Canada

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...

MEG Energy, a Canadian oil company, urged Monday its shareholders to reject Strathcona Resources' hostile takeover bid of nearly C$6 Billion ($4.42 Billion), calling it inadequate and not in the best interests of their shareholders. The board launched a review of strategic alternatives to MEG's plan to become a separate company. Strathcona Resources, a Canadian oil and natural gas company, announced in May that it would launch a hostile bid to take over MEG Energy. Strathcona Resources valued MEG Energy's shares at C$23.27 each. MEG's closing price was C$25.71. MEG later advised its shareholders not to take any action regarding...

Ursula von der Leyen, President of the European Commission, said that more pressure should be applied to Russia in order to secure a ceasefire. She urged G7 nations intensify sanctions to achieve this goal. The leaders of the largest industrial countries are meeting in Canada’s Rockies, along with European nations. They want to keep the conflict in Ukraine on the minds of U.S. president Donald Trump, despite the fighting between Israel and Iran taking place in the Middle East. The European Union has decided to adopt new sanctions against Russia. However, they have not been able to convince Trump, who...

The Information reported Wednesday that OpenAI, the maker of ChatGPT, has spoken to Saudi Arabia's PIF and India's Reliance industries, as well as existing shareholders United Arab Emirates' MGX, about its 40 billion financing. According to the report, people who are familiar with the fund-raising said that the investors could each invest at least hundreds millions of dollars. SoftBank, OpenAI's main financier, is seeking to raise additional funds for its ambitious Stargate infrastructure plan and model development. Two sources familiar with the matter said that OpenAI CEO Sam Altman had met earlier this year with India's Minister of IT and...

Cenovus Energy's CEO stated on Tuesday that the U.S. is dependent on Canadian oil imports despite Donald Trump's comments to this effect. Trump has repeatedly threatened to impose tariffs on Canada’s oil. Nearly 4 million barrels of Canadian oil are exported daily to the United States. Canada is the fourth largest oil producer in the world, and also ranks fifth for natural gas production. Trump said previously that the U.S. doesn't need to import oil and gas from Canada. Mark Carney, Canada's minority prime minister who was elected in April as a result of anti-Trump voter sentiments, said that the...

Haitham Al Ghais, OPEC secretary general, said that the growth in oil demand will continue to be robust for the next 25 years as the global population continues to grow. The organization predicts that the global energy demand will increase by 24% between now and 2050. Oil consumption is expected to exceed 120 million barrels of oil per day during this time period. This estimate is consistent with the World Oil Outlook 2024. Al Ghais, who spoke at the Global Energy Show, held in Calgary, Alberta, said that there was no imminent peak in oil demand. He said OPEC admired...

Calculations show that wildfires in Canada's oil producing province of Alberta affected the production of more than 344,000 barrels of oil sands per day, or approximately 7% of Canada's total crude oil output. Over the weekend, at least two thermal oil-sands producers south of Fort McMurray, the hub of the industry in Canada's north, evacuated their workers and shut down production. Canadian Natural Resources announced that it had evacuated its Jackfish 1 site and halted production of approximately 36,500 Bpd. Cenovus Energy announced that it had evacuated all non-essential staff from the Christina Lake oil sands facility and had shut...

Andriy Sibiha, the Ukrainian Foreign Minister, said that Ukraine wanted the Group of Seven Advanced Economies to lower its price limit on Russian oil shipped by sea to $30 per barrel. The G7's current price cap is $60 per barrel. This was imposed because of Russia's conflict in Ukraine. Sybiha, a journalist from Brussels, told reporters that the reasonable price cap for oil is 30 dollars. The European Union (EU) and Britain (UK) announced new sanctions against Russia on Tuesday. They said that the sanctions would target the "shadow fleet" in Moscow of oil tankers, financial firms and other companies...

Centrica, a British company, announced on Tuesday that Spirit Energy - its joint venture with German utility Stadtwerke Munchen GmbH - will sell to Ithaca Energy a 46.25 percent stake in the Cygnus field for approximately 116 million pounds (155.05 millions dollars). Cygnus is located in the Southern North Sea and is the UK's largest continental shelf gas field. It also contributes to the UK energy security. Ithaca Energy will increase its operating interest in Cygnus from 65% to 85%. This will position the company as a majority owner, and reinforces the strategic goal of becoming one the largest independent...

Boris Pistorius, German Defence Minister, will discuss with Pete Hegseth, U.S. Secretary for Defence of Defence in Washington the possibility that Germany could pay for American Patriot air defense systems for Ukraine. Donald Trump, the U.S. president, said on Sunday that the U.S. will send an unspecified number of Patriots into Ukraine and the European Union will pay for them. The Ukrainian president Volodymyr Zelenskiy asked for additional defensive capabilities including Patriot missiles and systems to counter daily Russian missile and drone attacks. Here are some important facts about the Patriot What is the Patriot System? The Patriot is a...

Anthony Mukutuma, FQM’s Country Director in Zambia, said that the recent investment by First Quantum Minerals in Prospect Resources was key to extending mine life at Sentinel Mine. In April, the Canada-based company invested 15% in Prospect and became the largest shareholder of the Australia-listed exploration firm. Prospect is exploring Mumbezhi, a copper project located about 30 km (19 miles) away from FQM’s Sentinel Mine. FQM is a key partner in Mumbezhi exploration. Mukutuma said that the mine life for Sentinel is currently 12 years. FQM has been studying ways to extend this, he added. Mukutuma stated that initial exploration...

Three sources confirmed that on Thursday a Malian military helicopter transported gold from Barrick's Loulo-Gounkoto mining complex. This comes days after reports claimed that a court-appointed administrator intended to sell the bullion at the site to fund operations. Last month, a Bamako Court appointed a temporary administrator to resume operations at the largest gold mine in the West African nation. This comes nearly six months after Barrick Mining had suspended the site's operations amid tensions over the implementation of the new mining code. Barrick has said that it had to suspend its operations at the beginning of January after Mali’s...

Global copper traders offer cargoes to Chinese customers as they try to unload metal that is no longer able reach the U.S. by President Donald Trump's deadline for a 50% tariff on copper. Trump announced late Wednesday that he will impose a new tariff on August 1, to encourage domestic production, from semiconductors to ammo. He did not specify which copper products will be affected or whether any exceptions will be considered. China is the largest copper consumer in the world. The number of overseas sellers' offers has increased since late June, and now is at its highest level for...

Canada's top diplomat has said that it is working to reach a free-trade agreement with Southeast Asian countries as part of its push to expand to new markets. This comes in response to the high tariffs levied by the United States on Canada, its largest trading partner and neighbour. Anita Anand, Canada's Foreign Minister, said that Canada plans to maintain a multilateral trading relationship with the Association of Southeast Asian Nations. She added that Canada believes Indo-Pacific will drive the global economy in the coming years. Anand said in an interview that the work was being done quickly to finalise...

On Tuesday, U.S. president Donald Trump said that he would be announcing a new initiative. Imports of copper are subject to a 50% tariff Later in the day, a global industry, whose output is crucial for electric vehicles, military equipment, semiconductors, and a variety of consumer goods, was surprised. Trump had a February election. Ordered a Probe As part of efforts by the United States to rebuild its production of copper, there is a deadline of November for possible tariffs. The investigation, which was meant to evaluate the imports of copper concentrates, copper scrap, and copper alloys, was still ongoing....

Ivanhoe Mines said that its production at the Kamoa-Kakula Mine in the Democratic Republic of Congo increased by 11% on an annual basis to 112,009 tons of copper during the second quarter. The output increased despite the seismic problems that disrupted operation earlier this year. The Canadian miner resumed its operations in June, and reduced its production guidance for 2025 by almost 30%. It now expects to produce between 370,000 and 420,000 tonnes. Open Mineral's Senior Africa Commercial Officer, Zack Hartwanger said: "Ivanhoe’s rapid ramp-up, and its steady outlook, underscore Kamoa Kakula's status as one of the world's lowest-cost, high-margin...

Two sources say that the administrator appointed by the Malian court to Barrick Mining’s Loulo-Gounkoto site, who is Barrick Mining’s Loulo-Gounkoto Complex, plans to sell a metric ton (one tonne) of gold in its storeroom when operations resume after a six-month hiatus. Barrick Gold, a Canadian mining company, temporarily halted its operations in January when the Malian government confiscated gold stocks at the Loulo-Gounkoto Complex. Two sources claim that former health minister Soumana Mahadji was appointed temporary administrator in December and enlisted Samba Toure, the chairman of the state mining company, to assist with operations. Before the suspension, Barrick, world's...

The French uranium mining company Orano announced on Wednesday that its joint venture with Niger SOMAIR is nearing bankruptcy due to export restrictions imposed on it by the military government of Niger. Orano had to stop production at SOMAIR when authorities stopped exports in the past year. The Niger government took over the operation in December, and announced plans to take it back last month. It is part of a trend of West African countries seeking more control of their natural resources. Niger is also the seventh largest uranium exporter in the world. When Orano's local unit was operating at...

Panamanian officials announced on Monday that more than a quarter (25%) of the copper concentrator stockpiled by First Quantum Minerals at its Cobre Panama mine, since the mine closed in 2023, has been shipped out. The removal of 33, 000 metric tons of copper out of a total 120,000 tons at the site seems to have ended the uncertainty about the stuck-on copper and may signal a possible thawing in the relationship between President Jose Raul Mulino’s government and the Canadian company. First Quantum has declined to comment. The mine was closed by the previous administration of Panama after public...

Gold rose on Monday, as the dollar remained near its lowest point in over three years. Meanwhile, the focus of the market shifted to the upcoming U.S. employment data that could influence the Federal Reserve’s rate-cut trajectory. Gold spot rose 0.7% at $815 GMT after falling to its lowest level since May 29. Bullion prices have risen by 5.4% this quarter. U.S. Gold Futures rose 0.6% to $3,305.50. The U.S. Dollar index is hovering near its lowest point since March 2022. The greenback price of bullion is less expensive to other currency holders when the dollar weakens. I see two...

Two of the Canadian steel industry representatives present at the meeting said that the measures taken by the government to protect the industry against the effects of U.S. Tariffs were insufficient. Steel producers met Patrick Haley, Assistant Deputy Minister for Trade and Finance, and other ministry officials on Thursday. They told them that the measures announced earlier in the month did not protect the steel industry from steel dumping, and could lead to mass layoffs. U.S. president Donald Trump raised import duties on aluminum and steel to 50%, up from 25% in the beginning of this month. Canada is the...