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Oil Swings, Records Fall, and Bank Earnings Roll In: Markets Update — May 28, 2026

  Thursday is shaping up to be an eventful one for markets. A sharp rebound in oil prices — triggered by fresh U.S. military strikes in Iran overnight — is rattling futures this morning, even as Wall Street closed at fresh records on Wednesday. Here in Canada, the TSX pulled back sharply, weighed down by energy-sector volatility and mixed signals from the big banks. Traders are also keeping a close eye on two major U.S. data releases due today: April PCE inflation and the Q1 GDP second estimate. Canada The TSX had a rough Wednesday. The S&P/TSX Composite shed 241.82 points — roughly 0.70% — to close at 34,412.05, as energy stocks were dragged lower by falling crude prices. The loonie dipped slightly as well, with the Canadian dollar trading at 72.29 cents U.S., compared with 72.40 cents the day before. It's a big week for Canadian bank earnings, and results so far have been mixed but largely solid. Bank of Nova Scotia and BMO Financial Group both reported stronger second-quar...
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Federal Officials Ignored Auditor’s Call to Report Suspicious $160-Million Contract to RCMP


Federal officials have reportedly ignored calls from an auditor to refer a suspicious $160-million contract to the RCMP for investigation. The auditor, who was involved in a federal program prioritizing Indigenous companies, produced a report alleging that a large nurse staffing agency exploited its Indigenous partner and submitted fraudulent documents. Despite the auditor's substantial evidence and recommendation to involve the RCMP, federal officials chose not to act, citing concerns about potential troubles.

The contract in question was an eight-year agreement to deliver nursing services in remote Indigenous communities. The auditor's findings led to the removal of the joint venture from the Indigenous Business Directory managed by Indigenous Services Canada.

This case highlights ongoing issues within federal procurement practices and raises questions about accountability and transparency in handling allegations of fraud.



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