A Supreme Court ruling, Canadian home sales fall and the Rogers family feud escalates: Must-read business and investing stories

Open this photo in gallery:

Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.

Supreme Court rules federal environmental impact law is unconstitutional

Canada’s top court ruled on Friday that a federal environmental impact law is unconstitutional. The Impact Assessment Act, enacted in 2019, allows Ottawa to assess the potential environmental impacts of designated energy and infrastructure projects. Five out of the seven judges ruled against the assessment act. The federal government responded by committing to revising the law and bringing its changes quickly before Parliament, Sean Fine reports. Alberta sent the case to the province’s Court of Appeal in 2022, ruling that the law violated provincial jurisdiction. The federal government then appealed to the Supreme Court. Quebec and Ontario were also among the provinces who opposed the law.

CREA downgrades home sales forecast for second time in 2023

Canada’s housing market continues to cool down as home sales fell in September, according to the national real estate association. The number of home resales fell 1.9 per cent in September, with activity dropping in the country’s two most expensive markets of Toronto and Vancouver, according to the Canadian Real Estate Association (CREA). It was the third straight month of declines. Rachelle Younglai also reports that CREA downgraded its outlook for home sales and prices in 2023 for the second time this year.

Have long-term yields peaked, or just paused?

The bond market has seen a sharp sell-off since July, and when the price of bonds fall, yields – the return to an investor from the bond’s interest or payments – rise. Last week, the yields on long-term U.S. and Canadian government bonds surged to 16-year highs before easing slightly this week. Jason Kirby asks in the latest Decoder: Does that mean long-term yields are peaking? Some market watchers think so. The reasons are complex, some point to the belief that higher bond yields are doing some of the heavy lifting in the fight against inflation. Though on Friday, Bank of Canada’s Tiff Macklem said that surging bond yields may not be a substitute for further rate hikes.

Rogers family feud reignites with new legal challenge

The Rogers family feud is still going strong, according to a recent court filing. Melinda Rogers-Hixon and Martha Rogers have launched a legal challenge to obtain board documents they say Rogers Communications Inc. is withholding from them. The Rogers sisters have asked the B.C. Supreme Court to order the company to provide them with documents containing information about the Shaw deal that they need to make informed decisions and properly perform their duties as directors, Alexandra Posadzki reports. Rogers is also embroiled in a legal battle with former CEO Joe Natale, who is seeking at least $24-million for wrongful dismissal and breach of contract.

Canada wants to be a global leader on critical minerals. Why is Australia eating our lunch?

Foreign companies have built a dominant position in Canada’s critical minerals sector – and few have benefited more than Australia. Some of the world’s biggest miners such as Rio Tinto PLC and BHP Group Ltd want a piece of Canada’s mineral wealth. Niall McGee takes a look at how Canadian policies around foreign investment present an existential threat for domestic mining companies here. This is the first story in The Globe’s Mission Critical series, which looks at the issues around whether Canada can become a critical minerals mining superpower.

As the U.S. prepares to introduce open banking, Canada’s plan stalls

The United States is prepared to introduce open banking when the U.S. Consumer Financial Protection Bureau unveils updated regulations by the end of October – and Canada is watching with interest. Open-banking is part of a global trend reshaping financial services. The idea is that it gives consumers more control over their data, making it easier for them to move between banks and service providers. Britain began to implement open banking in 2017, and Australia followed in 2019. But, as Chris Hannay reports, tech companies worry that Canada is falling behind.

Now that you’re all caught up, test your knowledge with our weekly business and investing news quiz and prepare for the week ahead with the Globe’s investing calendar.