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Canada Launches $25B Wealth Fund

Canada is set to establish its first-ever national sovereign wealth fund, the Canada Strong Fund, with an initial endowment of $25 billion, Prime Minister Mark Carney announced on Monday at the Canada Science and Technology Museum in Ottawa.

The fund, designed as a national savings and investment vehicle, aims to grow wealth for future generations by linking federal support to major nation-building initiatives such as ports and natural resources projects. Carney emphasized its role as a “people’s fund,” promising that all Canadians will have a direct stake in the country’s prosperity. “This is about ensuring that you—and your children, and your children’s children—benefit from the prosperity we create today,” he said.

You can read more on the matter here.

What’s going on?

• Marilyn Gladu “Betrayed Her Constituents,” Says Poilievre (theDeepDive)

• How a collapsing rental market is costing some homeowners more than they bargained for (FP)

• Probe $300 Million PrescribeIT Federal Spending, MPs Demand (theDeepDive)

• Jury selection kicks off in Musk v. Altman trial (CNBC)

• Pakistan Is Shipping LNG From Louisiana Because the Strait of Hormuz Is Closed (theDeepDive)

• Trump Calls on Disney to Fire Jimmy Kimmel After Melania Joke (WSJ)

• Carney Set To Unveil Canadian Sovereign Wealth Fund in Economic Push (theDeepDive)

• US being ‘humiliated’ by Iran, says German Chancellor Friedrich Merz (FT)

• Gallup: Nearly Half of Americans Now Rate the Economy as Poor (theDeepDive)

What’s the latest?

• Energy: Shell plc will acquire ARC Resources Ltd. for $22B, valuing shares at $32.80 (0.40247 Shell shares + $8.20 cash), expanding its position in the Montney shale where ARC produces ~374,000 boe/day. The deal strengthens Shell’s LNG strategy tied to LNG Canada and signals potential expansion, amid broader M&A activity in Canadian gas, with the transaction expected to close in H2 pending approvals.

• Tech: Microsoft and OpenAI revised their partnership, ending Microsoft’s exclusive access and allowing OpenAI to sell across rival clouds while keeping Microsoft as primary partner with IP rights through 2032 and revenue-sharing capped through 2030. The shift reduces Microsoft’s dependence on OpenAI, eases antitrust pressure, and expands OpenAI’s enterprise reach amid rising competition from Amazon and Alphabet.

• Crypto: Perpetual futures (“perps”) are rapidly expanding in the U.S., with volumes reaching $61.7T in 2025 (+29% YoY) and accounting for over 70% of centralized crypto trading, as platforms like Coinbase and Robinhood face potential competition from prediction markets like Kalshi and Polymarket. Regulatory support from the Commodity Futures Trading Commission could enable onshore growth, but high leverage (up to 100x) and risks like volatility, liquidation cascades, and market manipulation remain key concerns.

• Real Estate: The B.C. Real Estate Association forecasts British Columbia home sales to fall 2.1% in 2026 to ~69,000 units, with average prices declining 1.4% to about $939,800 due to high inventory levels, the highest since 2015. Weakness is concentrated in expensive markets like the Lower Mainland, while a rebound is expected in 2027 with sales projected to rise 7.7% if economic stability improves.

• Politics: Donald Trump discussed Iran’s proposal to reopen the Strait of Hormuz in exchange for ending the war and lifting the U.S. blockade, though no decision has been made and officials like Marco Rubio rejected conditional access as unacceptable. The strait—handling ~20% of global oil—remains largely restricted, with at least 38 ships turned away, while a fragile ceasefire continues and negotiations remain stalled after canceled talks involving Jared Kushner and Steve Witkoff.

Why Government Grocery Stores Will Fail

The stock market and stuff

• Adidas Shares Spike As Its Shoes Fit London Marathon Winners (theDeepDive)

• Shell To Acquire ARC Resources In $22B Cash-And-Share Deal (theDeepDive)

• Rogers Communications offering buyouts to half its work force (Globe)

• China Blocks Meta’s $2 Billion Acquisition of AI Agent Manus, Orders Deal Unwound (theDeepDive)

• Microsoft Ends OpenAI Revenue Payments In AI Reset (theDeepDive)

• Seabridge Gold Details Terms of Massive Courageous Lake Spin-Out (theDeepDive)

In the juniors

• Real Brokerage to Acquire Re/Max in $880 Million Deal to Build Global Real Estate Platform (theDeepDive)

• Emperor Metals Hit Visible Gold Again at Duquesne West Gold Project (JMN)

• Buffalo Potash Outlines $1.1 Billion NPV For Flagship Project, Construction Set To Start In July (theDeepDive)

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