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Houthi Attack Sparks Red Sea Crisis

A ship targeted by Yemen’s Houthi rebels in the Red Sea in February has sunk, officials confirm. The vessel, the Rubymar, was carrying fertilizer and had also leaked fuel, raising concerns about potential ecological damage to the Red Sea’s environment, including its coral reefs.

The Belize-flagged ship had been adrift since being hit by a Houthi missile on February 18 in the Bab el-Mandeb Strait, an essential maritime passage. The sinking, confirmed by Yemen’s internationally recognized government and a regional military official, could lead to increased shipping costs and insurance rates, potentially affecting global inflation and regional aid deliveries.

You can read more on the matter here.

What’s going on?

• X Introduces Audio and Video Call Feature — And It Can Be Used to Track Your Location (theDeepDive)

• China Scraps Premier Li's Briefing, Breaking Years of Convention (Bloomberg)

• Angela Chao’s Death Is Now A Criminal Investigation (theDeepDive)

• Germany accuses Russia of seeking to divide Europe with leaked call (Reuters)

• US Enriched Uranium Industry Receives $2.7 Billion Boost in Funding Bill (theDeepDive)

• Supreme Court Restores Donald Trump’s Ballot Eligibility (WSJ)

• Barbecue And Prison: What’s Happening In Haiti? (theDeepDive)

• Cuba turns to World Food Programme for milk supply as crisis deepens (Reuters)

• JetBlue and Spirit Airlines Call Off Merger Deal (WSJ)

• #GreatPause2024: X Accounts Continue To Experience Unexplained Pauses In Ad Revenue Sharing (theDeepDive)

• BoC expected to hold interest rates this week as grey cloud hangs over economy (BNN)

What’s the latest?

• U.S Election News: The U.S. Supreme Court granted Donald Trump a significant win, overturning a decision that barred him from Colorado's ballot due to his involvement in the Jan. 6, 2021, Capitol attack. The justices unanimously reversed Colorado's top court ruling, which had disqualified Trump from holding public office under the U.S. Constitution's 14th Amendment. As the leading candidate for the Republican nomination, Trump aims to challenge Democratic President Joe Biden in the Nov. 5 U.S. election, with former South Carolina Governor Nikki Haley as his only remaining rival. Trump's eligibility was also contested in Maine and Illinois based on the 14th Amendment, but those decisions were paused pending the Supreme Court's ruling in the Colorado case. The challenge to Trump's eligibility in Colorado was initiated by a group of six voters who labeled him a threat to American democracy and sought to hold him accountable for the Jan. 6 attack on the U.S. Capitol by his supporters.

• Canada's Critical Minerals: Canada is concerned about market manipulation and dumping in the metals crucial for electric vehicle batteries, according to Energy and Natural Resources Minister Jonathan Wilkinson. The country, alongside Australia and the U.S., aims to break China's dominance in the critical minerals market, which exceeds 90%. Wilkinson expressed worries about price challenges and market manipulation, issues shared by many democratic nations. Canada aims to avoid dependency vulnerabilities, similar to Germany's reliance on Russian natural gas.

• Antitrust Failure: JetBlue Airways and Spirit Airlines have terminated their $3.8 billion merger agreement following a U.S. judge's decision in January to block the deal due to anti-competition concerns. The merger would have created the fifth-largest carrier in the U.S. and aided Spirit's survival. JetBlue will pay Spirit $69 million, with Spirit stockholders having received around $425 million in pre-payments during the merger's pendency. The cancellation poses challenges for Spirit, the seventh-largest U.S. carrier, as it struggles with weak demand and seeks sustainable profitability.

• Apple Fined: The European Union fined Apple nearly $2 billion for imposing unfair rules on music-streaming app developers, potentially marking the start of a broader conflict between the EU's antitrust authority and the tech giant. The European Commission accused Apple of violating antitrust regulations by preventing app developers from informing users about alternative subscription methods for music-streaming services, and ordered the company to alter its practices. Apple intends to appeal the decision, claiming the Commission did not find any evidence of consumer harm. This fine concludes a years-long investigation into Apple's App Store practices and is one of the largest antitrust penalties the Commission has ever levied against a single company. The investigation was initiated by a complaint from Spotify. Spotify alleged that Apple's rules hindered its ability to communicate directly with users about upgrades, subscription prices, and promotions. Following the EU's decision, Spotify expressed hope for changes that would effectively address what it considers Apple's longstanding unfair practices.

• Bitcoin Rally: Bitcoin surged to a two-year high, reaching over $65,000 and nearing its record peak of $68,999.99 set in November 2021. The cryptocurrency has seen a 50% increase this year. This rally is attributed to the influx of funds into U.S.-listed Bitcoin funds, particularly following the approval of spot Bitcoin ETF in the United States.

Uranium fundamentals stronger than ever

The stock market and stuff

• Boeing Settles Violations With State Department For $51 Million (theDeepDive)

• Bitcoin bursts above $65,000, record high comes into view (Reuters)

• Parkland’s largest holder takes aim at board over meeting switch (BNN)

• HP Will Let You Rent A Printer So You’ll Stop Hating Them So Much — But Will It? (theDeepDive)

In the juniors

• Canadian Copper Sells Two Projects For Up To $2.1 Million In Consideration (theDeepDive)

• First Lithium Receives Environmental Approval For Proposed Drill Program (theDeepDive)

• Element 29 Obtains Environmental Permit For Drilling At Flor de Cobre Copper Project (theDeepDive)

• SSR Mining Shares Plunge On Çöpler Mine Halt, Wider Net Loss, Guidance Cut (theDeepDive)

• Frontier Lithium Sees Mitsubishi Take 7.5% Ownership Interest In PAK Project After Jumping 35% On Friday (theDeepDive)

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