Sponsored by Lithium Chile

Company behind ArriveCAN has had over $250 million in government contracts

A recent report has revealed that GC Strategies, the government vendor responsible for developing the ArriveCAN app, has received a staggering $258 million in federal contracts since Justin Trudeau took office in 2015.

The revelation has prompted calls from the Conservative Party for an investigation by the Auditor General into every contract and dollar paid to the company.

You can read more on the matter here.

What’s going on?

• MPs Call To Review Canada’s Immigration Quotas (theDeepDive)

• CPP Investments earned 3.4% in latest quarter, net assets grew to $590.8 billion (BNN)

• January Housing Starts Fall 10% On A Seasonally Adjusted Basis (theDeepDive)

• Richard Branson and Oppenheimer’s grandson urge action to stop AI and climate ‘catastrophe’ (CNBC)

• Does ChatGPT Have A Blocklist For Certain News Websites?(theDeepDive)

• China Revives Socialist Ideas to Fix Its Real-Estate Crisis (WSJ)

• Explosion Rocks Iran’s Gas Pipeline, Damaging Persian Gulf Natural Gas Flow (theDeepDive)

• Japan Loses Its Spot as World's Third-Largest Economy as It Slips Into Recession (Bloomberg)

• Liberals Admit They’re ‘Addicted’ To Cheap Labor, Changes Tune On Immigration (theDeepDive)

• Israel Kills Hezbollah Commander as Fears Grow of New War Front (Bloomberg)

• Pierre Poilievre Calls To Expand Criminal Investigation Into ArriveCAN Following Karen Hogan’s Report (theDeepDive)

• Russia’s Putin says he prefers ‘more predictable’ Biden over Trump in U.S. election (CNBC)

• Berlin Court Forces Ministry of Economics to Disclose Nuclear Power Filest (theDeepDive)

What’s the latest?

• Production Slump: U.S. factory production unexpectedly declined by 0.5% in January, primarily due to harsh winter weather, marking a deviation from the slight 0.1% gain observed the previous month, according to the Federal Reserve. This decrease contrasts with economists' expectations of unchanged factory output. On a year-on-year basis, manufacturing output decreased by 0.9%.

• GM Invests In Graphite: Nouveau Monde Graphite has entered into a multi-year supply agreement with a General Motors subsidiary, alongside a $150 million equity investment from the automaker. Nouveau will supply GM with 18,000 tonnes per annum of refined graphite from its Becancour plant's second phase for six years upon reaching full production.

• Retail Sales Fall: U.S. retail sales experienced their most significant decline in nearly a year this January, dropping by 0.8%, influenced by harsh winter weather and lower gasoline prices. The Commerce Department highlighted this was the largest decrease since February of the previous year, with revised figures showing a more modest rise in December sales than initially reported.

• Recessions Begin: Britain's economy entered a recession in the latter half of 2023, with GDP contracting by 0.3% in the three months to December after a 0.1% decline between July and September. The contraction has led to a weakening of Sterling and increased speculation about the Bank of England cutting interest rates. The UK, now in recession alongside Japan among the G7, has shown only a 1% GDP growth since late 2019, outpacing only Germany within the group.

• Lucid Price Cuts: Lucid Group has reduced the prices of its Air luxury sedans by 1% to 10%, aiming to boost demand amidst a market slowdown affecting the electric vehicle industry. This price adjustment follows a previous reduction in August of the last year.

Brazil's lithium boom

The stock market and stuff

• Elon Musk Moves SpaceX To Texas As He Continues To Whine About Delaware (theDeepDive)

• Ford CEO open to working with rivals to compete with China (Reuters)

• Siemens Looks to Raise Europe’s Largest Corporate Bond So Far This Year (BNN)

• Temenos shares plunge nearly 35% on Hindenburg short position (Reuters)

In the juniors

• Gatekeeper To Install Tech Into 120 School Buses Under Latest Contract (theDeepDive)

• Moon company Intuitive Machines begins first mission after SpaceX launch (CNBC)

• Skyharbour Enters Joint Venture For Hook Lake Uranium Project (theDeepDive)

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