Sponsored by Temas Resources

CBC sees government funding rise 13% in 2023

CBC earlier this week published its 2023-2024 annual report. The year has been a period of notable restructuring for CBC/Radio-Canada, driven by financial pressures and changing market conditions. As the national broadcaster continues to adapt to the digital era and economic challenges, its latest financial report reveals significant shifts in workforce composition, advertising revenue, and government support.

A stark 25% reduction in the workforce, accompanied by declining advertising revenue, illustrates the hurdles CBC faces in maintaining its operations while delivering on its public service mandate.

You can read more on the matter here.

What’s going on?

• New Analysis Casts Doubt on Federal Capital Gains Tax Estimates (theDeepDive)

• Hiring rebounds in September, lowering odds of larger Bank of Canada rate cut (Globe)

• 1 person dies and 12 are rescued after elevator malfunctions at Colorado gold mine tourist site (AP)

• Russia Turns to Silver in Strategic Shift That Could Reshape Markets (theDeepDive)

• Tesla's robotaxi event was long on Musk promises. Investors wanted more details. (Reuters)

• Economy adds 47,000 jobs in September, unemployment rate falls to 6.5 per cent (BNN)

• German Economy Faces Continued Challenges, Government Cuts 2024 Forecast (theDeepDive)

• Bank of Canada Surveys Show Easing Inflation Expectations (Bloomberg)

• Cerebras IPO has ‘too much hair’ as AI chipmaker tries to sell Wall Street on Nvidia alternative (CNBC)

• Is Mexico Moving Away From An Open-Pit Mining Ban Under New President? (theDeepDive)

• JPMorgan Calls It: The U.S. Economy Has Made a Soft Landing (WSJ)

• OpenAI Doesn’t Expect to Be Profitable Until 2029 (theDeepDive)

• Sex bomb: The collateral damage of OnlyFans’ explosive success (Reuters)

What’s the latest?

• Jobs Report: In September, the Canadian economy added 47,000 jobs, bringing the unemployment rate down to 6.5%, its first decline since January, according to Statistics Canada. The job gains were driven by youth and women aged 25 to 54, with full-time employment seeing its largest increase since May 2022. Despite these gains, the employment rate fell due to rapid population growth outpacing employment.

• Tesla Event: Tesla yesterday unveiled its Cybercab robotaxi, an autonomous vehicle without a steering wheel or pedals, expected to be available by 2026. CEO Elon Musk expressed confidence in Tesla’s Full Self-Driving technology, but concerns remain over its reliability, especially with competitors like Waymo already deploying autonomous vehicles. Tesla also introduced a self-driving minibus and showcased its Optimus robots as part of its broader focus on AI and robotics.

• Taiga Sale: Taiga Motors Corp., a Montreal-based maker of electric snowmobiles and watercraft, has received approval from the Superior Court of Québec for its sale to British entrepreneur Stewart Wilkinson. Wilkinson, who is involved in marine electrification through brands like Vita, Evoy, and Aqua superPower, will assume Taiga’s debt to Export Development Canada and commit to funding the company’s business plan.

• US PPI: U.S. producer prices were unchanged in September, as rising service costs were offset by cheaper goods, maintaining a favorable inflation outlook. The PPI increased 1.8% year-over-year, while core inflation pressures remain moderate, despite some price gains in services like airline fares and hospital care.

• TikTok Cuts: TikTok is laying off hundreds of employees globally, including as much as 500 staff in Malaysia, as it shifts focus to using AI in content moderation. The layoffs are part of a broader plan to improve operational efficiency, with 80% of content violations now handled by automated systems. TikTok plans to invest $2 billion in trust and safety this year and may implement further layoffs as it consolidates regional operations.

Market talk with Lobo Tiggre

The stock market and stuff

• Sandstorm Gold Sees Revenues Rise In Q3 Despite Declining Production (theDeepDive)

• TD staff joked internally that the bank was favoured by money launderers, but failed to stop the activity (Globe)

• JPMorgan beats expectations with quarterly profits of $12.9bn (FT)

• Is Google About To Be Broken Up? (theDeepDive)

• Tesla shares drop 7% after Cybercab robotaxi reveal fails to impress (CNBC)

• Bayer must pay $78 million in latest Roundup cancer trial, jury finds (Reuters)

In the juniors

• Rua Gold Acquisition of Siren Gold: A Deeper Look into New Zealand’s Gold Mining Industry (theDeepDive)

• SilverCrest Sees Production Fall In Q3 2024 (theDeepDive)

• ATHA Energy Enters Multiple Option Arrangements With Terra Uranium (theDeepDive)

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