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Mining firms claim they’re safe from Burkina Faso threats

In the latest turn of events in Burkina Faso, junta leader President Ibrahim Traoré announced plans to withdraw mining permits from some foreign companies, sparking widespread attention from international mining corporations operating within the country. The announcement, made during a radio address, coincided with the two-year anniversary of Traoré’s rise to power following a coup in 2022.

While Traoré did not specify which companies would be affected, the country’s plans to produce more of its own gold underscore a broader shift toward nationalizing foreign-owned assets.

You can read more on the matter here.

What’s going on?

• TD Bank Faces U.S. Growth Freeze Amid $4 Billion Money Laundering Scandal (theDeepDive)

• US inflation fell to 2.4% in September (FT)

• Fed Minutes Reveal Divide Over Size of September Rate Cut (WSJ)

• Iran’s Oil Exports Plummet as Israel-Iran Conflict Escalates (theDeepDive)

• Russia says 'Nuclear Five' states to meet soon in New York (Reuters)

• Major Financial Institutions Advocate for Reshaping Mining Industry’s Future (theDeepDive)

• At Least Four Killed by Tornadoes Spawned by Milton (Bloomberg)

• Cards Against Humanity Takes on Elon Musk Using His Own Playbook (Bloomberg)

• Polymarket Betting Shift Favors Trump, Sparks Speculation About High-Profile Backer (theDeepDive)

• Trump Pledges to End ‘Double Taxation’ of Americans Abroad (WSJ)

• Turkey Blocks Discord Access Following Court Ruling on Child Safety (theDeepDive)

• Israeli forces fire at UN peacekeeper positions in south Lebanon, officials say (Globe)

• 7-Eleven Needs More Than a Name Change to Stop $47 Billion Takeover (Bloomberg)

What’s the latest?

• US Inflation: US core inflation rose more than anticipated in September, with the core consumer price index, excluding food and energy, increasing by 0.3% for the second consecutive month, signaling persistent price pressures. The overall CPI also rose 0.2%, or 2.4% year over year, driven largely by housing and food costs, while goods prices climbed after a year of declines.

• 7-Eleven Breakup: Seven & i Holdings Co. has unveiled a restructuring plan in response to an unsolicited takeover proposal from Alimentation Couche-Tard. The plan includes splitting the company into two entities: one focusing on 7-Eleven convenience stores and gas stations, and the other, York Holdings Co., will comprise 31 less profitable retail operations. Couche-Tard's revised offer values Seven & i at $47 billion, but the company has yet to publicly address the bid.

• TD Settlement: TD Bank is expected to pay about $3 billion in penalties and face restrictions on its U.S. growth as part of a settlement with regulators over its failure to catch money laundering activities. The settlement includes a cap on TD's U.S. retail banking assets, which will likely halt the bank's growth-through-acquisition strategy in the U.S. The penalties were anticipated as the bank had already set aside provisions, but the asset cap mirrors similar restrictions placed on Wells Fargo in the past.

• Tilray Earnings: Tilray Brands Inc. reported a reduced loss of US$34.7 million for its first quarter, compared to US$55.9 million in the same period last year, as revenue increased by 13%. The company’s net revenue reached US$200 million, up from US$176.9 million, driven by a strong performance in its beverage alcohol segment, which grew significantly. However, its cannabis business saw a decline in revenue.

• Rate Cuts: Bond investors increased bets on the US Federal Reserve cutting interest rates by a quarter point in November, as rising unemployment claims outweighed a higher-than-expected inflation report. Swaps traders now see over an 80% chance of a 25-basis-point rate cut, reflecting expectations that the Fed will continue easing monetary policy despite recent strong labor market data.

The truth about Canada's TFW program

The stock market and stuff

• Plurilock Security Enters Partnership With CrowdStrike (theDeepDive)

• Tesla gambles on ‘black box’ AI tech for robotaxis (Reuters)

• Canada Green Taxonomy Unlikely to Include New Natural Gas Projects (Bloomberg)

• Rio Tinto Expands Lithium Portfolio with $6.7 Billion Arcadium Acquisition (theDeepDive)

• Delta sales guidance disappoints, CEO says airline expects lower demand around the election (CNBC)

In the juniors

• Snowline Drills 2.10 g/t Gold Over 433.5 Metres At Valley (theDeepDive)

• Hercules Metals Hits 1.47% Copper Over 55 Metres (theDeepDive)

• NexGold Set To Acquire Signal Gold In All-Stock Deal (theDeepDive)

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