Gavin Redfern

I didn’t study business before I became a business reporter. I studied architecture, and of all the knowledge I acquired the most important was that I was not destined to be an architect.

Journalism was a lucky accident, born of necessity, and business journalism even more so. The underdog paper that would hire me in 1994 was the Financial Post and so I dove into the world of business.

From the beginning, I admired the untidy elegance of the way an economy functions. I believed in and even came to revere the importance of markets — that is, well-oiled machines whose only real job is to set prices.

Markets work to ensure that resources are allocated efficiently. Accurate prices are at the heart of that efficiency and the result isn’t some remote or arcane thing, it is prosperity and happiness for humans. Well-priced markets are essential. Fairness is essential.

Whenever it is possible to fix a price for personal gain, someone is doing it

Over time, I watched a number of changes take place aimed at levelling the playing field. From the long ago days when stocks were traded by a group of men who met under a buttonwood tree in lower Manhattan, to a game that is pitched to grandmothers — “Manage your own money! You too can be wealthy!” — the rules have changed.

In the late 1990s, as technology stocks bubbled to a temperature that would burn some investors for a decade or more, rules about fairness of pricing were implemented. The point of the most important such rule, known as Regulation Fair Disclosure, was that insiders — or the “smart money,” as professional money managers are sometimes called — shouldn’t have an unfair edge in the form of access to information. Prices are only perfect if all information is priced in and the more participants there are to that process, the more pristine the outcome. Or so the thinking went.

How naive that view now seems. How innocent. Because for the last two years, as the globe staggered back to its feet in recovery from the body blow delivered by fast moving investment banks that lost sight of basic risk management policies, the number of examples of ways in which the markets are rigged are too numerous to count.

Each one seems more shocking than the last.

Insider trading, as old as the hills, is now a billion-dollar enterprise at certain investment funds and part of the culture of many. Investment banks may be gaming the price of some commodities, with a subsequent cost that reaches every corner of the planet. Currency traders collude with each other to make tiny profit on their trades, writ large over billions of executions.

The system is rigged

Then the most shocking of all, a key international interest rate used to set trillions of dollars of prices, is being manipulated. LIBOR, the London Interbank Offered Rate, is like the foundation of a house that holds billions of people. If that foundation is askew — as we now know it was — what does that say about huge parts of the markets and those prices we thought were based on real information? A mirage.

For this business journalist, the shock of that was intense. There will always be fraudsters — smooth-talking snake oil pitchmen — and regulators are on the lookout for them. But the evidence is mounting that whenever it is possible to fix a price for personal gain, someone is doing it.

That’s not just a disappointment; it undermines the entire system. Tiny price distortions get magnified across the global economy. We all pay, even if we don’t really know it. Most important, if market participants — from a sophisticated bond trader trying to price a bond based off a benchmark rate, to your grandmother putting her life savings into a stock  — don’t believe in its fundamental soundness, don’t believe that prices are as fair as prices can be, the entire thing falls apart.

It happened in Holland in the 17th century, when tulip bulbs became an irrational bubble. It has happened often in fact, in tiny pockets, from land in Florida to London Bridge. The outcome of those incidents is distrust and an unwillingness to invest there again.

So what is the outcome if those kinds of mispricings are everywhere? That’s a thought too stark to contemplate. Better that investors — the “dumb money” that is you and me — sit up and take notice before it’s too late. If indeed it isn’t already.

Galen Weston Jr, the former President and current Chair of Loblaw Company Ltd., now has another title to add to his name: Canada’s Top Profiteer. This billionaire won by a margin of 35% after over 7,000 people nationwide voted in the inaugural competition hosted by Leadnow, a non-profit dedicated to building collective power. Previously, Leadnow gained over 10,000 signatures on their federal petition for a corporate profiteering tax.

During his time as the face of Canada’s largest grocery retailer, Weston had no shortage of controversies. For over 14 years, Loblaw colluded with other major companies to raise the price of bread, leading to shoppers paying an additional $1.50 per loaf by the end of the scheme. After a recently settled class action lawsuit, eligible Canadians will be reimbursed a grand total of $25 each, maximum (and that money is only guaranteed if you didn’t accept one of their $25 gift cards in 2018). Another lawsuit is currently being filed in regards to underweighted meat, a problem which Loblaw representatives said they resolved in 2023. Despite their claims, underweighted packages are still being found across the country.

While Canadians struggled with affordability, Loblaw enjoyed record sales during the pandemic. Notably, they saw an 11% revenue increase in the first quarter of 2020—and slashed the $2/hour bonus pay for their essential workers only a few months later. Weston, already one of the richest people in Canada, took home $3,549,591 in compensation from Loblaw that year. In 2023, when the effects of food inflation were widespread enough to warrant a parliamentary hearing, his total compensation from Loblaw and its holding company was nearly $11.8 million. Loblaw could pay their workers a living wage, but they choose not to. Instead, they actively attempt to pay as little as possible, through eliminating full-time jobs and withholding overtime pay.

However, it is crucial to note that Weston and Loblaw are not unique in their behaviour. If they were, perhaps they would have experienced more retribution. As it stands, every other major grocery retailer in Canada has been engaging in the same price-fixing, pay-cutting, and profiteering that leaves food increasingly unaffordable.

CEOs and greedflation

The COVID-19 pandemic caused a period of significant inflation, with yearly rates reaching peaks that haven’t been seen in 40 years. Many felt particularly burdened at the grocery checkout, and the CEOs of Loblaw, Metro, and Empire were called to Parliament in March 2023 to discuss why grocery prices were so high. These three companies collectively control around 60% of the total grocery retail market share in Canada, and own almost every chain you can think of.

While testifying before Parliament, these CEOs denied allegations of profiteering. They cited rising supplier costs and claimed their control over prices was limited due to low profit margins. Additionally, discussing the reinvestment of profits, Weston boldly claimed that “[the money] doesn’t go to me. It goes back into this country.”

These CEOs effectively placed all the blame on inflation, even though the price of groceries has consistently surpassed this rate. At the beginning of 2023, food inflation was almost double the national inflation rate. At the same time, industry data has shown that their profit margins have doubled in the three years following 2020.

Even if it hadn’t, focusing solely on margins minimizes the fact that retail grocery profits are incredibly high, and grew enormously since the onset of the pandemic. Alongside these record profits are a record number of people visiting food banks, with a 90% increase in usage across Canada from 2019-2024. With Loblaw workers struggling to afford the food they sell, and migrant workers facing exploitation across the supply chain, it’s clear that no one is seeing the money that is supposedly going back into the country—except, of course, Weston and his fellow CEOs, who receive multi-million dollar compensation packages annually.

While the pandemic did lead to increased prices overall, these retailers used the period to profit excessively. Even as other industries stabilized alongside inflation, grocery prices soared rapidly. And when these major corporations raise prices simultaneously, they remain elevated. Just look at the bread-fixing scandal: to this day, bread prices remain artificially higher than all other groceries. With tariffs now in the picture, it’s unlikely that any relief will be found at the grocery counter.

Buying Canadian won’t save us

When the threat of tariffs was first issued, concerns about affordability quickly turned to nationalist sentiment. The numerous online lists and infographics to help people “buy Canadian” often included Loblaw, Sobeys, and Metro. These companies have never put people over their profits, and there’s no reason to believe that they won’t take the opportunity to inflate prices beyond what the tariffs would warrant, just as they did with the pandemic.

We cannot rely on corporations, Canadian or otherwise, to prioritize the needs of workers. Now is the time to look out for each other. The Justice for Workers “No One Left Behind” campaign (which Leadnow also supports), is a worker-first movement calling on the government to stop price increases for grocery and rent, invest in public services, provide income support, and ensure taxation on corporations such as Loblaw. Sign on today so that Galen Weston Jr. can’t play profiteer in another crisis.

A married couple who had been married for several years decided to escape their daily routine for a while. They chose northern France, drawn by the rugged beauty of the coast and the opportunity to sail through the famous strait connecting the English Channel with the North Sea. This voyage promised both relaxation and a touch of adventure.

On the morning of their departure, the sky was clear, with only a few clouds, and a gentle breeze blew over the harbor. Approaching the yacht, they paused for a moment, admiring its elegant appearance. It looked almost new, sparkling in the sun and impressing with its harmonious lines and impeccable deck. As soon as they stepped aboard, they felt an almost childlike sense of anticipation—as if they were entering another world.

Before departure, they leisurely inspected the ship. Slowly strolling along the deck, they touched the warm wood, examining the ropes, sails, and instruments. Then they went down to the cabin. The air was cooler there, with a slight hint of salt and old wood. They opened the cabinets, peered into the cabins, and smiled, imagining a day alone at sea—away from the noise and responsibilities.

In a dimly lit corner, they finally discovered an old navigation device. It looked very old, with worn buttons and a scratched display. Out of curiosity, they turned it on—and to their surprise, it still worked. Gradually, a map appeared, on which they immediately noticed one detail: a lonely dot in the middle of the channel, without any explanation.

They exchanged quizzical glances. This mysterious place immediately piqued their curiosity. Was it a mistake? A relic of the past? Or perhaps something more exciting? After some thought, they decided to simply follow the clue. The weather was calm, they had time—and they liked the idea.

The yacht smoothly exited the harbor and sailed out into the open sea. The sea was calm; only occasionally did they see cargo ships or ferries passing in the distance. They enjoyed the journey, admiring the horizon and breathing in the salty air. They chatted, laughed, and sometimes simply sat in silence, listening to the sound of the waves. The whole atmosphere was pleasantly calming.

Time passed, they approached the marked point. The light changed, and the sea took on more saturated colors. Suddenly, the yacht abruptly slowed and stopped. They felt a slight jolt—they had run aground on a sandbank.

Surprised but calm, they looked around. Nearby, they discovered a small, old stone building. It looked abandoned, weathered by wind and salt, without any signs of life. Then they realized that the mysterious cape probably led directly here—to a forgotten place, perhaps once a fishing hut or lookout post.

In the end, the situation made them laugh. It wasn’t the big secret they’d expected, but it had its charm. They joked about their impromptu “treasure hunt” and then calmly pondered how to escape. While waiting for the tide, they checked the sails, the depth, and maneuvered carefully.

Finally, the yacht slowly lifted off the sand and glided smoothly back into deeper water. Relieved and still filled with a sense of exhilaration, they left the old building behind. Their journey continued—more peacefully than before, and confident that this unexpected adventure would become one of the most pleasant memories of their trip.

1. Marketplace continues its success

The program Marketplace has been renewed for its 42nd season. The team now has new producers based in Vancouver, allowing them to produce more investigations into issues affecting Canada’s West Coast. The show remains one of CBC’s most popular programs, regularly attracting audiences of more than one million viewers.

2. New investigations and major stories

Upcoming episodes will examine the quality of financial advice and the effectiveness of various detox programs. The investigation into financial advisers involved hidden cameras and is scheduled to coincide with the RRSP season.

3. Erica Johnson’s path to journalism

Despite strict limits on television during her childhood, Johnson went on to build a successful career in journalism. After studying acting in Los Angeles, she earned a journalism degree from Ryerson University and has worked on Marketplace for more than 13 years.

4. Protecting consumers under pressure

Johnson says that the team’s investigations often lead to criticism from companies and threats of legal action. However, throughout her time on the program, neither she nor her colleagues have ever had one of their broadcasts end up in court. Viewers also frequently thank the team for standing up for consumers.

Canadian businessman Jim Pattison has unexpectedly found himself at the center of a major public debate following reports related to the activities of one of the companies in his business empire in the United States.

The story quickly spread beyond business news and became the subject of lively discussions on social media, where users began asking questions about the role of large corporations in controversial government programs.

What Happened

The focus was on reports that one of the companies linked to Jim Pattison’s business group may have been involved in real estate deals involving property later used by U.S. Immigration and Customs Enforcement (ICE).

After media reports emerged, the issue quickly sparked widespread public debate.

Critics argued that big business should pay closer attention to the consequences of such deals, especially when it comes to immigration policy issues, which remain a subject of heated debate in the U.S. and Canada.

Why This Story Caused Such a Reaction

Particular attention was drawn to the fact that Jim Pattison’s name has long been associated with one of Canada’s largest and best-known business groups.

Therefore, any mention of companies linked to his empire inevitably attracts public attention.

Thousands of comments began appearing on social media, asking to what extent companies should be held responsible for how their real estate properties are subsequently used.

The discussion quickly went beyond the realm of business

Soon, the discussion ceased to be solely about real estate.

Commenters began discussing a broader question: where is the line between commercial decisions and the social responsibility of large corporations?

Some users noted that companies have the right to conduct legitimate commercial activities.

Others insisted that big business must consider the social consequences of its decisions.

It is this very discussion that has become one of the most talked-about topics in recent days on Canadian social media.

Why Pattison’s Name Is Back in the Headlines

Political commentators note that the story has gained added significance due to the ongoing debate surrounding immigration policy and the role of the private sector in government programs.

Any mention of prominent business leaders in such matters inevitably sparks heightened public interest.

As a result, Jim Pattison’s name has become the focus of discussion not only among business leaders but also among ordinary Canadians.

The debate continues

At this point, the controversy surrounding this story continues.

Some view the situation as yet another example of how society demands greater transparency from large corporations.

Others believe the attention given to the topic has been excessive.

However, one thing is clear: the story surrounding Jim Pattison has become one of the most talked-about topics in recent days and continues to spark strong reactions across Canada.