AGP Executive Report

Meta’s Alberta AI push: Meta says it will invest $13B to build its first Canadian data centre in Sturgeon County, targeting 3,000 construction jobs and about 300 permanent roles, with royalties and “bring your own power” plans. AI research funding: Anthropic will provide $10M CAD in Claude credits to eight Canadian institutions, including AMII, Mila, Vector Institute, and major hospitals and federal AI institutes. Indigenous energy ownership: LNG Canada is offering five B.C. First Nations an option to invest up to $1B via a stake in a proposed Phase 2 LNG storage tank, with a final decision expected by year-end. Ports and infrastructure: Vancouver Fraser Port Authority selected TerraMarine as preferred partner for Roberts Bank Terminal 2’s landmass and wharf work, aiming for construction in late 2027 and mid-2030s operations. Corporate finance: Loblaw launched an automatic share purchase plan to buy up to 24.9% of EQB, following its PC Financial deal. Labour and restructuring: Canfor will permanently close its Northwood pulp mill near Prince George, cutting about 300 jobs, citing oversupply and fibre access pressures. Tax enforcement: A Canada-wide arrest warrant was issued for Vancouver’s Wentao Yang, tied to CRA charges linked to Panama Papers-era tax evasion allegations.

Canada–U.S. Trade & Infrastructure: Prime Minister Mark Carney says the Gordie Howe International Bridge deal includes a 15-year net toll profit split with the U.S., with Canada paid back first and remaining funds aimed at regional economic development—though early “net” may be limited as traffic ramps up. Banking & Regulation: OSFI warned Canadian banks about cyber risks tied to Anthropic’s Claude “Mythos,” highlighting advanced phishing threats. Data Centers & Tech Investment: Thomson Reuters signed a JV with KKR, selling 51% of its Global Print business for about US$500M while keeping editorial control; meanwhile, data-center buildout momentum continues with major campus planning in the U.S. Retirement & Wealth: Research finds DC plan sponsors are increasingly interested in adding alternatives to 401(k) lineups, but still want guidance on fit. Corporate Finance: Gordon Brothers provided strategic financing to Birks Group to support growth and omni-channel upgrades. Capital Markets & Health: MediPharm reported positive Phase II LiBBY trial results for agitation in advanced dementia; Rocket Doctor achieved SOC 2 Type I compliance.

Gordie Howe Bridge Deal: Canada and the U.S. have agreed on toll governance and a 15-year profit-sharing setup tied to an economic development fund, with the $4.7B bridge now set to open July 27—though early “net” profits may be limited as traffic ramps up. Banking & Markets: CIRO issued trading halts for Sherritt International (S) and Mogotes Metals (MOG), with MOG trading resuming July 14 after pending news. Labour & Jobs: Canada added 18,000 jobs in June and unemployment edged down to 6.5%, with Alberta driving about 8,000 of the gain; manufacturing still shed jobs. Energy Transition Watch: Alberta’s Pathways CCS deal faces scrutiny as costs may more than double and capture targets appear smaller than first promised, even as Ottawa signals openness to added subsidies. AI & Data Centres: Meta’s major Alberta AI data-centre buildout continues to fuel investor interest in power and infrastructure demand. Household Finance: CRA replaces the GST/HST credit with the Canada Groceries and Essentials Benefit in July 2026, with payments recalculated annually. Public Health Admin: PHAC updated Canada’s Vaccine Impact Assistance Program to speed processing and improve claimant support after moving administration from OXARO.

Banking & Household Stress: MNP’s Consumer Debt Index says many Canadians are stuck in a “pre-spent paycheque” cycle, with 61% saying at least half their income is already committed before it arrives. BoC Watch: Fresh coverage flags a monetary-policy dilemma as recent data leaves the Bank of Canada weighing weak growth against inflation worries. Defence & Sovereignty: Canada is accelerating military expansion and Arctic readiness amid deteriorating U.S. relations, while NORAD radar coverage gaps are being addressed via an Australia-sourced over-the-horizon radar deal. Energy & Industry: PowerCo reiterates its 2027 St. Thomas battery plant timeline despite Volkswagen headwinds. AI & Data Centres: Meta is pushing major AI infrastructure spending, including a massive Louisiana expansion, while Canada’s AI buildout continues to draw global investment. Markets & Corporate Moves: Air Canada reaches a tentative IAMAW deal for its technical operations and maintenance group; Timbercreek Financial schedules its Q2 results call. Crime & Courts: A Brampton man was sentenced to 20 years for trafficking cocaine and meth from the U.S. into Canada.

Meta Data Centre Boom: Meta says it will invest about C$13B in its first Canadian 1GW AI data centre in Alberta, promising thousands of construction jobs and hundreds of operations roles while funding power and grid upgrades. Banking & Markets: The Bank of Canada is widely expected to hold at 2.25% as oil prices ease and recent data improve; meanwhile the TSX pushed to a three-week high after June jobs beat expectations. Labour & Auto Sector: Ford and Unifor reached a tentative three-year contract deal covering about 5,150 Canadian autoworkers, setting the tone for talks with GM and Stellantis. Immigration Policy: Express Entry is being reshaped with category-based selection and a new work-experience rule (12 months in the last 3 years, not necessarily continuous). Defence & Procurement: Canada is moving to expand military capacity amid tougher U.S. relations, while Ottawa also announced a major submarine procurement with Nova Scotia positioned for long-term maintenance work. Cross-Border Infrastructure: The Gordie Howe Bridge is set to open in late July after a toll/revenue-sharing deal with the U.S. Energy & Investment: Investors are watching the week ahead as central bank guidance, corporate votes, and results roll in.

US-Canada Bridge Deal: The Gordie Howe International Bridge is set to open July 27 after Canada and the U.S. agreed on toll governance and transparency, including a 15-year regional economic development fund tied to bridge profits. Defence & Procurement: Ottawa selected Thyssenkrupp Marine Systems as preferred supplier to negotiate Canada’s next submarine fleet, framed as the largest defence procurement in Canadian history, with first deliveries targeted for 2034. Space & Sovereignty: A $688M contract to MDA Space will build, test and launch a replenishment satellite for the RADARSAT Constellation Mission, aimed at maintaining uninterrupted access for Arctic monitoring and national security. Energy Policy: Ottawa is moving ahead with Alberta’s west coast pipeline proposal (1M bpd) via the Major Projects Office, alongside advancing the Pathways carbon capture project. AI & Data Centres: Meta plans a C$13B AI data centre in Alberta, adding to Canada’s growing push for data residency and power-hungry compute demand. Crypto Banking: Circle won U.S. approval to establish Circle National Trust, a federally regulated national trust bank starting with custody for its digital assets. Markets Watch: Bank of Canada is widely expected to hold rates next week as investors track upcoming U.S. inflation and earnings. Labour: Unifor reached a tentative three-year agreement with Ford Canada, pending ratification. Business Climate: Quebec’s video game industry faces “limbo” as studios cut back amid a tougher market.

Gordie Howe Bridge Deal: Canada and Michigan confirmed the $4.7B Gordie Howe International Bridge will open to the public on July 27 after a Canada–U.S. toll revenue and governance agreement ended Trump-era blockade threats, with a 15-year economic development fund tied to bridge profits. Labour Market: Statistics Canada reported Canada added about 18,200 jobs in June and unemployment edged down to 6.5%, a modest lift that still leaves trade uncertainty hanging over hiring. Big Tech + Data Centres: Meta is moving ahead with a C$13B AI data centre in Alberta (Sturgeon County), promising thousands of construction jobs and hundreds of permanent roles, while using “bring your own power” rules to manage grid strain. Energy + Climate Tension: Wildfire counts topped 3,100 across Canada’s north as Ottawa pushes major pipeline plans, sparking renewed taxpayer-risk debate. Personal Finance: Multiple stories keep spotlighting TFSA planning for Canadians approaching retirement, including typical balances and the value of maximizing room earlier. Immigration Policy: IRCC issued 500 Express Entry invitations in a senior managers draw (CRS cutoff 392), continuing a busy July schedule of category-based selections.

Gordie Howe Bridge Deal: Canada and Michigan confirmed the Gordie Howe International Bridge will open July 27 after a U.S.-Canada agreement on toll governance, transparency, and a 15-year economic development fund tied to bridge profits—ending Trump-era threats that delayed the project. AI Infrastructure & Power Demand: Meta will invest C$13B in a 1GW AI data centre in Alberta’s Sturgeon County, targeting 3,000 peak construction jobs and 300+ operations roles, while highlighting electricity needs equivalent to 800,000 homes. Central Banking Watch: A C.D. Howe Institute-linked opinion argues the Bank of Canada should keep talking and provide interest-rate projections, even as the U.S. Fed moves toward tighter, more minimal communications. Inflation Risk From AI: Goldman Sachs warns an AI-driven inflation surge will hit the U.S. hardest, with smaller but still measurable effects expected across Canada and other developed economies. Food Inflation Pressure: A new look at grocery stress shows how food prices are weighing on Canadian households, prompting Ottawa’s $3B food security strategy to try to blunt the impact. Crypto Trading Automation: Robinhood plans to roll out third-party AI agents for crypto trading, letting eligible users set risk limits while agents manage and execute trades. Venture Exit: OMERS faces a major loss after TouchBistro was sold to Constellation Software’s Harris Computer for $100M. Border & Entry Rules: Canada updated visa/eTA guidance, including clarifying that Nigerian passport holders need a visitor visa.

AI Infrastructure Push: Meta is moving fast on Canada’s AI buildout, announcing a first data centre in Alberta (about C$13B) with a closed-loop cooling plan and local infrastructure commitments—another signal Alberta is positioning itself as the power-and-grid hub for AI. Cross-Border Trade: The Gordie Howe International Bridge is confirmed to open July 27 after a Canada–Michigan deal on toll governance and transparency, plus a 15-year economic development fund tied to bridge profits—ending months of delays tied to U.S. pressure. Banking & Markets: SK Hynix’s Nasdaq debut gives Canadians a new way to invest in AI hardware, though investors are warned to expect volatility as AI spending comes in cycles. Policy & Privacy: Canada’s Bill C-36 would overhaul private-sector privacy rules for the AI era, strengthening deletion rights and protections for children while adding transparency around automated decisions. Mental Health Funding: CMHA warns federal mental health and addictions funding is set to expire in March 2027, putting care access at risk. Local Economy Watch: Kelowna’s unemployment rate jumped to 9.2% in June despite job gains, highlighting uneven labour demand. Business Moves: Telpay acquired Toronto’s Notch Financial to expand accounts receivable automation into invoicing and faster payment collection.

Jobs & Rates Watch: Statistics Canada says Canada added 18,000 jobs in June and the unemployment rate slipped to 6.5%, with youth (15–24) gaining 33,000 jobs—mostly part-time—while manufacturing continues to shed jobs amid tariff uncertainty. Big Tech Investment: Meta plans a massive AI data-centre build in Alberta (Sturgeon County), with reports putting the investment around $13B and positioning the province as a key AI infrastructure hub. Defence Finance Bank Stalls: Turkey has decided not to join Canada-led Defence, Security and Resilience Bank “at this stage,” even though it was named in the July 7 declaration, leaving the 2027 operating timeline in question. Payments M&A: Nuvei is reportedly set to acquire Payoneer for $2.75B, underscoring ongoing consolidation in cross-border payments. Cross-Border Crime & Enforcement: An Edmonton woman, Bonnie Lo, was sentenced to 18 months for defrauding Old Age Security and CPP clients of about $180k, highlighting continued scrutiny of public-funds fraud. Energy & Trade Links: Canada and Poland marked “first power” at Baltic Power offshore wind and grid upgrades, strengthening energy-security cooperation.

Canada–Saudi Pivot: Prime Minister Mark Carney’s first Saudi visit in 26 years is pushing deeper trade and investment ties beyond the U.S., with 13+ agreements/MoUs worth $1B+ and a new coordination council covering energy, mining, infrastructure, health tech, critical minerals and AI. Defence Spending Push: Canada is also accelerating military expansion and Arctic readiness as U.S. relations sour, while NATO leaders in Turkey pledged $50B+ in new defence procurements to boost production and support Ukraine. AI Data Centre Boom in Alberta: Meta’s planned $13B Alberta AI data centre (powered by new gas-fired capacity) is set to reshape local utilities demand and renew the debate over renewable energy investment. Energy Trade Tensions at Home: A B.C. First Nation (Tsleil-Waututh) is challenging permits for Burrard Inlet dredging to accommodate larger oil tankers, arguing the process was rushed and risks are not fully addressed. Markets & Rates Watch: CME’s Erik Norland says the gold/silver and bond-yield narratives have diverged and are now converging again, with near-term monetary policy and longer-term fiscal policy key for investors. Household Finance Pressure: New research says Canadian savings are deteriorating as spending outpaces income growth, especially for the bottom 80% of households. Agriculture Funding: Canada Beef and the Canadian Cattle Association are getting $4M total to keep expanding beef market advocacy and trade diversification. Corporate/Market Plumbing: CIRO issued trading halts and resumptions for multiple listed names, including Colibri Resource (CBI) and TrustBIX (TBIX).

Meta’s Alberta AI bet: Meta broke ground on its first Canadian AI data centre in Sturgeon County, a ~C$13B, 1GW facility aimed at Meta’s AI workloads, with power supplied via Alberta projects and a plan for 100% renewable matching and closed-loop cooling. Markets watch: Bay Street is set to open flat as investors stay cautious amid Middle East tensions, while tech sentiment gets a lift from Meta’s data-centre news. CIRO trading moves: CIRO issued multiple halts and resumptions across Canadian listings (including ALCH halted; BABY, MDA, and others resuming), underscoring active market housekeeping. Defence recalibration: Canada signals a major military expansion and higher Arctic readiness as U.S. relations cool, with NATO spending targets in focus. Digital sovereignty funding: CIRA is putting $1.25M into 15 community-led Net Good Grants to strengthen connectivity, online safety, and local control. Corporate updates: Kindred Home Care expands in Newfoundland via the Helping Hands acquisition; Volaris buys France’s IVES accessibility software group; and MDA Space moves deeper into Earth analytics with a CLS acquisition.

AI Data Centres in Alberta: Meta says it will build its first Canadian AI data centre in Sturgeon County, a 1-gigawatt, C$13B-plus project that’s expected to create about 3,000 construction jobs and 300 permanent roles, with Alberta touting a new power approach via Project Greenlight. Big Tech Meets Canadian Finance: The Calgary Stampede buzz underscores how hyperscalers are moving into Canada’s data-centre buildout, raising the stakes for power, water, and grid capacity. Household Pressure, Credit Use: New reporting points to Canadians increasingly “pay later” for groceries as affordability worsens, alongside a reminder that credit scores hinge on more than myths like checking your own score. Insurance Watch: Intact Financial flagged higher-than-expected Q2 catastrophe and large losses, citing weather-driven claims in Canada and commercial fires abroad. NATO and Defence Spending: NATO’s Ankara declaration reaffirmed Article 5 and pledged major new defence procurements, while Canada also signalled troop increases in Latvia. Air Canada Leadership: Air Canada’s CEO pick, Anko van der Werff, comes amid ongoing scrutiny over French-language expectations in Quebec. Agriculture Funding: Ottawa announced new AgriMarketing support for Canada’s beef sector, aiming to grow demand and market access.

Big Tech & Data Centres: U.S. hyperscalers are showing up in Alberta’s data-centre push, with Google (and reports of Meta and Amazon) drawing attention at the Calgary Stampede as the province targets C$100B in investment. Commercial Real Estate: Colliers says Canadian office markets have “turned around” in Q2, with office vacancy falling for a fourth straight quarter and industrial tightening continuing. AI Meets the Public Markets: Momenta debuts in Hong Kong, raising about HKD 6.8B (US$867M) and highlighting investor appetite for “physical AI,” while Canada Pension Plan Investment Board is listed among anchor investors. Banking & Wealth: National Bank of Canada agrees to buy B.C. trust firm Truvera Trust for an undisclosed sum to expand Western wealth management. Markets & Macro: Canada’s job churn looks set to rise, with a survey finding nearly a quarter of Canadians plan to change jobs in six months. Defence Financing: Canada and the UK issued a joint statement backing multilateral approaches to defence financing and procurement as NATO spending ramps up. Household Pressure: StatsCan-linked reporting ties extreme weather to higher insurance premiums, adding to cost-of-living strain.

UAE-Canada Investment Standoff: Canada’s promised $70B UAE investment is running into a practical snag: officials say there aren’t enough “ready” projects to deploy the capital yet, raising questions about how quickly Ottawa can turn pledges into funded deals. Household Pressure & BNPL: A KOHO Grocery Gap report finds grocery spending is rising faster than budgets, with more Canadians “pay later” as monthly repayment plan use more than doubles. Municipal Finance: Edmonton’s renewal fund push is set to drive incremental tax hikes as the city tries to catch up on crumbling infrastructure needs. Ukraine Aid: Canada announced a $900M package for Ukraine, with emphasis on ammo, armoured vehicles and air-defence support. Critical Minerals Push: Ottawa will invest up to $400M in Teck’s Trail, B.C. smelter under the Canada Critical Minerals Accelerator to speed processing capacity. AI Accountability in BC: B.C. moves to sue OpenAI over the Tumbler Ridge school shooting, hiring U.S. and Vancouver counsel and pointing to internal safety concerns. Banking Labour Ruling: The Bank of Canada was ordered to stop using replacement security workers during a strike, after a labour board decision. Markets & Debt: Amazon’s $25B bond sale drew less demand than its prior deal, a sign of investor caution as AI-linked debt supply grows. Real Estate Deal: Axia launches a hostile bid for Plaza Retail REIT, valuing the takeover at about $1.23B. Defence Procurement: Carney’s NATO summit messaging backs Canada’s choice of German suppliers for the new submarine fleet, framing it as a major economic and strategic win. Housing Ownership Snapshot: StatsCan data show mom-and-pop investors hold roughly 9%–10% of housing stock in Ontario and B.C., keeping the debate on who drives prices front and centre.

Defence Finance & Procurement: Prime Minister Mark Carney named German firm TKMS (with Norway) as preferred supplier for Canada’s next submarine fleet, targeting up to 12 Type 212CD boats and deliveries starting around 2033, positioning the deal as a major economic boost for Halifax and across Canada. Energy Infrastructure: Ontario and Alberta unveiled a proposed 3,300-km “Northern Shield Energy Corridor” crude pipeline from Hardisty to Sarnia, with municipal groups backing the Canada-only route as a national infrastructure and energy-security play. Geopolitical Banking: Foreign minister Anita Anand said Canada is seeking more backers for its Defence, Security and Resilience Bank before announcing founding nations at NATO, aiming to raise up to £100B in cheap finance. Markets & Trading: CIRO halted and then resumed trading in Talamore Mining (TALA) pending news; Life & Banc Split Corp (LBS.PR.A) also saw a trading resumption. Wealth & Real Assets: TD Asset Management’s global real estate strategy is being packaged for eligible Canadian accredited investors via iCapital’s platform, expanding private-market access. Corporate Calendar: CT REIT set its Q2 2026 earnings call for Aug. 11, and Vital Infrastructure Property Trust scheduled its Q2 results call for Aug. 13.