The US/Iran MOU is a 14-point interim framework released by the United States on June 17, 2026, after an agreement reached over the prior weekend. [1]
Key points:
Iran commits not to build a nuclear weapon, though reports note this repeats a long-standing Iranian position rather than creating a new pledge. [2]
Both sides commit to negotiating a final deal within 60 days, meaning the MOU is not the final settlement. [3]
The framework reportedly codifies fragile ceasefires involving Iran and Lebanon and sets out areas for further negotiation. [5]
The agreement leaves major contentious issues unresolved, so execution risk remains high. [6]
Bottom line: this appears to be a de-escalation framework, not a comprehensive peace or nuclear deal. Its market significance depends on whether ceasefires hold, whether a final deal is reached within 60 days, and whether oil/geopolitical risk premiums fall.
The US/Iran MOU appears to affect Israel/Lebanon mainly through the Lebanon–Hezbollah front, but the details remain contested.
Lebanon ceasefire pressure: The agreement is expected to push toward ending the war in Lebanon, which could reduce immediate regional escalation risk. [1]
Hezbollah/Iran concern: Critics argue the MOU effectively recognizes Iran’s role in Lebanon and may strengthen Hezbollah’s political position by treating it as a successful Iranian proxy. [2]
Israeli security concern: Some Jewish/Israel-aligned groups argue the Lebanon provision does not clearly recognize Israel’s right to self-defense or Lebanon’s sovereignty. [3]
Implementation dispute: Iran reportedly says the agreement requires Israel to stop fighting Hezbollah and withdraw from south Lebanon, while Israeli leaders have not accepted that framing. [6]
Strategic risk: If Iran receives economic relief, some analysts warn it could rebuild missile, drone, or nuclear capabilities. [4]
Bottom line: de-escalation possible, but Israel may view the MOU as limiting its freedom of action while strengthening Iran/Hezbollah leverage.
Grocery retailer Empire Co. Ltd. EMP-A-T +3.04%increase wants to compete more for price-sensitive Canadian shoppers, with plans to open dozens of new discount stores in the coming years.
The Stellarton, N.S.-based retailer, which owns chains including Sobeys, Safeway, IGA, Farm Boy and FreshCo, announced on Thursday that it is accelerating investments in its store network. The company will open 20 new stores in the current fiscal year, and a total of 70 new locations over the next three years. More than three-quarters of those will be discount stores.
“We have a lot of room to grow in discount, without cannibalization of our network,” said president and chief executive officer Pierre St-Laurent on a conference call Thursday to discuss the company’s fourth-quarter earnings.
Canadians, who have been grappling with food affordability and stubborn inflation, have been increasingly turning to discount stores in an attempt to rein in household budgets. More recently, rising gas prices spurred by the conflict in the Middle East have also affected consumer confidence.
Mr. St-Laurent said he is hoping the initial deal to end the war, signed by the United States and Iran on Wednesday, will lead to lower fuel prices that will provide some relief to consumers.
Empire opened five new stores in its fourth quarter, four of which were discount FreshCo locations. Its plans include expanding the FreshCo banner in Atlantic Canada.
Including renovations and store conversions, Empire plans to complete 90 real estate projects annually, an increase of 25 per cent compared to fiscal 2025 and 2026, Mr. St-Laurent said.
In addition to the discount expansion, Empire has long-term plans to expand its pharmacy business, including by adding more pharmacy locations to grocery stores as they are renovated. Empire owns the Lawtons drugstore chain in Atlantic Canada, as well as operating pharmacies inside some of its existing grocery stores. That part of the business was not a focus for the company in the past, but represents a “meaningful opportunity” for future growth, Mr. St-Laurent said.
On Thursday, Empire reported higher sales and profits in the fourth quarter ended May 2 and increased its quarterly dividend paid to shareholders.
The company saw sales increase in both its discount and conventional grocery banners. Profits jumped by 22.5 per cent as the stores continued to make progress on “efficiencies,” including preventing food waste and offering a better mix of promotions.
The company reported net earnings of $212-million or 94 cents per share, compared with $173-million or 74 cents in the same period last year. That beat analysts’ expectations of $199-million or 87 cents, according to consensus estimates from S&P Capital IQ.
Sales grew to $7.8-billion in the quarter, up 2.2 per cent compared with the same period last year.
At the grocery stores, same-store sales – an important industry metric that tracks sales growth excluding the impact of newly opened locations – grew by 1.5 per cent year-over-year.
The company announced it will raise its quarterly dividend to 24.25 cents per share, up from 22 cents.
Empire is continuing to fight cost-increase requests from its suppliers, who have been asking retailers across the industry to help them offset the effect of higher fuel prices caused by the Middle East conflict.
“Consistent with our approach on tariffs, we are pushing back on fuel-related surcharges,” Mr. St-Laurent said during the call, referring to similar cost-increase requests that came last year after Canadian counter-tariffs on U.S. imports, applied in reaction to the Trump administration’s tariffs on Canadian goods, also put pressure on the cost of food.
The pushback has helped to keep Empire’s price increases lower than overall food inflation in Canada, according to the company.
“We know many consumers remain stretched,” Mr. St-Laurent said.
The Globe and Mail first reported in April that suppliers such as Maple Leaf Foods Inc., Tree of Life and Unilever PLC had told grocers they planned to apply either surcharges or overall cost increases amid the surge in fuel prices.
Competitors Loblaw Cos. Ltd.L-T +0.32%increase and Metro Inc.MRU-T +0.27%increase have also previously said they were declining these requests – a pattern that has raised concerns among small independent grocers about an imbalance in the industry, as they lack the size and market power to push back in the same way.
“We’re not accepting anything,” chief customer officer, Luc L’Archevêque, said during the call.
Earlier this year, the company shut down its Voilà e-commerce facilities in Alberta and took a $746-million writedown on the business after the financial results from its e-commerce strategy fell short of expectations.
Since ending its exclusive relationship with e-commerce technology partner Ocado, Empire has struck new partnerships with third-party delivery services Instacart, Uber Eats and Door Dash, which contributed to 6-per-cent e-commerce sales growth in the fourth quarter.
Online sales growth lagged competitors during the quarter, and slowed because of the Alberta closings, Mr. St-Laurent said. He added that Empire is expecting the economics of its e-commerce business to improve in the year ahead.
This comes directly from ISC’s official 2026-2027 Departmental Plan. It breaks down as roughly $23.79 billion for the core responsibility (Indigenous Well-Being and Self-Determination) plus internal services.
Recent Context and Trends
2025-26 forecast: Around $27.1 billion (or ~$25 billion in some earlier plans).
ISC (and the related Crown-Indigenous Relations and Northern Affairs Canada, or CIRNAC) saw significant growth in prior years, with combined spending reaching ~$63 billion in FY 2024 (about 12% of the federal budget in some reports). Much of this consists of transfer payments, grants/contributions for services like health, education, housing, social programs, and infrastructure on reserves.
Budget 2025 adjustments: ISC faces ~2% reductions (around $494 million annually starting 2026-27, alongside CIRNAC), which is lighter than broader government cuts. This contributes to multi-year savings targets, though the departmental plan figures above do not yet fully reflect finalized implementation of those cuts.
These funds primarily support services for First Nations, Inuit, and Métis peoples, including health care, education, child/family services, housing, water infrastructure, governance, and economic development. A large portion flows as transfers to communities or organizations rather than direct federal administration.
Notes on “Cost to Taxpayers”
This is direct federal departmental spending funded by Canadian taxpayers via the federal budget.
Total broader federal Indigenous-related spending (including CIRNAC, other departments, settlements, etc.) is higher and has grown substantially in recent years (e.g., nearly tripling from ~$11B in 2015 to over $32B by some 2025 estimates).
Figures can vary between Main Estimates, actual expenditures, forecasts, and supplementary estimates due to one-time items, statutory spending, or adjustments (e.g., Jordan’s Principle, settlements).
For the most precise/current details, check the full ISC 2026-27 Departmental Plan on the linked Canada.ca site or the latest Public Accounts of Canada. Spending is transparent but complex due to distinctions-based (First Nations/Inuit/Métis) and transfer-heavy nature.
SpaceX’s record-setting IPO is creating a financial windfall for thousands of the company’s current and former employees who received stock as part of their compensation.
Workers who hold stock in non-public companies are subject to restrictions that can keep them from selling those shares under most circumstances before an IPO occurs. Once the stock goes public, it starts a timeline under which they can begin to sell some of those shares as so-called “lock-up periods” gradually allow employees to sell shares in tranches that expand over time.
The ranks of SpaceX workers who will see an influx of wealth as a result of the IPO include not only those who design the rockets and satellites that have made the company famous, but also baristas, janitors and other workers who helped keep the company running.
FOX Business spoke with workers outside of SpaceX’s facility in Hawthorne, California, about their plans for the monumental IPO turning into a reality.
One SpaceX employee, who said that he’s a process planner, said that he wants to “try to stay healthy” and that the IPO is “a beautiful thing… I mean, Elon is the best. Go Elon!”
Another SpaceX employee said that, “I’ve been a millionaire for a while, but it’s always nice to have money. It’ll be great when the lock-up period is out, of course, and we can actually sell some of it and that’ll feel a little more into the wealth, but it’s a great day.”
Juan Hernandez, who previously worked as a welder at SpaceX, told CBS News that when he was first hired by the company in 2015 he was offered $10,000 in stock. He explained that it “wasn’t a big deal” to him at the time and, “I didn’t know it was gonna be this big, at this point.”
Hernandez, who now works at Blue Origin after a 10-year stint at SpaceX, told CBS that he has around 6,500 SpaceX shares that would represent a nearly $880,000 windfall based on the IPO listing price of $135 a share. He added that giving employees stock options encourages them to “perform a lot better because, I mean… it’s their company as well.”
He went on to tell the outlet that he wants to maintain a strong work ethic after the IPO and plans to keep working, and expressed gratitude to Musk for “making all these lives much better and meaningful for their families as well.”
The Wall Street Journal reported that J. André Lavoie, a 63-year-old former SpaceX engineer who moved to Italy five years ago, has shares valued at over $28 million based on the IPO price. Lavoie plans to use the funds to renovate a hotel he purchased and is considering helping others in the community transition from heating their homes with burning wood to cleaner heating sources.
“I don’t want to just die with a pile of money in the bank,” Lavoie told the Journal. He added that the rise in the value of the shares has caused him to reconsider his plans. “Every year the shares have been going up so radically it keeps messing up my life plans.”
The Journal also spoke with 27-year-old Maryellen Musselman, who joined SpaceX in 2022 and worked on a ship used in retrieving rocket parts from the company’s launches that splashed down off the coast of Florida.
Musselman used 10% of her pay to purchase additional shares during the two years she worked at SpaceX and said that while she’s unsure of how quickly she’ll look to sell, saying it’ll likely be “an 11th-hour decision.”
She wants to use the money to help her start a ship repair business in Chesapeake, Virginia, saying that, “Mariners are not usually stock owners in their companies, they’re not always under benefits.”
Tom Mueller, who was hired as SpaceX’s first employee in 2002 and led projects including the Merlin Engine that powers the Falcon 9 rocket, the Raptor Engine that powers Starship and other key propulsion systems, told FOX Business’ “The Claman Countdown” on Thursday that the IPO would be life-changing for employees.
“Elon always said that ‘Your salary is one thing, but it’s the equity that’s gonna be worth something.’ And we are all like, ‘Yeah, okay someday,’” Mueller said. “That day is here. It’s great.”
Johnson & Johnson is betting big on America, crediting Trump tax policies, top talent and a strong investment environment for inspiring a $55 billion U.S. investment push that spotlights growing confidence in U.S. manufacturing.
“We have the best talent, we have the best investment environment and, very importantly, we have now the tax policy enacted with this administration that has enabled us to be competitive,” CEO Joaquin Duato said on FOX Business’ “Mornings with Maria” on Tuesday.
“We’re playing with a hand tied to our back compared to companies that were domiciled outside of the U.S.”
“Now we can create high-skilled jobs, we can invest in America, and we can be competitive,” he added.
Prime Minister Mark Carney says he’s seen a copy of the preliminary deal struck between the U.S. and Iran to end hostilities in the Middle East and is calling it a “game changer.”
“I have to say, it’s exceeded my expectations. We’re very pleased with the deal that’s been struck,” the prime minister said in an interview with CNN’s Kaitlan Collins on the sidelines of the G7 summit in France.
The precise terms of the deal haven’t been made public, and Carney didn’t say specifically how he came across the copy he reviewed other than “sources.” He also didn’t address criticism of the deal, namely that negotiations didn’t include Israel or Hezbollah.
U.S. President Donald Trump is also attending this week’s G7 summit, and Carney said Iran was a top priority for himself and other world leaders.
Officials have sometimes offered contradictory interpretations of what’s in it. One portion of the agreement that has been publicly reported is that negotiations over Iran’s nuclear program will need to take place over a 60-day period once the deal is signed.
Carney didn’t get into too many details of what is included in the deal in the brief interview. But he told Collins that it “sets the groundwork to ensure Iran doesn’t have a nuclear weapon.”
“The Rubicon, if I can use that metaphor, has been crossed,” the prime minister said of that portion of the agreement.
Other details, including the fate of its stockpile of highly enriched uranium, will still need to be addressed during the 60-day negotiating window.
One point of the deal on which officials have offered conflicting views is how it impacts Israel’s military presence in Lebanon. Carney said the agreement offers a groundwork for “a solution in Lebanon,” but didn’t offer any further details.
Carney also said that the G7 and larger international community should have a role in ensuring the deal remains intact.
The unpublished agreement provides for the opening of the Strait of Hormuz and lifting of the blockade, according to a senior U.S. official who spoke to reporters on condition of anonymity to discuss outlines of the agreement on Monday.
The strait is a key corridor for the world’s oil supply. Typically about 20 million barrels of oil pass through the strait every day. But that supply was cut off during the 100-day conflict, sending gas prices skyrocketing.
In the past Carney has suggested Canada could help with removing mines from the strait, but he told Collins there are other aspects with which the country can assist once the deal is signed.
“One of the big lessons here is don’t be held hostage to one choke point in the global economy,” Carney said.
“In some of these cases, we can really help with that,” he said, specifically mentioning oil, gas and critical minerals.
Part of the 60-day negotiations would address the potential lifting of sanctions.
The prime minister told Collins that Canada could also help on the “financial” portions of the agreement — specifically mentioning the unfreezing of assets.
Canada’s main stock index rose to a record high on Tuesday after U.S. President Donald Trump said at the G7 summit that Washington’s deal with Tehran was moving ahead.
At 10:42 a.m. ET, the Toronto Stock Exchange’s S&P/TSX Composite index was up 40.65 points, or 0.12 per cent, at 35,316.22.
The interim agreement would extend a tenuous ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which has been effectively blocked since February, after U.S.-Israeli strikes against Iran.
“The Middle East conflict deal is definitely supporting markets, and the rally is based on hopes that a final signing will happen, but it is more of a memorandum of understanding, not an official document, with key details still to be discussed,” said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
The materials index, which includes stocks of metal miners, was up 2.2 per cent, leading gains on the resource-heavy TSX. SSR Mining, NovaGold Resources and Seabridge Gold rose between 5.6 per cent and 10.2 per cent.
Mining stocks were also supported by a rise in gold prices as expectations of interest rate hikes from the U.S. Federal Reserve this year eased, following news of the interim U.S.-Iran deal.
Heavyweight financials rose 0.4 per cent, adding to gains.
Six of the 10 TSX sectors were in the green, with the energy sub-index being the biggest drag, down 0.8 per cent, after oil prices fell to a three-month low on the prospect of renewed supplies against weak physical demand.
“The price of oil is falling quite rapidly and if there is some sort of deal, I anticipate it going back to where it was before the conflict,” Small said.
Meanwhile, Canadian home sales rose 5.5 per cent in May, making up some ground after a slow start to the typically active spring market, and prices edged lower, data from the Canadian Real Estate Association showed.
Apparel maker Gildan Activewear (GIL-T -23.80%decrease) fell 5.1 per cent after Jehoshaphat Research said it is shorting the stock.
The blue-chip Dow touched an intraday record high on Tuesday as oil prices slid further on optimism around a U.S.-Iran peace deal, while SpaceX surpassed Amazon’s market value to become the fifth-most valuable U.S. firm.
Shares of SpaceX climbed almost 9.5 per cent, helping the company overtake Amazon’s market value.
The Elon Musk-led company said it would acquire software firm Anysphere for US$60 billion in a bid to ramp up its presence in the enterprise AI market.
Memory chip stocks rose, with Western Digital and Seagate Technology adding 9 per cent and 6 per cent, respectively.
Still, the S&P tech index was down 0.5 per cent after a sharp rally in the previous session.
Seven out of 11 major S&P 500 sector indexes moved higher as investors rotated into economically sensitive pockets of the market. Financial shares led gains with a 1.1 per cent rise.
Goldman Sachs gained 1.3 per cent, aiding the Dow, while JPMorgan and Bank of America added 1.8 per cent and 1.2 per cent, respectively.
The energy index lost 0.4 per cent as oil prices dropped to nearly a three-month low.
U.S. stocks rallied in the previous session after U.S. President Donald Trump said a preliminary agreement to end the conflict had been signed.
Still, doubts swirled around the deal as shippers said it could take weeks for confidence to return after any reopening of the Strait of Hormuz.
Markets will next turn to the Federal Reserve’s monetary policy decision on Wednesday.The central bank is widely expected to hold interest rates at the 3.50-3.75 per cent range, with investors closely watching Warsh’s comments on inflation, unemployment and the economic outlook.
“All eyes are on Warsh’s press conference, guidance and expectations for the market. But given the (U.S.-Iran) deal seems to be inked he has a little bit more latitude to be balanced,” said Thomas Hayes, chairman at Great Hill Capital.
“Historically, the market gets tested with a new Fed chair in the first year or so. There’s usually some market volatility.”
Inflation, in particular, is stuck more than a percentage point above the Fed’s 2 per cent target, and Warsh’s characterization of whether and when it is likely to fall will be a key first step in the evolution of monetary policy under his leadership.
Traders see a 42 per cent chance of a 25-basis-point rate hike in December, as per CME Group’s FedWatch tool, with rate cuts seen coming only after mid-2027.
The Dow Jones Industrial Average rose 360.77 points, or 0.70 per cent, to 52,031.80, the S&P 500 gained 7.49 points, or 0.10 per cent, to 7,561.78 and the Nasdaq Composite gained 35.07 points, or 0.13 per cent, to 26,719.01.
The benchmark S&P 500 was also near early June record highs after a slump driven by concerns about high valuations in the technology sector and the U.S.-Iran conflict.
Qualcomm rose 3.6 per cent after the Information reported that the chipmaker was in talks to acquire AI chip startup Tenstorrent for US$8 billion to US$10 billion.
Robinhood was up 1.1 per cent as the trading platform said it would cut 10 per cent of its full-time workforce and close remaining open roles.
