Here are five things you need to know this morning
Strait of Hormuz shipping comes to standstill
Traffic through the Strait of Hormuz has come to a standstill after the U.S. struck Iran for a second straight day. Some oil ships moved through the Iran-approved route, while the U.S.-supported Omani corridor remained quiet. Meanwhile, vessels from India and the United Arab Emirates appeared to have made the crossing through the night. Many ships are choosing to turn off their transponders to lower the risk of attacks.
Meta to build $13B data centre in Alberta
Meta will invest about $13 billion to build its first data centre in Canada. The Alberta-based centre will run on natural gas-fired power and be connected to the province’s grid. The company is expanding its global data centre footprint to secure more computing capacity for its own AI models. Once complete, the data centre will employ 300 people. It will be Meta’s largest centre outside of the U.S.
China-made Lotus EVs now available in Canada
A new automaker has entered Canada’s electric vehicle market. Lotus, owned by the Chinese Geely Group, recently shipped its first Eletre EVs to Canada under a Canada-China deal signed in January. The premium SUV, made in Wuhan, is the first Chinese-owned and Chinese-built EV available for sale in Canada. The high-end vehicle starts at $119,000, while the fully loaded model sells for $159,000. CTV’s Annie Bergeron-Oliver had a chance to get behind the wheel of one of the vehicles – check out her report at BNNBloomberg.ca.
Levi guidance disappoints
Levi Strauss shares traded lower in the premarket after the jean-maker ‘s new full-year earnings outlook fell short of Wall Street’s estimates. The company says the tariff environment continues to be uncertain, and its updated guidance continues to assume incremental U.S. tariffs on imports from China at a 30 per cent rate and the rest of the world at 20 per cent. In the quarter just ended, Levi beat expectations and raised its dividend.
Price cuts hit Pepsi
Pepsi has missed its second quarter revenue estimates. The beverage and snack company says lower prices cut into its North American revenue. Pepsi has been working to boost sales of its salty snacks by slashing prices to win back consumers. The company has introduced new high protein products as it grapples with shifting preferences for healthier foods. Despite the results, Pepsi is sticking with its guidance for the year.
