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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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Afghanistan Reels from Deadly Quake as Taliban Appeals for Global Assistance

                            People have been forced into the open after their homes were destroyed by the earthquake.

A powerful magnitude-6.0 earthquake struck eastern Afghanistan late Sunday night, leaving a trail of devastation across the mountainous provinces of Kunar and Nangarhar. More than 800 people have been confirmed dead, with at least 2,800 injured, as entire villages were flattened and mudbrick homes collapsed under the force of the tremor.

The disaster has overwhelmed the Taliban-led administration, which is already grappling with dwindling foreign aid and widespread humanitarian challenges. Taliban spokesperson Zabihullah Mujahid reported that 812 people were killed, with the majority of casualties in Kunar province.

Rescue efforts have been severely hampered by heavy rains, landslides, and blocked roads, making many remote areas inaccessible. Helicopters have been deployed to evacuate the wounded, while residents continue to dig through rubble with their bare hands in search of survivors.

Sharafat Zaman, a spokesperson for the Taliban health ministry, issued an urgent plea for international assistance: “We need it because here lots of people lost their lives and houses,” he told Reuters.

The United Nations and humanitarian agencies have begun mobilizing aid, but logistical challenges and political tensions remain. With graveyards overflowing and families mourning mass casualties, the scale of the disaster has underscored Afghanistan’s vulnerability to natural calamities—and its dependence on global solidarity in times of crisis.


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