Here are five things you need to know this morning
Oil drops, stocks rally on Iran peace optimism
Global stocks are rallying and oil prices are sinking as the U.S. and Iran inch closer to a deal to extend their ceasefire and re-open the Strait of Hormuz. U.S. stock futures have surged on the news, though there will be no regular U.S. trading due to the Memorial Day holiday. European indices rose by about one per cent apiece. Benchmark U.S. crude oil declined $4.77, or more than four per cent, to $91.83 a barrel. Officials from both sides are signalling they still need to negotiate certain points. U.S. President Donald Trump says talks on ending the war are proceeding. A spokesman for Iran’s foreign ministry says no one can claim the signing of an agreement is imminent.
Pembina approves $570M natural gas facility
Pembina Pipeline is going ahead with a new natural gas processing facility in Alberta. The Heartland extraction plant has an estimated cost of about $570 million and an anticipated start date in late 2029. Following extraction the ethane mix will be processed at Dow’s Fort Saskatchewan facility and Pembina’s Red Water complex.
PM Carney heading to New York
Prime Minister Mark Carney will be in New York City later this week for meetings with investors, including CEOs, entrepreneurs, business leaders and capital managers. Carney will deliver remarks at the Economic Club of New York on Thursday, where he will outline Canada’s new economic strategy and the progress made so far.
Uber launches bid for Delivery Hero
Uber is offering to take over Delivery Hero in a deal valuing the German company at more than US$12.8 billion. Uber already owns 20 per cent of the food delivery company, however, the proposal offers no premium to its most recent closing price. This may create an opportunity for rival bids, with DoorDash expressing interest in the company as well. Investors believe a higher price will be required to close a deal.
Pope Leo Warns on dangers of AI
Artificial intelligence has a new critic. Pope Leo XIV says AI should be “disarmed” to protect humanity from its dangers. In a landmark address to the Catholic Church, the pope called for making AI more “human-friendly.” He says the technology needs to be freed from monopolistic control, shifting away from using it to achieve geopolitical or commercial gains. “To disarm means discrediting the assumption that technical power automatically confers the right to govern. To disarm does not mean rejecting technology, but preventing it from dominating humanity.”
