Sponsored by Cytophage Technologies

Real estate insolvencies spike

Canada’s residential property development sector is experiencing a surge in insolvencies, with experts warning that this trend is likely to continue as developers grapple with higher borrowing and construction costs. 

According to data from the federal Office of the Superintendent of Bankruptcy, the number of insolvent real estate companies and projects is on track to surpass levels seen during the global financial crisis.

You can read more on the matter here.

What’s going on?

• Canada Invests $16 Million in Rare Earth Processing in Saskatchewan (theDeepDive)

• Canadian housing starts jump 16% in July, CMHC says (Reuters)

• Mars Snaps Up Pringles and Cheez-It in Massive $35.9 Billion Acquisition (theDeepDive)

• Canada calls for investigation into Israel’s destruction of water facility in Gaza (Globe)

• Canadian Labor Minister Rejects Railway Arbitration, Strike Looms (theDeepDive)

• Harris to Call for Expanded Child Tax Credit, 3 Million New Housing Units (WSJ)

• Phage Therapy’s Rising Demand: Cytophage at the Forefront with Dr. Steven Theriault (theDeepDive)

• Visitors to Canada with valid visas claim they are being pressured to seek asylum upon arriving — or leave (TS)

• WHO Declares Global Health Emergency Amid Spread of New Mpox Variant (theDeepDive)

• Patreon creators feel pressure to raise prices after Apple demands 30% share (CBC)

• Trudeau Appears To Travel Across Country In Secret To Avoid Scrutiny (theDeepDive)

What’s the latest?

• BHP Strikes: BHP Group and union leaders in Chile have reached a preliminary wage agreement, which could lead to the resumption of normal production at the Escondida copper mine, the world's largest. The main union will temporarily lift the strike to present the proposal to its 2,400 members. If ratified, the agreement will end a disruption at a site that contributes about five percent of the world's mined copper, amid a tight supply of concentrate.

• Gold Rally: Spot gold has reached a new milestone, surpassing $2,500 an ounce for the first time, driven by growing expectations that the U.S. Federal Reserve will soon cut interest rates. The precious metal has risen more than 20% this year, fueled by optimism around monetary easing and heightened demand as a safe-haven asset amid geopolitical tensions.

• Stellantis Lawsuit: Stellantis is facing a lawsuit from shareholders in the U.S., alleging that the automaker misled them about rising inventories and other issues before disappointing earnings caused a significant drop in its stock price. The lawsuit, filed in Manhattan federal court, claims Stellantis artificially inflated its stock price by making overly positive statements about its financial health throughout 2024.

• Rivian Troubles: Rivian has temporarily halted production of its commercial delivery vans for Amazon due to a parts shortage, the company confirmed. This production pause is the latest challenge for Rivian, which has faced supply chain issues similar to other EV manufacturers over the past two years. The part shortage is not expected to impact the production of Rivian's other vehicles, including the R1S SUV and R1T pickup.

• Greentech: Canada’s new green technology fund is investing up to US$100 million in Svante Technologies Inc., a Vancouver-based carbon-capture firm backed by Chevron Corp. The Canada Growth Fund, part of a $15 billion initiative to reduce emissions, will initially provide US$50 million through a convertible note, with the potential for an additional US$50 million for future projects.

Japan carry trade explained

The stock market and stuff

• Canopy Growth CEO David Klein To Retire (theDeepDive)

• Revolut secures $45bn valuation in share sale by employees (FT)

• Lithium Argentina Sells 14.9% Interest In Exploration Project For $70 Million (theDeepDive)

• Walmart boosts sales outlook as shares surge to record high (Globe)

• Metro Q3 2Walmart boosts sales outlook as shares surge to record high024 Financials: 14.6% Earnings Decline Amid Revenue Growth (theDeepDive)

• Chipmaker Texas Instruments to receive up to $1.6 bln in funding from US (Reuters)

In the juniors

• Victoria Gold Placed Into Receivership, Expected To Be Delisted (theDeepDive)

• F3 Uranium Completes Spinout of Exploration Assets Into F4 Uranium (theDeepDive)

• Cytophage Develops Freeze-Dried Phage Tablets For Poultry (theDeepDive)

• Sigma Lithium Reports Q2 2024: Sales Jump and Costs Drop (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.