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• Canadian Singles On Facebook

SOCIAL MEDIA

Canada passes bill to regulate programming on Facebook, YouTube

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Canadian lawmakers passed a controversial bill that aims to regulate programming distributed by media streaming services and social platforms like Facebook and YouTube, a measure that critics warn could infringe on individual speech. The legislation drafted by Justin Trudeau’s government, known as Bill C-10, is meant to subject tech giants to the same requirements as traditional broadcasters — effectively compelling companies like Netflix and TikTok to finance and promote Canadian content. It’s among the most far-reaching plans by governments anywhere to regulate the algorithms tech companies use to amplify or recommend content. — BLOOMBERG NEWS

INTERNATIONAL

Germany to restore railway lines to fight climate change

Germany’s national rail operator on Tuesday announced plans to reopen 20 stretches of railway around the country that have been closed over the years, a move intended to help get more people and freight on trains as the country steps up efforts to fight climate change. The stretches that state-owned Deutsche Bahn plans to revive have a total length of 152 miles. They were chosen after a team of experts assessed shuttered routes totaling around 800 miles for potential viability. The routes include several suburban lines in and around Berlin and Duesseldorf, as well as other local routes in various parts of the country and a cross-border connection from Breisach in Germany’s southwestern corner to Colmar, France.

GAMING

GameStop soars after selling 5 million shares

GameStop stock climbed Tuesday after selling 5 million shares for a total of $1.13 billion. Shares of the video-game retailer rose more than 10 percent to close at $220.40. It will use net proceeds from the offering to invest in growth initiatives and maintain a strong balance sheet, the company said in a statement released Tuesday. GameStop is one of the Reddit-driven “meme” stocks that have soared this year. As retail traders have helped drive share prices of the so-called meme stocks higher, it’s been the companies that have benefited, said Greg Taylor, chief investment officerat Purpose Investments Inc. — BLOOMBERG NEWS

FAST FOOD

McDonald’s to launch loyalty program next month

McDonald’s long-awaited US loyalty program is arriving next month, marking a key step in the fast-food giant’s push to digitize. The chain, which has been testing the program in a handful of markets for months, will roll it out nationwide on July 8, it said in a statement. Customers will need to access the McDonald’s app to collect points and freebies. Investors have been waiting for a McDonald’s US loyalty program to rival Starbucks Corp.’s popular one for years, beyond the McCafe digital punch card already available. — BLOOMBERG NEWS

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REAL ESTATE

Home sales fall again on high prices, low inventory

Sales of previously-occupied homes fell for the fourth straight month in May as soaring prices and a limited number of available properties discouraged many would-be buyers. Existing home sales dropped 0.9 percent last month from April to a seasonally-adjusted annual rate of 5.8 million units, the National Association of Realtors said Tuesday. The string of sales declines comes after sharp gains last fall and through the winter, as many Americans sought more living space during the pandemic. Sales are up nearly 45 percent from last May, when purchases fell to their lowest point of the COVID-19 outbreak. — ASSOCIATED PRESS

CYBERATTACKS

Gas stations sue Colonial Pipeline over shortage

The ransomware attack on Colonial Pipeline in May that caused a shortage of fuel supplies along the East Coast is the focus of a lawsuit filed by one member in a proposed class of 11,000 gas stations. EZ Mart 1 LLC, a two-pump gas station in Wilmington, N.C., buys its fuel from a distributor supplied by Colonial, according to a complaint filed Monday in a Georgia federal court. Colonial was reckless and negligent in “failing to take and implement adequate and reasonable measures to ensure that the pipeline’s critical infrastructure was safeguarded,” the gas station alleges. — BLOOMBERG NEWS

EXERCISE

Peloton launches discount program for companies

Peloton Interactive Inc. is entering the corporate wellness business, launching a discount program for company employees much like gyms have offered for years. The initiative announced Tuesday will see Peloton work with companies to offer their employees reduced-price or free subscriptions to its digital workout app, or special prices on Peloton bikes and treadmills. Peloton is also introducing a platform that will allow businesses to manage the program for their workers. — BLOOMBERG NEWS

DOUGHNUTS

Krispy Kreme hopes to raise as much as $640 million in IPO

Krispy Kreme is seeking to raise as much as $640 million in an initial public offering. The company said in a filing Tuesday that it plans to sell almost 27 million shares for $21 to $24 apiece. At the top end of the range, Krispy Kreme would have a market value of $3.86 billion based on the outstanding shares listed in the filing with the US Securities and Exchange Commission. — BLOOMBERG NEWS

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HOUSING

Blackstone to buy home rental company for $6 billion

Blackstone agreed to buy single-family rental company Home Partners of America Inc. for $6 billion, betting the demand for suburban housing will stay hot even as the pandemic eases. Home Partners, which is being acquired by Blackstone Real Estate Income Trust Inc., owns more than 17,000 homes across the United States, according to a statement on Tuesday. The company gives tenants the option of buying their rental, making it unique among its peers. Single-family rentals have been a favorite bet over the past year, as real estate investors seek new places to invest during a pandemic that kept Americans away from offices, hotel, and malls. At the same time, remote work and school created strong demand for suburban homes by buyers and renters alike, pushing prices up and inventory down. — BLOOMBERG NEWS

INTERNATIONAL

Report blames finance minister, auditors for Wirecard collapse

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German lawmakers presenting a report Tuesday into the collapse of the payment processing company Wirecard accused the country’s finance minister and auditors Ernst & Young of numerous oversight failings. Wirecard filed for protection from creditors through insolvency proceedings last year after admitting that 1.9 billion euros ($2.3 billion) supposedly held in trust accounts in the Philippines probably didn’t exist. The company’s former chief executive, Markus Braun, is being investigated on suspicion of criminal fraud. Interpol has issued a red notice for Wirecard’s former chief operating officer, Jan Marsalek, on allegations of “violations of the German duty on securities act and the securities trading act, criminal breach of trust (and) especially serious case of fraud.” — ASSOCIATED PRESS