HEADLINES
Population Dwindles for Third Straight Quarter
Canada's population continues to gradually shrink as the number of temporary residents has fallen.
The national data agency estimated the population of the country stood at almost 41.42 million on April 1. That marks a decline of 55,025, or 0.1%, from the start of the year and a drop of 0.4% compared with a year earlier.
Canada's population has now retreated for three consecutive quarters as the federal government's tightened immigration policy has taken hold. The shift after years of rapid population growth is rippling through the economy, from the labor market to gross domestic product. While GDP dipped by 0.1% on an annualized basis in the first quarter, it expanded 0.9% in per-capita terms.
Falling Population Mixes Up Economic Math
Jazz Pharmaceuticals, AbCellera Ink $876 Million Cancer Treatment Pact
Jazz Pharmaceuticals and AbCellera agreed to a deal worth up to $876 million to discover and develop treatments for gastrointestinal cancers and other solid tumors.
The agreement includes plans for preclinical research collaboration, options and licensing of T-cell engaging multispecific antibodies.
AbCellera, which has a T-cell engager platform, will perform discovery and early-stage research for two initial programs, with a commitment to start a third program within 12 months.
Lionsgate Doesn't Need a Deal to Outperform, Baird Says
Lionsgate Studios is an attractive acquisition target, but the company should be able to perform well on its own, Baird analysts wrote.
The commentary followed a Tuesday report in Semafor that Netflix was interested in acquiring Lionsgate - a report which Netflix flatly denied in a statement to Deadline.
Shares dropped 6.2% to settle at $15.35 on the NYSE after rallying Tuesday.
"While a transaction seems like an increasingly realistic possibility, we would also emphasize that it is only one path to outperformance for the shares," the analysts wrote, citing the studio's strong film slate and Library demand, as well as better trends in TV.
"We continue to see merits to the investment case on a fundamental basis."
CPP Investments to Invest Over $740 Million in India Data Centers
Canada Pension Plan's investment arm plans to invest over $740 million in developing data centers in India, as part of efforts to expand its digital infrastructure footprint in the market.
Canada Pension Plan Investment Board said Wednesday it will spend 40 billion rupees, equivalent to $423.9 million, to acquire an 8.2% stake in CtrlS Datacenters, which operates a data centre platform in India.
The companies will also form a joint venture to develop hyperscale data center campuses across India.
CPP Investments has committed up to 30 billion rupees, equivalent to $317.9 million, to the joint venture and will hold 48% equity ownership. CtrlS will own the remaining 52%.
RFA Financial Reaches C$535.7 Million in Real Estate Dispositions Since Artis REIT Merger
RFA Financial has lined up C$535.7 million in property sales since merging with Artis REIT in February as the company continues to accelerate efforts to shed real estate assets.
The Canadian financial services platform said Wednesday that it has made more progress on its asset disposition strategy, most recently completing a C$79.8 million portfolio sale, C$90.5 million of new unconditional sale agreements, and C$100.8 million of new conditional contracts.
The new transactions span 26 properties and include properties in Winnipeg, Manitoba and in Saskatoon, Saskatchewan.
The $6 Billion Hydropower Line Between Quebec and New York City Is Complete
New York officials and developers of a 339-mile high-voltage transmission line between Quebec's remote hydropower dams and New York City announced completion of the $6 billion project capable of delivering about 20% of the city's power needs.
Completion of the Champlain Hudson Power Express is the culmination of more than 15 years of planning, permitting and construction.
One of the largest clean energy projects in the country, the transmission line has been a poster child for how difficult it can be to build energy infrastructure in the U.S. these days, even when they have broad political support and well-connected and deep-pocketed financial backers.
TALKING POINT
RBC CEO Turns to AI to Help Inform His Daily Agenda
By Stefanie Marotta for the Globe and Mail
Royal Bank of Canada chief executive officer Dave McKay starts every morning with a briefing from agentic artificial intelligence tools that he designed.
For at least an hour, Mr. McKay reviews a report generated by the AI platform on what it thinks the CEO of Canada's biggest bank needs to know on key issues. The tools span critical topics, including the economy, markets, consumer behaviour, risk and mortgage data -- themes that are top of mind for business leaders as trade routes are redrawn and countries brace for major shifts in global relationships.
"It allowed me to be more efficient with my team," Mr. McKay said during a Bloomberg event in Toronto. "Instead of sending an e-mail at night, asking to produce a report, getting that report a week later, digesting it, calling them about the answer, I get that report in about four seconds."
The platform was built by a team at RBC and pulls information from troves of internal data, as well as external sources. He said the group is also building an HR module to examine talent.
RBC is betting big on AI. The lender expects to generate between C$700 million to C$1 billion in enterprise value from AI by 2027.
While banks are racing to adopt AI to cut costs and boost revenue, some U.S. lenders have said that the new technology will lead to job cuts and leaner teams. Mr. McKay said that while the report produced by his AI tools reduces the amount of work his team needs to do, he still depends on his staff to provide context and insight and that the technology increases their capacity.
As AI takes on more administrative and procedural tasks, he expects to have fewer back-office employees, while growing its front-line team that deals directly with clients.
"That's where we put our focus, because we want to grab another eight to 10 million customers through this," Mr. McKay said.
The lender has grown its AI research centre and has built its own graphics processing units farm.
The push for greater capacity in AI and other emerging technologies is driving an "insatiable appetite" for all forms of capital. As more companies adopt AI, the demand for energy and infrastructure to power the technology is surging, prompting concerns over whether there is enough supply.
"There is a race to capture this demand and scale," Mr. McKay said. "That's driving demand for capital. There's also, on the other side, a fear of will there be enough capital for all the demand out there?"
The need for capital to fund these initiatives is fuelling syndicated loans, as well as high yield and equity issuance. But RBC has the lending capacity to meet rising demand as the push represents a "very significant growth engine for the economy and for bank balance sheets," he said.
As demand in the U.S. tech sector climbs, the bank is taking on more risk to lend capital to companies. In its home market in Canada, he said, appetite for borrowing is more muted as uncertainty over United States-Mexico-Canada Agreement negotiations weighs on investors and businesses.
Trade talks between Ottawa, Washington and Mexico City are ramping up ahead of the review date of July 1. While U.S. President Donald Trump has publicly questioned the value of the deal, Canadian officials have framed the agreement as critical for the growth of both countries' economies.
"I'm confident we'll find that agreement over time, but it is a protracted process," Mr. McKay said.
Prime Minister Mark Carney has been building trade partnerships and business ties with global markets in a bid to reduce Canada's reliance on the U.S. The federal government has been injecting cash into major infrastructure projects and defence to bolster economic growth.
Mr. McKay said he expects "some announcements coming soon," particularly on energy and pipeline projects. If Canada fails to expedite the approval process, he said, investment bound for the country could shift to other markets.
"Capital that's excited about Canada will not wait. That capital is impatient, and it will move where it thinks they can get the most sure and fastest return," Mr. McKay said.
"Therefore, it's looking at Canada now, it wants to do business in Canada, but if it's not there, it will move at the end of the day."
Expected Major Events for Thursday
06:00/UK: May UK monthly unemployment figures
08:30/GER: ifo Economic Forecast
09:00/ITA: Apr Balance of Payments
11:00/UK: UK interest rate decision
12:30/US: 06/13 Unemployment Insurance Weekly Claims Report - Initial Claims
12:30/CAN: Apr Employment Insurance
12:30/US: Jun Philadelphia Fed Business Outlook Survey
12:30/CAN: May Industrial product and raw materials price indexes
12:30/US: U.S. Weekly Export Sales
14:00/US: May Leading Indicators
14:30/US: 06/12 EIA Weekly Natural Gas Storage Report
20:00/US: Apr Treasury International Capital Data
20:30/US: Foreign Central Bank Holdings
20:30/US: Federal Discount Window Borrowings
23:01/UK: Jun UK Consumer Confidence Survey
23:30/JPN: May CPI (Nation), CPI ex-food (Nation)
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Thursday
Accenture PLC $(ACN)$ is expected to report $3.70 for 3Q.
America's Car-Mart Inc $(CRMT)$ is expected to report $-1.12 for 4Q.
Coffee Holding Co Inc (JVA) is expected to report $0.06 for 2Q.
Empire Co Ltd - Class A (EMLAF,EMP.A.T) is expected to report for 4Q.
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June 17, 2026 16:24 ET (20:24 GMT)
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