Canada

Bloomberg News reported that Cenovus Energy was in discussions with Indigenous groups to buy MEG Energy together. The report cited people who were familiar with the talks. The report stated that a group of First Nations communities, including Chipewyan Prairie First Nation (Chipewyan Prairie First Nation) and Heart Lake First Nation (Heart Lake First Nation), are in discussions with Cenovus to take a C$2 Billion ($1,45 Billion) stake in MEG. Bloomberg reported that the Indigenous stake would receive financial support from both the federal government and the provincial government, with Cenovus bidding for the remainder. MEG Energy shares were up...

In a court filing, an officer in charge of the auction process for shares in Citgo Petroleum's parent company in the United States (owned by Venezuela) has revealed that a bidder had submitted a rival offer. The court was holding the auction to pay creditors who were owed money due from expropriations or defaults. Last month, a $7.4 billion offer by a group headed by a subsidiary owned by Canadian miner Gold Reserve, was recommended as the winner of the bidding process. However, the judge still has to decide whether or not to accept it after some creditors and competitors...

Suncor Energy, a Canadian oil company, exceeded analyst expectations for the second quarter profit on Tuesday as increased output offset the impact from weak commodity prices. Canada's oil-sands industry remains resilient, despite the fact that oil price volatility has pushed the energy sector into a slump. The expansion of the Trans Mountain Pipeline has provided Canadian producers with access to international markets and reduced their reliance on U.S. pipe networks. It now accounts for about 9% of Canada’s total crude oil exports. Canada exports almost 4 million barrels per day (bpd). Suncor's quarterly upstream production increased to 808100 bpd, from...

Indian Oil Corp. (IOC), India's largest refiner, bought 7 million barrels from United States, Canada, and Middle East crudes arriving in September via an auction, according to several sources. IOC's large purchase of spot crude comes after the arbitrage windows for U.S. oil to Asia opened, and Indian state refiners stopped buying Russian crude oil at a time when discounts were shrinking. Donald Trump, the U.S. president, has warned that countries should not purchase oil from Moscow because it is currently under sanctions for its full-scale invasion in Ukraine on February 20, 2022. The sources stated that IOC purchased 4.5...

Alimentation Couche-Tard, a Canadian company, announced on Monday that it would resume its share repurchase programme. This comes just days after Circle K's parent company scrapped its $46 billion attempt to purchase Japan's Seven & I. The company announced that it would buy up to 77.1 millions shares, worth approximately $4.2 billion. This is part of its efforts to boost shareholder value following the failure of the long-term effort to purchase the Japan-based convenience-store chain. Couche-Tard with a market cap of $53 billion announced last week it would not pursue its bid to acquire Seven & I because the Japanese...

Alimentation Couche-Tard, a Canadian retailer, withdrew a $46 billion takeover bid for Japan's Seven & i Holdings. It blamed the lack of constructive engagement on the part of Japanese retailer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. This is the timeline for the bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars)....

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. After an extended year of negotiations, marked by dramatic turns and twists, Alimentation Couche-Tard announced that it would abandon its multi-billion-dollar bid to purchase the owner of 7-Eleven convenient stores. Indonesian President Prabowo Subianto confirmed Wednesday that the general outline of a new trade agreement between the United States and Indonesia was agreed. Under the agreement, U.S. goods exported to Indonesia will not be subjected to tariffs while Indonesian products in...

Alimentation Couche-Tard, a Canadian retailer, withdrew a $47 billion takeover bid for Japan's Seven & i Holdings. It blamed the Japanese retailer for ignoring its offer. The 7-Eleven operator's "konbini stores" would have been the largest foreign acquisition of a Japanese firm. Here is the timeline for a bid: AUGUST 19, 2020 Couche-Tard says that it has contacted Seven & i regarding a possible takeover. Both companies do not disclose the value of their offer. Seven & i shares surged almost 23%, to 2161 yen, valuing it at approximately 5.6 trillion yen (about 38 billion dollars). SEPTEMBER 6, 2020 Seven...

Seven & i Holdings, a Japanese company, announced on Thursday that its operating profit rose by 9.7% during the quarter from March to May, exceeding analysts' expectations, thanks to an improved performance of its overseas convenience store business. 7-Eleven is being pressured to improve its financial situation in response to a takeover offer of $47 billion from Alimentation Couche-Tard, based in Canada. Six analysts polled at LSEG estimated 58 billion yen as the profit for the first quarter. The Japanese retail giant announced previously a share purchase, that it is selling non-core assets and intends to list its North American...

Gold Reserve's $7.38bn bid was selected by a U.S. court as the winning bid. Preliminary winner After intense competition, Citgo Petroleum (owned by Venezuela) held an auction for its parent company. Robert Pincus is the court officer who oversees this auction. He made his recommendation Wednesday, after evaluating five bids submitted during the "topping period" of the bidding rounds, which was completed at the end of June. The auction is a result of a case Crystallex, a Canadian miner, filed in Delaware eight years ago against Venezuela. Citgo Holding's parent company, PDV Holding was found liable by the federal court...

Gold Reserve filed an urgent request to a Delaware court asking for clarification on a License Venezuela-owned U.S. refiner Citgo Petroleum will pay its creditors even if a court auction is held, the company announced on Tuesday. The Delaware court has advanced to Complete the Auction Citgo Holdings, the parent company of Citgo, is offering shares to up to 15 creditors to compensate them for defaults on debts and expropriations. The winner of the bidding round is expected to be chosen by July 2. Gold Reserve Canada, one of the creditors participating in the auction, and also a buyer, has...

Gold Reserve's subsidiary Dalinar Energy Corporation submitted a better bid on Wednesday for the parent company of Venezuelan-owned refiner Citgo Petroleum, as part of an auction organized by a U.S. federal court. The mining company announced this in a press release. The deadline to improve the bid of Contrarian Funds affiliate Red Tree Investments for Citgo Holding's parent company PDV Holding was set by a federal judge in Delaware on June 18. This bid, worth $3.7 billion, had been selected earlier in the year as the opening bid. The court wants to reach a settlement to compensate companies for expropriations...

Canada is set to unveil soon a number of measures that were promised in order to assist the steel and aluminium sector with tariffs imposed by the United States. It will also help canola growers, according officials. Melanie Joly, the Minister of Industry in Canada, told reporters at a press conference in Toronto that the government would soon be providing aid to aluminum producers in order to overcome the uncertainty caused by tariffs. Joly said Ottawa would also help the steel industry pivot away from U.S. market, but didn't give any details. Separately the Office of Prime Minister Mark Carney...

Mark Carney, the Canadian Prime Minister, said that on Wednesday he had an extensive and productive discussion with U.S. president Donald Trump about trade issues and many other topics. His remarks are yet another indication of a possible easing in bilateral tensions. Since early this year when Trump imposed tariffs on China, the two sides are locked in a fierce trade war. Tariffs Some imports are eligible for discounts Canada Ottawa retaliated with its own countermeasures. "I spoke with the president last on Monday night. We discussed a variety of topics, including trade and geopolitics. ... Carney told Toronto reporters...

Critical Metals announced on Tuesday that it had signed a 10-year contract to supply heavy rare-earth concentrate to Ucore Rare Metal’s U.S. Government-funded Louisiana processing plant. The Tanbreez Project, a Greenland-based mining project in the development stage, is expected to produce up to 10,000 tons of concentrate per year. This represents 10% of initial production projections. The U.S. is looking to increase domestic production of essential minerals in order to counter China's near total control over the sector. Ucore Louisiana's facility received $18.4 Million from the U.S. Defense Department to begin construction on phase one of four. The company expects...

Javier Robeto, the country manager of Aldebaran Resources Canada, said that at least $1.5 billion will be needed to develop the Altar copper project located in northern Argentina. Robeto stated that the company will include this figure in its preliminary assessment of September. This will show Altar has about 32 billion pounds copper resources and approximately 6.7 million ounces gold resources. Aldebaran does not know if it will be able to spend the money in time to qualify under RIGI (the government's incentive program), which provides long-term tax breaks as well as access to international dispute tribunals for investments above...

Official data released on Thursday showed that Zambia's copper production fell in the second quarter. This puts at risk a goal of increasing production to 1,000,000 metric tons by this year. Zambian President Hakainde Hichilema has tried to increase copper production as part of his efforts to revive the economy. Back on Track after a protracted debt crisis. South Africa is Africa's largest copper producer. The report was made. Approximately 224,000 tonnes in the first quarter 2025. The Mines Minister Paul Kabuswe said at a press briefing that the copper production in the first half of the year was 449,000...

Hudbay Minerals announced on Wednesday that Mitsubishi Corp would buy a 30% share in its Copper World Project in Arizona for $600,000,000, providing a boost to the financing and strategic support for the U.S. Copper Mine. The transaction is expected to be completed later this year or early next. Why it's important Last month, U.S. president Donald Trump imposed tariffs of 50% on copper pipes and wiring, and other semi-finished goods. However, he exempted raw materials like ores and refined copper cathodes. Hudbay's "Made in America copper" production will strengthen the domestic chain, according to Hudbay. CONTEXT Copper World is...

U.S. president Donald Trump said on Monday that he will not impose any tariffs on gold. This was a welcome move by the global bullion market and ended speculation for days that the yellow metal would be affected by the current global trade dispute. "Gold won't be tariffed!" Trump posted a statement on his social media accounts. He gave no details. U.S. Customs and Border Protection posted a decision on its website Friday, stating that Washington could place the gold bullion bar most commonly traded in the United States within country-specific tariffs. This would have shook the global supply chains...

BHP and Lundin intend to apply soon for a new Argentine incentive scheme for their Vicuna Copper Project, but executives at a mining convention this week expressed concern that they might be left out by the program's deadline of a year. The Large Investment Incentive Program, or RIGI in Argentina, was implemented by President Javier Milei on October 1, 2018. It offers long-term tax breaks as well as access to international dispute tribunals for investments above $200 million. The program will last until July 2026, with the possibility of an additional year. The mining companies welcomed the measure, which they...

Bloomberg News reported that Abu Dhabi's MGX was considering raising up to $25 billion from third parties to increase its artificial intelligence holdings. MGX refused to comment on the reports and could not verify them immediately. The report stated that company executives are considering raising money from strategic and financial investors in Abu Dhabi, and elsewhere, but Mubadala Investment Co. and AI firm G42 remain MGX’s primary backers. According to the report, no final decisions have yet been taken. MGX is headed by Sheikh Tahnoon bin Zayed al Nahyan. He is the UAE's National Security Advisor and a younger brother...

First Quantum Minerals, a Canadian mining company, signed a streaming agreement worth $1 billion with Royal Gold's subsidiary. The two companies announced the agreement in a joint statement released on Tuesday. A gold streaming financing method is one in which the buyer pays an upfront amount to a mining company in exchange for future production. First Quantum, in the agreement, will receive an upfront payment of $1 billion from Royal Gold AG for gold deliveries based on copper production at First Quantum Kansanshi Mine in Zambia. The deal is expected to be finalized on Wednesday. First Quantum receives 20% of...

A Canadian official stated on Sunday that U.S. president Donald Trump and Canadian prime minister Mark Carney would likely speak "over the next few days" following the U.S.'s 35% tariff on products not covered by the U.S. Mexico-Canada Trade Agreement. Dominic LeBlanc is the federal cabinet minister responsible for U.S. Canada trade. He told CBS News "Face the Nation," that recent discussions had "encouraged him" and that a deal reducing tariffs was still possible. LeBlanc stated that although the discussions with U.S. Secretary of Commerce Howard Lutnick, and U.S. Ambassador Jamieson Greer were encouraging, they still did not get us...

Panama's president Jose Raul Mulino stated on Thursday that public-private partnerships may take over two important ports near the Panama Canal if a court invalidates CK Hutchison's contract to operate them. CK Hutchison owns 90% of the local Panama Ports Company. This company had a 25 year concession to operate Balboa Port and Cristobal Port, which are located at the ends of the Canal. The concession was renewed in 2021. The contract is at the heart of a dispute after U.S. president Donald Trump threatened this year to take control of the waterway because China has influence over Panama's marine...