The federal government has chosen the German-Norwegian consortium TKMS as the supplier of 12 new state-of-the-art submarines for the Royal Canadian Navy. Prime Minister Carney made the announcement saying “These subs will strengthen our defence industrial base, they will deepen our partnerships with trusted allies, and they will open new opportunities for Canadian businesses in European supply chains.” The partnership will generate $167 billion in total economic activity in Canada. Prime Minister Carney also states that TKMS is the best choice for Canadian workers as it will directly create and sustain an ecosystem of well over a hundred thousand well-paying jobs across Canada. We can confirm this means Canada will receive tens of billions in investment from TKMS. Carney’s government has vowed to meet NATO’s new defence spending target of 5% GDP to be reached by 2035.

Mayor Mark Sutcliffe says he will move a motion at the next city council meeting to help compensate residents affected by basement flooding following the record-breaking rainfall on July 1st. Speaking at a news conference yesterday, Sutcliffe said his motion would boost the funding to the Compassionate Grant Program, which offers $1,000 to qualified property owners and tenants affected by flooding due to a sewer surcharge event. Nearly 4500 homes were affected by flooding after the storm dropped 120 millimetres of rain. After a conversation with Premier Doug Ford, Sutcliffe expects Ontario will allow Ottawa residents to apply for the Disaster Recovery Assistance for Ontarians funding. Residents will have four months to apply for funding from when the program is activated.

Rogers Communications says it has signed a deal to buy the remaining 25% stake in Maple Leaf Sports and Entertainment from Kilmer Sports. This would give Rogers 100% ownership. The deal is worth 4.35 billion dollars. The MLSE owns the Raptors; the Toronto FC; the Argos; and the Leafs. Rogers Chief Executive Tony Staffieri calls this a defining moment for the company, and that it gives even more opportunity to invest in championship calibre teams, create unique experiences for customers and fans, and unlock long term value for shareholders. Last year Rogers closed a separate deal for 4.7 billion dollars with rival BCE to buy their 37.5 percent stake in MLSE.