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South Korea Declares Martial Law

For the first time in over four decades, South Korea has been placed under martial law. In a shocking televised address late Tuesday, President Yoon Suk Yeol announced the sweeping measure, citing the need to root out “pro-North Korean, anti-state forces” that he claims are paralyzing the government and threatening the country’s stability.

The announcement has sent ripples across the nation and reignited fears of authoritarianism in a country that has worked tirelessly to build a democratic system after decades of military rule.

In his address, Yoon accused the opposition Democratic Party, which holds a majority in the National Assembly, of undermining South Korea’s constitutional order. Yoon alleged that the opposition’s recent actions—including motions to impeach top prosecutors and block key budget proposals—amounted to rebellion.

You can read more on the matter here.

What’s going on?

• Cargill to Cut 5% of Global Workforce as Profits Slump (theDeepDive)

• Trump's fentanyl ultimatum puts Canada's 'super labs' under microscope (NP)

• U.S. Races to Secure Nuclear Fuel as Russian Restrictions Take Hold (theDeepDive)

• China retaliates against latest US chip restrictions (FT)

• Canadian News Giants Sues OpenAI For Exploiting Journalism for Profit (theDeepDive)

• Canada could be ‘51st state,’ Trump joked during Mar-a-Lago dinner with Trudeau (Globe)

• Canadian Premiers Press Trudeau for Stronger Border Security (theDeepDive)

• US Job Openings Pick Up to 7.7 Million as Labor Demand Steadies (Bloomberg)

• Global Trade on Edge as Trump Targets BRICS With Tariff Threats (theDeepDive)

• Microsoft faces £1 billion lawsuit in UK for allegedly overcharging rival cloud firms’ customers (CNBC)

What’s the latest?

• Elon Musk: A Delaware judge upheld her ruling requiring Tesla to revoke Elon Musk’s 2018 pay package, initially valued at up to $56 billion, citing flawed negotiations and shareholder vote misstatements. Tesla shareholder attorneys' request for over $5 billion in fees was reduced to $345 million, still among the largest awards in U.S. legal history. The judge noted the methodology for calculating fees was sound but emphasized avoiding excessive windfalls.

• Enbridge: Enbridge Inc. announced a 2025 dividend increase to 94.25 cents per quarter, up from 91.5 cents, for an annualized yield of 6.2%. The company expects adjusted EBITDA between $19.4 billion and $20.0 billion, a 9% increase from 2024's midpoint. Distributable cash flow per share is forecasted at $5.50 to $5.90, supported by strong business utilization and new project contributions.

• Canada Post: Canada Post presented a new negotiation framework that addresses some union concerns but falls short of ratification standards, according to the Canadian Union of Postal Workers (CUPW). Key unresolved issues include health and safety, benefits, and weekend parcel delivery expansion. The nationwide strike, now in its third week, has halted mail services, leading to the U.S. Postal Service suspending mail to Canada.

• Home Sales: Greater Vancouver home sales rose 28.1% year-over-year in November to 2,181 transactions, though still 12.8% below the 10-year average. New listings increased by 10.6% to 3,725, bringing total listings to 13,245, up 21.2% from last year. The composite benchmark price stood at $1,172,100, down 0.9% annually but stable month-over-month. The real estate board warns prices could rise in 2025 if supply fails to meet growing demand.

• Trump Tariffs: Toronto equity investors face heightened risks as President-elect Donald Trump threatens to raise tariffs on cross-border trade to 25%. Over a third of S&P/TSX Composite stocks, including Boyd Group Services (92% U.S. revenue) and Gildan Activewear (90%), have significant U.S. exposure, with major manufacturers like Magna International and BRP also vulnerable due to operations in both Canada and Mexico. By contrast, the U.S.'s most Canada-reliant stock, Dayforce, derives only 22% of its revenue from Canada.

Canada’s silent depression: a productivity problem

The stock market and stuff

• Scotiabank Falls Short of Investor Expectations Despite 5.9% Annual Earnings Jump (theDeepDive)

• Developing countries' record $1.4 trillion debt service bill squeezes budgets (Reuters)

• South Korean Stocks Slip, Won Drops as Martial Law Declared (Bloomberg)

• Enbridge Expects 2025 Adjusted EBITDA Of $19.4 To $20.0 Billion (theDeepDive)

In the juniors

• Alaska Energy Metals Hits 0.31% Nickel Equivalent Over 320.8 Metres At Eureka (theDeepDive)

• F3 Uranium Intersects 50.1% U3O8 Over 4.5 Metres (theDeepDive)

• Seabridge Gold Sees KSM Project Hit With Second Legal Petition (theDeepDive)

FULL DISCLOSURE: Alaska Energy Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Alaska Energy Metals. The author has been compensated to cover Alaska Energy Metals 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.