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Is the shoplifting crisis manufactured?

In a recent X (fka Twitter) thread, Rafael Shimunov, the host of the Beyond The Pale radio show, has raised serious allegations regarding the shoplifting “crisis” that has been making headlines. Shimunov’s tweets suggest that the entire narrative around the purported crisis has been carefully manufactured by law enforcement agencies and propagated by the media without proper fact-checking.

The Twitter thread begins with Shimunov asserting that the shoplifting crisis was “completely manufactured by police” and that the press had repeated the narrative without conducting proper fact-checking.

One of the most striking claims made by Shimunov is that the reported losses attributed to shoplifting, even if taken at face value, amount to a minuscule 7 cents per 100 dollars in sales. He also points out inconsistencies among different retail associations in their versions of the facts, suggesting a lack of cohesion in the manufactured narrative.

You can read more on the matter here.

What’s going on?

• German Official Wants Nord Stream 1 Repaired in Case of Potential Energy Shortages (theDeepDive)

• OpenAI Announces New ChatGPT Version for Businesses (theDeepDive)

• US states ask SEC to check if Shein complies with forced labor rules (Reuters)

• Heineken Completes Russia Withdrawal, Sells Operations for €1 (theDeepDive)

• Zillow Home Loans Launches 1% Down Payment Program in Arizona (theDeepDive)

• Singapore F1 Tickets Nearly Sold Out as Spectator Capacity Drops (Bloomberg)

• Stihl Furloughs 30% of US Workforce; Sends Employees Home Via Text (theDeepDive)

• US Republican Candidate Uses His Presidential Run To Skirt Away A Subpoena (theDeepDive)

• Number of job openings unexpectedly fall in July; quits rate ticks down to 2.3% (SA)

• BitBoy Crypto Fired From “BitBoy Crypto” But Founder Claims Coup Attempt (theDeepDive)

What’s the latest?

• US Job Openings Decline: U.S. job openings decreased for the third consecutive month in July, reaching the lowest level since March 2021. Opens declined by 338,000 to 8.827 million in July. Despite the decline, the labor market remains tight, indicating that the Federal Reserve is likely to maintain high interest rates for the foreseeable future.

• Greenbelt Retraction: Ontario Premier Doug Ford has announced that his government is considering reinstating environmental protections on two parts of the Greenbelt in Ajax, Ontario, which were previously earmarked for development. The sites had been listed for sale by the developers who own the land, prompting criticism and concerns about environmental conservation.

• Burger King Lawsuit: A U.S. judge has rejected Burger King's attempt to dismiss a lawsuit accusing the fast-food chain of misleading customers by depicting its Whopper sandwich as larger than it actually is on in-store menu boards. The judge ruled that the case should proceed, allowing the customers' claim of breach of contract to continue. The customers alleged that Burger King's depiction of the Whopper made it appear 35% larger and with more meat than it actually contains.

• Prigozhin Buried: The funeral of Yevgeny Prigozhin, the Russian mercenary chief who died in a plane crash, took place privately at a cemetery in St Petersburg. The event was held in a closed format, with secrecy surrounding the arrangements. Prigozhin's death came two months after a failed mutiny against President Putin's leadership.

• Hurricane Idalia To Hammer Florida: Hurricane Idalia is strengthening as it approaches Florida's Gulf Coast, prompting evacuations and warnings of a potential Category 3 storm upon landfall. With sustained winds expected to exceed 111 mph, Governor Ron DeSantis urged residents to heed evacuation orders to avoid life-threatening floods caused by storm surges. The storm's path is uncertain, but it is projected to hit the Big Bend region, with potential surges of 8 to 12 feet posing a significant threat.

Lithium Chile

The stock market and stuff

• Bank of Montreal Misses Estimates In Q3 2023 As Credit Loss Provision Woes Continue (theDeepDive)

• Binance Tightens Controls After Involvement with Sanctioned Russian Banks Revealed (theDeepDive)

• Scotiabank Falls Short Of Q3 2023 Earnings Estimates (theDeepDive)

In the juniors

• West Red Lake Gold Hits 6.27 g/t Gold Over 10.1 Metres (theDeepDive)

• BigBear.ai stock rises after H.C. Wainwright starts with Buy (SA)

• Patriot Battery Metals To Have Seven Active Drill Rigs At Corvette By Mid-September (theDeepDive)

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