News of the day: Bay du Nord offshore oil project, Brookfield and CPPIB buy LXP, SpaceX employee millionaires, inflation cools, economists’ reaction and more

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Or sign-in if you have an account.Norwegian oil producer Equinor ASA said the Bay du Nord drilling project could become the first development in a new offshore producing region in the Flemish Pass Basin east of Newfoundland. Photo by Carina Johansen/BloombergIt’s Monday, July 20. Here are the top stories we’re following today.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountBP PLC’s recent exit from Bay du Nord is raising fresh questions about Canada’s largest proposed offshore oil project, but analysts say Equinor ASA’s decision to buy out its partner and assume full ownership may be the stronger signal, indicating the Norwegian energy company remains committed to moving the development toward a final investment decision. Brookfield Asset Management Ltd. and Canada Pension Plan Investment Board agreed to buy real estate investment trust LXP Industrial Trust. Photo by Jeenah Moon/BloombergGet the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againTwo of Canada’s largest institutional investors are paying US$5.2 billion to acquire LXP Industrial Trust, a New York-based company with expertise in buying and developing premium industrial real estate in key logistics markets in the United States. Elon Musk, founder and chief executive of Space Exploration Technologies Corp., speaks via video before the ringing of opening bell at the Nasdaq Marketsite at the launch of the company’s initial public offering on June 12, 2026, in New York City. Four hundred SpaceX employees found themselves worth US$100 million overnight from stock options. Photo by Spencer Platt/Getty ImagesSpace Exploration Technologies Corp.’s initial public offering last month created 4,400 instant millionaires; it was the bet of a lifetime for some employees of the American spaceflight, telecommunications and artificial intelligence company, which soared to a US$2.64-trillion market cap. We always remember the winning bets because people love to talk about them, but they never brag about their losses. Do they? Gasoline prices dropped by 10.2 per cent in June, the largest monthly decline since April 2025. Photo by FREDERIC J. BROWN/AFP via Getty ImagesCanada’s inflation rate slowed to 2.8 per cent in June as falling gasoline prices gave consumers a break at the pumps. On a monthly basis, gas prices dropped by 10.2 per cent, the largest monthly decline since April 2025, after an interim ceasefire agreement between the United States and Iran resulted in a drop in global oil prices. June inflation undershot analyst estimates for the consumer price index to come in at 2.9 per cent, down from 3.2 per cent in May. Photo by HYUNGCHEOL PARK/PostmediaHere’s what economists think the latest inflation numbers mean for the economy, the Bank of Canada and interest rates.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.