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Canada to Slash 3,300 IRCC Jobs

Immigration, Refugees and Citizenship Canada (IRCC) plans to eliminate about 3,300 positions by 2027, targeting roughly 25% of its 13,092-person workforce in one of the department’s largest restructurings.

An internal memo obtained by The Canadian Press reveals that 20% of cuts will affect permanent positions, while “significant reductions” will hit term employees through early contract terminations or non-renewals. Deputy Minister Harpreet S. Kochhar told staff that affected workers will receive notices by mid-February.

The department faces mounting budget pressure, with required spending reductions starting at $237 million in 2025-26 and reaching $336 million by 2027-28. The cuts form part of Ottawa’s broader effort to find $15.8 billion in savings by 2027-28.

You can read more on the matter here.

What’s going on?

• Taiwan Activates Backup After Matsu Undersea Cables Severed (theDeepDive)

• Canadian CEOs are optimistic on growth prospects despite facing Trump tariffs, survey shows (Globe)

• Indigenous Leader Now Backs Revival of Northern Gateway Pipeline (theDeepDive)

• Donald Trump halts more than $300bn in US green infrastructure funding (FT)

• Federal Workers’ Union, Watchdogs Sue Trump Over Musk-Led Advisory Panel (theDeepDive)

• Iran tries to calm nuclear concerns as UN warns on enrichment (Reuters)

• Musk Pours Cold Water on Trump-Backed Stargate AI Project (WSJ)

• Trump Signs Order to Withdraw US from World Health Organization (theDeepDive)

• Microsoft's LinkedIn sued for disclosing customer information to train AI models (Reuters)

• Conservatives Hold 26-Point Lead Over Liberals in New Poll (theDeepDive)

• Russian spy ship detected in UK waters (FT)

• Trump Orders 75-Day Pause on TikTok Sale Requirement (theDeepDive)

• Netflix says it’s raising its prices. Here’s how much more Canadian subscribers will have to pay (CTV)

What’s the latest?

• Trump Tariffs: President Trump reiterated tariff threats, proposing a 10% duty on Chinese imports and 25% tariffs on Canada and Mexico by February 1, citing fentanyl trafficking and illegal migration as key concerns. He also criticized the European Union for trade surpluses, hinting at additional tariffs. Financial markets initially rallied but softened after these announcements, with analysts noting a strategic and measured approach to tariff implementation.

• Trade War:Canadian bank equities, which have risen 4.6% since President Trump’s election, face risks from a potential trade war with the U.S., according to National Bank of Canada analysts. A "severe trade war" could lead to a 30% drop in banks' earnings per share for 2026 due to increased loan defaults and higher provisions for losses, potentially driven by 10% unemployment (up from 6.7%). The uncertainty has tempered enthusiasm for bank stocks, even as the sector has seen a 27% return in the past year. Trump's proposed 25% tariffs on Canadian imports, potentially impacting key industries like energy and autos, could exacerbate economic challenges.

• Novacap: Novacap Investments Inc. has closed a $1 billion digital infrastructure fund after a two-year fundraising process, exceeding its initial $750 million target. The fund, targeting 10 regional connectivity and data access companies, plans to invest up to $100 million per company and has already invested in four U.S. firms, including H5 Data Centers and All West Communications. Despite challenges from rising interest rates and a slow acquisitions market, the fund attracted institutional and individual investors globally.

• Amazon: Amazon is withdrawing operations from Quebec, closing seven facilities, including a fulfillment center, sorting centers, and delivery stations, affecting 1,700 employees and 250 seasonal workers. Impacted staff will receive severance packages of up to 14 weeks of pay and transitional benefits, including job placement resources. Amazon denies the closures are related to recent unionization efforts and plans to shift back to a third-party model supported by local businesses.

• Trump vs Putin: President Trump warned Russia of "high levels" of sanctions and tariffs unless a settlement is reached to end the war in Ukraine, calling on President Putin to negotiate immediately. Trump emphasized the urgency of stopping the conflict, reiterating his claim that he could end the war in a single day if reelected. While expressing admiration for the Russian people, he highlighted Russia's economic struggles and urged a swift resolution to prevent further escalation.

Trump Coin will be good for gold

The stock market and stuff

• Artemis Gold Begins Processing Ore At Blackwater (theDeepDive)

• Meta backs Databricks as the data analytics startup inches toward IPO (CNBC)

• SoftBank and OpenAI back sweeping AI infrastructure project in US (FT)

• European Antimony Prices Touch Fresh Peak at $44,200 (theDeepDive)

In the juniors

• PTX Metals Completes Property-Wide Magnetic Survey At W2 Project (theDeepDive)

• Verses AI Genius Platform Outperforms Leading Algorithms In Atari 10K Challenge (theDeepDive)

• Allied Gold Produces 99,632 Ounces In Q4 (theDeepDive)

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