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5 Things to Know Today: Midterms Day, Oil Plunge, Trade Deal, Budget (Nov 3)

  Canadian Money Brief • Tuesday, November 3, 2026 It’s Election Day in the United States, oil just had its biggest one-day drop since late July, and Ottawa tables its budget on Thursday. Here are five things to know today, and what each one means for your wallet. 1. U.S. midterms: Canada is watching Americans vote in the midterm elections today. Markets are expecting Democrats to win the House of Representatives, while control of the Senate is still uncertain. Trade policy has been a campaign issue, especially in border states such as Michigan and Maine, where Republican candidates have faced pressure over tariffs that have hurt local businesses. What it means for you: The result could move the loonie, the TSX and the tariff talks over the coming days, but one election night is rarely a reason to rebuild your TFSA or RRSP. If you need to convert Canadian dollars to U.S. dollars soon, expect choppy exchange rates. 2. Oil plunges on Iran diplomacy, then bounces Oil fell sharply o...
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Starbucks Announces Layoffs Amid Operational Streamlining

 

Starbucks has announced plans to lay off 1,100 corporate employees globally as part of a broader effort to streamline operations under the leadership of new Chairman and CEO Brian Niccol. In a letter to employees released on Monday, Niccol outlined the company's intent to operate more efficiently, increase accountability, reduce complexity, and drive better integration.

The layoffs will affect corporate support employees, but baristas and other store-level staff will not be impacted. Additionally, several hundred open and unfilled positions will be eliminated. Niccol emphasized the need for all work to be overseen by decision-makers to reduce the complexity of Starbucks' structure and eliminate silos that hinder communication.

Niccol, who was hired last fall to address sluggish sales, has also implemented changes to improve service times, particularly during the morning rush, and re-establish Starbucks locations as community gathering places. The company is also cutting items from its menu and experimenting with ordering algorithms to better manage its mix of mobile, drive-thru, and in-store orders.

Despite a 2% decline in global same-store sales during its 2024 fiscal year, Starbucks has seen positive results from recent changes, including the decision to stop charging extra for non-dairy milk and streamlining the menu. These efforts have boosted store traffic and improved service, leading to a modest increase in Starbucks' shares.



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