Tim-porary foreign workers

Markets: Canada’s main stock index climbed to a new record high yesterday on broad-based gains stemming from optimism that a U.S.-Iran peace deal was nearing the finish line. Meanwhile, U.S. markets were closed for the Memorial Day holiday.

Canada’s largest restaurant chain is in the market for about 10,000 teenagers willing to learn how to make an Iced Capp. 

What happened: Tim Hortons is planning to cut back its use of the federal Temporary Foreign Worker (TFW) program and hire 10,000 Canadian workers this year to fill new roles. The coffee chain, which is planning to open 80 new locations this year, has also pledged to stop lobbying Ottawa to expand the TFW program. 

Why it matters: Critics of the TFW program have long argued that letting employers fill 20-30% of their workforce with low-paid foreign labour would inevitably hurt Canadian workers (particularly young ones), put major pressure on infrastructure like housing and healthcare, and drive down wages. 

Zoom out: Some have suggested that this reversal might be part of a strategy to lean into Tim Hortons’ Canadian roots (despite being majority owned by a Brazilian investment firm), especially with American challenger Dunkin’ recently announcing Canadian expansion plans.—LA

Vancouver residents are protesting the city's new AI data centres. Hundreds of protesters took to the streets in Vancouver to oppose two new data centres that Telus is building with support from both the B.C. and federal governments, with criticism focused on claims that the facilities will consume too much water and electricity (some data centre hubs in the U.S. have seen electricity costs jump 76% in a year). The first of the two data centres is expected to be up and running this year.  (CTV News)

The U.S. struck targets in Iran. Amid ceasefire negotiations, the U.S. sank two Iranian ships attempting to lay mines and attacked missile launcher sites in Iran. Peace talks between the sides have reportedly bogged down over the issue of Iran’s nuclear program and sanctions. (Reuters)

Ottawa is gearing up for wildfire season with new planes. The feds announced that they have leased 10 new firefighting aircraft for this year, which provinces can request for assistance during wildfires. On the heels of the second-worst wildfire season in Canadian history, Ottawa earmarked over $300 million in last year’s budget to boost its aerial firefighting. (CBC News)

📡 What else is on our radar: 

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What they’re saying: "Is it helpful to ask these fundamental questions? No, it's not helpful," PM Mark Carney said in reference to Alberta Premier Danielle Smith’s decision to hold a vote on whether the province should have a binding separation referendum. He also called the referendum question “a very dangerous bluff” and warned that it could lead to Brexit-like complications (don’t forget, he was the Bank of England’s governor during Brexit).

Why it matters: Just when it seemed like Ottawa and Alberta were getting along after years of bickering, the referendum has thrown another wrench into their complicated relationship. Even if separation doesn’t happen — and it most likely won’t — the whole process threatens to derail Carney’s agenda.

In an address to the Catholic Church yesterday, Pope Leo XIV said AI must be “disarmed” and “freed from logics that turn [it] into an instrument of domination, exclusion, and death.”

That sounds a little dramatic, but new research shows that Leo might have a point.

Driving the news: Recent tests conducted by the Financial Times and AI safety group Alice found that safety guardrails for major open-source AI models can be removed within minutes using readily available software. Models tested include Google’s Gemma 3 and Meta’s Llama 3.3. 

How it works: The technique is called “abliteration.” The software asks questions the model can and can’t answer. It contrasts the responses and parses the weights to figure out where the ‘I can’t answer that’ response lies. It then edits the model to remove those guardrails.  

Why it matters: These findings are especially concerning because they show you don’t need to be a super-hacker to upend these systems. No specialized hardware is required; no great technical know-how is needed; the only barrier to entry is a passing familiarity with widely used coding tools.—QH

🎰 US$2.3 billion. Profits that short sellers have made betting against gambling companies so far this year. The world’s biggest betting operators, including DraftKings, and FanDuel, have seen their stocks plummet as much as 50% in 2026 as prediction markets continue to eat into their profits.

Stimulate your brain with today’s mini-crossword, the daily sudoku, Codebreaker, and Who’s Who.