Canada

Imperial Oil, a Canadian oil company, posted an increase in its first-quarter profits on Friday. This was primarily due to higher margins in the refining and sales of fuels business. The shares, which are listed in the United States, rose nearly 6% prior to the bell. The completion of the Trans Mountain expansion project has benefited Canadian producers, increasing its capacity to 890,000. barrels per day. The pipeline is the only way for producers to export their products internationally without having to go through the United States. Brad Corson, CEO of Corson Energy Inc. said that the upstream business continues...

Canadian pipeline operator TC energy missed analyst's expectations for the first-quarter profits on Thursday due to weakness in its power solutions and natural gas operations, while higher interest costs offset gains in their natural gas operations. Shares of the company listed in the United States were down by 4%. As energy demand grows in North America, the demand for electricity that is renewable and emits less pollution will also increase. TC Energy invested in ten power-generation plants with a total generating capacity of 4,600 megawatts. The company's core profit in its power and energy solutions division fell by 30%, to...

Alimentation Couche-Tard and Japan's Seven & i have signed a non-disclosure (NDA) agreement that will allow the Canadian company to access the Japanese retailer's data in order to pursue a $47 Billion acquisition. The deal represents progress in the takeover negotiations for Couche-Tard. It operates Circle-K convenience store in Canada and in the United States, and has been trying since August to acquire Seven & i. Seven & i, the operator of 7-Eleven, said that the terms and conditions of the agreement would remain confidential. The agreement includes a clause that protects the target companies against hostile takeovers. Couche-Tard said...

According to a late Thursday court filing, a U.S. court official overseeing the auction of shares of Citgo Petroleum's parent company in Venezuela has proposed opening a 30-day period for bids on April 28. The final winner of the process will be chosen on June 11. The Delaware Judge Leonard Stark must approve the proposed calendar. It follows confirmation of a $3.7 Billion starting bid from Contrarian Funds affiliate Red Tree Investments. Red Tree's "stalking horse" bid was selected, and the 16 creditors who remain in this 8-year old case began a fight. Some parties thought the offer was too...

Seven & I Holdings is the owner of 7-11 convenience stores. It said that it expected to have to look closely at its supply chain in order reduce costs, as U.S. customers grappled with the impact of U.S. Tariffs. Stephen Dacus, the new CEO of the Japanese retail conglomerate, told reporters that he believes they will be faced with a more challenging retail environment. Retailers will face a difficult challenge as tariffs are imposed or in the process of being imposed by President Donald Trump to reshape world trade. U.S. consumer confidence declined in April, and 12-month inflation expectations soared...

Hazeltree, a data and technology firm, said that shortsellers had targeted a broader range of equity sectors before President Donald Trump announced his "Liberation Day", or April 2, tariff announcement. They also raised negative bets against a group of large tech stocks. Super Micro Computer was the most popular security. It knocked oil and gas producer Chevron from the top spot it held for two months. Prior to this, tech stocks dominated the top 10 list of most-shorted U.S. Large Caps. Hazeltree reported that only five of the top 10 stocks most shorted in March were tech shares, compared to...

Seven & i Holdings, a Japanese company, reported on Wednesday that its fourth-quarter profits dropped by 15%. This could make it more difficult for the company to fend of a hostile takeover bid from Alimentation Couche-Tard in Canada. The earnings of the 7-Eleven convenience store operator came in slightly better than expected, but it was the fourth consecutive quarter that profits declined. Inflation has increased the price of materials in Japan and utility costs. The country also lags behind its competitors in terms of attracting customers who are price-conscious. Executives noted that the uncertainty surrounding President Donald Trump's proposed tariffs...

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...

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...

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...

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...

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...

Fortuna Mining, a Canadian company, is looking to expand into Guinea, after leaving Burkina Faso where it was plagued by regulatory instabilities and high security costs due to jihadist threats. Ganoza stated that Fortuna is currently not established in Guinea but is actively looking for gold-mining opportunities. They are conducting site visits, meeting with the authorities and visiting mining sites. Jorge Ganoza, in a video call, said: "We would consider investing in Guinea today." He said that a portion of the growing exploration budget of the mining firm will be allocated to Guinea, where there is "a lot of space...

To navigate the increasingly complex West African landscape, international mining companies should look at joint ventures with partners local and dual listing on regional stock exchanges. In West Africa, military-led governments have shattered the mining industry by rewriting contracts and detaining executives. They also suspended operations in order to gain greater control of natural resources. The threat of jihadist attacks on mining companies has also increased, and some exploration activities have been suspended. Adama Soro is the president of West African Federation of Chambers of Mines. He said that big miners need to adapt and meet governments' increasing demands for...

U.S. Treasury Sec. Scott Bessent said on Sunday that he didn't support President Donald Trump in his assertion that tariff negotiations with China are underway and he didn't know if Xi Jinping, the Chinese president, had spoken to him. Last week, the Trump administration showed a willingness to deescalate tense trade relations between China and the United States that have sparked fears of recession. Trump has confirmed that talks are taking place on tariffs with China, and he and Xi spoke. Beijing denies that trade talks have taken place. Bessent is a key player for the U.S. in trade negotiations...

The U.S. president Donald Trump will sign an executive order to boost the deep sea mining industry on Thursday, the latest effort to tap into international deposits of nickel and copper, which are widely used across the economy. According to previous reports, the order is likely to speed up permitting for deep sea mining in international water and allow mining companies to bypass a United Nations review process. After the report about the executive order, shares of The Metals Company rose by 40% on Thursday to a 52-week-high of $3.39. Trump has already taken several steps to boost the domestic...

The shares of British currency management firm Argentex, which is based in London, were suspended on Tuesday. Argentex said that the sharp drop in the U.S. Dollar had caused a serious deterioration in its liquidity. The company stated in a filing that "Argentex is exposed to significant volatility of foreign exchange rates... As a result, (it) experienced a rapid impact on its short-term liquidity position due to, inter alia margin calls related to its FX Forward and Options books." It stated that it has the support of its main liquidity provider, and is looking to strengthen its positions. However, "in...

The shares of China's CMOC Group jumped Tuesday after the miner announced that it would purchase Canada-listed Lumina Gold in a cash-only deal for C$581,000,000 ($420.7million). The acquisition allows CMOC to gain access the flagship asset, Cangrejos, of Lumina Gold, which is located in Ecuador's El Oro Province, and has total mineral reserves of approximately 659 millions tons. This project is the largest primary gold deposit of the South American country. CMOC shares listed in Shanghai jumped over 4% while those listed in Hong Kong rose more than 8%. Shares of Lumina Gold soared 29%. The purchase comes at a...

Three of the top copper suppliers in the United States have told the administration of President Donald Trump that the imports do not pose a threat to U.S. national security. Chile, Canada, and Peru are attempting to avoid potential tariffs for the metal, which is needed for electric cars and other industrial applications. Trump began a probe in February into potential duties under the Section-232 national security provision of Trade Expansion Act of 1964, which he had used during his first term in the United States to impose global tariffs of 25% on steel and aluminium. In recent weeks, the...

B2Gold, a Canadian gold mining firm, plans to reduce 300 jobs in Namibia by the end of this year. The company will continue its phased downscaling at Otjikoto after it has exhausted open pit reserves. Otjikoto, which started commercial production in March of 2015, produced an unprecedented 198,142 gold ounces last year. This accounted for almost a quarter B2Gold’s total output. "By 2025, we will reduce our permanent staff from 700 to 400. This means that 300 employees will be affected during 2025", B2Gold Namibia’s country manager John Roos told reporters Monday at a company presentation. Otjikoto also reported a...

A manager of a toy shop is bombarded with daily notifications about price increases. A lip balm producer forecasts an increase of $5 million in the cost of goods. The impresario of a concert venue was surprised by a $140,000 price increase to install new seating in the performance hall. The business owners are among 12 managers and business owners who have spoken with about President Donald Trump's new tariff regime. They provide an early indication of what more Americans may expect. Businesspeople expressed their concern over the continued economic turmoil. Trump increased tariffs on Chinese imports while announcing a...

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...

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...

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...