Here are five things you need to know this morning
Carney pushes back on Hoekstra comments
Prime Minister Mark Carney says Canada will not accept a bad deal from U.S. President Donald Trump, but will work with the U.S. and Mexico to “modernize” the Canada-U.S.-Mexico trade agreement. Carney also pushed back on comments from the U.S. ambassador to Canada, Pete Hoekstra, who recently said Ottawa and Washington were nowhere close to a deal to renew the trilateral pact. Carney notes that progress on deals with Trump is hard to gauge, adding that Canada must be ready to cut a deal if an opportunity arises. The comments come less than a week before the July 1 deadline for all three countries to declare if they want to renew or review the North American pact. Trump has said he won’t renew the agreement.
Bloomberg: Lutnick intervened to delay bridge opening
Bloomberg is reporting that U.S. Commerce Secretary Howard Lutnick intervened to delay this month’s opening of the Gordie Howe bridge. According to the report, Lutnick is also pressing to renegotiate for a larger share of the toll revenue as well as other provisions. Canada paid $6.4 billion for the bridge. Under the current deal, the federal government will collect the tolls until the costs are recovered, after which they would be split with Michigan. The white house is on board with Lutnick’s changes.
RBC fined for consumer violation
The Royal Bank of Canada has been fined for a violation of the Bank Act. The Financial Consumer Agency of Canada fined RBC $4.25 million for violating a consumer provision by failing to transfer credits from deactivated credit card accounts to customers’ new accounts. The agency says the violation occurred when RBC deactivated and migrated credit card accounts when fraud was reported. A total of 227,947 accounts has been affected between 2001 and 2024. The lender has since paid the penalty and has transferred and refunded more than $22 million.
Corus posts deeper loss in Q3
Corus Entertainment posted a deeper loss in its third quarter. Revenue fell 16 per cent during the period, falling short of analysts’ estimates. The broadcast company also saw revenue in its radio segment decline 15 per cent compared to the same period the year before. Corus says it continues to see pressure on linear television advertising demand. On the upside, profit topped estimates and Corus saw significant savings from cost management initiatives.
Amazon has long been one of the most loved stocks among analysts. That’s partly because of the company’s commitment to reinvention, which is on full display again in the AI era. BNN Bloomberg contributor Jon Erlichman shares the Ticker Take breakdown on Amazon’s stock.
