📈 Roll the dice

Good morning. A new Radio-Canada report has levied shocking allegations against a Quebec maple syrup producer, accusing them of cutting their sticky stuff with cane sugar.

The revelations came to light after a reporter bought a can labelled “pure maple syrup” and thought the product tasted off. Tests confirmed his suspicions, with Quebec’s maple syrup quality assurance lab (of course that exists) finding the syrup was cut with 50% cane sugar. 

Not only is this a blatant case of fraud, it feels like it should also warrant a treason charge.

Today’s reading time is 5 minutes.

Markets: Canada’s main stock index secured its highest weekly gain since November yesterday, finishing the week up 3.6% (the markets are closed today for the Good Friday holiday). 

There’s about to be a lot more people losing money on Edmonton Oilers parlays.

Driving the news: Alberta will open up its online gambling market to private sportsbooks and casinos on July 13, according to a government letter viewed by Canadian Gaming Business. It will become just the second Canadian province to do so, following in the footsteps of Ontario, which opened up its online gambling market in 2022. 

Why it matters: Ontario has brought in $2 billion in revenue since opening its doors to online sportsbooks and casinos, but it's also seen a 300% spike in young men calling its mental health hotline for gambling issues. Alberta will now face the same challenge of balancing the financial windfall of open betting with the issues it's proven to spark. 

Bottom line: Alberta’s government estimates that 70% of all online betting right now is happening on unregulated sites. Given that people seem to be gambling on these platforms anyway, the temptation to funnel that grey market revenue into the government's coffers is tough to resist.—LA

Ottawa rejects Stellantis’ plan to build Chinese EVs in Ontario. Industry Minister Mélanie Joly nixed the automaker’s proposal to use its idled factory in Brampton, Ont., to assemble Chinese EVs, saying “we can’t bring cars in a kit to Canada.” Ontario Premier Doug Ford and Unifor also voiced opposition to the proposal, arguing that cars sent over in pre-made kits (think Ikea furniture box for a car) wouldn’t require many jobs at the factory or tap into the province's auto parts supply chain. (Globe and Mail)

Trump slaps 100% tariff on some pharmaceuticals. On the anniversary of his so-called Liberation Day, the U.S. president announced that countries without a tariff deal, including Canada, would be subject to a 100% levy on patented drugs. The tariff doesn’t apply to companies that have cut a favourable pricing deal with the Trump administration or committed to investing more in their U.S. manufacturing. (Bloomberg News)

OpenAI is getting into the media game. The AI startup is buying popular tech industry talk show TBPN for an undisclosed amount (though media reports peg it in the low 9-figures), looking to challenge established business news networks like CNBC and Bloomberg. The show is known for being more flattering to the Silicon Valley crowd than mainstream media outlets (which OpenAI shockingly appreciated), and has hosted guests like Mark Zuckerberg, Andrew Huberman, and Sam Altman. (Wall Street Journal)

📡 What else is on our radar: 

When oil prices climb, the knock-on effects show up fast — at the gas pump, the grocery store, and basically everywhere else your money goes. If you’re reassessing your budget (welcome to the club), it’s worth looking beyond the obvious line items.

Start with where your money actually sits. Many traditional bank accounts quietly work against you: monthly fees here, negligible interest there — and inflation doing the rest.

If you’re trying to make your money stretch — whether it’s for a bigger emergency fund or just a bit more breathing room between payday and bills — keeping it growing can be the difference between losing ground and ending up with more than you started with.

The EQ Bank Personal Account is designed to keep your money growing, with:

It works like a chequing account, earns like savings, and fits easily into everyday life.

When the cost of everything else is going up, your bank account shouldn’t be part of the problem. Learn more about the EQ Bank Personal Account.

B.C. biotech company Aspect Biosystems nets $79 million in federal funding. The investment — which Aspect is receiving through Ottawa’s Strategic Response Fund focused on “transformative projects” — will go towards a $280 million plan to improve its 3D-printed human tissue treatment.

Why it matters: Using a novel method called microfluidic 3D bioprinting, Aspect’s technology presents an opportunity to treat a variety of illnesses related to tissue damage. The most promising right now is a diabetes treatment — so promising, in fact, that Aspect and pharma giant Novo Nordisk launched an expanded partnership on it earlier this year.

It’s what you’ve all been waiting for: we’re talking about the crisis in private credit.

What happened: U.S. asset manager Blue Owl Capital is capping redemptions from its two main private credit funds to 5% of their total value. The move is a direct response to the overwhelming number of withdrawals investors have requested over the past few months. 

Catch-up: Private credit is a broad term for a set of debt investment vehicles that have become fixtures of finance. However, cracks are starting to show in the strategy, particularly in one type of vehicle called business-development companies (BDCs). It stems from the fact many of these funds are overleveraged in software companies under threat from AI. 

Why it matters: Private credit is interlinked with many other parts of global finance, so a widespread downturn would ripple across the system. Thankfully, we would likely be spared a redux of 2008 because, as Bloomberg explains, “the biggest players in the space are primarily investment firms, rather than banks.”—QH

🌍 Hint: This region is known for its rugged coastline, earning it the reputation not only as the country’s surfing capital, but as one of the most dangerous coasts on the continent. A world famous pasty, filled with beef and potatoes, is named after it. It has also served as a filming location for both the James Bond and Lord of the Rings franchises. 

Have a feeling you know where this is? Lock in your answer here.

🐰 22,650. Calories that are in Costco’s 10-pound chocolate Easter bunny. The US$140 bunny, which the retailer named Pete, has gone viral online with shoppers sharing photos of their absurdly large chocolates. It says it contains 151 servings, but surely a hungry family on Easter could polish one off.

Congratulations to the winners of last week's cartoon caption contest and thanks to everyone who submitted!

Want to see this week's cartoon and try your hand at another caption? Click here and give us your best witticism.

Look back on the week that was with The Peak’s Weekly News Quiz! 

Next up: the mini-crossword, the daily sudoku, Codebreaker, and Who’s Who.