Here are five things you need to know this morning
Oil falls as Trump touts peace momentum
The price of oil fell in early trading after U.S. President Donald Trump renewed his claims of momentum toward ending the conflict with Iran. “We’re in the final throes of what will be a very, very good deal,” Trump told reporters in New York. “We could have at least an idea one or two days from now.” The comments come after Iran and Israel agreed to halt strikes on each other following a flare-up that saw both countries launch waves of ballistic missiles. WTI crude fell below US$90 a barrel.
Ontario Premier touts Fortress North America
Ontario Premier Doug Ford is concluding a mission to Washington, D.C., where he has been touting his ‘Building Fortress North America’ plan that he says will create more jobs, lower costs and strengthen North American security. Ford met with United States senators and members of Congress, as well as business executives from critical industries including the automotive, aerospace and agricultural sectors. U.S. trade representative Jamieson Greer has indicated the Trump administration favours a North America-wide system of tariffs.
WestJet Slams Canada’s Loan Offer to Airlines
WestJet isn’t keen on the federal government’s offer of loans to help carriers hit by high jet fuel costs in the wake of the closing of the Strait of Hormuz. In a statement to Bloomberg News, the Calgary-based carrier said it “strongly opposes” Canada’s plan to lend as much as $150 million to blunt the effect of high airline fuel prices. “We do not take government loans and instead advocate for a competitive environment where airlines can succeed based on their own strength,” WestJet said. Porter Airlines, Air Transat and Flair Airlines welcomed the program.
Best May since 2019 for Cineplex
Cineplex says it had its highest May box office since 2019, bringing in more than $60 million. The company credits a diverse film slate that drove audience engagement, especially among younger moviegoers. This includes movies likes the Devil Wears Prada 2 and Michael. Michael is the highest grossing music biopic of all time -- surpassing $300 million at the global box office.
Bombardier expanding Singapore hub
Bombardier is investing US$78 million to expand its Singapore maintenance and service hub. It’s to support an anticipated increase in the number of business jets. The private-plane maker says there’s a record backlog of orders -- surpassing 20 billion dollars. A tenth of that comes from the Asia Pacific. Construction is set to begin in the second half of the year with a plan to start service in 2028.
