Sponsored by Anfield Energy

Deadly Fire Engulfs South Korean Battery Factory

A devastating fire erupted at a lithium battery factory in Hwaseong, South Korea, on Monday, resulting in one confirmed death, three injured, and 21 others unaccounted for, according to the Yonhap News Agency, citing firefighters in the area. The facility, owned by Aricell, a primary battery manufacturer, is located just south of Seoul.

Firefighter Kim Jin-young reported that rescue operations were hindered by the ongoing blaze, making it impossible to enter the building safely. The fire is believed to have started with an explosion in a battery cell on the second floor, triggering a series of subsequent explosions. With an estimated 35,000 battery cells stored on that floor alone, the situation remains highly volatile.

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What’s going on?

• Texas Logistics Company USLS Shuts Down, Leaving 2,000 Employees Jobless (theDeepDive)

• Polish president says he hopes China can help bring peace in Ukraine (Reuters)

• Public Outcry and Financial Pledges Aim to Keep Ontario Science Centre Open (theDeepDive)

• Canada to announce tariff plan for Chinese EV, battery imports after moves by U.S., Europe (Globe)

• US Bans Kaspersky Products, Sanctions 12 Senior Leaders (theDeepDive)

• Record Labels Sue Two Startups for Training AI Models on Their Songs (Bloomberg)

• Fraud McDonald: Ex-CNBC Analyst James McDonald Arrested After Three-Year Fugitive Run (theDeepDive)

• Supreme Court to Weigh Bans on Transgender Medical Treatments (WSJ)

• Report Reveals Untracked Millions In U.S. Defense Funds Sent to China for Pathogen Research (theDeepDive)

• European Union regulators accuse Apple of breaching the bloc’s tech rules (CNBC)

• Vietnam drought may spike global espresso prices (Globe)

• Elon Musk’s SpaceX Boosts South Texas Economy with Starbase Facility (theDeepDive)

What’s the latest?

• Apple Charged: EU antitrust regulators have charged Apple with breaching tech rules under the new Digital Markets Act (DMA). The European Commission's preliminary findings highlight Apple's restrictive terms for app developers. Apple can avoid fines of up to 10% of its global turnover by amending its terms. Apple has made changes and plans to cooperate but defends its terms as lawful and beneficial. The Commission also criticized Apple's App Store fees and restrictions on customer contract links.

• Boeing Under Fire: U.S. prosecutors want the Justice Department to file criminal charges against Boeing for allegedly breaching a 2021 settlement over two fatal 737 MAX crashes. A decision is due by July 7. Boeing, disputing the breach, risks escalating its crisis and affecting government contracts. Boeing is open to more penalties and a compliance monitor but fears further restrictions from a guilty plea.

• Uranium Buyout: Paladin Energy will acquire Canada’s Fission Uranium for $833 million CAD in an all-stock deal, giving Fission shareholders 0.1076 Paladin shares per Fission share, a 26% premium. The merger aims to make Paladin a leading global uranium supplier. The deal, supported by Fission’s directors, should close by the end of September, with Paladin planning a Toronto Stock Exchange listing.

• Fast Fashion on Wall Street: Fashion giant Shein has confidentially filed to go public in London after complications with a New York listing. The IPO application was submitted to the U.K.'s Financial Conduct Authority in June and filed with the Chinese securities regulator. Chinese regulators are not expected to block the deal. U.S. and Singaporean investors are urging Shein to expedite the listing or buy back shares. Shein, valued at $66 billion last May, had a confidential IPO filing with the SEC rejected in November.

• Crypto: Riot Platforms is pursuing three board seats at Bitfarms, which rejected Riot's $950 million buyout offer. Bitfarms adopted a poison pill defense. Riot, holding nearly 15% of Bitfarms' shares, withdrew its offer but remains open to negotiations with the restructured board. The companies have clashed since Riot's April bid, seen as undervaluing Bitfarms. Bitfarms is reviewing options as Riot criticizes its governance.

Why titanium matters

The stock market and stuff

• Lumber Demand Remains Sluggish, Prices Show Mixed Trends (theDeepDive)

• Riot Platforms seeks three board seats at Bitfarms after thwarted takeover bid (Reuters)

• OSC Accuses Executives of Logan Paul’s Liquid Marketplace Misappropriating Investor Funds (theDeepDive)

• Eurofins shares sink after Muddy Waters discloses short-selling position (FT)

• Shein Reportedly Filed $63 Billion London IPO Amid U.S. Regulatory Hurdles (theDeepDive)

In the juniors

• Paladin Energy to Acquire Fission Uranium in a $1.14 Billion All-Share Deal (theDeepDive)

• Robert Friedland Leads $20 Million Flow-Through Offering for Power Nickel (theDeepDive)

• Niger Revokes Mining Permit Of French Nuclear Firm Orano (theDeepDive)

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