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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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Deadly Hong Kong Tower Fire Sparks Arrests Over Unsafe Renovation Materials

 

Members of the Hong Kong Police Force's Disaster Victims Identification Unit (DVIU) operate during a search operation at the Wang Fuk Court housing complex.


Hong Kong authorities have arrested 13 individuals on suspicion of manslaughter following the city’s deadliest fire in decades, which tore through the Wang Fuk Court housing estate last week. The blaze, which engulfed seven apartment towers, has claimed at least 151 lives, with more than 40 residents still missing.

Investigators revealed that substandard renovation materials played a critical role in fueling the inferno. Tests on a green mesh wrapped around bamboo scaffolding showed it failed to meet fire-retardant standards, allowing flames to spread rapidly across the high-rise complex. Officials also pointed to flammable styrofoam panels and faulty fire alarms as contributing factors.

Police teams conducting sweeps of the charred buildings discovered victims in stairwells and on rooftops, many trapped while attempting to escape. Some bodies were reduced to ash, complicating identification efforts. Authorities have vowed to hold contractors and renovation firms accountable, noting that unsafe materials were installed in hard-to-reach areas, making them particularly dangerous during emergencies.

The tragedy has sparked widespread grief and anger across Hong Kong, with residents questioning why earlier safety concerns raised during the renovation were dismissed as “relatively low risk.” The arrests mark the beginning of what is expected to be a far-reaching investigation into negligence, corruption, and regulatory oversight failures.

This disaster has not only shaken public confidence in building safety standards but also underscored the urgent need for stricter enforcement of fire safety regulations in densely populated urban environments.

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