Sponsored by Cytophage Technologies

Gabriel Resources loses multi-billion dollar court battle

The Romanian government announced on Friday its victory in an arbitration trial initiated by Gabriel Resources (TSXV: GBU) regarding the stalled project to build Europe’s largest open-cast gold mine in Roșia Montană, a town in western Romania.

Gabriel Resources had lodged a claim seeking compensation of at least $4.4 billion from Romania in 2015 through the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). The claim was based on losses incurred due to the failure of the proposed gold mine project.

You can read more on the matter here.

What’s going on?

• Canada Cuts Alcohol Excise Duties For Two Year Term (theDeepDive)

• Average asking rent prices reach $2,193 in February, up 10.5% from 2023 (BNN)

• Just For Laughs Had Assets Seized A Week Before Insolvency Announcement (theDeepDive)

• Dozens injured aboard Boeing Dreamliner after 'strong movement' on flight (CBC)

• Canada’s Financial Watchdog Releases Campaign to Advise People Who Can’t Afford Their Homes (theDeepDive)

• Russia Weighs Tax Hikes to Fund Its War in Ukraine (Bloomberg)

• Canada’s Economy Lags Behind in GDP Per Capita Growth (theDeepDive)

• Trump says a TikTok ban would empower Meta, slams Facebook as ‘enemy of the people’ (CNBC)

• TikTok Shareholder Agreement Calls For Asset Seizure For Disparaging Statements (theDeepDive)

• US companies to announce investments of over $1 bln in the Philippines (Reuters)

• Worst Jeopardy Call Ever! Was Winnipeg Contestant a Victim of Anti-Canadian Bias? (theDeepDive)

What’s the latest?

• Reddit IPO: Reddit Inc. is gearing up for a significant initial public offering, aiming to raise up to US$748 million. With plans to sell 22 million shares priced between $31 and $34 each, the IPO could value Reddit at $5.4 billion at the top end of the range. Notably, about 8% of the shares are reserved for Reddit users, moderators, and others, with major financial institutions like Morgan Stanley and Goldman Sachs leading the IPO process.

• Trump For TikTok: Donald Trump voiced concerns on Monday regarding the proposed ban of the Chinese-owned social media app TikTok in the U.S., suggesting that such action would only benefit Meta's Facebook platform. Trump acknowledged both national security and data privacy concerns associated with TikTok but emphasized its popularity. The Trump administration had previously attempted, unsuccessfully, to remove TikTok from U.S. app stores in 2020 due to fears over data sharing with the Chinese government.

• Insolvencies To Stay High: Business insolvencies are expected to stay high in 2024 as the economy rebounds from pandemic lows. Experts note a significant increase in insolvency filings compared to pre-pandemic levels, with 2023 seeing a 41.4% rise over 2022. While some view this trend as a sign of normalization, others attribute it to factors like the end of government support and the pressure of loan repayments. Smaller businesses are particularly affected, with many facing closure rather than filing for insolvency.

• Portugal Election: Portugal's centre-right Democratic Alliance (AD) narrowly won Sunday's general election, securing 79 seats in the 230-seat legislature. Despite not obtaining an outright majority, AD leader Luis Montenegro expects to be invited to form a government. The far-right Chega party, which surged in parliamentary representation to 48 seats, demands inclusion in government to avoid instability.

• Bitcoin Highs: Bitcoin prices surged to a new record high above $72,000 on Monday following an announcement by the British Financial Conduct Authority permitting exchanges to list cryptocurrency-linked exchange-traded products for the first time. The FCA outlined requirements for exchanges to ensure orderly trading and investor protection, restricting the purchase of ETPs to professional investors due to the perceived risks for retail consumers.

The world needs more uranium

The stock market and stuff

• Costco Begins Selling Silver Following Success With Gold

  Video (theDeepDive)

• Telecom Italia falls again as investors doubt strategy (Reuters)

• Reddit IPO: How the Company's Own 'WallStreetBet' Stacks Up (WSJ)

• BOJ Refrains From ETF Buying, Stokes Policy Move Speculation (Bloomberg)

• Business Insolvencies Are Hitting New Highs In Canada (theDeepDive)

In the juniors

• B2Gold Receives $102 Million Offer For Finnish JV Stake (theDeepDive)

• NexGen Energy Makes New Discovery, Intersecting 19.8 Metres Of Uranium Mineralization (theDeepDive)

• Karora Resources Cuts 2024 Gold Production Guidance While AISC Balloons (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.