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Trump U-Turns on ICE Worksite Pause

The Trump administration reversed course Monday on a brief exemption for farms, hotel, and restaurants from immigration raids, telling agents to resume enforcement operations at these worksites only four days after pausing them due to industry concerns.

Department of Homeland Security officials told Immigration and Customs Enforcement leadership that agents must continue conducting raids at agricultural businesses, hotels, and restaurants, according to two people familiar with the call who spoke on condition of anonymity to discuss internal operations, first reported by the Washington Post.

You can read more on the matter here.

What’s going on?

• Conservative MP Resigns Alberta Seat to Clear Path for Poilievre Byelection (theDeepDive)

• Canada could produce first LNG by this weekend, sources say (Reuters)

• xAI Seeks $4.3 Billion in New Funding as Monthly Costs Exceed $1 Billion (theDeepDive)

• Potential U.S.-Canada deal offers hope but inflation could rise if tariffs remain, says Macklem (Globe)

• Trump Bill Would Raise Estate Tax Exemption to $15 Million and Make It Permanent (WSJ)

• Safe-Haven Demand Drives US Gold ETFs to $190 Billion Record (theDeepDive)

• Trump says he ‘may or may not’ order strike on Iran (FT)

• Housing Minister Holds Undisclosed Real Estate Portfolio Worth Nearly $11 Million (theDeepDive)

• Canada’s temporary resident population declines by largest amount in five years (Globe)

What’s the latest?

• Nippon Steel: Nippon Steel and U.S. Steel finalized their nearly US$15 billion merger, forming the world’s fourth-largest steelmaker. The deal, delayed by national security concerns and political opposition, includes a "golden share" allowing the U.S. government to veto key decisions. Nippon Steel pledged US$11 billion in capital investments through 2028 and agreed to keep U.S. Steel’s name and Pittsburgh HQ. The merger combines Nippon’s advanced technology with access to the U.S. market, bolstered by past tariff protections.

• Lululemon: Lululemon is cutting around 150 corporate jobs as part of a restructuring effort, citing pressure from U.S. tariffs. The Vancouver-based retailer plans modest price hikes on select products to offset rising costs. The company lowered its annual profit forecast to US$14.58–$14.78 per share, down from previous guidance. Lululemon shares have dropped nearly 29% since its Q1 earnings report, with declining U.S. store traffic noted.

• Geopolitics: Prime Minister Mark Carney earned praise for his pragmatic and diplomatic leadership at the G7 Summit in Kananaskis, Alberta. He successfully maintained unity among world leaders, including keeping Trump on board with the G7’s Middle East statement. Carney also secured Trump’s agreement to finalize a new Canada-U.S. economic and security deal by mid-July. Leaders like Macron, Modi, and Ford commended Carney’s handling of complex diplomacy, including $4.3 billion in new support for Ukraine and efforts to restore Canada-India ties. Analysts noted his results-driven, savvy performance on the global stage.

• Amazon: Amazon CEO Andy Jassy told employees that generative AI will likely reduce the company’s corporate workforce in the coming years as efficiency improves. Amazon currently has over 1,000 AI tools in development and is pushing employees to embrace the transition. The company has committed over US$40 billion to expand its AI and cloud infrastructure across U.S. states like North Carolina, Pennsylvania, and Ohio. Recent initiatives include AI-powered Alexa, AI dubbing for Prime Video, and major investments in AI startup Anthropic and custom chips through Intel.

• AI: SandboxAQ, an AI startup spun out of Google and backed by Nvidia, released a synthetic dataset of 5.2 million drug-like molecules to accelerate drug discovery. Generated using Nvidia chips and based on real experimental data, the dataset helps predict if a drug will bind to target proteins—a crucial step in drug development. The data, publicly available, trains AI models to replicate lab-level accuracy in silico. SandboxAQ will monetize proprietary AI models built from this data, aiming to reduce time and cost in early-stage pharmaceutical research.

Aura’s New PEA Era Dorada Project

The stock market and stuff

• California Pension Fund Members Urge Tesla Divestment at Public Meeting (theDeepDive)

• JPMorgan Files Trademark for ‘JPMD,’ Fueling Stablecoin Speculation (theDeepDive)

• OpenAI says Meta is trying to poach staff with $100mn sign-on offers (FT)

• IAMGOLD Sells Off Royalty And Streaming Assets For $17.5 Million (theDeepDive)

In the juniors

• Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million (theDeepDive)

• Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver (theDeepDive)

• Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project (theDeepDive)

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