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Google Exempt from Canada’s Online News Act

The Canadian Radio-television and Telecommunications Commission (CRTC) has approved Google’s request for exemption under Canada’s Online News Act, paving the way for an annual $100 million contribution from the tech company to Canadian news organizations. This decision represents the first approval under the Online News Act Application and Exemption Regulations, aiming to secure a new funding model to support Canada’s media landscape amid ongoing financial challenges.

The Online News Act, initially introduced as Bill C-18 and passed into law in June 2023, was designed to address the significant financial impact on Canadian news organizations as digital advertising revenues increasingly favor large tech platforms like Google and Meta. This shift has undercut the financial stability of traditional news outlets, with industry analysts noting that newsrooms across Canada have struggled to maintain operations, resulting in staff cuts and closures.

You can read more on the matter here.

What’s going on?

• WaPo Hemorrhages 8% of Subscribers Over No-Endorsement Policy (theDeepDive)

• US, Taiwan to begin talks on double taxation deal, says Treasury Department (Reuters)

• Pentagon Runs Low on Air-Defense Missiles as Demand Surges (WSJ)

• Oil Markets Signal Relief After Contained Middle East Action (theDeepDive)

• Gaza aid falls to lowest level since start of war despite US warning to Israel (FT)

• US Consumer Confidence Rises Most Since 2021 on Labor Market (Bloomberg)

• Gold Exploration to Production: 24-Month Roadmap | 1911 Gold with Sean Heinrich (theDeepDive)

• Biden announces $3 bln investment for US ports (Reuters)

• Georgia’s President Rejects Election Results, Claims Russian Interference (theDeepDive)

• US Job Openings Decline to Lowest Level Since Early 2021 (Bloomberg)

• Eskay Creek: A Fully Funded High-Grade Gold And Silver Project | Skeena Gold + Silver with Galina Melege (theDeepDive)

• X Algorithm Feeds Users Political Content—Whether They Want It or Not (WSJ)

• Bank of Montreal names Diane Cooper and Brian McManus to board of directors (Globe)

What’s the latest?

• Jobs: US job openings dropped to 7.44 million in September, down from 7.86 million in August, marking the lowest level since early 2021, per the JOLTS report. Layoffs rose to their highest since January 2023, while voluntary quits declined, indicating lower worker confidence. Despite labor market slowdown signs, consumer confidence in October reached its highest since the year’s start.

• US Ports: President Biden announced a $3 billion investment from the Inflation Reduction Act to upgrade U.S. port infrastructure, including $147 million for the Port of Baltimore. The funds aim to create union jobs and modernize ports with cleaner equipment. This follows a recent three-day strike that disrupted about half of U.S. ocean shipping on the East and Gulf Coasts.

• PayPal: PayPal shares dropped after missing Q3 revenue expectations, reporting $7.85 billion against the expected $7.89 billion. While earnings per share exceeded forecasts at $1.20 (vs. $1.07 expected), PayPal’s Q4 outlook indicated slower growth, with revenue anticipated in the low single digits, under analysts' expectations of 5.4%. Total payment volume rose 9% to $422.6 billion, and active accounts increased slightly to 432 million.

• Crude Oil: U.S. crude oil rebounded 1.32% on Tuesday after a 6% drop Monday, settling at $68.27 per barrel. Brent rose to $72.34 per barrel, up 1.29%. Goldman Sachs expects Brent to reach $77 in Q4, citing demand from the U.S. Strategic Petroleum Reserve and the airline sector. Risks in 2025 are on the downside due to weak Chinese demand, strong U.S. output, and expected OPEC+ increases.

• Ford: Ford cut its 2023 earnings forecast to around $10 billion, down from up to $12 billion, due to high warranty costs. Despite quarterly revenue growing 5% to $46.2 billion, shares dropped as much as 10% on Tuesday following the announcement. Ford’s traditional business earned $1.6 billion, while its EV segment, Model e, reported a $1.2 billion loss amid pricing pressures. 

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The stock market and stuff

• PayPal’s Growth Plan in Doubt as Revenue Falls Short, Stock Slips (theDeepDive)

• Bitcoin Extends Gain to Reach $72,000 for First Time Since April (Bloomberg)

• Adidas receives €100mn boost from Kanye West settlement (FT)

• BP Reports Lower Q3 Profits but Outperforms Market Expectations (theDeepDive)

In the juniors

• F3 Uranium Assays 2.66% U3O8 Over 10.5 Metres At JR Zone (theDeepDive)

• DOE Approves $2.26 Billion Loan for Lithium Americas’ Nevada Mine (theDeepDive)

•  Power Nickel Hits 4.19% Copper Equivalent Over 39.6 Metres (theDeepDive)

• Global Atomic Expects US$295 Million Development Bank Loan Approval In Q1 2025 (theDeepDive)

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