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Oracle agrees to $115 million settlement

Oracle Corporation (NYSE: ORCL) has agreed to a $115 million settlement to resolve a class-action lawsuit under California’s wiretapping law. The plaintiffs accused the tech giant of tracking and recording personal information without user consent and selling this data to third parties via its ID Graph service.

The legal battle began in 2022, with a 66-page complaint filed in the Northern District of California. The plaintiffs, represented by Lieff Cabraser, alleged that Oracle’s “worldwide surveillance machine” amassed detailed dossiers on approximately five billion individuals. The class representatives included Dr. Johnny Ryan of the Irish Council for Civil Liberties, Michael Katz-Lacabe of The Center for Human Rights and Privacy, and Dr. Jennifer Golbeck, a computer science professor at the University of Maryland.

You can read more on the matter here.

What’s going on?

• Michigan Allots Another $150 Million to Restart Palisades Nuclear Plant (theDeepDive)

• Secret Service director steps down after assassination attempt against Trump at rally (Globe)

• Copper Retreats from May High as China’s Economic Boost Falls Short (theDeepDive)

• Kamala Harris raises more than $81 million, reportedly a record sum for the 2024 political cycle (NP)

• The Lettuce Wins Again, Outlasts Biden Campaign (theDeepDive)

• China to raise retirement age as population gets older (BBC)

• What Google’s decision to keep cookies means for the internet (CNBC)

• RBC Report Says Immigration Surge Is Disguising Recession (theDeepDive)

• Capital One customers sue to block $35 billion Discover merger (Reuters)

• June home sales slump, pointing to a buyer’s market as supply increases (CNBC)

• Max Keiser Wants to ‘Settle the Score’ with Donald Trump After Comments Against El Salvador’s Nayib Bukele (theDeepDive)

What’s the latest?

• IPO’s: US initial public offerings are expected to get a significant boost this week, with up to $5.5 billion in first-time equity issuance. The headline deal is for Lineage Inc., a temperature-controlled storage and logistics real estate investment trust, aiming for up to $4 billion. This week's activity could mark the busiest IPO slate since September, featuring tech firms and other growth companies typically sought after by investors.

• GM Earnings: General Motors saw a 60% profit surge from the previous year, driven by high demand for gas-powered trucks in the U.S., leading to a record revenue and allowing an increase in their full-year financial guidance. The company's revenue hit $48 billion for the quarter, exceeding expectations, with a significant contribution from a strategic delay in EV investments and share buybacks.

• O&G M&A: Around 4,700 residents of Jasper, Alberta, and visitors to Jasper National Park were evacuated late Monday night due to a rapidly advancing wildfire. The evacuation forced people to drive west into British Columbia on mountain roads through thick smoke and darkness. The Municipality of Jasper declared a state of emergency, with an evacuation notice instructing residents to leave by 3 a.m. Tuesday.

• EV Demand: U.S., German, and French carmakers are producing EVs at 40 to 45 percent below initial expectations, as per French auto parts supplier OPmobility SE. The decline in EV demand in Europe, exacerbated by high prices and the removal of subsidies, is leading companies like Mercedes-Benz and battery makers to reconsider their projects, with some manufacturers halting EV output and even shutting plants.

• Startup Funding: Clio, a legal software provider, has reached a $3 billion valuation following a $900 million Series F funding round led by New Enterprise Associates. New investors include Goldman Sachs Asset Management and Alphabet Inc.’s venture arm. The Vancouver-based company, which assists lawyers with practice management through cloud software, plans to use the funds to expand its AI capabilities, legal payment technology, and global presence.

Copper porphyries and royalties: Mundoro's dual strategy

The stock market and stuff

• Spot ETH ETFs To Begin Trading On Tuesday (theDeepDive)

• Neuralink's value jump leaves some Musk employees itching to cash out (Reuters)

• UPS shares fall more than 10% on earnings miss, guidance cut (CNBC)

• Tesla stages US$386 billion comeback as Musk elevates AI over EVs (BNN)

• Lockheed Martin lifts 2024 sales target on fighter jet, missile demand (Reuters)

• Spotify reports record quarterly earnings (CNBC)

In the juniors

• Victoria Gold Mine Collapse Causes Pause In Mining And Exploration In Entire Region (theDeepDive)

• 400% Stock Surge: What’s Next for Plurilock Security? | Ali Hakimzadeh (theDeepDive)

• Lithium Chile Outlines Pre-Tax US$3.8 Billion NPV(8%) For Arizaro Project In Pre-Feasibility Study (theDeepDive)

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