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Canada’s Great Grocery Debacle: The Oblivious F.P.C.

Deep Dive recurring character Francois-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, has been a frequent news feature this month, after exhibiting perhaps the dumbest and most embarrassing episodes in his ongoing to failure to understand or execute his job.

We last visited with our favorite Liberal cabinet minister this past October, when the country and its media were trying to square the fact that expensive Canadian groceries cost so much more all the time with the fact that three companies control most of the grocery market, and they all make gobs of money.

You can read more on the matter here.

What’s going on?

• Russian Opposition Leader Alexei Navalny Dead In Prison, Team Claims It Was Murder (theDeepDive)

• Canadians Doubt Trudeau Is Best Leader to Handle a Second Trump Term (Bloomberg)

• White House Confirms Russia’s Pursuit of Anti-Satellite Capability Putting Nukes In Space (theDeepDive)

• Bipartisan members introduce foreign aid and narrow border package in the House (CNN)

• Nike to lay off 2% of employees, cutting more than 1,500 jobs during broad restructuring (CNBC)

• Oil-Sands Producer Cenovus Says Emissions Goals at Risk as Subsidy Talks Drag (Bloomberg)

• New report blames older Americans for nationwide housing shortage (FOX)

• Canada’s Great Grocery Debacle: The Oblivious F.P.C. (theDeepDive)

• Canadian investment in foreign securities hits all-time high (BNN)

• Ford CEO tells Wall Street to forget Tesla, says ‘Pro’ business is the future of the auto industry (CNBC)

What’s the latest?

• Navalny Dead: Russia’s prison service is reporting that Alexei Navalny, a former Russian opposition leader, died Friday after collapsing after a walk in the penal colony he was serving a 30 year term at. His team meanwhile claims it was murder, with his chief of staff stating that “Putin killed Navalny.”

• Foreign Investments: Canadians set a new record for investment in foreign securities in December, totaling $29.4 billion, the highest net outflow into international stocks and bonds since records began in 1988. This surge was driven by significant interest in U.S. large-cap technology stocks and investment funds tracking U.S. equity indexes, with $23.2 billion invested in U.S. stocks alone.

• Producer Price Index: In January, the U.S. Producer Price Index (PPI) for final demand increased by 0.3%, marking the largest rise since August 2023 and signaling stronger inflationary pressures than anticipated. This rise followed a revised 0.1% decrease in December, with the increase driven primarily by a 0.6% gain in services, notably hospital outpatient care which jumped 2.2%, and portfolio management fees which surged 5.5%.

• Trump Decision Coming: A New York judge is poised to decide on a $370 million civil fraud case against former President Donald Trump, accused of exaggerating his net worth for better loan terms. The case, brought by New York Attorney General Letitia James, could significantly impact Trump's business activities in New York, aiming to ban him and his sons from the state's real estate industry.

• Lucid Price Cuts: In the Democratic Republic of Congo, torrential rains have caused the Congo River to reach its highest levels in over six decades, leading to widespread flooding. This natural disaster has displaced approximately 500,000 people, forcing them to seek refuge in makeshift camps. The floods have affected 16 of Congo's 26 provinces, resulting in at least 221 deaths.

Gold exploration in British Columbia

The stock market and stuff

• AI Frenzy Drives S&P 500 to Most Concentrated State in Nearly a Century (theDeepDive)

• Coinbase shares near two-year high as ETF euphoria boosts trading volume (Reuters)

• Invesco Seeks to Grow Its $30 Billion Base of Japan Bond Buyers (Bloomberg)

• New Safe-Haven? Bitcoin Inflows Are Outpacing Gold Inflows (theDeepDive)

• Intuitive Machines stock jumps 16% after company says moon mission is in ‘excellent health’ (CNBC)

In the juniors

• Birchcliff Energy Faces Scrutiny Over Dividend Increase Amid Declining Free Cash Flow (theDeepDive)

• Gold Line Approves Barsele Minerals Merger, Closing Expected February 23 (theDeepDive)

• Lithium Chile Considers Spin Out Of Argentina Assets As It Continues To Evaluate Potential Transactions (theDeepDive)

• Nouveau Monde Jumps 25% After Entering Offtake Agreements With General Motors, Panasonic (theDeepDive)

• Libero Copper To Raise $2.5 Million After Frank Giustra Steps In (theDeepDive)

FULL DISCLOSURE: Element 29 Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Element 29 Resources. The author has been compensated to cover Element 29 Resources 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.