Sponsored by Power Nickel

US government wants to control your car

Representative Thomas Massie’s attempt to defund a federal “kill-switch” mandate, embedded in President Joe Biden’s $1 trillion 2021 infrastructure law, recently failed on the House floor.

The amendment sought to remove a controversial provision that requires all vehicles manufactured post-2026 to incorporate technology capable of immediately disabling them “if impairment is detected.” It faced a vote of 229 to 201, with some Republicans like Reps. Kevin Kiley (CA) and Nancy Mace (SC), voting against, and two Democrats, Reps. Alexandria Ocasio-Cortez (NY) and Marie Gluesenkamp Perez (WA), voting for.

You can read more on the matter here.

What’s going on?

• CPI Flat At 3.2% In October (theDeepDive)

• Ships Are Paying Millions to Skip the Line at the Panama Canal (theDeepDive)

• Top US House Republican Johnson endorses Trump for president (Reuters)

• Amazon Drought Hits River Grain Shipments Harder Than Expected (Bloomberg)

• No, the ‘Home Alone’ House Was Not a Typical Family Home in 1990 (theDeepDive)

• China Mulls $137 Billion of New Funds to Aid Housing Market (Bloomberg)

• Australia Ports Back Online Following Shut Down Due To Cyber Attack (theDeepDive)

• Toy Orders, Parka Sales Illustrate Why Canada’s Economy Is Stalling (Bloomberg)

• Inflation was flat in October from the prior month, core CPI hits two-year low (CNBC)

• Redlands Man Blows $21,000 on Fake Gold (theDeepDive)

• Wall Street bonuses expected to stay flat or decline - study (Reuters)

What’s the latest?

• US CPI: In October, U.S. consumer prices remained unchanged, marking a significant shift in inflation trends. This stability was primarily due to a 5.0% drop in gasoline prices, which balanced out ongoing increases in rental costs. Despite this, overall consumer prices have risen 3.2% compared to last year, reflecting a slowdown from the 9.1% peak in June 2022.

• Rent Go Up: Rental prices have reached new highs, with the average asking price for a rental unit climbing to $2,178 in October, marking a 9.9% increase year-over-year. This trend has persisted for six consecutive months, although the rate of growth has slightly decreased from previous months. Specifically, the cost for a one-bedroom unit rose by 14% to $1,906, while two-bedroom units saw an 11.8% increase to $2,255 on average.

• Food Crisis: Toronto is facing a significant increase in food bank usage, with one in 10 residents now relying on food banks, doubling the number from the previous year. The latest Who's Hungry report from Daily Bread and North York Harvest food banks reveals that there were over 2.5 million food bank visits between April 2022 and March 2023, marking a 51% increase from the year before.

• Carbon Tax Battle: Conservative Leader Pierre Poilievre is urging Canadians to support a campaign to pressure the Liberal government to pass Bill C-234, which seeks to remove the carbon tax on fuels used in agricultural activities. The bill, introduced by Conservative MP Ben Lobb, passed the House of Commons and is awaiting a Senate vote. Poilievre's call for action comes in the context of recent government decisions regarding carbon tax exemptions, including the pause of the carbon tax on home heating oil.

• Employee Buyouts: Stellantis is offering voluntary buyouts to approximately half of its 12,700 non-unionized U.S. salaried employees. The initiative is part of the company's efforts to streamline operations amidst the transition to electric vehicles and the recent agreement on a new UAW contract. Employees with at least five years of experience are eligible for the buyouts, which are expected to be completed by the end of December.

Navigating small cap risks

The stock market and stuff

• Stellantis to Trim Workforce, Offers Buyouts Amid Industry Shift to Electric Vehicles (theDeepDive)

• Glencore's $9 bln bet on coking coal's role in green transition (Reuters)

• Zuckerberg ‘Catching Up on Video Games’ Weeks Before Launch of Xbox Pass on Meta Quest 3 (theDeepDive)

• Sun Life sees net income rise in third quarter to $871 million (BNN)

• Apple gets 36% of Google search revenue from Safari, Alphabet witness says (CNBC)

In the juniors

• New Found Gold Drills 18.23 g/t Gold Over 6.75 Metres At Jackpot (theDeepDive)

• Novo Resources: Successful RC Drill Program Completed at Nunyerry North (JMN)

• Power Nickel Hits 19.5 Metres of 0.57% Nickel, 0.81% Copper At Nisk Main (theDeepDive)

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.