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Google settles on Online News Act

Google and the federal government have successfully resolved their dispute over the Online News Act, leading to an agreement that ensures Google will continue sharing Canadian news online. In exchange, the company will make annual payments to news companies amounting to around $100 million.

Earlier reports from Radio-Canada and CBC News indicated the agreement had been reached, and Heritage Minister Pascale St-Onge later confirmed the news, expressing confidence in finding a resolution to address Google’s concerns.

The regulatory framework between the federal government and Google was established earlier this week, according to a government source familiar with the talks. The initial government estimate for Google’s compensation stood at approximately $172 million, while Google valued it at $100 million.

You can read more on the matter here.

What’s going on?

• Tesla to deliver Cybertrucks after Musk tempers expectations (Reuters)

• Board Member of Trudeau’s $1 Billion Green Slush Fund Resigns Amid Corruption Allegations (theDeepDive)

• Henry Kissinger, Who Helped Forge U.S. Foreign Policy During Vietnam and Cold Wars, Dies at 100 (WSJ)

• Soaring Canadian Housing Costs Power a Population Boom in Alberta (Bloomberg)

• Charlie Munger, the ‘Architect’ of Berkshire Hathaway, Passes Away at 99 (theDeepDive)

• IRS Court Win Paves Way for Higher Taxes on Hedge-Fund Managers (WSJ)

• Forbes Reveals Its Hall of Shame, Names ‘Most Dubious People’ To Make Their Annual 30 Under 30 List (theDeepDive)

• Canada's economy unexpectedly shrinks 1.1% in Q3 but skirts recession (Reuters)

• Why Is Mark Cuban Exiting From Shark Tank And The Mavericks? (theDeepDive)

• Citadel and Its Peers Are Piling Into the Same Trades. Regulators Are Taking Notice (Bloomberg)

• No One Wants to Read Marjorie Taylor-Greene’s Memoir (theDeepDive)

What’s the latest?

• Canada’s Economy Shrinks: The Canadian economy unexpectedly shrank in the third quarter of the year, with a 1.1% annualized contraction, indicating a significant slowdown from earlier robust growth. This decline almost negated the 1.4% growth seen in the second quarter and was the weakest half-year performance since 2009, excluding the pandemic period.

• US Consumer Spending: U.S. consumer spending rose modestly in October, indicating cooling demand, while inflation saw its smallest annual increase in over two and a half years, suggesting the Federal Reserve's rate hikes may be sufficient. Concurrently, labor market data shows a gradual easing, with an increase in unemployment benefit applications and the highest number of people on jobless rolls in two years.

• Business Confidence Weakens: Confidence among Canadian small businesses has significantly declined, reaching a low point of 45.6 points in November, as per the Canadian Federation of Independent Business' business barometer. This level of confidence is notably low, comparable to early pandemic levels and the 2008 recession.

• OPEC Output Cuts: OPEC+ oil producers, including major players like Saudi Arabia and Russia, have agreed to significant output cuts of nearly 2 million bpd for early 2024. This decision aims to stabilize the market amid potential surplus concerns. The cuts include Saudi Arabia extending its existing voluntary reduction of 1 million bpd, and Russia reducing its output by 500,000 bpd, with other members contributing as well.

• Crypto King Is Unstoppable: Ontario's "Crypto King," Aiden Pleterski, despite being involved in ongoing bankruptcy proceedings, appears to be living a lavish lifestyle, traveling extensively and flaunting his wealth on social media. This behavior has raised questions about his source of funding, as the bankruptcy investigation by trustee Rob Stelzer from Grant Thornton revealed that Pleterski had invested only a small fraction of investor funds, while spending millions on personal luxuries.

The Panama Canal drought

The stock market and stuff

• Royal Bank of Canada Q4 2023 Exceeds Expectations Despite Credit Loss Provision Bump (theDeepDive)

• Google to pay $100M a year to Canadian news publishers in deal with Ottawa (BNN)

• TD Bank Sees 57% Decline In Q4 2023 Net Income, Raises Dividend To 6.3% (theDeepDive)

• Ford pegs cost of UAW labor deal at $8.8 billion, cuts full-year profit view (Reuters)

In the juniors

• Verses Adds NASA’s Jet Propulsion Lab As Beta Partner For Genius (theDeepDive)

• $SHOT to Shorts: “Fire Away!” (theDeepDive)

• LNG Energy Posts Q3 Revenue Of $4.0 Million, Positive Net Income (theDeepDive)

• Market Movers: Copper Road Jumps 57% After Hitting 50 Metres Of 1.00% Copper Equivalent (theDeepDive)

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