Sponsored by Golden Cariboo Resources

30 year mortgages come to Canada

Finance Minister Chrystia Freeland has announced that starting August 1st, lenders will begin offering 30-year mortgages in a significant shift for the Canadian housing market. This move aims to make homeownership more accessible, particularly for younger Canadians who are struggling to enter the market.

“This means that first-time home buyers will now have 30 years to pay off their mortgage instead of 25 years. That translates to lower monthly payments, so more younger Canadians can afford to pay that monthly mortgage on a new home,” Freeland stated.

You can read more on the matter here.

What’s going on?

• Thousands Protest Against Rio Tinto Lithium Mine in Serbia (theDeepDive)

• Ackman slashes fundraising target for US fund’s IPO to $2bn (FT)

• Indonesia’s Plan to Qualify for Biden’s EV Tax Breaks: Cut China From Nickel Market (theDeepDive)

• Maduro Tells Brazil He’ll Release Venezuela Ballot Records in Coming Days (Bloomberg)

• Canadian Dissatisfaction with Federal Spending and Taxation Grows (theDeepDive)

• Meta agrees to $1.4 billion settlement in Texas biometric data lawsuit over Facebook images (CNBC)

• Eby Raises Alarm On ‘Completely Overwhelming’ Population Growth (theDeepDive)

• US issues sanctions targeting Iran's missile and drone program facilitators (Reuters)

• X Sees Over 50% Drop in US Revenue (theDeepDive)

• Eurozone economy grows 0.3% over second quarter (FT)

• Broadcaster removed from 2024 Olympics for 'inappropriate comment' about Australian women's swim team (NP)

• Teck Resources: The Hot Commodity in Mining M&A Discussions (theDeepDive)

What’s the latest?

• Filo Buyout: BHP Group Ltd. has agreed to a US$3 billion deal with Lundin Mining Corp. to acquire a 50% stake in Filo Corp., gaining South American copper assets. This move aligns with CEO Mike Henry's focus on expanding in copper to diversify from commodities like iron ore and coal. The deal includes Lundin’s neighboring Josemaria operation, with plans to combine both ventures to reduce costs.

• Venezuela Elections: Venezuela's opposition, led by María Corina Machado, claims they have enough voting tabulations, or "actas," to prove that Edmundo González won Sunday's election against President Nicolás Maduro. Machado stated that they have over 70% of the tabulations showing González with 6.2 million votes compared to Maduro's 2.8 million.

• US Job Market: U.S. job openings fell slightly in June, with a revised higher figure for May, reflecting continued labor market resilience. The Bureau of Labor Statistics reported that job openings dropped by 46,000 to 8.184 million by the end of June, while May's openings were adjusted to 8.230 million. Despite a steady decline in job openings since a record high in March 2022, the labor market remains robust, supporting the Federal Reserve's case for potential rate cuts amid moderating inflation.

• Meta Lawsuit: Meta Platforms has agreed to pay $1.4 billion to Texas to resolve a lawsuit accusing the company of illegally using facial-recognition technology to collect biometric data of millions of Texans without their consent. The settlement is the largest ever by any single state, according to Texas lawyers. The lawsuit, filed in 2022, alleged Facebook's "Tag Suggestions" feature captured biometric information billions of times without user consent.

• Tesla Recall: Tesla is recalling 1.85 million vehicles in the United States due to a software failure that may not detect an unlatched hood, potentially obstructing the driver's view and increasing crash risk, according to the NHTSA. The recall affects 2021-2024 Model 3, Model S, Model X, and 2020-2024 Model Y vehicles. Tesla began rolling out an over-the-air software update in mid-June to address the issue.

TRU's golden deal with Eldorado Gold

The stock market and stuff

• First Majestic Hits 8.15 g/t Gold, 427 g/t Silver Over 4.78 Metres True Width In New High Grade Discovery At Santa Elena (theDeepDive)

• TC Energy to sell pipeline stake to some Indigenous communities for $1-billion (Globe)

• StanChart unveils record $1.5 billion buyback, boosts income outlook (Reuters)

• George Weston Reports Q2 Earnings Drop Following Bread Price-Fixing Settlement (theDeepDive)

• Diageo warns on ‘extraordinary’ consumer environment after sales drop (FT)

• Filo Corp Bought Out For $4.5 Billion By Lundin Mining, BHP (theDeepDive)

In the juniors

• Plurilock Adds 35-Year IT Sales Veteran To Industry Advisory Council (theDeepDive)

• Victoria Gold Detects Elevated Cyanide Levels In Further Downstream Samples From Eagle Mine (theDeepDive)

• TRU Precious Metals Enters $15.2 Million Option Agreement With Eldorado Gold For Golden Rose Project (theDeepDive)

• Elevation Gold Files For Creditor Protection (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.