Sponsored by VERSES AI

CBC posts loss despite $1.27 billion taxpayer funding

National public broadcaster CBC/Radio-Canada just dropped on Wednesday its annual financial results for 2022-2023, period ending March 31, 2023. The firm finished the fiscal year with a net loss of $125.1 million, a decline from last year’s net loss of $92.1 million.

The decline can be attributed to lower revenue, yielding $515.6 million for the year compared to last year’s $651.4 million, a decline of 20.9%. The loss for the year is driven by around $1.91 billion in operating expenses, which is relatively a decline from last year’s $2.01 billion.

For the recent annual period, it received around $1.27 billion in government funding, an increase from last year’s $1.24 billion. The difference is mainly due to a transfer from 2021-2022 operating funding to 2020-2021 of around $36.7 million, and a lower amortization of deferred capital funding in the recent year.

You can read more on the matter here.

What’s going on?

• Poilievre Wants HSBC-RBC Merger Blocked: “No Hope Of… More Competition” (theDeepDive)

• Electric Vehicles: Negative News Weighs On Sector (theDeepDive)

• US auto strike's economic fallout starts to hurt global businesses (Reuters)

• Ottawa Vs. Alberta: The Canada Pension Plan Pullout Debate (theDeepDive)

• Canada Retail Sales Are Flat, Cementing October Rate Pause (Bloomberg)

• After BC, Federal Government to Go After Short-Term Rentals (theDeepDive)

• Investors Begin To Dominate Ontario’s Real Estate Market (theDeepDive)

• South Korea’s $733 Billion Fund Says It Overstated Sustainable Assets (Bloomberg)

• OpenAI Mulls Employee Share Sale Valuing The Firm At $86 Billion (theDeepDive)

What’s the latest?

• Retail Sales Flat: Canadian retail sales were flat in September, following a 0.1% decline the previous month, according to an advance estimate from Statistics Canada. Sales decreased in six of nine subsectors, including car dealers and furniture, electronics, and appliance retailers.

• Metro Sues Loblaws: Metro Inc. is suing Loblaw's parent company and its subsidiaries for reputational damages, alleging that it was falsely implicated by its competitor in a bread price-fixing conspiracy. In the claim filed in Ontario Superior Court, Metro denied conspiring with other companies to fix the price of packaged bread in Canada and said the market was "competitive" during the time period in question.

• India Immigration Problems: Indian-born Canadians and their family members in Brampton are lining up for the Overseas Citizens of India (OCI) card, which allows them to visit India without a visa. The demand for this ID has surged after India suspended visa services for Canadians indefinitely. The OCI card, which wasn't needed until recently, has become essential for those wanting to travel to India, especially during the upcoming holidays.

• Real Estate Blunder: A high-profile condominium project in Toronto's upscale neighborhood has been placed into receivership due to construction delays and cost overruns. The 85-story tower, known as "The One," was supposed to be completed last year but has faced financing problems, delays, and rising costs. The project's owners defaulted on part of its nearly $1.7 billion debt, leading to a court-appointed receiver taking over construction.

• Travis King Charged: Private Travis King of the U.S. Army is facing multiple charges, including desertion, assault against fellow soldiers, and solicitation of child pornography, according to documents obtained by Reuters. King's case involves eight distinct charges under the Uniform Code of Military Justice. These charges set up a substantial legal battle for the 23-year-old soldier after his release from North Korean custody in September.

The Trevor Bauer Controversy

The stock market and stuff

• Bipartisan Lawmakers Push for Action Against Hamas’ Crypto Financing (theDeepDive)

• Tiger Brands Surges Most in 25 Years After Replacing CEO (Bloomberg)

• Binance France’s Managing Director Stéphanie Cabossioras Resigns Amid Regulatory Challenges (theDeepDive)

In the juniors

• SNDL To Close Olds, Alberta Facility As It Consolidates Cannabis Operations (theDeepDive)

• BBTV Goes Private Less Than Three Years After IPO (theDeepDive)

• FaZe Clan To Be Acquired By GameSquare In All-Stock Deal (theDeepDive)

FULL DISCLOSURE: VERSES AI is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Verses AI. The author has been compensated to cover VERSES AI on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.