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Prime time drama

Prime Hydration, a brand launched by social media stars Logan Paul and KSI, is embroiled in a legal battle that could have significant financial ramifications. Refresco Beverages US, a major independent beverage manufacturer, has filed a lawsuit seeking $67 million in damages, accusing Prime of breaching a crucial production contract.

Prime Hydration burst onto the beverage scene in early 2022, fueled by the immense social media influence of its founders, Paul and KSI (legally Olajide Olatunji). Both individuals leveraged their massive online followings to create a buzz around their new line of sports and energy drinks. Marketed primarily to adolescent boys and young men, Prime quickly gained traction with viral marketing campaigns, often involving limited-edition flavors that drove scarcity and demand.

You can read more on the matter here.

What’s going on?

• Bank of Japan Unlikely to Raise Rates Again in 2024, Says Former Board Member (theDeepDive)

• Real estate insolvencies in Canada set to surpass levels of global financial crisis (Globe)

• Zambia Shuts Key Copper Trade Route with Congo Amid Growing Crisis (theDeepDive)

• 'On the brink': Airlines flee small cities, cutting key links to rest of the country (NP)

• How 500,000 Undocumented Immigrants Got Lost In Canada’s Immigration System (theDeepDive)

• U.S. consumers are driving down inflation by refusing to pay higher prices (NP)

• X Makes Its Premium+ Subscription Tier Fully Ad-Free Shortly After Suing Advertisers For Alleged Boycott (theDeepDive)

• Call to end nuclear power ban brings heated reaction in Australia (FT)

• Elon Musk’s X Lawsuit Drains Ad Watchdog’s Resources Leading To Closure (theDeepDive)

• Russian war evacuations extended to include part of a 2nd Ukraine border region (CBC)

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What’s the latest?

• Scotiabank Acquisition: Bank of Nova Scotia has agreed to acquire a 14.9% stake in U.S.-based KeyCorp for approximately US$2.8 billion, signaling a strategic shift towards North America. The investment, which will see Scotiabank purchase shares at an 11% premium, is part of the Canadian bank's plan to refocus its capital spending on North America and the Caribbean.

• RBC Lawsuit: Nadine Ahn, former CFO of Royal Bank of Canada, has filed a lawsuit against the bank, claiming she was unjustly fired over a personal relationship with a colleague, Ken Mason, who was also dismissed. Ahn asserts that she was a potential candidate to become RBC's first female CEO and that her 25-year career was wrongfully ended based on an alleged violation of the bank's code of conduct.

• Musk & Trump: Elon Musk's upcoming interview with former President Donald Trump on X is poised to be a significant event in the 2024 presidential race, potentially reinvigorating Trump's base at a crucial time. Despite their previously contentious relationship, Musk's recent endorsement of Trump signals a newfound alliance that could shape the final weeks of the election. The interview is scheduled for 8 p.m. ET and will be streamed on X Spaces.

• Titan Sub: During the June 2023 search for the missing Titan sub, Canada's military was "highly confident" that underwater bangs detected near the Titanic wreck were man-made, likely from an object striking the hull of a vessel. Internal government documents, obtained by CBC News, reveal that these noises were detected by a Royal Canadian Air Force patrol plane and were closely monitored by the Canadian Coast Guard and government officials throughout the search.

• Barrick Earnings: Barrick Gold reported a rise in its second-quarter profit, earning US$370 million, or 21 cents per diluted share, compared to US$305 million, or 17 cents per share, a year earlier. The increase was driven by higher realized prices for gold and copper, despite lower production volumes. On an adjusted basis, Barrick's profit was 32 cents per share, up from 19 cents per share in the same quarter last year.

Uranium demand: nuclear reactor pipeline and supply gap

The stock market and stuff

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• Scotiabank buys 14.9% stake in U.S. regional lender KeyCorp for $2.8-billion (Globe)

• Google says it is deactivating Russia-based AdSense accounts (Reuters)

• Oil Advances on Potential Iran Reprisal as Equities Edge Higher (BNN)

• How Adani’s Next Generation is Planning to Steer a $213 Billion Conglomerate (theDeepDive)

In the juniors

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• Dolly Varden Hits 1,091 g/t Silver Over 9.38 Metres (theDeepDive)

• IAMGOLD Boosts Q2 Gold Production by 55% as Côté Gold Reaches Commercial Milestone (theDeepDive)

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