Reading the Contract as a Whole: Ontario Court Applies Baker to Uphold an Executive’s Termination Clause

Quick Hits The  Ontario Superior Court of Justice read a “for cause” confidentiality provision together with a CEO’s termination clause and found that the parties objectively intended to comply with the Canada Labour Code, rather than isolating individual words. The court distinguished Ghazvini v. Canadian Imperial Bank of Commerce and Henderson v. Slavkin, finding that the clauses in those cases permitted termination without notice where the statute prohibits it, and…

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Bill S-8: Proposed Changes to Canada’s Financial Crime Framework

Bill S-8, the Combatting Financial Crimes and Drug Trafficking Act (Bill S-8) marks the latest step in Canada’s push to strengthen its financial crime framework. Introduced on November 3, 2026, Bill S-8 would impose new obligations and restrictions on money services businesses (MSBs), crypto ATM operators and businesses handling certain cash transactions. Bill S-8 comes at a time of heightened scrutiny of Canada’s response to money laundering and other financial…

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Reading the room: what Reddit tells us about retail investor sentiment

12 November 2026By Fabian Wagner and Julian MetzlerRetail investors are increasingly becoming speculative traders, and many are using Reddit as a platform for discussions that reveal how sentiment evolves over time and across market conditions. Our AI-based indicator turns these discussions into a short-term market signal. The digital revolution has attracted many new retail investors to financial markets. Among them is a new type of investor: younger, more speculative and…

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How AI value disappears

Why AI adoption is far more than a technology problem Q5 has partnered with the Pracademic Lab  at the Department of Psychological and Behavioural Science (PBS), London School of Economics and Political Science (LSE), to host a dissertation project exploring the human experience of AI adoption. The research was conducted by Devon Litherland, a recent graduate from the LSE MSc in Organisational and Social Psychology, with Q5 participating at key…

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Thou Shalt Not Discriminate: Fourth Circuit Panel Majority Narrows Title VII’s Religious Organization Exemption

Quick Hits The Fourth Circuit held that Title VII’s Section 702 religious employer exemption is limited to religious discrimination and accommodation claims and does not shield a religious organization from sex, race, or national origin discrimination claims, even when the employment decision is motivated by sincerely held religious beliefs. For lay employees who do not perform spiritual functions and are therefore not covered by the exemption for ministerial employees, the…

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BC’s restricted insurance agency regime: Preparing for licensing

British Columbia’s Restricted Insurance Agent Licence Regulation comes into force on Jan. 1, 2027, introducing a restricted insurance agency (RIA) licensing regime for specified businesses that sell insurance incidental to their ordinary business. Affected businesses should begin preparing their licensing information, compliance arrangements and representative training now. Applications open Jan. 4, 2027 The Insurance Council of British Columbia (the council) administers RIA licensing. Applications open on Jan. 4, 2027, through…

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The Soulless Corporation Is a Choice We Make

This commentary is adapted from a post in Todd Cort’s Substack newsletter The Real Price of Risk. The views expressed are the author’s own.Every year, somewhere in the first few weeks of the semester, a student asks me a version of the same question. It usually comes after we have worked through a case in which a company did something that was legal, profitable, and plainly wrong: dumped a cost…

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Budget 2026: Forgetting to file tax forms could cost up to eight times more

On Nov. 5, 2026, the Canadian Federal Government released the 2026 Federal Budget with the aspirational title “Masters of our Destiny”, introducing a medley of new tax measures (Budget 2026). Read BLG’s comprehensive analysis for a broader overview of the 2026 federal budget measures. Budget 2026 features some positive headline ideas but also quietly introduces a significant increase in administrative penalties. What you need to know Standard administrative penalties are increasing…

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How the sovereign debt crisis shaped wealth inequality in the euro area

11 November 2026By Danilo Bianco, Jiri Slacalek and Oreste TristaniThe sovereign debt crisis led to a marked increase in wealth inequality in the euro area. Since then, inequality has slowly returned to pre-crisis conditions. Yet, its effects are still felt and visible today in the countries most severely affected by the crisis.In its short life, the euro area has already had its fair share of macroeconomic shocks, from the sovereign…

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Is your leadership team ready to be AI Amplified?

AI will not make every leadership team better. It will turn up the volume on what already exists. AI won’t automatically improve leadership teams; it will amplify the capabilities and behaviours already present. As AI makes intelligence and analysis more abundant, strong judgement, imagination and courage become increasingly valuable. Leadership teams must use AI deliberately, making clear choices, challenging assumptions and acting confidently amid greater information and possibility. Reading time:…

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Federal Budget 2026: Sovereignty, strategic investment and tax simplification

On Nov. 5, 2026 (Budget Day), the Hon. François-Philippe Champagne, Minister of Finance, tabled the federal budget, titled "Masters of Our Destiny" (Budget 2026). As foreshadowed, Budget 2026 focuses on cultural and economic sovereignty, economic growth and affordability measures for Canadians. In addition to significant investments in defence and economic development, Budget 2026 includes allocations to build more homes, with a commitment to end homelessness in 10 years. On Sept.…

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Why Donald Trump keeps threatening Iran’s Pickaxe Mountain – and why it is so hard to destroy

Iran has become a test of Donald Trump’s credibility at home as well as his power abroad.The war and rising fuel prices contributed to the Republican defeat in the recent congressional elections. That gives the president a stronger political reason to find an ending to the conflict that he can present as a success.On November 9, President Trump said he wanted to keep the war at “status quo”, but warned…

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When Unlimited PTO Goes Global: 3 Critical Issues to Watch

Quick Hits Unlimited PTO outside the United States does not eliminate the need to track minimum statutory leave, carryover, and payout-on-termination; rather, it adds a layer of complexity to it. In jurisdictions with already generous statutory leave regimes, unlimited PTO may create productivity and coverage challenges. Replacing a more generous contractual PTO entitlement with unlimited PTO is generally considered a detrimental change requiring employee consent. In some countries, employers looking…

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British Columbia Insurance Update: Insurer and Agent Licensing Exemptions for Motor Vehicle Manufacturers and Dealers

Insurer exemptions are changing for motor vehicle manufacturers and dealers British Columbia’s Restricted Insurance Agent Licence Regulation (RIA Regulation) comes into force Jan. 1, 2027. The RIA Regulation will change how dealers’ market and sell vehicle warranty insurance and other ancillary insurance products. In addition, related amendments to the Insurer Exemption Regulation narrow the current exemption under section 75 of the Financial Institutions Act for motor vehicle manufacturers and dealers…

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Abandoning net zero could backfire on Labour, new research warns

The electoral risk of abandoning net zeroThe UK was previously considered a world leader in climate policy, reducing its greenhouse gas emissions by more than 50 per cent since 1990. This progress was supported by a relatively stable consensus between Labour and the Conservatives, with competition between the parties focused largely on how best to deliver climate action rather than whether it should be a priority.But the researchers argue that…

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2027 Diversity Visa Lottery Remains on Hold After Ninth Circuit Stay

Quick Hits DV-2026 visa processing and DV-2027 lottery registration have faced separate disruptions. DV-2027 registration remains closed, with no confirmed opening date. Diversity Visa Lottery Background Each year, the Diversity Visa program offers up to 55,000 immigrant visas to eligible individuals from countries with historically low levels of immigration to the United States. The process begins when individuals enter the lottery, and the State Department randomly selects entrants. Those selected…

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Online newspapers can rely on Ontario’s defamation limitation period, but conditions apply

Ontario’s Libel and Slander Act, RSO 1990, c L.12 (LSA) came into existence long before courts needed to grapple with defamation on the internet. The Ontario Court of Appeal’s recent decision in Massoudi v. Vice Media LLC, 2026 ONCA 771 confirms that online newspapers can benefit from the 3-month limitation period in the LSA, as long as the other statutory requirements are met. Under ss. 5(1) and 6 of the…

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How Retailers Respond When Competitors Move in Next Door

In 2014, Washington State launched one of the nation’s first legal recreational marijuana markets, helping to usher in a wave of legalization that has since spread to 23 states and the District of Columbia. As Washington prepared to launch its pioneering market, it found that far more people wanted to sell cannabis than the state was willing to allow. In jurisdictions where applications outnumbered the available licenses, the state didn’t…

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US Midterm Elections: A Controlled Shake-Up

On November 6, a discussion on the topic “US Midterm Elections: What They Mean for Russian-American Relations” was held at the Moscow venue of the Valdai Club. Participants discussed the reasons for the Democrats' victory, its consequences for the American political system, and possible changes in Washington's foreign policy course. The moderator of the discussion, Ivan Timofeev, suggested not to overestimate the media noise surrounding a possible confrontation between the…

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Pennsylvania Court Confirms Workers Must Sue Within Three Years to Recover Unpaid Wages

Quick Hits In Commonwealth Department of Labor and Industry v. Accuserv Pharmacy, the Commonwealth Court of Pennsylvania reversed a trial court’s ruling in favor of twenty employees who sued for unpaid overtime wages. The appellate court found the trial court erred in determining that a six-year statute of limitations applied to the employees’ claims. The three-year statute of limitations had been commonly accepted by practitioners and judges throughout Pennsylvania. In…

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An update on the US mid-term elections and market reactions

The US mid-term elections have been front of mind for many UK investors over recent weeks. Charlie Lloyd, Head of Investments, and Wayne Nutland, Senior Investment Manager share an update on events, their market impact and how the investment team has been positioning the VT Shackleton funds. Key take-aways: US mid-term elections resulted in a stronger-than-expected Democratic victory, creating a divided US government. This was initially viewed positively by markets…

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Family Offices Are Becoming a Force in Capital Markets

What happens when the focus of the family business becomes … other businesses?  After building wealth through their primary enterprise, a growing number of family offices are now looking to invest directly in other businesses. Kellogg’s Matt Allen and Jose Liberti have labeled this approach “legacy equity”—an investment model that resembles private equity but with important differences. Family offices—essentially, private entities set up to manage the assets of one or more…

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Are Attitudes Toward Others Taking a U-Turn?

If you’d looked at surveys of Americans’ attitudes five years ago, you would have seen a hopeful story.  Biases against people based on their race, sexual orientation, and disability were consistently dropping across the country, says Tessa Charlesworth, an assistant professor of management and organizations at the Kellogg School. This included both explicitly stated bias as well as implicit bias—broadly defined as people’s less-conscious and less-controllable automatic reactions.  Then in 2021,…

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What’s the Cost of an NFL Injury?

When NFL quarterback Jalen Hurts was ruled out for the season due to dangerous blood clots, fans of the Philadelphia Eagles were quick to write off the team’s chances.   It’s a common refrain among football fans: we could’ve been contenders if it weren’t for the injuries. But the impact of injuries on NFL teams is a question that has never been fully quantified, says Joel Shapiro, a clinical associate professor of…

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How foreign investment can strengthen African governments’ control over land

How investment can extend state powerThe researchers analysed 24 cases across 14 countries, combining fieldwork conducted between 2018 and 2024 in Uganda, South Africa, Tanzania, Zambia and Kenya with a review of existing research and policy documents.They identify two connected strategies. The first, which they call “widening”, involves extending government authority into areas where control has traditionally been limited or shared with local communities. Governments can do this by attracting…

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Global Compensation Plans: How to Spot Potential Issues in Bonuses, Equity, and Commissions

Quick Hits  Courts and labor authorities outside of the United States often look at how compensation is paid in practice, and local statutory entitlements can override the plan terms entirely. Bonus terms that are consistently applied year after year can become contractual entitlements that are difficult to change or withdraw. In some countries, such as China, offering actual equity can be impractical or restricted, and companies often use phantom equity…

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Take 5: On the Neverending Campaign Trail

We live in the era of the constant political campaign. As soon as the votes are tallied and the winners declared in one election, pundits crank up the speculation on the candidates’ prospects for the next one.   Researchers at the Kellogg School keep an eye on political campaigns as well, studying everything from the ways candidates are packaged, the effectiveness of their messaging, and the information environments in which…

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Clairvoyant: What decisions will shape the future of health and care?

What decisions could we make today that would fundamentally change the future of health and care? That was the question at the heart of the inaugural event in our Clairvoyant Series, bringing together leaders from across health, care and business to look ahead to 2035 and explore: what are the decisions we’ll wish we had made today? Hosted by Scarlett Maguire, political commentator and analyst and Founder of Merlin Strategy,…

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New York Department of Labor Guidance Answers Questions About Trapped at Work Act

Quick Hits New York’s Trapped at Work Act restricts the use of “stay or pay” agreements, which, as a condition of employment, require employees to reimburse an employer for certain expenses or costs if the employment relationship ends before a specified date. Repayment agreements that are not a condition of employment are permissible. The New York Department of Labor may issue fines ranging from $1,000 to $5,000 for violations of…

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October 2026 investment update

What happened in markets? October saw negative returns from most major equity markets, driven by technology stocks and companies associated with artificial intelligence (AI). The US stock market returned -1.7%, but the tech-heavy Nasdaq 100 index saw a decline of -7.4%. Other markets with significant technology exposure include Korea and Taiwan, which returned -16.3% & -9.1% respectively. This, along with negative returns from the Chinese stock market, led to emerging…

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How Genomics and AI Could Transform Drug Development with Anthony Philippakis

Transcript Harlan Krumholz: Welcome to Health & Veritas. I’m Harlan Krumholz.Howard Forman: And I’m Howie Forman. We’re physicians and professors at Yale University. We’re trying to get close to the truth about health and healthcare. And today’s the day after Election Day.Harlan Krumholz: We’re recording this the day after Election Day. We’re going to drop this tomorrow. Who knows what’ll happen in the meantime, Howie? Who knows what’ll happen?Howard Forman:…

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Valdai Club to Present Richard Sakwa’s Report on Russophobia and ‘The Cold War Plus’

On December 1 at 12:00 Moscow Time (GMT+3), the Moscow venue of the Valdai Club will host the presentation of the report titled “Russophobia and ‘The Cold War Plus’”. Richard Sakwa, the author of the new Valdai report, characterises Russia–West relations as a “cold war plus”. Today, geopolitical confrontation is complemented by cancel culture and the denial of Russia, while Russophobia is reproduced and exacerbated by the preservation of the Cold War…

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A Narrower PWFA Rule Is on the Horizon, but the EEOC’s Pregnancy Accommodation Enforcement Is Not Slowing Down

The agency’s April 2024 final rule implementing the statute was not as widely applauded. Now that the EEOC has formally announced plans to revise that rule, employers should expect a narrower regulatory definition of what the PWFA covers. Employers need to read beyond headlines declaring protections will be rolled back and not expect any slowdown in enforcement on behalf of pregnant and newly postpartum workers who require basic accommodations to…

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When Cultures Collide in Crisis

Sergio Ingravalle/Ikon Images High-stakes disruptions test businesses’ cultural agility as well as their operational resilience. As supply chains stretch across continents and leadership teams span time zones, cultural agility becomes a business essential. Many crises now unfold across cultures as much as they do across borders, but few executives are prepared for what happens when their best-laid response plans are lost in cultural translation. Even small differences in tone, timing,…

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Growing Pains: When Great Brands Scale

How consumer brands can evolve their organisation without losing what made them successful As Australian consumer brands grow, the complexity of scaling can threaten the agility, creativity and culture that made them successful. We explore five ways brands can evolve their organisations, manage growing pains and build the capabilities needed to sustain growth, without losing the qualities that set them apart. Reading time: 6 minutes Breakthrough growth can quickly test…

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To Get Users to Pay, Give Them the Option Not To

To Get Users to Pay, Give Them the Option Not ToBen.Mattison Wed, 11/04/2026 - 14:13 Research K. Sudhir James L. Frank ’32 Professor of Private Enterprise and Management, Professor of Marketing & Director of the China India Insights Program Tong Wang Assistant Professor of Marketing Marketing Brown A study co-authored by Yale SOM’s Tong Wang and K. Sudhir explored an unconventional pricing strategy for episodic content, like TV series: Let…

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China–US: ‘strategic stability’ put to the test by Chinese ambitions

Whilst China had underestimated the duration, intensity and unpredictability of US trade policy during Donald Trump’s first term, it has shown that it was better prepared for his return. The year 2025 was thus marked by a more offensive stance from China, particularly following Liberation Day in April, when Beijing threatened to impose drastic controls on exports of rare earths and their use in global value chains.Following the one-year truce…

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Tiny structures in your spine could hold clues to why our backs wear out

Using new imaging technology, scientists have revealed how collagen fibres protect spinal discs from the stresses of everyday life, and why the same design could leave them vulnerable to damage.An international team of scientists has discovered how some of the tiniest structures in the human spine help it cope with the strain of bending, lifting and everyday movement, potentially shedding new light on why spinal discs deteriorate.The study, is published…

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University appoints Managing Director to lead advanced materials innovation centres

This approach also builds on the successful national collaboration model developed through the Centre of Expertise in Advanced Materials and Sustainability (CEAMS), which connects businesses with existing specialist expertise and facilities across the UK. Rather than duplicating national innovation assets, CEAMS makes it easier for companies to find and access them, bringing together the right capabilities around their needs. The University is also lead delivery partner for the £16.4 million…

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Christine Lagarde: A warning from Europe’s hot summer

4 November 2026By Christine Lagarde, President of the European Central Bank This summer's heatwaves, droughts and wildfires were a warning. Their economic impact has so far been limited, but the costs of climate change are rising and future shocks may be harder to absorb. Europe needs better protection against the financial fallout of climate change and a more flexible energy system that makes the most of clean power.This summer’s record-breaking…

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