Canada

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? NATIONAL FOREIGN TRADE COUNCIL (NFTC), WHICH REPRESENTS A LOT OF U.S. COMPANIES. VP TIFFANY SMITEH "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...

Bloomberg News reported Wednesday that potential buyers of Japan's Seven & i stores and Canada's Alimentation Couche-Tard (ACT) U.S. shops have until the end March to express interest and address any antitrust concerns. Bloomberg News reported that some potential buyers have been involved in the process and signed non-disclosure contracts. ACT, the Canadian company that operates Circle-K convenience shops in Canada and the United States has been attempting to buy Seven & i, the struggling Canadian retailer, since August. The Canadian firm is ready to increase its latest offer of $47 Billion. Seven & i, which opposed the takeover bid,...

Alex Miller, CEO of Alimentation Couche-Tard, said that no non-disclosure agreements had been signed regarding potential stores to be sold by Alimentation Couche-Tard and Japan's Seven & i in order to meet U.S. Antitrust requirements for a deal. Earlier that day, a Seven & i spokeswoman said that the companies signed NDAs early in March. The NDAs only covered stores which are likely to be divestiture candidates. Seven & i has not signed a non-disclosure agreement. Miller stated in a call after earnings that they were working together with Seven & i on a marketing package to show what a...

On Tuesday, President Donald Trump doubled the planned tariffs on steel and aluminum imports from Canada. This was in response to Ontario's decision on Monday to impose a 25% tariff for its electricity exports into the U.S. Trump posted on his Truth Social media page that he had instructed his Commerce Secretary to impose an additional 25% tariff for metals products. The new tariff will be in effect Wednesday morning. "Canada must also immediately remove their anti-American Farmer tariff of 250% to 390 % on various U.S. Dairy Products, which is long considered outrageous. "I will declare a National Emergency...

Alimentation Couche-Tard, a Canadian company, said Tuesday that it was confident of obtaining the regulatory approvals needed in the United States to purchase Japan's Seven & i Holdings. The latter had said that antitrust laws would prevent any transaction. It said that it was also frustrated by Seven & i’s lack of engagement, despite the fact that both companies have started working together to find a way to get regulatory approval. Stephen Dacus of Seven & i, the CEO who was appointed just last week, reiterated the fact that there are significant regulatory obstacles to a merger. In a press...

ADNOC (Abu Dhabi National Oil Co.), a state-owned company, has pursued a number of mergers and acquisitions with European companies with the aim of diversifying and developing its renewable energy and chemicals operations. ADNOC has been involved in the following deals and discussions: COVESTRO ADNOC announced on October 1 that it had agreed to purchase German chemicals manufacturer Covestro for $14.7 billion. This is one of the largest foreign takeovers in the Gulf, and is intended to reduce the country's heavy reliance on oil during the energy transition. ADNOC will merge with OMV its polyolefin business to create a chemical...

Seven & i Holdings announced a new CEO and plans for a restructure of its business after a $47 billion takeover bid from a foreign company. The company announced that Stephen Dacus, a lead outside director, will succeed Ryuichi isaka as CEO, putting a first-time foreign executive at the helm of Seven & i. A press conference will be held by the company at 5 pm (0800 GMT) to discuss this plan. Seven & i, which has faced investor criticism for its capital allocation over the past few years, received a buyout bid from Circle-K operator Alimentation Couche-Tard in August....

According to traders and analysts, the price of gasoline in the United States is set to rise as a result of new tariffs that President Donald Trump's administration has imposed. These tariffs will increase the cost of imported energy. This outlook highlights a potential unintended result of Trump's trade protectionist policies. They are intended to boost the U.S. economic growth, but instead could lead to higher bills for consumers. On Tuesday, the Trump administration imposed a 25% tariff on all Mexican imports, a 10% tax on Canadian energy and doubled duties on Chinese products to 20%. The Trump administration has...

The shares of Seven & i fell as much as 12% Tuesday following a report that the 7-Eleven owners plans to reject a takeover offer worth $47 billion from Canada's Alimentation Couche-Tard. However, the Japanese company still said it is considering the offer. In Tokyo, the shares fell 8% to 2,023 yen after falling as high as 12% earlier. They had reached their lowest level in just over six months. The Yomiuri reported on Tuesday, that Seven & i intended to reject the takeover bid from Circle-K's owner Couche-Tard in order to instead enhance corporate value by itself. Seven &...

Seven & I Holdings, a Japanese company, said that the Ito family's founders could not secure financing for a management buyout of $58 billion. It would instead consider a competing offer from Alimentation Couche-Tard in Canada. 7&i said that it was not able to take action on any proposal made by Mr. Junro Ito or Ito-Kogyo at this point. "7&i is committed to exploring every opportunity to unlock value for its shareholders. We continue to evaluate a range of strategic options, including Alimentation Couche-Tard's proposal." Itochu announced in a press release that it no longer considered participating in the Seven...

Two sources familiar with the matter have confirmed that Japan's Itochu has withdrawn from a proposed buyout of Seven & i Holdings by the founding family. Seven & i founders Ito family started talks with the Canadian company Alimentation Couche-Tard to privatize the company for a reported $58 billion. Nikkei reported on Wednesday morning that Itochu decided to not participate in the purchase. Nikkei reported that Itochu considered investing 1 trillion yen (6.69 billion dollars) but saw little synergy between its food and beverages business and Seven & i. Seven & i & Itochu declined comment. Itochu's decision not to...

Malaysia's Petroliam Nasional Bhd, the state-owned energy company, reported a decline in profits in 2024, compared with a year earlier, due to global volatility, lower oil prices, and geopolitical tensions and economic uncertainty. The firm also warned of future market challenges. Petroliam Nasional (or Petronas) reported a profit of $55.1 billion after taxes in 2024, compared to $80.7 billion in 2023. In 2024, revenue fell from 343.6 billion to 320 billion Ringgit. Capital investments in 2024 were 54.2 billion Ringgit compared to 52.80 billion Ringgit in the year 2023. Tengku Muhammad Taufik Tengku Aziz, Petronas' Chief Executive Officer, said that...

The main Canadian stock index dropped on Wednesday. Losses in the tech sector were a major factor, but markets were also affected by uncertainty over new U.S. Tariffs that are set to go into effect next week. The S&P/TSX Composite Index of the Toronto Stock Exchange was down by 0.2% to 25,294.11. In the previous session, the benchmark index closed at its highest level for a month. The markets rallied two days in a row after U.S. president Donald Trump suggested on Monday that some trade levies will not be implemented by April 2, with certain countries being exempted, though...

Mark Carney, the Canadian Prime Minister, said on Wednesday that if the Liberals win the April 28th election his government will create a C$2 Billion ($1.40 Billion) fund to increase the competitiveness of the auto industry. Carney said, in a televised news conference held in Windsor, Ontario that his government will work with the industry to produce more auto parts in Canada, and to limit the number of car parts that cross over the border to the United States. The North American automotive industry is highly integrated, but is now threatened by the tariffs that U.S. president Donald Trump has...

The Panama Ministry of Commerce and Industry announced in a Tuesday statement that the mine has been closed by First Quantum. The ministry stated that "any entry by third parties into those facilities was managed unilaterally and without participation or endorsement from the National Government" Minister Julio Molto shared the statement on X and said that Panama is "in process of contracting a thorough audit which aims to objectively and technically evaluate the current status of operations and the impact they have on the environment." First Quantum, the company that owns the Cobre Panama mine, announced on Monday it would...

Maros Séfcovic, the European Union's Trade Commissioner, was scheduled to meet with Donald Trump's top officials in charge of trade on Tuesday. The goal is to avoid U.S. tariffs that could be imposed on EU products as soon as next week. Sefcovic has had two prior discussions with U.S. trade representative Jamieson Greer and Commerce Secretary Howard Lutnick that have not altered Trump's plans for raising U.S. tariffs to match those charged by major trading partners, and to counter their non-tariff barriers. The USTR and Washington's EU delegation office did not immediately comment on the discussion. The meetings take place...

Sources in the industry said that Australia's bourse will see a record number secondary listings from mine developers attracted by the country’s pension wealth, regulations and a jurisdiction that is less exposed to U.S. President Donald Trump’s trade wars. Industry figures show that the Australian Securities Exchange (ASX), which is based in Sydney, has been gaining market share among its rivals from Toronto and London, despite the fact that the mining and metals sector must expand by $100 billion per year by 2050 to meet the demand for metals to achieve net-zero emission levels. The overall listing numbers at the...

Official data released on Wednesday showed that Panama's GDP grew by 2.9% in 2024. This is a significant slowdown from the 7.4% growth of the previous year, due to a decline in air travel and the closure of a large copper mine. Panama's economy grew at a rapid pace in the past decade. However, authorities predicted that growth would slow down, due to the closure by Canadian mining company First Quantum of a copper-mining operation, after clashes over tax contributions and the environmental impact. According to a National Institute of Statistics and Census report, "Air transportation decreased, as well as...

World Trade Organization documents from Tuesday show that the U.S. Mission told China and Canada they were ready to meet with their officials in Geneva, after these two countries filed trade complaints in response to new Tariffs. Canada has requested consultations, the first step of a WTO dispute, earlier this week in response to the "unjustified" tariffs imposed by U.S. president Donald Trump. China started a dispute in response to Trump's tariffs on Chinese products in February. Since then, both countries have introduced retaliatory duties in response to the actions that Washington raised on Tuesday in WTO documents. The statement...

On April 2, the Trump administration will provide trading partners with a proposed U.S. Tariff rate based upon their own tariff rates, non-tariff barriers to trade and other factors. They will also have an opportunity to bargain to avoid a “tariff wall,” U.S. Treasury secretary Scott Bessent stated on Tuesday. Bessent told Fox Business Network "Mornings With Maria" that "each country will receive on April 2 a number which we believe represents its tariffs." "For some nations, it may be very low, and for others, it may be very high." Trump said his "reciprocal duties" will go into effect on...

On April 2, the Trump administration will provide trading partners with a proposed U.S. Tariff rate based upon their own tariff rates, non-tariff barriers to trade and other factors. They will also have an opportunity to bargain to avoid a “tariff wall,” U.S. Treasury secretary Scott Bessent stated on Tuesday. Bessent said Fox Business Network that "on April 2, each country would receive a number which we believe represents its tariffs." "For some nations, it may be very low, and for others, it may be very high." Trump said his "reciprocal duties" will go into effect on April 2 to...

First Quantum, which has closed its Cobre Panama mine, instructed its lawyers on Friday to begin work to suspend arbitration proceedings against Panama. The President of Panama announced on Thursday that his government would allow the exportation of 120,000 tons of copper concentrate, which has been trapped in the closed mine for more than two years. Later, the country’s commerce ministry stated that any negotiations with miner would only be possible if Panama dropped the arbitration case. Manuel Aizpurua is the manager of Cobre Panama. In a memo seen by, he stated that "we have instructed our attorneys to meet...

Mark Carney, the former central banker of Canada, will be formally inaugurated as Prime Minister on Friday. This puts him in an ideal position to combat tariffs imposed by U.S. president Donald Trump which could destroy Canada's trade-dependent economy. Carney will swear in as Canada's president at 11 am, with the Governor General Mary Simon present. She is the representative of King Charles. ET (1500 GMT). This moment is the culmination of a remarkable rise for the 59 year old, who becomes Canada's first prime minister with no serious political experience. Carney dominated his rivals in the race to be...

The United Arab Emirates exported aluminium to the United States in the first eleven days of March. This was due to buyers stocking up on shipments before U.S. Tariffs went into effect on Wednesday. The UAE has exported 68.560.29 tons of aluminum to the U.S. so far in March before tariffs were imposed, compared with 16,124.88 tons for the whole of March 2024. Exports are at their highest level in nearly two years on a monthly scale. The President Donald Trump has imposed 25% tariffs for all U.S. imports of steel and aluminum with the aim of strengthening domestic production....