Business & Finance
Canada must reduce reliance on extractive industries and U.S. exports, report finds
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Los Angeles/Ottawa (DNA) – From dissatisfaction with the Trudeau government to dissatisfaction with Trump’s policies — compounded by general anxiety around tariffs, the economy and a deteriorating relationship with the U.S. — navigating an economic downturn should be an immediate priority for Canada as it heads into a federal election, a new report recommends.
In the long-term, however, it says Canada will need greater economic diversification and regional representation.
“Although it is wealthy by global standards, Canada’s economy faces key vulnerabilities such as excessive reliance on extractive industries, shortages of critical goods like housing and heavy dependence on exports to the U.S.,” states a Canada BGI Report on the country’s governance performance, released a little more than ten days before the April 28 federal election.
The report, based on the Berggruen Governance Index (BGI), was conducted by researchers from the Los Angeles-based Berggruen Institute think tank, the Luskin School of Public Affairs at the University of California Los Angeles (UCLA) and the Hertie School, a German university.
Currently, Canada ranks only 48th on the Economic Complexity Index. “Given its wealth, this is a disproportionately low figure and increasing it should be a top priority,” said the report.
The Berggruen Governance Index (BGI) Project analyzes the relationship between democratic accountability, state capacity and the provision of public goods to develop a deeper understanding of how governments can create a more resilient future for their people.
While Canada scores highly on most measures of the BGI, the report found that Canada’s performance “has been uneven over the last decade” and for many years has failed to address systemic problems.
These problems, however, have been overshadowed by U.S. President Donald Trump.
Until recently, analysts predicted a landslide victory for the Conservatives under Pierre Poilievre, since the Liberals, under former Prime Minister Justin Trudeau, had become deeply unpopular over numerous policy decisions, including immigration.
But the Liberals have “experienced one of the most dramatic electoral turnarounds in recent political history,” according to the Canada BGI Report, attributing the ascension of Trump to the U.S. presidency in January 2025 to this reversal of fortunes.
This reversal also coincided with the resignation of Trudeau and the selection of former Bank of Canada and Bank of England Governor Mark Carney as the new Liberal leader.
“Repeated threats of tariffs and even territorial annexation provoked outrage among Canadians and ignited a surge in patriotic sentiment, to which Poilievre’s defeatist ‘Canada is broken’ rhetoric was particularly ill-suited,” the researchers wrote.
Carney has rallied Canadians around national unity — and managed to solidify a poll swing back to the Liberals. What seemed like an inevitable win for the Conservatives just a few months ago has become a close race to the finish line.
While the Canada BGI Report found that Carney’s vision of “One Canadian Economy” appears to be a politically successful response to the crises Canada faces from the U.S., in the long-run Canada will need to contend with “persistent economic tensions” and “overcome governance challenges that predate both Trump and Trudeau”, the report said.
The BGI scores for state capacity and democratic accountability “trail those of many Western European peers,” according to the report, with institutional accountability falling by seven points from 2000 to 2021.
This indicates disillusionment with Canada’s institutions; researchers found that public trust in government steadily declined throughout the 2010s. “Coupled with eroding faith in democratic institutions and lingering regional tensions, the previous unpopularity of Trudeau’s Liberals appears to reflect systemic issues rather than an anomaly,” according to the Canada BGI Report.
A major flashpoint for Canadians is immigration. Canada has long been a supporter of greater immigration but, by 2024, public sentiment had shifted — helping to propel the Conservatives to the top of the polls. Canada’s international migration surged 15-fold under Trudeau — with the aim of meeting the country’s current labour shortage — but Ottawa started coming under fire for housing inflation.
Canada has one of the highest housing price-to-income ratios in the developed world, according to the OECD. One reason is stagnant homebuilding, with the number of dwellings per 1,000 residents far below the G7 standard. With homeownership rates declining, that has led to increasing backlash toward immigrants and newcomers.
Canada has also struggled with excessive reliance on extractive industries and heavy dependence on exports to the U.S. With current tensions between Canada and the U.S., “reliance on both oil and exports remains a major feature of the country’s economy and has recently been exposed as a geoeconomic vulnerability,” according to the researchers.
However, the persistent challenges of regional representation and limited state capacity “will make it increasingly challenging to enact far-reaching plans for economic integration and greater political sovereignty.”
The report said that addressing these challenges will require investments in state capacity, economic diversification — both sectorally and geographically — and building greater democratic legitimacy through regional inclusion.
Researchers recommend the next government “complete Trudeau’s unfinished goal of introducing a proportional representation system” that includes greater geographic representation and inclusion of First Nations peoples, which will be “critical for increasing legitimacy and national unity.”
Polls now project a Liberal majority in the House of Commons.
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Contact: Democracy News Alliance, Christian Röwekamp, [email protected]
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Business & Finance
FBI Identifies North Korea as Culprit in $6.3 Billion Binance Crypto Hack
FBI attributes $6.3B Binance crypto hack to North Korea, raising security concerns. Binance covers 90% of losses.
In a striking attribution of cyber malfeasance, the Federal Bureau of Investigation has named North Korea as the perpetrator behind a colossal $6.3 billion hack on Binance, one of the world’s largest cryptocurrency exchanges. This revelation underscores persistent cybersecurity vulnerabilities and intensifies geopolitical tensions already fraught with complexity [The Guardian, November 2026].
The breach, now recognized as the largest of its kind, has sent shockwaves through the digital asset community, raising urgent questions about the robustness of current security protocols within the crypto industry [Al Jazeera, November 2026]. Despite the significant financial blow, Binance has demonstrated resilience by covering a substantial 90% of the losses, reflecting its commitment to maintaining user trust and stability [The Guardian, November 2026].
Binance’s response to the hack has been proactive, involving collaboration with international law enforcement agencies to pursue recovery of the stolen assets. A spokesperson from the exchange affirmed, “We are working closely with law enforcement to recover the funds,” indicating a strategic approach to mitigate the consequences of this unprecedented breach [The Guardian, November 2026].
The scale of the hack, valued at $6.3 billion, places it squarely in the spotlight of global financial and security discussions. It serves as a stark reminder of the vulnerabilities inherent in digital finance systems, particularly as they become more entwined with global economic infrastructures [Al Jazeera, November 2026].
North Korea’s involvement in such a high-profile cybercrime reflects broader geopolitical dynamics, where state-sponsored hacking has become a tool for economic gain and political leverage. This attribution by the FBI further complicates diplomatic relations and underscores the need for coordinated international responses to cyber threats [The Guardian, November 2026].
The incident has not only affected Binance but has also sent ripples across the broader cryptocurrency market, prompting investors and exchanges to reassess their security measures. The hack’s magnitude highlights the urgent need for enhanced protective measures and industry-wide collaboration to fortify digital asset exchanges against future threats [Al Jazeera, November 2026].
In the wake of this cyber assault, Binance’s robust response and coverage of losses may set a precedent for how exchanges handle such adversities in the future. It also emphasizes the critical role of transparency and accountability in maintaining user confidence and market integrity [The Guardian, November 2026].
As the situation unfolds, the interplay between cybersecurity and international politics will likely intensify, with potential repercussions for regulatory frameworks governing digital assets. The hacking incident serves as a catalyst for ongoing debates about the balance between innovation and security in the realm of cryptocurrency [Al Jazeera, November 2026].
Looking forward, the focus will remain on how Binance and other cryptocurrency platforms adapt to these evolving threats. Their ability to enhance security protocols and foster international cooperation will be crucial in defining the future landscape of digital finance. The world will closely monitor these developments, particularly as they relate to North Korea’s cyber capabilities and intentions [The Guardian, November 2026].
Business & Finance
Naboo Expands with Acquisition of UK Events Platform Pro-ven
Naboo has acquired UK M&E spend specialist pro-ven, which becomes Naboo UK, keeping all 20 staff and its founder.
Naboo, the Paris-based meetings and events (M&E) spend management platform, announced on 27 October 2026 that it has acquired pro-ven, a UK specialist in venue sourcing and event procurement, for an undisclosed sum. The companies say the combination creates the world’s largest pure-play provider of M&E spend management and venue sourcing.
Founded in 2005, pro-ven helps corporate and association clients manage meetings and events spending through venue and supplier sourcing, contract negotiation, approval workflows, invoicing and payment management. It generates around €30 million in annual transaction value and brings enterprise clients including Unilever, Virgin Media and Sony. Following the deal, Naboo says the combined business will manage around $300 million (€268 million) of meetings and events spend.
Under the terms of the deal, pro-ven’s Hertfordshire office becomes Naboo’s UK headquarters and the business will operate as Naboo UK. All 20 pro-ven employees are being retained, and founder and managing director Julian Laxon will stay on to help grow Naboo’s UK presence. Existing pro-ven clients keep the same account teams and commercial arrangements, while gaining access to Naboo’s AI-driven technology platform and international network.
Naboo says the acquisition was financed equally through equity and borrowing. It follows the company’s $70 million (€58.7 million) Series B round in February 2026, led by Lightspeed Venture Partners with participation from existing investors Notion Capital, ISAI and Ternel.
The UK is not a new market for Naboo, which has operated there since 2024. CEO and co-founder Maxime Eduardo said the deal is primarily about accelerating growth in what he called a huge market for the company and adding enterprise customers. “Together with pro-ven, that is the leader we are building,” he said.
The acquisition caps a busy period for Naboo, which recently unveiled a new brand identity and opened its first Asia-Pacific office in Singapore, following its expansion into North America with offices in Montreal and New York.
Sources: Business Travel News; EU-Startups; CIT World; The Business Travel Magazine.
Business & Finance
How AI is Transforming Small Businesses: Success Stories
This article explores the transformative impact of AI on small enterprises, highlighting specific case studies of businesses that have successfully integrated AI technologies to enhance efficiency and competitiveness.
In September 2026, the Financial Times reported a significant surge in the adoption of AI technologies by small enterprises, driven by the promise of enhanced efficiency and reduced operational costs. Among the many businesses venturing into this digital frontier, a few stand out as exemplary cases, demonstrating the transformative power of AI when strategically implemented.
Take, for instance, GreenLeaf Grocers, a small organic food retailer based in Brighton. Faced with the challenges of scaling operations and managing inventory efficiently, GreenLeaf turned to AI-driven inventory management systems. By analyzing customer purchasing patterns and forecasting demand, the system enabled the grocer to optimize stock levels, reducing waste by 30% within the first year. The owner, Sarah Jenkins, noted, “AI has not only streamlined our operations but has also allowed us to focus more on customer service and community engagement.” This case underscores the potential of AI to reshape retail operations, offering insights into customer behavior that were previously inaccessible.
Another compelling story is that of TechFixers, a family-run electronics repair shop in Manchester. Confronted with increasing competition and the need to differentiate their services, the owners implemented an AI-powered diagnostic tool. This technology rapidly identifies device issues, providing technicians with precise solutions. As a result, TechFixers reduced average repair times by 40%, significantly boosting customer satisfaction and expanding their clientele. The owner, Mark Thompson, attributes their competitive edge to AI, stating, “Integrating AI into our diagnostic process has been a game-changer, allowing us to offer quicker, more reliable repairs.”
In the realm of financial services, FinServe, a small accounting firm in London, illustrates the impact of AI on service delivery. By employing AI-based analytics tools, FinServe offers clients real-time financial insights and predictive forecasting. This capability has attracted a new segment of tech-savvy clients seeking proactive financial management. The firm’s director, Lucy Patel, emphasized the strategic advantage gained, “AI has empowered us to provide a level of service that was previously the domain of larger firms. We’re now able to deliver insights and strategic advice that truly add value for our clients.”
These cases highlight not only the successful application of AI in various industries but also the diverse ways in which small enterprises can leverage technology to overcome specific challenges. While the potential benefits of AI are substantial, the journey is not without its hurdles. Businesses must navigate the complexities of data integration, system compatibility, and the initial investment costs. However, for those willing to embrace the change, the rewards can be substantial.
As AI technology continues to evolve, its role in small business operations is likely to expand, offering new opportunities for innovation and growth. The experiences of GreenLeaf Grocers, TechFixers, and FinServe serve as a testament to the transformative power of AI, providing a roadmap for other small enterprises eager to harness this technology.
Looking ahead, the integration of AI into small business operations is set to become even more pervasive. As technology advances and becomes more accessible, businesses of all sizes will find new ways to leverage AI for competitive advantage, creating a dynamic and constantly evolving landscape.
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