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Why Carney’s Maia Johnson Pick Is Under Fire

Prime Minister Mark Carney’s appointment of Maia Johnson as the first chief operating officer of the Prime Minister’s Office has produced two competing interpretations.

The first is that Carney has promoted an experienced political operator who already understands his working style, American institutions, and the Canada-US relationship into a role designed to improve coordination inside the PMO.

The second is considerably darker. Critics portray Johnson as an unelected American political strategist who has been placed in control of the prime minister’s office after failing to comply with federal ethics requirements.

You can read more on the matter here.

What’s going on?

• CN Trains Carrying Flammable Cargo Stranded as Ontario Wildfires Close Rail Line (theDeepDive)

• Northern Ontario wildfires devastate First Nation communities and prompt evacuations (Globe)

• Wisconsin Panel Moves Musk’s Election Bribery Case Toward Criminal Review (theDeepDive)

• Todd Blanche grilled over loyalty to Donald Trump in tense confirmation hearing (FT)

• US Attacks the Infrastructure Behind Iran’s Hormuz Leverage (theDeepDive)

• US Senate undecided on bill to make daylight saving time permanent (Reuters)

• Fujairah, UAE’s Hormuz Bypass Port, ‘All But Dead’ After IRGC Strikes (theDeepDive)

• Trump’s pick to head national intelligence, Jay Clayton, won’t tell senators Biden won the 2020 election (CNBC)

• E. Jean Carroll Receives $5.6 Million From Trump (theDeepDive)

What’s the latest?

• BoC: The Bank of Canada kept its policy rate at 2.25% for a sixth straight meeting, citing persistent uncertainty around trade, inflation, and geopolitics. Governor Tiff Macklem warned that while the bank is looking through higher oil prices caused by the Iran conflict, it will not allow energy-driven inflation to become entrenched. Money manager Ed Devlin said the bank is prepared to either raise or cut rates if conditions change but expects no further rate moves in 2026, arguing the central bank is waiting for clearer economic trends before acting.

• Markets: U.S. stocks edged higher as better-than-expected corporate earnings and another cooler-than-expected inflation report boosted investor confidence that the Federal Reserve is unlikely to raise interest rates this month. Financial firms led the gains, with BlackRock and Bank of New York Mellon posting strong results, while easing Treasury yields offset concerns over the Iran conflict, which kept Brent crude near one-month highs amid ongoing threats to energy exports through the Strait of Hormuz.

• Politics: The U.S. launched another round of strikes on Iran, targeting coastal defense systems and missile sites near the Strait of Hormuz, after President Donald Trump warned attacks would intensify and expand to Iranian power plants and bridges unless Tehran returns to negotiations. The renewed fighting has further undermined last month's ceasefire, kept Brent crude above US$85 per barrel, heightened uncertainty for global shipping through the Strait of Hormuz, and increased concerns among analysts that the conflict could evolve into a prolonged, low-intensity "forever war" unless diplomacy resumes.

• Tech: Alibaba's U.S.-listed shares rose about 4% after confirming that its Qwen AI model will power Apple Intelligence features for users in China across iPhone, iPad, Mac, and Vision Pro devices. The integration follows regulatory approval from China's cyberspace regulator, strengthens Alibaba's position in China's AI ecosystem, and marks a significant win for Apple as it expands AI services in the Chinese market amid growing U.S.-China technology tensions.

• Amazon: Amazon announced it will launch its Amazon Leo satellite internet service in South Africa in 2027 through a partnership with local ISP Herotel, marking its first satellite internet agreement in Africa. The move positions Amazon ahead of Starlink in South Africa, where Elon Musk's service has yet to launch due to the country's ownership rules for telecom licenses, and signals Amazon's broader push to expand satellite broadband across the African continent.

The Silver Crash Was Orchestrated

The stock market and stuff

• US Inflation Cools to 3.5% But Still Highest in G7 (theDeepDive)

• Oil traders warn market is close to running on empty as Hormuz shuts again (FT)

• Short-Sellers Swarm SpaceX With Paper Profit Nearing $4 Billion (Bloomberg)

• Inverse Cramer Strikes Again as IBM Suffers Worst Day in Company History (theDeepDive)

In the juniors

• Avanti Gold Doubles Active Drill Fleet at Misisi as Company Accelerates Largest Exploration Program in Project History (JMN)

• Cardiol Publishes Phase II MAVERIC Data in the Journal of the American Heart Association (theDeepDive)

• Southern Cross Gold Hits 26.2 g/t Gold in First Deep Drilling Beneath Historic Redcastle Goldfield (JMN)

FULL DISCLOSURE: Silver47 Exploration is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Silver47 Exploration. The author has been compensated to cover Silver47 Exploration 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.