U.S. producers supply 25 per cent of manufactured materials used in domestic construction, prompting the Canadian Construction Association (CCA) to warn that new counter-tariffs could further raise costs and disrupt supply chains for job sites across the country. (The Logic)
Iren, an Australian AI compute provider, said in a release it will use the money to expand its Mackenzie data-centre campus in B.C. Pacific Investment Management also backed the deal, which covers about 90 per cent of the funding it needs to build out the infrastructure at the site. (The Logic)
The Toronto-based critical mineral recycling company will use the equity funding round to build its South Carolina campus starting in the fourth quarter. T. Rowe Price led the round, with California electronics recycler ERI participating. (The Logic)
Ottawa named the first 64 scholars who will relocate to Canada as part of the Eddie Goldenberg Research Chairs of Canada program. Of the recruits, 48 are from U.S. institutions, including Harvard and MIT. The other researchers are coming from 12 countries including Germany, China, the U.K. and Japan. (The Logic, Bloomberg)
The economy grew at an annualized rate of 3.3 per cent in the second quarter after six months of stagnation, driven by a jump in exports, household spending, and business investment, Statistics Canada reported. (The Logic)
“AI-enabled cyberattacks will become far more widespread and sophisticated,” the 116 signatories warned in an open letter. They called for firms and infrastructure operators to spend more on security and share information on and patches to vulnerabilities, and for governments to share intelligence and co-ordinate responses to incidents. (The Logic)
Canadian pension funds have been “very much engaged with India,” Nirmala Sitharaman told reporters during a visit to Toronto. “We would like more of them to be here with us.” She cited investment opportunities in Indian infrastructure projects; green sectors like hydrogen, battery storage and small modular nuclear reactors; as well as fintech firms and other tech companies. (The Logic)
The Canadian Securities Administrators, an umbrella organization for provincial securities regulators, released a notice saying registered dealers can’t let customers place bets on the outcome of sports or entertainment events through prediction markets because such contracts are outside the regulators’ scope. (The Logic)
The Calgary-based oil company will form a joint venture with the U.S. investment giants for the Sunrise and Aspen Point expansions, a pipeline network connecting natural gas fields in northern B.C. and Alberta to customers in the south of those provinces and the northwestern U.S. Under the agreement, KKR and Apollo will invest $2.7 billion for a 29 per cent stake in the system. The total project cost is expected to reach about $4 billion. (The Logic)
One month’s worth of numbers from the credit card and banking business formerly owned by Loblaw showed up in EQB’s results for the first time, contributing $9.5 million in net income adjusted to exclude the cost of the acquisition and other one-time expenses. But RBC analyst Darko Mihelic noted that compared to the previous quarter and excluding PC Financial, “every important line item in the adjusted income statement declined.” (The Logic)