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5 Things to Know Today: Canada Enters Recession, Oil Slips on Iran Ceasefire Talk

Saturday, May 30, 2026 — Your quick-hit Canadian financial briefing for the day. 1.Canada Officially Meets the Definition of a Technical Recession Statistics Canada confirmed Friday that real GDP contracted 0.1% on an annualized basis in Q1 2026 — following a revised 1.0% drop in Q4 2025 . That's two straight quarters of negative growth, which meets the technical definition of a recession. The miss was a big one: economists had forecast growth of 1.5% . The main culprits were a surge in imports (up 2.9%, largely gold), declining business capital investment (down 0.7% — its fifth consecutive quarterly drop ), and weakness in resource extraction and construction. On a per-capita basis, GDP actually edged up 0.2% as Canada's population shrank for the second quarter in a row. Not everyone is ready to call it a full recession: some economists note that three of the four weak months were isolated, and early April data points to a sharp 0.4% rebound . Still, the numbers ...
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History in the Making: Botswana Unearths 2,492-Carat Diamond

 

In a remarkable discovery, Botswana has unearthed the largest diamond found in over a century. The colossal 2,492-carat stone was recently revealed at a viewing ceremony in Gaborone, the country’s capital. This extraordinary find, weighing approximately half a kilogram, marks a historic moment for Botswana and the diamond industry.

The as-yet-unnamed diamond was presented to the world by Botswana’s President, Mokgweetsi Masisi. His awe-struck reaction—“It is overwhelming. I am lucky to have seen it in my time”—captures the significance of this remarkable gem. Senior government officials were equally amazed, gathering to take a closer look at the fist-sized wonder.

The diamond was recovered from the Karowe Mine in central Botswana by Lucara Diamond Corp., a Canadian mining company. Using advanced X-ray technology, Lucara identified this “exceptional” rough diamond, which remains intact and of high quality. While its value is yet to be determined, it already holds a place in history as the largest diamond found in 119 years.

For context, the famous Cullinan Diamond, discovered in South Africa in 1905, weighed 3,106 carats and was cut into gems that now adorn the British Crown Jewels. Botswana, known for its natural diamond production, continues to make headlines with its remarkable finds. As the second-biggest producer of natural diamonds globally, the country has consistently unearthed some of the world’s most significant stones. 

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