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Court greenlights FTX customer reimbursement plan

FTX has received court approval for its bankruptcy plan, allowing it to repay customers using up to $16.5 billion in recovered assets. US Bankruptcy Judge John Dorsey approved the wind-down plan in Wilmington, Delaware, on Monday, marking a significant step forward in resolving one of the crypto industry’s most high-profile collapses.

The approved wind-down plan is based on a series of settlements with customers, creditors, US government agencies, and international liquidators. Under this plan, FTX aims to repay 98% of its customers — those who held $50,000 or less on the exchange — within 60 days after the plan’s effective date, which is yet to be determined.

You can read more on the matter here.

What’s going on?

• Heat-flation? Report Says Canadian Government Tried to Rename Inflation to Blame It On Climate Change (theDeepDive)

• US to propose how Google should boost online search competition (Reuters)

• Crypto.com warns of lawsuit from SEC and countersues (FT)

• Impact of Governance on Corporate Cash: Why $1 Could Be Worth Just 42 Cents (theDeepDive)

• Short-Seller Hindenburg Goes After Roblox (WSJ)

• Honeywell to spin off advanced materials unit in CEO’s growth push (CNBC)

• Robinhood Chief Legal Officer Emerges as SEC Chair Contender If Trump Wins (theDeepDive)

• Costco gold bars selling out quickly as bullion prices rise: survey (FOX)

• Samsung Apologizes for Falling Behind in AI Chips Race (WSJ)

• South Korea Tightens Short-Selling Regulations, Introduces Severe Penalties for Violations (theDeepDive)

• Statistics Canada reports $1.1B merchandise trade deficit for August (BNN)

What’s the latest?

• Trade Deficit: In August, Canada posted a merchandise trade deficit of $1.1 billion, up from a revised deficit of $287 million in July, primarily due to declining oil prices. Exports fell by 1%, totaling $64.3 billion, with energy products—particularly crude oil—down 4.1%. Meanwhile, imports slightly increased by 0.3% to $65.4 billion, driven by a 2.4% rise in motor vehicles and parts.

• Northvolt Bankruptcy: Northvolt AB has filed for bankruptcy protection for its Northvolt Ett Expansion unit, which was managing the now-halted expansion of its flagship battery plant in Skelleftea, Sweden. The move is aimed at containing the financial fallout from Northvolt's liquidity crisis, as the company works on a broader fundraising strategy to stabilize its operations.

• TikTok Sued: TikTok is facing new lawsuits from 13 U.S. states and the District of Columbia, accusing the platform of harming young users by promoting addictive behavior and failing to protect them. The lawsuits, filed in multiple states including New York and California, claim that TikTok uses software designed to keep children engaged for extended periods, thus boosting corporate profits. TikTok is also accused of misrepresenting its content moderation and operating an unlicensed money transmission business.

• Nuclear Power: Calgary-based Energy Alberta is reviving plans for a nuclear power plant in the Peace Region, aiming to build up to five Candu reactors. This initiative follows an abandoned proposal from 2009. With the reactors' potential 60-70 year lifespan and a maximum output of 4,800 megawatts, the project is being driven by the need for clean energy. While the cost could reach $35 billion, Energy Alberta claims no public funding will be required, though government-backed financing agreements may be sought.

• Hurricane Milton: Hurricane Milton, now a Category 4 storm, continues to expand as it moves past Mexico's Yucatan Peninsula, en route to Florida's Gulf Coast. Over one million people have been ordered to evacuate ahead of its expected landfall near the Tampa Bay area on Wednesday, a region still recovering from Hurricane Helene just weeks ago. Florida Governor Ron DeSantis has activated 8,000 National Guard members and is preparing supplies and equipment for emergency response.

Coeur Mining acquires SilverCrest for $1.7B

The stock market and stuff

• Court Greenlights FTX’s $16.5 Billion Customer Reimbursement Plan (theDeepDive)

• Tesla's robotaxi to face questions, scrutiny at unveiling this week (Reuters)

• PepsiCo trims revenue outlook as North American snacking, key international markets lag (CNBC)

• Another Big Silver Deal! Coeur Mining Acquires SilverCrest for $1.7 Billion (theDeepDive)

• Mali’s military government says Barrick Gold owes US$512-million in outstanding taxes, fines: sources (Globe)

In the juniors

• Fireweed Metals Hits 4.88% Zinc Over 46 Metres At New Discovery At Macpass (theDeepDive)

• Magna Mining PEA: A Simplified Breakdown (theDeepDive)

• Aris Mining Reports Q3 Production Of 53,608 Ounces (theDeepDive)

• Advantage Energy Curtails Up To 130 mmcf/d Of Natural Gas Production (theDeepDive)

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