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Air Canada profits off of wildfires

Earlier this week, the city of Yellowknife declared a state of emergency and subsequently issued an evacuation order for its approximately 20,000 residents, in response to the advancing wildfires.

The authorities in the Northwest Territories, where Yellowknife is situated, set a deadline of noon on Friday (18:00 GMT) for the evacuation to be completed. The wildfires had come within 16 kilometers (10 miles) of the city as of Thursday.

As the evacuation efforts were underway, many noticed that something was not right about Air Canada’s fares, prompting complaints on social media. Some individuals reported exorbitant fares, reaching as high as $4,665 for flights departing from Yellowknife.

You can read more on the matter here.

What’s going on?

• Toronto’s Answer To Financial Crisis: More Taxes (theDeepDive)

• James O’Keefe Under Probe For Financial Misconduct, Project Veritas Fires Almost All Employees — Reports (theDeepDive)

• Two Tech Luminaries Quit Their Jobs to Build AI Inspired by Fish and Bees (Bloomberg)

• Canadian Homebuilders Face Headwinds: Interest Rates, Labor Gaps, and the Urgent Need for More Homes (theDeepDive)

• Target’s Losses from Theft Stabilizing, But Violent In-Store Incidents Remain On the Rise (theDeepDive)

• Former Disney CEO Michael Eisner Strikes Deal to Sell Bazooka Gum Business (WSJ)

• Singapore Authorities Seize S$1 Billion in Assets in Major Money Laundering Probe (theDeepDive)

• US Shale Well Output Decline Breaks Records, Breakeven Prices Will Rise: Report (theDeepDive)

• Ralph Lauren CEO Louvet Targets Young Shoppers in the Metaverse (Bloomberg)

What’s the latest?

• Kelowna Fires: State of emergency declared in Kelowna, BC, as wildfires prompt evacuations in multiple neighborhoods, leading to structural loss and highway closures. Over 2,400 properties are under evacuation orders, with more on alert as structural losses are already reported. Officials warn of challenging days ahead due to volatile weather conditions.

• Yellowknife Fires: Approximately 1,500 people were airlifted from Yellowknife as the wildfire threat grows, with more flights planned as up to 5,000 residents seek evacuation. The advancing wildfire is said to potentially reach the outskirts of the city by the weekend.

• Crypto Tumbles: Bitcoin dropped as low as $26,139, influenced by China's economy and U.S. interest rate concerns. SpaceX's bitcoin sale and low retail investor enthusiasm also contributed to the fall while Ethereum experienced a similar drop.

• F-16’s for Ukraine: The US greenlit the transfer of F-16 fighter jets to Ukraine to counter Russian threats. Denmark and the Netherlands will provide the jets once pilot training is done. A coalition of 11 countries will train Ukrainian pilots this month. The move aims to bolster Ukraine's defense capabilities amid ongoing tensions with Russia.

• Evergrande Group Files For Bankruptcy: China's heavily indebted property giant Evergrande Group has filed for Chapter 15 bankruptcy protection in a U.S. court. The filing references restructuring proceedings in Hong Kong, the Cayman Islands, and the British Virgin Islands. This move comes as concerns about China's property sector troubles potentially affecting the broader economy persist.

Hertz Lithium enters Brazil

The stock market and stuff

• Codelco: World’s Largest Copper Producer Faces Insolvency Risk Thanks to Rising Debt Levels (theDeepDive)

• Vietnamese Automaker VinFast Debuts On Nasdaq With Valuation Higher Than BMW, Ford, GM (theDeepDive)

• Bitcoin At A Two-Month Low Following SpaceX Selloff, Liquidations, Regulatory Issues (theDeepDive)

In the juniors

• Canaan temporarily shuts bitcoin mining operations in Kazakhstan (SA)

• Molson Coors Exits Cannabis Business With Divesture Of Truss Beverage Co To Tilray Brands (theDeepDive)

• HIVE Digital announces amended at-the-market equity program (SA)

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