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Nepal Erupts: Army Deployed, PM Resigns

Nepal’s army deployed across Kathmandu late Tuesday as the nationwide death toll from two days of protests rose to 22, capping a cascade of events that saw parliament and the Supreme Court set ablaze, the prime minister resign, and the government hurriedly reverse a sweeping social media blackout imposed last week.

By nightfall Tuesday, smoke was rising from Parliament, the Supreme Court and multiple politicians’ residences in the capital after crowds defied a curfew and set fires. Tribhuvan International Airport shut operations as smoke blanketed the valley. Two airports and the Hilton-branded and Varnabas hotels were also damaged.

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What’s going on?

• Ukraine Strikes Cut Russian Oil Refining Capacity by 17%, Fuel Prices Soar (theDeepDive)

• Ottawa considering scrapping tariffs on Chinese electric vehicles (CTV)

• Study: Canada’s Oil Emissions Cap Could Cost Up to $289,000 Per Tonne Globally (theDeepDive)

• Most Canadians favour scaling back immigration and temporary resident numbers, poll shows (Globe)

• California Weighs Funding Valero Up To $200M To Keep Oil Refinery Open (theDeepDive)

• Larry Ellison overtakes Elon Musk to become world’s richest person (FT)

• Poland Invokes NATO Article 4 After Shooting Russian Drones Violating Its Airspace (theDeepDive)

• Cuba's electrical grid collapses in nationwide blackout (Reuters)

• Record 911,000-Job Revision Highlights Political Pressure on US Employment Data (theDeepDive)

• Former Bank of Canada governor warns both Canada and the United States headed towards a recession (CTV)

• BRICS Bloc Coordinates Response to Trump Tariffs (theDeepDive)

• Oracle, OpenAI Sign Massive $300 Billion Cloud Computing Deal (WSJ)

What’s the latest?

• Politics: Prime Minister Mark Carney said the first wave of nation-building projects will be unveiled Thursday, part of Ottawa’s plan to shield Canada’s economy from the U.S. trade war. Passed in June, the Building Canada Act (Bill C-5) grants Ottawa sweeping powers to fast-track such projects, which Carney says will boost independence, align with Indigenous interests, and advance climate goals. He also announced the launch of Build Canada Homes next week to expand affordable housing and promised a fall rollout of a “climate competitiveness strategy.” A new budget next month will emphasize austerity and tough fiscal choices.

• AI: Canada will launch a public registry of AI projects to track and disclose government use of artificial intelligence. The move follows rising adoption across departments, from AI tools for translation to satellite-based crop predictions and air cargo screening. Officials say the registry will improve transparency, avoid duplication, and scale successful tools across government. No launch date has been set, but it will form part of Ottawa’s broader AI strategy.

• Real Estate: Nearly 98% of Greater Toronto Area neighbourhoods with at least five home sales in August saw properties sell below asking price, a three-year high, according to Wahi. The trend was strongest in condos, where 97% of neighbourhoods were in underbidding territory, but single-family homes were also affected, with 94% underselling. Just 2% of GTA homes sold at asking price, while 79% sold under and 19% above. Neighbourhoods in Oakville, North York, Vaughan, and Old Toronto saw the steepest discounts, with median underbids of $158K to $200K.

• Trump : President Donald Trump appealed a court order blocking his attempt to fire Federal Reserve Governor Lisa Cook, the first Black woman on the board. A judge ruled Trump likely violated the Federal Reserve Act, which allows removals only for legal cause, and reinstated Cook. Trump cited mortgage fraud allegations, which Cook denies, as grounds for dismissal, but her lawyers argue it’s a pretext to pressure the Fed on rates. If Cook is ousted, Trump would be positioned to nominate a majority of Fed governors.

• Geopolitics: The EU is preparing its 19th sanctions package against Russia, coordinated closely with the U.S., after Moscow’s largest air attack on Ukraine since the war began. The measures, expected by early next week, will likely target Russian energy dependence, with discussions focusing on the Druzhba pipeline to Hungary and Slovakia. Officials are also weighing secondary sanctions on China, a key buyer of Russian oil, while the U.S. has already imposed tariffs on India for similar purchases. The package is expected to expand restrictions on Russia’s “shadow fleet” and curb Russian diplomatic and tourist travel.

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The stock market and stuff

• Klarna opens at $52 per share in NYSE debut after pricing IPO above range (CNBC)

• Hungary Signs Shell Gas Deal Ahead of EU Russia Ban (theDeepDive)

• Oracle stock booms 40%, on pace for best day since 1992 (CNBC)

In the juniors

• Union Strike Suspends Soma Gold’s Colombia Operations (theDeepDive)

• Galiano Gold Halts Operations At Esaase Deposit After Fatal Clashes (theDeepDive)

• Gold X2 Hits 50.85 Metres Of 2.18 g/t Gold At Moss Gold (theDeepDive)

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