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DOGE Staffers Resign En Masse

21 employees quit Elon Musk’s Department of Government Efficiency on Tuesday, citing a refusal to participate in what they called the dismantling of “critical public services” and raising alarms about political ideologues lacking necessary expertise.

“We swore to serve the American people and uphold our oath to the Constitution across presidential administrations,” the staffers wrote in a joint resignation letter obtained by the Associated Press. “However, it has become clear that we can no longer honor those commitments.”

You can read more on the matter here.

What’s going on?

• Navarro Denies Pushing for Canada’s Removal from Five Eyes Alliance (theDeepDive)

• Trump says Mexico, Canada tariffs will start March 4, plus additional 10% on China (CNBC)

• Trump Unleashes 25% Tariff On EU: “They’re Formed To Screw The US” (theDeepDive)

• Andrew Tate leaves Romania for Florida after travel restrictions lifted (FT)

• Moe Declares Pipeline Permits ‘Pre-Approved’ as Trump Renews Keystone Push (theDeepDive)

• US CFPB drops enforcement action against Capital One (Reuters)

• The Future of Open-Pit Mining in Mexico (theDeepDive)

• US Pending Home Sales Fall to Record Low on Weather, Rates (Bloomberg)

• Zelensky Heads to Washington Friday to Seal Minerals Deal with Trump (theDeepDive)

• Starmer to Raise U.S. Military Role for Ukraine Peacekeepers With Trump (WSJ)

• Taiwan Detains Chinese Crew Near Cut Undersea Cable, Beijing Denies Sabotage (theDeepDive)

• Trump’s proposed ‘gold card’ visa comes with a hidden tax break for the wealthy (CNBC)

What’s the latest?

• Tariffs: Trump plans to impose tariffs on Canada and Mexico starting March 4, while doubling tariffs on Chinese imports to 20% and implementing a 25% tariff on European goods. Additional tariffs on autos, computer chips, and pharmaceuticals are expected, along with the removal of exemptions on steel, aluminum, and copper. The Conference Board's consumer confidence index dropped 7 points to 98.3, its largest decline since 2021, with inflation expectations rising from 5.2% to 6% in February. The S&P 500 has fallen over the past month, reversing gains from Trump's November victory.

• RBC: Royal Bank of Canada (RBC) reported a Q1 profit of $5.13 billion, up from $3.58 billion last year, driven by business growth and the HSBC Bank Canada acquisition. Revenue rose to $16.74 billion from $13.49 billion, while adjusted earnings per share increased to $3.62 from $2.85, surpassing analyst expectations of $3.26. Provision for credit losses grew to $1.05 billion from $813 million. Personal banking earnings reached $1.68 billion, commercial banking $777 million, wealth management $980 million, and capital markets $1.43 billion, all showing significant year-over-year growth.

• CIBC: CIBC reported a Q1 profit of $2.17 billion, up from $1.73 billion last year, with revenue rising to $7.28 billion from $6.22 billion. Adjusted earnings per share increased to $2.20 from $1.81, beating analyst expectations of $1.97. Provision for credit losses declined slightly to $573 million from $585 million. Canadian personal and business banking earned $765 million, commercial banking and wealth management $591 million, U.S. commercial banking and wealth management $256 million (up from an $8 million loss), and capital markets $619 million, all showing year-over-year growth.

• Seven & I: Seven & i Holdings' shares dropped 12.5% after a proposed ¥9 trillion (US$60 billion) management buyout collapsed due to financing issues. The failure increases pressure on the company to engage with Canada’s Alimentation Couche-Tard, which had proposed a $47 billion acquisition. Couche-Tard has yet to gain access to Seven & i’s finances, but discussions are ongoing amid potential U.S. antitrust challenges. The failed buyout was initially intended to fend off Couche-Tard, but disagreements over control and financing difficulties led to its collapse.

• NVIDIA: Nvidia reported fiscal Q1 sales guidance of $43 billion, slightly above the $42.3 billion analyst estimate but below some projections as high as $48 billion. The company’s Q4 revenue hit $39.3 billion, with data center sales at $35.6 billion, surpassing estimates. Profit reached 89 cents per share, beating the expected 84 cents. While demand for Nvidia's new Blackwell chip remains strong, concerns over tighter profit margins and supply constraints led to a muted market response.

Is Digital Finance the Future?

The stock market and stuff

• Nvidia Rides On AI Boom With 80% Jump In Net Income In Q4 2024 (theDeepDive)

• Canada's RBC, TD, CIBC top profit expectations, stay cautious on trade risks (Reuters)

• National Bank Posts 8% Net Income Jump In Q1 2025 Post-Canadian Western Acquisition (theDeepDive)

• Stripe bounces back to $90bn-plus valuation after surge in AI demand (FT)

• Canada’s GDP Losses From Tariffs Could Reach 5%: Analyst (theDeepDive)

In the juniors

• Gold Terra Resource Wedge Drilling Progressing Well at High-Grade Gold target, Campbell Shear, Con Mine Option Property, NWT (JMN)

• Vital Farms beats Q4 profit and revenue estimates, issues outlook (SA)

• Manning Ventures Completes Drill Program at the Copper Hill Project, Nevada, USA (JMN)

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