BMO is ‘leaning into’ the defence industry

Michelle Connell, president and owner at Portia Capital Management, joins BNN Bloomberg to discuss the markets ahead of SpaceX & Netflix earnings. Tesla cut its annual capital expenditure forecast by a fifth and posted surprise positive free cash flow in the third quarter on Wednesday, after investing far less in its AI and robotics ambitions than Wall Street had expected. The unexpected cash generated in the quarter comes at a critical moment for Tesla, as CEO Elon Musk explores combining the EV maker with his far more capital-intensive space venture, SpaceX. While the lower spending strengthens Tesla’s financial position ahead of any deal, preserving cash at the expense of investment — in AI, robotaxis and humanoid robots — could undermine the very growth story investors are betting on. Latest updates on company news hereTesla shares, which had risen two per cent in after-hours trading after the company reported positive cash flow, higher gross margin and market-beating revenue, reversed course to trade down two per cent. They have fallen about 14 per cent this year.

Companies controlled by billionaire B. C. property developer Terry Hui allege that the Canada Revenue Agency has engaged in a “pattern of misconduct” in its attempts to collect on ballooning tax debts dating as far back as 2007. Five companies within Hui’s real estate development group are targeted in the audit by the CRA, including Adex Securities, One West Holdings, a B. C. numbered company and two Luxembourg-based shell companies. The companies filed an application in Federal Court this month, claiming the government has wrongfully moved to collect on tax debts totalling nearly $330 million, most of which is accrued interest. The application says the group is involved in capital-intensive real estate projects in Toronto, Vancouver and Calgary and the audit, initiated in 2013, focused on transactions that relied on Canada’s tax treaty with Luxembourg. The companies say in the application that they’ve received tax debt assessments this year, with Adex owing $45 million and interest of more than $65 million, while the two Luxembourg-based companies owe together more than $92 million and $127 million in interest.

BNN Bloomberg is Canada’s definitive source for business news dedicated exclusively to helping Canadians invest and build their businesses. AT&T expects average revenue per fiber customer to extend its third-quarter decline into the fourth, as more customers sign up for discounted bundles, suggesting its subscriber-growth strategy is coming at the cost of lower spending per user. The company’s shares fell 6.5 per cent on Wednesday, while rivals T-Mobile and Verizon dropped about 3 per cent. Bundling broadband plans with wireless services and heavy discounts is seen as a critical move by US telecom carriers as a way to attract and retain customers in a competitive market. About 43 per cent of households signing up for AT&T’s internet services also opted for its wireless plans. CEO John Stankey said AT&T had “every reason to believe that a converged customer that’s sitting on fiber is going to be a sticky and high lifetime value customer.”Latest updates on company news hereThe broader telecom industry is banking on customer loyalty amid concerns that SpaceX’s plans to build a terrestrial wireless network could intensify competition.

Trade WarUpdated: October 21, 2026 at 4:01p.m. EDTPublished: October 21, 2026 at 3:59p.m. EDTAmbassador Pete Hoekstra says the U. S. is ‘closely watching’ potential election interference being committed by Canadian politicians. OTTAWA — The U. S. embassy in Canada has released a list of quotes from Canadian politicians which it says indicate “plans to influence American politics.”Industry Minister Melanie Joly is quoted five times in the list the embassy released today. It includes context-free quotes from Joly about pressuring American businesses and targeting U. S. states, which addressed Canada’s response to American-imposed tariffs. U. S. Ambassador to Canada Pete Hoekstra speaks during a fireside chat at the SpaceBound 2026 Conference in Gatineau, Que., on Tuesday, Oct. 20, 2026. THE CANADIAN PRESS/Keito Newman U. S. Ambassador to Canada Pete Hoekstra speaks during a fireside chat at the SpaceBound 2026 Conference in Gatineau, Que., on Tuesday, Oct. 20, 2026.

A New Mexico judge ruled Wednesday that Meta must pay US$25 billion to the state after a jury found last month that the social media giant had deceived users in a case related to the Cambridge Analytica scandal, according to media reports. The penalty comes a couple of months after Meta agreed to pay $18 billion to settle claims brought by 48 other states, including allegations tied to Cambridge Analytica. Cambridge Analytica was a political consulting firm found to have improperly harvested personal data from millions of Facebook users for targeted political advertising, notably during the 2016 U. S. presidential election. Cambridge Analytica offices in London, England Building in central London that contains Cambridge Analytica offices, seen on March 23, 2018. (Alastair Grant / AP) Revelations at the time showed that the firm had obtained data gathered through a personality quiz app called “thisisyourdigitallife,” which was installed by about 270,000 users but also collected information on their friends. In total, the app reached roughly 87 million Facebook users worldwide.

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