Canada and seven European countries, along with Turkey, will sign an agreement on Nov. 30 in Luxembourg to establish the Defence, Security and Resilience Bank (DSRB), Finance Minister François-Philippe Champagne announced Monday. Despite a late push from Canada, the U.K. won’t be among them. (The Logic)
A memorandum of understanding, which also includes inland port operator CentrePort, could see the three companies combine forces to move goods by rail between CentrePort’s planned multimodal transshipment hub in Winnipeg and Arctic Gateway’s seaport on Hudson Bay. (The Logic)
The Calgary aerospace startup said the Series A investment round values it at more than US$90 million. North Vector is working on a missile it calls the CM-70, which is intended to shoot down attack drones. (The Logic)
The federal government will spend $164.8 million to add production capacity in Saguenay-Lac-Saint-Jean through a new casting plant and upgraded furnaces. It also announced $28.5 million in federal spending for Aluminerie Alouette’s aluminum electrolysis technology. (The Logic)
Republican Sen. Susan Collins said Friday that she had secured exemptions from tariffs on Canadian goods that are key to agricultural industries in her state, where she faces a tough challenge from Democrat Troy Jackson in the Nov. 3 midterm elections amid a host of close races nationwide. (The Logic)
Prime Minister Mark Carney said the restrictions Starlink CEO Elon Musk reportedly placed on the service, on which Ukraine’s military satellites depend, show why Canada needs to diversify its technology suppliers. Speaking in Istanbul on Friday, he cautioned against dependence on a provider that could change its policies—or face pressure from its home government—in ways that put Canadians at risk or compromise sovereignty. (Bloomberg)
The Wuhu-based automaker is looking at taking over idle capacity at existing plants and working with partners as options to build a greater presence in Canada—even without guaranteed access to the U.S. market. (Bloomberg)
In a report released Friday, the Financial Consumer Agency of Canada (FCAC) called for a rule that would require banks to send customers a statement at least once a year detailing all the fees they paid, arguing consumers need more transparency and fewer barriers to switching providers. (The Logic)
The Vancouver drug developer is licensing Swiss-based Roche the commercial rights to a chemical it calls ZW209, which is intended to fight certain cancers—especially in lungs—by triggering patients’ own immune systems to attack tumours. Zymeworks gets another US$40 million if the potential medication progresses through early clinical trials; if ZW209 becomes a commercial success, Roche could pay Zymeworks as much as US$718 million more. (The Logic)
The Montreal-based aerospace giant announced Friday that it will hire 800 more people across Kansas, Texas, Indiana and Connecticut as the first phase of increasing its U.S. presence. (The Logic)