Good morning. It’s day two of the Canada Investment Summit, so let’s catch up from yesterday. More on that below, along with the Quebec election debates and the Emmys.

Prime Minister Mark Carney said in an interview Monday that his government’s investment summit is part of a strategy to line up foreign capital behind Canada’s manufacturing sector while boosting trade with Asia and Europe. He spoke with The Globe hours ahead of the event, where he said capital is just one of many ingredients required to feed the growth needed to boost the economy.

On the side: Two other conferences are also taking place in Toronto: the Milken Institute Global Dialogues Toronto and the Canadian Global Growth Forum, hosted by the Canadian Venture Capital and Private Equity Association.

About taxes: At the Milken Institute’s event, Finance Minister François-Philippe Champagne announced a new federal measure to offer “advance tax rulings” for investments of $1-billion or more.

About data centres: Bell Canada announced it aims to quadruple the capacity of AI data centre operations in Saskatchewan. The news came from the Invest in Saskatchewan Forum at the summit.

Catch up:

• Top CEOs and finance executives told the room of more than 200 people that Canada does not lack access to capital, but lacks the measures to create investable projects
• Sources say Brookfield and CPPIB are jointly launching a $50-billion “Maple Fund” for infrastructure and key sectors
• Several Chinese state-backed investors are taking part in the summit, another sign of warming ties with Beijing
• Here’s how the provinces are seeking to capitalize on the summit to court capital for projects

In Calgary, city officials are projecting new tariff costs reaching close to half a billion dollars. The issue is also becoming an increasingly important factor for voters in the lead up to municipal elections in Ontario, British Columbia, Manitoba and Prince Edward Island.

The big picture: Most municipalities across Canada haven’t assessed the extra costs that tariffs will inflict on their budgets. But with the possibility of tariffs and countertariffs lasting months or years, cities are starting to look into how the trade war could blow holes in their budgets and they are preparing for deep economic wounds

In an essay published Sunday, Cohere CEO Aidan Gomez criticized calls from top leaders in artificial intelligence to slow the pace of development, writing that the proposed approach will entrench power with a Silicon Valley “cartel.”

The details: The idea of slowing development was supported by OpenAI CEO Sam Altman and by SpaceXAI founder Elon Musk. Anthropic CEO Dario Amodei wrote in his own published essay that risk-prevention strategies need time to keep up. Gomez suggests a co-ordinated international effort to develop a framework around AI harms, similar to how financial institutions are licensed.

Ukrainian President Volodymyr Zelensky said Monday that Ukraine is ready to halt its strikes on Russian territory if allies can secure a genuine Russian commitment not to hit Ukraine’s critical infrastructure. His comments came after U.S. President Donald Trump claimed in a social-media post that Russia and Ukraine had agreed “not to hit” each other’s energy infrastructure.

The context: Trump also claimed that the rise in the price of global diesel fuel “is mostly caused by the Russian/Ukraine war” and not Iran. High fuel costs associated with the U.S. war on Iran have become a major issue for his party in upcoming congressional elections.