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By Vipal Monga Small-business formation is surging in the U.S., and e-commerce company Shopify Inc. has been reaping the gains of that business boom. More Americans are opening online stores and selling goods and services to make money as the effects of the pandemic have wiped out jobs and disrupted in-person activities like dining and shopping. The shift has brought a wave of new business to Shopify, which sells subscription services that enable people to put up websites, accept online payments, and ship and track orders to customers. But Shopify s business model carries risks. Analysts expect the surge in e-commerce that drove much of the company s growth to taper as the pandemic ebbs. There could be a material deceleration in sales growth, said Tom Forte, an analyst with DA Davidson.
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By Vipal Monga and Collin Eaton TORONTO President Biden s revocation of a permit for TC Energy Corp. s Keystone XL pipeline is raising pressure on Canada s energy industry to seek new markets for oil and gas, its top export. Mr. Biden revoked the Keystone XL permit on Wednesday, hours after taking office, effectively shutting down a 12-year, cross-border project that would have carried 830,000 barrels a day from Alberta to Nebraska and eventually to refiners on the Gulf Coast. His executive order, which fulfilled a campaign promise, cited concerns about climate change. Canada, the world s fourth-largest oil producer, is left with fewer options to get its dense, sticky crude from landlocked oil sands to U.S. refiners. Canada and industry executives are also working to counter claims that tapping oil sands is more damaging to the climate than some other types of oil. They say Canadian producers have lowered carbon emissions by using less coal-fired power and more
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