2026-07-10
[Bnn Bloomberg Canada]: Canada added 18,000 jobs in June, pushing the unemployment rate down to 6.5 per cent. However, the headline improvement masks some underlying weakness, as nearly all the gains came in part-time work. Additionally, goods-producing sectors shed 43,700 jobs, led by losses in the manufacturing sector.
Aritzia revenue and profit soar
Vancouver-based Aritzia's revenue grew 43 per cent in its first quarter, beating analyst estimates. Its net income per diluted share jumped to 99 cents per share, compared to 36 cents per diluted share a year before earlier. The clothing retailer lifted its full-year revenue outlook and expects expansion, despite tariff pressure. It says robust demand for its spring and summer products fuelled its performance. Sales at stores open jumped by 35 per cent year over year.
MTY Food closing locations
Restaurant franchisor and operator MTY Food Group's second-quarter profit and revenue fell compared to the same quarter last year, as did same-store sales. The company says it plans to close 68 underperforming locations over the next nine months. CEO Eric Lefebvre says the results “reflect continued pressure on consumer spending and a challenging operating environment.” MTY put itself up for sale last November, and says that process is still “ongoing.” MTY owns Thai Express, Manchu Wok, and Mr. Sub, as well as other brands.
SK Hynix set for U.S. debut
Investors in North America will have a new way of buying into the boom in computer memory. SK Hynix, the second most valuable company in South Korea behind Samsung, is slated to begin trading on the Nasdaq today. The market debut, coinciding with the company’s hefty expansion plans for the U.S., comes after a more than seven-fold increase in its stock price over the past year, a rally that’s lifted SK Hynix’s market cap to about US$1 trillion. The company raised US$26.5 billion in the offering – the largest ever foreign debut on U.S. markets.
Volkswagen cutting model lineup
Volkswagen plans to cut its model lineup by as much as half, as part of a savings push. The announcement followed a showdown at Thursday’s supervisory board meeting, where CEO Oliver Blume was expected to push to double job cuts to 100,000 and close four German plants. Volkswagen offers roughly 150 model lines across its brands like Porsche, Audi, Skoda and commercial vehicles. Analysts say the product announcement may be the first step as management and the workforce negotiate closures and layoffs.
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2026-07-09
[Bnn Bloomberg Canada]: Strait of Hormuz shipping comes to standstill
Traffic through the Strait of Hormuz has come to a standstill after the U.S. struck Iran for a second straight day. Some oil ships moved through the Iran-approved route, while the U.S.-supported Omani corridor remained quiet. Meanwhile, vessels from India and the United Arab Emirates appeared to have made the crossing through the night. Many ships are choosing to turn off their transponders to lower the risk of attacks.
Meta to build $13B data centre in Alberta
Meta will invest about $13 billion to build its first data centre in Canada. The Alberta-based centre will run on natural gas-fired power and be connected to the province’s grid. The company is expanding its global data centre footprint to secure more computing capacity for its own AI models. Once complete, the data centre will employ 300 people. It will be Meta’s largest centre outside of the U.S.
China-made Lotus EVs now available in Canada
A new automaker has entered Canada’s electric vehicle market. Lotus, owned by the Chinese Geely Group, recently shipped its first Eletre EVs to Canada under a Canada-China deal signed in January. The premium SUV, made in Wuhan, is the first Chinese-owned and Chinese-built EV available for sale in Canada. The high-end vehicle starts at $119,000, while the fully loaded model sells for $159,000. CTV’s Annie Bergeron-Oliver had a chance to get behind the wheel of one of the vehicles – check out her report at BNNBloomberg.ca.
Levi guidance disappoints
Levi Strauss shares traded lower in the premarket after the jean-maker ‘s new full-year earnings outlook fell short of Wall Street’s estimates. The company says the tariff environment continues to be uncertain, and its updated guidance continues to assume incremental U.S. tariffs on imports from China at a 30 per cent rate and the rest of the world at 20 per cent. In the quarter just ended, Levi beat expectations and raised its dividend.
Price cuts hit Pepsi
Pepsi has missed its second quarter revenue estimates. The beverage and snack company says lower prices cut into its North American revenue. Pepsi has been working to boost sales of its salty snacks by slashing prices to win back consumers. The company has introduced new high protein products as it grapples with shifting preferences for healthier foods. Despite the results, Pepsi is sticking with its guidance for the year.
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2026-07-08
[Bnn Bloomberg Canada]: Oil up, stocks down after Trump says Iran ceasefire is “over"
Oil prices are rising and stocks are coming under pressure after U.S. President Donald Trump said the ceasefire with Iran is “over.” Trump says talks are “just a waste of time, though negotiators can keep going.” The U.S. struck Iran after three ships came under attack in or near the Strait of Hormuz. The U.S. also revoked the waiver that allowed Iran to sell oil on global markets. NATO says the U.S. strikes were absolutely necessary because Iran violated the ceasefire.
New Air Canada CEO
Air Canada says Anko Van der Werff will become its next president and chief executive officer by the end of January 2027. Van der Werff, currently president and CEO at Scandinavian Airlines, succeeds Michael Rousseau, who previously announced his retirement after 19 years with Air Canada. Air Canada says it considered a number of performance criteria, including the ability to communicate in French.
Canada – U.K. considering joint defence bank plan
Canada and the U.K. are talking about combining their defence finance initiatives. The U.K. says its preference is to create one new institution that fulfills the role. The comments come after Prime Minister Mark Carney said eight other countries agreed to support Canada’s defence, security and resilience bank. But analysts say the lack of any other G7 country among the initial backers raises questions about how much capital it can offer.
Canada working on trade deal with Saudi Arabia
Bloomberg is reporting Canada aims to sign an investment pact with Saudi Arabia by the end of this year. According to the report, once that agreement is signed, Ottawa will look at a possible free trade agreement. This comes as Prime Minister Mark Carney prepares to be the first Canadian leader in 26 years to visit the Middle Eastern nation. Canada will focus on expanding trade and partnering across energy, critical minerals, AI and other sectors.
New life sciences venture capital fund
Genesys Capital is joining with the University of Toronto, McMaster University and Venture Ontario to create a new life sciences venture capital fund. The new fund wants to translate university-based commercial ideas into companies that address health challenges. The Genesys University Seed Fund has so far received $30 million in commitments.
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2026-07-07
[Bnn Bloomberg Canada]: Stocks under pressure after Samsung results
North American stocks are set to open in the red following a negative reaction to results from South Korean tech giant Samsung. Profit at the company surged 19-fold, hitting 89.4 trillion won (C$84 billion) for the June quarter, beating projections by about six per cent but not enough to impress investors accustomed to eye-popping growth numbers. The company’s shares slid more than 10 per cent in Seoul, leading a plunge in the benchmark Kospi that triggered a brief circuit-breaker suspension.
Trade surplus hits four-year high
Canada’s trade surplus surged to its largest in four years as metals and minerals exports ramped up. The surplus reached $4.2 billion in May, up from $3.4 billion in April. That’s the third consecutive trade surplus and the largest since May 2022. Exports rose 0.9 per cent to a record $77 billion, and are up 22 per cent in the last four months. Shipments of unwrought aluminum and its alloys were the main upside contributor, rising 51 per cent on the month. Those shipments were bound for the Netherlands, Italy and Greece, suggesting Canada is diversifying its trade flows.
Canadian companies launch AI consortium
Lightworks, Scotiabank, Sun Life and Telus are launching an AI consortium to jointly build and govern artificial intelligence infrastructure and shared intellectual property. Members will be able to pool engineering and conduct deep research to jointly build and govern AI systems. Future projects for the group include an operations centre and AI token exchange. The consortium says its open to qualifying organizations who are ready to build at a comparable scale.
Canada and Turkiye in trade talks
Canada and Turkiye are formally launching negotiations for a free trade agreement. According to a joint statement, the first round of talks will take place in the coming months. This comes as Prime Minister Mark Carney is in Ankara for the annual NATO summit. Allies have also unveiled US$12 billion in key defence industry deals to procure equipment, and convince U.S. President Donald Trump that Europe is taking note of his spending demands.
Spaceport Nova Scotia boosts launch capability
Nova Scotia’s Maritime Launch Services and Germany’s Isar Aerospace have signed a contract under which Isar will develop a dedicated launch complex at the spaceport in Nova Scotia. Under the ten-year agreement, Maritime Launch Services will receive quarterly payments of US$3.75 million, beginning after a 30-month fee waiver period. Spaceport Nova Scotia is Canada’s first licensed commercial orbital launch site.
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2026-07-06
[Bnn Bloomberg Canada]: Rogers buying remaining stake in MLSE
Rogers Communications Inc. is buying the remaining 25 per cent ownership stake in Maple Leaf Sports and Entertainment from Kilmer Sports Inc. The price is $4.35 billion, increasing Rogers’ ownership in MLSE to 100 per cent. Rogers says it’s already raised the cash it needs for the deal. The transaction is subject to league approvals and is expected to close in the fourth quarter of this year. Kilmer is the firm controlled by longtime MLSE investor Larry Tanenbaum.
Canada selects company to build new sub fleet
The Canadian government has chosen German company ThyssenKrupp Marine Systems (TKMS) to build its new submarine fleet, according to sources cited by the Globe and Mail. TKMS will be awarded the lucrative contract to build 12 new submarines for Canada, beating out a bid from South Korea’s Hanwha. Prime Minister Mark Carney is expected to announce the decision in Halifax today.
BoC business outlook survey
We will also hear from the Bank of Canada today, with its business outlook and consumer expectations surveys for the second quarter, due at 11:30 a.m. EDT. Governor Tiff Macklem said last month he’ll be watching the results closely to determine if the central bank is correct that business investment is beginning to recover.
OPEC+ countries boosting output
A handful of countries in the OPEC+ alliance are increasing their output target by 188,000 barrels per day staring in August. This comes as Saudi Arabian crude exports are heading to the U.S. for the first time since February. It marks a major step in normalizing energy flows after the reopening of the Strait of Hormuz -- which blocked million of barrels per day in Saudi crude.
BP selling Bay du Nord stake
BP is selling its nearly 40 per cent non-operated interest in the Bay du Nord oil project off the coast of Newfoundland to Equinor, the operator of the development. BP says the decision is part of its plan to exercise “strict capital discipline,” and allocate funds to the opportunities that create the most value for the company. The value of the transaction wasn’t disclosed. Bay du Nord is located about 500 kilometres northeast of St. John’s, N.L. It has an estimated 400 million barrels of oil in place and is expected to begin production in 2031.
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2026-07-02
[Bnn Bloomberg Canada]: U.S. decides against renewing CUSMA
The U.S. has decided against renewing its trade deal with Canada and Mexico. Instead, it is opting to conduct annual reviews of the trilateral agreement. The pact will remain in force for another decade, but the decision risks added uncertainty for companies producing goods across North America. Not renewing the deal also opens the door to years of negotiations over the rules governing supply chains and tariff levels. In an interview with Bloomberg, U.S. Trade Representative Jamieson Greer said the Trump administration is “not prepared to rubber stamp the agreement,” adding that there are substantial issues.
Qatar says U.S., Iran made progress in talks
The price of oil is down for a third straight day. Supply disruptions are easing after Qatar said the U.S. and Iran have made progress in talks over the Strait of Hormuz. It is estimated that oil supply through the Strait has now reached more than 10 million barrels a day. Negotiations are expected to continue next week. Iran warns, however, that any U.S. interference in the Strait will trigger a decisive and rapid response. It says the presence of U.S. air assets across the waterway is endangering regional security.
Bloomberg: Meta plans cloud business for AI computing power
Meta is planning a cloud infrastructure business for artificial intelligence (AI) computing power. Bloomberg is reporting the tech giant is developing a unit to sell access to AI computing power and models to outside customers. Meta is also considering selling access to raw computing capacity. The move is part of an internal initiative to build and manage the company’s AI infrastructure efforts, and aims to compete with industry leaders like Amazon, Microsoft, and Google.
FT: OpenAI in talks to give U.S. government 5% stake
OpenAI is in early talks to give the U.S. government a five per cent stake in the company. According to a report from the Financial Times, the move is part of a broader arrangement that could include other leading American AI developers, including Anthropic. Open AI’s CEO says giving a public stake in artificial intelligence companies is a way to share the economic benefits of the technology.
Apple in talks to buy chips from China, Bloomberg reports
Bloomberg is reporting that Apple is in negotiations to buy chips from two Chinese semiconductor makers on a pentagon blacklist. According to the report, the purchase would help alleviate the impact of a global memory shortage that has forced the tech giant to raise its prices. The memory chips would be used in products sold in China. The two companies have been flagged by the U.S. as supporting Beijing’s military.
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