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Fossil Fuels

Oil & Gas Refining

Seven & i Japan saw its Q4 profits fall by 24%, increasing takeover pressure

Seven & i Holdings, a Japanese retailer, is expected to report a 24% decline in its quarterly profit on March 28, as the underperformance of its convenience stores hampers its ability fend off a Canadian takeover bid by Alimentation CoucheTard. Seven & i will likely book an operating profit of 94.45 trillion yen (US$639.52 millions) for the period December-February. This is according to a LSEG average of eight analyst predictions. This compares to 124.23 bn yen for the same period last year. 7-Eleven's profits have fallen in recent quarters, as its domestic convenience stores underperformed their competitors. Its North American...

Fossil Fuels

Canada gas prices fall after removal of carbon tax

The government removed the consumer carbon tax that was in place since 2019 on Tuesday, resulting in a sharp drop of gasoline prices across Canada. Mark Carney, Canada's new Prime Minister, signed an order removing the Justin Trudeau era consumer carbon taxes on his first official day in office. He declared that the decision will help Canadians who are struggling to make ends meet. The Conservatives had been campaigning against the tax for years. GasBuddy, a fuel market tracker, reported that fuel prices in eight provinces fell by more than six cents a litre after taxation was officially ended on...

Fossil Fuels

Head of state-backed fund: Blocking 7-11 deal on security grounds will hurt Japan's reputation

The head of a government funded fund warned that Japan would risk damaging its reputation if it refused to accept a foreign bid worth $47 billion for Seven & i Holdings, a retailer. This was based on the grounds of economic security. Keisuke Yokoo, the head of Japan Investment Company (JIC), said in an interview that his fund is also focused on improving JSR's performance after it bought out JSR last year for $6 billion. JIC was not involved in the Seven & i transaction, but Yokoo’s comments demonstrate that Japan’s business establishment may not be as protectionist as is...

Fossil Fuels

Reactions to Trump's auto tariffs

The U.S. president Donald Trump announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production, according to auto industry experts. What are your reactions? TIFFANY SMITE, VP, of the NATIONAL FOREIGN TRADE COUNCIL (which represents many U.S. companies) "Placing tariffs against imports of automobiles could damage the competitiveness and export-readiness of an industry which relies on international supply chains and market integration for its success. We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the United...

Fossil Fuels

Reactions to Trump's auto tariffs

The U.S. president Donald Trump announced on Wednesday a 25% tariff for imported cars and light vehicles starting next week. This move will likely increase prices and slow production, according to auto industry experts. What are your reactions? TIFFANY SMITE, VP, of the NATIONAL FOREIGN TRADE COUNCIL (which represents many U.S. companies) "The imposition of tariffs on auto imports threatens the competitiveness and export-readiness of an industry which relies on international supply chains and markets to achieve its success. We urge the administration, to prioritize the market opening opportunities of auto companies that manufacture vehicles for export from the United...

Fossil Fuels

White House: Trump to hold Wednesday press conference on auto tariffs

At a Wednesday press conference, U.S. president Donald Trump will reveal plans to implement long-promised duties on automobile imports. This move will intensify the global trade conflict Trump started upon regaining control of the White House in this year. The White House did not provide any details about the anticipated tariffs. This includes whether or not there will be carveouts made for parts and vehicles produced under the U.S. Canada-Mexico Agreement. This regional trade agreement was negotiated by Trump during his first term, which allows for largely free trade with two of the largest U.S. trade partners. Trump has himself...

Oil & Gas Refining

Alimentation Couche-Tard misses quarterly revenue estimates on lower fuel demand

Alimentation Couche-Tard, a Canadian retailer, missed its third-quarter revenue estimate on Tuesday due to a sluggish fuel and convenience store business amid increasing inflationary pressures. Circle-K's owner Couche-Tard is growing increasingly concerned as consumers facing financial stress are cutting back on both expensive and non-essential items. Walmart and Target, two of the largest U.S. retailers, warned that a slowdown in demand was due to a slowed down spending. They were also preparing for the effects of import tariffs implemented and proposed by President Donald Trump. The increasing consumer prices and interest rates has led to low-to-middle-income consumers being reluctant to...

Fossil Fuels

After board shakeup, Couche-Tard launches charm offensive against Japan's Seven & i

Alimentation Couche-Tard wants to convince the Japanese people to accept its $47 billion offer for Seven & i. It also wants to address the antitrust concerns which have become a major stumbling-block in its bid to purchase the 7-Eleven owners. Canada's Couche-Tard which owns Circle-K has been pursuing Seven & i since months despite the cold reception it received from the Japanese retailer. If the deal goes through, this would be the largest foreign acquisition in Japan's history. On Thursday, executives from Couche-Tard held their first press conference at Tokyo. This was months after announcing a takeover bid for Seven...

Fossil Fuels

Couche-Tard on charm offensive with Seven & i in Tokyo

Alimentation Couche-Tard's management will address the antitrust concerns raised by Japan's Seven & i during a visit to Tokyo to advance talks on its $47 billion offer for 7-Eleven's convenience store operator. Circle-K's owner has been pursuing Seven & i since months, despite the cold reception it received from the Japanese retailer giant. If the deal goes through, this would be the largest foreign acquisition in Japan's history. Couche-Tard is holding its first press conference on Thursday in Tokyo since it announced a purchase bid for Seven & i back in August. This was part of their efforts to convince...

Fossil Fuels

Ecuador: upfront payment required for Sacha Oil Deal

The deadline for the Chinese-Canadian group to pay an upfront payment of $1.5 billion to Ecuador to develop the most productive oil block in the country has passed, said the energy minister on Wednesday. This appears to have scuttled the deal. The consortium, which is made up of subsidiaries from the Chinese state energy giant Sinopec, and Canada's New Stratus Energy had until Tuesday evening to pay the money and the deal wouldn't go through without it. The Energy Ministry has awarded the Contract for 20 years The northeastern Sacha Field, which produced 77,000 barrels of oil per day last...

Energy Markets

Ontario Premier says he won't back down until Trump's tariffs have been removed

On Tuesday, the Premier of Ontario who imposed a 25 percent surcharge on exports of electricity to the United States said that he wouldn't back down until U.S. president Donald Trump removed his tariffs against Canadian imports. Doug Ford reiterated his threat from Monday and said that he wouldn't hesitate to reduce the supply if necessary. Ontario exports electricity to 1.5 million homes across New York, Minnesota, and Michigan. We will not retreat. We will not back down. Ford apologized to the American public for President Trump's unprovoked attacks on our country. This was shortly after Trump announced he would...

Oil & Gas Refining

Seven & i talks to Couche-Tard about store sales as part of merger deal

Japan's Seven & i Holdings announced on Monday that it has begun talks with Canada's Alimentation Couche-Tard about a plan to sell stores that will set the stage for ACT's $47 Billion takeover bid. Stephen Dacus was named as the new CEO of 7-Eleven last week to help lead the company's recovery and to respond to Couche-Tard's takeover bid. Seven & i said that U.S. Antitrust Law would be a barrier for any deal. Both companies have about 20,000 convenience stores between them. Seven & i wrote to its shareholders Monday that it was proposing the two companies map out...

Environment

Environment

Anti-Trump protesters gather at Washington and other US cities

On Saturday, organizers plan to hold 1,200 protests across the U.S. in what they expect will be the biggest single day of demonstrations against President Donald Trump. As the protests began, thousands of people flooded into Washington under gray skies and light rain. The organizers said that they expected more than 20,000 to attend the rally on the National Mall. Trump opponents will be able to show their displeasure in mass at Trump's executive orders. According to the website, 150 activist groups are expected to attend. The protests will take place in all 50 US states, plus Canada and Mexico....

Pollution

US Judge rules that several companies are liable for tainted infant food.

A U.S. Judge said that several companies, including Walmart, Beech-Nut, and Gerber, must face a national lawsuit alleging that toxic heavy metals were contaminated in their baby food and caused brain and neurodevelopmental damages to the children who ate them. In a ruling on Wednesday, U.S. district judge Jacqueline Scott Corley stated that parents could try to prove defective manufacturing, negligence, and failure to warn their children about over 600 baby food products, caused them to suffer from autism spectrum disorder, and attention deficit hyperactivity disorders. Parents claimed that some defendants did not adhere to their internal limits on how...

Environment

What is Trump's new reciprocal tariff regime?

U.S. president Donald Trump has shattered a global trading system that dates back more than 75 years with a new 10% U.S. baseline tariff on all goods and higher reciprocal rates of tariffs for countries that, according to his administration, have high barriers against U.S. imported goods. Here are some of the key features of Trump's new tariff regime, as detailed by his executive order. High Tariffs on Major Trade Partners The reciprocal rate is meant to capture policies like currency manipulation, lax laws on pollution and labor, and burdensome regulations which keep U.S. goods out of foreign market. The...

Mining

Mineral Resources

Mineral Resources

Ethiopian PM Abiy names new leader of Tigray Administration

Ethiopian Prime Minister Abiy Ahmad appointed Tadesse Worede on Tuesday to lead the interim government in the northern Tigray Region, where divisions within the ruling party has sparked concerns of a new war between Ethiopia and Eritrea. Tadesse was a commander of the Tigray People's Liberation Front during the war between Ethiopia's Federal Government and the Tigray People's Liberation Front in 2020-2022, which resulted in the deaths of tens thousands of people, as well as the forced displacement of millions. Eritrean troops fought alongside Ethiopia's Federal army during the conflict. However, relations between the two long-time rivals has soured since...

Mineral Resources

Saudi's Ma'aden weighs foreign partner for minerals processing pact

Three sources familiar with the matter have confirmed that Saudi Arabia's Ma'aden, the country's largest mining company, is looking at forming a rare-earths processing partnership. The kingdom wants to be a global hub for critical minerals. Sources said Ma'aden was considering a partnership with MP Materials in the United States, China's Shenghe Resources or Australia's Lynas rare earths, as well as Canada's Neo Performance Materials. According to sources who weren't authorized to speak publicly about the discussions, Ma'aden intends to select at least one partner before the end of the month to assist in developing plans for a rare-earths processing...

Mineral Resources

Trump's trade tariffs and threats

The global trade war, started by U.S. president Donald Trump, has intensified this month, after he announced tariffs on the majority of U.S. imported goods. This sparked fears of a global recession, sent jitters through global financial markets, and drew condemnation from world leaders. Trump announced his plans to increase "reciprocal duties" on several of the United States' largest trading partners on April 2, which he called "Liberation Day." Tariffs of 10% were in effect from April 5 to 9, while higher reciprocal rates would be implemented on April 9. The new U.S. trade barriers are the highest in over...

Mineral Resources

Native peoples demand greater control as Chile ramps up its lithium plans

According to sources from the mining companies and the communities, Chile's indigenous communities in the lithium rich Atacama Desert have been in discussions with two of the country's largest miners in order to gain more control over plans to increase the extraction of battery metal. Negotiations with Chilean state-run Codelco – the world’s largest copper producer – and Chilean Lithium producer SQM are taking place as the two companies near a final partnership, which will see the state enter the production of lithium, a metal essential for electric vehicle battery technology. Exclusively learned, the talks began in March to create...

Mineral Resources

Tariffs cause turmoil for US and Canadian farmers' machinery manufacturers

Around a recent Canadian farm show, salespeople of equipment struggled to close deals with farmers who were worried about tariffs. Some combines can cost more than $800,000. A surprise tariff hike would mean a big hit to most farm budgets. The Trump administration spared Canada's global tariffs of the Trump Administration on April 2, but it still faces tariffs for steel and aluminum exported to the U.S., as well as autos that are not compliant with United States-Mexico Canada Agreement on Trade. Farmers in Canada were still unsure as of Friday if agricultural equipment was subject to duties or Canada's...

Mineral Resources

Trump's tariffs are forcing trading partners into a corner

The only option for U.S. trade partners in the current trade war with Donald Trump is to sue. Most countries that are hit by tariffs of 10%-50% on their exports, to the dominant economic superpower in the world, lack the firepower or political will to fight back, according to government officials, economists, and trade experts. The vast majority of Trump's trading partners didn't immediately respond and instead indicated their willingness to negotiate with him a compromise that would save face. Even those who have counter-measured left the door open to negotiations. China, who on Friday imposed an additional 34% tariff...

Mineral Resources

Tariff uncertainty causes Canada to lose jobs for the first time since 2022 in March

Data released on Friday showed that Canada's employment total fell in March and the unemployment rate increased. The uncertainty surrounding tariffs and the subsequent implementation of them forced some companies to stop hiring and resulted in layoffs. Last month, Canada lost a net of 32,600 positions, its first decline in over three years. Statistics Canada reported that the decline was primarily due to a sharp drop in full-time employment. This was after a relatively flat growth of jobs in February, and a strong gain of 211,000 jobs between November and January. The unemployment rate increased to 6.7% from 6.6% one...

Mineral Resources

Canada announces limited countermeasures against US and calls Trump's move a tragedy

Mark Carney, the Canadian Prime Minister, announced on Thursday a limited number of countermeasures against U.S. Tariffs while calling President Donald Trump’s protectionist measures a tragedy for international trade. Carney stated that the Canadian government would copy the U.S. strategy by imposing 25% tariffs on all vehicles imported into Canada from the United States which are not in compliance with the U.S. Mexico-Canada trade agreement. Carney said at a press event that the new tariffs will not affect auto parts or vehicle content coming from Mexico. The American administration must change its course, given the potential damage that could be...

Mineral Resources

U.S. cryptos fall as Trump's tariffs shock markets

U.S. crypto-stocks declined on Thursday, after President Donald Trump’s latest round sweeping tariffs rattled investors’ confidence due to increasing global trade tensions. This sparked a selloff in riskier investments. Coinbase Global, a crypto exchange, fell by about 7.7%. Major bitcoin holder Strategy also dropped by 5.6%. MARA Holdings fell about 8.3%. Riot Platforms dropped 8.7%. Bitfarms lost 5%. The wide losses show the impact of tariffs on a variety of asset classes. Bitcoin, the largest cryptocurrency, fell 3.9% while ether plunged 5.2%. Despite the fact that the Trump administration has indicated a willingness for crypto to be embraced and a...

Mineral Resources

Executives, trade and labor associations comment on Trump's reciprocal duties

Donald Trump announced on Wednesday that he will impose a baseline 10% tariff on all imports into the United States, and higher duties for some of the biggest trading partners. This could lead to a trade conflict and upset the global economy. Countermeasures from trading partners could result in a dramatic increase in prices of everything, including bicycles and wine. Trump has already levied 25% on automobiles and auto parts. The latest responses from business executives, unions and trade associations. Companies STELLANTIS The automaker announced that it would temporarily stop production in some of its Canadian assembly plants and Mexican...

Mineral Resources

Executives, trade and labor associations comment on Trump's reciprocal duties

Donald Trump announced on Wednesday that he will impose a baseline 10% tariff on all imports into the United States, and he may increase duties on some of its biggest trading partners. This could lead to a trade conflict and upset the global economy. Countermeasures from trading partners could result in a dramatic increase in prices of everything, including bicycles and wine. Trump has already levied 25% on automobiles and auto parts. The latest responses from business executives, unions and trade associations. Companies ANTONIO BARAVALLE is the CEO of LAVAZZA We had planned to increase the local production (in the...

Mineral Resources

U.S. cryptos fall as Trump's tariffs shock markets

U.S. crypto-stocks declined in premarket trade on Thursday, after President Donald Trump’s latest round sweeping tariffs rattled investors’ confidence due to increasing global trade tensions. This sparked a selloff in riskier investments. Coinbase Global, a crypto exchange, fell by about 4%. Major bitcoin holders Strategy also dropped by 3%. MARA Holdings fell about 4%. Riot Platforms dropped about 5%. Bitfarms lost 6%. The wide losses show the impact of tariffs on a variety of asset classes. Bitcoin, the largest cryptocurrency, fell 2.3% while ether plunged 3.3%. Even though Trump's administration has indicated a willingness for crypto to be embraced and...