Here are five things you need to know this morning
U.S. inflation rises at fastest pace since 2023: U.S. inflation continued to accelerate in April amid an ongoing climb in gasoline prices driven by the Iran war and a jump in the cost of groceries. The consumer price index rose 3.8 per cent from a year earlier -- the fastest pace since 2023. Gas prices rose more than five per cent last month following a 21 per cent jump in March. Other categories including groceries and airfares also saw large increases.
BMO taking $900M charge on unit sale: Bank of Montreal is selling its business that finances trucks, trailers and equipment to New York-based asset manager Stonepeak. The unit has more than $14 billion worth of loans on its books. The bank expects to use a portion of the payments to take a stake of 19.9 per cent in the new entity. Terms of the deal were not disclosed, but BMO expects to record an after-tax charge of about $900 million.
Pet Valu cuts forecast: Pet Valu’s first quarter revenue met analyst expectations as same-store sales remained flat. The Markham, Ont. based retailer also cut its earnings forecast, citing persistent consumer weakness and higher costs in the early part of this year. Pet Valu says first-quarter performance was impacted by a rise in value-seeking consumers who leaned into discounts and promotions.
eBay rejects GameStop offer: eBay has rejected the US$56 billion proposed takeover from videogame retailer GameStop. Ebay is calling the unsolicited bid neither credible nor attractive. Last week, GameStop offered a cash and stock deal to eBay with a 20 per cent premium. In its takeover bid, GameStop suggested its stores could be used to authenticate collectibles and as shipping centres for the e-commerce website.
Dunkin’ coming back to Canada: Popular U.S. coffee and doughnuts chain Dunkin’ is coming back to Canada. Foodtastic, one of Canada’s leading restaurant operators, has signed a master franchising agreement with Inspire Brands to open hundreds of Dunkin’ locations in this country. The first Canadian location is expected to open in late 2026 or early 2027. Dunkin’ currently has more than 14,200 locations in nearly 40 markets. It changed its name from Dunkin’ Donuts in 2024. The chain used to be in Canada, peaking with over 200 locations in Quebec during the 1990s, but completely left the Canadian market by September 2018.
