Good morning. Mr. Beast’s most recent video is catching backlash. What did he do? Build 100 wells across Africa, providing clean drinking water for 500,000 people. Is it his fault for helping people and highlighting that others are doing a worse job? Apparently, some people think so.

📈 Market Updates

Economic Pulse 🌐 

The US Labor Department reported only 150,000 added jobs in October, falling short of expectations. Though the unemployment rate rose to 3.9% in October, it’s been below 4% since late 2021, forming the longest sub-4% stretch in over 50 years. As a result, US equities posted their biggest weekly gain this year, with the Nasdaq seeing its longest winning streak since January.

Across the pond, grocery inflation in the UK fell to single digits for the first time in 16 months. Policymakers hope to see food prices stabilize in the coming months as households have navigated a long run of sharp increases.

Money Moves 💰️ 

In domestic news, Canadian pension plan OMERS will acquire a 5% indirect stake in MLSE, the parent company of the Toronto Maple Leafs and Toronto Raptors, for $400M.

South of the border, PE firm Bain Capital will acquire government and business consulting firm Guidehouse, which advises government organizations such as the U.S. Department of Defense, in a $5.3B deal.

Elsewhere, Saudi Arabia has expressed interest in investing up to $5B for a stake in the Indian Premier League. International cricket’s most lucrative event may potentially be added to Saudi Arabia’s slate of investments in professional sports.

Bankrolling Carbon Bombs

Behind the financial world’s grand curtain, banks are quietly fueling 'carbon bombs'—massive fossil fuel endeavours with a carbon footprint large enough to single-handedly sabotage climate targets. In 2022, a staggering $150 billion was funnelled into these projects, casting a long, carbon-heavy shadow over the future. 

This year, banks' investment in carbon bombs has soared, igniting a conflict with the global pledge to cool our warming planet. The irony is stark: financial giants, who publicly advocate for sustainability, are stoking the fires with their wallets, backing projects that could release over four times the safe amount of carbon into our atmosphere. 

It’s on us. Canada's economic ambitions are now at odds with its environmental duties. As a key player in the carbon bomb saga, the nation faces a critical choice: continue to burnish its economic engine with high-carbon projects or lead the charge towards a greener, cleaner future. 

The question remains: Will banks retreat from high-carbon investments, or will they persist in a direction fraught with climatic peril? The answer may reshape our climate trajectory and redefine the essence of responsible investment. 

Conservative Motion Narrowly Fails

The Conservative Party’s goal to exempt all forms of home heating from the carbon tax was shut down this week in the House of Commons by a vote of 186 to 135. Despite Pierre Poilievre’s adamance for the motion’s importance, both Liberal, Green, and Bloc parties were firmly opposed.

Context: The motion was brought up after Trudeau’s announcement that all homes heated by oil would receive a 3-year exemption from the tax. Poilievre felt this would be unjust to the rest of Canadians, declaring that: “The liberal government has created two classes of citizens, those who heat with oil and get a 3-year tax break, and those who don’t.” 

During the motion’s announcement, Poilievre called upon the NDP party for support, stating: “The NDP leader says he disagrees with [the approach] of the Prime Minister on the carbon tax – I am giving you a chance to prove it.”

In reply, the NDP stated that they supported the motion but claimed that this agreement with Poilievre would not impact their coalition government with the Liberal Party. Despite this, the thought is certainly on the back of Liberal leader's minds after the announcement and unforeseen support.  

🔥 Huge Moves

• Celestica is looking for a student intern to help out its supply chain team.

• Reckitt is hiring business analytics interns to optimize and evaluate its marketing campaigns.

• RBC is hiring student analysts for its Pricing and Exceptions team.

• The NBA is looking for quantitative thinkers for its Future Analytics Stars Program.

📞Word on the Street

• GTA 6 is coming soon. Reportedly costing Rockstar Games $1-2 billion.

• An NBC intern accidentally leaked that Shrek 5 is slated for a 2025 release.

• OpenAI’s announcements kill another set of AI startups.

Writers: Simon Ing, Amin Nazari, Isaac Moore

Senior Editor: Amyn Dehal

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