Here are five things you need to know this morning
Oil up, stocks down after Trump says Iran ceasefire is “over"
Oil prices are rising and stocks are coming under pressure after U.S. President Donald Trump said the ceasefire with Iran is “over.” Trump says talks are “just a waste of time, though negotiators can keep going.” The U.S. struck Iran after three ships came under attack in or near the Strait of Hormuz. The U.S. also revoked the waiver that allowed Iran to sell oil on global markets. NATO says the U.S. strikes were absolutely necessary because Iran violated the ceasefire.
Air Canada says Anko Van der Werff will become its next president and chief executive officer by the end of January 2027. Van der Werff, currently president and CEO at Scandinavian Airlines, succeeds Michael Rousseau, who previously announced his retirement after 19 years with Air Canada. Air Canada says it considered a number of performance criteria, including the ability to communicate in French.
Canada – U.K. considering joint defence bank plan
Canada and the U.K. are talking about combining their defence finance initiatives. The U.K. says its preference is to create one new institution that fulfills the role. The comments come after Prime Minister Mark Carney said eight other countries agreed to support Canada’s defence, security and resilience bank. But analysts say the lack of any other G7 country among the initial backers raises questions about how much capital it can offer.
Canada working on trade deal with Saudi Arabia
Bloomberg is reporting Canada aims to sign an investment pact with Saudi Arabia by the end of this year. According to the report, once that agreement is signed, Ottawa will look at a possible free trade agreement. This comes as Prime Minister Mark Carney prepares to be the first Canadian leader in 26 years to visit the Middle Eastern nation. Canada will focus on expanding trade and partnering across energy, critical minerals, AI and other sectors.
New life sciences venture capital fund
Genesys Capital is joining with the University of Toronto, McMaster University and Venture Ontario to create a new life sciences venture capital fund. The new fund wants to translate university-based commercial ideas into companies that address health challenges. The Genesys University Seed Fund has so far received $30 million in commitments.
