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Mexico moves to ban open pit mining

In a significant move aimed at reshaping Mexico’s environmental and agricultural policies, a key committee in Mexico’s lower house of Congress has approved two constitutional reforms that, if passed, could dramatically alter the landscape of the country’s mining and agricultural sectors. The proposed reforms, which are part of a broader package of constitutional changes, are designed to ban open-pit mining and fracking, as well as impose strict limitations on the use of genetically modified corn.

The proposals, approved by the committee on Wednesday, will be presented for discussion in the full lower house when lawmakers return from their current recess in September. These changes represent a cornerstone of President Andrés Manuel López Obrador’s (AMLO) agenda to shift Mexico’s policies towards more sustainable practices, particularly in the face of climate change and environmental degradation.

You can read more on the matter here.

What’s going on?

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• Looming Canada rail shutdown threatens US supply chains (BBC)

• Harris Aims to Reverse Trump-Era Tax Cuts with 28% Corporate Rate (theDeepDive)

• Trump posts fake AI-generated Taylor Swift endorsement (Globe)

• US Government Invests $20 Million in Canadian Cobalt Refinery (theDeepDive)

• US Payrolls Marked Down by Most Since 2009 in Preliminary Data (Bloomberg)

• Mexico Moves to Ban Open-Pit Mining and Fracking in Sweeping Environmental Reforms (theDeepDive)

• Ford Cancels Plans for Electric SUV, Expects to Take $1.9 Billion Charge (WSJ)

• Mike Lynch’s Autonomy Co-Defendant Dies After Being Hit By Car (theDeepDive)

• Romanian police raid Andrew Tate's home amid human trafficking probe (Reuters)

• SkipTheDishes and Parent Company Cut 800 Canadian Jobs in Major Restructuring (theDeepDive)

What’s the latest?

• Walmart Sale: Walmart has sold its entire stake in Chinese e-commerce firm JD.com, worth approximately $3.74 billion, after an eight-year investment. The decision allows Walmart to focus more on its operations in China, particularly its Sam's Club warehouse business, while maintaining a commercial relationship with JD.com. The sale comes as China's e-commerce sector faces challenges such as intense price competition and weak consumer demand.

• BoJ Expectations: A Reuters poll shows that more than half of economists expect the Bank of Japan to raise interest rates again by the end of the year, with many predicting a December hike. This reflects a belief that the BOJ will continue to gradually move away from its long-standing monetary stimulus, even as other central banks, like the U.S. Federal Reserve, lean towards rate cuts.

• Ford EV Cuts: Ford is adjusting its electric vehicle (EV) strategy in response to fluctuating demand and cost challenges by canceling its planned three-row SUV, delaying its next-generation pickup, and introducing a new EV pickup and van. This shift is part of Ford's focus on reducing production costs and emphasizing segments where it already has strength, such as pickup trucks and commercial vehicles.

• Payroll Revisions: The U.S. Labor Department reported that job creation was 818,000 fewer than initially estimated for the 12-month period ending in March 2024, a nearly 30% reduction from the previously reported 2.9 million jobs. This significant revision, the largest since 2009, suggests that the labor market may not be as strong as previously thought, which could prompt the Federal Reserve to lower interest rates.

• Mike Lynch: Two bodies have been found in the wreck of a superyacht that sank off the coast of Sicily during a storm, bringing the death toll to three. Specialist divers are continuing to search the wreck, which lies at a depth of 50 meters, for six other passengers who remain missing. Among those unaccounted for are British technology entrepreneur Mike Lynch and his daughter, as well as other prominent figures.

Canada's largest nickel operation by 2027

The stock market and stuff

• Target CEO addresses ‘price gouging’ accusations in retail (CNBC)

• Bitfarms To Acquire Stronghold Digital Mining For US$175 Million (theDeepDive)

• Gold hits record highs as investors bet on rate cuts (FT)

• Ola Electric Shares Surge 82% Post-Debut to Hit $7 Billion Value (Bloomberg)

In the juniors

• PharmaDrug: Cepharanthine Identified For Potential To Bind To Monkeypox Proteins In Independent Screening (theDeepDive)

• Silvercorp Initiates Construction On El Domo Copper Mine In Ecuador (theDeepDive)

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• Atlas Salt Enters MOU For Salt Production Offtake And Joint Venture (theDeepDive)

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