Latest News
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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 a viable divestiture and identify possible buyers. Seven & i reported that Couche-Tard had "recently accepted" the proposal to allow an evaluation of the Canadian firm's buyout bid. Separately Seven & i announced that Joseph Michael DePinto stepped aside as a board member of the holding company, while still remaining chief executive officer of 7-Eleven Inc. This week, top executives from Couche-Tard will visit Tokyo to talk to the media about their bid to take over. Artisan Partners is a U.S.-based investment firm that owns Seven & i Holdings. It said Sunday that it opposes the Japanese retailer's succession plan for the CEO and urged Couche-Tard to reconsider its takeover offer. (Reporting and editing by Tom Hogue, Stephen Coates and Rocky Swift)
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Oil prices continue to fall as investors fret about tariffs
Oil prices dropped on Monday, as investors' appetite for riskier assets was tempered by concerns about the impact of U.S. tariffs on global growth and fuel consumption, as well as a rise in production from OPEC+ producers. Brent crude dropped 25 cents or 0.4% to $70.11 per barrel at 0037 GMT, after closing Friday up 90 cents. U.S. West Texas Intermediate Crude was $66.76 per barrel, down by 28 cents or 0.4% after closing the previous session 68 cents higher. WTI fell for the seventh consecutive week, which is the longest losing streak in 2023. Brent also dropped for a third week running after U.S. president Donald Trump delayed and then imposed tariffs on key oil suppliers Canada, Mexico, and raised taxes on Chinese products. China responded by imposing tariffs on agricultural goods against the U.S., Canada and other countries. The IG analyst Tony Sycamore stated in a client's note that "Crude Oil was weighed last week down by U.S. Tariff uncertainty, U.S. Growth Concerns, the potential lifting U.S. Sanctions on Russia, as well as OPEC+ choosing to increase production." He said that despite the fact that the WTI price has recovered to $72, he still expects the weekly support to remain around $65. The oil prices recovered some of their losses on Friday, after Trump announced that the U.S. will increase sanctions against Russia if it fails to reach an agreement with Ukraine. Two people with knowledge of the situation said that the U.S. was also looking at ways to ease sanctions against Russia's energy industry if Russia agreed to end its conflict with Ukraine. OPEC+ (Organisation of Petroleum Exporting Countries, including Russia) has announced that it will increase oil production starting in April. Alexander Novak, the Russian Deputy Premier, said on Friday that OPEC+ might reverse its decision if the market is imbalanced. Trump stated last week that he was willing to negotiate a nuclear deal with OPEC-member Iran in order to stop the latter from acquiring such weapons, despite Iran's claim to not be interested. A spokesperson for the State Department said that Trump is conducting a campaign of "maximum press" against Iran, under which on Saturday the U.S. revoked a waiver allowing Iraq to pay Iran electricity. Ayatollah Khamenei, Iran's supreme leader, said on Saturday that his country would not be forced into negotiations. Reporting by Florence Tan, Editing by Christopher Cushing
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Trump declares that the US has "just barely" ended its pause in Ukraine intelligence sharing
Donald Trump, the U.S. president, said that on Sunday he believed that the United States has "just about ended" a suspension of sharing intelligence with Ukraine and that he is expecting good results from upcoming discussions with Ukrainian officials in Saudi Arabia. When asked if he'd consider ending the suspension Trump replied, "We almost have." We almost have." CIA Director John Ratcliffe announced on Wednesday that the U.S. has halted sharing intelligence with Ukraine. This is a way to put pressure on Ukrainian president Volodymyr Zelenskiy, who will be working with Trump on arranging peace talks with Russia. This suspension could result in the loss of lives as it will affect Ukraine's capability to defend itself from Russian missile attacks. It follows a stoppage of U.S. Military aid to Kyiv. U.S. officials are meeting with a Ukrainian delegation in Saudi Arabia on Tuesday to see if Ukraine is ready to make concessions in material terms to Russia in order to end the conflict. The fate of the minerals deal between Washington, Kyiv and Jeddah also hangs over the Jeddah talks. Trump expressed optimism regarding the talks. He said: "We are going to make some progress this week, I think." Zelenskiy was scheduled to sign a minerals agreement with Trump, which would have given the U.S. the right to access certain mineral resources found in Ukraine. However, Zelenskiy’s visit to the White House erupted in a conflict between the two presidents. The accord was never signed. Trump said that he believed Ukraine would sign the mineral agreement. Ukraine wants it to include a U.S. guarantee of security. They will sign the mineral deal, but I want to see them want peace. He said they haven't demonstrated it as much as they should. Trump said that his administration is also looking into a number of things in relation to tariffs against Russia and that officials from the administration are not worried about military exercises between Russia, China and Iran. (Reporting and writing by Trevor Hunnicutt, Patricia Zengerle and Christian Schmollinger; editing by Sandra Maler, Michael Perry and Christian Schmollinger)
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US stock futures fall, but yen rises on China deflationary forces and trade war
Wall Street futures fell and the yen, a safe-haven currency, strengthened on Monday morning as deflationary forces in China exacerbated growth concerns from a slowing U.S. economic and a simmering trade war. U.S. S&P500 e-mini futures were 0.7% lower, while Nasdaq Futures fell 0.9%. The yen rose by 0.4%, to 147.395 U.S. dollars. Bitcoin, the cryptocurrency, fell 7.2% on Friday to its lowest level this month of $80 085.42. On Sunday, data showed that China's consumer prices index dropped at its fastest pace in 13 month in February. Meanwhile, producer prices deflation continued for a 30th consecutive month. The first payrolls report for the month of January, which reflects President Donald Trump's policy, showed that the U.S. labour market had created fewer positions than expected. This continued a recent trend of weak readings for the largest economy in the world. In a Fox News Sunday interview, Trump declined to say whether or not his tariffs against Canada, Mexico, and China would lead to a U.S. economic recession. Kyle Rodda is a senior financial market analyst at Capital.com. He said that there are many possible reasons for the early weakness of markets. Rodda stated that "most of all, I believe it is Trump's cavalier attitude to economic policy which has roiled sentiment." "Unlike his first administration where signs of a slowdown in the economy or a market correction would lead to reversals on policy, he's genuinely focused on structural changes to the country's economy, even if that means sacrificing short-term economic growth." Reporting by Kevin Buckland, Editing by Jamie Freed
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US opens to mineral partnerships with Democratic Republic of Congo
The United States is open to exploring critical minerals partnerships with Congo, the State Department said in a statement to on Sunday, after a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal. The Democratic Republic of Congo is rich in minerals such as cobalt, uranium, and lithium. Rwanda-backed M23 M23 rebels have taken over large areas of the country this year. Kinshasa has been buzzing with talk of a deal between the U.S. and Ukraine, which are also negotiating a mineral pact. A spokesperson for the State Department said that the United States was "open to discussing partnerships that align with the Trump Administration’s America First Agenda" and that the Congo held "a substantial share of the critical minerals needed for advanced technology." The spokesperson stated that the U.S. had worked to "boost U.S. Private Sector Investment in the DRC in order to develop mining resources responsibly and transparently." Kinshasa did not make a public proposal but instead said it was seeking partnerships with a variety of partners. Last week, the Congolese government's spokesman Patrick Muyaya stated that there was a desire to diversify their partners. He added that "daily" exchanges were taking place between Congo and America. He said: "If American investors were interested in investing today, they would find space. DRC reserves are readily available. It would be great if American capital invested here." STABILITY REGIONAL Two sources have confirmed that Andre Wameso - the deputy chief of staff for Congolese president Felix Tshisekedi - visited Washington in early this month to discuss a possible partnership. A lobbyist for Congolese Senator Pierre Kanda Kalambayi wrote to U.S. Secretary of State Marco Rubio on February 21 and to other American officials to invite U.S. investments in Congo's vast minerals resources in exchange to helping to strengthen "regional stabilty". According to two Congolese official, the initiative wasn't sanctioned by the larger Congolese government. Sources from the Congo's presidency, ministry of mines and Washington have confirmed that there are several initiatives in progress, even if they are still at an early stage. Two sources claim that a Congolese delegation was scheduled to meet the House Foreign Affairs Committee in March, but the meeting was cancelled at short notice. Jason Stearns is a Congo expert from Canada's Simon Fraser University. He noted that China dominates Congo's mineral supply chain. He said that the U.S. doesn't have any state-owned mining companies, like China, and there are no private American companies operating in Congo. "If the Congolese are serious about making this work, they will not offer a U.S. mining concession. He added that they'll need to find more complex ways to engage the U.S. Reporting by Congo Newsroom, Sonia Rolley & Portia Crowe. Editing by David Holmes
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US opens to mineral partnerships with Democratic Republic of Congo
The United States is open to exploring critical minerals partnerships with Congo, the State Department said in a statement to on Sunday, after a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal. The Democratic Republic of Congo is rich in minerals such as cobalt, uranium, and lithium. Rwanda-backed M23 M23 rebels have taken over large areas of the country this year. Kinshasa has been buzzing with talk of a deal between the U.S. and Ukraine, which are also in talks over a mineral pact. A spokesperson for the State Department said that the United States was "open to discussing partnerships that align with the Trump Administration’s America First Agenda" and that the Congo held "a substantial share of the critical minerals needed for advanced technology." The spokesperson stated that the U.S. had worked to "boost U.S. Private Sector Investment in the DRC in order to develop mining resources responsibly and transparently." Kinshasa did not make a public proposal but instead said it was seeking partnerships with a variety of partners. Last week, the Congolese government's spokesman Patrick Muyaya stated that there was a desire to diversify their partners. He added that "daily" exchanges were taking place between Congo and America. He said: "If American investors were interested in investing today, they would find space. DRC reserves are readily available. It would be great if American capital invested here." Two sources have confirmed that Andre Wameso - the deputy chief of staff for Congolese president Felix Tshisekedi - visited Washington in early this month to discuss a possible partnership. A lobbyist for Congolese Senator Pierre Kanda Kalambayi wrote to U.S. Secretary of State Marco Rubio on February 21 and to other American officials to invite U.S. investments in Congo's vast minerals resources in exchange to helping to strengthen "regional stabilty". According to two Congolese official, the initiative wasn't sanctioned by the larger Congolese government. Sources from the Congo's presidency, ministry of mines and Washington have confirmed that there are several initiatives in progress, even if they are still at an early stage. Two sources claim that a Congolese delegation was scheduled to meet the House Foreign Affairs Committee in early March, but the meeting was cancelled at the last minute. Reporting by Congo Newsroom, Sonia Rolley, and Portia crowe; editing by David Holmes
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Artisan Partners rejects the CEO of Japan retailer Seven & i
Artisan Partners is a U.S. investor in Seven & i Holdings. According to a board letter, the American company opposed the Japanese retailer’s succession plan for the CEO and urged it to reconsider a possible takeover. 7-Eleven named Stephen Dacus CEO last week to help lead the company's recovery and to respond to Alimentation Couche-Tard's $47 billion offer to take over. Artisan Partners' letter urged Seven & i, in order to maximize shareholder value, to contact Couche-Tard and discuss its buyout offer. Seven & i was not available to comment immediately outside of business hours. Couche-Tard also did not respond immediately to a comment request. Dacus and the special committee rejected Couche-Tard’s offer of $18.19 a share. This was at the time a significant premium over the current share value. The company's stock closed Friday at $14.18 in Tokyo, which is about 22% less than Couche-Tard’s latest offer. The activist investor stated that it would vote against Dacus as well as other members of nomination committee at the upcoming company's annual general meeting. Artisan Partners announced that it would vote against Seven & I vice president Junro Ito during the annual general assembly, citing His inability to secure funding for a management buyout of $58 billion last month. Ito Family began negotiations to buy out the convenience store owner. If successful, it would have been one of the largest management purchases in history. Artisan was among Seven & i’s foreign investors who urged the company, to focus on their core convenience store business.
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Ecuador won't accept deported migrants from other countries, says president
Daniel Noboa, the president of Ecuador, said that his country would not accept deported migrants from other countries. He also criticized Venezuelan President Hugo Chavez for allegedly refusing to allow Venezuelan migrants who were deported by the United States. Noboa said that Ecuador will always accept its citizens who are deported by other countries, because "we don't abandon our people." Noboa called it "a complete lack of empathy" that Maduro "rejected" the flights of Venezuelans who were deported. Maduro had announced a day earlier that flights scheduled to return Venezuelan migrants to Venezuela from abroad would be cancelled. United States been affected The Trump administration cancelled a license that allowed the use of e-cigarettes, causing "a tremendous amount of commotion" Chevron will operate South America is a country with a lot of history. Maduro did not directly mention the name of the company when referring to the migrant flight. He claimed that flights and communication between the countries were affected. Noboa wrote in his blog: "This is the way authoritarian regimes and extremists behave, without care for the fate of the people fleeing from the crisis that they themselves created." Maduro, his government and other countries have rejected the sanctions imposed by the United States. They claim that they are illegal measures which amount to "economic warfare" meant to cripple Venezuela. Maduro, his allies and the government have praised the country for its resilience in the face of the sanctions. However, they have blamed the sanctions historically for some economic hardships. (Reporting by Alexandra Valencia; Writing by Cassandra Garrison; Editing by Mark Porter)
After a deadly attack on civilians, the violence in eastern Congo continues
Residents reported that fighting between M23 rebels, and pro-Congo forces, was taking place in Nyabiondo on Sunday, 100 km north of Goma, in the eastern Congo. This comes days after an attack in the area left many civilians dead, according to both UN and NGO reports.
Since the beginning of this year, the Rwanda-backed M23 rebel group has taken over large areas of the mineral-rich east of Congo.
Kipanda Bibiiri, a local official who was fleeing from the area, said that M23 had taken Nyabiondo at 11 a.m. (0900 GMT) following clashes.
Telesphore Mitondeke is a civil society reporter in Masisi. Nyabiondo lies in this area.
The clashes in Nyabiondo are currently being fought with shooting coming from all directions.
According to the head of an NGO in the area, the fighting is a result of clashes that took place last week in Tambi village, 18 km northeast of Masisi. The clashes culminated with a nighttime attack on March 5, which left many civilians dead.
A memo from the United Nations, seen on Sunday, said that between 40 and 70 civilians were believed to be dead in this attack.
Separately, on Sunday, a representative of the rebel alliance which includes M23 announced on X the switch in sides by one of the progovernment militias operating in eastern Congo.
In a press release, the spokesperson of the group of which the militia was a member said that the remainder of the group still remained loyal to both the Congolese army and government.
The M23 rebels claim that they plan to take power in Congo’s capital Kinshasa. The rebels also accuse the Congolese government of failing to live up to past peace agreements and not fully integrating Congolese Tutsis in the army and administration.
Analysts say that the group's expansion into new mineral-rich territory this year gives it more scope to earn mining revenues.
In Washington, the State Department said in a statement to on Sunday that the United States was open to exploring critical minerals partnerships with Congo, after a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal.
The Congo is rich with cobalt and lithium, amongst other minerals.
(source: Reuters)