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Alberta, Ontario Push Pipeline Deal

Alberta Premier Danielle Smith and Ontario Premier Doug Ford have signed twin memoranda of understanding that put a single objective front and centre: driving a new pipeline capable of moving Alberta bitumen straight to southern Ontario—and forcing Ottawa to step aside if it blocks the way. 

“The world changed in November,” Smith said, referring to renewed US tariff threats under President Donald Trump. “Canadians understand we’ve got to start acting like a country.”

The first MOU orders officials to map a corridor for pipe, rail, and transmission lines that would link Fort McMurray to Ontario refineries and the steel mills that will supply the project’s plate and pipe.

You can read more on the matter here.

What’s going on?

• CBC Host Says He Was Forced Out Over Editorial Disputes (theDeepDive)

• Japan and South Korea push for U.S. tariff negotiations before August deadline (Globe)

• Carney Orders 7.5% Cut as First Step in Multi-Year Federal Spending Trim (theDeepDive)

• Alberta looks to develop nuclear power, will hold public consultations this fall (NP)

• Tariff Time: Trump Fires Fresh Salvo as 25% Tariff Letters Land on Allies (theDeepDive)

• Immigration grew six times faster over past decade: Study (TS)

• MP’s Probe $1 Billion Loan For Chinese-Built Ferries (theDeepDive)

• Trump threatens to impose high tariffs on pharmaceuticals and copper (FT)

• Zambia Courts Global Carmakers for Local EV Production (theDeepDive)

• Trump to Resume Sending Weapons to Ukraine (WSJ)

What’s the latest?

• Crypto: Trump Media filed for SEC approval to launch a "Crypto Blue Chip ETF" holding Bitcoin (70%), Ethereum (15%), Solana (8%), Ripple (5%), and Crypto.com Coin (2%). This expands Trump’s crypto ventures amid a broader push for crypto-friendly U.S. regulations. The SEC has eased enforcement under Trump, helping ETFs gain traction. Critics cite conflicts of interest, while Trump claims crypto leadership is vital to outcompete China.

• Trade War: President Trump plans to impose steep new tariffs—ranging from 25% to 40%—on goods from 14 countries starting August 1. Japan and South Korea are seeking concessions, especially for auto exports, while the EU warns of retaliation if no fair deal is reached. The new measures raise the average U.S. tariff rate to 17.6%, the highest since 1934. Industries in countries like Bangladesh and Cambodia fear major economic harm, while global markets remain cautious amid heightened trade uncertainty.

• Real Estate: Investors bought nearly 27% of U.S. homes in Q1 2025 — the highest share in at least five years — as high prices and mortgage rates deter traditional buyers, according to BatchData. Total investor purchases reached 265,000 homes in the quarter, up 1.2% year-over-year. Most investor-owned homes are held by small-scale buyers with 1–5 properties, while large institutional investors (owning 1,000+ homes) make up just 2.2%. Some big firms are now selling more homes than buying amid changing market conditions.

• Tech: Elon Musk’s X says the Indian government ordered it to block 2,355 accounts, including Reuters, without explanation and demanded immediate compliance. The accounts were blocked for users in India on Saturday but restored Sunday. India’s Press Information Bureau denied ordering the blocks and said it’s working with X to resolve the issue. This incident is part of X’s ongoing legal battle with Prime Minister Modi’s government over alleged online censorship expansion.

• Economy: Concerns that President Trump’s tariffs would fuel inflation have faded, with a New York Fed survey showing consumer inflation expectations at 3% for the next year — down from the March-April peak of 3.6%. This comes as Trump has shifted from aggressive tariff imposition to trade negotiations. Despite easing inflation expectations overall, consumers still foresee sharp price increases in gas (4.2%), medical care (9.3%), rent (9.1%), and food (5.5%). Employment outlooks also improved, with fewer people expecting job losses or a higher unemployment rate.

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The stock market and stuff

• Equinox Produces 219,122 Ounces Of Gold In Q2, Valentine On Track For Q3 First Gold (theDeepDive)

• Gold Declines as Market Parses Trump Comments on Tariff Deadline (Bloomberg)

• G Mining Produces 42,587 Ounces Of Gold In Second Quarter (theDeepDive)

• Once Popular Pre-IPO Investing Platform Linqto Files for Bankruptcy (WSJ)

• Toronto Housing Market Inventory Soars to Record Levels (theDeepDive)

In the juniors

• West Red Lake’s Rowan PEA Delivers 42% IRR, $125M NPV After-Tax on 5-Year Toll-Milling Plan (theDeepDive)

• The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp. (theDeepDive)

• Banyan Gold Reports 7.72 Million Ounce Resource In Latest MRE Update (theDeepDive)

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