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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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GPS Jamming Incident Sparks EU Alarm Over Russian Electronic Warfare

 

                                    European Commission President Ursula von der Leyen.


Von der Leyen’s Plane Targeted in Suspected Russian GPS Attack

European Commission President Ursula von der Leyen’s aircraft experienced GPS jamming while approaching Plovdiv Airport in Bulgaria on Sunday, prompting renewed concerns over Russian electronic interference. The European Commission confirmed the incident, stating that Bulgarian authorities suspect “blatant interference by Russia” disrupted the satellite navigation system.

Despite the disruption, the plane landed safely using ground-based navigation aids. Von der Leyen was en route from Warsaw as part of a four-day tour of EU frontline states bordering Russia and Belarus, including stops in Lithuania, Finland, Estonia, Latvia, Poland, Romania, and Bulgaria.

Commission spokesperson Arianna Podestà emphasized that the incident “underlines the urgency” of von der Leyen’s mission, which aims to bolster defense cooperation and readiness across the EU. The president, a vocal critic of Russian aggression in Ukraine, has faced increasing threats amid rising tensions in the region.

This episode adds to a growing list of GPS jamming and spoofing incidents across Europe, particularly in the Baltic region, where countries like Finland and Latvia have reported frequent disruptions. Experts warn that such electronic warfare tactics pose risks to both civilian and military operations.

🇪🇺 In response, EU officials reaffirmed their commitment to strengthening defense capabilities and countering hybrid threats. The Kremlin has not commented on the allegations.


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