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Liberals refuse to fund new roads as they push green agenda

In a recent address at a conference on public transit in Montreal, Environment and Climate Change Minister Steven Guilbeault emphasized that while electric vehicles are an essential component in addressing Canada's environmental challenges, they are not a cure-all solution. Guilbeault's remarks come amidst increasing debates surrounding the role of EVs in mitigating climate change and the broader environmental impact of transportation.

Speaking to a diverse audience of approximately 250 key stakeholders from public transportation, municipal politics, energy, and environment sectors, Guilbeault underscored the need to move beyond the misconception that transitioning to electric cars alone will solve all environmental woes. He cautioned against what he termed as "an error, a false utopia" to solely rely on EVs for combating climate change over the long term.

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What’s going on?

• Canada Looks to Reduce Mining Permit Wait Times (theDeepDive)

• ArriveCAN Audit Report: “Impossible To Determine The Actual Cost Of The Application” (theDeepDive)

• Mortgage rates surge higher again, causing homebuyers to pull back (CNBC)

• Lingering Inflation Risks Keep Fed Officials in Wait-and-See Mode on Rate Cuts (Bloomberg)

• Used Tesla Prices Hit Record Low (theDeepDive)

• EU mulls easing merger rules for telecoms, Big Tech to help pay network costs (Reuters)

• SSR Mining Crashes 53% After Turkish Mine Collapses (theDeepDive)

• NATO chief concedes ‘valid point’ of spending criticism as allies up defense budgets (CNBC)

• Fastmarkets Proposes US and Canada Lithium Price Assessments Post-IRA (theDeepDive)

• Bitcoin market cap crosses $1 trillion as buyers flood in (Reuters)

What’s the latest?

• Home Sales Jump: The Canadian Real Estate Association reported a significant 22% increase in home sales in January compared to the same month last year, marking the largest year-over-year gain since May 2021. This rise is attributed to the particularly weak market start experienced last year, one of the worst in nearly two decades. Seasonally adjusted home sales also saw an uptick, rising 3.7% from December 2023.

• QT’s Early End: The Bank of Canada is anticipated to conclude its quantitative tightening program by April, earlier than previously expected, as per RBC Capital Markets strategists. This shift, marked by the central bank's decision to start purchasing Canadian government bonds again to replace maturing ones, signals a move towards a "stable balance sheet policy." The Bank has been reducing its balance sheet from a peak of over $570 billion to around $313 billion.

• More Homes Needed: Housing Minister Sean Fraser has emphasized the Canadian government's commitment to rapidly increasing the housing supply, irrespective of potential interest rate cuts this year. Fraser highlighted that the mission to build millions of homes remains unchanged. To facilitate housing construction, Fraser advocated for simplifying the building process, making efficient infrastructure investments, reducing GST, recapitalizing the Canada Mortgage Bond program, and injecting low-cost financing through the Apartment Construction Loan program.

• AI Bad Actors: Microsoft has reported that state-backed hackers from Russia, China, Iran, and North Korea have been utilizing OpenAI tools to enhance their hacking skills and develop more convincing cyberattacks. These groups, affiliated with national governments and military units, have been leveraging large language models to refine their hacking campaigns, prompting Microsoft to enforce a ban on these actors using its AI products.

• Uber Buybacks: Uber Technologies Inc. has announced a plan to repurchase up to US$7 billion in shares, signaling confidence in its financial health following its first full year of operating profit and consistent positive free cash flow in 2023. The company's Chief Financial Officer, Prashanth Mahendra-Rajah, emphasized the repurchase as a reflection of Uber's strong financial momentum and stated that the buyback strategy would initially aim to partially offset stock-based compensation, with a goal of steadily decreasing the share count.

Global demand for nuclear energy

The stock market and stuff

• SSR Mining Faces Growing Calls For Management To Resign (theDeepDive)

• HP Wants $4 Billion Back From Autonomy’s Mike Lynch (theDeepDive)

• Uber stock pops more than 10% on $7 billion share buyback (CNBC)

• Lyft Shares Crash After Earnings Typo Causes Sharp Spike (theDeepDive)

• Scotiabank’s Lawrence to Exit for CFO Role at Desmarais Firm (Bloomberg)

In the juniors

• PharmaDrug’s Sairiyo To Begin Manufacturing PD-001 For Clinical Trials In Q2 (theDeepDive)

• Stallion Uranium Mobilizes For 3,300 Metre Drill Program At Coffer Project (theDeepDive)

• Vizsla Copper To Acquire Universal Copper In All Stock Deal (theDeepDive)

• Anfield Energy: Red Cloud Pushes $0.20 Price Target Amid Heightened Uranium Demand (theDeepDive)

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