Sponsored by Cytophage Technologies

Russia Fines Google 2 Undecillion Rubles

Google, a subsidiary of Alphabet (Nasdaq: GOOGL), has accumulated fines totaling approximately 2 undecillion rubles ($2.5 decillion) in Russia for refusing to restore pro-Kremlin and state-run media accounts on YouTube, according to a recent report by RBC news.

The astronomical sum of 2 undecillion rubles (an undecillion being a number equal to 1 followed by 36 zeros), stems from daily penalties that began at 100,000 rubles in 2020 and have doubled weekly.

You can read more on the matter here.

What’s going on?

• Bridging Finance Executives Found Guilty of Massive Investor Fraud (theDeepDive)

• Will Canada follow the U.S. and ban TikTok? Users say that would shut the door on conversation (Globe)

• Oxfam: $41 Billion in World Bank Climate Funds Unaccounted For (theDeepDive)

• US GDP grew at 2.8% rate in third quarter (FT)

• Alphabet Posts Biggest Earnings Yet Driven By AI Despite Regulatory Pressures (theDeepDive)

• Statistics Canada survey shows homeowners’ net worth dwarfs that of renters (Globe)

• Trulieve Has Spent $141M On Push For Florida Marijuana Amendment (theDeepDive)

• UN Security Council warns against attempts to dismantle UNRWA (Reuters)

• Canadian Food Bank Usage Hits Historic High, Surpassing 2 Million Monthly Visits (theDeepDive)

• UK’s Labour government raises taxes by £40 billion in new budget plan (CNBC)

• Former Forbes 30 Under 30 Tech Honoree Settles SEC Charges Over AI Robot Claims (theDeepDive)

• Canadian among pro-Ukraine fighters killed in battle on Russian soil (Globe)

What’s the latest?

• Home Sales: US pending home sales rose 7.4% in September, the highest gain since June 2020, reaching an index level of 75.8, well above the expected 1.9% increase. Despite higher home prices, improved selection and a temporary dip in mortgage rates to 6.13% fueled buyer interest. Sales rose across all regions, with the largest increase in the West at 9.8%.

• Brazil: Brazil’s Finance Minister Fernando Haddad has gained the support of Chief of Staff Rui Costa for an austerity plan aimed at tightening Brazil’s fiscal framework. The agreement moves Haddad’s proposal closer to presidential approval, addressing investor concerns over spending. Following Haddad's comments on fiscal discipline, the Brazilian real strengthened after hitting a 3.5-year low. Analysts view the plan positively, suggesting it will ensure mandatory expenses remain within fiscal rules, boosting market confidence.

• Reddit: Reddit’s shares surged 35% after a surprise Q3 profit, with revenue rising 68% year-over-year to $348.4 million, surpassing the $312.8 million analyst forecast. Net income reached $29.9 million, or 16 cents per share, compared to a net loss of $7.4 million last year. Daily active users rose 47% to 97.2 million, and Q4 revenue is projected between $385 million and $400 million, exceeding the $357.9 million estimate.

• UK Bonds: UK bonds fell and traders adjusted expectations for fewer interest-rate cuts after the government announced a £297 billion bond-sale plan for fiscal year 2024-2025, surpassing projections from bond dealers. Two-year bond yields rose 10 basis points, with swaps now suggesting just one more quarter-point rate cut. This borrowing target, the largest outside the COVID-19 response, follows recent fiscal rule adjustments allowing increased borrowing for public investment. Additionally, short-term treasury bills will contribute £3 billion to financing needs, lower than the estimated £6 billion.

• U.S. Economy: The U.S. economy grew 2.8% in Q3, driven by consumer spending, which rose 3.7%, and an 8.9% increase in exports. Inflation cooled, with the Fed's PCE index up only 1.5%, the lowest in four years, while core inflation reached 2.2%. Job openings fell to their lowest since early 2021, reflecting a slower but still resilient job market, with average monthly job gains at 200,000 this year.

Paypal Q3 2024 Earnings

The stock market and stuff

• Strong Q3 Revenue Fails to Lift AMD as Stock Falls 7% on Weak AI Outlook (theDeepDive)

• Ivanhoe Mines Hits Record Copper Production, $108 Million Profit in Q3 2024 (theDeepDive)

• Super Micro Computer shares plunge after EY resigns as auditor (FT)

• Super Micro’s Auditors Quit Amid Governance Concerns, Stock Plummets (theDeepDive)

• Reddit Surprises Wall Street with Record Growth and Profit in Q3 Earnings (theDeepDive)

In the juniors

• Cerrado Gold Sells Monte Do Carmo Project For US$60 Million (theDeepDive)

• New Gold Posts Record Revenue In Q3 While Cutting 2024 Production Guidance (theDeepDive)

• A Monster Deposit: Every Hole Hit Gold Mineralization | Golden Cariboo Resources with Frank Callaghan (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.