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China to prop up markets

In response to the recent slump in the Chinese stock market, authorities in China are reportedly considering a comprehensive rescue package totaling $278 billion, according to insider sources. The move follows previous attempts to restore investor confidence, which fell short, prompting Premier Li Qiang to advocate for “forceful” measures.

The proposed package involves mobilizing approximately 2 trillion yuan ($278 billion), primarily sourced from offshore accounts of Chinese state-owned enterprises (SOEs). This substantial sum is intended to establish a stabilization fund, aimed at purchasing shares onshore through the Hong Kong exchange link.

You can read more on the matter here.

What’s going on?

• Billy McFarland’s ‘Final Pre-Sale Tickets’ For Fyre Festival II Go Up To $1 Million … But He Still Doesn’t Have A Lineup (theDeepDive)

• Feds to launch Canada-U. S. engagement strategy as presidential election looms (BNN)

• 2024 Budget Panic: Is Toronto Broke? (theDeepDive)
  CIA tries to recruit double agents in Russia with new video (Reuters)

• MrBeast Says First Video Posted To X Generated $263K In Revenue (theDeepDive)

• Netflix to stream WWE Raw in $5 billion bet on live events (Reuters)

• Colorado Pastor Blames God For Defrauding People In $1.3 Million Crypto Scam (theDeepDive)

• B.C., Ontario vow to crack down on diploma mill schools exploiting international students (CBC)

• Amazon wants to shape the future of car-buying. Dealers are skeptical (CNBC)

• Florida Bill Aims To Make State Help Pay For Trump’s Legal Bills (theDeepDive)

• Boeing Faces More Pressure as United CEO Vents Frustrations (Bloomberg)

What’s the latest?

• Netflix-WWE: Netflix has acquired exclusive rights to "Raw" and other programming from World Wrestling Entertainment, in a significant move into live events. The 10-year deal, worth US$5 billion, allows Netflix to air "Raw" in the US, Canada, Latin America, and other international markets starting January 2025.

• China Cuts Video Game Curbs: China's gaming regulator, the National Press and Publication Administration, has unexpectedly removed proposed rules aimed at curbing video game spending and rewards from its website. These draft rules had caused market turmoil upon their announcement, significantly impacting the shares of major gaming companies.

• Diploma Mills: BC and Ontario are aiming to crack down on private post-secondary institutions that are focused on international students. The federal government, led by Immigration Minister Marc Miller, announced a 35% reduction in student visas for 2024, with certain provinces like B.C. and Ontario seeing reductions of about 50%. There have been reports of private post-secondary institutions in Canada misleading international students and recruiters making false promises about job opportunities and residency.

• Paper Mill Shutdown: West Fraser Timber Co. Ltd., based in Vancouver, has announced the permanent closure of its sawmill in Fraser Lake, B.C., citing the inability to access economically viable fibre in the region. This closure will impact approximately 175 employees, although the company plans to lessen the impact by offering opportunities at other West Fraser operations.

• CIA Focuses On Russia: The CIA has released a Russian-language recruitment video aimed at persuading Russian intelligence employees to become double agents for the U.S. CIA Director William Burns sees the disaffection among some Russians, particularly due to the war in Ukraine, as an opportunity to recruit spies. The video, shared on the CIA's official social media channels, targets patriotic Russians in intelligence agencies who might feel disillusioned by corruption and the state of the Russian military.

The cure for low stock prices

The stock market and stuff

• China Weighs $278 Billion Stock Market Rescue Package Amidst Market Turmoil (theDeepDive)

• Johnson & Johnson to Pay $700 Million to Settle Baby Powder Probe (WSJ)

• AI Startup Fusemachines Strikes SPAC Deal to List on Nasdaq (Bloomberg)

• Jim Cramer Wants To Remove Tesla From ‘Magnificent Seven’ (theDeepDive)

• Alibaba co-founders buy more than $200 million worth of shares, sending stock up (CNBC)

In the juniors

• Golden Cariboo Aims To Raise $2.0 Million (theDeepDive)

• Nevada Sunrise Reports Maiden Resource Estimate Of 7.1 Million Tonnes LCE At Gemini (theDeepDive)

• Wyloo Metals Places Kambalda Nickel Operations On Care And Maintenance (theDeepDive)

• Algoma Steel Says Shipments To Be Impacted By Blast Furnace Issues (theDeepDive)

• Liontown Resources Reviewing Expansion Plans Amidst Falling Lithium Prices (theDeepDive)

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