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7-Eleven's owner says he will have to cut costs because US tariffs are hitting consumer confidence
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 to their highest level since 1981. Dacus, a director from outside who will assume the role of CEO next month, said that the tariffs imposed by the United States will have the greatest impact on the consumer's behaviour, rather than on the suppliers. He said, "In this environment, you should look more closely at your supply chain and make sure that you are controlling your costs as much as possible." Seven & i, which has been reluctant to accept a $47-billion takeover offer from Canada's Alimentation Couche-Tard (ACT), is on a mission to increase corporate value. This strategy will be largely achieved by improving the U.S. convenience store division, which has more than 12,000 stores. Seven & i has 73% of its total sales in North America. Seven & i plans to list the North American subsidiary of its company in the second half 2026. However, this will depend on the market conditions and a possible delay, Dacus stated. He said that the initial public offering gave him the financial flexibility to increase investment in his stores. Quick service restaurants are more profitable, he added. It has also taken other measures, including selling its superstore division to Bain Capital. The company is also launching a share-buyback program worth approximately 2 trillion yen (roughly $14 billion) until fiscal year 2030. The company has engaged with its Canadian suitor, but thinks it will be hard to get approval from U.S. antitrust authorities. Dacus declined to comment about the current status of the negotiations. Dacus was previously the head of the special committee that examined Couche-Tard’s bid for takeover. Dacus stated that "my appointment as CEO was not related to the takeover bid." We don't discuss Couche-Tard in the management team, because we can't do anything about it. Seven & i shares were trading at around 2,100 yen in the morning on Friday, well below Couche-Tard’s offer price 2,700 yen a share. This indicates investor scepticism about a deal.
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China's premiums soar as Asia gold-discounts in India reach a near-nine-year-high
This week, gold discounts in India reached their highest level in nine years, as record prices discouraged buyers. Premiums in China also rose to an all-time high, leading to increased shipment to the largest bullion buyer in the world. This week, Indian dealers offered a discount The largest discount since July 2016 is up to $80 per ounce, including 6% import duties and 3% sales taxes. The discount last week was up to $74. Prices have increased and jewellery sales are down. Jewellers across the country feel the slowdown as shoppers are not buying the same amount of jewelry they used to. As of Friday, 0357 GMT, the spot gold price was trading at $3,333.73. This week, gold prices in India reached a new record of 99 358 rupees ($1,167) per 10 grams. A Mumbai-based dealer from a private bullion bank said that jewellers have not been active on the market because they received fewer orders in advance for the Akshaya Tiritiya festival. Next week, India will celebrate Akshaya Tirtiya, which is the second largest gold-buying holiday after Dhanteras. Dealers in China charged premiums between $44 and $50 per ounce above global benchmark spot price, the highest level since February 2024. The premiums were up from $15 to $21 per ounce last week. "The premiums are very healthy in China... Gold is being brought into the region in response to this high demand from around the world, said Joseph Stefans Group Head of Trading at MKS PAMP. Despite high prices, demand surged despite the price increase. In Hong Kong, gold In Singapore, the price was $2 higher than in Singapore. Gold traded at a premium up to $2.50 an ounce over the global benchmark. Brian Lan, managing Director at GoldSilver Central, said, "We have seen prices drop a little from their highs, so there was a slight increase in the number of clients who wanted to purchase." In Japan, bullion ($1 = 85,1100 Indian rupees) (Reporting by Anushree Mukherjee in Bengaluru and Rajendra Jadhav in Mumbai; Editing by Mrigank Dhaniwala) ($1 = 85,110 Indian Rupees) (Reporting and editing by Anushree Mokherjee from Bengaluru; Rajendra Jadhav from Mumbai)
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Cerulean Winds Wraps Up Ecological Survey for Floating Wind Farms
Cerulean Winds, the lead developer of the Aspen, Beech and Cedar floating offshore wind farms, has completed Digital Aerial Surveys (DAS) for the projects planned to be built in the Central North Sea.The ecological data has been collected across an area of 2,784 km2, following 72 DAS for the its Aspen, Beech and Cedar developments.The work, completed by HiDef Surveying using fixed-wing aircraft equipped with ultra-high-resolution digital surveying technology, took place between April 2023 and March 2025.The data will be used in environmental assessments for the project’s consenting phase and to ensure compliance with UK and European environmental legislation. The findings will also help optimize sustainable project planning, including turbine placement and infrastructure planning.Survey activity commenced immediately following the announcement of INTOG leasing awards in March 2023, enabling Cerulean to accelerate environmental data collection and keep consenting timelines on track.Having completed the surveys, Cerulean is set to submit its Environmental Impact Assessment (EIA) for the Aspen project, a critical step in accelerating timely project delivery and achieving commercial operation.“The completion of this best-in-class work, delivered at scale, is another milestone in the development of the UK’s floating offshore wind industry. The HiDef team have provided the accurate data we need to make our projects as sustainable as possible.“We’re now looking ahead, alongside our consortium of partners, to developing the project and capturing the benefits of a UK-based FLOW industry,” said Dan Jackson, Founding Director of Cerulean Winds.Once built, the three Cerulean Winds projects (Aspen, Beech and Cedar), could comprise up to 300 turbines. The 1 GW Aspen site will be developed first, providing new offshore wind capacity helping to meet the UK government’s 50 GW by 2030 target.Cerulean Winds leads a collective of delivery partners, including Haventus, Ocean Installer, Bilfinger and NOV.
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Copper prices near 3-week high in hopes of tariff relief
The copper price hovered at a three-week high on Friday, and was headed for a gain of about 5% on the week on signs that tensions between China and the United States may be easing. This is despite President Donald Trump’s comments creating confusion and volatility on global markets. By 0422 GMT, the benchmark copper price on London Metal Exchange (LME), was up 0.6% to $9,445 per metric tonne. The metal reached a high of $9,481.50 in the first half of this week, its highest level since April 3. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by 0.4%, to $10,682.66 per metric tonne. LME copper prices have risen by about 10% after hitting a low of $8.105, a level not seen in 17 months. "Signals coming from the U.S. Administration suggesting a substantial decrease in tariffs on Chinese products have fueled hope of a de-escalation of trade friction between the U.S. Beijing claimed on Thursday it had not held direct trade negotiations with Washington. However, Trump confirmed later that day that such talks were in progress. The concurrent decline in dollar index provides an additional tailwind, Sachdeva added. He also noted that the copper price has a technical hurdle at $9,500 a metric ton and a break above this level is essential to maintain the current upward trend. This week the dollar has fluctuated dramatically. It started with a 1% drop against major peers, but then surged 1.5% on Tuesday after Trump's remarks. The dollar index will rise 0.27% for the entire week after a four-week losing streak. The dollar price of commodities increases when purchased in other currencies. Other metals saw an increase of 0.7% in aluminium to $2466 per ton. Zinc rose by 0.3% to 2,695, while lead increased 0.2% to 1,962.5. Tin gained 0.3%, reaching $31,850, and nickel grew 0.3%, to $15,875 per ton. SHFE aluminium rose 0.5% to 20 0005 yuan per ton. Zinc was up 1.3% at 22,830, lead 0.7% at 17,045, nickel 0.2%, 126,030, and tin 1.2%, 262,940. ($1 = 7.2950 Chinese yuan Renminbi). (Reporting and editing by Eileen Soreng, Mrigank Dhaniwala.)
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Blue chip-backed Biomas launches first Brazil reforestation project
Biomas, an initiative for reforestation in Brazil backed by several major corporations, unveiled on Friday its first project. It aims to restore 1,200 ha (2,965 acres), of Brazil's Atlantic coast rainforest, with more than 70 native tree varieties. The project represents a major milestone for the company formed in 2022 by Vale Mines, Marfrig Meatpackers, Suzano Pulpmakers, Santander Brasil, Itau, and Rabobank. The initiative comes at a time when Brazil's carbon removal industry is growing, and major reforestation initiatives are already underway. Startups Mombak and Re.green offer credits to companies who want to offset their greenhouse gas emission. These two developers purchased land from farmers or ranchers, or partnered with these individuals to reforest areas of the Amazon. Biomas has started with a stretch in the Atlantic rainforest of the state of Bahia, and is evaluating future Amazon projects. Mucununga is the name of a project that will see Veracel Celulose, a producer of eucalyptus paper, invest around 55 million reais (9.7 million dollars) in reforestation land. In an interview with Biomas CEO Fabio Sakamoto, he said that the Atlantic rainforest was a biodiversity hotspot. He also noted the local infrastructure and the confidence in land titles were factors in the decision to begin work in the coastal biome. More than two-thirds of Brazil's inhabitants live in the corridor that was once covered with the Atlantic rainforest. This includes the states of Sao Paulo, Rio de Janeiro and other Brazilian states. Scientists estimate only 12% original forest remains. "Our focus is both on the Atlantic rainforest as well as the Amazon." Sakamoto said, "We have been mapping the opportunities in both biomes over the last couple of years." Biomas plans to plant around 2 million trees as part of the Mucununga Project to generate approximately 500,000 carbon credit over 40 years. Each credit is intended to compensate for one ton carbon dioxide emissions. The company's goal is to restore 2 million hectares (roughly 400,000 acres) of unproductive or degraded land in the next 20-year period.
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Copper prices near 3-week high in hopes of tariff relief
The copper price hovered at a three-week-high on Friday, and was headed for a gain of about 5% on the week on signs of potential de-escalation of U.S. China trade tensions. Meanwhile, President Donald Trump’s slew of comments caused confusion and volatility on global markets. By 0334 GMT, the benchmark copper price on London Metal Exchange was up 0.3% to $9,418 per metric tonne. Metals reached a high of $9,481.50 in the first half of this week, their highest level since April 3. The Shanghai Futures Exchange's (SHFE) most-traded contract for copper rose by 0.2%, to $10,664.95. LME copper prices have risen by about 10% after hitting a low of $8.105, a level not seen in 17 months. "Signals coming from the U.S. Administration suggesting a substantial decrease in tariffs on Chinese products have fueled hope of a de-escalation of trade friction between the U.S. Beijing said on Thursday it had not begun direct trade negotiations with Washington. However, Trump repeated the statement later that day. The concurrent decline in dollar index provides an additional tailwind, Sachdeva added. He also noted that the copper price has a technical hurdle at $9,500 a metric ton and a break above this level is essential to maintain the current upward trend. This week the dollar has fluctuated dramatically. It started with a 1% drop against major peers, but then surged 1.5% on Tuesday after Trump's remarks. The dollar index will rise 0.27% for the entire week after a four-week losing streak. The dollar price of commodities increases when purchased in other currencies. Other metals saw an increase of 0.5% in aluminium to $2.461.50 per ton. Zinc rose by 0.2% to 2,691.50. Lead increased 0.2% at $1.962.5. Tin gained 0.1% at $31,800. Nickel was up by 0.06% to $15,830. SHFE aluminium rose 0.5% to 19.995 yuan per ton. Zinc climbed 1.3% to 22.830 yuan. Lead grew 0.7% to 17.040 yuan. Nickel was up 0.05% to 125.850 yuan. Tin gained 1.1% to 262,730.
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Dollar and stocks are set to rise weekly on Trump's tariff reversal
The dollar rose for the first time in over a month on Friday, as investors welcomed the apparent softening of White House's stance towards China despite the lack of any detente. Alphabet, the parent company of Google, also beat expectations for profit and reaffirmed AI expenditure targets. This pushed its shares up by nearly 5% after-hours and pulled along with peers and S&P futures which rose by 0.5%. Wall Street investors shrugged off mixed corporate results overnight and the S&P 500 was up 2%. The dollar has been weakened by a series of volatile events, including tariff announcements and reversals, as well as a flight from U.S. assets. However, the dollar has stabilized around 143 Japanese yen per $1.1350, with dollar sales in Asia easing on Friday. In a client note, ING currency analyst Francesco Pesole said that there is a sense among market participants that they can now impose a more friendly stance from the U.S. Government. Investors will seek confirmation of a more optimistic view on U.S. Assets to justify further dollar gains. The U.S. changed its tone this week and declared that the situation was unsustainable. China has, however, denied that it has held any trade talks with Washington despite the comments of U.S. president Donald Trump to the contrary. It has also warned other countries not to strike deals with the U.S. at China's cost. Christopher Wood, global head of equity strategies at Jefferies, said: "The equity recovery in the last two days is a direct result of Donald Trump’s apparent U-turn on China tariffs. This confirms that the U.S. doesn't have the cards in this poker game." The Nikkei 225 index rose 1.4% in Japan on Friday. It has recovered all of its losses following Trump's announcement on April 2, of the highest U.S. Tariffs in 100 years. Trump suspended most of these levies, with the exception of China and the 10% baseline tariff. The tech shares were the biggest gainers, with Nidec shares up 11% after it predicted a record profit for the year and Nissan shares jumping 2% on investors' bets that the worst is over since the automaker had forecasted a record loss. The Hang Seng in Hong Kong rose by 0.9%, and the Shanghai Composite and blue-chip CSI300 on mainland China also saw small gains. The U.S. Dollar Index was up 0.4% this week to 99.619. The markets in Australia and New Zealand closed due to a public holiday. The markets were showing signs of unease, but this may not last long. Gold was steady at $3,349 per ounce, and analysts from Philip Securities in Singapore noted that the Gold/S&P500 ratio, which is a measure of investor's gloom, had reached its highest level since the bear market driven by the pandemic of 2020. Procter & Gamble cut their forecasts or canceled them due to the increased uncertainty of consumers. The U.S. Treasury Market is still under pressure. It was heavily sold as Trump's tariffs rattled confidence in U.S. assets and leadership. On Friday, 10-year yields were at 4.3168%.
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Sources: State Department revamps energy bureau and eliminates climate office
Four sources who are familiar with the notification said that the Trump administration terminated federal employees responsible for U.S. climate policy, climate aid and global climate policy as part of a reorganization at the State Department. Career employees at the Office of Global Change in the State Department’s Bureau of Oceans and International Environmental and Scientific Affairs played a leading role in U.S. negotiation under the United Nations Framework Convention on Climate Change. The office's officials also represented the United States in the International Civil Aviation Organization, the International Maritime Organization and their respective sectors of commercial aviation and shipping. The firings come after Donald Trump announced that the United States would withdraw from the Paris Climate Agreement, as well IMO negotiations on decarbonization measures in order to allow the global shipping industry reach net-zero emission levels by "around 2020". The United States is a member of the ICAO and has agreed to take part in its Carbon Offsetting and Reduction Scheme for International Aviation. (CORSIA), and to reach net-zero emissions by 2050. Trump's administration has, however, recently opposed ICAO’s decision to increase sustainable aviation fuel. It is unclear how or if America will continue to take part in these international accords, or whether certain office functions will be merged into other bureaus. The Trump administration is aggressively reversing existing U.S. Climate Policy and has dismantled U.S. Agency for International Development. Requests for comments from the State Department were not answered. According to documents internal and another source with knowledge of the situation, there are also changes in the works at the Bureau of Energy Resources of the State. The bureau was established during the Obama administration and helped to gather allies and partners in support of sanctions against Iran's oil exports. The bureau, which employs about 80 people, has been focusing on the development of alternative minerals, oil, and gas and weaning countries away from Russian fossil fuels in recent years. According to internal documents, the Bureau of Energy Resources will be absorbed by the Bureau of Economic and Business Affairs. This is "to ensure that a laser-like concentration on expanding and exporting American Energy." Sources familiar with the situation say that many employees working on other issues than critical minerals are expecting to be laid off within days. (Reporting and editing by Tom Hogue; Humeyra Pauk, Valerie Volcovici; Timothy Gardner).
Isaiah Salinda and Kevin Velo set a new record of 58 in the Zurich Classic
Isaiah Salinda, Kevin Velo and their 14-under par 58 on Thursday took the lead in the first round of the Zurich Classic New Orleans at TPC Louisiana.
Salinda, Velo and their best-ball format were 12 under par through the first 11 holes - an eagle for Salinda on the par-5 7th and all the other birdies - before slowing down. The team ended with four pars, and one birdie on the last five holes.
Salinda is ranked No. 163 in the Official World Golf Ranking. Velo is ranked No. Both players have never won on the PGA Tour.
Salinda Velo and Nicolai Hojgaard of Denmark, who shot a 13-under 59, are only one-shot ahead. The brothers did not make a single bogey.
Collin Morikawa, Kurt Kitayama and the Australian Cam Davis are tied at 11-under 61 with Paul Peterson of Germany and Thomas Rosenmueller and Norwegian Kris Ventura.
Rory McIlroy from Northern Ireland and Shane Lowry from Ireland both opened with a 64 at 8-under. McIlroy is playing in his first tournament after winning the Masters, completing his career Grand Slam.
On Friday, the tournament will switch to foursomes (alternate shots). After the 36-hole cut is made, four-ball will play on Saturday followed by foursomes on Sun.
Field Level Media
(source: Reuters)