Turkey shoot

Good morning. A new report from Canada’s independent telecoms dispute resolution organization said that it has seen a 79% increase in the number of complaints so far this year compared to the same period last year. In total, it has fielded 53,195 complaints.

The group says the increase “reflects unprecedented demand for our impartial, effective and free complaint-resolution services.” A diplomatic way of saying: more people are pissed off about how poor telecoms customer service has become.

Today’s reading time is 5½ minutes.

Markets: Meta shares fell 7% yesterday with investor concerns over hefty AI spending, while Tesla shares dropped 3.1% amid concerns the company isn’t spending enough to reach its ambitions. Elsewhere, Canada’s main stock index fell on lower gold and copper prices.

On the first-ever bilateral trip to Turkey by a Canadian prime minister, Mark Carney made it clear that Ottawa wants to get closer with Ankara.

What happened: Canada and Turkey signed a three-year action plan meant to boost cooperation on trade and investment, defence, energy, and intergovernmental dialogue. This sets the stage for talks on a comprehensive free trade deal, which will begin next month.

Why it’s happening: Turkey has a lot to offer Canada as it diversifies trade and industry away from the U.S. For one, the country has a complementary defence industry. “Canada’s strength lies in subsystems, sensors and components; Turkey’s lies in integrating them into platforms it can field and export,” one expert wrote in the Canadian Global Affairs Institute.

Why it matters: The feds have made it clear that they want to pursue deals with middle powers, even if they don’t share core values. Turkey is a prime example: it’s an illiberal democracy that is currently in the process of democratically backsliding even further. Just last month, global watchdogs decried a crackdown on dissent and LGBTQ+ rights groups.

Bottom line: If deals like this one and with other questionable partners (e.g., Saudi Arabia) deliver economic boosts and industrial security, hand-wringing over them could fade.—QH

Cleveland-Cliffs has 15 days to reverse Stelco layoffs. Industry Minister Mélanie Joly has given the company a two-week deadline to undo its decision to lay off hundreds of Hamilton steelworkers, threatening to take the U.S. company to court if it doesn’t do so. Joly has said Cleveland-Cliffs is legally required to maintain its current workforce, a commitment it made in 2024 when Ottawa greenlit its acquisition of Stelco. (CBC News)

Ottawa tells diplomats to stay away from U.S. midterm candidates. The feds ordered Canada’s nearly 500 diplomats in the States to keep a low profile and avoid contact with any candidates in the upcoming midterm elections, following warnings from U.S. officials to not interfere in the races. Members of the Trump administration have painted anti-tariff rhetoric from Canadian politicians, namely Doug Ford, as potential interference. (Bloomberg News)

1Password rolls out passwords for AI agents. The Canadian cybersecurity firm launched a new tool that allows AI agents to log into users’ accounts on their behalf without having to ever access their credentials — offering a partial solution to security concerns around personal agents (more on those later). 1Password also announced that it hit US$500 million in annual recurring revenue thanks to high demand for its AI security tools. (TechCrunch)

📡 What else is on our radar: 

Back in August, one of Canada’s largest payment processors announced its sale to a U.S. private equity firm.

Merchants still accepting payments with this processor are speculated to experience price increases benefiting our southern neighbours. You didn't sign up for that!

Helcim is the last true Canadian payments company and refuses to adhere to the payment industry's bad pricing practices.

Whoever processes your payments today, find out what you’re actually paying.  Send us your statement and we’ll compare it line by line and let you know your honest savings so you keep more of what you earn.

Compare your statement →

Chinese AI startup DeepSeek raised US$15 billion in one of the country’s largest-ever funding rounds, roughly doubling its initial target for the raise. Similar to its Western rival Anthropic, the company is eyeing an IPO in the near future to raise more capital. 

Why it matters: DeepSeek rose to prominence last year when it released a model on par with those at top labs for a fraction of the price — a shock that erased US$1 trillion in value from U.S. tech stocks in one day. Despite facing national security hurdles in the U.S., DeepSeek’s cost-efficient approach could win over a lot of businesses, especially as they sour on the high cost of frontier models.

Banks are worried AI agents will start going on rogue shopping sprees with our credit cards. 

Driving the news: The head of AI at RBC says the lender won’t allow autonomous agents to access its systems until it can ensure proper safeguards are in place, following reports that agents are causing serious security issues at U.S. banks and even taking rogue actions. 

Why it matters: It doesn’t exactly inspire confidence to hear some of the world’s largest financial institutions admit that they don’t know how to host AI agents safely within customer accounts.

Our take: Giving AI agents the keys to our bank accounts opens up a can of worms legally. If an agent goes rogue and spends thousands unprompted — or worse, steals from a customer — who’s on the hook for the losses? The AI company, the bank, or the user?—LA

🌎 Hint: Built in 1296, this city is known for its bustling night markets, elephant sanctuaries, and traditional noodle dish, Khao Soi. It's home to more than 300 Buddhist temples — a draw for many religious tourists — and, more recently, has become a hub for digital nomads.  

Any idea where this mountain paradise is? Lock in your guess here.

🎮 400. Employees who video game maker Electronic Arts (EA) is reportedly laying off. This includes around 50 workers at Edmonton-based studio BioWare, which EA is shutting down. Canada’s video game industry has hit a rough patch as of late, with Quebec studio Eidos-Montréal laying off 124 workers earlier this year.

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