Sponsored by Heritage Mining

ArriveCan filled with fraud

In a damning report released by the Office of the Procurement Ombudsman (OPO), the $54 million ArriveCan project is under scrutiny for alleged fraud and potential criminal activities. The investigation found that a significant portion of ArriveCan subcontractors, approximately 76%, performed no actual work, raising serious concerns about the adherence to contracting rules.

Procurement Ombudsman Alexander Jeglic’s report singles out the two-person IT staffing company, GCStrategies, revealing that the company frequently failed to substantiate the qualifications of its proposed team of subcontractors. The report highlights instances where GCStrategies allegedly “copied and pasted” required work experience from the government’s criteria without providing evidence of the subcontractors’ qualifications.

You can read more on the matter here.

What’s going on?

• Surge in Silver and Base Metals Trading Triggered By Amplify ETFs Acquisition (theDeepDive)

• Denver becoming overwhelmed after 40,000 spike in migrant population (FOX)

• Did Someone Just Agree to Have a Neuralink Implanted in Their Brain? (theDeepDive)

• Far-Right Parties in Europe Stake Claims on Ukrainian Territories (theDeepDive)

• Home prices began to cool in November after nine straight months of gains (CNBC)

• Liberal Ministers Think Tucker Carlson Should Not Have Been Let Into Canada, Accuse Alberta Premier of Inciting Violence Against Politicians (theDeepDive)

• IMF Urges BOJ to Prepare for Rate Hike in Case Inflation Flares (Bloomberg)

• Fans Track Down Canadian Man Who Posted AI-Generated Taylor Swift Pics On X (theDeepDive)

• UPS to cut 12,000 jobs, explores options for Coyote business (Reuters)

• Tesla Insurance Faces Lawsuit Alleging Premium Overcharging Based on False Crash Warnings (theDeepDive)

• Haley Taps Wall Street and Main Street to Keep Anti-Trump Bid Funded (WSJ)

What’s the latest?

• War Footing: Security warnings in Europe regarding Russia's future intentions have been increasing, prompting discussions about preparedness for potential conflicts. The Baltic nations are warning of the rising threat from Russia, emphasizing the need for Western nations to be prepared for a potential conflict in Europe. Security warnings in Europe have intensified since the beginning of 2024, driven in part by Russia's plans to put defense and munitions production on a war footing.

• Canada Continues Gaza Funding: Canada is allocating an additional $40 million in aid to support Palestinians in Gaza through various organizations, including the World Food Program, UNICEF, the World Health Organization, and the International Committee of the Red Cross. This decision follows Canada's temporary suspension of funding to the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) due to allegations that its staff played a role in the October 7 attacks.

• Trans Mountain Delays: The Trans Mountain pipeline expansion is facing further delays due to technical issues encountered during construction work in the Fraser Valley between Hope and Chilliwack, British Columbia. The pipeline expansion, designed to increase capacity to 890,000 barrels per day from the current 300,000 bpd, is more than 98% complete. The anticipated in-service date is now expected in the second quarter of 2024, following challenges related to drilling through hard rock in B.C.

• UPS Job Cuts: United Parcel Service (UPS) plans to cut 12,000 jobs and explore strategic options for its truckload freight brokerage business, Coyote, following a disappointing year. The decision comes as UPS forecasts full-year revenue below estimates. The company aims to reduce costs by $1 billion as it faces challenges such as higher labor costs and declining average daily volume. UPS expects business conditions to improve only in the second half of 2024.

• Toyota Recalls: Toyota is advising owners of certain older vehicle models, including the 2003-04 Corolla, 2003-04 Corolla Matrix, and 2004-05 RAV4s with Takata airbag inflators, to stop driving and get immediate repairs due to the risk of airbag inflator explosions. The advisory, labeled "Do not drive," is aimed at owners who have not responded to the Takata recall from 2015.

Bitcoin ETFs failed

The stock market and stuff

• Metro Touts $63 Million Food Bank Donation As Firm Reports $4.97 Billion Sales in Q1 2024 (theDeepDive)

• HSBC failed to protect $142 billion in deposits, receives bumper fine (Reuters)

• Trimble to buy back $800 million worth of shares, expand board following Jana investment (CNBC)

• AI, Crypto Electricity Demand Could Double By 2026 (theDeepDive)

In the juniors

• Adventus Mining Receives Permit For Tailings Storage Facility For El Domo Project (theDeepDive)

• Silvercorp Metals Reports High-Grade Silver Drill Results at TLP Mine (JMN)

• Exro Tech To Acquire SEA Electric For $402 Million (theDeepDive)

FULL DISCLOSURE: Heritage Mining is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Heritage Mining. The author has been compensated to cover Heritage Mining 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.