2023-09-27 19:16:06
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• The Canadian government will examine the proposed merger between Bunge and Viterra, according to Minister of Transport. The Canadian government will examine the proposed merger between the American grain seller Bunge and the company Viterra, owned by Glencore, the Minister of Transport said in a press release on Tuesday.
• Shopify invests in wholesale platform Faire. Shopify is investing in wholesale commerce platform Faire, the two companies announced, as part of an overall deal that would see the startup adopt Shopify technology for its customers.
• Amazon’s antitrust lawsuit, brought by the FTC, may face a major obstacle in the American courts, according to experts. The Federal Trade Commission (FTC) accuses Amazon.com of abusing its power in the retail market to stifle competition. It faces hurdles in court, testing the reach of U.S. antitrust law and posing barriers to the agency, legal experts say.
• Biden says UAW should fight for 40% wage increase during Michigan visit. President Joe Biden joined the picket line of striking auto workers in Michigan on Tuesday, supporting their demand for a 40% wage increase and saying they deserve ‘much more’ than what they are getting .
• US lawmakers demand documents on Ford-CATL battery partnership. The chairmen of three committees in the U.S. House of Representatives have demanded Ford Motor turn over documents related to its partnership with Chinese battery company CATL and threatened to summon CEO Jim Farley before Congress.
TRENDS BEFORE OPENING
Futures contracts for Canada’s main stock index are rising slightly, supported by a rise in oil prices. Wall Street futures are rising as falling Treasury yields boosted large caps, while investors awaited developments on the U.S. funding bill and inflation data to be released this week. European stocks rose, supported by industrial and technology stocks. Japan’s Nikkei stock average closed higher, rebounding from its lowest level in a month. The US dollar hit its highest level in ten months, while the price of gold fell to its lowest level in a month.
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HEADLINES TO FOLLOW
Others
• Consolidated Uranium Inc & IsoEnergy: Uranium miner IsoEnergy said it would buy all the shares of Consolidated Uranium it doesn’t already own, in an all-stock deal, valuing the combined company at C$903.5 million. The deal is expected to close in the fourth quarter of this year, following which Consolidated Uranium shareholders will own 29.5% of the combined company, with the remainder held by IsoEnergy. Consolidated Uranium shareholders will receive 0.500 shares of IsoEnergy common stock for each share held.
• Shopify: The e-commerce giant is investing in sales platform Faire, the companies said, as part of an overall deal that would see the startup adopt Shopify technology for its customers. Faire, founded in 2017 and valued at $12.59 billion, would become Shopify’s recommended marketplace for merchants. The companies declined to disclose the value of the deal or the size of Shopify’s stake. Aneeqa Khan, Shopify’s chief product officer, said the partnership would make it easy for Shopify merchants to find buyers and for retailers to source from Faire’s network of brands. Faire, which focuses on independent businesses, says brands that previously only sold directly to consumers are moving to a wholesale model as they look to reduce their operating costs.
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