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Trump Floats Venezuela as ‘51st State’

President Donald Trump posted a map of Venezuela covered by the US flag, labeling the South American country as the “51st State”.

The image, posted by Trump and amplified by the White House account, has turned a territorial provocation into a policy test as the relations is heightened to Washington’s post-Maduro oil, migration, and regional-security strategy.

There had been many candidates for the 51st state for Trump as he struggle to impose Washington’s global leadership. Amid the height of the “liberation tariffs”, Trump has been campaigning to make Canada the next new territory for the United States, to which Ottawa has vehemently opposed.

You can read more on the matter here.

What’s going on?

• Ottawa and Alberta Strike Carbon Pricing Deal, Targeting $130/Tonne by 2040 (theDeepDive)

• Carney government expected to significantly reduce future carbon price in Alberta (TS)

• LinkedIn Cuts 5% of Workforce in Strategic Reorganization Amid Tech Sector Layoffs (theDeepDive)

• Falling rents are the incentive millennials need to finally move out (FP)

• Philippine Senate On Lockdown After Shots Fired Amid ICC Warrant On Senator (theDeepDive)

• Alberta judge throws out petition for separation referendum (Globe)

• King Charles Calls For Digital ID Scheme In Sweeping UK Legislative Agenda (theDeepDive)

• Donald Trump demands Xi Jinping ‘open’ China to US business (FT)

• Canada’s Deepfake Bill Expands to Cover Near-Nude Images—Closing a Grok-Exposed Loophole (theDeepDive)

What’s the latest?

• Altman vs Musk: Sam Altman testified that Elon Musk abandoned OpenAI during its early struggles rather than having the company “stolen” from him, pushing back against Musk’s lawsuit over OpenAI’s shift toward a for-profit structure. Altman said Musk wanted total control of the company, proposed merging OpenAI with Tesla, and left the startup at a critical funding stage, while Musk’s lawyers tried to portray Altman as dishonest and inconsistent during cross-examination.

• Politics: Canada’s federal government and Alberta are reportedly close to finalizing a deal on industrial carbon pricing, a key condition tied to plans for a new oil pipeline to Canada’s West Coast. The agreement would gradually raise Alberta’s industrial carbon price to $130 per tonne by 2040 instead of the previously discussed 2030 target, balancing climate goals with industry concerns. The deal is also seen as essential for advancing the multibillion-dollar Pathways carbon capture project backed by major oil sands companies, though negotiations around that project and pipeline financing are still ongoing.

• Energy: OPEC said oil production among its members fell again in April, bringing total output losses since the start of the Iran war to more than 9.7 million barrels per day, or over 30%. The steep declines were driven by the continued closure of the Strait of Hormuz, which has disrupted Persian Gulf exports and pushed global oil inventories sharply lower. OPEC also cut its 2026 oil demand growth forecast, while the International Energy Agency warned the market could face increased price volatility as summer demand rises despite efforts by countries like Saudi Arabia and the UAE to reroute exports and boost alternative supply.

• Real Estate: U.S. mortgage rates climbed to 6.57% on Wednesday — their highest level since March — after hotter-than-expected inflation data and continued uncertainty around the Iran war pushed bond yields higher. Despite the increase, the housing market has recently shown signs of recovery, helped by slightly improving affordability, cooling home prices, and rising buyer activity across all U.S. regions.

• Tech: Meta Platforms is launching an “incognito” mode for WhatsApp users to privately chat with its AI assistant, aiming to address concerns around sensitive personal data. The feature creates temporary chats that aren’t saved by default, disappear after the session ends, and are processed in a secure environment that Meta says even it cannot access.

Gold and Silver May Be Ready for Another Run

The stock market and stuff

• Agnico Eagle Doubles Down on Ontario with Massive $14 Billion In Planned Investment (theDeepDive)

• NGEx Minerals Drills 207.79 g/t Gold Over 17.3 Metres At Lunahuasi (theDeepDive)

• Equinox Gold To Acquire Orla Mining In $18.5 Billion Tie-Up Forming North American Gold Major (theDeepDive)

• US sells 30-year bonds at 5% yield for first time since 2007 (FT)

• BYD in Talks to Acquire Stellantis Factories in Europe as Expansion Accelerates (theDeepDive)

• Cameco Waits On Temporary Smoothstone River Bridge Fix To Restore Supply Flow (theDeepDive)

In the juniors

• Great Atlantic Resources Reports Diamond Drilling Underway at Optioned Pilley's Island Project (JMN)

• Viscount Mining Drilling Confirms Targeted Tr2/Tr3 Silver-Host Rhyolites Extend Beyond Kate Resource Boundary at Silver Cliff (JMN)

• Scorpio Gold Drills 11.84 g/t Gold over 8.39 Metres, Including 40.15 g/t Gold over 0.88 Metres, from 106.21 Metres at Goldwedge (JMN)

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