Social snooping

Markets: Canada’s main stock index posted a new record high yesterday following interest rate cut decisions that met investor expectations. Meanwhile, Oracle shares took a nosedive in after-hours trading as the company missed revenue projections in its quarterly earnings.

The U.S. is pursuing another measure that makes it seem like it no longer cares about international tourism as a GDP contributor.

What happened: Under a new proposal from the White House, citizens from 42 countries that typically enjoy easy entrance to the U.S. — including the likes of the U.K., France, and Japan — could soon be required to disclose the past five years of their social media history. 

What about Canada? This rule change wouldn’t apply here, as Canada isn’t part of the program. Canadian passport holders are automatically exempt from visa requirements for short-term tourism in most cases. That said, Canadians continue to face stricter border crossing rules. 

Why it matters: On the first day of his second term in office, Donald Trump signed an executive order calling on security agencies tovet and screen entrants to the U.S. “to the maximum degree possible.” With directives like that, visiting our next-door neighbour is only getting more difficult—QH

Bank of Canada holds key interest rate. As expected, the central bank kept its benchmark rate at 2.25% after GDP and jobs data from the third quarter came in better than anticipated. Governor Tiff Macklem said that given the impact of U.S. tariffs, the economy is ending the year in a better place than previously expected. On the other side of the border, the Federal Reserve cut its benchmark interest rate to its lowest level in three years. 

Ottawa launches $1.7 billion program to lure top research talent. The feds are looking to bring over 1,000 top-tier researchers to Canada, particularly from the U.S., where scholars have been fleeing amid a crackdown on higher education. Industry Minister Melanie Joly said the program will also aim to bring home Canadian researchers who are working abroad.

Canada’s Waabi closes in on US$3 billion valuation. The Toronto-based autonomous driving company is close to securing a US$750 million funding round that would mark one of the largest early-stage raises ever by a Canadian tech firm.

SpaceX files a trademark for Starlink mobile. The patent application is a sign that Starlink’s satellite internet service could soon be parlayed into a full-fledged mobile phone carrier. They must have seen Ryan Reynolds, Jason Bateman, and Will Arnett with their own cellphone networks and decided to get in on the action.

The U.S. seized an oil tanker off the coast of Venezuela, ratcheting up tensions with the country. U.S. officials didn’t offer an explanation for the seizure. —LA

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As Ethereum becomes the foundation of future finance, more growth at Republic is on the way. Learn more at republictech.io.

Canadians might be feeling pinched, but a steady diet of live entertainment seems to be a non-negotiable. 

Driving the news: New RBC data shows that Canadians’ spending on arts and entertainment in October jumped over 200% compared to 2018 levels, despite pulling back on other categories like household goods. Spending in Ontario led the pack, driven in large part by the Blue Jays' World Series run. 

Why it matters: The post-pandemic spending surge on live events was chalked up to people making up for the lost time of lockdown. But this data suggests people weren’t just reacting to being cooped up, and that entertainment has become a higher priority for Canadians.

Our take: People generally aren’t going out as much, especially to bars, but that doesn’t mean people aren’t doing things; this trend suggests Canadians are happy spending more on fewer events that feel special. That said, this writer wishes he could erase the memory (and financial hit) of attending Game Seven of the World Series.—LA

🏡 842. The number of realtors in Saskatoon, even though there are only 591 properties on the market. Despite the mismatch in the province’s largest city, the province of Saskatchewan as a whole actually has the fewest real estate agents per capita of anywhere in the country.

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