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Maduro Blocks Access To X

Venezuelan President Nicolas Maduro has imposed a 10-day ban on Elon Musk’s X in Venezuela. The decision comes amid ongoing controversy surrounding the recent presidential election.

Maduro announced the ban during a televised speech, accusing X’s owner Elon Musk of inciting hate, civil war, and death. This move follows a series of public confrontations between Maduro and Musk, including challenges to physical fights.

You can read more on the matter here.

What’s going on?

• Maduro Blocks Access to X in Venezuela for 10 Days (theDeepDive)

• Ukraine unleashes large drone attack on Russian airfield as Kyiv’s offensive continues (CNBC)

• Cisco to Cut Thousands of Jobs in New Layoff Round (Bloomberg)

• 30-Year Mortgage Rates Drop to 6.47%, Lowest in 15 Months (theDeepDive)

• Iraqi teen held in Vienna after Taylor Swift attack plot foiled (Reuters)

• UK House Prices See Sharpest Rise in Six Months (theDeepDive)

• Trump’s Plans Stir Fears for Fed Independence, Inflation (WSJ)

• Florida Real Estate Problem: Hefty Price Tags On Special Assessments And Insurance (theDeepDive)

• Canadian labour market stalls as youth, newcomers struggle to find work (Globe)

What’s the latest?

• Crypto: A U.S. court ordered FTX to pay $12.7 billion in relief to customers as part of a settlement with the CFTC. This includes $8.7 billion in restitution and $4 billion in disgorgement. FTX customers are expected to receive 100% recovery based on their account values at the time of the 2022 bankruptcy filing. The CFTC will wait to collect until all customers are repaid with interest.

• Gold: Gold gained 1.9% Thursday, rebounding from recent losses, as lower U.S. unemployment claims fueled optimism for Fed rate cuts. Despite market volatility and a 0.7% drop in ETF holdings, gold is up 18% this year, driven by easing expectations and geopolitical risks.

• Unemployment Rate: Canada lost 2,800 jobs in July, with gains in full-time work offset by part-time losses, keeping the unemployment rate at 6.4%. Despite expectations of a 22,500 job gain, rapid population growth strained the labor market. The participation rate fell to a 26-year low of 65%, while average hourly wage growth slowed to 5.2%. Economists see minimal impact on future rate cuts, as the report indicates a weakening economy.

• AI: JPMorgan Chase has introduced an AI tool, LLM Suite, to 60,000 employees to assist with tasks like writing and summarizing documents. The bank plans to expand AI use across its 313,000 employees to boost productivity and automate tasks.

• Lay Offs: Cisco is set to cut thousands of jobs in a second round of layoffs this year, similar to the 4,000 jobs cut in February, as it shifts focus to cybersecurity and AI. The company is responding to sluggish demand in its core business and is part of a broader tech industry trend, with over 126,000 layoffs in 2024.

Former CrowdStrike director reveals Plurilock's potential

The stock market and stuff

• Central Banks Adjust Gold Reserves: Who’s Buying, Who’s Selling (theDeepDive)

• Bull trap? It’s ‘make or break’ time for U.S. soft landing case, strategist says (CNBC)

• Perplexity’s popularity surges as AI search start-up takes on Google (FT)

• Costco Plans to Make It Harder to Freeload on Other People’s Membership (theDeepDive)

In the juniors

• Canopy Growth Shares Tank After Losses Widen By Over 1000% In Q1 2025 (theDeepDive)

• Canaccord Shares Drop Most in a Year as Costs Weigh on Earnings (Bloomberg)

• Cineplex Q2 2024: $21 Million In Net Loss, 32% Drop in Theatre Attendance (theDeepDive)

• Former CrowdStrike Director Reveals Plurilock’s Potential (theDeepDive)

FULL DISCLOSURE: PharmaDrug is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of PharmaDrug. The author has been compensated to cover PharmaDrug on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.