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Government found to skip fraud checks on TFW program

An investigation by the Toronto Star has revealed that the Canadian government is expediting applications for the Temporary Foreign Worker program by “directing processing officers to skip crucial steps designed to prevent fraud.” This comes as Prime Minister Justin Trudeau recently announced measures to tighten the program, which the government admits has been abused.

According to internal documents obtained by the Star and interviews with a current Employment and Social Development Canada employee, the department has been applying “streamlining measures” since January 2022 when evaluating applications from employers seeking to hire temporary foreign workers.

You can read more on the matter here.

What’s going on?

• Quantitative Peopling: Population Growth Masking Economic Challenges in Canada and Australia (theDeepDive)

• 1MDB Fraudsters Convicted by Swiss Over $1.8 Billion Scam (Bloomberg)

• Charges Released Against Telegram Founder Pavel Durov (theDeepDive)

• Kamala Harris launching campaign ads tying Donald Trump to Project 2025 (Globe)

• Bank of Montreal Q3 2024 Financials: Estimates Missed Due To Higher Credit-Loss Provisions (theDeepDive)

• U.S. government researchers visit a Korean mine as the race against China for critical minerals heats up (CNBC)

• PharmaDrug Subsidiary To Focus Development Of PD-001 On Viral Infectious Diseases (theDeepDive)

• US Labor Department Acknowledges Mishap in Release of Jobs Data (Bloomberg)

• China’s Gold Imports Surge 17% in July (theDeepDive)

• Mexico pauses relations with Canadian, U.S. embassies for criticizing judicial overhaul plan (FT)

• Bank of Montreal Q3 2024 Financials: Estimates Missed Due To Higher Credit-Loss Provisions (theDeepDive)

• Ford government plans to boost electricity production to keep up with demand (TS)

What’s the latest?

• Nvidia Earnings: Traders in the U.S. equity options market are anticipating a significant swing in Nvidia’s stock value following its upcoming earnings report. The expected 9.8% move could represent about a $305 billion shift in market capitalization, marking potentially the largest expected earnings move for any company in history. This anticipated swing surpasses the average 8.1% post-earnings move seen over the past three years.

• Disney Merger: Walt Disney Co. and Reliance Industries received approval from the Competition Commission of India for their $8.5 billion merger of Indian media assets, overcoming concerns about their combined influence over cricket broadcasting rights. To address regulatory concerns, the companies agreed to measures such as not unreasonably raising advertising rates for streamed cricket matches and selling several non-sports TV channels.

• Swiss Nuclear: Switzerland is planning to reverse a ban on constructing new nuclear power plants, a prohibition that has been in effect since 2018. Proposed legislative changes are expected to be presented by the end of this year, with parliamentary discussions scheduled for 2025.

• Ukraine Bonds: Ukraine has successfully gained the support of over 97% of its bondholders for a restructuring of its $20 billion in overseas private debt, according to a recent filing on the London Stock Exchange. This overwhelming approval is a crucial step in securing vital debt relief for Ukraine, providing it with financial stability and support in its ongoing conflict with Russia.

• German Oil: Qatar is set to potentially acquire the German operations of Russia's Rosneft PJSC, standing as the last remaining bidder. This move follows a series of discussions including a recent Qatari delegation's visit to Berlin, aimed at finalizing the purchase. Germany has signaled its approval, pending a formal agreement between Rosneft and Qatar.

This is why Bill Ackman's new fund failed

The stock market and stuff

• Warren Buffett offloads Bank of America shares worth $982 million in latest sale (Reuters)

• Scotiabank Q3 2024: Credit-Loss Provisions and Market Realities Shape Earnings Drop (theDeepDive)

• RBC tops quarterly profit estimates, stays cautious amid economic uncertainties (Globe)

• Exxon’s Oil Outlook Surpasses BP’s by 25%, Forecasts Steady Demand to 2050 (theDeepDive)

• AI's race for US energy butts up against bitcoin mining (Reuters)

In the juniors

• Fission Uranium Advances To Detailed Engineering Design At PLS Project (theDeepDive)

• Plurilock Strengthens Balance Sheet With $2.2 Million In Warrant Exercises (theDeepDive)

• Ascend Wellness Terminates CEO, CFO Over Performance Challenges (theDeepDive)

• Red Pine Exploration Reports Mineral Resources Of 1.68 Million Gold Ounces (theDeepDive)

• G Mining Ventures Obtains Final Permits For Commercial Production At Tocantinzinho (theDeepDive)

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