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Ex-RBC execs want a payday

Former Royal Bank of Canada Chief Financial Officer Nadine Ahn has filed a lawsuit against the bank for wrongful dismissal, seeking nearly C$50 million in pay and damages. Ahn was terminated in April for allegedly violating the bank’s code of conduct due to an undisclosed personal relationship with a co-worker, which the bank claimed led to preferential treatment.

In her lawsuit filed with the Ontario Superior Court of Justice, Ahn denies the allegations, saying that she and Ken Mason, who worked in the bank’s corporate treasury group, were merely friends since 2013. She argues that their friendship was not concealed and did not require disclosure under RBC’s code.

You can read more on the matter here.

What’s going on?

• Surprise, Surprise: Technical Glitches Mar Elon Musk’s Interview with Donald Trump on X (theDeepDive)

• Trudeau defends billions spent attracting electric vehicle industry to Canada (NP)

• Chinese Mining Firm Challenges Canadian Security Review of Peruvian Gold Mine Acquisition (theDeepDive)

• UK Unemployment Dips Unexpectedly in Sign of Strong Economy (Bloomberg)

• Harland and Wolff Scrambles for Financing After Loan Guarantee Rejection (theDeepDive)

• Russia strikes back at Ukrainian forces in Kursk region (Reuters)

• Starbucks ousts chief and appoints Chipotle boss in response to activist pressure (FT)

• California Weighs Sweeping Rent Control Changes with Proposition 33 (theDeepDive)

• Harris cautiously rolls out policy, aiming to outmanoeuvre Trump and address 2020 liabilities (Globe)

• Venezuela, Russia Block Encrypted Messaging App Signal (theDeepDive)

• Paramount Global begins planned layoffs with 15% job cuts in US (Reuters)

• Fired RBC Executives Deny Romantic Involvement, Seek C$70 Million in Damages (theDeepDive)

What’s the latest?

• Starbucks Shakeup: Starbucks Corp. has appointed Brian Niccol, CEO of Chipotle Mexican Grill Inc., as its new CEO and chairman, replacing Laxman Narasimhan after just over a year in the role. Niccol, who will start on Sept. 9, comes aboard amid pressure from activist investors and recent declines in Starbucks' share value. The leadership change follows discussions initiated by Starbucks' board and has received support from former CEO Howard Schultz.

• CPP Losses: The Canada Pension Plan Investment Board is selling a portfolio of distressed Spanish loans with a face value of around €300 million (US$329 million) as part of its efforts to reduce exposure to assets acquired during the financial crisis. The loans, which are unsecured and non-performing, are expected to be sold at a significant discount, but still offer returns.

• Telecom Competition: The CRTC is expanding its decision to allow smaller internet providers access to fibre networks owned by major telecoms like Bell Canada and Telus Corp. Starting in February, these companies must provide competitors with access to their fibre networks for a fee across Canada, building on an earlier ruling that applied only to Ontario and Quebec.

• Copper Falls: Copper prices declined as much as 1.5% to $4.01, nearing a five-month low, as concerns over weak demand in China overshadowed gains from previous sessions. China's lackluster real estate market and weak global manufacturing sector continue to weigh on the metal's outlook, contributing to sluggish demand recovery.

• Costco Crackdown: Costco is implementing a new membership scanning system in several Canadian locations, requiring members to scan their digital or physical membership cards at the entrance and show photo ID if needed. This move aims to curb unauthorized use of membership cards, following a trend seen with tech companies cracking down on password-sharing. The changes coincide with a planned increase in membership fees, effective Sept. 1, 2024.

Silver’s new floor

The stock market and stuff

• Barrick Gold CEO Unveils Canadian Growth Strategy Amid Stock Rally (theDeepDive)

• Lithium Liquidity Jumps on CME as Traders Seek Arbitrage Plays (Bloomberg)

• Hudbay Minerals Sees Shares Dip Following Q2 Earnings Miss (theDeepDive)

• Chipotle stock falls more than 10% as CEO Brian Niccol leaves for Starbucks (CNBC)

• Bell Canada Made $64 Million from Ontario Jail Calls, Lawsuit Reveals (theDeepDive)

In the juniors

• Canada Jetlines Sees Sudden Exodus Of Board Members, CEO (theDeepDive)

• Uranium Energy Corp Begins Production At Christensen Ranch ISR Facility (theDeepDive)

• Altman-Backed Nuclear Company to Use Siemens Energy Systems (Bloomberg)

• SNDL To Acquire Remainder Of Nova Cannabis For $40 Million In Cash (theDeepDive)

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