Good morning! In this weekly snapshot:

• European firms win major Ontario transit contract🚊

• Detroit’s economy grows as Detroit Lions make first playoff run in 32 years🏈

• The weekly market update📈

Europe Alleviates Toronto’s Overburdened Transit

Italian company Webuild Group and Spanish Fomento de Construcciones y Contratas have been awarded a contract to help the European firms inject much-needed vitality into Toronto's outdated transit system. With a contract value ranging from €700 million to €1.3 billion (CAD 993 million – CAD 1.9 billion), the 50:50 joint venture focuses on crafting a new rapid transit line in the heart of Toronto called the Ontario Line (Figure 1).

The Current State of Ontario’s Transportation Infrastructure

From exploding e-bikes on the TTC to chronically inconsistent schedules, Toronto's transportation infrastructure has been at a crossroads over recent years. The city’s steady population growth of 0.93% per year over the past four years has placed a poorly addressed strain on the city’s transit system.

On the horizon: This transformative project stands as a testament to progress, poised to address Toronto's worsening transportation issues and the demands of an ever-growing population. The Ontario Line signifies a promising stride towards elevating Toronto's public transportation system to new heights.

Detroit Lions Playoff Run Sparks the Local Economy

Detroit’s Long-Awaited Success

The Detroit Lions’ historic playoff run has tremendously impacted the city's economy. Historically, the Lions have had a poor track record of post-season success. Before 2024, the Lions had not won a playoff game since 1991. Not to mention the last time they won two playoff games in the same season was in 1957. For this reason, the Lions’ success is the talk of the town and has had an incredible effect on the city's economy.

Game Day Gold: The Lion’s Economic Impact

On an ordinary Sunday when the Lions play at home, it's estimated that the event attracts about 20 million dollars to the local economy. However, as the Lions faced off against the Tampa Bay Buccaneers in Detroit this past weekend, estimates indicate that the game injected more than 52 million dollars into the economy. Aside from local businesses, the price of tickets has also increased. In their game against the Buccaneers, a low-end ticket cost about 500 dollars. In the conference finals in which the Lions are set to face off against the San Francisco 49s in California, the cheapest ticket was listed at 700 dollars.

📈 Market Updates

Economic Pulse 🌐 

On Wednesday, the Bank of Canada held the overnight lending rate at 5.0%, extending a pause in effect since last July’s hike. Though the BoC remains concerned about inflation risks, the focus has shifted from whether interest rates are high enough to how long until they can be lowered. While inflation is expected to stay close to 3.0% before gradually falling to the 2.0% target in 2025, core measures of inflation are not showing enough “sustained declines” to warrant immediate interest rate cuts. Ultimately, as the BoC continues to stand pat, slower price growth is expected before potential rate-cuts later in 2024.

Money Moves 💰️ 

Headlining TMT transactions, Netflix has acquired the exclusive rights to programming from the WWE, including flagship wrestling show Raw, in a 10 year, $5B deal. The streaming giant will become the exclusive home outside the US for all WWE shows, specials, and pay-per-view events, the latter of which will be included to Netflix subscribers at no additional cost. Elsewhere, Google and AT&T have invested $155 million in Starlink-rival AST SpaceMobile, a satellite operator developing direct-to-smartphone connectivity services. Finally, privately-held Australian software company Canva, an online graphic design platform especially popular among students, is nearing a share sale to raise over $1.5B at a $26B valuation.

👀Job Opportunities

• Richter is hiring a Audit Intern for this summer.

• TMX is looking for a Marketing Strategy Intern.

• Boeing is looking for someone in Manitoba for their Business Operations Internship.

• AXA LX is hiring a curious and driven Summer Intern.

📞Word on the Street

• Alabama death row inmate is scheduled for execution by nitrogen hypoxia, a new and controversial method. 

• Forbes list of best employers in Canada in 2024.

• Microsoft expected to lay off nearly 2000 employees in gaming division.

Writers: Jeremiah Lim, Tomas Serrano and Simon Ing

Senior Editor: Amyn Dehal

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