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Canadian Tech in 100 Words

 

Spotify Hikes Canadian Subscription Prices Amid New Regulations

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Spotify is increasing its subscription prices for Canadian users before year-end. The ad-free individual account will jump by $1.70 to $12.69, while family accounts will rise by $4 to $20.99. Student and duo packages will also see price hikes, with student plans rising by 40 cents to $6.39 and duo accounts increasing by $2.90 to $17.89.

Spotify cited service innovation and macroeconomic factors as reasons for the increase. The company has also challenged new Canadian regulations requiring large streaming platforms to contribute to Canadian content, which some argue could further drive up prices.

Want to know more? Check out the source code on The Canadian Press.

Hydrogen Hopes Dim as Fortescue Suspends $2 Billion Project in Prince George

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Australia’s Fortescue has suspended its plans for a $2 billion green hydrogen plant in Prince George, B.C., citing a lack of clean and affordable energy. The decision, communicated in a letter to B.C.’s environmental regulator, puts the Coyote Hydrogen Project in limbo, jeopardizing Canada’s hydrogen export hopes.

The plant would have produced hydrogen for local use and ammonia for export to Japan, South Korea, and the U.S. Fortescue’s suspension of the project comes as Canada struggles to meet demands for clean energy from Asian markets. The setback raises questions about future large-scale green energy projects in the region.

Want to know more? Check out the source code on The Logic.

Tesla Unveils Autonomous Cybercab and Robovan at “We, Robot” Event

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At Tesla’s “We, Robot” event, CEO Elon Musk hinted at the company’s vision of a future where autonomous vehicles like the Cybercab and Robovan reshape urban transportation. Designed for individualized mass transit, the Cybercab can transport two people over short distances, while the Robovan serves larger groups.

Musk emphasized how autonomous vehicles could give people “more time, more space, and less physical work,” and transform how cities are structured by reducing the need for parking. He also noted that cars are only used 10 hours a week on average, suggesting that autonomous vehicles could be utilized much more efficiently.

Want to know more? Check out the source code on Teslarati.

Bryan Adams Opposes Government’s Online Streaming Act, Says It Will Stifle New Talent

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Canadian rock icon Bryan Adams has voiced strong opposition to the federal government’s Online Streaming Act, warning that it could raise streaming costs and hinder emerging artists. The new rules, which took effect in September, require streaming platforms to contribute five percent of their Canadian revenues to funds supporting artists.

Adams argues that this will make it harder for new talent to share music globally and increase subscription prices, echoing concerns raised by tech giants like Spotify. Heritage Minister Pascal St-Onge defended the legislation, stating it aims to help local and emerging artists who are often overlooked by streaming services.

Want to know more? Check out the source code on The Logic.

Diagram Ventures Closes $80M ClimateTech Fund, Expands Beyond FinTech Roots

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Montreal-based Diagram Ventures has closed its first ClimateTech Fund, securing $80 million CAD, surpassing its original $60-million target. The fund, backed by Sagard and Investissement Québec, aims to launch and invest in early-stage cleantech startups focused on solutions for climate change and emissions reduction.

Diagram has built a reputation for FinTech ventures but is now expanding into ClimateTech. The fund will deploy $2 to $5 million per startup, targeting 15 to 20 companies in Canada, with a focus on Québec. Partner Amélie Foz-Couture noted the potential to position Canada as a leader in climate innovation.

Want to know more? Check out the source code on BetaKit.

Canadian Developer Peter Todd Refutes Bitcoin Creator Allegations in HBO Documentary

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Peter Todd, a Canadian software developer, is rejecting claims made in the HBO documentary Money Electric: The Bitcoin Mystery that he is the pseudonymous Bitcoin creator, Satoshi Nakamoto. Todd, who contributed to Bitcoin’s core software, stated he would not have participated in the film had he known it would focus on unmasking Satoshi.

The documentary, which aired Tuesday, cites similarities in Todd’s writing style and other circumstantial evidence. Todd called the accusations dangerous and said he has made emergency travel plans to protect himself. He joins many in the Bitcoin community in arguing that Satoshi’s identity should remain anonymous.

Want to know more? Check out the source code on The Logic.

atVenu Expands Live Event Platform with $130 Million Equity Boost

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Calgary-born atVenu has secured a $130 million equity investment from Sixth Street Growth to further expand into live event markets. Founded in 2012, atVenu’s platform provides inventory management, point-of-sale, and financial settlement services tailored to live events, such as concerts, festivals, and sporting events.

The company, co-founded by Derek Ball, Ben Brannen, and James Seigel, serves major touring artists, record labels, and venue operators, handling over $1.6 billion in annual merchandise and food sales. The new partnership will allow atVenu to grow its presence in the sports and food sectors while enhancing its music merchandise leadership.

Want to know more? Check out the source code on Calgary.tech.

Alan Health Insurance Expands to Canada, First New Entrant Since 1957

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French health insurance startup Alan is making a historic move by expanding into Canada. It’s the first new health insurance company to launch in the country since 1957. Alan treats health insurance as a software-as-a-service product, offering a subscription-first approach optimized with technology. Known for its innovative claim management system and additional services, like doctor consultations and preventive care, Alan aims to enhance customer satisfaction.

With an OFSI license in hand, Alan plans to hire 50 employees in Canada and onboard one customer per week starting in January 2025. Alan’s CEO, Jean-Charles Samuelian-Werve, envisions the company becoming a global player in the insurance space.

Want to know more? Check out the source code on TechCrunch.

Neo Financial and CI Financial Announce Partnership to Deliver New Financial Products

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Calgary-based Neo Financial is partnering with CI Financial to launch a new suite of deposit and credit products aimed at providing a seamless financial experience for clients of CI’s wealth management businesses. The collaboration integrates Neo’s advanced technology with CI Financial’s wealth platform, offering clients streamlined applications, instant transfers, and enhanced cashback rewards linked to deposit balances.

Neo clients will also gain access to in-person financial advisory services through CI’s platform. Neo CEO Andrew Chau highlighted the partnership’s goal to blend technology with exceptional service, while CI’s Christopher Enright emphasized the security and convenience it brings to customers.

Want to know more? Check out the source code on Fintech.ca.

Legal Scholar Nita Farahany Highlights Dangers of Neurotechnology

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At the ClioCon conference in Austin, Nita Farahany, a leading expert on the ethical implications of emerging technologies, delivered a keynote on the rise of neurotechnology and artificial intelligence (AI). Farahany, a professor at Duke University, emphasized the risks posed by wearable neurotechnology, which could monitor brain activity and potentially compromise privacy. She advocated for the right to cognitive liberty to protect individuals’ control over their mental experiences.

Farahany highlighted advancements in AI-driven brain interpretation, calling on the legal community to shape ethical regulations as neurotechnology becomes more prevalent in everyday life.

Want to know more? Check out the source code on Techcouver.