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Carbon tax showdown

Tensions are escalating between the federal government and several provinces over the upcoming increase to Canada’s carbon tax on April 1st. The tax on carbon emissions is set to rise from $65 to $80 per tonne as part of scheduled annual hikes until 2030.

The latest opposition comes from Newfoundland and Labrador Premier Andrew Furey, who wrote to Prime Minister Justin Trudeau urging a pause on the imminent nearly 25% tax increase.

You can read more on the matter here.

What’s going on?

• USDA Unveils Hemp Research Roadmap, Invests $10M in Studies (theDeepDive)

• World’s first major act to regulate AI passed by European lawmakers (CNBC)

• Sports Site Deadspin Gutted After Sale to Mysterious Firm (theDeepDive)

• Bird flu strain raises alarm as H5N1 virus kills South American wildlife (Reuters)

• Former Boeing Employee Who Raised Safety Concerns Found Dead (theDeepDive)

• Judge dismisses several counts against Trump in Georgia election criminal case, others still remain (CNBC)

• SaltWire Network: Another Canadian Media Outlet Files For Credit Protection (theDeepDive)

• U.S. House passes bill that would lead to a TikTok ban if Chinese owner doesn't sell (BNN)

• Canada’s Public Sector Bloat Masks Struggling Private Job Market (theDeepDive)

• Weekly mortgage demand jumps again as interest rates fall just below 7% (CNBC)

What’s the latest?

• Loblaw Gets Worse: Loblaw is testing receipt scanners at four of its stores to combat theft, requiring customers to scan their receipts' barcodes at self-checkout exits. While the grocery giant aims to enhance security, some customers find the process intrusive and cumbersome, leading to concerns about delays and alarms triggering. Critics argue that such measures exacerbate frustrations amid rising grocery prices, highlighting the need for a more customer-friendly approach.

• The Debt Problem: In the fourth quarter, Statistics Canada reported that households owed an average of $1.79 in credit market debt for every dollar of disposable income, a slight decrease from the previous quarter. This marked the third consecutive quarter of decline in household credit market debt as a proportion of disposable income. The reduction was attributed to slower mortgage borrowing, while disposable income outpaced the growth in debt.

• Pentagon Backs Out From Intel: The Pentagon has withdrawn from a plan to allocate up to $2.5 billion in chip grants to Intel Corp., leaving the Commerce Department to fill the gap. This shift could limit the total federal funding Intel expected to receive, which includes incentives from the Chips and Science Act amounting to over $10 billion. The change disrupts the distribution of funds from the Chips Act, potentially leading to a greater emphasis on military chip production within Intel's allocation.

• TikTok Ban: The U.S. House of Representatives is poised to pass a bill requiring ByteDance, the Chinese owner of TikTok, to divest its U.S. assets within six months or face a ban. The bill has garnered sufficient support for passage, signaling a significant move amid national security concerns over Chinese-owned apps. However, its fate in the U.S. Senate remains uncertain, with some senators advocating for alternative approaches to regulating foreign-owned apps.

• Rocket Explosion: Space One's Kairos rocket, intended to be Japan's first satellite-launching endeavor by a private company, suffered a catastrophic failure just seconds into its maiden flight. The 18-meter rocket exploded shortly after liftoff, resulting in a cloud of smoke, debris, and firefighting efforts near the launch site in western Japan's Kii peninsula.

A path to safe supply

The stock market and stuff

• Wesdome Gold Reports “Strong” Q4 2023, Aims For Free Cash Flow In 2024 (theDeepDive)

• Spotify to test full music videos in potential YouTube faceoff (Reuters)

• Fire at ExxonMobil Refinery in Northern France Now Under Control (theDeepDive)

• FTC can reopen Meta privacy case despite $5 billion fine, court rules (Reuters)

In the juniors

• Aclara Resources Sees CAP S.A. Take 20% Interest In Rare Earths Subsidiary For US$29 Million (theDeepDive)

• Biosynthetic Cocaine? PharmaDrug Files Patent For Novel Manufacturing Method (theDeepDive)

• Space One's Kairos rocket explodes on inaugural flight (Reuters)

• Ur-Energy To Build Shirley Basin Uranium ISR Mine (theDeepDive)

• COPL Files For Creditor Protection: “Little Prospect For A Return To Shareholders” (theDeepDive)

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