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BYD plans Canadian expansion

Chinese electric vehicle manufacturer BYD is considering entering the Canadian automotive market, according to regulatory filings submitted earlier this month. This potential move by BYD comes amid deliberations by Canadian officials on imposing tariffs on vehicles imported from China, following similar actions by the United States and the European Union.

In a regulatory document filed with both the federal and Ontario governments, BYD expressed its intent to seek advice on matters related to its market entry into Canada for the sale of passenger electric vehicles. While the specific timeline for BYD’s entry into the Canadian market remains unclear, the filings indicate that the company is preparing for a potential launch, despite the looming possibility of new tariffs.

You can read more on the matter here.

What’s going on?

• Toronto Condo Market Slowdown: Sales Fall, Listings Surge in Q2 2024 (theDeepDive)

• Canada’s GDP likely to surpass central bank’s second-quarter forecast (Globe)

• United States, The World’s Largest Oil Producer, Buys Oil to Refill Reserves (theDeepDive)

• Maduro Fails to Win Recognition From Key Ally Petro in Colombia (Bloomberg)

• Tehran Attack Kills Hamas Leader Ismail Haniyeh (theDeepDive)

• Canada launches investigation into Ticketmaster data breach (Reuters)

• France’s Interior Minister Receives Letter Possibly Containing The Plague (theDeepDive)

• Investors on Alert for Fed Clues on Interest-Rate Cuts (WSJ)

• Brazil's jobless rate drops to 6.9% in quarter through June (Reuters)

• Maduro Challenges Musk to Fight After Election Fraud Allegations (theDeepDive)

• Boeing reports wider-than-expected loss, weaker revenue (CNBC)

What’s the latest?

• Canadian Economy: The Canadian economy grew by 0.2 per cent in May, driven by expansions in manufacturing and the public sector, according to Statistics Canada. Growth was tempered by declines in retail, wholesale trade, and the oil and gas sector, despite the positive impact of the Trans Mountain pipeline expansion. The federal agency estimates a slight growth slowdown to 0.1 per cent in June.

• Euro Inflation: Inflation in the eurozone rose to 2.6 per cent in July, up from 2.5 per cent in June, remaining above the European Central Bank’s target and complicating its upcoming decision on interest rates. Services inflation, closely monitored by the ECB, was at 4.0 per cent, slightly down from 4.1 per cent.

• Rail Strike: Canadian Pacific Kansas City Ltd. (CPKC) anticipates a significant operational halt due to an impending strike expected in the second half of August. CEO Keith Creel noted the wide gap between the railway and the union representing 3,300 workers. A potential work stoppage could cause "mass chaos," impacting rail transport and delaying shipments for months.

• StubHub Lawsuit: Washington, D.C.'s Attorney General Brian Schwalb sued StubHub, accusing the ticket resale platform of deceptive advertising practices through "drip pricing," where low prices are initially shown, but final prices include hidden fees. The lawsuit alleges that StubHub's fees can exceed 40% of the advertised price and are only revealed at the end of a lengthy purchase process.

• Legalization: The Philippines is making another attempt to legalize medical cannabis, with the House of Representatives recently approving a bill to create a medical cannabis office under the Department of Health. This office would formulate rules on its medical use. The Senate is currently debating a similar measure, which faces opposition from some lawmakers, including the president’s sister, Imee Marcos.

Cyber warfare: Ex-CIA officer warns of new global conflict

The stock market and stuff

• First Majestic Hits 8.15 g/t Gold, 427 g/t Silver Over 4.78 Metres True Width In New High Grade Discovery At Santa Elena (theDeepDive)

• Boeing names Kelly Ortberg as chief executive (FT)

• Delta CEO says CrowdStrike-Microsoft outage cost the airline $500 million (CNBC)

• Crypto Market Jitters as US Government Moves $2 Billion Worth of Silk Road BTC (theDeepDive)

• Nvidia shares bounce back as Microsoft increases AI spending (FT)

In the juniors

• Silvercorp To Proceed With Acquisition Of Adventus Mining (theDeepDive)

• Snowline Gold Says Drilling Is Ongoing In Yukon (theDeepDive)

• Hercules Completes 4,600 Metres Of Drilling, Encounters Hypogene Copper-Silver Enrichment (theDeepDive)

• Tilray Brands Shares Soar On Fiscal 2024 Growth, Driven by Diversification and Acquisitions (theDeepDive)

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