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First Quantum’s Panama deal leads to protests

Protesters took to the streets of Panama on Monday, voicing their demands for the government to revoke a controversial contract entered into with First Quantum (TSX: FM) that allows copper mining to continue in a biodiverse region.

Led by teaching and construction unions in collaboration with environmentalists, the demonstrators contend that ongoing development poses a severe threat to the lush forested landscapes and vital groundwater sources located just 120 kilometers to the west of Panama’s capital city in the state of Colon.

Throughout Panama City, demonstrators conducted peaceful protests, distributing informative flyers to raise awareness about their cause. However, on the outskirts of the capital, in some areas, the police encountered protesters with the use of tear gas. In anticipation of these significant protests, the largest since the cost of living crisis last July, both the Department of Education and the University of Panama made the decision to cancel classes.

You can read more on the matter here.

What’s going on?

• Bank of Canada Maintains Interest Rates At 5% (theDeepDive)

• Panamanian Protests Surge as Government Approves Controversial First Quantum Deal (theDeepDive)

• Did A Russian Oligarch Take Over Forbes? (theDeepDive)

• Bank of Canada seen leaving rates on hold amid economic slowdown (Reuters)

• Off-Duty Pilot Charged with 83 Counts of Attempted Murder for Allegedly Trying to Crash Passenger Jet (theDeepDive)

• New Initiative Aims to Tackle Workplace Discrimination in Federal Public Service (theDeepDive)

• Earth close to ‘risk tipping points’ that will damage our ability to deal with climate crisis (TG)

• Parti Québécois Pushes Again For Independent Quebec, “A Friendly Neighbour” To Canada (theDeepDive)

• Did Vladimir Putin Suffer A Cardiac Arrest? (theDeepDive)

• Swiss government to tighten rules against greenwashing (Reuters)

• China Probes Apple Contractor Foxconn As Firm Founder Runs For President In Taiwan (theDeepDive)

What’s the latest?

• Bank of Canada Maintains: The Bank of Canada has decided to keep its benchmark interest rate steady at five percent for the second consecutive time, signaling a possible pause after raising rates 10 times since last year. This decision comes as recent economic data, including GDP, jobs, and inflation figures, indicate a slowdown in the Canadian economy.

• Shell Low-Carbon Layoffs: Shell has announced its intention to reduce the workforce in its low-carbon solutions division by a minimum of 15%, which entails cutting 200 jobs in 2024 with another 130 roles under evaluation. The most notable adjustment includes scaling back on Shell's hydrogen light mobility initiatives for passenger vehicles, shifting their attention towards the heavy mobility and industry sectors.

• GM/Honda EV Collab Terminated: General Motors and Honda have terminated their plan, set 18 months ago, to create sub-$30,000 EVs by 2027 using GM's Ultium battery. This decision comes amidst rising costs and shifting market dynamics. While both remain focused on affordable EVs, their collaborations on projects like GM's production of the 2024 Honda Prologue EV are unaffected.

• More Bank Layoffs: Barclays is reportedly laying off approximately 3% of its employees in the U.S. consumer banking division as part of its global cost-cutting efforts. The bank's recent restructuring plans aim to reduce costs and improve efficiency. While Barclays' consumer, cards, and payments business has been a source of strength in recent quarters, concerns have arisen due to higher unemployment expectations in the U.S., potentially leading to customer payment defaults.

• Trans Mountain Needs Funding: The government-owned Trans Mountain may face challenges financing the completion of the country's only oil pipeline expansion to the Pacific Ocean, according to the government's auditor general. The project, which aims to nearly triple the pipeline's capacity, has seen delays and cost increases, with its price tag now at $30.9 billion. The government had previously stated that no more public funds would be allocated to the project, leaving Trans Mountain Corp. to seek external financing to complete the expansion.

Lumina Gold: Gold and copper production in Ecuador

The stock market and stuff

• Bitboy Crypto Is Getting Divorced, Tags Both Wife And Mistress In Post (theDeepDive)

• Crypto lender BlockFi begins post-bankruptcy wind-down (Reuters)

• High-Flyers: Skechers Executives Face Lawsuit Over Lavish Jet Perks (theDeepDive)

In the juniors

• Lithium South Drills First Production Well To 60 Metres Depth (theDeepDive)

• NYSE extends listing deadline for Almaden Minerals (SA)

• New Found Gold Intercepts 14 g/t Gold Over 9.05 Metres Near Surface (theDeepDive)

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