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Former immigration minister starts blaming housing problem on international students

It's a classic "blame your previous work for the problems you're facing in your current work."

Housing and Infrastructure Minister, Sean Fraser, has called for a thorough reevaluation of the federal government's stance on international students, suggesting the consideration of implementing a cap on a program that has experienced what he terms as "exploding growth." This growth has exerted strain on rental markets and led to escalated costs, Fraser stated.

According to government data, the count of international students in Canada has more than doubled since Prime Minister Justin Trudeau assumed office in 2015, reaching a tally of 807,260 by the close of 2022.

Fraser, speaking from Charlottetown, emphasized that the recent surge in the international student program has outpaced the initial expectations of temporary immigration programs.

You can read more on the matter here.

What’s going on?

• Sean Fraser, Former Immigration Minister, Starts Blaming Immigrants For Housing Affordability Crisis (theDeepDive)

• Teamsters Union Ratifies 5-Year Deal With UPS, Averting Strike Threat (theDeepDive)

• US SEC votes on overhaul for $20 trillion private fund industry (Reuters)

• France Braces for Reduced Nuclear Output As Rivers Get Too Warm (theDeepDive)

• Grab Brings Forward Breakeven Target After Losses Narrow (Bloomberg)

• Musk Deliberately Inhibited Ukraine’s Access To Starlink To Appease Russia And China: Report (theDeepDive)

• Two Tankers Collide in Suez Cana (theDeepDive)

• Equinor launches world's largest floating wind farm offshore Norway (SA)

• US Existing Home Sales Dip 2.2% in July (theDeepDive)

• Did AI Just Make It Easier To Make Chemical Weapons? (theDeepDive)

What’s the latest?

• China Wants A Stronger BRICS: Chinese President Xi Jinping emphasized the importance of unity among BRICS members and highlighted the need to strengthen the group to navigate a period of global turbulence and transformation. The leaders are discussing the framework and criteria for admitting new members. China and Russia are more enthusiastic about expansion, viewing it as a way to counter Western influence, while Brazil and India are more cautious, seeking to avoid diluting the group's unity.

• Canada’s Housing Bubble: Phillip Colmar, a partner at MRB Partners, has warned that Canada's housing market is in danger due to high debt levels relative to incomes. Colmar cautions that rising mortgage rates, combined with inflated home prices from years of easy monetary policy, could trigger a significant housing bubble burst. Despite efforts by Canadian banks, Colmar suggests a risk of collapse if mortgage rates increase further or a recession occurs.

• Mixed Retail Sales Results: Canadian retail sales increased 0.4% in June, indicating a potential economic recovery. However, excluding autos, sales dropped 0.8%, revealing divergent consumer spending patterns. The report suggests pent-up demand for big-ticket items like cars, while rate-sensitive products like furniture contracted. These trends may influence the Bank of Canada's interest rate decisions.

• India Lands On The Moon: India's Chandrayaan-3 spacecraft successfully landed on the moon's south pole, marking a significant achievement for the country's space program. The mission, India's second attempt to land on the moon, aims to explore the lunar south pole's terrain, with the hope of discovering water ice that could support future missions.

• Wegovy Demand Heats Up: Novo Nordisk has enlisted Thermo Fisher as its second contract manufacturer for the weight-loss drug Wegovy. This move comes as Novo Nordisk aims to meet the high demand for Wegovy in the United States. The drug was first launched in 2021 and has been in demand due to its effectiveness in weight loss.

Lithium brine extraction, explained.

The stock market and stuff

• Sigma Lithium Sues Ex-CEO As Messy Divorce Complicates Firm’s Buyout Outlook (theDeepDive)

• Kenyan Parliament Investigates Sam Altman’s Controversial Eyeball-Scanning Crypto Project (theDeepDive)

• Peloton Shares Plunge on Weak Forecast and Expensive Recall (Bloomberg)

• Circle Gets A “Bailout” From Coinbase As Firm Takes “Minority Equity” In Stablecoin Operator (theDeepDive)

In the juniors

• Power Nickel Begins Fall Deep Drilling Program At Nisk (theDeepDive)

• Canada Nickel Hits 0.23% Nickel Over 348.5 Metres At New Discovery (theDeepDive)

• TriplePoint Venture Growth raised to Neutral at Compass Point after recent slump (SA)

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