Canada's trade surplus expanded for the third consecutive month in May, reaching $4.2 billion, according to Statistics Canada. The increase was primarily driven by a 16.1 per cent rise in exports of metal ores and non-metallic mineral products, particularly sulphur shipments.
CRTC Cracks Down on Telecom Fees
The Canadian Radio-television and Telecommunications Commission (CRTC) has given Bell, Rogers, and Telus until July 30 to prove they are not violating the new ban on activation and modification fees. Between May 6 and June 16, the CRTC learned that all three telecom companies allegedly charged consumers various activation-related fees despite the ban.
Scotiabank Launches AI Consortium
Bank of Nova Scotia, Sun Life Financial Inc., Telus Corp., and Toronto-based AI consultant Lightworks launched a consortium on Tuesday. The group will allow their engineers to jointly develop artificial intelligence systems that each organization will own and can tailor to their needs. Scotiabank's chief information officer said the lender had made some attempts to resolve AI and tech challenges on its own but found it difficult.
Federal Investment in Teck Smelter
The federal government announced a $400 million investment in Teck Resources Ltd.'s smelter in Trail, British Columbia, to boost critical mineral production. The agreement involves the Canada Growth Fund, Natural Resources Canada, and Export Development Canada, and includes a provision for the government to establish offtake rights to a portion of future germanium, antimony, and gallium produced in Trail. Teck's smelter profits at Trail rose to $258 million in the first quarter from $80 million a year earlier.
Canadians Increasingly Use Buy Now, Pay Later for Groceries
Koho Financial Inc. reported that adoption of its "pay later" service has more than doubled from last year, up 109 per cent, as Canadians increasingly use it for essential items like groceries. The Toronto-based fintech highlighted the trend in a recent report.
