Sponsored by Carlyle Commodities

Canada’s Great Grocery Ripoff

On our last episode, we discussed the Liberal government’s unconvincing and empty threat to tax Canada’s grocery chains if they don’t all submit convincing plans to stabilize grocery prices by Thanksgiving.

Everything that’s left of Canadian news media has been all over this story all year on the behalf of the grocery buying, food-eating public. CBC footage shows a scrum of reporters staked outside the meeting shouting over each other to ask the grocery CEOs if they’re going to lower the cost of food, the way they ask accused murderers on the way into court what it felt like to stab someone, and who they’re going to stab next.

Most didn’t answer, and the ones who did didn’t say much.

Indy muckrakers down at Canadaland, with an assist from Deep Dive contributor (and best selling author!) Mike Miller, got a lot closer to the heart of this story than the rest of the press pack put together a couple weeks ago, when it drilled down on the stock buybacks conducted by Canada’s grocery chains over the past few years as groceries have been getting more and more expensive.

You can read more on the matter here.

What’s going on?

• Guy Who Shot a YouTuber Harassing Him for a Prank Video Has Been Acquitted of Primary Charge (theDeepDive)

• Kansas Utility Evergy Plans To Keep Coal Plant Open To Meet Energy Demands of Panasonic Battery Plant (theDeepDive)

• EU Designates X As A Leading Disinformation Source (theDeepDive)

• UAW workers and Mack Trucks reach deal to avoid strike (Reuters)

• Sweden Considers Deploying Military to Combat Rising Gang Crime (theDeepDive)

• Multi-Billion Dollar Metals SPAC Deal Collapses Amidst Turbulent Negotiations (theDeepDive)

• Top Chinese Scientist Claims India Moon Landing Nowhere Near South Pole (Bloomberg)

• Jewish Orgs Petition To Cancel “The Danger Elon Musk And X Represent To Jews” (theDeepDive)

• Epic Games to Cut 16% of Its Workforce, ‘We’ve Been Spending Way More Money Than We Earn’ (theDeepDive)

• Trump will testify in New York civil fraud trial (Reuters)

• BitBoy Crypto Is Selling His Bored Ape (Except It May Not Be His) (theDeepDive)

What’s the latest?

• Trump Trial Begins: Former U.S. President Donald Trump and his family business are set to stand trial in New York in a civil fraud case on charges of inflating the value of their assets to secure better loan and insurance terms. New York Attorney General Letitia James is seeking at least $250 million in fines, a permanent ban on Trump and his sons, Donald Jr. and Eric, from running businesses in New York, and a five-year restriction on Trump's commercial real estate activities.

• Canada’s Deficit: The federal government of Canada posted a budgetary deficit of $1.2 billion during the first four months of its fiscal year, compared to a surplus of $6.3 billion during the same period the previous year. Government revenues increased by $2.8 billion or two percent, largely due to higher interest revenues and other non-tax revenues.

• UAW Layoffs: General Motors has announced the indefinite layoff of around 160 workers at plants in Indiana and Ohio due to the impact of the United Auto Workers strike on some facilities. The UAW strike has already led to indefinite layoffs at GM's Fairfax, Kansas plant and disruptions in production across multiple facilities. The strike, which is now in its 18th day, has reportedly cost GM and Ford millions of dollars.

• McCarthy’s Struggle: A growing rift within the Republican party is putting House Speaker Kevin McCarthy's position at risk. Representative Matt Gaetz is leading an effort to overthrow McCarthy, which could have profound implications for the balance of power in the Republican-controlled House.

• Birkenstock IPO: Birkenstock, the German premium footwear brand, is seeking a valuation of up to $9.2 billion in its upcoming U.S. initial public offering. The company plans to sell at least 32 million shares, priced between $44 and $49 each, which could potentially raise about $1.58 billion at the upper end of the range.

Stellantis' bold investment in Argentina

The stock market and stuff

• Tesla Misses Delivery Estimates In Third Quarter (theDeepDive)

• BBBY: Bed Bath & Beyond Shares Get Delisted Following Bankruptcy Plan Taking Effect (theDeepDive)

• Germany's Birkenstock targets $9.2 billion valuation in New York IPO (Reuters)

• Lithium Americas Reportedly Close To Receiving US$1 Billion From U.S. DOE For Thacker Pass (theDeepDive)

In the juniors

• Carlyle Commodities Begins Metallurgical Work At Newton Gold (theDeepDive)

• Canopy Growth Collects $53 Million From Sale Of Hershey Drive Facility (theDeepDive)

• Lithium Americas Reportedly Close To Receiving US$1 Billion From U.S. DOE For Thacker Pass (theDeepDive)

• Fisker Secures US$150 Million Investment from a Single Investor (theDeepDive)

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