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TikTok Faces U.S. Shutdown This Sunday

Late Tuesday evening, TikTok reiterated that it is prepared to shut off its app for U.S. users this Sunday unless the Supreme Court steps in to grant a stay. The move follows the federal government’s looming ban on new downloads of the popular social media platform, with the potential for far-reaching consequences if a broader ban is enforced.

The controversy surrounding TikTok’s operations in the United States intensified when, in April of last year, U.S. President Joe Biden signed a law requiring ByteDance—TikTok’s Chinese parent company—to sell its U.S. operations by January 19, 2025 or face a nationwide ban. Citing national security concerns, officials argue that ByteDance could be compelled by Beijing to hand over American user data, an allegation both ByteDance and TikTok deny.

You can read more on the matter here.

What’s going on?

• Biden Moves to Drop Cuba from Terror List in Final Days (theDeepDive)

• Nearly 50,000 foreign students listed as ‘no-shows’ by Canadian schools (Globe)

• Olivia Chow Proposes 6.9% Tax Hike in $18.8 Billion Budget (theDeepDive)

• B.C. premier hints at ban on export of rare minerals to U.S. over Trump tariff threats (CBC)

• GTA Home Inventory Swells as Sales Lag Behind New Listings (theDeepDive)

• US SEC sues Elon Musk over late disclosure of Twitter stake (Reuters)

• Investment in Housing Dwarfs Tech Spending in Canada (theDeepDive)

• Core inflation rate slows to 3.2% in December, less than expected (CNBC)

• Russian Energy Giant to Slash Head Office Workforce by 40% (theDeepDive)

• Negotiators appear close to sealing Gaza ceasefire deal (Reuters)

• A Week Before Trump Transition, Biden Team Proposes Sweeping AI Chip Controls (theDeepDive)

• Ontario plans for huge new nuclear plant at Wesleyville site (Globe)

• TikTok May Be Gone In US By Sunday As Supreme Court Signals Upholding Ban (theDeepDive)

What’s the latest?

• UK Housing: U.K. mortgage rates are rising, with Virgin Money increasing fixed-rate mortgages by 0.2%, as concerns over the economic outlook and higher borrowing costs persist. The 10-year gilt yield reached 4.88%, the highest since 2008, signaling potential for higher-for-longer rates. Borrowers face an average five-year fixed mortgage rate of 4.82%, up from 4.4% late last year, with experts advising locking in rates before further hikes. House price growth for 2025 is forecast at 2.5%, but higher mortgage rates could risk flat prices or modest declines.

• Irving Oil: Irving Oil has completed a strategic review, confirming it will remain privately held and appointing Jeff Matthews as president and CEO. Matthews, a 30-year company veteran, oversaw the review, which explored a potential sale. Irving Oil operates Canada's largest refinery and employs over 4,000 full-time workers in Atlantic Canada.

• Crypto: Bitcoin rose over 3% on Wednesday to $99,444.43, marking a 7% gain in two days, while the broader CoinDesk 20 index increased by 6%. This rally followed favorable inflation data, with the December consumer price index showing a slowdown in core inflation. Shares of crypto-related firms, including Coinbase (+6%) and MicroStrategy (+4%), also climbed. Bitcoin's recent performance reflects its growing correlation with the equities market and decreasing ties to gold.

• Canada Housing: Canadian home sales rose 19.2% year-over-year in December, with 27,643 homes sold, driven by a strong Q4 that saw sales climb 10% from Q3. The national average sale price increased 2.5% to $676,640, while active listings ended the year up 7.8% from 2023 but below the historical average. Economists forecast a surge in spring demand, supported by low interest rates and federal mortgage rule changes.

• Politics: Canadian leaders are preparing to address the looming threat of a 25% tariff on all Canadian goods promised by U.S. President-elect Donald Trump. Ontario Premier Doug Ford estimates such tariffs could cost 500,000 jobs in Ontario alone and devastate key industries, potentially requiring billions in economic stimulus. Canada’s response includes bolstered border security and potential retaliatory tariffs on U.S. goods such as orange juice and steel.

Elon vs. Zucks Round 2

The stock market and stuff

• Eldorado Gold Produces 520,293 Ounces In 2024, Hitting Guidance Midpoint (theDeepDive)

• Sprott Asset Management launches silver miners and physical silver ETF (Reuters)

• Canadian government approves Bunge’s US$8.2-billion acquisition of Viterra (BNN)

• Torex Gold Guides To Production Midpoint Of 425,000 Gold Equivalent Ounces In 2025 (theDeepDive)

In the juniors

• Endeavour Silver Forecasts Production Midpoint Of 7.45 Million Silver Equivalent Ounces In 2025 (theDeepDive)

• Trilogy Metals Outlines $394 Million After Tax NPV For Bornite Copper Project (theDeepDive)

• SilverCrest Reports Q4 Production Of 2.5 Million Silver Equivalent Ounces (theDeepDive)

• Hercules Metals Hits 138 Metres Of 1.01% Copper Equivalent (theDeepDive)

FULL DISCLOSURE: Golden Cariboo Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is long the equity of Golden Cariboo Resources. The author has been compensated to cover Golden Cariboo Resources 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.