Sponsored by Anfield Energy

Bagel shops the next emissions target

The federal Environment Ministry is examining whether restaurants and bakeries utilizing wood-fired ovens need to report their air pollution emissions annually to the National Pollutant Release Inventory (NPRI).

The NPRI is a federally mandated inventory of pollutants released by industrial, commercial, and institutional facilities. Recent compliance promotion efforts by the NPRI program targeted wood-fired ovens in establishments such as pizzerias and bagel shops across Canada, including Montreal.

You can read more on the matter here.

What’s going on?

• Drought-induced drop in Panama Canal traffic could cost up to US$700 million (BNN)

• LME To Remove 10% Of Brands Over Responsible Sourcing (theDeepDive)

• OpenAI announces first partnership with a university (CNBC)

• Sabrina Maddeaux Announces Candidacy for Conservatives: “Trudeau Abandoned My Generation” (theDeepDive)

• Airstrikes on Yemen Bring New Level of Chaos to Shipping in the Southern Red Sea (Bloomberg)

• Coming Soon: AI That Can Self-Replicate (theDeepDive)

• Biggest Cocoa Rally in Decades Is Leaving Top Producers Behind (BNN)

• Argentina’s Javier Milei Enters The World Stage At Davos, Warns ‘The West Is In Danger’ (theDeepDive)

• US Jobless Claims Plunge to 187,000, Lowest Since September 2022 (Bloomberg)

• Winter weather presenting EV owners with 'frustrating' challenges (FOX)

What’s the latest?

• CEBA Repayment Rush: A significant last-minute rush is being reported among small businesses to repay their federal pandemic loans under the Canada Emergency Business Account (CEBA) program before the deadline. The deadline marked the final opportunity for businesses to receive partial forgiveness of their loans, taken out in 2020 or 2021. Most businesses took CEBA loans of either $40,000 or $60,000, with the possibility of having $20,000 forgiven if they repay up to $40,000 now.

• Panama Problems: The Panama Canal, a critical global trade route, faces severe disruptions due to a drought that has led to a 36% reduction in ship crossings. This situation is expected to result in a financial loss of between $500 million and $700 million in 2024 for the Panama Canal Authority, significantly higher than the initial estimate of $200 million.

• Reddit IPO: Reddit is moving forward with plans to launch its IPO in March, which would mark the first major social media company IPO since Pinterest in 2019. Having confidentially filed for the IPO in December 2021, Reddit aims to make its public filing in late February, launch a roadshow in early March, and complete the IPO by the end of March. The company, valued at about $10 billion in a 2021 funding round, plans to sell around 10% of its shares in the offering.

• Bitcoin ETF Inflows: U.S. investors have shown strong interest in a new batch of bitcoin exchange-traded funds (ETFs), with $1.9 billion invested in nine new funds tracking the spot price of bitcoin in just three days. BlackRock and Fidelity attracted the majority of these inflows. However, despite the initial success, it's uncertain if these funds can sustain the pace of inflows, especially given bitcoin's recent 8% decline since the ETFs' launch on January 11.

• Shipping Costs Jump: The rerouting of ships around Africa to bypass potential attacks in the Red Sea is significantly increasing demand for bunker fuel at ports in Mauritius, South Africa, the Canary Islands, and the Western Mediterranean. This shift, initially led by container ships and now followed by oil tankers and dry bulk carriers, is causing congestion and higher fuel prices, with a notable 15% price increase in Cape Town since mid-November to $800 per metric tonne.

Copper boom in Peru

The stock market and stuff

• Grayscale Is Losing the ETF Game, Transfers $800 Million More to Coinbase (theDeepDive)

• Reddit seeks to launch IPO in March (Reuters)

• Albemarle Unveils Cost-Cutting Measures, Including Job Cuts, Amid Plummeting Lithium Prices (theDeepDive)

• Spot bitcoin ETFs draw nearly $2 billion in first three days of trading (Reuters)

In the juniors

• Anfield Energy Set To File Restart Application For Shootaring Canyon Mill In Q1 (theDeepDive)

• Canopy Growth Upsizes Financing After Initially Canceling Funding (theDeepDive)

• VERSES AI Enters Partnership Focused On Abu Dhabi Smart City Projects (theDeepDive)

• Market Movers: Bluestone Resources Nearly Doubles Following Permit Amendment Approval (theDeepDive)

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