Sponsored by Element 29 Resources

Holtec's £600M UK SMR Factory

Holtec International, the US nuclear firm, is kicking off a competition on Friday to find a location in Britain for a £600 million factory that will manufacture small modular reactors (SMRs), according to a Reuters report.

The announcement comes as the UK aims to significantly ramp up nuclear power generation to meet climate goals and boost energy security.

Britain wants nuclear to account for 24 gigawatts, or about a quarter of projected electricity demand by 2050, up from around 14% currently. However, financing for large-scale nuclear plants with massive upfront costs has proven difficult. The government is hoping SMRs, which can be built more quickly and at lower cost in factories, could provide a viable alternative to replace aging facilities.

You can read more on the matter here.

What’s going on?

• The Hypocrisy Saga: Elon Musk Vs. OpenAI (theDeepDive)

• China Readies $27 Billion Chip Fund to Counter Growing US Curbs (Bloomberg)

• Google fires employee who protested Israel tech event, as internal dissent mounts (CNBC)

• US House Panel Approves Bill That Could Force TikTok Sale (theDeepDive)

• Microsoft says Russian state-sponsored hackers trying to breach its systems again (Reuters)

• Canada Job Gains Double Forecast, Wage Growth Eases to 4.9% (Bloomberg)

• BREAKING: US and UK Embassies Issue Travel Warnings Amidst Terror Threats in Moscow (theDeepDive)

• U.S. job growth totaled 275,000 in February but unemployment rate rose to 3.9% (CNBC)

• Trump Arranges $91.6 Million Bond to Appeal Carroll Verdict (Bloomberg)

What’s the latest?

• U.S Job Growth: In February, U.S. job growth picked up pace increasing by 275,000 in February, but adjustments to previous months' employment gains and a rise in the unemployment rate to 3.9% indicated a slowing labor market. Wage growth also slowed, raising expectations that the Federal Reserve might cut interest rates by June. Despite this, the labor market continues to support the economy. Nonfarm payrolls increased by 275,000 jobs, though revisions showed 167,000 fewer jobs were created in December and January than initially estimated.

• Canada Job Growth: In February, Canada's economy saw a surprise increase in employment, adding 40,700 jobs, which was double the anticipated 20,000. However, the unemployment rate slightly rose to 5.8%. Wage growth for permanent employees slowed for the second month, dropping to 4.9% from 5.3% in January, marking the lowest rate since June. Despite the job gains, the employment rate declined slightly due to population growth.

• Hacking News: Microsoft has reported that the Russian state-sponsored hacking group, Midnight Blizzard, is making another attempt to breach its systems using information stolen from the company's corporate emails in January. Linked to Russian intelligence, the group is persistently targeting Microsoft. In January, Microsoft disclosed that the hackers had tried to access a small percentage of its corporate email accounts, including those of senior leaders and cybersecurity personnel. The company now says that Midnight Blizzard is using the stolen data to try to infiltrate its systems again, targeting source code repositories and internal systems.

• ADM: This week, FBI agents issued grand jury subpoenas to current and former employees of grain trader Archer-Daniels-Midland in Decatur, Illinois. The subpoenas, from the U.S. attorney's Manhattan office, seek information on ADM's accounting practices, including details on transfers between company segments and below-cost sales to its nutrition division.

• Bank Failure: Morningstar DBRS downgraded New York Community Bancorp's (NYCB) credit ratings from "BBB" to "BBB (low)" due to near-term earnings pressure. This follows a previous downgrade in February, which cited the lender's significant exposure to commercial real estate loans compared to its peers. Moody's has also shifted its rating view of NYCB to "review for upgrade" from "review for downgrade". NYCB recently raised $1 billion and appointed a former Comptroller of the Currency as its new CEO. Morningstar DBRS believes these recent management changes and the capital infusion from reputable investors should help restore confidence in the company after a series of unexpected negative announcements.

Uranium supply deficit

The stock market and stuff

• Amazon Goes Nuclear, Acquires $650 Million Nuclear Data Center (theDeepDive)

• Binance must face revived investor lawsuit in US over crypto losses (Reuters)

• BlackRock to Buy SpiderRock as Firm Expands Wealth Management (Bloomberg)

• Rio Tinto Eyes Canadian Lithium Production (theDeepDive)

In the juniors

• Enthusiast Gaming To Conduct Headcount Reductions, Details Yet To Be Provided (theDeepDive)

• Curaleaf Cries Misquote, Claims Boris Jordan Never Said Firm Will Not Pay Taxes (theDeepDive)

• HelloFresh shares dive 42% after meal kit giant warns on outlook (CNBC)

• F3 Uranium Begins Drill Testing Hearty Bay Project Under 2,000 Metre Program (theDeepDive)

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