The Logic

In September, in an Economic Club of Canada speech, Office of the Superintendent of Financial Institutions (OSFI) head Peter Routledge put forward a new approach to regulating one of Canada’s largest and most consequential economic sectors. Citing emerging threats, including shifting global economic dynamics and evolving digital capabilities, Routledge declared an imperative to update the stability-centric status quo.

MONTREAL — The next advances in the capabilities of AI could well be made by AI itself, as tech giants and startups automate more machine learning research and development. Many firms are aiming for so-called recursive self-improvement (RSI), a process in which AI models design and train new and improved versions of themselves. Developers have seen performance gains from using their current systems to do engineering tasks and run machine learning experiments.

The Office of the Comptroller of the Currency (OCC) included the Bank of Montreal and TD Bank among nine banks accused of having “denied, debanked and discriminated” against customers and businesses due to their political or religious beliefs. (The Logic) Talking point: U.S. President Donald Trump ordered federal regulators last year to review whether financial institutions had engaged in “politicized or unlawful debanking,” which he said targeted the political right.

The chief executive of private equity firm Waterous Energy Fund and chair of Strathcona Resources says he plans to begin marketing soon for a new fund that would invest all its capital in a single oil and gas company that will pursue assets or outright acquisitions from other producers. The firm says it has already received indications of investor interest covering about 80 per cent of its US$1 billion fundraising target.

An unnamed spokesperson for the Montreal payments company told BetaKit it made the layoffs as part of “organizational changes” so it can grow “responsibly and profitably.” Lightspeed did not respond by deadline when asked how many of the job cuts were layoffs. (The Logic, BetaKit) Talking point: The layoffs are the latest move in a years-long effort to cut costs and revive Lightspeed’s underperforming share price.

The combined business will also open facilities in Warsaw and Austin. Steve Walton, CEO of Calgary-based liquid-cooling company CoolIT Systems between 2020 and 2024, founded 3C, which provides cooling for computing equipment and data centres. London-based Datalec Precision Installations designs, builds and maintains data centres. The companies did not disclose financial terms.

The Toronto-based holding company will own a nearly 61 per cent stake in the bank, after beating out four rival bidders. It’s the largest foreign-direct investment yet in India’s financial sector, according to the country’s finance ministry. India’s government and the Life Insurance Corporation of India will retain minority stakes.

The Toronto-based retailer, known for its blazers and tailored women’s wear, appointed Ana Mihaljevic as its first chief executive. Designers and co-founders Andrea Lenczner and Christie Smythe had led the company since founding it in 2004. (The Logic) Talking point: Smythe said Mihaljevic’s appointment comes as the company pursues a new phase of growth. The retailer opened its first standalone store in Toronto in 2022 and its second in Calgary in 2024.

OTTAWA — A tech firm that got its start helping businesses in Northern Ireland navigate the morass of post-Brexit trade rules is hoping to sell its chaos-tested platform to Canadians. Trade Harmonizer is a software-as-a-service company that helps businesses reduce the risk of paying too much—or too little—in customs duties.

Weeks after Norwegian graphite upstart Vianode was featured in the Canadian Investment Summit deal book, chief financial officer Howard Ormonroyd boarded a flight to Toronto with a bigger task: raising the capital to fuel the company’s next phase of growth. Ormonroyd’s late September visit was timed with news that the Oslo-based company had hired J.P. Morgan to explore funding options.