Here are five things you need to know this morning
Stocks under pressure after Samsung results
North American stocks are set to open in the red following a negative reaction to results from South Korean tech giant Samsung. Profit at the company surged 19-fold, hitting 89.4 trillion won (C$84 billion) for the June quarter, beating projections by about six per cent but not enough to impress investors accustomed to eye-popping growth numbers. The company’s shares slid more than 10 per cent in Seoul, leading a plunge in the benchmark Kospi that triggered a brief circuit-breaker suspension.
Trade surplus hits four-year high
Canada’s trade surplus surged to its largest in four years as metals and minerals exports ramped up. The surplus reached $4.2 billion in May, up from $3.4 billion in April. That’s the third consecutive trade surplus and the largest since May 2022. Exports rose 0.9 per cent to a record $77 billion, and are up 22 per cent in the last four months. Shipments of unwrought aluminum and its alloys were the main upside contributor, rising 51 per cent on the month. Those shipments were bound for the Netherlands, Italy and Greece, suggesting Canada is diversifying its trade flows.
Canadian companies launch AI consortium
Lightworks, Scotiabank, Sun Life and Telus are launching an AI consortium to jointly build and govern artificial intelligence infrastructure and shared intellectual property. Members will be able to pool engineering and conduct deep research to jointly build and govern AI systems. Future projects for the group include an operations centre and AI token exchange. The consortium says its open to qualifying organizations who are ready to build at a comparable scale.
Canada and Turkiye in trade talks
Canada and Turkiye are formally launching negotiations for a free trade agreement. According to a joint statement, the first round of talks will take place in the coming months. This comes as Prime Minister Mark Carney is in Ankara for the annual NATO summit. Allies have also unveiled US$12 billion in key defence industry deals to procure equipment, and convince U.S. President Donald Trump that Europe is taking note of his spending demands.
Spaceport Nova Scotia boosts launch capability
Nova Scotia’s Maritime Launch Services and Germany’s Isar Aerospace have signed a contract under which Isar will develop a dedicated launch complex at the spaceport in Nova Scotia. Under the ten-year agreement, Maritime Launch Services will receive quarterly payments of US$3.75 million, beginning after a 30-month fee waiver period. Spaceport Nova Scotia is Canada’s first licensed commercial orbital launch site.
