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France Probes Crypto Platform Over Trump Bet

French gambling authorities are investigating Polymarket, the cryptocurrency betting platform where a French trader won nearly $50 million wagering on Donald Trump’s presidential victory.

“We are currently examining its operation as well as its compliance with French legislation on gambling,” said ANJ spokesperson Elsa Trochet-Mace in a statement Thursday. The platform, which requires authorization to operate in France, had been under regulators’ scrutiny even before the US election, according to an official familiar with the investigation.

You can read more on the matter here.

What’s going on?

• Alberta Government Dissolves AIMCo Board Over Performance Concerns (theDeepDive)

• China unveils $1.4tn package to shore up economy (FT)

• Canada prepares for a rise in border crossings with threat of mass deportations under Trump (CBC)

• Canada’s Labour Market Participation Rate Hits Multi-Decade Low (theDeepDive)'

• Europe Urges Trump to Support Ukraine but Braces for Possible Cut in U.S. Aid (WSJ)

• Ministers urged to explain how they will prevent a surge in asylum seekers from U.S. after Trump election (Globe)

• Powell: ‘No’ to Resignation Under Trump (theDeepDive)

• Federal government faces potential loss if Trans Mountain pipeline sold: PBO (BNN)

• Canada Bans TikTok…Well, Kind Of? (theDeepDive)

• Toronto crypto company CEO kidnapped, held for $1M ransom before being released (CBC)

• Bitcoin Reaches Record High Following Trump Win (theDeepDive)

• Canada’s New Oil Pipeline Worth Up to $24 Billion, Report Finds (Bloomberg)

• Uranium Energy Reports After-Tax NPV Of $946 Million For Roughrider Project (theDeepDive)

• What Trump's election could mean for interest rates in Canada (BNN)

What’s the latest?

• Crypto: Tether completed its first crude oil transaction in October, facilitating the shipment of 670,000 barrels valued at about $45 million between a major oil company and a top commodity trader. Tether aims to expand its lending in commodities beyond crypto, leveraging its over $105 billion in reserves backing its USDT token. The company reported $7.7 billion in profit for the first nine months of this year, primarily earned from interest on short-term reserves.

• Canaccord: Canaccord Genuity Group reported a 27% revenue increase to C$428.6 million in its fiscal Q2, with adjusted profit of C$31.8 million, meeting analyst expectations. Wealth management generated C$216.5 million, up 16% from last year, marking record highs in revenue, client assets, and earnings. Capital markets saw a 40% boost to C$202.1 million, aided by a stronger M&A pipeline and anticipated IPO activity over the coming months.

• Telus: Telus Corp.’s Q3 net income doubled year-over-year to $280 million, with diluted earnings per share rising to 19 cents. Adjusted net income increased by 10.7% to $413 million, while operating revenue grew 1.8% to $5.1 billion. Telus added 347,000 net new customers, down 14.5% from last year, with mobile phone churn increasing slightly to 1.09%. Mobile revenue per user decreased 3.4% to $58.85, driven by base rate plans and lower overage fees, while unlimited data plans continued to gain popularity.

• Unemployment Rate: Canada’s unemployment rate stayed at 6.5% in October, with a modest job growth of 15,000, primarily in business and support services, while finance and real estate saw declines. Average hourly wages rose 4.9% year-over-year to $35.76, reflecting robust wage growth despite weak hiring. Financial strain affected 28.8% of Canadians aged 15 or older, especially renters (nearly 40%) and recent immigrants (around 40%), though overall hardship declined from 33.1% in October 2023.

• Tesla: Tesla’s stock rose over 6%, pushing its market cap above $1 trillion for the first time, following a 27% rally this week attributed to optimism about a Trump administration potentially benefiting Tesla. CEO Elon Musk, a prominent Trump supporter, is expected to leverage his influence for reduced regulation and federal approval for autonomous vehicles. Tesla reported Q3 revenue of $25.18 billion and net income of $217 million, with Musk predicting 20-30% vehicle growth next year driven by lower-cost vehicles and autonomous technology expansion.

Bell Q3 2024 Earnings

The stock market and stuff

• Lundin Gold Achieves Record Revenue & Cash Flow in Q3 2024 (theDeepDive)

• Cameco’s Q3 2024 Profits Sink 95% Despite 25% Revenue Surge (theDeepDive)

• Nissan shares plunge over 10% after downbeat quarterly results, production-cut plans (CNBC)

• B2Gold Falls Short of Revenue Expectations, Posts Net Loss as Production Declines (theDeepDive)

• Wheaton Precious Metals Hits Record Cash Flow, Yet Misses Revenue Target as Production Slips (theDeepDive)

In the juniors

• AMC’s Q3 2024 Earnings: Revenues Slip, Net Loss Widens, Cash Flow In The Red (theDeepDive)

• Canopy Growth Posts 9% Revenue Decline, Continued Net Losses In Q2 FY2025 (theDeepDive)

• Heliostar Closes On $5 Million Purchase Of Producing Mexican Assets (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies 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.