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EU Scales Back ESG Rules

The European Parliament voted Thursday to dramatically reduce the scope of the European Union’s environmental and social governance reporting requirements, exempting more than 90% of companies originally subject to the regulations following intense pressure from United States business groups and state officials.

Lawmakers approved the measure 382-249, marking a significant retreat from the bloc’s ambitious sustainability agenda. The vote affects two key directives: the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive.

Under the approved changes, only companies with more than 5,000 employees and revenues exceeding 1.5 billion euros will face due diligence requirements. The mandate for companies to prepare climate transition plans has been eliminated entirely.

You can read more on the matter here.

What’s going on?

• CSIS Warns Foreign Agents Burrowing Deeper Into Canada (theDeepDive)

• Canadian boycott of US travel shows no sign of slowing (BBC)

• US Announces Operation Southern Spear as Military Buildup Near Venezuela Intensifies (theDeepDive)

• Trump calls for probe into Epstein’s ties with Bill Clinton, other Democrats (Globe)

• Northern Rail Corridor Proposal Faces Private Sector Hurdles Despite Government Support (theDeepDive)

• Hamas quietly reasserts control in Gaza as post-war talks grind on (Reuters)

• Critics Tear Into Carney’s Major Projects Showcase (theDeepDive)

• Iran Seizes Fuel Tanker in Middle East Waterway (WSJ)

• Global Oil Demand May Keep Rising for Decades, Energy Agency Now Says (theDeepDive)

• U.S. and Switzerland reach trade deal to lower tariffs to 15% (CNBC)

• Toyota Commits $10 Billion to US Operations, Opens First Battery Plant Outside Japan (theDeepDive)

What’s the latest?

• Geopolitics: Canada and India are rebuilding trade ties after a two-year freeze, with talks focused on critical minerals, clean energy, AI, and agriculture. Canadian Trade Minister Maninder Sidhu met India’s Piyush Goyal to restart trade negotiations under a new process. Two-way trade hit $31 billion in 2024, with Canada enjoying a $16 billion surplus in services. Relations have improved since PMs Modi and Carney met at the G7, and India remains Canada’s largest source of immigrants and students.

• Markets: U.S. stocks fell sharply Thursday, with the S&P 500 down 1.3%, Dow off 471 points (1%), and Nasdaq down 2%, as Nvidia (-4.1%), Palantir (-5.1%), and Broadcom (-4.9%) led AI-related losses. Investors grew wary of overvalued AI stocks, comparing the surge to the 2000 dot-com bubble. The 10-year Treasury yield rose to 4.10%, as traders reduced bets on a Fed rate cut in December to 50% (from 70%). Disney fell 9.2% on weak revenue despite strong profit, while Cisco rose 4.7% after beating estimates.

• Energy: The IEA’s 2025 World Energy Outlook projects oil demand could rise to 113 million barrels per day by 2050, reversing earlier forecasts of a near-term peak. The agency’s “Current Policies Scenario” assumes no new regulations and predicts growth driven by petrochemicals and aviation fuel. OPEC welcomed the shift, calling it a “return to reality,” while analysts linked it to slower EV adoption and U.S. policy changes. Even under all scenarios, the IEA warns global temperatures will exceed the 1.5°C climate threshold.

• Politics: Federal workers furloughed during the 43-day U.S. government shutdown will begin receiving back pay early next week, according to White House economic adviser Kevin Hassett. The White House has urged agencies to issue payments “as soon as possible,” with “superchecks” covering Oct. 1–Nov. 1 expected to start arriving this weekend. Employees at agencies like the GSA and OPM will be paid first, followed by departments including Energy, Defense, Veterans Affairs, Education, and Transportation through Monday. Under federal law, furloughed workers must be compensated at their standard rate “at the earliest date possible.”

• AI: AI startup Cursor raised $2.3 billion at a $29.3 billion valuation, nearly tripling its worth since June. The company, founded in 2022 by Anysphere, built an AI coding tool with $1B+ in annualized revenue and 300+ employees. Investors include Accel, Thrive Capital, a16z, DST Global, Coatue, Nvidia, and Google. Cursor now joins OpenAI, Anthropic, xAI, Safe Superintelligence, and Thinking Machines among the few $10B+ AI firms, competing directly in the booming AI coding market.

Aya Gold & Silver Q3 Earning

The stock market and stuff

• DPM Metals Locks In Record Q3 2025 Despite Higher Costs (theDeepDive)

• Pan American Silver Doubles Profit, Boosts Guidance After MAG Acquisition In Q3 2025 (theDeepDive)

• White House memo claims Alibaba is helping Chinese military target US (FT)

• Enbridge Commits To US$1.4 Billion Mainline Pipeline Expansion (theDeepDive)

In the juniors

• Goliath Resources Discloses Observations In Holes From This Years Exploration Campaign On The Surebet Discovery, Golden Triangle, B.C. (JMN)

• Soma Gold Expects 5,000 Ounce Production Hit Due To Strikes (theDeepDive)

• Gold X2 Mining: Grade Control Drilling at Moss Main Zone Defines Higher Grade Corridors Intersecting 78.4m of 1.44 g/t Au from 15.6m (JMN)

FULL DISCLOSURE: ESGold Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ESGold Corp. The author has been compensated to cover ESGold Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.