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Oil & Gas

Couche-Tard withdraws its $46 billion bid to buy Japan's Seven & i

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)....

Oil & Gas

New York Times Business News - July 17,

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...

Oil & Gas

Couche-Tard withdraws its $47 billion bid to buy Japan's Seven & i

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...

Fossil Fuels

Nikkei falls on ASML warning after Japan's chip shares are sold off

The Nikkei 225 index in Japan fell on Thursday as a result of a decline in shares related to chip-making tools after Dutch supplier ASML issued a warning about revenue. As of 0214 GMT the tech-heavy Nikkei index was down 0.3% to 39,544.62. The two largest drags on the index were chip-sector giants Tokyo Electron (down 0.3%) and Advantest (down 0.3%). Topix as a whole, on the other hand, only managed a 0.1% increase. Seven & i Holdings was the Nikkei’s largest decliner, in terms of percentage. It fell 7.8% when Alimentation Couche-Tard (Canada) ended its bid to take over...

Fossil Fuels

Couche-Tard withdraws its $47 billion bid to take over Seven & i

Alimentation Couche-Tard, a Canadian retailer, announced on Wednesday that it had withdrawn its $47 billion bid to acquire Seven & i Holdings. The company cited a lack "constructive engagement" with the Japanese family who founded the Japanese firm. Couche-Tard's attempt to merge Circle K and 7-Eleven into a global convenience-store giant with 20,000 stores ended after a year-long effort. In an effort to reduce regulatory obstacles, it had also agreed on a plan to sell stores. In a letter addressed to the board of directors, Couche-Tard stated that "we have sought to have a dialogue with the Ito Family on...

Fossil Fuels

The Canadian oil sands became one of the lowest-cost plays in North America

The use of giant shovels, driverless vehicles and a robot that looks like a dog have helped Canada's Oil Sands companies, including Imperial Oil and Suncor, become some North America's low-cost oil producers. This has been achieved despite the fact that U.S. Shale costs rose due to the highest inflation rates in decades. Canada's oil sands sector is in a strong position as the global oil market enters a downward spiral due to economic uncertainty caused by U.S. Tariffs and OPEC+ pumping out more barrels. International oil majors such as BP, Chevron, and Total sold their oil sands interests after...

Oil & Gas

Abu Dhabi's ADNOC intends to transfer 24,9% stake in OMV unit to XRG

Abu Dhabi National Oil Company announced on Wednesday that it intends to transfer its 24,9% stake in Austria's OMV AG, to its XRG Investment unit. This will be done ahead of the creation of a new chemicals company combining OMV and ADNOC companies. ADNOC bought a 24,9% stake in OMV last year from Abu Dhabi sovereign fund Mubadala without disclosing financial terms. ADNOC and OMV merged their polyolefin business earlier this year to create a chemical company with a $60 Billion enterprise value. Khaled Salmeen, CEO of ADNOC Downstream, told Khaled Salmeen in March that the merged entity Borouge Group...

Oil & Gas Refining

Trump meets with tech, energy and government executives to push AI

The President Donald Trump, along with executives of some of the biggest U.S. energy and tech companies will be attending a summit on Tuesday in Pittsburgh as the Administration prepares new measures to drive the U.S. growth of artificial intelligence. The top economic rivals U.S.A. and China have entered a technological arms-race to see who can dominate AI, as this technology becomes more important in every area of life from the boardrooms of corporations to the battlefield. The Energy and Innovation Summit, to be held at Carnegie Mellon University, is expected to attract tech executives and representatives from leading energy...

Oil & Gas

Trump meets with tech, energy and government executives to push AI

The President Donald Trump, along with executives of some of the biggest U.S. energy and tech companies will be attending a summit on Tuesday in Pittsburgh as the Administration prepares new measures to drive the U.S. growth of artificial intelligence. The top economic rivals U.S.A. and China have entered a technological arms-race to see who can dominate AI, as this technology becomes more important in every area of life from the boardroom to the battlefield. The Energy and Innovation Summit, to be held at Carnegie Mellon University, is expected to attract tech executives and representatives from leading energy and technology...

Fossil Fuels

Leaders' meeting between Australia and China calls for greater dialogue and cooperation

During a meeting on Tuesday with Australian Prime Minister Anthony Albanese in Beijing, President Xi Jinping stated that China was ready to work with Australia for the purpose of deepening bilateral ties. China is trying to regain its footing in the region as a result of this meeting. Capitalise The U.S. President Donald Trump has announced sweeping tariffs on trade. China is attempting to counter this by portraying itself as a reliable and stable partner. Chinese officials expressed an interest in expanding the decade-old free-trade agreement and collaborating in artificial intelligence. Xi stated at the beginning of the meeting that...

Renewable Energy Equipment

China solar stocks soar as Beijing tries to end price wars

Several China solar stocks rose sharply on Friday, continuing an upward trend that began on Wednesday, on the news that Beijing is looking to slow down aggressive price cuts that have driven prices of certain components by almost 30% over the past year, according to one estimate. Price wars have been sparked by overcapacity and price reductions made to clear stocks among Chinese manufacturers. Analysts are concerned that further price cuts could lead to deflation, and hinder efforts to stabilize the $19 trillion economy. The shares of JA Solar, the leading solar manufacturer, rose by nearly 10%. They had gained...

Oil & Gas Refining

Seven & i's profit is boosted by overseas convenience store profits

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...

Crude Oil

Crude Oil

Wall Street watches Netflix as Dollar recovers after Fed fear

The European stock market recovered from a four-day loss streak thanks to a healthy earnings report. Wall Street watched Netflix, and the dollar rose after U.S. president Donald Trump denied rumors that he would fire Fed chief Jerome Powell. Traders also had just seen a good batch of U.S. Retail Sales and Jobless Claims numbers, which provided more insight into how tariffs impact the economy. This gave a bit more energy to the S&P 500 and greenback futures. The STOXX 600 index of Europe was already enjoying a successful day, after records orders from Swiss engineering giant ABB and profits...

Crude Oil

Stocks cheer as dollar recovers after Fed fear

The dollar gained after U.S. president Donald Trump denied new rumors that he would fire Fed chief Jerome Powell. The STOXX 600 index in Europe had a good start, as the record profits of Taiwanese chip maker TSMC and ABB (the Swiss engineering giant) and their record orders totaled $13.5 billion. This boosted optimism for a possible EU-US deal following talks held in Washington. The traders were also waiting for the U.S. retail sale and jobless claims figures, which would give them a better understanding of how tariffs impact the economy. They were also digesting the European Commission’s proposal to...

Crude Oil

European stocks are mixed as they await more U.S. inflation figures

Investors were cautious on Wednesday as European stocks were mixed after U.S. data from the previous session suggested that tariffs are causing inflation. This led investors to reduce their bets for rate cuts, and tariff-related uncertainties kept them cautious. Wall Street fell on Tuesday night and U.S. Treasury rates rose as U.S. Consumer Price Data for June showed higher prices for certain goods. The U.S. Tariff Threats also affected the market sentiment, after President Donald Trump said on Tuesday that letters informing smaller countries about their U.S. Tariff Rates would be sent out shortly. Trump announced on Saturday that he...

Mining

Mineral Resources

Mineral Resources

Dalian iron ore to gain fourth weekly on demand optimism

Dalian iron ore prices rose on Friday, heading for a fourth straight weekly gain as a positive demand outlook and expectations of further support from Beijing lifted market sentiment. As of 0320 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange rose by 0.7% to reach 787.5 Yuan ($109.67), per metric ton. This week, the contract gained 3.01%. The benchmark August Iron Ore at the Singapore Exchange rose 0.57% to $101.4 per ton this week, an increase of 2.19%. Analysts from ANZ stated that traders are optimistic about improved steel margins after Beijing's signal to reduce...

Mineral Resources

Platinum reaches its highest level in over a decade, gold drops weekly

The dollar was stronger and the U.S. economy showed solid results. Gold prices were flat and headed to a weekly decline. Platinum reached its highest level since august 2014. As of 0156 GMT, spot gold was unchanged at $ 3,337.59 an ounce. U.S. Gold Futures declined 0.1% to $3343.20. Bullion is down 0.5% this week. The dollar was 0.1% weaker against its rivals last Friday but it was on track for a second consecutive weekly gain. The dollar's strength makes bullion priced in greenbacks more expensive for holders of other currencies. Kelvin Wong, senior market analyst at OANDA, said: "We're...

Mineral Resources

US Commerce Dept. sets anti-dumping duty of 93.5% on Chinese anode Graphite

The U.S. Commerce Department announced on Thursday that it would impose preliminary antidumping duties of 93.5 percent on anode grade graphite imported to the U.S. after concluding the materials were being sold at a lower price than their fair market value. The Commerce Department's fact sheet, seen by, shows that all Chinese producers have a single antidumping margin of 93.5% and a cash deposit rate at 93.5%. Commerce reported that the order will affect imports worth $347.9 million by 2023. The duties are applicable to anode grade graphite materials with a minimum graphite purity of 90% by weight. They can...

Mineral Resources

Volvo CEO wants EU auto tariffs cut to defuse Trump's threat

In an interview on Thursday, the chief executive of Volvo Cars called on the European Union (EU) to reduce its 10% tariff against American-made vehicles, arguing that European carmakers don't need protection from U.S. rivals. Brussels and the auto industry have spent months trying persuade Washington, with its 27,5% tariff, to lower it on imported European cars. Hakan Samuelsson, after the company announced its second-quarter results, said: "If Europe wants free trade then we should lead the way by lowering tariffs to very low levels first." Donald Trump, the U.S. president, has threatened to increase tariffs on European Union imports...

Mineral Resources

Iron ore prices rise on China's steel demand and production restrictions

Iron ore futures rose for the second session in a row on Thursday. This was boosted by a strong steel demand, despite production restrictions in major steel-producing regions of China. The contract for the most traded September iron ore on China's Dalian Commodity Exchange rose by 1.81%, to 785.5 Yuan ($109.39), per metric ton. By 0713 GMT, the benchmark August iron ore traded on Singapore Exchange was up 0.86% at $100.8 per ton. Broker Galaxy Futures reported that China's steel production has recovered, due to the rapid accumulation of building material, robust manufacturing demand, and continued strength in exports. Galaxy...

Mineral Resources

Chinese miner Zangge stops lithium production after government order

Zangge Mining, a Chinese miner, announced on Thursday that it had stopped lithium production in a Qinghai Province unit on the orders of local officials. This pushed lithium prices higher by more than 4% during afternoon trading. According to a Shenzhen Exchange filing, the miner controlled by Zijin Mining, a state-owned giant, received an order from Haixi officials ordering a halt to all non-compliant activities on Wednesday. The filing didn't say how the mining was not compliant. Only with the approval of local governments can production, which is forecast to reach 11,000 tonnes of lithium carbonate in this year, resume....

Mineral Resources

Iron ore prices rise on China's steel demand and production restrictions

Iron ore futures prices rose on Thursday, boosted by robust steel production and demand in the top Chinese steelmaking regions. By 0337 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange rose 1.3% to reach 781.5 Yuan ($108.87). The benchmark iron ore for August on the Singapore Exchange rose 0.66% to $100.6 per ton. Broker Galaxy Futures stated in a report that steel production in China has recovered due to the rapid accumulation of building material, robust manufacturing demand and continued strength in exports. Galaxy reported that the two main steel-producing regions of Shanxi, and Tangshan...

Mineral Resources

Copper prices fall as investors prepare for US tariffs

The price of copper in London and Shanghai fell slightly on Thursday as the markets continued to be under pressure in anticipation of the United States' imposition on August 1st a 50% tariff on imports. As of 0123 GMT the three-month copper price on the London Metal Exchange fell 0.07%, to $9,628 a metric ton. The most traded copper contract on Shanghai Futures Exchange also declined 0.04%, to 77,930 Yuan ($10,855.12) per ton. ANZ stated that the U.S. market will likely draw from existing stocks, putting downward pressure COMEX and LME Copper prices in the short-term. In an interview with...

Mineral Resources

Zimbabwe plans to start construction of a new $270 million lithium plant in 2019.

Trevor Barnard, the CEO of Zimbabwe's Kuvimba Mining House, said that construction on a $270-million lithium concentration plant will begin in the third quarter this year at Sandawana Mine. The plant is expected to be completed in early 2027. The state-owned miner will partner with two Chinese metals titans to build a lithium concentrator capable of producing 600,000 tons per year. The two companies will construct and operate the plant in a minimum five-year period before returning it to Kuvimba. Barnard refused to identify the companies citing ongoing discussions. Barnard, a reporter, said: "We're still working on finalising a few...

Mineral Resources

Copper prices fall as concerns about disruptions subside and inventories increase

Prices of copper fell on Wednesday, as concerns about supply disruptions eased and inventories increased amid uncertainty over the impact of U.S. Tariffs. The benchmark three-month price of copper at the London Metal Exchange fell 0.4% to $9,610 per metric tonne at 0945 GMT. This is down from a peak reached on July 2 that was just above $10,000. Nitesh Sha, commodity strategist at WisdomTree, said that there haven't been additional supply disruptions pushing prices higher on the different exchanges. One of the protest leaders said late Tuesday that the blockades had been lifted in Peru, which is the third...

Mineral Resources

Housing concerns persist despite iron ore rising on the back of stronger Australia-China relations

Iron ore futures rose on Wednesday, boosted by stronger ties between Australia, the world's top producer, and China, its largest consumer. However, gains were limited by worries about persistent weakness in China’s property market. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 773 yuan (107.70 dollars) per metric ton. As of 0754 GMT, the benchmark August iron ore traded on Singapore Exchange was up 1.04% at $99.95 per ton. Anthony Albanese, Australian prime minister, met with Chinese steel industry officials in Beijing on Monday. Following a meeting between Albanese, and...

Mineral Resources

Iron ore prices rise on improved China-Australia relations

Iron ore futures rose on Wednesday, boosted by stronger ties between Australia, the world's top producer, and China, its largest consumer. However, gains were limited by worries about persistent weakness in China’s property market. As of 0303 GMT, the most-traded contract for September iron ore on China's Dalian Commodity Exchange was trading 1.11% higher. It was 773.5 Yuan ($107.71), per metric ton. The benchmark iron ore for August on the Singapore Exchange rose 0.84% to $99.75 per ton. After a meeting with Chinese President Xi Jinping in Beijing, Australian Premier Anthony Albanese agreed to a new Policy Dialogue on Steel...