlikely to make anyone rich, psychologists say that gamifying reading with a reward can help replace the dopamine hit of scrolling.

We applaud the concept, but shouldn’t reading newsletters also count?

Today’s reading time is 5½ minutes.

Earnings to watch: Costco — often a bellwether for consumer sentiment — and the recently reinvigorated BlackBerry will both report their earnings on Thursday. 

The good people of Newfoundland have charmed their way into the hearts of Hollywood A-listers, one screech-in ceremony at a time.

Driving the news: Below, a new Netflix miniseries set in Newfoundland, hits the streaming platform next month — the latest Hollywood production to set up shop in The Rock. Residents in St. John’s, who played host to the cast and crew for months, were already treated to a special screening last week. 

Catch-up: Newfoundland has recently served as the rugged backdrop for hit shows like Severance and Reacher as well as a handful of big-budget movies, including Peter Pan & Wendy, and Aquaman. 

Why it matters: Big film and television productions come with a lot of spending cash that has a real economic impact, especially in smaller communities. Directors will not only hire local film crews, they’ll often tap nearby businesses — from restaurants to carpenters — to help make movie magic come to life. 

Zoom out: Being featured on the silver screen can also be a major tourism draw. Almost 80% of travellers are likely or very likely to take a trip to a destination that’s featured in a movie or TV show they like. The host locations of the first two White Lotus seasons, Hawaii and Sicily, saw a 300% increase in travel demand thanks to the show.—LA

Ottawa can’t guarantee that airport privatization won’t increase prices. Transport Minister Steven MacKinnon said the federal government won’t be able to ensure that costs for air travellers won’t rise after the country’s largest airports are opened to private investors. MacKinnon said the feds will still partially regulate fees and fares, adding that the overall experience for travellers will be improved. One study of 2,400 airports found that airport fees do typically increase after private acquisition — costs that can be passed on from airlines to passengers. (CTV News)

Canada and France form a space alliance. Meeting in the French archipelago of Saint-Pierre and Miquelon yesterday, Prime Minister Mark Carney and French President Emmanuel Macron announced that the two countries will cooperate on space launches and co-develop satellite and space infrastructure. The leaders’ visit to the islands, which sit just off the coast of Newfoundland, comes two weeks after Donald Trump posted a photo of the U.S. flag covering territory that included Saint-Pierre and Miquelon. (The Canadian Press)

Intelligence agencies are warning of an imminent Russian attack on NATO territory. European intelligence officials say that Moscow is planning an attack on a NATO ally that could take place in “months not years.” Polish Prime Minister Donald Tusk warned that the potential attack on NATO territory is meant to shake trust in Article 5, the alliance’s clause obligating all 32 countries to defend any member nation that is attacked. (Guardian)

📡 What else is on our radar: 

Every budget season, policymakers and business leaders scramble to find the next big catalyst for Canada’s economy. But you don’t need to build a new growth story from scratch when one is already doing the heavy lifting.

Canada’s forest products sector is already a domestic economic powerhouse. Right now, it delivers:

Ottawa has introduced the Forest Sector Action Plan, but now we need to see it in action. It’s time to move past talk and cut the red tape holding us back.

See the path forward for Canada’s forest sector.

🇨🇳 Trump and Xi meet in Washington. Chinese President Xi Jinping will visit the White House for the first time in a decade on Thursday for a meeting with Donald Trump. Trade will be an area of focus, as the tariff detente between the two countries negotiated last year is set to expire in November. AI is also likely to be discussed after months of escalating warnings from industry leaders about the dangers posed by the technology. The war in Iran is also certain to be part of the conversation: China maintains close ties with Tehran, and the U.S. would like Xi to pressure Iran to agree to U.S. terms and help Trump extricate himself from what has turned into a costly war — something that would certainly come at a steep price.

🏦 Looking for clues in Macklem speech. Bank of Canada Governor Tiff Macklem will speak later today on “economic developments.” Investors will be searching for clues about whether the central bank plans to follow the Fed in raising interest rates, a possibility markets now suggest is more likely than not to happen in October. Macklem struck a hawkish tone in September, and inflationary pressures have only become more intense since then.

🇺🇳 The UN General Assembly gets underway. The gathering of global leaders and diplomats begins tomorrow, with the main action being the race to replace António Guterres as secretary-general. The process, which will likely run into October, could see Costa Rican diplomat Rebeca Grynspan selected as the organization’s first female and first Jewish secretary-general. Prime Minister Mark Carney will be in attendance, and Donald Trump is slated to deliver a speech to the Assembly tomorrow.

With Parliament back in session today, Mark Carney hopes his government can move fast without breaking too many things.

What happened: Parliament returns today and the Liberal government is expected to move quickly to introduce legislation to speed up the approval of infrastructure projects and overhaul Canada’s labour laws. 

Why it matters: Last week’s Investment Summit got lots of attention, but now is when the rubber hits the road for the government’s effort to put a charge into Canada’s economy — including with measures that are likely to draw intense criticism. 

Zoom out: In addition to trying to carry out a major economic agenda amid a trade war with the world’s largest economy, the government will also need to navigate the impact of wars in the Middle East and Ukraine, an independence referendum in Alberta, and dire warnings about rogue AI wiping out the species — just a light day at the office.

Bottom line: For now, the Carney government enjoys sky-high approval ratings. This session of Parliament will be a test of how popular it can remain while carrying out ambitious economic reforms that have faced steep political hurdles in the past.—TS

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💳 80%. Share of Polymarket deposits that were, at one point, being flagged for using fraudulent payment methods, compared to the industry standard of 1%. A Wall Street Journal report found that the prediction market became a haven for thieves using stolen debit cards to launder money into their own accounts.

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Wakey-wakey, it’s time for today’s mini-crossword, the daily sudoku, Codebreaker, and Who’s Who.