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Meet Bill C-71

Earlier this year, the federal government introduced Bill C-71, proposing significant amendments to the country’s Citizenship Act. The bill aims to allow Canadian citizenship to be passed down indefinitely to children born abroad, provided certain conditions are met.

Under the current law, there is a first-generation limit on passing citizenship to children born outside Canada. The proposed bill would eliminate this restriction, allowing citizenship to be continuously passed down through generations, as long as the parent has spent at least 1,095 days (equivalent to three years) in Canada cumulatively in their lifetime.

You can read more on the matter here.

What’s going on?

• Bill C-71: A Pathway to Citizenship or ‘A Never-Ending Chain of Migration’? (theDeepDive)

• US Jobless Claims Dip to Four-Month Low, Defying Hiring Slowdown (Bloomberg)

• Federal panel calls for cutting Canada’s emissions in half by 2035 (Globe)

• Bridger-ton of Disappointment: Detroit Ball Leaves Fans Waltzing Away in Disgust (theDeepDive)

• China’s Newest Nuclear Submarine Sank, Setting Back Its Military Modernization (WSJ)

• Yellen Sees Housing Costs Coming Down, Enabling 2% Inflation (Bloomberg)

• Poilievre Slams BCE Over CTV’s Airing of Edited Clip (theDeepDive)

• Biden announces $8 billion in military aid for Ukraine (Reuters)

• Rudy Giuliani disbarred in D.C. over Trump election lies (CNBC)

What’s the latest?

• Population: Statistics Canada says the population of the country reached an estimated 41,288,599 on July 1. The agency says the total means 250,229 people were added in the second quarter of the year for a growth of 0.6 per cent. The growth rate was slower than the same quarter of 2023 which saw a 0.8 per cent increase and the 0.7 per cent increase in the second quarter of 2022.

• Google vs Microsoft: Google has ramped up a legal squabble with Microsoft Corp. over the lucrative cloud market, accusing the US software giant of abusing its market dominance in a formal complaint to the European Union’s antitrust watchdog. The Alphabet Inc. unit alleged that Microsoft’s licensing terms for Azure cloud services restricts customers accessing rival platforms, including Google Cloud and Amazon Web Services.

• Immigration Plan: An estimated 250,000 people were added in the three months to July 1, representing a quarterly growth rate of 0.6%, Statistics Canada reported. It marks the first time since 2020 that quarterly growth was slower than the same period a year earlier.

• AI: A surge in demand for artificial intelligence-focused semiconductors and AI-enabled smartphones and laptops could lead to the next global chip shortage, according to Bain & Company. The last major semiconductor shortage happened during the Covid-19 pandemic amid supply chain disruption and a rise in demand for consumer electronics as people were forced to stay at home.

• NASA: NASA said on Tuesday the launch of its Crew-9 mission with SpaceX has been pushed back to Sept. 28 due to Tropical Storm Helene.

  SpaceX's upcoming Crew Dragon mission, a routine flight called Crew-9, is expected to send one NASA astronaut and a Russian cosmonaut to the International Space Station.

Magna Mining PEA breakdown

The stock market and stuff

• Saudi Arabia ready to abandon $100 crude target to take back market share (FT)

• Fed Exploring Tying Liquidity to Uninsured Deposits, Barr Says (Bloomberg)

• Micron shares jump 16.5% on strong AI spending (FT)

• Super Micro shares tumble 12% after DOJ reportedly opens probe into company (CNBC)

• Citi joins hands with Apollo for $25 bln private credit program (Reuters)

In the juniors

• $6.6 Billion NPV: Temas Resources’ Titanium Project Explained (theDeepDive)

• Pacific Ridge Exploration Completes Inaugural Drill Program at the Chuchi Copper-Gold Project in B.C.; Intersects Copper Mineralization in Every Drill Hole (JMN)

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.