Sponsored by Temas Resources

Fyre Festival 2: McFarland Tries Again

Eight years and a short prison sentence after the infamous 2017 disaster that was the Fyre Festival, fraudster Billy McFarland is back announcing new festival dates like they’re Tesla timelines.

The most recent iteration of the Fyre Festival 2 announcement now says it will take place from May 30 to June 2, 2025, on Isla Mujeres off the coast of Mexico.

And like the previous announcements, no other details — particularly a lineup — have been provided by McFarland, who incidentally still owes $26 million in restitution for the original festival.

You can read more on the matter here.

What’s going on?

• Anand Makes A U-Turn, To Run Again With Carney’s Backing (theDeepDive)

• Rate Cuts Strengthen Canada’s Economy Ahead of Tariff Risk (Bloomberg)

• Trump Plans To Impose Tariffs On Canada’s GST (theDeepDive)

• Russian cargo plane seized in Toronto could soon be owned by Canada (Global)

• Congo Seizes Control of Cobalt Exports with Sweeping State Monopoly (theDeepDive)

• Trump to make English official US language, White House official says (Reuters)

• Trump Administration Tied to Tate Brothers’ Release from Romanian Custody (theDeepDive)

• The US Has Never Imported So Much Food (Bloomberg)

• Trump Proposes $5 Million ‘Gold Card’ Visa Program to Help Pay for National Debt (theDeepDive)

• Desperate preconstruction homebuyers try to get out of their contracts (Globe)

• Oil Tariffs: Lose-Lose For Both Canada And US, Study Finds (theDeepDive)

What’s the latest?

• Budget Deficit: The federal government reported a budget deficit of $21.7 billion for April to December 2024-25, down from $23.6 billion a year earlier. Revenue increased to $355.6 billion from $318.1 billion, while program expenses rose to $333.2 billion from $301 billion. Public debt charges reached $41.1 billion, up from $35.1 billion. Net actuarial losses declined to $3 billion from $5.7 billion.

• Economy: Canada's real GDP grew 2.6% annualized in Q4 2024, surpassing the 1.8% forecast by economists and the Bank of Canada. Household spending increased 1.4%, the fastest pace in over two years, driven by vehicle purchases. December retail trade surged 2.6%, the largest jump since June 2021, while residential construction saw its strongest growth in three years. Despite economic momentum, uncertainty over potential U.S. tariffs could dampen growth in 2025.

• Crypto: Bitcoin has dropped 21% from its January peak, while ether has fallen over 40% since December, wiping nearly $1 trillion from the global crypto market. Market sentiment has cooled despite Trump's pro-crypto stance, as investors await clearer regulations and potential Federal Reserve rate cuts. The SEC’s withdrawal of investigations and dropped lawsuits have had little impact, while Trump's promised national bitcoin stockpile remains uncertain. Some analysts remain bullish, with Standard Chartered predicting bitcoin could reach $500,000 before Trump leaves office.

• Canadian Coast Guard: The MSC Baltic III ran aground on Feb. 15 in the Gulf of St. Lawrence after losing power during bad weather, suffering structural breaches. The vessel carries 1.7 million liters of heavy fuel oil and diesel, along with some dangerous goods. The Canadian Coast Guard is focused on removing cargo and fuel, with no pollution observed so far. Due to treacherous conditions, refloating the ship is not currently possible, and a road may be built to aid recovery efforts.

• Skype: Microsoft is shutting down Skype in May, offering users the option to migrate to Teams, its workplace-focused chat, voice, and video platform. Skype’s user base declined from 300 million monthly users in 2016 to 36 million daily users in 2023, while Teams has grown to 320 million monthly users. Microsoft is reallocating Skype staff to other projects without layoffs and focusing on AI-powered features in Teams. The move marks the end of Skype’s 14-year run under Microsoft, as it struggled against newer communication platforms like Zoom, WhatsApp, and Slack.

BMO Q1 Earnings

The stock market and stuff

• CIBC Reports 26% Net Income Jump, Credit Loss Provision Decline in Q1 2025 (theDeepDive)

• Citigroup erroneously credited client account with $81tn in ‘near miss’ (FT)

• TD Bank Reports Flat Income In Q1 2025 Amid Rise In Credit Loss Provision (theDeepDive)

• Royal Bank of Canada Reports 43% Net Income Growth, 29% PCL Jump In Q1 2025 (theDeepDive)

In the juniors

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

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

• Barrick Gold Commences Drill Program at Precipitate's Pueblo Grande Project, Dominican Republic (JMN)

FULL DISCLOSURE: Temas Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Temas Resources 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.