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Argentina begins shock therapy

In a move attempting to revive Argentina’s struggling economy, newly-elected president Javier Milei unveiled a comprehensive shock-therapy program, featuring 54% currency devaluation and substantial spending cuts. The announcement, including an adjusted exchange rate of 800 Argentine Pesos per US dollar, comes as the nation grapples with chronic fiscal deficits and a soaring inflation rate.

Economy Minister Luis Caputo, delivering the details in a televised address, emphasized the necessity of breaking Argentina’s “addiction” to fiscal deficits.

The measures include suspending public works, cutting subsidies on transport and energy sectors, halving the number of ministries, and reducing transfers to provinces. Simultaneously, certain social welfare programs will be boosted to address the economic challenges faced by the citizens.

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What’s going on?

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• After China, Did India Also Interfere With Canadian Elections? (theDeepDive)

• Supreme Court to decide whether to restrict abortion drug nationwide (CNN)

• People Are Getting Angry Over Their Tesla Roadster Reservations (theDeepDive)

• Canada to Offer Emission Credits for Cow Burps (theDeepDive)

• Statistics Canada says household debt-to-income ratio lower in Q3, service costs up (BNN)

• Fuel tankers face long slog as Panama Canal drought reroutes flows (Globe)

• Project Veritas Implosion Continues: New CEO Quits, Says It’s An ‘Unsalvageable Mess’ (theDeepDive)

• Trump loses immunity bid in Carroll defamation suit, to seek Supreme Court review (Reuters)

• HHS Documents Suggest Potential Shift For Cannabis To Schedule 3 (theDeepDive)

• COP28 reaches groundbreaking climate deal in Dubai calling for 'transitioning away from fossil fuels' (CBC)

What’s the latest?

• Debt to Income Narrows: The ratio of household debt to disposable income slightly decreased in the third quarter, moving from 179.9% to 179.5%. This indicates a slight improvement in the balance between income and credit debt for Canadians. However, the household debt service ratio rose, suggesting that debt payments are growing faster than disposable income.

• Producer Prices: U.S. producer prices remained unexpectedly unchanged in November, indicating a lack of inflation at the producer level. This outcome aligns with a sluggish manufacturing sector and fuels hopes for continued overall inflation reduction. Notably, the Federal Reserve is expected to maintain its policy rate at the current range of 5.25%-5.50%, having already raised it by 525 basis points since March 2022.

• Apple Antitrust: Apple is facing a potential ban on certain App Store rules in the European Union, as well as a possible significant fine. This action, expected early next year, stems from an EU investigation initiated by a complaint from Spotify regarding Apple's control over the App Store.

• Dollarama Earnings: Dollarama Inc. reported increased profits and sales in its third quarter, with a profit of $261.1 million, up from $201.6 million a year ago. Sales reached $1.48 billion, rising from $1.29 billion the previous year. The growth was attributed to more store openings and higher comparable-store sales, which grew 11.1%. The company has revised its full-year outlook, now expecting comparable-store sales growth of 11 to 12%, up from the previously forecasted 10 to 11%.

• Etsy Layoffs: Etsy is laying off 11% of its workforce, approximately 225 employees, amidst a challenging macroeconomic and competitive environment. The company's CEO, Josh Silverman, cited flat gross merchandise sales since 2021 and unsustainable growth in employee expenses as key reasons for the restructuring. Etsy's updated fourth-quarter guidance anticipates a decline in gross merchandise sales and a slight increase in revenue.

Major 3 player uranium merger

The stock market and stuff

• Tesla Recalls Over Two Million Vehicles Produced Since 2012 Over Autopilot Failures (theDeepDive)

• Nasdaq Will Repurpose Crypto Tech to Develop Carbon Markets (BNN)

• Trump Launches NFT Collection Featuring Infamous Mugshot Suit Fragments (theDeepDive)

• Elizabeth Warren Introduces Bill To Crack Down On Crypto (theDeepDive)

In the juniors

• Benton Resources Hits 2.38% Copper Over 24 Metres At Great Burnt (theDeepDive)

• Canopy Growth To Consolidate Its Shares 10-To-1 (theDeepDive)

• Barsele Minerals To Acquire Gold Line Resources (theDeepDive)

• WeWork Founder Adam Neumann Is Getting Ready to Launch Flow with Fort Lauderdale Property (theDeepDive)

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