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Illinois says no to nuclear

Illinois Governor J.B. Pritzker has wielded his veto power to reject a bill on Friday that aimed to usher in the construction of new nuclear reactors in the state, marking the first potential expansion of such facilities in over three decades.

Advocates of the measure saw it as a significant stride towards addressing climate change, while detractors raised apprehensions about its perceived hazards and financial implications.

“The bill is vetoed because the vague definitions in the bill, including the overly broad definition of advanced reactors, will open the door to the proliferation of large-scale nuclear reactors that are so costly to build that they will cause exorbitant ratepayer-funded bailouts,” Pritzker’s office said. “Additionally, it provides no regulatory protections or updates to address the health and safety of Illinois residents who would live and work around these new reactors.”

You can read more on the matter here.

What’s going on?

• Hawaii Wildfires: Officials Warn of Fraudulent Land-Grabbing, Charity Schemes (theDeepDive)

• Major Investments in Housing is the Only Way to Alleviate Canada’s Worsening Housing Crisis (theDeepDive)

• Canada July housing starts slip by 10%- CMHC (Reuters)

• Baby-Starved Hungary Uses Lifetime Income Tax Exemptions to Entice Women into Having Children (theDeepDive)

• China Temporarily Stops Publishing Youth Unemployment Rate, Signaling Slower Recovery (theDeepDive)

• China’s Gallium Exports in Limbo After Start of Controls (Bloomberg)

• Canada CPI Rises 3.3% in July as Base-Year Effects Subside (theDeepDive)

• Stanford Student Finds That Academics Are Abusing ChatGPT (theDeepDive)

What’s the latest?

• Target Misses: Target misses Q2 sales expectations, cuts full-year forecast due to consumer reluctance in discretionary spending amid inflation. Despite soft outlook, shares rise on better-than-expected Q2 earnings and inventory improvements. Target faces challenges in consumer sentiment as inflation impacts discretionary purchases, particularly in nonessential categories.

• Dutch Recession The Dutch economy has entered a recession with a 0.3% contraction in Q2, following a 0.4% decline in the previous quarter. This decline, the second consecutive quarterly contraction, contrasts with the strong 5% growth seen in 2021 and 2022. The recession is attributed to reduced consumer spending and exports, exacerbated by elevated inflation impacting food prices and energy costs.

• Judge Rules in Favor of Youth Climate Case: A Montana judge has ruled that the state's policies prohibiting consideration of climate change effects when reviewing fossil fuel projects violate the rights of young people. The plaintiffs argued Montana's permitting of coal and gas projects worsened the climate crisis. The judge declared these policies unconstitutional, emphasizing the plaintiffs' right to a clean environment.

• Intel Abandons $5.4B Tower Deal: Intel Corp (INTC.O) cancels its $5.4 billion acquisition of Tower Semiconductor Ltd (TSEM.TA) due to China regulatory hurdles. Intel will pay a $353 million termination fee.

• Tourism and Tragedy in Maui: The stark contrast between tourists enjoying Maui's beauty and ongoing search-and-rescue operations after a wildfire has sparked anger. Actor Jason Momoa urged tourists to cancel their trips for the community to heal. While some stress the economic importance of tourism, others grapple with balancing immediate resident needs and long-term economic health.

Who is the crazy plane lady?

The stock market and stuff

• Florida Governor Ron DeSantis Tries to Walk Away from Disney Feud Amid Struggling Presidential Campaign (theDeepDive)

• Prime Trust Finally Bites The Bankruptcy Dust, Owes $82 Million (theDeepDive)

• Sam Bankman-Fried Argues Access To Depression Meds As He Heads For Jail (theDeepDive)

• Binance Asks Judge To Prevent SEC From Putting BAM Trading’s CEO In Deposition (theDeepDive)

In the juniors

• Mind Cure Closes Acquisition Deal, To Be Renamed LNG Energy (theDeepDive)

• New Found Gold To Trench 200 Metres Of Keats Main Zone (theDeepDive)

• Hypercharge Reports Higher Margins But Still Posts A Loss (theDeepDive)

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