Pro Bitcoin Poilievre Loses Seat in Election

CRYPTO
Pro Bitcoin Poilievre Loses Seat in Election

Conservative Leader Pierre Poilievre, a well-known supporter of Bitcoin, lost his seat in the Ottawa-area riding of Carleton during an election that saw Mark Carney’s Liberal Party secure enough seats to potentially form a minority government. According to Elections Canada data reported by CBC, Poilievre was defeated by Liberal candidate Bruce Fanjoy after a five-week campaign triggered by Carney.

As of midnight, the Liberals held approximately 162 seats—short of the 172 required for a majority. Despite polling suggesting a stronger showing, the Liberals may need support from the Bloc Quebecois or the New Democratic Party to govern effectively under Canada’s Westminster system. Crypto, which played a key role in U.S. elections, remained largely absent from this Canadian campaign, despite Poilievre’s and Carney’s past commentary on digital assets. Meanwhile, Polymarket bettors placed over $100 million on outcomes related to the Canadian election, showing growing global interest in the political landscape.

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FINANCE
BlackRock Sees U.K. Rebound Ahead

Larry Fink, CEO of BlackRock, sees opportunity in the U.K. despite widespread economic pessimism. While most investors are wary of Britain’s prospects, Fink believes the country—and Europe more broadly—is entering a rebound phase. Reassured by Labour’s “pro-growth” agenda, BlackRock is now investing heavily in U.K. assets, including undervalued finance stocks like NatWest, Lloyds, and St. James’s Place.

Fink credits this shift to what he sees as a “capitulation point,” where overregulation and control have stifled growth but may now be easing. This optimism contrasts with public and business sentiment: an Ipsos poll shows 75% of Brits expect the economy to worsen, and many billionaires have fled the U.K. over tax changes. A looming trade conflict with the Trump administration and declining business activity add to the gloom. Still, Fink is confident—though he notes one problem: BlackRock needs more London office space to support its growing presence in Britain.

FINANCE
Tariffs, EV Pressure Hit Volvo

Volvo Cars announced a $1.87 billion cost-cutting plan after reporting a sharp decline in first-quarter performance. The Sweden-based automaker, owned by China’s Geely Holding, posted an operating profit of just $198 million, down from $489 million a year earlier. EBIT margins fell to 2.3% from 5%, while revenue dropped to $8.66 billion from $9.81 billion. The company cited lower wholesale volumes, adverse currency movements, and general auto industry headwinds, including fierce EV price competition and new tariffs.

CEO Håkan Samuelsson told CNBC the market is facing "heavy headwinds" and noted the company is tightening control over costs. The plan includes investment cuts and potential layoffs worldwide, with further details pending. Volvo suspended financial guidance for 2025 and 2026. Shares fell as much as 10% early Tuesday in London. The company also plans to focus on its U.S. product lineup and optimize its global manufacturing to produce more vehicles closer to where they’re sold.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.