Sponsored by Hertz Lithium

$4.6 billion TikTok-driven fraud

A staggering revelation has emerged from the Tax Office of Australia, acknowledging its disbursement of over $1.6 billion in counterfeit Goods and Services Tax (GST) claims, forming part of an intricate $4.6 billion fraudulent scheme masterminded through a simplistic ploy propagated on the social media platform TikTok.

This sum is double the previously reported figures and stands as the largest tax fraud in the annals of Australian history.

You can read more on the matter here.

What’s going on?

• More Canadians Are Concerned About Immigration As the Cost of Rent Hits New Highs (theDeepDive)

• Mark Zuckerberg Is Ready to Move On from Elon Musk Fight (theDeepDive)

• New Covid vaccines are on the way as 'Eris' variant rises (Reuters)

• ABC Walks Away from X/Twitter, Citing ‘Toxic Interactions’ (theDeepDive)

• Utah Man Making Violent Threats Against President Biden Shot and Killed by FBI Agents (theDeepDive)

• Bankman-Fried heads to Brooklyn jail notorious for poor conditions (Reuters)

• Aliens? Locals in Peru Claim Face-offs with 7ft-Tall Armored Extraterrestrial Beings (theDeepDive)

• ‘Global Boiling’ July 2023 was the Hottest Month Ever Recorded (theDeepDive)

What’s the latest?

• Argentina's Economic Crisis: Argentina is grappling with a crisis as a populist candidate, Javier Milei, gains support in a primary vote. The government is responding with interest rate hikes and currency devaluation. Despite Milei's appealing economic proposals, uncertainties persist.

• Interest Rate Outlook: Goldman economists expect Fed rate cuts to begin around June 2024, with a gradual pace. They aim to normalize the funds rate as inflation gets closer to the target. Inflation rose slower than expected, and Goldman foresees a stable funds rate of 3-3.25%, down from the current 5.25% to 5.5% range set by Fed policymakers.

• China Property Sector Cash Crunch: Country Garden, the largest private real estate developer in China, delayed a bond repayment, raising market contagion fears. Shadow banks' defaults could impact China's growth and real estate financing. Weak demand, liquidity issues, and developer defaults persist in real estate.

• Maui Fire: Shares of Hawaiian Electric Industries dropped by 40% as worries mount about the utility's power lines potentially contributing to the deadly Maui wildfires. Attorneys are collecting evidence that suggests damaged power infrastructure ignited the Lahaina fire, which resulted in an investigation by the Hawaii Attorney General.

• Disney's Future : Disney CEO Bob Iger's recent remarks about non-core TV assets have sparked industry talk. Possibilities include spinning off ABC and cable networks or forming partnerships. Some compare this strategy to Time Warner's past approach. Potential acquisition by tech giants like Apple is also considered amidst evolving media trends.

The Aiden Pleterski scandal

The stock market and stuff

• Lucid Burned Almost A Billion Dollars In Q2 (theDeepDive)

• U.S. Steel shares jump after unsolicited bid from Cleveland-Cliffs (Reuters)

• Lithium Americas Pushes Cauchari-Olaroz Full Production To Mid-2024 (theDeepDive)

• Rivian Sees Revenue Cross The $1.0 Billion Mark For The First Time (theDeepDive)

In the juniors

• New Found Gold Invests US$2.0 Million To Secure MOU For Use Of Mill In Newfoundland (theDeepDive)

• Heritage Mining Begins Exploration Work At Contact Bay Property (theDeepDive)

• Hertz Lithium Acquires Option For Brazil Pegmatite Project (theDeepDive)

FULL DISCLOSURE: Hertz Lithium is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Hertz Lithium. The author has been compensated to cover Hertz Lithium on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.