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Physicists and business figures gather in Vancouver to crack theory of everything

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VANCOUVER — Some of the world’s brightest minds are gathering at a hotel conference centre in Vancouver this week to try to solve a question that has baffled physicists for decades.

The two pillars of modern physics — the theories of quantum mechanics and general relativity — have been used respectively to describe how matter behaves, as well as space, time and gravity.

The problem is that the theories don’t appear to be compatible, said Peter Galison, a professor in history of science and physics at Harvard University.

“These theories can’t just harmoniously live in splendid isolation, one from the other. We know our account of the world is inadequate until we figure out how to make them play nicely together,” he said in an interview after giving a talk on how black holes fit into the equation.

Galison is among several leading thinkers who arrived at the Quantum Gravity Conference for the launch a new global research collaborative known as the Quantum Gravity Institute in Vancouver.

While speakers at the conference are primarily scientists, including Nobel laureates Jim Peebles, Sir Roger Penrose and Kip Thorne, those behind the institute come from less likely fields.

The Quantum Gravity Society represents a group of business, technology and community leaders. Founding members include Frank Giustra of Fiore Group, Terry Hui of Concord Pacific, Paul Lee and Moe Kermani of Vanedge Capital and Markus Frind of Frind Estate Winery. They are joined by physicists Penrose, Abhay Ashtekar, Philip Stamp, Bill Unruh and Birgitta Whaley.

During a panel discussion, Lee said he’s been asked several times why Vancouver would host such an event or institute.

“Why Vancouver? Because we can,” Lee said.

Hui, who studied physics as part of his undergraduate degree, said organizing the conference and launching the institute felt like fulfilling a childhood dream.

“I left the field to pursue other things, you know,” he said in an interview.

“How do I put this?” he said, before likening it to being a guy who never made the high school hockey team getting to hang out in the Canucks’ locker room.

Hui said he wanted to help and saw his role as philanthropic, adding he believed it would benefit Vancouver economically.

As a non-local and the founder of the Black Hole Initiative at Harvard, Galison said he’s happy to see more interdisciplinary support for exploring some of the biggest questions in science.

He called the conference an interesting event for bringing together people in technology and venture capitalism with scientists from varied fields. The launch of the institute is also meaningful, he said.

“It’s also a kickoff event for something much bigger and longer-lasting.”

As for the central question of the conference, Galison said it’s an opportunity to explore where the theories overlap and where they don’t from different angles.

“One place they intersect is clearly at the beginning of the universe, early cosmology, because when energy is incredibly compressed, when you have enormous energy densities, you’re at the limit where the bending of space and time creates so much energy that quantum effects come into play,” he said.

The theory of quantum mechanics, introduced in the 1920s, entered a world already shaken by Albert Einstein’s theory of relativity, which inspired responses not just from scientists but from poets and philosophers, he said.

“That these things are not compatible is really unnerving,” Galison said.

Cracking the code for why isn’t something that will happen in a moment, a week or a year, he said.

“There’s a tremendous amount of work,” he said. “It’s more like building a cathedral than throwing up a bicycle shed.”

This report by The Canadian Press was first published Aug. 17, 2022.

 

Amy Smart, The Canadian Press

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Japan’s SoftBank returns to profit after gains at Vision Fund and other investments

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TOKYO (AP) — Japanese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.

Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen ($7.7 billion), compared with a 931 billion yen loss in the year-earlier period.

Quarterly sales edged up about 6% to nearly 1.77 trillion yen ($11.5 billion).

SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.

The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.

WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June.

SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.

SoftBank’s financial results tend to swing wildly, partly because of its sprawling investment portfolio that includes search engine Yahoo, Chinese retailer Alibaba, and artificial intelligence company Nvidia.

SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds.

The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.

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Yuri Kageyama is on X:

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Trump campaign promises unlikely to harm entrepreneurship: Shopify CFO

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Shopify Inc. executives brushed off concerns that incoming U.S. President Donald Trump will be a major detriment to many of the company’s merchants.

“There’s nothing in what we’ve heard from Trump, nor would there have been anything from (Democratic candidate) Kamala (Harris), which we think impacts the overall state of new business formation and entrepreneurship,” Shopify’s chief financial officer Jeff Hoffmeister told analysts on a call Tuesday.

“We still feel really good about all the merchants out there, all the entrepreneurs that want to start new businesses and that’s obviously not going to change with the administration.”

Hoffmeister’s comments come a week after Trump, a Republican businessman, trounced Harris in an election that will soon return him to the Oval Office.

On the campaign trail, he threatened to impose tariffs of 60 per cent on imports from China and roughly 10 per cent to 20 per cent on goods from all other countries.

If the president-elect makes good on the promise, many worry the cost of operating will soar for companies, including customers of Shopify, which sells e-commerce software to small businesses but also brands as big as Kylie Cosmetics and Victoria’s Secret.

These merchants may feel they have no choice but to pass on the increases to customers, perhaps sparking more inflation.

If Trump’s tariffs do come to fruition, Shopify’s president Harley Finkelstein pointed out China is “not a huge area” for Shopify.

However, “we can’t anticipate what every presidential administration is going to do,” he cautioned.

He likened the uncertainty facing the business community to the COVID-19 pandemic where Shopify had to help companies migrate online.

“Our job is no matter what comes the way of our merchants, we provide them with tools and service and support for them to navigate it really well,” he said.

Finkelstein was questioned about the forthcoming U.S. leadership change on a call meant to delve into Shopify’s latest earnings, which sent shares soaring 27 per cent to $158.63 shortly after Tuesday’s market open.

The Ottawa-based company, which keeps its books in U.S. dollars, reported US$828 million in net income for its third quarter, up from US$718 million in the same quarter last year, as its revenue rose 26 per cent.

Revenue for the period ended Sept. 30 totalled US$2.16 billion, up from US$1.71 billion a year earlier.

Subscription solutions revenue reached US$610 million, up from US$486 million in the same quarter last year.

Merchant solutions revenue amounted to US$1.55 billion, up from US$1.23 billion.

Shopify’s net income excluding the impact of equity investments totalled US$344 million for the quarter, up from US$173 million in the same quarter last year.

Daniel Chan, a TD Cowen analyst, said the results show Shopify has a leadership position in the e-commerce world and “a continued ability to gain market share.”

In its outlook for its fourth quarter of 2024, the company said it expects revenue to grow at a mid-to-high-twenties percentage rate on a year-over-year basis.

“Q4 guidance suggests Shopify will finish the year strong, with better-than-expected revenue growth and operating margin,” Chan pointed out in a note to investors.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:SHOP)

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RioCan cuts nearly 10 per cent staff in efficiency push as condo market slows

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TORONTO – RioCan Real Estate Investment Trust says it has cut almost 10 per cent of its staff as it deals with a slowdown in the condo market and overall pushes for greater efficiency.

The company says the cuts, which amount to around 60 employees based on its last annual filing, will mean about $9 million in restructuring charges and should translate to about $8 million in annualized cash savings.

The job cuts come as RioCan and others scale back condo development plans as the market softens, but chief executive Jonathan Gitlin says the reductions were from a companywide efficiency effort.

RioCan says it doesn’t plan to start any new construction of mixed-use properties this year and well into 2025 as it adjusts to the shifting market demand.

The company reported a net income of $96.9 million in the third quarter, up from a loss of $73.5 million last year, as it saw a $159 million boost from a favourable change in the fair value of investment properties.

RioCan reported what it says is a record-breaking 97.8 per cent occupancy rate in the quarter including retail committed occupancy of 98.6 per cent.

This report by The Canadian Press was first published Nov. 12, 2024.

Companies in this story: (TSX:REI.UN)

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