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The Onion Wins Infowars in Bankruptcy Auction

Satirical news organization The Onion is the winning bidder for Alex Jones’ Infowars in a bankruptcy auction backed by Sandy Hook shooting victims’ families, who hold over $1 billion in defamation judgments against Jones.

The sealed bids were opened Wednesday, though the sale price remains undisclosed. The deal covers Infowars’ complete media operation, including its Austin studio, website, social media presence, trademarks, and video archive.

You can read more on the matter here.

What’s going on?

• Spotify Hits Record Margins Despite Revenue Challenges from Currency Headwinds (theDeepDive)

• Nearly 14,000 asylum claims filed by international students in Canada so far in 2024 (Globe)

• FBI Raids Polymarket CEO as DOJ Probes Betting Platform (theDeepDive)

• China arms itself for potential trade war with Donald Trump (FT)

• CNN Said to Plan Mass Layoffs After Ratings Decline (theDeepDive)

• Rent inflation to slow in the next few years, Desjardins predicts (BNN)

• Ontario Premier Calls for Mexico’s Exit from North American Trade Pact (theDeepDive)

• India's 'most wanted terrorist' arrested in Canada (CTV)

• Strong Q3 2024 Earnings and Dividend Hike Fuel Suncor Energy’s Momentum (theDeepDive)

• Republicans take control of U.S. House, completing sweep into power (Globe)

What’s the latest?

• Rent: Canadian rental price growth is expected to slow as immigration numbers are reduced, with rent inflation predicted to ease alongside higher unemployment and slower population growth, according to Desjardins. Rent inflation hit 8.3% in Q3, the fastest since the early 1980s, especially in provinces like British Columbia and Ontario. Regional differences will persist, with Alberta and Saskatchewan anticipated to see the sharpest declines in rent growth. Longer-term solutions will require increased housing supply and affordability policies for both rental and ownership sectors.

• Politics: Experts predict President-elect Trump’s proposed 10% import tariff likely won’t extend to Canadian oil due to its significance for U.S. energy needs. A tariff could cost Canada’s economy $30 billion, but exemptions for Canadian crude could benefit its exports. Oil comprises a major portion of Canadian exports to the U.S., making the countries’ energy partnership critical. While tensions exist between Trump and Trudeau, political analysts suggest exemptions are probable, with the 2026 review of the Canada-U.S.-Mexico Agreement potentially influencing trade concessions.

• Ovintiv: Ovintiv Inc. is acquiring Paramount Resources’ Montney assets for approximately $2.38 billion in cash, adding 70,000 barrels of oil equivalent per day in production. The assets align with Ovintiv's operations and have midstream infrastructure with available capacity. To fund the Montney acquisition, Ovintiv plans to sell most of its Uinta Basin assets in Utah to FourPoint Resources for around $2.0 billion.

• WikiLeaks: Chelsea Manning, former U.S. Army analyst and current Nym Technologies security consultant, emphasized censorship as a major threat, advocating for a decentralized internet to enhance individual control over personal data. Manning suggested decentralized identification as a solution, allowing users to manage data sharing independently, which could shift the current profit-driven model of social media. She also noted the new challenge for whistleblowers today lies in sifting through widespread misinformation rather than battling secrecy.

• Crypto: The crypto industry is optimistic about policy reforms under President-elect Donald Trump, who promised to be a "crypto president" with a lighter regulatory approach. Bitcoin surged above $90,000 amid this optimism, with expectations it could hit $100,000. Executives are advocating for pro-crypto banking access, a crypto advisory council, and regulatory changes at the SEC, including no-action letters for crypto firms. Crypto companies spent over $119 million supporting pro-crypto candidates, resulting in significant wins, including Ohio's Bernie Moreno, bolstering hopes for legislative advancements.

Hut8 Q3 2024 earnings

The stock market and stuff

• Strathcona’s Q3 2024 Earnings Slip Despite 21% Production Boost as Prices Falter (theDeepDive)

• Exxon Mobil to cut nearly 400 jobs in Texas, filing says (Reuters)

• Hut 8 Q3 2024: Pivot Sparks Revenue Growth, But Escalating Costs Loom (theDeepDive)

• Shein margin wobble takes bite out of IPO value (Reuters)

• Loblaw Misses Revenue Estimates In Q3 2024 Despite Profit Boost (theDeepDive)

In the juniors

• EnCore Energy’s Q3 2024 Revenue Can’t Offset Rising Expansion Costs, Posts Steep Losses (theDeepDive)

• Heliostar To Produce Up To 20,250 Gold Equivalent Ounces In 2024 From New Mines (theDeepDive)

• Spirit Airlines Shares Plunge on Bankruptcy Talk (theDeepDive)

• Silver47 Begins Trading On The TSX Venture (theDeepDive)

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