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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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Mandelson Calls Epstein Ties “Albatross Around My Neck” Amid Renewed Scrutiny

Donald Trump shakes hands with Peter Mandelson after announcing a trade deal with the UK in the Oval Office at the White House

Britain’s ambassador to the United States, Peter Mandelson, has publicly expressed deep remorse over his past association with convicted sex offender Jeffrey Epstein, admitting the relationship lasted “far longer than I should have allowed”.

The veteran Labour figure, once a key strategist under Tony Blair, has faced mounting criticism after the release of a “birthday book” containing a 2003 letter in which he referred to Epstein as his “best pal.” Speaking to The Sun, Mandelson described Epstein as a “charismatic criminal liar” and said he felt “profound sympathy” for the women who suffered because of his crimes.

Mandelson acknowledged he had taken Epstein’s assurances about his criminal case at face value, a decision he now regrets “very much indeed.” He likened the association to “an albatross around my neck” since Epstein’s death in 2019.

Despite the controversy, Prime Minister Keir Starmer has reaffirmed his confidence in Mandelson, citing his role in strengthening UK–US trade ties. However, further documents and correspondence between the two men are expected to surface, potentially prolonging the political fallout.

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