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Strike Hits Canada’s Propane Exports

Workers at Canada’s first propane export terminal launched a strike Thursday, marking the latest labor disruption to hit the country’s port infrastructure and threatening energy exports to Asia.

The International Longshore and Warehouse Union Local 523B began strike action at the Ridley Island Propane Export Terminal on November 27, following unsuccessful contract negotiations with AltaGas Ltd. (TSX: ALA), which operates the facility.

AltaGas said in a November 25 release that it activated a contingency plan and deployed an alternate workforce to maintain operations at the terminal, which serves more than 70 export customers.

You can read more on the matter here.

What’s going on?

• After Joly Said “Look” At Stellantis Contracts, Deputy Says She Didn’t (theDeepDive)

• Carney, Smith sign sweeping energy deal, pledge new pipeline to West Coast (Globe)

• Peruvian court sentences former President Castillo to 11.5 years in prison for rebellion (Reuters)

• Ontario Approves $26B Pickering B Nuclear Refurbishment (theDeepDive)

• SEC probes Jefferies over First Brands (FT)

• Trump, After Call With China’s Xi, Told Tokyo to Lower the Volume on Taiwan (WSJ)

• Liberal Exodus: Who Might Be Exiting Carney’s Government? (theDeepDive)

• BOE Official Plays Down Impact of Energy Bill Cut on Inflation (Bloomberg)

What’s the latest?

• Apple: Apple is challenging India’s new antitrust law in the Delhi High Court, arguing it is unconstitutional and disproportionate for the CCI to calculate penalties using global turnover. Under the new rules, Apple could face fines of up to $38B as the CCI continues probing alleged abusive in-app purchase practices raised by Match Group and Indian startups. Apple denies wrongdoing, but the CCI’s 2021 order said Apple’s IAP rules restrict developer payment choice. Apple’s India presence is booming, with 5M Q3 2025 shipments and $12.8B in 2024 exports, and is expected to sell 15M iPhones in India this year.

• Energy: The Carney–Smith MOU lays out conditions for a new Alberta-to-Pacific oil pipeline, tied to a $130/tonne industrial carbon price and a 75% methane-reduction target over 10 years. In exchange, Ottawa will suspend clean electricity regs in Alberta and drop the federal oil & gas emissions cap. The deal also commits to four major projects: a 1M bpd pipeline, the Pathways carbon-capture megaproject, AI compute infrastructure, and power interties with B.C. and Saskatchewan. Key deadlines run from April 1, 2026 (carbon and methane agreements) to Jan. 1, 2027 (Alberta’s nuclear strategy), while B.C. may face a potential tanker-ban exemption if the pipeline proceeds.

• Markets: Canada’s TSX rose 25 points to 31,205.55, led by tech, telecom, and energy. U.S. markets were closed for Thanksgiving. The Canadian dollar edged up to 71.27 cents US. Oil gained to US$58.91, while gold slipped to US$4,187.50.

• Steel Sector: Canada announced new measures to support steel and lumber producers, including tighter import quotas and reduced interprovincial rail freight costs. Industry leaders say these steps help but can’t fully offset lost U.S. market access under Trump’s 50% tariffs. The Canadian Steel Producers Association criticized Ottawa for extending a remission program that softens retaliatory tariffs on U.S. steel. PM Carney says the program will end in January 2026, after a three-month delay.

• Tech: Alphabet is staging a strong AI comeback, driven by Gemini 3, the Ironwood TPU, and surging cloud demand, pushing its stock up 5% Monday and 70% YTD. Gemini 3 outperformed expectations, with adoption helping Alphabet surpass Microsoft’s market cap, while Google Cloud posted its first $100B quarter and a $155B backlog. Ironwood TPUs offer 30× power efficiency over 2018 chips and are fueling multibillion-dollar customer deals. Despite momentum, competition remains tight as Nvidia still controls 90% of AI chips, and rivals like OpenAI and Anthropic continue releasing rival frontier models.

Why the World’s Biggest Gold Deposits Are Stuck

The stock market and stuff

• Barrick Mining Settles Mali Mine Dispute With $430 Million Payment (theDeepDive)

• Barrick Completes $1.1 Billion Sale Of Hemlo Mine (theDeepDive)

• Apple is challenging India’s antitrust body over a potential $38 billion fine (CNBC)

• Joly: Anglo-Teck Decision in ‘Months,’ Not Next Month (theDeepDive)

In the juniors

• Hot Chili: First Diamond Drillhole Confirms Gold-Rich Major Copper Discovery in Coastal Chile (JMN)

• Mako Mining Enters Definitive Terms For Mt Hamilton Project In Nevada (theDeepDive)

• Puma Exploration Adds Second Drill at McKenzie Gold Project (JMN)

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