Here are five things you need to know this morning
Oil continues slump on U.S.- Iran peace deal
Oil is headed for its longest losing streak this year as the U.S. and Iran prepare to formally sign their interim peace deal in Switzerland on Friday. While text of the memorandum of understanding is yet to be released, Iran said the tentative deal would require Israel to withdraw from Lebanon, a condition Israel has rejected. U.S. president Donald Trump says the agreement is a “done deal” and can survive even if Israel attacks Lebanon. While speaking at the G7 summit in France, Trump also said the U.S. would not invest money in Iran or pay reparations for the war.
Canada imposes new sanctions against Russia
Prime Minister Mark Carney has announced that Canada will impose new sanctions against Russia as its war in Ukraine continues. During a meeting at the G7 summit with Ukrainian President Volodymyr Zelensky, Carney said the package will target 162 individuals, entities, and vessels - all assets of the Russian war machine. Carney said Canada is also working more closely on the production of drones with Ukraine.
BCE Inc. is cutting nearly 700 jobs as part of organizational changes. The telecommunications giant says the move is part of its ongoing operations and reflects several initiatives, including major investments in its U.S. internet and artificial intelligence businesses. The cuts will include more than 200 unionized roles. Bell Media is not impacted by the layoffs. BCE is the parent company of BNN Bloomberg through its Bell Media division.
Groupe Dynamite posts revenue surge
Groupe Dynamite reported higher profit in its latest quarter that topped estimates, as well as revenue that rose 37 per cent compared to the year before. The results were driven by the retailer’s real-estate expansion strategy that boosted sales through new locations in the U.S. and U.K. Same store sales also saw an increase of nearly 23 per cent. Dynamite also raised its profit outlook for the full-year.
Canada home sales rise 5.5% M/M
Home sales across Canada saw an increase last month. Data from the Canadian Real Estate Association shows the number of keys changing hands rose 5.5 per cent in May compared to the month before. CREA says the momentum is being driven by improving conditions as expectations of both sellers and buyers are becoming more aligned. In terms of prices, the benchmark home price fell nearly 4 per cent from a year ago.
