Start your day off right with five things you need to know this morning.
Five things you need to know
The United Arab Emirates has been told by the federal government that there is nowhere for them to invest the $70 billion Mark Carney said the country had committed to plough into Canada. According to the Financial Times newspaper, three Canadian officials spoke of a disconnect between Carney's words and reality, with one saying "the PM keeps talking about" the money pledged by the UAE, though "none of that has been deployed." Former Quebec Premier Jean Charest, who co-chairs the UAE-Canada Business Council, said the Major Projects Office had given the Emiratis "the only answer they could give them, at this point, we’re not ready," adding that "that is the same answer for everyone." Charest explained that the UAE had "raised interest" in the new Alberta-BC oil pipeline, but did not elaborate. Carney, meanwhile, also said a critical minerals deal with the UAE was "in the process of being finalized" back in November, but it has yet to become a reality.
Canada tells UAE it is not ready for its C$70bn investment https://t.co/FZZ5dsk7vL
— Middle East & Africa (@FTMidEastAfrica) July 7, 2026
While Mark Carney might be struggling to make his economic plans a reality, he is having far greater success in the political field. He announced this morning that he is naming a Tory MP – Richard Martel – to the Senate, depriving the opposition of yet another representative and forcing a by-election in a highly contested riding. Carney also said he'll be appointing a Liberal official, Tom Pitfield, to the Senate, removing the "non-partisan criterion" governing the Red Chamber in the process.
Carney has named his principal secretary and a Conservative MP to the Senate and says he is dropping the non-partisan criteria for appointments to the upper chamber https://t.co/0rl64UdTRk
— CityNews Toronto (@CityNewsTO) July 7, 2026
A Republican legislator has put forward legislation that would punish Canadian provinces for their "unfair" restrictions on the sale of US booze. The Combating Attacks on our National Alcoholic Drinks by Allies (CANADA) Act was proposed by Congresswoman Claudia Tenney of New York, who said: “Canadian provinces cannot be allowed to hold American wineries, breweries, and distilleries hostage and attempt to ransom them ... American wineries, breweries, distilleries, and other beverage producers deserve fair access to Canadian markets, not discriminatory treatment from one of our closest trading partners."
Republican to introduce bill prompting trade investigation of Canadian booze bans https://t.co/DTMxDguifJ
— CTV News Northern Ontario (@CTVNewsNorthern) July 6, 2026
In more US-Canada trade news, Statistics Canada revealed this morning that Canada's merchandise trade surplus with the US expanded to a four-year high in May. Exports to the US – led by resources – were at the highest level since February of 2025, according to the agency, resulting in a surplus of $4.24 billion.
Canada’s trade surplus widened to its largest in four years as metals and minerals exports ramped up. https://t.co/u01gQgqY3A
— Bloomberg (@business) July 7, 2026
A ship carrying thousands of passengers on an LGBT-themed cruise has been denied entry into Turkey because it doesn't "align with the structure of our society and our moral values.”
Cruise carrying thousands of LGBTQ+ passengers denied entry to Turkey https://t.co/pJecnteSMo pic.twitter.com/PNtfj5VQ6y
— Global News Trending (@GNewsTrending) July 6, 2026
