News of the day: Trade surplus widens, CRTC comes down on phone fees, Scotiabank's new AI consortium, Ottawa invests in Teck, Canadians using BNPL and more

It’s Tuesday, July 7. Here are the top stories we’re following today.

Canadian trade surplus widens to $4.2 billion in May

Canada posted a trade surplus for the third consecutive month in May, driven primarily by higher sulphur shipments.

CRTC calls on Bell, Rogers and Telus to justify new fees as ban on old fees comes into effect

Canada’s “Big Three” telecommunications companies need to prove by July 30 that they’re not violating the CRTC’s new ban on activation and modification fees.

Scotiabank teams up with other Canadian companies to meet their AI needs faster, cheaper

Bank of Nova Scotia, Sun Life Financial Inc., Telus Corp. and Toronto-based AI consultant Lightworks launched a consortium on Tuesday that will allow their engineers to jointly develop artificial intelligence systems that each organization will own and can tailor to their needs.

Feds to pump $400 million into B.C. smelter to boost critical mineral production

The agreement for Teck Resources Ltd., which involves the Canada Growth Fund, Natural Resources Canada and Export Development Canada, includes a provision for the government to establish offtake rights to a portion of the future germanium, antimony and gallium produced in Trail.

Canadians increasingly using ‘buy now, pay later’ on groceries

Koho Financial Inc.’s “pay later” adoption has more than doubled from last year, up 109 per cent as Canadians opt for it for essential items like groceries, the Toronto-based fintech said in a report.