Maple Express | July 16, 2026 Bank of Canada Holds Rate at 2.25%, Signals Economic Rebound

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📰 Bank of Canada Holds Key Rate at 2.25%, Predicts Economic Rebound

The Bank of Canada held its benchmark interest rate at 2.25% on Wednesday, keeping rates steady for the second consecutive meeting. Governor Tiff Macklem stated in the Monetary Policy Report that while economic growth has been largely flat over the past 18 months, multiple indicators suggest the economy is gathering recovery momentum.

The central bank projects GDP growth of 0.7% for 2026, rising to 1.8% in both 2027 and 2028. Macklem cautioned that geopolitical risks from the Middle East conflict and uncertainty surrounding U.S. tariff policies remain significant threats to the economic outlook, and the Bank would not rule out further rate hikes if inflationary pressures resurface.

Canada's May CPI rose to 3.2%, above the Bank's 2% target range, though policymakers attribute this largely to base effects and energy price volatility, expecting inflation to ease through the second half of the year.

— CBC News

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📰 Fast-Moving Wildfires Destroy Homes in Northern Ontario, Trigger Mass Evacuations

Northern Ontario is facing one of its most severe wildfire crises in decades as rapidly spreading flames have destroyed multiple homes and buildings across several First Nations communities. As of July 16, the northwest region alone reports 148 active fires, with 69 classified as out of control. Evacuation orders have been issued for Armstrong, Lac La Croix, Collins, Whitesand, Gull Bay, and Lac des Mille Lacs First Nations.

Anishinabek Nation Grand Council Chief Linda Debassige issued a statement confirming that a fast-moving wildfire has advanced toward Namaygoosisagagun First Nation (Collins First Nation), causing extensive damage to homes and buildings. Environment Canada forecasts widespread smoke with wind gusts up to 40 km/h throughout the day.

Premier Doug Ford said crews are working hard fighting more than 180 wildfires across northern Ontario, pledging the province will spare no expense in keeping people safe. However, winds from the northwest could further fuel the flames, making the next 24 hours critical.

— Canada's National Observer

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📰 Wildfire Smoke Blankets Toronto, Air Quality Plunges to 'Very Poor' Levels

Environment Canada issued an orange-level air quality warning for Toronto and the Greater Toronto Area as thick wildfire smoke from northern Ontario continues to shroud the region. The Air Quality Health Index reached "very poor" levels, with the city's skyline turning a sepia-toned grey and visibility significantly reduced.

Health officials and advocates are warning that seniors, unhoused residents, and outdoor workers face the greatest risks, with few safe options to escape the smoke. Toronto Public Health is urging residents to minimize outdoor activities, keep windows closed, and use air purifiers with HEPA filters where possible.

The smoky conditions follow a three-day heat warning that saw temperatures approach record highs. While the heat has subsided, smoke pollution is expected to persist for at least another 24 hours. Environment Canada advises continued monitoring, especially for those with heart and lung conditions.

— CBC News

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📰 U.S. Reimposes Naval Blockade on Iran, Intensifies Airstrikes

The United States reimposed its naval blockade on Iran and escalated its airstrike campaign on Wednesday, marking the fifth consecutive day of exchanges between the two nations. U.S. Central Command stated that the latest wave of strikes targeted Iranian command centers, air defense sites, and missile and drone capabilities, following Iran's attacks on vessels attempting to transit the Strait of Hormuz.

Iran has threatened to halt all Middle East energy exports if the blockade persists, sending tremors through global energy markets. Analysts note that the Strait of Hormuz carries roughly one-fifth of the world's oil shipments, and any prolonged disruption could have far-reaching consequences for the global economy, including Canada.

Stephen Saideman, director of the Canadian Defence and Security Network, said Canada faces a low direct security risk at present, but escalating conflict could drive up oil prices and disrupt supply chains, indirectly impacting Canadian consumers and the broader economy.

— CTV News

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📰 Ontario Disqualifies Five Private Career Colleges from OSAP Loans

Ontario's Ministry of Colleges and Universities has disqualified students at five private career colleges from accessing Ontario Student Assistance Program loans for the upcoming academic year, citing concerns over course enrolment practices at some institutions. Four Academy of Learning campuses and Citi College of Canadian Careers are affected by the decision.

The move comes amid a broader OSAP overhaul by the Ford government, which cited the "unsustainability" of the student financial aid program. The province is redirecting $6.4 billion over four years to post-secondary institutions while sharply reducing student grant funding. Data obtained by The Canadian Press showed nearly all recent growth in OSAP grants was concentrated among career college students.

The affected schools have applied to court for a judicial review, arguing the decision is unfair. The schools contend that while the minister can withdraw OSAP eligibility during an academic year, they cannot prevent eligibility for an upcoming year when an institution has not yet submitted an application. The courts have yet to rule on the matter.

— CP24

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📰 Ekati Diamond Mine to Close Early, Hundreds of N.W.T. Jobs at Risk

Canada's first diamond mine, the Ekati mine in the Northwest Territories, will shut down earlier than planned, marking the accelerating decline of Canada's diamond mining industry. Burgundy Diamond Mines CEO called the decision "deeply disappointing." Ekati has been an economic pillar of the N.W.T. since it began operations in 1998.

Industry observers say the decline of Canadian diamond mining has been accelerated by the growing popularity of lab-grown diamonds and U.S. tariff policies. Synthetic diamond retail prices continue to fall while supply from India and China surges, severely squeezing the natural diamond market. De Beers acknowledged in its 2026 Diamond Report that synthetic diamonds are inflicting unprecedented disruption on the natural diamond sector.

The early closure of Ekati will affect hundreds of miners and surrounding communities, dealing a major blow to the N.W.T. economy. Local governments and First Nations are urgently working on transition plans, including mine site environmental remediation and employment retraining programs.

— Global News

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📰 Apollo Emerges as Front-Runner for LNG Canada Stake Acquisition

New York-based private equity giant Apollo Global Management is emerging as the leading contender to acquire portions of Shell and Mitsubishi's stakes in the LNG Canada facility, according to sources familiar with the sales process. Several PE funds are aggressively bidding on the $18-billion liquefied natural gas export terminal in Kitimat, B.C.

Shell currently holds 40% of LNG Canada, while Mitsubishi holds 15%. Both companies were reported in January to be exploring partial stake sales. Canadian pension fund managers are also conducting due diligence on potential investments. LNG Canada's first phase began operations in 2025, exporting LNG from two processing trains to Asian markets.

In a separate development this week, five First Nations signed a $1-billion equity deal with LNG Canada, securing an option to invest in the proposed Phase 2 storage tank. If the Phase 2 expansion receives final investment approval — targeted by end of 2026 — it would represent one of the largest Indigenous ownership stakes in Canadian energy infrastructure.

— The Globe and Mail

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📰 Quebec and Alberta Partner to Integrate AI into Government Services

The governments of Quebec and Alberta have announced a partnership to work together on deploying artificial intelligence in public administration. Quebec's cybersecurity minister said the two provinces will build on each other's expertise to develop AI solutions for government services spanning healthcare, education, transportation, and other public sectors.

This interprovincial agreement breaks down traditional geographic barriers between Canadian provinces and reflects a shared vision of harnessing AI to improve government efficiency. Quebec is home to world-class AI research institutions like the Mila institute, while Alberta brings extensive experience in digital applications for the energy and agriculture sectors, creating strong complementarity.

Meanwhile, the federal government announced nearly $14 million in investments through Canada Economic Development for Quebec Regions to support 63 projects leveraging artificial intelligence for innovation and business development, further strengthening Quebec's position in the global AI landscape.

— The Canadian Press

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📰 Federal Ministers to Address First Nations Chiefs at AFN Assembly in Ottawa

Hundreds of First Nations chiefs are gathered in Ottawa for the third day of the Assembly of First Nations Annual General Assembly. Several federal ministers are expected to address the gathering today, responding to key concerns of Indigenous communities. AFN National Chief Cindy Woodhouse Nepinak opened the assembly Tuesday with a call for all levels of government to honour their commitments to First Nations.

Chiefs will debate the terms of an upcoming meeting with Prime Minister Mark Carney and provincial and territorial premiers. Key agenda items include land rights, resource revenue sharing, Indigenous child welfare reform, clean drinking water infrastructure, and follow-up actions on Missing and Murdered Indigenous Women and Girls.

Indigenous Services Minister Mandy Gull-Masty and other cabinet members are expected to outline the federal government's latest policy directions and funding commitments on First Nations issues. The assembly is seen as a critical preparatory meeting ahead of the tripartite First Nations-federal-provincial summit scheduled for this fall.

— CityNews Toronto

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📰 WestJet Flight Attendants Vote 99% in Favour of Strike Mandate

Thousands of WestJet flight attendants have handed their union an overwhelming strike mandate, with 99% voting in favour of job action. The Canadian Union of Public Employees, representing approximately 4,000 WestJet flight attendants, says workers could walk off the job as early as August if a new contract agreement is not reached. Ground pay during standby periods is the central sticking point in negotiations.

The union argues that under the current compensation system, flight attendants receive significantly lower pay for ground duties such as boarding and standby time compared to actual flight hours, severely affecting many workers' income. Nearly 250 flight attendants rallied outside WestJet's Calgary headquarters on Tuesday, calling for improved wages and working conditions.

WestJet has stated it remains committed to negotiating a fair agreement with the union. However, if no deal is reached before the August long weekend, a strike could cause widespread disruption to domestic flights during the peak summer travel season, potentially affecting hundreds of thousands of passengers.

— CTV News

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