Morning Briefing — May 11, 2026

World News

Putin says Russia-Ukraine war 'coming to an end' as three-day ceasefire begins — Russian President Vladimir Putin has suggested that his country's war on Ukraine may be 'coming to an end' and expressed a willingness to meet Ukrainian counterpart Volodymyr Zelenskyy in a third country if a long-term peace deal is reached. The remarks came as Russia and Ukraine began a three-day ceasefire and agreed to exchange 1,000 prisoners, raising cautious hopes of renewed diplomatic progress. Al Jazeera / Reuters

Trump rejects Iran's latest peace proposal as 'totally unacceptable' — Oil surged after US President Donald Trump rejected Iran's latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz. In a social media post, Trump said the response was 'TOTALLY UNACCEPTABLE' as the two sides struggle to maintain a fragile ceasefire following a series of flareups in hostilities. Bloomberg

Russia breaks three-day ceasefire with drone strikes on Ukraine — Russia broke the 3-day ceasefire as strikes killed 1 and injured 19 across Ukraine, with Ukraine's Air Force saying it intercepted all 27 drones launched by Russia from Primorsko-Akhtarsk and Millerovo overnight. A Russian drone attack hit a nine-story apartment building in Kharkiv's Industrial district, with two 8-year-old boys suffering acute stress reactions though no casualties were reported. Kyiv Independent

Hantavirus cruise ship outbreak triggers global health response — Four Canadian passengers who were onboard MV Hondius during a hantavirus outbreak will fly to an airport near Quebec City where they'll switch planes to return to British Columbia. World Health Organization officials are working on step-by-step operational guidance for the safe disembarkation of passengers and crew once they reach land. Global News

Hungary's Péter Magyar becomes prime minister after 16 years of Orbán rule — The E.U. flag was raised outside Hungary's Parliament on Saturday, as the incoming leader vowed to heal a relationship pushed to breaking point by his far-right predecessor. The transition marks the end of Viktor Orbán's long tenure and signals a major shift in Hungary's relationship with Brussels. NBC News

Scaled-back Russian Victory Day parade features North Korean troops — This year's parade was more subdued than usual, with videos of military hardware shown on giant screens rather than tanks and missile systems rolling through Red Square. For the first time, Saturday's parade featured troops from North Korea, a tribute to Pyongyang that sent its soldiers to fight alongside Moscow's forces. Al Jazeera

Trump heads to Beijing for high-stakes summit with Xi Jinping — At the summit with Xi Jinping to be held in Beijing on May 14-15, 2026, Donald Trump is expected to raise the issue of China's relations with Iran and Russia. The summit comes amid heightened tensions over the ongoing Iran war and global trade disputes. Reuters / BBC

Six found dead in cargo train boxcar in Texas — Six people were found dead inside a cargo train boxcar in Texas, according to officials. Authorities are investigating the circumstances of the deaths, with the case raising fresh concerns about migrant smuggling routes through the region. NBC News / Guardian

Business

Canada's economy sheds 18,000 jobs as unemployment rises to six-month high — April's loss means Canada has shed jobs in three of the four months so far this year, making for 112,000 jobs lost since January. The Statistics Canada data indicates continued weakness in the labour market, which has struggled in the face of U.S. tariffs and trade uncertainty. Average hourly wages of permanent employees grew 4.8 per cent from a year earlier, versus 5.1 per cent in March. CBC

Oil prices surge to $104 as Iran ceasefire teeters — Brent crude futures advanced as much as 3.5% to $104.80 a barrel, while West Texas Intermediate climbed to near $99, as Trump rejected Iran's response. Asian stocks climbed as traders doubled down on the AI trade, brushing aside Middle East tensions even after President Trump rejected Iran's latest peace proposal, sending crude oil higher and Treasuries lower. Bloomberg

Asian stocks climb on AI optimism despite Middle East tensions — MSCI's Asia Pacific equities gauge rose 0.6% with technology shares outperforming. South Korea, a poster child for AI investments, gained 5% to a record. A Bloomberg gauge of Asian chipmakers hit a peak after the Philadelphia Semiconductor Index surged to an all-time high on Friday. Video game maker Nintendo Co., however, fell as much as 10% in Tokyo after warning about higher chip prices. Bloomberg

Bell fires employees over alleged falsified attendance records — Bell fired employees it claims falsified attendance records, but some deny the allegations. The story comes amid a broader period of turmoil for Canadian telecoms. The firings have prompted questions from unions about due process and surveillance practices in the sector. CBC

Air Canada cuts more flights as jet fuel prices soar — Air Canada cut more flights due to soaring jet fuel prices, joining other carriers responding to fuel cost pressures triggered by the Iran war and Strait of Hormuz disruption. The cuts come amid wider warnings that airlines globally are slashing routes as fuel shortages mount. CBC

China's April exports rise 14.1% despite Iran war and US tariffs — China's exports rose 14.1 per cent in April from a year earlier, the government said Saturday, despite the Iran war and lingering impacts from higher U.S. tariffs. The resilient export figures suggest China's manufacturers are continuing to find global markets even as geopolitical pressures mount. BNN Bloomberg

Honda halts $15B Ontario EV plant development — Honda is more definitively halting its $15B EV plant development in Ontario, according to reports. The decision is a major blow to Canada's electric vehicle ambitions and reflects broader slowing in EV investment across North America. CBC

Toronto-based Sherritt scales back Cuba mining joint venture amid US sanctions — Toronto-based Sherritt is pulling back from its mining joint venture in Cuba amid expansion of U.S. sanctions. The retreat highlights the widening reach of Washington's sanctions regime and its impact on Canadian extractive companies. CBC

US electricity prices become major midterm election issue — Voters across the US are angry about rising energy costs, making the price of electricity an unusual force in high-stakes midterm elections for the first time ever. Surging power demand from AI data centers is compounding existing inflation in household energy bills. Bloomberg

Technology

Big Tech commits record $725 billion in AI capex while slashing jobs — Meta, Amazon, Microsoft, and Alphabet have collectively signaled roughly $725 billion in capital expenditures for 2026, almost entirely earmarked for data centers, custom chips, GPUs, and AI models—an increase of more than 75% year-over-year. At the same time, Meta plans to lay off 8,000 employees in May, Amazon has cut roughly 30,000 roles in recent months, and Microsoft has offered voluntary buyouts to about 125,000 employees. Tech Startups

Wall Street's AI chip love shifts from Nvidia to Intel, AMD and Micron — All four of those companies have more than doubled in value this year, with Intel leading the way, up well over 200%. Nvidia, meanwhile, is only slightly ahead of the Nasdaq in 2026, gaining 15% for the year, aided by an 8% rally this week. Memory has been the biggest theme of late due to a global shortage that's driven up prices, with Micron blowing past an $800 billion market cap and the stock up over 750% in the past year. CNBC

Nvidia tops $40 billion in AI equity investments — Nvidia stepped on the gas last year, putting cash into companies up and down the AI infrastructure stack and helping to fund businesses that could turn around and buy the chipmaker's technology. Its $5 billion bet on Intel is now worth over $25 billion, and in 2026 the pace has kicked into overdrive, with Nvidia already topping $40 billion in commitments. CNBC

Telus call centre agents fear AI co-pilots will replace them — CBC News obtained an email Telus sent to employees in January stating agents are 'expected to use' a specific AI co-pilot on '100% of retention calls.' The employee explained that human agents type in what customers are asking for so the co-pilot can walk them through what to do and suggest offers. Some estimates say the market for autonomous AI agents is projected to grow from $10.4 billion Cdn in 2025 to more than $190 billion Cdn by 2033. CBC

OpenAI's custom chip plan with Broadcom hits $18 billion financing wall — OpenAI's effort to build custom AI chips with Broadcom has reportedly run into an $18 billion financing hurdle. The deal is part of OpenAI's broader push to reduce dependence on Nvidia and lower long-term compute costs. The snag highlights how expensive AI independence has become. The Information / Tech Startups

Canvas cyberattack hits Canadian universities including U of T, UBC, U of A — The U of T, UBC and U of A are amongst the major Canadian post-secondary institutions dealing with fallout from a cybersecurity incident involving a popular platform called Canvas. The breach affects students and staff across multiple campuses during a critical period of the academic calendar. Global News

Telecom workers warn AI being used to monitor staff and mask offshore accents — In opening remarks, Unifor telecommunications sector director Roch Leblanc said he was 'aware that at least one company was using AI to mask accents of offshore agents,' which could 'mislead Canadians' into believing they were speaking with Canada-based employees. He said customers should be informed when AI is being used. CBC

EU softens AI rules under industry pressure — EU lawmakers and member states reached a provisional agreement to simplify parts of the bloc's AI rules, including delays for some high-risk AI system requirements. The move follows months of intense lobbying from tech giants warning that strict rules would hamper European AI competitiveness. Tech Startups

Lime files for US IPO as micromobility sector matures — Lime, the electric bike and scooter company backed by Uber, filed for a U.S. IPO and reported a jump in annual revenue. The filing gives public-market investors a fresh look at the micromobility sector after years of shakeouts. The IPO could test whether investors are ready to revisit urban mobility startups. Reuters / Tech Startups

Renewable Energy

Wind and solar have saved UK £1.7bn since Iran war began — Wind and solar have now beaten fossil fuels in Great Britain for a record 15 months in a row. Just a decade ago, fossil fuels were generating four times more than wind and solar. Now since the Iran war, wind and solar generated twice as much as fossil fuels. Carbon Brief

EU strategy sets out 44 actions to limit fossil-fuel price shocks — The EU strategy sets out 44 actions to limit 'fossil-fuel price shocks' from the Iran war, alongside analyses of how 60 nations have responded to the global energy crisis. The plan emphasizes electrification, efficiency and accelerated clean energy deployment as the most durable route to energy security. Carbon Brief

Renewable energy overtakes coal as world's largest electricity source — Renewable energy has overtaken coal to become the world's largest source of electricity in 2025, according to thinktank Ember. The growth of solar and wind meant that, for the first time since 1919, the share of coal power was lower than that of renewables. Fossil-fuel generation fell by 0.2% in 2025, with wind and solar alone meeting 99% of the growth in electricity demand last year. Carbon Brief

Santa Marta summit delivers first outcomes on transitioning away from fossil fuels — Santa Marta delivered key outcomes from the first summit on 'transitioning away' from fossil fuels. The summit marks a milestone in international climate diplomacy, building on the COP commitment to move beyond fossil fuels. Carbon Brief

AI boom adds hidden costs to Northeast US power bills — The AI Boom is set to add hidden extra costs to Northeast US power bills, with Chile facing solar panel thefts that threaten energy infrastructure. Soaring AI compute demand is increasingly visible in consumer electricity prices across multiple regions. Bloomberg Green

Fortescue's green grid survives bushfire-caused transmission failure — Fortescue's green grid rides through bushfire-caused transmission failure with just solar and batteries and no spinning machines – defying conventional thinking. The successful operation challenges long-standing utility industry claims that grids require fossil-fuel 'spinning reserve' for stability. Renew Economy

Atlantic Ocean current weakening faster than predicted, study finds — A critical Atlantic Ocean current system is weakening much sooner than generally predicted due to global climate change. Data accumulated in an April 2026 study, published in Science Advances, points to likely catastrophic consequences for Europe, Africa, and the Americas. CleanTechnica / Science Advances

Battery storage costs plunge 65-70% in two years, says big developer — The owner of Australia's most successful big battery developer says storage costs have plunged 65-70 per cent in the last two years, and are solving the grid's biggest problems. The dramatic cost decline is reshaping the economics of integrating variable renewables into power grids. Renew Economy

Soil Science

FAO warns Strait of Hormuz disruption will reduce global crop yields into 2027 — The United Nations warned that disruptions to fertilizer shipments through the Strait of Hormuz will reduce global crop yields worldwide and tighten food supplies well into 2027. FAO director-general Qu Donyu said agriculture operates within a crop calendar that cannot be postponed: 'Fertilizers must be applied at specific moments in the crop cycle. If they do not arrive on time, yields are reduced, regardless of what happens later.' Reuters / FAO via DTN

Global fertilizer prices could rise 15-20% in first half of 2026, FAO warns — Fertilizer prices have risen sharply, with Middle East granular urea increasing by 19 percent in the first week of March, while Egyptian urea prices surged by 28 percent. Given that natural gas is the primary feedstock for nitrogen fertilizers, elevated energy prices are expected to sustain upward pressure on fertilizer costs, with FAO projections indicating global fertilizer prices could average 15 to 20 percent higher in the first half of 2026. FAO

Iran war could push 45 million more people into acute hunger by mid-2026 — Global agricultural prices had been easing through 2025, but the conflict in the Middle East is raising new risks—disrupting oil and fertilizer flows through the Strait of Hormuz. The World Food Program estimates that the conflict could potentially push 45 million additional people into acute hunger by mid-2026. World Bank / WFP

Forest loss falls as deforestation regulations take effect — Carbon Brief's 'Cropped 6 May 2026' edition highlights that forest loss has fallen amid new deforestation regulations and efforts to save 'India's Galapagos'. The reductions come after years of accelerating tropical forest destruction, suggesting policy interventions may be starting to bend the curve. Carbon Brief

UC Riverside robot maps soil moisture tree by tree for precision irrigation — A new UC Riverside system can map soil moisture tree by tree, so growers water only where and when it's needed, helping address overwatering in an era of increasing drought and water scarcity. A robot moves through an orchard measuring soil electrical conductivity, which combined with data from buried sensors allows researchers to build a statistical model predicting water content across the entire field. UC Riverside News

Soil upgrade cuts locust damage and doubles yields in Senegal — Locust swarms can wipe out crops across entire regions, threatening food supplies and livelihoods. Now, scientists working with farmers in Senegal have shown that improving soil health can dramatically reduce locust damage. The simple soil intervention represents a promising low-cost strategy for African food security. ScienceDaily

Tropical forests recover twice as fast when soils have enough nitrogen — New research shows tropical forests can recover twice as fast after deforestation when their soils contain enough nitrogen. Scientists followed forest regrowth across Central America for decades. The findings could reshape how reforestation projects are designed and where they are prioritised. ScienceDaily

EU resists French request to pause carbon border tax on fertilisers — The European Commission again resisted a request by France and other countries to suspend the EU's CO2 emissions levy on imported fertilisers, which the governments said would help farmers struggling with high prices. The decision underscores Brussels' commitment to its carbon border adjustment despite mounting agricultural sector pressure. Reuters / Clean Energy Wire

Hunger Hotspots report: 16 countries face deepening food insecurity through May 2026 — The latest Hunger Hotspots report covers the period through May 2026 and finds that in 14 of 16 hotspots, conflict and violence are the primary drivers of hunger. The report cites Haiti, Mali, Palestine, South Sudan, Sudan and Yemen as countries of highest concern. FAO / WFP