Here are five things you need to know this morning
Carney set to unveil cabinet: Prime Minister Mark Carney is set to unveil his cabinet today… and the group is expected to include several new faces. CTV News has confirmed more than half of its members will be new. The Prime Minister’s office says Carney’s cabinet will be a more focused roster, and while the core slate of cabinet ministers is expected to stay under 30 people, he’ll also be appointing up to 10 secretaries of state. This is a return to a practice used in the past of using junior ministers and will see Carney’s central team take the lead on the biggest portfolios, while the secretaries of state could be assigned to look after specific files. BNN Bloomberg will have live coverage beginning at 10:30 a.m. eastern.
Honda delaying Canada expansion: Yesterday it was Nissan… today Honda is warning of tough times ahead in the auto sector, and there is a direct impact on Canada. Honda says it is expecting a ¥450 billion (US$3 billion) hit to its full-year profit as it braces for the fallout of U.S. President Donald Trump’s auto tariffs. The automaker, which has already outlined plans to move production of its hybrid Civic from Japan to the U.S., is considering whether to expand American production capacity in response to tariffs. Honda also announced today it has postponed plans to establish an electric vehicle supply chain in Canada by two years, citing a downturn in demand. The previously announced plan included a battery plant and an EV factory in Ontario, with annual production capacity of 240,000 vehicles.
Finning warns of tariff uncertainty: Tariffs are also front and centre in the latest results from Vancouver-based Finning International, the world’s largest seller of Caterpillar construction equipment. Finning says recent tariff actions by the U.S., China and others has added a higher level of uncertainty, cost and complexity… though the impact on Finning has been limited to and largely centered on its Canadian operations. In its earnings release, the company said it has not yet seen major shifts in customer purchasing decisions or major supply chain changes as a result of the global tariff landscape but added that it remains cautious “given the evolution of announcements over the past several months.” Adjusted profit in the quarter topped expectations.
U.S. inflation cools: U.S. inflation unexpectedly cooled slightly in April in what economists warn could be a final lull before a likely surge in consumer prices because of Trump’s trade war. The U.S. consumer price index rose 2.3 percent from a year earlier, slightly below the previous month’s annual increase.
Robinhood buying WonderFi: Upstart stock-trading service Robinhood Markets is buying WonderFi Technologies, the operator of two Canadian cryptocurrency platforms, for about $250 million in cash. Robinhood will purchase all of WonderFi’s shares for 36 cents apiece, 41 per cent higher than Monday’s closing price. In a joint statement announcing the deal, the companies say WonderFi’s offerings will help Robinhood bring Canadians greater access to crypto trading. California-based Robinhood has been expanding globally and said late last year that it was starting operations in Asia.
