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Is There A Market For Restaurant Reservations?

In the bustling culinary scene of New York City, securing a reservation at a top-tier restaurant has become akin to winning a jackpot. With demand outweighing availability, a thriving secondary market has emerged where reservations are bought and sold for staggering sums. Recent reports indicate that individuals are raking in annual incomes ranging from $70,000 to $80,000 by capitalizing on this lucrative niche.

Brown University sophomore Alex Eisler, specializing in applied math and computer science, has disclosed his strategy for securing restaurant reservations through deceptive means. Eisler admits to utilizing fake phone numbers and email addresses to bypass reservation systems.

You can read more on the matter here.

What’s going on?

• US Debt Interest Payments Top $1 Trillion as Burden Soars (theDeepDive)

• Mortgage demand drops as interest rates soar over 7% (CNBC)

• RFK Jr. Wants to Put ‘Entire US Budget on Blockchain’ (theDeepDive)

• Senate Passes $95 Billion Package to Help Ukraine and Israel (WSJ)

• Battery Recycling Shatters the Myth of Electric-Vehicle Waste (Bloomberg)

• Erdogan’s Iraq Visit Puts Spotlight on Ambitious $17 Billion Trade Corridor (theDeepDive)

• Business Groups Race to Block FTC’s Ban on Noncompete Agreements (WSJ)

• Canada: Despite Targeting Younger Voters, Liberals Pre-Budget Spending Fails to Sway Youth Support (theDeepDive)

• NASA releases satellite photos of Dubai and Abu Dhabi before and after record flooding (CNBC)

• Is the DEA’s Cannabis Rescheduling Happening with the Delta-8 Final Action? (theDeepDive)

What’s the latest?

• Retail Sales: Canadian consumer spending remained stagnant in the first quarter of 2024, with retail receipts showing no growth in March following a slight decline in February. This pattern indicates the weakest pace of consumer spending since the second quarter of 2023, according to advance estimates from Statistics Canada.

• Columbia Protests: Columbia University students have agreed to remove a significant number of tents from their protest encampment on campus as part of a deal that also extended the university's deadline for clearing the site by 48 hours. This compromise came after the university threatened to involve law enforcement if the encampment was not dismantled by the original deadline.

• Rogers Earnings: Rogers Communications reported a notable decline in its first-quarter profit to $256 million from $511 million in the previous year, primarily due to increased costs associated with its acquisition of Shaw Communications and ongoing restructuring efforts. Despite this decrease in profit, Rogers experienced a significant revenue increase, reaching $4.90 billion, up from $3.84 billion the previous year, with substantial growth in its cable and wireless segments.

• CZ Sentencing: U.S. prosecutors have recommended a three-year prison sentence for Changpeng Zhao, the founder and former CEO of Binance, the world's largest cryptocurrency exchange. This recommendation is significantly higher than the maximum of 18 months suggested by federal guidelines. The prosecution argues that a sterner sentence would emphasize the importance of complying with U.S. laws. Binance itself has been penalized with a substantial $4.32 billion criminal fine for its failures to adhere to regulatory standards.

• Metro Earnings: Metro Inc. experienced a decline in its second-quarter profits, earning $187.1 million, or 83 cents per diluted share, down from $218.8 million, or 93 cents per diluted share a year earlier. Despite the drop in profits, the company saw a slight increase in sales, reaching $4.66 billion compared to $4.55 billion in the same quarter of the previous year.

The world lacks reliable energy

The stock market and stuff

• Major Copper Smelters to Slash Output as Supply Crunch Looms (theDeepDive)

• Klarna scores major payment deal with Uber ahead of hotly anticipated IPO (CNBC)

• Tesla shareholder seeks to block Musk from litigating pay outside of Delaware (Reuters)

• Tesla Announces New Low-Priced Model To Distract From 55% Profit Drop, Cybertruck Recall (theDeepDive)

• US Yields Jump Before a Record $70 Billion Sale (Bloomberg)

In the juniors

• Equinox Gold Drops US$995 Million To Acquire Final 40% Of Greenstone Mine (theDeepDive)

• Altamira reports publication of positive results from NASAR clinical trial with Bentrio (SA)

• Atha Energy Options Out Two Properties For 9% Interest In Explorer, $8 Million In Spend (theDeepDive)

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