President-elect Donald Trump greets Sen. JD Vance at an election night watch party at the Palm Beach Convention Center, Nov. 6, in West Palm Beach, Fla.Evan Vucci/The Associated Press
Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.
How a second Trump presidency could affect Canada’s economy
Donald Trump won the U.S. presidential election, defeating Vice-President Kamala Harris to become the country’s 47th president after a long and tumultuous campaign. Markets rallied after his decisive win, spurred by promises of reduced regulations and protectionist tariffs. He’s also vowed to cut corporate taxes and deport millions of undocumented workers from the U.S. – moves that would carry massive knock-on effects for other countries, but especially Canada. From migration and markets to energy and taxation, Jason Kirby, Mark Rendell and Matt Lundy outline how a second Trump presidency could affect the economy of its northern neighbour. Meanwhile, a second Trump administration may also spur more deal-making in Canada, experts say.
Ottawa orders shutdown of TikTok’s Canadian arm – but citizens can keep using app
Earlier this week, the federal government ordered the shutdown of TikTok’s Canadian operations. Innovation, Science and Industry Minister François-Philippe Champagne said in a statement that the decision to ban TikTok Technology Canada Inc. was related to “specific national security risks” based on information and evidence collected as part of a review under the Investment Canada Act. Ottawa stopped short of banning the popular social-media app for Canadians and will not block their access or ability to create content. TikTok spokeswoman Danielle Morgan said in an e-mail that forcing a shutdown of the Canadian operation “and destroying hundreds of well-paying local jobs is not in anyone’s best interest.” She said the company will challenge the move in court, Sean Silcoff and Ann Hui report.
Canadian TikTok creators fear that the federal government's recent decision to shut down the app's Canadian business arm will erode their support system and limit their earning potential.Sean Kilpatrick/The Canadian Press
Canada’s exports more dependent on U.S. at a fraught time
On the campaign trail, Donald Trump promised to impose tariffs on all imports into the United States – up to 20 per cent on goods from other countries and even higher tariffs on imports from China. It hasn‘t been clear whether the universal tariff would apply to Canada, but if it does, Canadian exports are likely to take a hit. Canadian exports to the U.S. rose 1.6 per cent month-over-month in September, after a 5-per-cent drop in August. Jason Kirby reports that Canada hasn’t been this dependent on the U.S. as a trading partner in years. Get a closer look at the numbers in this week’s Decoder.
Alberta to name senior bureaucrat to lead AIMCo after ousting CEO, entire board
The Alberta government dismissed chief executive officer Evan Siddall and the entire board of Alberta Investment Management Corp. (AIMCo), its public-sector pension manager, citing a need for “a clean slate” after a run-up in costs. The decision to replace the top leadership at AIMCo – which is Canada’s sixth-largest pension fund manager, overseeing $169-billion – is an extraordinary intervention in an organization with an independent mandate to operate at arm’s length from government, James Bradshaw and Jeffrey Jones report. The dismissals were followed by news that Alberta will place a long-time provincial bureaucrat, Ray Gilmour, to take over as head of AIMCo, sources said.
TD Bank’s venture into the peculiar world of alien gold coins and other precious metal collectibles
The online store of TD Precious Metals, Toronto-Dominion Bank’s bullion trading division, has quietly become one of the largest purveyors of gold and silver items in Canada’s retail market. The bank has sold precious metals products for decades, but launched the online store in 2018 after introducing its own custom-themed coins and bars – which went beyond the traditional one-ounce branded bars most banks offer. TD started with a Lunar New Year coin, followed by gold and silver coins and bars celebrating Diwali, Eid and LGBTQ+ pride. It recently caused a stir with its 2023 Ghana Alien one ounce gold proof coin, which has eyes that glow in the dark under ultraviolet light. Gold and silver are having a moment, but does that mean these coins are a good investment? Jason Kirby reports on TD’s push into this sometimes strange new world.
BCE shares drop nearly 10% after paying $5-billion for U.S. internet provider Ziply and pausing dividend hikes
Bell Canada parent BCE Inc. is expanding into the United States by acquiring internet provider Ziply Fiber for $5-billion and putting dividend hikes on hold to help fix its balance sheet, Andrew Willis, Tim Kiladze and Irene Galea report. The company’s shares plummeted after the announcement. The telecom company will now operate in four U.S. states in the Pacific Northwest – Washington, Oregon, Montana and Idaho – and provide fibre internet services to 1.3 million residential and business locations. The deal, however, has triggered critical reaction from some analysts, who questioned the company’s strategic shift in pausing dividend increases and spending heavily to acquire a company outside BCE’s current geographic footprint.
Take our business quiz for the week of Nov. 8
b. Brookfield Asset Management has officially moved its head office from Toronto to New York but intends to keep its Canadian incorporation and its listing on the Toronto Stock Exchange. The head office shuffle is part of the company’s plan to attract more investors by listing its shares on more stock exchanges.
Get the rest of the questions from the weekly business and investing news quiz here, and prepare for the week ahead with The Globe’s investing calendar.