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Rogers lays off more staff

Rogers Sports & Media, a division of Rogers Communications (TSX: RCI.B), has announced layoffs affecting several dozen employees in its audio division. The move reflects ongoing challenges in the advertising market, a problem that has plagued the media industry at large throughout 2024.

In an email statement, Charmaine Khan, a spokesperson for Rogers Sports & Media, acknowledged the decision, calling it a difficult but necessary response to financial pressures. “With the radio industry continuing to feel the pressure of an uncertain advertising market, we made some difficult but necessary changes in our audio business impacting roles in several markets,” Khan said.

You can read more on the matter here.

What’s going on?

• Canadian Retail Sales Rise To $66.9 Billion In September (theDeepDive)

• Northvolt CEO steps down, saying group needs up to $1.2 billion (Reuters)

• Navigating ‘The Valley of Death’: Why Canada’s emerging critical minerals miners are struggling to survive and what can be done about it (Globe)

• Seven Years of Losses: Canada Post Reports $315 Million Loss In Q3 2024 (theDeepDive)

• Apple and Google could face a competition probe over their huge mobile ecosystems in the UK (CNBC)

• EU’s top central bankers warn economy at risk from political paralysis (FT)

• Trudeau Unveils GST Holiday: Economic Relief or Political Stunt? (theDeepDive)

• Canada lifts extra screening measures for passengers flying to India, Anita Anand's office says (NP)

• Canada Sees Record-High Surge of Asylum Claims Filed by International Students (theDeepDive)

• DirecTV terminates Dish deal over failed debt swap (Reuters)

• Matt Gaetz Withdraws From Nomination For Attorney General (theDeepDive)

• Trump’s tariff plan would put US on path to ‘crony capitalism’, Griffin says (FT)

What’s the latest?

• Retail Sales: Canadian retail sales rose for a fourth consecutive month, climbing 0.7% in October after a 0.4% increase in September. Core retail sales, excluding gas stations and car dealers, surged 1.4%, with third-quarter sales up 0.9%. While the Bank of Canada’s rate cuts and a GST holiday are expected to boost spending, per-capita sales remain 1.8% below last year, indicating recovery is incomplete.

• Endless Spending: Justin Trudeau has announced new affordability measures, including a two-month GST/HST holiday from Dec. 14, 2024, to Feb. 15, 2025, on items like prepared foods, children's goods, alcohol under 7% ABV, and books, effectively making food tax-free in Canada. The government will also issue $250 "Working Canadians Rebate" cheques in early spring 2025 to 18.7 million workers earning $150,000 or less.

• Trump Case: A New York judge has indefinitely postponed sentencing in Donald Trump’s criminal hush money case, where he was found guilty on 34 counts of falsifying business records. The delay allows Trump’s attorneys to file motions to dismiss the case, a move opposed by the Manhattan District Attorney's Office.

• Canada Post: Canada Post reported a pre-tax loss of $315 million in Q3, up from $290 million a year earlier, as revenue growth in direct marketing failed to offset declines in parcels. Its broader group, including Purolator, recorded a $252 million loss, compared to $217 million last year.

• Amazon AI: Amazon has committed an additional $4 billion to Anthropic, bringing its total investment in the AI startup to $8 billion while maintaining a minority stake. The partnership cements Amazon Web Services (AWS) as Anthropic’s primary cloud and AI training platform, utilizing AWS chips for training advanced models like the Claude chatbot.

Mining high grade silver at low cost

The stock market and stuff

• Barrick Reports 7.8 Million Ounce Gold Resource At Fourmile Project (theDeepDive)

• US Supreme Court tosses case involving securities fraud suit against Facebook (Reuters)

• Northvolt’s Bankruptcy Filing Threatens Europe’s EV Revolution (theDeepDive)

• Unilever to slim down but not spin off food business, says chief (FT)

• Trump Wants Keystone XL Back—But Can He Do It In A Changed Oil Market? (theDeepDive)

In the juniors

• Artemis Gold Begins Feeding Ore Through Processing Facility At Blackwater (theDeepDive)

• Filo Hits 0.92% Copper Equivalent Over 1,270 Metres (theDeepDive)

• Silver47 Hits 177.10 g/t Silver Equivalent Over 22.03 Metres (theDeepDive)

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