Here are five things you need to know this morning
Canadian economy bounces back
The Canadian economy has begun to pull out of its ‘technical recession’. Gross domestic product rose 0.5% in April on a monthly basis -- the fastest pace since July of last year. Goods-producing industries rose 1.2%, driven by oil and gas extraction, and the country’s manufacturing sector expanded 0.6%. As well, Statscan estimates GDP rose by 0.1% in May.
Globe: Alberta to propose pipeline without private backers
The Globe and Mail is reporting Alberta’s initial proposal for a new oil pipeline to the west coast will not be backed by any private-sector supporters. The province set a deadline of tomorrow to submit the proposal to the federal government’s major project office. The Globe reports Alberta will meet the deadline and will front its application. Alberta is facing opposition from B.C. premier David Eby and many Indigenous groups.
Dominion Dynamics raises $139 million
A defence technology company that has helped protect Canada’s north has raised $139 million in the largest Series A funding round for a Canadian defence company ever. Dominion Dynamics says the cash it raised will help the Ottawa-based firm expand rapidly. Dominion Dynamics, which was founded in June 2025, is best known for AuraNet, a network of sensors and a map-based platform that can collect, trace and transmit information from remote regions with no or patchy cell service.
Zymeworks buying Theravance for US$929 million
Zymeworks, a Vancouver-based biotechnology company, is buying Theravance Biopharma for US$929 million. The deal will give Zymeworks access to U.S. cash flows from lung-disease drug Yupelri. Zymeworks will also get Theravance’s pipeline of early stage research and development assets, which it may monetize at some point.
Westjet adding seats for flights to World Cup match
WestJet is adding seats to its Houston flights after the Canada’s national soccer team scored a historic World Cup victory, setting up a key matchup on Sunday in Houston. WestJet says it will use larger aircraft on eight flights between its hub in Calgary and Houston in the days leading up to the game and after, allowing it to board as many as 42 extra travelers per flight. The changes are being implemented “to make it easier for more Canadians to show up in full force and support our team on the international stage,” spokesperson Julia Kaiser said in an emailed statement to Bloomberg News.
