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Syria's Assad Regime Falls to Rebels

In a historic development, Bashar al-Assad’s regime has fallen after 13 years of civil war and over five decades of Assad family rule. Rebel forces captured the Syrian capital of Damascus this weekend, forcing Assad and his family to flee to Moscow, where they were granted asylum by the Kremlin.

Rebel forces swept into Damascus in a 12-day campaign that began in Idlib, culminating in their control of the capital. Residents of Damascus, long under the shadow of Assad’s authoritarian rule, experienced a mix of relief and uncertainty as the rebel coalition declared a curfew across the city. Streets were largely empty except for rebel patrols, while elated fighters celebrated in central locations like Umayyad Square.

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What’s going on?

• OpenAI’s Alarming Shift Via Defense Contractor Partnership Raises Serious Questions (theDeepDive)

• The Canada Post strike involving more than 55,000 has hit 25 days (CTV)

• Gold Climbs as China’s Central Bank Starts Buying Again (theDeepDive)

• Food banks across Canada are begging to be put out of business (CBC)

• Surtaxes On China to Generate $473 Million, But Canadian Construction Faces Higher Costs (theDeepDive)

• Lawful gun owners feel cheated by new federal firearms ban (Global)

• China Race to Build 100 Reactors in 10 Years Sparks Concerns (theDeepDive)

• Taylor Swift’s Eras becomes highest-earning concert run in history (FT)

• France’s Orano Loses Command of Uranium Mines to Niger Junta (theDeepDive)

• U.S. can become a crypto superpower with ‘sensible’ regulation, Eric Trump says (CNBC)

• Court Rules Against TikTok: Cut Ties with China or Shut Down (theDeepDive)

What’s the latest?

• Inflation: The Bank of Canada is expected to announce another 0.5% rate cut this week, potentially lowering the key interest rate to 3.25%. This follows a rise in unemployment to 6.8% in November from 6.5% the previous month, according to Statistics Canada. Inflation in Canada remained at 2% in October, aligning with the central bank’s target.

• Canada Post Strike: The Canada Post strike, involving over 55,000 workers, has entered its 25th day since starting on November 14. Federal mediation paused two weeks ago as the sides remain far apart, though the union has expressed willingness to resume negotiations. Despite mounting business pressure, the government has not intervened, unlike in recent disputes where binding arbitration was enforced.

• TikTok: TikTok warned that U.S. small businesses and creators could lose $1.3 billion in a single month if the app is banned on January 19 under a law targeting its China-based parent, ByteDance. In a court filing, TikTok sought a temporary injunction to delay the ban while it appeals to the Supreme Court. The app reportedly supports over 7 million U.S. businesses, contributing $24.2 billion to GDP in 2023, with 69% of businesses citing increased sales through TikTok. A federal court upheld the ban, citing national security concerns over ByteDance’s alleged ties to China.

• Reddit: Reddit is testing "Reddit Answers," an AI feature that sources answers exclusively from Reddit posts, with a small U.S. user base before broader rollout. Users can ask questions via a homepage button and receive AI-generated summaries with links to related posts. Built using OpenAI and Google Cloud models, the tool aims to improve search and encourage account creation among logged-out users, who outnumber logged-in users since late 2023.

• Nvidia: Nvidia shares fell 3% after China's State Administration for Market Regulation launched an antitrust probe into its 2020 acquisition of Mellanox. The investigation alleges violations of China's anti-monopoly law tied to acquisition agreements. This comes amid escalating U.S.-China tensions over chipmaking, with the U.S. imposing stricter curbs on advanced AI chip sales to China. Despite the probe, Nvidia shares are up 188% in 2024, fueled by strong investor interest in AI chips.

TD Bank Q4 2024 earnings

The stock market and stuff

• Lundin Mining Sells Zinc Operations For $1.52 Billion In Cash (theDeepDive)

• Omnicom to Acquire Interpublic in Deal That Will Reshape Advertising Industry (WSJ)

• BMO Q4 Earnings: A Buyback And Some Clever Accounting (theDeepDive)

• Continuum Green Energy files for $430M India IPO (Reuters)

• CIBC Q4 Earnings: The Market Is Lovin’ These Earnings (theDeepDive)

In the juniors

• Golden Cariboo Hits 452 Metres Of 0.30 g/t Gold (theDeepDive)

• Jaguar Mining Halts Operations At Turmalina Mine After Tailings Failure (theDeepDive)

• Canopy Growth Finally Completes Acquisition Of Acreage Holdings (theDeepDive)

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