Here are five things you need to know this morning
Central banks to weigh in on economies: The central banks of Canada and the U.S. will both announce interest rate decisions today. The Bank of Canada will also release its Monetary Policy Report. While neither bank is expected to make a change to their key interest rates, their accompanying statements will be dissected for indications of the direction of future interest rate moves, as well as assessments of the impact of tariffs and global trade tensions. The BoC announcement will come at 9:45 am ET, with Tiff Macklem’s news conference at 10:30 a.m. ET . The Fed will release their statement at 2 pm, with Jerome Powell’s news conference at 2:30 p.m. BNN Bloomberg will have full breaking news coverage, as well as guest insight.
Amazon cuts jobs: Amazon is cutting about 16,000 jobs as the tech giant continues to streamline operations amid rising AI competition. The e-commerce giant says it is not their plan to announce broad staff cuts every few months. The eliminations take Amazon’s announced job cuts to 30,000 in three months after an initial wave in October. Last year, employees were warned that AI will shrink the workforce as Amazon automates more of its operations.
AI boosts CGI: Shares of CGI traded higher in the premarket. The Quebec based company saw higher first quarter profit as rising revenue was boosted by demand for artificial intelligence related work. The IT consulting firm says the quarter shows clients are still spending on modernization and outsourced IT work, including AI projects. On Tuesday, CGI said it is expanding its partnership with OpenAI to meet growing demand.
Starbucks turnaround shows results: Shares of Starbucks were perking up in the premarket. The coffee chain topped expectations for global sales, which rose four per cent at established locations. The company also issued its first full year outlook with sales from established locations forecasted to grow at least tjhree per cent in 2026. As part of CEO Brian Niccol’s turnaround efforts, Starbucks has focused on improving service and reducing menu complexity.
Waabi raises US$1 billion in robotaxi push: Toronto based start-up Waabi has secured US$1 billion in funding for commercial expansion. The company develops self-driving technology for trucks, and is now expanding to robotaxis. Waabi received US$250 million in funding from Uber to launch at least 25,000 robotaxis equipped with its software exclusively on the ride hailing platform.
