Here are five things you need to know this morning
Tax cut coming but no budget: The new federal government doesn’t plan to present a budget until the fall. Speaking to reporters yesterday, Finance Minister François-Philippe Champagne said the government doesn’t plan to provide a major update on Canada’s fiscal position until later this year, in the form of a fall economic statement. Prime Minister Mark Carney indicated his government will prioritize passing his promised middle-class tax cut when parliament returns later this month.
New housing minister comments on home prices: One of the Carney government’s newly appointed ministers raised eyebrows yesterday with his comments on housing. Housing and Infrastructure Minister Gregor Robertson said he doesn’t think housing prices need to come down to help address Canada’s affordability crisis, instead saying: “I think that we need to deliver more supply, make sure the market is stable.” Justin Trudeau was criticized for similar comments last year when he was prime minister.
Enbridge selling pipeline stake to Indigenous groups: Enbridge is selling a stake in a natural gas pipeline system in British Columbia to Indigenous communities. Enbridge is selling a 12.5 per cent ownership position in the Westcoast Pipeline System to a partnership of 36 First Nations called Stonlasec8 Indigenous Alliance Limited Partnership for $715 million. The federal government will provide a $400 million loan to support the purchase. The deal is expected to close by the end of June. The pipeline transports gas from Fort Nelson, in the northeastern part of B.C., to the Canada-U.S. border.
Walmart warns of tariff pressure: Walmart is warning that it can’t keep holding prices down as tariff pressures increase. CEO Doug McMillon said: “We will do our best to keep prices as low as possible but given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure.” The retail giant is sticking with its full-year sales and profit forecasts, but it opted not to give guidance on income for the ongoing quarter due to the inability to confidently predict short-term trade and economic factors. Walmart’s results in the quarter that just ended topped analyst expectations.
Foot Locker being taken over: An iconic name in sports retail is being taken over. Foot Locker has agreed to be bought by Dick’s Sporting Goods in a deal valued at US$2.4 billion. The combination will bring together two companies with different business models. Foot Locker is a 2,400-store chain made up of mostly smaller locations in cities around the world, whereas Dick’s is comprised of roughly 800 big-box stores in suburbs across the U.S. Dick’s says it expects to operate Foot Locker as a standalone business unit and maintain the Foot Locker brand.
