Sponsored by Power Nickel

Tech Giants to Fund Local News

The California Senate has passed a bill that could allocate $500 million annually to fund journalism jobs across the state.

Senate Bill 1327, introduced by Senator Steve Glazer, proposes to impose a data-mining fee on major tech companies to finance this initiative. The bill secured the necessary two-thirds majority to advance in the legislature.

You can read more on the matter here.

What’s going on?

• Reactions On Biden-Trump Debate: This Is A “Disaster” (theDeepDive)

• US Supreme Court raises bar for obstruction charge against Jan. 6 defendants (Reuters)

• Biden-Trump Debate Summary: Face-Off Would Make One Ask Why US Only Has To Choose Between These Two (theDeepDive)

• Canada Economy on Track to Grow 1.8% in Second Quarter (Bloomberg)

• Supreme Court Curtails SEC’s In-House Courts: What It Means for Federal Regulation (theDeepDive)

• Democrats Discuss Replacing Biden on Presidential Ticket (WSJ)

• Trump’s Debate Cheat Sheet on Climate: Now Available on Truth Social (theDeepDive)

• Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected (CNBC)

• Adam McNamara Takes Aim at Ontario Science Centre Relocation Strategy: “It’s Not About The Building” (theDeepDive)

What’s the latest?

• Debate: President Joe Biden's poor performance in a recent debate with Republican rival Donald Trump has led to concerns among Democrats about his fitness for another term. His verbal missteps and meandering responses have heightened voter worries about the 81-year-old incumbent's capability. Democratic House leader Hakeem Jeffries avoided directly endorsing Biden, while Representative Jim McGovern expressed doubts about Biden's debate performance. Despite this, the Biden campaign raised $14 million following the debate, marking its best fundraising hour. Biden, the oldest U.S. president in history, has secured enough support to guarantee his nomination for the November election. Some Democrats, however, are reconsidering his candidacy, though campaign co-chair Mitch Landrieu and other officials believe it is unlikely that Biden will be replaced. Former House Speaker Nancy Pelosi also dismissed the need for a new nominee.

• U.S Supreme Court: The U.S. Supreme Court significantly restricted federal regulatory power by overturning a 1984 precedent that had allowed government agencies to interpret laws they administer. In a 6-3 decision, the conservative-majority court ruled against lower courts that had supported a government program monitoring herring overfishing off New England. This ruling, a setback for President Biden's administration, ends the "Chevron deference," which mandated judicial deference to reasonable federal agency interpretations of ambiguous laws. Chief Justice John Roberts emphasized that courts must now independently decide if an agency has acted within its authority. Liberal justices, including Elena Kagan, dissented, arguing the decision elevates the Supreme Court's power over other government branches and undermines Congressional delegation to agencies. The decision is part of a broader conservative effort to limit federal agency power, supported by various conservative and corporate interests. An attorney for the victorious fishing companies hailed the ruling as a win for individual liberty and the separation of powers.

• Buffett: Warren Buffett announced a donation of about 13 million Berkshire Hathaway Class B shares to various charities, increasing his total charitable contributions to approximately $57 billion. This includes 9.93 million shares to the Gates Foundation, where he has donated over $43 billion in total. Buffett, 93, intends to give away over 99% of his fortune amassed through Berkshire Hathaway, a conglomerate worth about $880 billion. Despite his significant donations, Buffett still owns roughly one-seventh of Berkshire's outstanding shares. His net worth, prior to the latest donations, was $134.3 billion, making him the world's eighth richest person.

• Ackman: Pershing Square USA, managed by billionaire Bill Ackman, is launching an initial public offering (IPO) in New York, offering shares at $50 each. The fund will be accessible to U.S. investors, including retail investors, who must purchase a minimum of 100 shares to participate. Modeled after Ackman's Europe-listed Pershing Square Holdings, this new fund aims to provide lower fees and quicker access to capital. It will invest in 12 to 15 large, undervalued North American companies, charging a 2% management fee, waived for the first year. Proceeds from a recent $1.05 billion stake sale will partially fund the new venture. Pershing Square USA will trade under the symbol "PSUS" on the New York Stock Exchange, with Citigroup Global Markets, UBS Securities, BofA Securities, and Jefferies as underwriters. Ackman's Pershing Square Capital Management oversees $19 billion in assets, investing in notable companies like Alphabet, Chipotle, and Universal Music Group.

• Canada: Canada's GDP grew by 0.3% in April, meeting market expectations and rebounding in sectors like wholesale trade and manufacturing. This was the fastest growth since January's 0.5%. Analysts had predicted this growth after a stagnation in March. Economists suggest that the slower GDP growth in May indicates supply issues or data volatility rather than demand pressures. Following the GDP data, the likelihood of a rate cut by the Bank of Canada adjusted slightly, with money markets now estimating a 45% chance, up from 40%. The GDP growth positions the economy to potentially surpass the Bank of Canada's Q2 growth forecast of 1.5%, despite the first quarter's 1.7% growth falling short of projections. Upcoming inflation and jobs reports will be crucial for future rate decisions, with the next central bank rate announcement scheduled for July 24.

Gold rush in Scandinavia

The stock market and stuff

• CRTC Launches Public Consultation on Google’s Online News Act Exemption Request (theDeepDive)

• Aramco to buy 10% stake in Renault, Geely thermal engines JV (Reuters)

• Bill Ackman’s US Closed-End Fund Sets IPO Price at $50 Per Share (Bloomberg)

• Toronto’s Real Estate Market: High Supply, Record-Low Demand, and Dropping Prices (theDeepDive)

In the juniors

• Kootenay Silver Adds Drill at Columba High-Grade Silver Project (JMN)

• Evolve Bank & Trust Hit by Major Cyberattack, Customer Data Compromised (theDeepDive)

• Amex Exploration Finds New Lens of Gold Mineralization in Deepest Drilling to Date in Western Gratien Gold Zone and Provides Update on Resource Estimate (JMN)

FULL DISCLOSURE: Power Nickel is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Power Nickel. The author has been compensated to cover Power Nickel on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.