📈 Under the microscope

Good morning. Canada may have lost to the U.S. in hockey twice at the Olympics (really sorry to bring that up again), but we have a chance to get some national vengeance tonight as the two countries go head-to-head in the World Baseball Classic quarterfinals.

The U.S. is the clear favourite to win, but Team Canada has played well so far this tourney, winning its group in the qualifying stage. It would be sweetly ironic if the boys could beat the U.S. at America’s pastime. So tune in — the game starts at 8 p.m. Eastern on Sportsnet.

Today’s reading time is 5 minutes.

Markets: Canada’s main stock index hit a one-month low yesterday as oil prices spiked again, and investor optimism about the conflict in Iran ending soon started to dissipate.

The bearish EV market has left one of the world’s largest automakers saddled with unprecedented losses. 

What happened: Honda is forecasting a net loss of up to ¥690 billion (~$5.9 billion) for the fiscal year that ends this month — the first time since the Japanese automaker went public in the 1950s that it’s posted an annual loss. 

Why it matters: Honda was one of the more aggressive automakers in its pursuit of electric models, but the entire industry is feeling the pain of being too early for most consumers. Automakers are expected to take a US$65 billion hit from having to shift their EV strategy. 

Zoom out: The pullback from EVs has had an outsized impact in Canada. Honda paused construction of its $15 billion EV plant in Ontario for at least two years; Stellantis moved EV Jeep production to Illinois; and GM stopped making the BrightDrop electric van at its Ontario plant, Canada’s first all-EV manufacturing facility.—LA

Iran’s new leader vows to use oil logjam as leverage. In his first comments since taking power, Supreme Leader Mojtaba Khamenei said Iran will continue to shut down the Strait of Hormuz as leverage in its war with the U.S. and Israel. The International Energy Agency, which just greenlit its biggest-ever oil reserve release, said yesterday that the world is now facing the largest oil supply disruption in history. (Associated Press)

Ottawa unveils bill to expand law enforcement’s power to track suspects online. An updated version of an earlier border-security bill was tabled by the Liberals yesterday, legislation that will force telecoms to confirm whether criminal suspects use their services. The bill walked back many (but not all) of the measures that raised privacy concerns in the first draft. (CBC News) 

Uber is launching a premium chauffeur service with luxury SUVs and champagne. The ride-share company began invite-only testing of Uber Elite, a new chauffeur service that promises a full white-glove experience, including pre-stocked champagne, airport baggage pickup, and other optional perks. It will replace Uber Black as the most expensive tier on the app, using exclusively high-end vehicles like Cadillac Escalades and Lincoln Navigators. (Bloomberg News)

📡 What else is on our radar: 

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French health insurer Alan raised $158 million, with Canadian backing. The raise gives the company a roughly $8 billion valuation and comes with the news that it achieved profitability in its home market. In a sign that its recently planted Canadian roots are growing, Shopify CEO Tobi Lütke and Wealthsimple CEO Mike Katchen both chipped in as angel investors. 

Why it matters: Since entering Canada last year and becoming the country’s first new health insurance carrier in nearly 70 years, Alan has found a foothold in the market by targeting underserved tech startups and small businesses, with nationwide licensing and service for more than 1,600 Canadian workers. This cash influx will aid further expansion.

The deaths of two Canadians have put paid blood plasma collection under the microscope.

What happened: Manitoba’s health minister said paid plasma collection could be banned in the province after two fatalities happened in a four-month span at two Winnipeg centres run by Spanish pharma giant Grifols. The minister is still waiting on a final review by Health Canada, which hasn't yet confirmed any link between the donation process and the deaths.

Catch-up: In 2022, Grifols signed a 15-year pact with Canada Blood Services (CBS), which oversees plasma donations in every province except Quebec, to introduce paid collection. The move was controversial and born out of desperation amid critically low donation levels.

Why it matters: Up until now, things were largely going to plan for CBS. Before the deal, the non-profit could only meet 15% of the domestic demand for plasma immunoglobulins. As of last September, that had shot up to 31%. These deaths open the door for renewed criticism.  

Zoom out: Besides safety concerns (which already came up in Manitoba), health advocates will likely point to other critiques of paid plasma collection, like the use of Canadian plasma to make foreign drug products and the alarming frequency at which people can donate.—QH

🌎 Hint: Known as the freshwater scuba diving capital of the world, this town is home to more than 20 shipwrecks that are visible from the surface of the crystal clear water. The oldest and longest hiking route in its country, with 890 km of marked trails, ends here. 

Think you know where we’ve brought you this week? Lock in your guess here.

🎥 $600 million. What Netflix is paying for Ben Affleck’s AI moviemaking company, InterPositive, one of the streamer's largest-ever acquisitions. The Affleck-led startup sells a suite of tools that let filmmakers alter existing footage. Director David Fincher has already used the tools in an upcoming film starring Brad Pitt.

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Get this Friday started with our new-look Weekly News Quiz!

Then, it’s time for your old faves: the mini-crossword, the daily sudoku, and Codebreaker.

Then test out our new game, Who’s Who, and let us know what you think.