AGP Executive Report

AI Strategy Launch: Prime Minister Mark Carney unveiled Canada’s “AI for all” plan, aiming to boost AI adoption, create 250,000 jobs, and lift GDP by about 3%, with a new $500M tech growth fund for homegrown firms. Public Finance Watch: Ottawa’s budget watchdog says deficits will run higher than the government projected, casting doubt on hitting a key fiscal “anchor” as the deficit-to-GDP ratio is expected to fall only with low odds year to year. Energy & Industry: Oil and gas drilling in Canada hit its busiest May since 2014, with 160 rigs active and analysts pointing to higher prices driving renewed activity. Investor/Regulator: CIRO accepted sanctions against Surrey, B.C. rep Sanjeev Kumar Tejpal over unsuitable mutual fund purchases, ordering a $20,000 fine plus costs. Fraud Alert: North Bay police charged a Toronto man in a door-to-door scam using fake claims of expired government energy rebates. Trade & Jobs: Manitoba businesses met U.S. trade reps in Washington to highlight export impact under CUSMA. Skilled Trades Pipeline: Ottawa launched a Mining and Minerals Workforce Alliance to build “talent pipelines” for the sector.

North Coast Pipeline Fight: B.C. Premier Danielle Smith’s push to repeal the North Coast tanker ban is being blocked by Heiltsuk Chief Councillor K̓áwáziɫ Marilyn Slett, who says a pipeline is a “non-starter” and that Indigenous leadership is moving ahead with conservation and development plans that avoid spill risk. Streaming Policy U-Turn: Ottawa told the CRTC to back off raising streamer payments to Canadian content; Culture Minister Marc Miller says the government will instead invest hundreds of millions to keep culture “accessible and affordable.” Steel/Aluminum Tariffs: Canada will extend U.S. steel and aluminum tariff-rate quotas and relief for one more year, with over-quota imports facing a 50% tariff. Forestry Crisis: Federal Natural Resources Minister Tim Hodgson unveiled nearly $130M for 56 forestry projects, calling the sector’s problems “homegrown” and warning of an “existential crisis.” Data Centres & Power Deals: TransAlta will buy two Colorado gas-fired peaking plants for about $1B, while AirTrunk plans a 3-gigawatt data centre project in India. Health & Business: Pharming says the U.S. FDA accepted its resubmission for Joenja for children with APDS; Lockheed Martin Canada invested $9.5M in Air Inuit fleet upgrades.

Forced-Labour Tariffs: Prime Minister Mark Carney says Ottawa will introduce forced-labour-in-supply-chains legislation after the U.S. proposed at least 10% tariffs on Canada and other partners tied to a forced-labour probe. Trade & Culture Funding: Ottawa is also telling the CRTC to reverse its plan to triple streamer contributions to Canadian content, opting instead for $600 million in support for the sector. Climate & Industry: Canada’s forest sector push aims to protect jobs and strengthen communities, while Clean Air Day messaging puts a $146B annual price tag on air pollution health and economic impacts. Housing Costs: CMHC analysis says cutting or eliminating development charges could make 9–14% more housing projects viable in high-charge cities, though it warns it’s not a full fix. Energy Show: Calgary’s Global Energy Show is set to draw 30,000+ attendees amid a new oil-shock backdrop. Business & Investment: Orano Canada and Cameco plan to increase stakes in the Cigar Lake uranium JV, and Concert Properties and Brookfield form a ~$1B industrial portfolio joint venture. Sports & Community: FIFA World Cup 2026 coverage continues across Canada, with host-city stadium guides and group previews.

Canada-US-Mexico Trade: Canada has notified the U.S. and Mexico it wants to renew CUSMA for 16 more years, aiming to avoid the deal’s annual review trigger. Energy & Security: South Korea and Canada agreed to deepen energy and critical-minerals cooperation, including more than tripling Canadian crude imports and securing extra LNG as Middle East supply risks linger. Oil & Gas Industry Investment: Tenaris says its planned $306M Sault Ste. Marie expansion is driven by rising Canadian oil-and-gas demand, with federal/provincial support and phased completion over three years. Tax Administration: Critics say cutting CRA tax experts will worsen refund delays and cost billions by weakening revenue collection. Retail & Markets: Shopify approved an extra $3B share buyback, lifting investor sentiment after a softer outlook. Tech & Finance: Robinhood officially enters Canada after closing its WonderFi acquisition, adding 300,000 funded customers. Mining Watch: G Mining Ventures’ Oko West gold project in Guyana was highlighted for construction progress, targeting first gold in 2H 2027. Public Health Oversight: Health Canada is examining concerns after a Winnipeg student died following plasma donation at a for-profit clinic.

Canada–Korea Energy Talks: Natural Resources Minister Tim Hodgson met Korea’s top envoy to push deeper cooperation on energy resources and critical minerals, including joint stockpiling and investment in strategic projects. Seniors Funding Push: Ottawa launched the 2026–27 call for community projects under the New Horizons for Seniors Program, doubling max grants to $50,000 and requiring CRA business numbers plus online GCOS applications. Taxpayer Ombudsperson Review: The Taxpayers’ Ombudsperson opened a systemic examination of how the CRA handles complaints, citing confusion over which path to use and concerns about fairness and timeliness. Housing Watch (BC): Metro Vancouver home sales fell nearly 4% in May, with apartment sales down about 7% year-over-year. Trade & Economy Politics: In Parliament, Conservatives forced an economy debate with a motion attacking the Liberal record as Canada’s “worst-performing” G7 economy. Industrial & Energy Deals: Railserve unveiled YardGUARD™ for real-time railyard safety; EDF and Masdar signed 15-year solar-plus-storage power purchase agreements in California. Tech & AI Markets: U.S. stocks edged toward new records as AI chip demand lifted names like Nvidia and Marvell. World Cup Build-Up: Canada co-hosts the 2026 tournament; Group D preview spotlighted Australia, Paraguay, Türkiye and the USA.

Canada Economy: Statistics Canada data has Canada in a technical recession after GDP shrank for two straight quarters, reigniting debate in Ottawa as Pierre Poilievre pushed for an emergency debate and the Speaker denied it. Poverty & Food Security: Food Banks Canada’s latest poverty report cards give New Brunswick an F, citing heavy housing and essentials costs that are squeezing families. Energy & Industry: Saskatchewan’s energy minister says a new resource is “extremely exciting,” while SaskPower plans to formally evaluate large nuclear reactor technologies alongside its SMR work. Energy Tech: AirPlus Renewables is rolling out its “EDGEWIND Tech” turbine, aiming to generate power closer to where it’s used, with deployments planned including Canada. Defence & Trade: South Korea and Canada are discussing deeper space and defense cooperation as Seoul tries to win Canada’s submarine project, with a preferred bidder expected in late June. Health & Pharma: Santhera says South Korea granted orphan drug and fast-track priority review designations for AGAMREE for Duchenne muscular dystrophy. Business & Markets: Canada Post workers voted in favour of new collective agreements as the company continues restructuring pressure.

Canada-Economy Clash: Conservative Leader Pierre Poilievre says Prime Minister Mark Carney is dodging accountability after StatCan reported a second straight quarterly GDP contraction, calling it “not technical” recession and pushing for an emergency debate. Defence Industry Push: Thales Canada and Lockheed Martin Canada move forward on River-class destroyer sonar work, while Ottawa also weighs a potential shift in its F-35 modernization plan toward a mixed fleet with Saab Gripen. Indigenous Power Partnership: Six First Nations near Lake Superior boost their stake in the East-West Tie transmission line to 20%, backed by a provincial guarantee. World Cup Business: FIFA struck a late broadcast deal with India’s Zee Entertainment for the 2026 tournament, ending a rights standoff. Energy & Trade: Canada’s natural gas exports to non-U.S. markets hit record levels in March, and LNG supply talks continue to broaden Europe’s access to B.C. gas. Agriculture & Food: A report argues farmland protection needs a “system” approach, and new irrigation scheduling tech aims to help Prairie farmers use water more efficiently. Sports Governance: The ICC suspended Cricket Canada’s membership, though Canadian teams can still play in sanctioned events.

Canada Economy & Trade: Canada has slipped into a “technical” recession as growth stalls, while U.S.-Mexico-Canada talks move without Canada at the table—fueling fresh debate over Mark Carney’s role and “Canada Strong” messaging. Food Waste Tech: Researchers at McMaster say small sensors and camera-based monitoring could help cut Canada’s $58B-a-year avoidable food waste by catching spoilage earlier. AI Data Centers & Power Supply: Entogo argues North America’s AI data-center timelines are now driven less by compute and more by long lead times for power equipment like transformers. Defence Procurement: South Korea’s presidential chief of staff is in Canada to push its submarine bid as Ottawa nears a preferred bidder decision. Mining & Environment: The U.S. EPA is reviewing the Eagle Mountain Gold Project after Mako Mining’s 2024 takeover of Goldsource Mines. Manufacturing & Jobs: Nissan says it’s boosting U.S. production but wants trade updates to avoid making it harder to build cheaper models in Mexico. Business & Capital Markets: Kruger Nonwovens orders an ANDRITZ nonwovens line for sustainable wipes in Quebec, targeting production in 2028. Health & Safety: A U.S. dumpling recall warns some products shipped to Canada may contain undeclared peanut allergens. Culture: “Heated Rivalry” dominated the Canadian Screen Awards, setting a record with 16 wins.

Economy & Politics: Pierre Poilievre is demanding an emergency parliamentary debate on the economy after Statistics Canada reported a technical recession, escalating pressure on Prime Minister Mark Carney. Indigenous Affairs: Canadian Heritage has ordered an independent financial audit of the Office of the Commissioner of Indigenous Languages after anonymous complaints, with critics alleging heavy spending on travel and a major conference. Housing Pressure: Equifax says more Canadians are missing mortgage payments than last year, with delinquency rising sharply in Ontario and B.C., pointing to renewed household strain. Defence & Security: Canada is moving to strengthen Arctic and NATO capabilities, including choosing Thales’ S2087 sonar for River-class ships and talks with Saab over GlobalEye surveillance aircraft; Canada also plans North American production for Ukrainian combat drones. Trade & Diplomacy: Canada and India are showing renewed optimism on a CEPA free-trade deal after a Western Canada-India leaders summit, while Canada-India trade momentum continues at high-level talks. Health & Pharma: At the World Health Assembly, Canada announced $131M over five years to improve access to affordable prescription drugs. Business & Finance: CIBC plans a Global Capability Centre in Hyderabad, and Project Agorá highlights faster cross-border payments using tokenisation. Energy/Industry: Heritage Petroleum’s $570M offshore contract is under scrutiny over a limited bidding process.

Canada Economy Watch: StatCan says Canada has slipped into a technical recession after two straight quarters of contraction, with weak growth and falling business investment adding pressure on households and markets. Cost of Living & Travel: Metro Vancouver transit riders are pushing for low-income fare passes as fares rise July 1, while Regina airport warns of route cuts and slight fare increases tied to higher jet fuel costs. Energy & Industry: A “milestone” LNG deal for Ksi Lisims is being described as more tentative by Germany’s SEFE, even as Canada positions LNG as a sovereignty and growth play. Public Safety & Health: The Alzheimer Society flags an unusual fridge-misplacing habit as a possible dementia warning sign. International Ties: PM Mark Carney and China’s foreign minister vow to deepen Canada–China cooperation, including energy, finance, and agriculture. Justice & Accountability: Kenneth Law, a Canadian poison seller, pleads guilty in Ontario tied to deaths in the UK and Scotland. Sports: The Hurricanes reach the Stanley Cup Final, powered by standout fourth-line play.

Indigenous Energy Deal: Ontario is backing a $75M loan guarantee so six First Nations can boost their stake in the East-West Tie transmission line from 3.5% to 20%, aiming for long-term revenue and jobs. Trade & Auto Policy: As USMCA talks begin, U.S. negotiators are pushing for much higher U.S. and North American content in vehicles to qualify for lower tariffs—language that would disadvantage Canada by excluding it from the talks. Postal Shock: Canada Post posted a $205M pre-tax loss in Q1 2026 as mail volumes fell and labour uncertainty weighed on revenue ahead of a union vote. World Cup Fitness Watch: Canada named its 26-man World Cup roster, but coach Jesse Marsch signaled key players may not be fully ready—especially Alphonso Davies. Defense Manufacturing: Ukraine and Canada are launching a joint venture to produce Ukrainian reconnaissance drones in Canada for the Ukrainian Armed Forces. Public Safety Case: Kenneth Law pleaded guilty in Ontario to aiding suicide in 14 cases tied to lethal chemicals sold online, ending a potential murder trial. Sports & Culture: The Canadiens’ playoff run ended with a 6-1 loss to Carolina, while Drake set new Billboard Canadian Hot 100 records.

Recession Watch: Canada’s economy slid into a surprise technical recession, with Q1 real GDP down 0.1% on an annualized basis and flat quarter-to-quarter, as tariff uncertainty and higher prices weigh on investment and hiring. Public Finance: The federal government posted a $55.28B deficit for 2025-26, per the monthly fiscal monitor, with revenue at $500.02B and program expenses rising. China EVs: Chinese-made electric vehicles are starting to enter Canada under a new Carney-Xi arrangement allowing up to 49,000 EVs in 12 months at about a 6% tariff, after prior tariffs effectively blocked imports. Defence & Industry: Canada and Ukraine signed an agreement to co-produce drones for Ukraine, while Plurilock launched a CPCSC readiness program to help defence suppliers meet mandatory cybersecurity certification. Markets & Tech: Ninepoint filed for a SpaceX HighShares ETF in Canada, and ZenaTech is moving into AI data-centre construction monitoring with LiDAR-based software. Justice: Kenneth Law, a Canadian man who sold “suicide packets” online, pleaded guilty to 14 counts of assisting suicide, including cases tied to the UK.

Trade & Food Security: The Canadian Cattle Association is urging Ottawa to block any expansion of beef market access in Mercosur talks in Toronto, warning it would squeeze Canadian farmers and complicate the Canada-U.S.-Mexico deal review. Canada–India CEPA: Trade minister Piyush Goyal says India and Canada are steering toward “low-hanging fruit” while keeping sensitive sectors off the table, aiming to finish CEPA by year-end and lift trade toward $50B by 2030. Defence Industrial Push: At CANSEC, Ontario unveiled its first Defence Industrial Strategy framework, targeting growth in defence manufacturing jobs as Ottawa ramps up spending. Surveillance Aircraft Procurement: Prime Minister Mark Carney says Canada is moving toward talks to buy Saab’s GlobalEye, while Airbus also announced new Canada defence collaboration agreements with CAE, L3Harris and Pratt & Whitney Canada. Energy & LNG: Canada’s LNG push keeps expanding in Europe, including a major Germany supply deal tied to Ksi Lisims. Bank of Canada Watch: The BoC says the financial system is resilient but risks are rising, including hedge-fund leverage in sovereign bond markets and trade uncertainty. Climate Tech in BC: Valemount may get Canada’s first “carbon-casting” facility by January 2027, turning biomass into long-term buried carbon bricks. Public Safety & Justice: RCMP/immigration enforcement is linked to a Bishnoi gang letter boasting up to 1,000 “foot soldiers” for extortion and shootings targeting Canada’s South Asian diaspora.

Banking & Markets: The Bank of Canada says the financial system is resilient, but warns of mounting vulnerabilities as global shocks, AI-driven market concentration, and hedge-fund activity in debt markets could amplify stress. Housing: CMHC says housing starts are being held back by regulatory conditions plus structural economic and demographic factors, pushing prices higher. Trade & Diplomacy: Mark Carney calls for a new US-Canada partnership as CUSMA review nears, while Joly says Carney is “constantly” in touch with Trump ahead of talks. Energy: Canada signed a landmark LNG deal with Germany for 1 million tonnes annually from B.C.’s Ksi Lisims project, aiming to diversify supply beyond the US. Defence: Canada moves toward Saab’s GlobalEye AEW&C, with talks to procure aircraft and boost Canadian industrial participation. Wildfire Readiness: Ottawa will brief Canadians on the 2026 wildfire outlook, including expanded federal aerial firefighting surge capacity. Sports & Culture: RCMP Musical Ride returns to the Abbotsford Agrifair; and Canada’s World Cup 2026 venues and match schedule are in focus.

B.C. Energy Fight: The NDP’s proposed natural gas royalty hikes are drawing sharp pushback from the natural gas sector, with critics warning higher rates could deter long-term drilling and even shift LNG volumes toward Alberta and Saskatchewan. Canada–Europe LNG: Canada signed a landmark deal to supply Germany with 1 million tonnes of LNG annually from the Ksi Lisims project, with shipments expected in the early 2030s—another sign Europe is hunting for steadier energy sources. Defence Procurement: Prime Minister Mark Carney says Ottawa is moving to create Canadian defence “champions” and is in talks to buy Swedish Saab airborne early warning aircraft instead of U.S. options, aiming to rebuild domestic capacity. First Nations Energy Readiness: Saskatchewan First Nations leaders say involvement in upcoming energy projects, including nuclear, will be a top priority to secure community benefits. Trade With India: Commerce Minister Piyush Goyal wrapped meetings in Canada focused on CEPA talks and a push to triple bilateral trade to $50B by 2030. Safety Watch: A TSB report on a fatal B.C. helicopter crash found the pilot abbreviated a safety checklist and was distracted by a cellphone.

LNG Deal With Germany: Canada is set to announce a major liquefied natural gas agreement, with the Ksi Lisims project in northern B.C. supplying up to 1 million tonnes per year to Germany for as long as 20 years, as Ottawa pushes to diversify energy exports beyond the U.S. Defence & Procurement: Canada is also moving to reduce U.S. reliance by discussing Swedish-made early warning aircraft (GlobalEye/SAAB) and highlighting NATO-aligned defence cooperation, while Defence Construction Canada names AECOM top on its national architecture and engineering source list for major infrastructure work. Trade Tensions: The U.S. says it will keep tariffs under a revamped USMCA and is running Mexico talks without Canada, raising new uncertainty for Canadian exporters. Economy & Markets: Canadian stocks were slightly down mid-week as energy and materials dragged on sentiment amid caution over Middle East developments, even as big-bank results offered some support. Workplace Rights: Canada’s flight attendants union is urging the federal government to reject airline self-audits on unpaid work, arguing carriers use a misleading definition of “work.” AI Policy: Prime Minister Mark Carney says Canada’s long-awaited national AI strategy will be released next week. Food Costs & Supply Management: A new report highlights a chicken supply-management paradox: Canada imports huge volumes of chicken while wholesale prices keep climbing.