The week ahead… good morning! Before we get into it, let’s take a look at the week ahead and what’s coming up:

• The June CPI index will come out on July 15th. It’s important as the BoC will take everything into consideration ahead of their next interest rate update at the end of the month.

• June home sales and vehicle/manufacturing data will be available this week, giving some insight on industry health and consumer demand.

• US stock futures were down on Sunday as investors are starting to take Trump’s tariff risks a bit more seriously.

BUSINESS

📳 Rogers increases costs - and outrage

If there’s a shared experience amongst most Canadiens over the age of 18 that doesn’t include maple syrup and not rationing the cheese curds in their poutine properly for each bite, it’s that they’ve had their fair share of frustration with one of the big three telcos. This time is no different as Rogers is at the forefront of frustrating their customers with a flurry of price increases and service shutdowns.

Over the last few days, Rogers has decided to shut down service on working cell phones as it sunsets its 3G services. They’ve increased the connection fee to $80, a $5 increase. To date, the activation fee has increased by $20 since mid-2024.

The big price increase comes from its streaming service, Sportsnet+, as the company has raised prices by 30% - from $250 up to $325 for a yearly subscription for its premium package - and 25% for its standard package, which increases by $50 up to $250. The monthly rates are also increasing $7/month for the premium package and $5/month for its standard package.

With the Rogers deal with the NHL’s national broadcasting rights, which means in most cases it’s where you’ll have to tune in to watch your favourite team unless there are regional deals at hand. The app has been plagued with criticisms over constant lag and blackouts.

Customers, unsurprisingly, aren’t happy with the changes; some resorting to “pirate sites” and critiquing the monopoly the company has over hockey coverage in the country. Earlier this year, Rogers extended their agreement with the NHL to broadcast games across the country for the next 12 years in a deal worth $11-billion, which is twice the amount of the previous deal.

Bottom line: If there’s one thing you can count on the oligarchy for, it’s to raise prices and frustration. For many, choice isn’t an abundance in Canada, so the general sentiment from these companies is generally “deal with it.”

CANADA

🇨🇦 Canadian Headlines

😬Jobs are up, unemployment is down. Canada’s economy “surprisingly” added 83,100 jobs in June and brought the unemployment rate down to 6.9%. It’s not time to pop the champagne and think the economy is on steady ground - 70,000 of these jobs were part-time work during the summer hiring blitz.

📉ESDC forecasts thousands of job losses. To prepare for Mark Carney’s spending review, Employment and Social Development Canada had projected 6,700 job losses. That number came before finance minister Champagne told departments to cut 15% of spending over the next three years. The number is expected to be higher as all departments are tasked with finding massive savings up to 2029.

🗣️Manitoba Premier responds to US lawmakers. Wab Kinew fired back after the letter from US lawmakers regarding wildfire smoke ruining their summer, calling them “ambulance chasers” who try to trivialize a wildfire season that has cost people their lives in Manitoba.

🇺🇸CUSMA-compliant goods “likely” exempt from Aug. 1 threat. Despite no final decision, President Trump’s latest 35% threat of tariffs on Canada is likely to exempt CUSMA-compliant goods and the rate on energy and potash is expected to remain at only 10%.

More stories:

• Pierre Poilievre blames his loss in the Carleton riding on the public sector workers, saying he was being honest about cutting public sector jobs and they didn’t like it.

• Toronto risks losing $30-million in funding from the federal government after voting against sixplexes in the city.

• Double check your routes if you use Apple Maps, as the app is sending commuters to toll roads in Ontario even with “avoid tolls” checked.

• The public sector union warns PM Carney that the plan to reduce staffing in the federal government to save money will reduce services and increase wait times.

• Alberta has signed an agreement worth $203-million with the federal government that’ll see roughly 2,300 new housing units built, primarily in Calgary and Edmonton.

CANADA

⚡️Clean energy superpower?

With President Trump’s assault on clean energy tax credits and heavy favouritism towards fossil fuels, the path has been cleared for Canada to become a “clean energy superpower” and the preferred destination for investment in clean energy projects.

A senior executive at the Canadian Renewable Energy Association (CANREA) said at least a dozen of its members are looking at Canada as a place to invest and complete projects due to its “stable policy framework.”

It’s been made clear that PM Carney has an interest in making Canada an energy superpower. While investing in critical minerals projects, nuclear and energy storage solutions, clean energy also fits into the Carney Liberals’ plans for energy diversification and direct support to projects. In turn, this has made Canada a “preferred destination for investment.”

Bottom line: While the US energy sector battles turbulent waters under President Trump, stable policy and clear guidelines under PM Carney have worked well to make Canada an attractive place in the early stages. Canadians, and the economy, will be looking for action and increased investment to spur growth.

WORLD

🚨 More Headlines

🇺🇸Trump puts EU and Mexico on notice. Trump added Mexico and the EU to the “close allies we’re trying to strong-arm” club alongside Canada, warning them of 30% tariffs by an August 1 deadline.

💔Israeli troops fire at aid site. 10 people were killed and an additional 16 injured in Gaza while waiting in line to fill up water containers at an aid site. Of the 10 killed, 6 were children. The Israeli military blamed it on a “technical error” with their targeting system.

🇮🇳Air India crash update. A preliminary report says the fuel control switches were moved to “cutoff” instead of being at “run” moments before the crash.

🏦 Numbers

💰$1.69-billion to Montreal. The trade war hasn’t scared off foreign investment in Montreal, as its economic development agency says foreign investment increased by 55% to $1.69-billion in the first half of 2025 compared to the same time last year.

🛬Billions in tourism losses. Canada’s boycott of US tourism has led to even larger losses than previously expected - over $29-billion in losses are expected in 2025.

🍿$217-million opening weekend. Superman soared to a giant opening weekend, at $217-million worldwide. It’s domestic box office was $122-million, making it the third movie of the year to hit over $100-million domestically for its opening weekend.

BUSINESS

🍫 Ferrero Rocher buys WK Kelloggs

Italian chocolate maker, Ferrero Rocher, decided it was time to get into the cereal aisle and expand its North American production presence in a mega deal to buy WK Kellogg totalling $3.1-billion.

WK Kelloggs spun off from the Kelloggs in an attempt for both companies to focus on what they did best. The WK Kellogg brand spun off to focus on its North American offerings whereas the main Kellogg line, now known as Kellanova, was intended to focus on its global snacks and international cereal line.

The acquisition by Ferrero, still pending approvals and expected to close later this year, was at a 40% premium and now adds breakfast staples like Froot Loops, Frosted Flakes and Special K to Ferrero’s lineup of chocolates, such as Kinder and Nutella.

NEWS

💭 ICYMI

• The White House says they can keep posting “banger” memes, as per their constitutional right.

• President Trump reignited his rivalry with Rosie O’Donnell over the week by threatening to take away her citizenship. Rosie responded by calling Trump “King Joffrey with a tangerine spray tan.”

• Google hit OpenAI with a “too slow” and inked a licensing deal with startup, Windsurf, while OpenAI had offered $3-billion to acquire the company.

• “Like winning the lottery and getting struck by lighting in the same day,” is how it was described to find out a dinosaur died in the exact spot a dinosaur museum was later built. The fossils are buried under the parking garage.

• Kraft-Heinz is weighing a breakup following consumer shifts, challenges against competitors and recommendations to “slim down.”

• xAI and Grok apologized for its behaviour when it referred to itself as “MechaHitler” while repeating antisemitic memes and racism.

• The metadata from the totally authentic, unedited and raw Jeffrey Epstein video shows that the video was likely edited.

• A space startup has now raised $329-million in total with its mission being to launch and return drugs made in space. Apparently, medicines crystallize differently up there.

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