Sponsored by DiagnaMed Holdings

2024 Budget Targets High Earners

In a bid to address economic inequality among Canada’s youth and give them “a fair chance at a middle class life,” the 2024 federal budget unveiled by Deputy Prime Minister and Finance Minister Chrystia Freeland is taking aim at the country’s top earners through new tax measures. The objective is to offset significant new spending aimed at bolstering the nation’s housing supply and social supports.

Outlined under the banner of “Fairness for Every Generation,” the budget allocates $39.2 billion towards net-new spending initiatives, emphasizing the government’s commitment to maintaining fiscal responsibility. Emphasizing the necessity of tax fairness, Freeland asserted that it would be irresponsible to burden future generations with increased debt by overlooking the fiscal anchors set last fall.

You can read more on the matter here.

What’s going on?

• The US Provides Assurances to the UK, Bringing Julian Assange Inches Closer to Extradition (theDeepDive)

• Earthquake jolts southern Japan's Ehime, Kochi prefectures (Reuters)

• Canada To Increase Capital Gains Taxes As Spending Continues (theDeepDive)

• Climate Change to Cause $38 Trillion a Year in Damages by 2049 (Bloomberg)

• Justice Department Is Getting Ready To File Antitrust Lawsuit Against Ticketmaster (theDeepDive)

• Police announce nine arrests in $24M gold and cash heist at Toronto Pearson (BNN)

• Will The Intercept be the Next Media Outlet to Fold? (theDeepDive)

• Storm dumps heaviest rain ever recorded in desert nation of UAE, flooding roads and Dubai’s airport (APN)

• Musk to Charge New X Users ‘A Small Fee’ to Post (theDeepDive)

• Philippines plans ambitious exercise with U.S. as concerns over China grow (WP)

• ‘Canada Proud’ Sees Surge on Facebook Thanks to Trudeau Policy Intended to Help News Orgs (theDeepDive)

What’s the latest?

• Isreal's Revenge: Israeli Prime Minister Benjamin Netanyahu emphasized the country's autonomy in defense decisions amidst calls for restraint following attacks from Iran. The United States, European Union, and G7 nations hinted at stricter sanctions on Iran to calm tensions and urge Israel to temper its response. Netanyahu's meetings with German and British foreign ministers aimed to prevent further escalation, especially in light of the ongoing Gaza conflict. He expressed gratitude for their support but affirmed Israel's right to make independent choices for self-defense.

• Twitter Blocked in Pakistan: Pakistan's interior ministry confirmed a long-suspected shutdown of social media platform X, previously known as Twitter, around February's election due to national security concerns. The government had not officially announced the shutdown until now, despite users reporting issues since mid-February. In a submission to Islamabad High Court, the ministry mentioned the shutdown, citing X's failure to comply with lawful directives and address misuse concerns. A petitioner, Abdul Moiz Jafri, stated that another court has instructed the government to reconsider the ban within a week.

• Fed Policy: Top officials of the U.S. Federal Reserve, led by Chair Jerome Powell, refrained from indicating when interest rates might be cut, emphasizing the need for continued restrictive monetary policy. This stance dashed hopes for significant reductions in borrowing costs this year. Powell noted that recent data did not boost confidence in reaching the Fed's 2% inflation target, suggesting a longer wait for rate cuts. Expectations have shifted, with the first cut now anticipated in September and the likelihood of a second cut diminishing.

• Tesla: Tesla is seeking shareholder approval for CEO Elon Musk's $56 billion pay package, initially set in 2018 but rejected by a Delaware judge earlier this year. The compensation hinges on Tesla's market value reaching $650 billion in the next decade; the company is presently valued at $500.36 billion. The original pay package was deemed excessive by the Delaware Court of Chancery, with Judge Kathaleen McCormick calling it "an unfathomable sum" unjust to shareholders. This vote precedes Tesla's upcoming quarterly earnings report, with the company facing challenges such as weakened demand and scrutiny of Musk's public image due to his political views and a controversial comment last year.

• Silver Squeeze: The Silver Institute predicts a 17% increase in the global silver deficit to 215.3 million ounces in 2024, driven by a 2% rise in demand, particularly from industries like jewelry, electronics, electric vehicles, and solar panels. Despite this, silver continues its fourth consecutive year in a structural market deficit.

Can Russia Ban Kazakhstan's Uranium export to the West?

The stock market and stuff

• Struggling Seafood Chain Red Lobster Considers Bankruptcy Filing (theDeepDive)

• Netflix subscriber growth in focus as gains from password-sharing crackdown seen easing (Reuters)

• Trump Media shares rise more than 10% in early trading after days of declines (CNBC)

• Hong Kong Approves Spot Bitcoin and Ether ETFs (theDeepDive)

In the juniors

• Datasea signs sales contract worth $6.91M for its acoustic products (SA)

• Benton Resources Intersects 1.99% Copper Over 18.1 Metres At Great Burnt (theDeepDive)

• Stallion Uranium Drilling Continues to Hit Anomalous Radioactivity (JMN)

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