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America's withdrawal from the Iran nuclear accord signals the collapse of $38 billion in plane deals between Tehran and Western companies and leaves Airbus facing greater risks than arch-rival Boeing, according to people involved in the deals.Reuters

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WHAT YOU NEED TO KNOW

Who wins and who loses from sanctions on Iran?

Sanctions are economic warfare, but they can’t be delivered like a sniper’s bullet. In the highly interconnected global economy, the repercussions of sanctions against one country, especially a big one, can be felt everywhere. What was meant to be a targeted hit can turn into a bomb, with widespread yet unpredictable fallout. Iran will not be the only victim. European Bureau Chief Eric Reguly analyses companies and countries from aircraft makers to China looking at who will benefit and who will be hindered.

Prime Minister Justin Trudeau delivered Wednesday a thinly veiled rebut to the Trump administration and Israel over their opposition to the Iran nuclear deal, setting the stage for a divisive G7 summit next month. Mr. Trudeau acknowledged the deal wasn’t perfect, but said it helped prevent Iran from developing a nuclear weapon and stressed Canada remains aligned with most countries in supporting the deal.

Ford vows additional $5-billion in Toronto subway funding as campaign officially kicks off

Ontario PC leader Doug Ford highlighted a transit spending pledge for his first announcement in the provincial election campaign, which officially began today. He said he’d spend $5-billion, above what has already been committed, on subways in Toronto. The promise has echoes of the “subways, subways, subways” mantra of his late brother, former Toronto mayor Rob Ford.

Liberal leader Kathleen Wynne reannounced a pledge to give seniors a $750-per-year benefit for maintenance costs that help them stay in their homes longer during a stop in the west-end Toronto area of Etobicoke, thought to be a Ford stronghold.

Marcus Gee wonders, what on earth is the responsible Ontario voter to do? “They must choose between a right-wing populist in the mould of Donald Trump and a left-wing Liberal who has out-NDPed the NDP, leaving the NDP itself to carve out territory even farther to the left. The political centre has vanished like a puddle in the sun.”

North Korea frees three U.S. prisoners ahead of Trump-Kim summit

North Korea handed the three American prisoners over to U.S. Secretary of State Mike Pompeo on Wednesday. U.S. President Donald Trump plans to greet the men when they land in Washington at 2 a.m. Thursday. The release, which was praised by the White House as a “gesture of goodwill,” appeared to signal an effort by Kim to set a more favorable tone for the planned summit and followed his recent pledge to suspend missile tests and shut Pyongyang’s nuclear bomb test site.

Enbridge gains about $3-billion as it sells assets in separate deals

Enbridge said Wednesday it is selling a 49-per-cent stake in wind and solar energy assets in North America and Germany for $1.75-billion. Separately, the company said an affiliate of Boston-based private equity firm ArcLight Capital Partners, LLC would buy its Midcoast Operating LP unit and related subsidiaries for US$1.12-billion ($1.44-billion). Chief executive officer Al Monaco had pledged to sell assets worth $3-billion this year, responding to investor concerns about the company’s high debt following its acquisition of rival U.S. Spectra Energy Corp.

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MARKET WATCH

Crude oil prices rose to 3-1/2-year highs following President Donald Trump’s decision to withdraw the United States from a nuclear deal with Iran, a move that helped lift equity markets as Exxon Mobil, Chevron and other oil majors rallied. In Toronto, the energy sector was the biggest boost to the main index, rising 1.2 per cent. The TSX/S&P composite index rose 68.10 points to 15,910.81. On Wall Street technology led stocks higher, but the S&P energy sector was the biggest percentage gainer. The Dow Jones Industrial Average rose 182.88 points to 24,543.09, the S&P 500 gained 25.88 points to 2,697.8 and the Nasdaq Composite added 73.00 points to 7,339.91.

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WHAT’S TRENDING ON SOCIAL

Two new fissures - the 13th and 14th - have opened up near Hawaii’s Kilauea volcano and released toxic gas. Around 1,700 people have already been ordered to leave their properties. A total of 36 structures have been torched by the lava. Here are nine photos that show the devastating scene.

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This Saturday, May 5, 2018, photo provided by the U.S. Geological Survey, shows Fissure 7 in Pahoa, Hawaii. At the peak of its activity, large bubble bursts occurred at one spot, lower left, in the fissure while spattering was present in other portions. The number of homes destroyed by lava shooting out of openings in the ground created by Hawaii's Kilauea volcano climbed to nine on Sunday, May 6, as some of the more than 1,700 people who evacuated prepared for the possibility they may not return for quite some time.U.S. Geological Survey via AP


TALKING POINTS

Childish Gambino’s This Is America is a brutal and necessary look at black death

“ Mr. Glover made a viral video about black death to talk about black death. He is implicating himself, while also making the larger point that capitalism, the highest American dogma, has evolved beyond recognition. It is an ouroboros of calamity that is eating us, subsisting on systems that perpetuate racial violence while regurgitating our protestations and selling them back to us.” - Anupa Mistry

Trump’s leverage game won’t work on the world stage

“This may be the way things work in Manhattan real estate, but it is not how things work in international affairs. Countries are harder to push around than contractors. The real world is complex. Rarely is a relationship between two countries about one thing, and rarely is any relationship just between those two countries. It is this complexity that gives countries the ability to resist being leveraged, and even to leverage more powerful countries, if they play their cards skillfully.” - Richard Fadden and Peter Jones

Pity the two-vehicle family with a mortgage up for renewal this spring

“We are starting to accumulate all the irritations you normally see when the economy’s going great. Rising gasoline prices? Check. Rising borrowing costs? Yup. Rising inflation? You bet. Costs are rising on a wide front this spring, but they’ll hit one demographic hardest.“ - Rob Carrick

LIVING BETTER

Why moms prefer experiences to presents on Mother’s Day

Canadians spent an average of $81 on dinner for mom last year and intended to spend $184 on the overall experience. A different survey asked moms about “gifts of experience” with 29 per cent saying they would like such a gift, up five per cent from last year. Recent research shows people derive greater happiness when they purchase experience rather than things. Humans get used to objects and after a while the thrill wears off while experiences stay with us.

LONG READS FOR A LONG COMMUTE

Toronto tops list of Canada’s most youth-friendly cities

A first-ever ranking of Canada’s “most youthful” cities puts Toronto on top as the best place for young people to live, work and play, based on metrics such as the cost of a transit pass, monthly rent and concert tickets along with measures of youth unemployment, digital access and crime stats. Following Toronto on the list are Vancouver and Montreal. St. John’s and Hamilton land at the bottom. As Tavia Grant reports, Canada’s largest city – where youth comprise a fifth of the population − scores well in entrepreneurship and creative arts. It fares worse in some areas such as accessibility of free WiFi, commuter time by transit and the cost of rent.

James Paxton: From Jays contract that wasn’t to no-hitter ‘at home in Canada’

It isn’t often that the fans at Rogers Centre stand to cheer as the Blue Jays are about to lose. But that was the scene Tuesday night as Seattle Mariners pitcher James Paxton prepared to take on Josh Donaldson for the final out. Mr. Paxton, who is from a Vancouver suburb and has a giant Maple Leaf tattoo on his forearm, has vivid memories of his first start at Rogers Centre. In September 2014, he gave up eight earned runs in 2.2 innings. On Tuesday night it was a much different story. As Mr. Paxton got Mr. Donaldson to ground out, he became just the second Canadian in Major League history to throw a no-hitter as the Mariners trounced the Jays 5-0.

PLAYOFFS

The Winnipeg Jets will face off against the Nashville Predators in the decisive Game 7 Thursday night in the Music City. The winner will play the Vegas Golden Knights in the Western Conference finals. In the Eastern final, the Tampa Bay Lightning will take on the Washington Capitals in Game 1 Friday evening.

Evening Update is written by Jordan Chittley and SR Slobodian. If you’d like to receive this newsletter by e-mail every weekday evening, go here to sign up. If you have any feedback, send us a note.

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