AGP Executive Report

U.S.-Canada Trade Pressure: Prime Minister Mark Carney said Ottawa is still seeking a “more comprehensive” deal before Trump’s Aug. 19 tariff deadline, but added “we’ll see” whether steel, aluminum, forestry and autos can all be covered in time. Arctic Shipping & Defence Industry: Arctia will charter an icebreaker for the Canadian Coast Guard’s civilian icebreaking and assistance needs in late 2026, delivered via an Inuit-owned Arctic services JV. Immigration Policy: IRCC opened consultations on Express Entry category changes for 2027, with potential new emphasis on healthcare, education, skilled trades, tech/AI/research and French-language targets. Cybercrime Crackdown: A Canadian man pleaded guilty in the U.S. for hacking and extorting at least 165 organizations tied to Snowflake cloud accounts. Energy & Infrastructure: NISO and Canada’s High Commission discussed power-sector modernization, including capacity building, tech transfer and renewable integration. Climate Risk: A new report says human-caused warming has made Canada’s extreme wildfire fire weather at least twice as likely. Corporate Moves: Everest Group is selling its Mexico insurance business to Fairfax Financial. Business & Fraud Alerts: Saskatchewan RCMP warned trucking suppliers after a phone-order fraud scheme where credit cards were approved then declined after shipments.

Wildfire Risk and Climate: A new study says human-caused climate change made the extreme fire-weather behind this year’s Canadian wildfires about twice as likely, with Ontario and the Northwest Territories hit hardest. TFSA Watch: The CRA can assess tax and interest on excess TFSA contributions, and the fix is usually to withdraw the overage quickly (with relief possible but not automatic). Crypto Adoption: An OSC survey finds 1 in 4 Canadians own crypto, and more investors are getting nudged by financial advisors. Sports Governance: Prime Minister Mark Carney says he has no confidence in FIFA chief Gianni Infantino amid the fallout over FIFA’s shelved private-investment plan. Canada-US Trade Mood: A new round of U.S. tariffs on hundreds of Canadian goods is stoking pressure on Ottawa to respond. Housing/Infrastructure Poll: Most Canadians say Ottawa should keep Trans Mountain publicly owned, reflecting broader support for government-run infrastructure. Food Safety Recall: Cadbury is recalling Oreo candy bars in Canada due to undeclared tree nuts.

Trade & Tariffs: A KPMG survey says two-thirds of Canadian large and mid-sized businesses have already adjusted prices to deal with U.S. tariff costs, with 31% passing through the full hit. Dairy Trade: New U.S. dairy tariffs aimed at Canadian imports are tied to a long-running USMCA market access dispute, with economists saying Washington wants quota and export rules revisited. Energy Markets: BP posted $3.9B profit and says it exited the Bay du Nord project to invest more “disciplined,” as global energy disruptions lift prices. Business Restructuring: Goodfood filed for creditor protection under the CCAA as it seeks a restructuring and potential new owner/investors, while continuing to fulfil customer orders. Real Estate Finance: Western Canada’s commercial real estate lending is splitting by property type, with lenders more selective and focused on strong covenants. Insurance & Wildfires: The Insurance Bureau of Canada is urging BC wildfire victims on claims steps and support as fires continue to disrupt communities. Sports & Culture: The Toronto Raptors signed former Bucks guard Andre Jackson Jr., while Marineland’s final days drew a look at the park’s closing era. Tech & AI: Provision launched a construction “Scope Agent” to catch bid scope gaps faster and more accurately than general tools.

Ontario Road Safety: Ontario’s 2026 “warn range” blood-alcohol rules are getting harsher, with first-time drivers facing a one-week licence suspension (up from three days), second-time doubling to 14 days, and first-timers also required to take remedial education. Housing Policy: A new commentary argues Canada’s housing affordability gap isn’t inevitable—it’s been “built” by policy choices, especially too little land released for housing. Energy & Capital Markets: Gran Tierra Energy agreed to sell its Colombia and Ecuador assets to Maurel & Prom for $1.33B, repositioning the company for fully financed growth; it also reported Q2 results alongside the deal. Nuclear Watch: Mitsubishi Heavy says it’s pushing next-generation small modular reactors, with government support, and notes Canada as a potential SMR destination. AI Expansion: Cohere is setting up its Asia-Pacific HQ in Seoul and aims to quadruple APAC operations by end-2027. Health Canada: Health Canada authorized Moderna’s Phase 1 trial for an mRNA Ebola vaccine targeting the Bundibugyo strain. Business & Finance Events: Canada FinTech Symposium Alberta returns to Calgary Oct. 7–8 to tackle payments modernization, AI and digital assets.

Corporate Leadership: Haleon Canada named Daniela Cavinatto as general manager, bringing 25+ years of global consumer-health leadership after a GM stint at LEGO; she’ll oversee brands like Advil, Sensodyne and Centrum. Packaging & Supply Chain: The Reusable Packaging Association will lead the Reusable Packaging Pavilion at PACK EXPO (Oct. 18–21), adding a “Next-Gen Reuse Corridor” focused on reuse and refill. Trade & Tariffs: Canada’s trade minister Dominic LeBlanc is back in Washington as the U.S. moves toward Aug. 19 tariff deadlines, with meetings planned with senators and industry leaders. Health & Biotech: Health Canada authorized Moderna to run a Phase 1 trial of an mRNA Ebola vaccine targeting the Bundibugyo strain, with Canada set as the first trial country. Energy & Tech: Electrovaya launched ElvaPulse 1500, a containerized battery energy storage platform aimed at AI/data centres, touting full-capacity discharge in under 30 minutes. Public Policy: Canada’s foreign influence registry is now active, with a transparency commissioner empowered to enforce compliance.

Energy Earnings: Shell posted $9.8B in Q2 profit, more than double year-ago levels, as wildfire conditions in B.C. and operational disruptions kept attention on energy cash flow and risk management. Wildfire & Markets: Senators urged the CFTC to rein in wildfire prediction markets, warning that betting could create perverse incentives while smoke and evacuations affect Canada-U.S. travel and costs. Oil & Gas (Canada-linked): International Petroleum Corp said Blackrod Phase 1 hit first oil in May ahead of schedule, and it’s ramping investment as commodity prices improved. Business & Tech (AI power): Global Power Solutions joined Infrastructure Masons, betting on growing data-centre electricity demand driven by AI. Finance & Housing: A Reuters piece on sustainable funds found launches slowing and closures rising, with Canada among markets seeing a launch-free quarter. Immigration & Labour: UN rights experts urged Canada to accelerate investigations into threats against Sikh activist Moninder Singh, while Canada’s work-permit rules continue to tighten for foreign workers. Trade Policy: Canada’s temporary 25% tariff on some wood cabinets and vanities is adding pressure as businesses weigh fallout from U.S. tariff threats. Corporate Moves: FIFA’s Infantino faces a tougher re-election path as federations withdraw support, with Canadian CONCACAF chief Victor Montagliani flagged as a potential challenger.

Canada–U.S. Trade Tensions: Ottawa is set to impose a temporary 25% surtax on some imported wood cabinets and vanities, while the U.S. is exempt—raising fresh questions about how tariffs will ripple through cross-border supply chains. USMCA Watch: A U.S. pork industry group warns that any USMCA disruption could hit exports hard, with nearly half of U.S. pork going to Canada and Mexico. Air Travel Disruption: WestJet strike action has grounded flights and left about 250,000 travellers affected, including major cancellations on the Glasgow–Toronto route. Real Estate: RE/MAX’s Brown Cormack Gallucci team bought a new Main St. headquarters in Whitchurch-Stouffville, signaling continued confidence in York Region demand. Sports Business: FIFA’s Infantino faces a tougher re-election path as federations including Serbia, Sweden and Wales withdraw support after a failed plan to sell a World Cup stake to private investors. Procurement Tech: LightSource launched an AI workforce aimed at speeding direct materials sourcing—targeting the 82% of procurement teams still relying on email and spreadsheets.

WestJet Strike Disrupts Travel: WestJet grounded hundreds of flights after about 4,400 flight attendants represented by CUPE went on strike over compensation, including “ground pay,” with cancellations affecting roughly 250,000 passengers over the busy August long weekend. Labour Market & Inclusion: Saskatchewan employers struggling to hire are being urged to tap a largely overlooked workforce—people with intellectual disabilities and autism—through inclusive hiring programs. Trade & Tariffs: Reports say Trump invoked a 1930 tariff law affecting Canada, while Canada and India aim to conclude the CEPA trade pact by end-2026. Energy & Climate: A new analysis highlights how Canadian wildfires can drive massive carbon emissions, underscoring the growing business and policy pressure around climate risk. Payments & Fintech: WasabiCard is taking its global card issuing and cross-border payments push to ChinaJoy 2026. Mining & Critical Minerals: Canada Nickel’s Crawford project received federal approval, and more Canadian firms are expanding in Guyana’s gold sector. Corporate Moves: Calgary electrical contractor Colz Electric opened a new southeast facility and expanded services.

WestJet Strike Disrupts Peak Travel: WestJet flight attendants walked off Sunday after contract talks failed, cancelling hundreds of flights and raising pressure on Canada’s federally regulated labour bargaining system. Trade & Tariffs Shock: Trump invoked a Depression-era tariff law against Canada, escalating uncertainty for cross-border business and supply chains. Immigration Rules Tighten: IRCC updated citizenship-by-descent documentation for Nigerians, and also tightened study permit checks and temporary measures for Palestinians through 2027. Policy Watch (August Changes): Ottawa rolls out major August 2026 laws affecting student aid, private colleges, banking, cosmetics, tobacco, pet-food imports and more. Energy & Resources: Canada’s helium supply story resurfaces amid Middle East-driven shortages, while Enbridge delays Mainline expansion and Canada approves the Crawford mine. Business & Markets: Canada’s economy grew 0.3% in May; TMX Group highlights and other earnings keep investors focused on a choppy global backdrop. Consumer & Safety: CFIA issued a Canada-wide recall of Hershey’s Kisses due to undeclared almonds. Security Politics: Poilievre urges Ottawa to designate Iran-backed Kata’ib Hezbollah as a terrorist entity after alleged attacks tied to Canada.

WestJet Strike Disruption: WestJet cabin crew have begun a 72-hour strike over pay, with the airline cancelling and reducing flights through the weekend and offering free changes/cancellations for affected travellers. Airline Disruption Watch: Separately, airlines are adjusting schedules amid Middle East airspace uncertainty after US-Iran de-escalation signals, with delays and cancellations continuing. Canada Economy: Statistics Canada says GDP rose 0.3% in May, beating expectations and lifting the outlook for a second-quarter rebound, led by mining, quarrying and oil & gas. HSBC Exit From Retail Banking: HSBC will sell its A$36B Australian home and personal loan portfolio to Blackstone, continuing its retreat from consumer banking in markets including Canada. Food Affordability Pressure: A Narrative Research survey finds groceries are the biggest financial strain for 76% of Canadians, with gas and housing also weighing heavily. Salmon Farm Redesign: Public pushback has prompted changes to a land-based salmon farm plan in Quebec, including revised water use and discharge to address environmental concerns. Trade Tensions—Tariffs: Norway faces a 12.5% US tariff on seafood, while Canada’s seafood is exempt—raising competitive pressure for salmon exporters. Aviation Expansion: Air India is adding more direct winter flights to Canada, including a new Mumbai–Toronto seasonal route. Immigration Rules Tighten: Canada is tightening financial scrutiny for international students and updating study/work permit requirements. Fraud Awareness Poll: A TD Léger poll finds Canadians feel confident spotting fraud, but many still take risky online steps.

First Ministers on U.S. tariffs: Canada’s prime minister and provincial premiers pledged a united “Team Canada” response to U.S. trade actions, focusing on tariffs, electricity demand and internal trade barriers after meeting in Charlottetown. Immigration/work rules: IRCC tightened the C20 reciprocal employment exemption, requiring foreign workers to already be employed by the overseas company before qualifying. WestJet labour risk: Flight attendants’ strike clock is ticking as negotiations continue; WestJet has already cancelled 81 flights and says more disruptions could follow if no deal lands. Pharma/biotech: Dr. Reddy’s rituximab biosimilar won FDA approval for the U.S., adding to its biosimilars push (with Fresenius Kabi holding U.S. commercialization rights). Mining/energy: Canada Nickel’s Crawford mine received federal approval, setting up what’s billed as a major nickel project in the western world. Business & markets: Canada’s economy grew 0.3% in May, with StatCan data pointing to a rebound—while investors weigh ongoing trade and geopolitical uncertainty. Social impact: BCAS called for a national commission on slavery’s legacy and anti-Black racism on Emancipation Day.

Airport Privatization Debate: A proposal to sell major Canadian airports to fund a Quebec-led high-speed rail pitch is reigniting the privatization question—whether Canadians get value or just a new way to finance big infrastructure. Immigration & Student Finances: Canada is tightening study-permit checks, directing officers to scrutinize applicants’ source of funds in every case and request extra documentation when needed. Trade Tensions & Tariffs: The U.S. is signalling more pressure in Canada-U.S. talks, while Canada moves to impose a temporary 25% surtax on some wood cabinets and vanities for up to 200 days pending an import-injury probe. Economy Watch: StatsCan says GDP rose 0.3% in May, with June also expected to add momentum—though tariff uncertainty could cool the rebound. Housing Outlook: CMHC expects a subdued housing market through 2026 as borrowing costs and uncertainty keep buyers on the sidelines. Bank of Canada Labour Ruling: Bank of Canada governor Tiff Macklem defends the use of replacement workers after labour board decisions challenged security staffing during a strike. Energy & Corporate Updates: Canadian Solar set its Q2 earnings call for Aug. 27; Enbridge continues to draw dividend-focused attention as markets weigh broader economic risk. Security & AI Governance: Ottawa is consulting Canadians on what “AI transparency” should mean, including how to flag serious AI incidents.

Aviation & Labour: WestJet says it has started parking 737 aircraft as cabin-crew talks near a potential disruption, urging passengers to check flight status. Trade & Industry: Ottawa will impose a temporary 25% surtax on some wood cabinets and vanities while the trade tribunal investigates possible harm to domestic producers. Economy Watch: StatsCan reported real GDP rose 0.3% in May, supporting expectations of a stronger Q2 rebound and easing recession talk. Central Banking & Labour Law: Bank of Canada governor Tiff Macklem defends the use of replacement workers during a security-officers strike after labour board rulings. Energy Infrastructure: Enbridge is postponing a second phase of its Mainline expansion, citing lack of major output commitments from producers. Corporate Deals: Couche-Tard has offered to buy Poland’s Zabka in a deal valued at about $12B+ for a controlling stake. Markets & FX: The Canadian dollar edged down but stayed on track for a monthly gain as growth beat expectations. Regional Business: Manitoba topped Canada for reducing internal trade barriers, earning an A rating from the CFIB. Consumer Safety: Costco Canada recalled items including cocoa-filled croissants over potential mould and some candy bars due to possible pistachio contamination.

Tesla/SpaceX Watch: Musk dismissed reports that Tesla executives were told to prepare a separation of its China business ahead of a potential SpaceX merger, but the WSJ claim still underlines the geopolitical and regulatory risk premium for Musk’s China-linked EV operations. Energy Trade: The U.S.-Canada energy trade value fell 11% in 2025 to about USD 137B, with crude oil still the biggest driver (69% of value), as lower prices weighed on volumes. BC Securities Enforcement: The B.C. Securities Commission extended temporary restrictions tied to suspected fraud involving Peter Cishecki and Everything Financial Group/Consultants, alleging investors were led to believe debt securities were guaranteed. Industrial AI Growth: IFS reported strong H1 2026 momentum, with 25% year-over-year ARR growth as customers scale Industrial AI use cases. Steel Under Tariffs: Algoma Steel said U.S. Section 232 tariffs continue to shape operations, with direct tariff costs down to US$18.7M in Q2 as it pivots toward Canadian shipments. Canada Trade Strategy: Ottawa launched a new strategic exports office under Global Affairs Canada to coordinate deal-making, remove barriers, and help firms win major contracts abroad. Mental Health Access: Transformation Counselling opened new Ottawa and Cambridge clinics with extended hours and “no waitlist” access to counselling and assessments. Big Four AI Scrutiny: PwC joined other Big Four firms facing questions over AI use in research reports after findings of fabricated citations and broken references. Crypto & Markets: Chainalysis said World Cup prediction markets pulled in about USD 20B in bets, with a small portion traced to sanctioned sources.

Market Signals: Canada’s TSX edged higher as materials, financials and healthcare led, while tech slipped amid mixed earnings and ongoing geopolitics. Retail & Pharma: Loblaw reported stronger profit and said generic GLP-1 weight-loss drug sales are boosting pharmacy performance. Trade & Exports: Ottawa is opening a new strategic exports office under Global Affairs to tackle trade barriers and diversify beyond the U.S., aiming to double non-U.S. exports over the decade. EV Push: The federal government announced $10.9M for 22 EV charging and education projects across Canada. Energy & Industry: Trench Group opened its first U.S. HSP manufacturing facility in Charlotte, a $60M investment tied to North American grid upgrades. Cannabis M&A: High Tide completed its $7.77M acquisition of Northern Helm, adding four Ontario retail stores. Public Safety Tech: Ericsson released a Canadian-focused in-vehicle 5G router for police and first responders. Food Safety: The USDA recalled 12,036 lbs of Canadian bacon sold in Washington, Oregon and Idaho due to inspection issues. Immigration Integrity: Internal IRCC communications described how some Indian students used “marriages of convenience” to secure spouse open work permits, prompting rule changes. Security & Community: Israel Now launched a “New Jewish Defense Force” amid a spike in antisemitic incidents and attacks on Jewish community sites in Canada. Labour & Tariffs: Two major U.S. unions urged Trump’s trade office to reconsider tariffs on Canadian imports.

Energy Earnings: Cenovus Energy says Q2 net profit tripled to C$2.8B and July output topped 1 million barrels of oil equivalent per day, as it pushes projects like Christina Lake North and West White Rose. Corporate Returns: Shell kicked off a new share buyback programme and declared its Q2 interim dividend, while also reporting strong unaudited half-year results. Auto & Consumer Demand: Stellantis reported Q2 2026 results with North America up sharply and reaffirmed guidance, and it also set Canadian pricing for the 2027 Ram 1500 Rumble Bee performance lineup. AI Security & Investment: Israeli AI cybersecurity firm Onyx Security raised $113M to help companies govern and monitor AI agents, while Commonwealth Fusion Systems added another $1B as it continues toward a commercial fusion power plant. Trade & Climate Politics: A new flashpoint is emerging over wildfire smoke and tariffs, with the US pressing Canada on forest management and accountability. Health & Biotech: Pharming revised guidance after Q2 results, and Quantum BioPharma closed a debt settlement via share issuance. Critical Minerals: Japan’s Jogmec will invest up to C$47.7M in a Toyota Tsusho rare-earth venture in Namibia, aiming to strengthen supply chains for magnets. Aviation Innovation: Pratt & Whitney Canada completed hybrid-electric ground tests for a RTX demonstrator, targeting first flight in 2027.