Corporate governance - Vigil

Walmart's Mexico and Central America chief executive, Ignacio Caride, will step down as CEO and from the board of directors after just over a year, the unit of the U.S. retailer said on Friday in a move that surprised analysts. Walmart's Chile CEO, Cristian Barrientos Pozo, will take over as interim chief executive until a recruitment process is completed, the company said in a statement. Barrientos Pozo, previously senior vice president of operations at Walmart de Mexico, brings more than 26 years of retail experience, including in expansion, store openings and digital transformation, the company said. The company, Mexico's largest retailer, operates Walmart, Sam's Club, and Bodega Aurrera stores across six countries. Known as Walmex, the company reported a 10% drop in net profit in its second-quarter results released in July, citing a slower-than-anticipated recovery in consumer spending despite an 8% increase in sales.

Two new rideshare companies – one Canadian and one European – have entered the Toronto market in an attempt to compete with ride-hailing behemoths Uber and Lyft and capitalize on the wave of domestic patriotism that is driving Canadian consumers away from American brands in light of the trade war. Hopp, an Estonian rideshare company that also owns and operates the popular app Bolt, began service in Toronto in February and expanded into the Greater Toronto Area in June. David Riggs, the company’s general manager, said Hopp’s driver base has grown significantly since its launch – from 1,700 drivers to more than 26,000 – and the platform facilitates tens of thousands of rides daily across the GTA. Hovr, a Toronto-based ridesharing app that has been operating since May, 2024, is vying for a greater share of the city’s rider market. 

Le nouveau ministre fédéral du Commerce international, Maninder Sidhu, dit vouloir conclure des ententes en Amérique du Sud, en Asie du Sud-Est, en Afrique et même ailleurs. Il veut aussi convaincre le milieu des affaires d’utiliser les ententes commerciales déjà signées par le Canada. « Mon rôle principal à titre de premier vendeur du Canada est d’être constamment à la recherche dynamique de nouveaux marchés et d’ouvrir les portes aux gens d’affaires,  souligne M. Sidhu en entrevue à La Presse Canadienne. Les appels sont nombreux, car les nations veulent conclure des ententes avec des partenaires commerciaux fiables et stables. » Le premier ministre Mark Carney a confié à Dominic LeBlanc de s’occuper du commerce entre le Canada et les États-Unis. M. Sidhu doit s’occuper de tous les autres pays.

Le président américain Donald Trump a assuré qu’il allait nommer dans la semaine une nouvelle personne à la tête de la principale agence de statistiques économiques des États-Unis, dont il vient de renvoyer la commissaire, soulevant des inquiétudes sur l’indépendance de cet organisme. M. Trump avait suscité la stupéfaction des économistes et de ses opposants politiques en demandant vendredi le renvoi d’Erika McEntarfer, après la publication de mauvais chiffres de l’emploi pour juillet. « Nous allons annoncer un nouveau [chef] statisticien dans environ trois, quatre jours », a-t-il déclaré lors d’un échange dimanche soir avec des journalistes retransmis à la télévision américaine.

L’économie canadienne s’est contractée pour un deuxième mois consécutif en mai, même si certains secteurs ont tenu bon face aux droits de douane américains. Le produit intérieur brut réel a reculé de 0,1 % en mai, a annoncé jeudi Statistique Canada, soit une baisse identique à celle d’avril. L’organisme fédéral a indiqué que les secteurs de la production de biens étaient responsables de cette baisse, notamment ceux des mines, des carrières et de l’extraction pétrolière et gazière. RBC a souligné que les incendies de forêt dans les Prairies ont temporairement freiné l’activité pétrolière et gazière.

An activist firm launched by an alumnus of Elliott Management is calling for the break-up of Viasat, a satellite broadband provider that competes with Elon Musk’s Starlink. Carronade Capital Management, run by Dan Gropper, is issuing an open letter to shareholders publicly calling for Viasat to split off its defence unit, which it estimates could add as much as $11bn in value to both businesses, according to people familiar with the matter. Viasat is best known for its space-based broadband services, which provide in-flight WiFi for several airlines and high-speed satellite internet service to residential customers. Carronade believes the unit overshadows its other business, which develops defence technology and encrypted communication systems for the military and other government operations.

Carl Icahn-backed CVR Energy on Wednesday named Mark Pytosh as chief executive officer and appointed Brett Icahn to its board. Pytosh will assume the top role effective January 1, 2026, succeeding Dave Lamp, who announced plans to retire from the position effective December 31. Icahn's activist investment firm Icahn Enterprises currently holds a 68.5% stake in the U.S. refiner and is working to further boost its ownership to 84%. Brett Icahn is the son of billionaire Carl Icahn. He will join the refiner's board, effective August 1. The activist investor believes CVR's shares are undervalued in the market and represent an attractive investment opportunity at a time when U.S. refining margins have slumped from the highs reached in 2022.

Investor Ray Dalio sold his remaining stake in Bridgewater Associates, the hedge fund he founded 50 years ago, according to a letter sent to investors, while Brunei's sovereign fund acquired a minority stake in the firm, a source said. "We wanted to update you that Bridgewater recently repurchased the last remaining ownership shares held by Dalio-related entities," Bridgewater CEO Nir Bar Dea and Co-Chair Mike McGavick said in a July 21 letter to clients seen by Reuters. The transaction marks years-long transition at the world's largest hedge fund, with $92.1 billion in assets under management. Dalio, 76, resigned from his CEO position in 2017 and handed over control of Bridgewater to a new generation of investors in 2022.

India's markets regulator on Friday proposed allowing foreign investors and qualified institutional buyers to participate as strategic investors in Real Estate Investment Trusts and Infrastructure Investment Trusts, a move aimed at boosting capital inflows into these sectors. Strategic investors receive allocation before an issue opens, and are required to invest at least 5% and up to 25% of the total offer size in REITs and InvITs. The Securities and Exchange Board of India said that the current definition of strategic investors is narrow and does not include investors including public financial institutions, insurance funds, provident funds, and pension funds, which also invest in units of REITs and InvITs.

U.S. President Donald Trump on Friday urged the Federal Reserve board to assume control if Fed Chair Jerome Powell continues to refuse to lower interest rates. "Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!" Trump said in a social media post, using his customary capitalization for emphasis. The U.S. central bank held interest rates steady on Wednesday and Federal Reserve Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September, stoking the ire of Trump, who has demanded immediate and steep rate relief.

U.S. President Donald Trump on Thursday signed an executive order that set new tariffs on a wide swath of U.S. trading partners to go into effect on Aug. 7 -- the next step in his trade agenda that will test the global economy and sturdiness of American alliances built up over decades. The order was issued shortly after 7 p.m. on Thursday. It came after a flurry of tariff-related activity in the last several days, as the White House announced agreements with various nations and blocs ahead of the president’s self-imposed Friday deadline. The tariffs are being implemented at a later date in order for the rates schedule to be harmonized, according to a senior administration official who spoke to reporters on a call on the condition of anonymity.

A woman has filed a civil suit against Frank Stronach and the company he founded, Magna International Inc., for an alleged sexual assault in 1986, when she was a 19-year-old co-op student at the auto parts giant. The complainant, Jane Boon, alleges Mr. Stronach had sex with her without her consent at a Magna corporate guest house in Gormley, Ont., after a company party at a Toronto bar. Mr. Stronach, 92, was charged in 2024 with 18 sex offences involving 13 women. He faces two separate trials, one of which is scheduled to start in Toronto early next year. He has pleaded not guilty in that case. A second trial will take place in Newmarket, Ont. The allegations, dating back to 1977, have not been proven in court. Ms. Boon is not a complainant in the criminal cases.

La Baie d’Hudson pourra réduire sa dette de façon importante après avoir obtenu l’approbation du tribunal pour deux cessions de baux, mais se prépare toujours à une bataille concernant un troisième accord potentiel plus tard ce mois-ci. Le juge Peter Osborne de la Cour supérieure de l’Ontario a autorisé jeudi le détaillant en faillite à vendre six de ses baux. Cinq seront acquis pour 5,03 millions par YM inc., propriétaire de nombreuses enseignes de centres commerciaux, dont Bluenotes, Urban Planet, Suzy Shier/Le Château et West 49. Les baux étaient détenus par Saks Off Fifth, un détaillant à bas prix exploité par la chaîne Saks Canada, jusqu’à la fermeture par La Baie de ses 80 magasins et des 16 magasins sous enseigne Saks au pays plus tôt cette année.

Harley-Davidson appointed Artie Starrs, head of sports entertainment company Topgolf, to be its new president and chief executive officer. Starrs will succeed Jochen Zeitz, who has led the motorcycle maker as chairman and CEO since 2020 and recently survived a shareholder’s attempt to remove him from the board. Troy Alstead, presiding director of Harley’s board, will become the new chairman. The transition will take effect Oct. 1.  Starrs, 48, has been CEO of Topgolf International, a subsidiary of Topgolf Callaway Brands MODG 3.69%increase; green up pointing triangle, since 2021. Before that, he was the global CEO of Pizza Hut. The leadership change comes as Harley continues to struggle with a nearly two-decade trend of eroding demand. In its July earnings statement, Harley said quarterly retail sales of motorcycles had declined 15% year-over-year.

Canadian businesses are left in limbo after Ottawa failed to clinch a deal with U.S. President Donald Trump by his Friday deadline, making Canada an outlier among its neighbour’s big trading partners. Canadian negotiators have been in Washington this week trying to secure relief from Mr. Trump’s array of tariffs. However, Aug. 1 came without any indication that Canada is close to a deal. Instead, Mr. Trump lambasted Canadian leadership and increased the blanket tariff on Canadian goods to 35 per cent from 25 per cent, while leaving a crucial exemption in place. The increase in the “fentanyl tariffs” is not especially significant from an economic perspective, analysts say. That’s because the tariff does not apply to products that meet content rules spelled out in the United States-Mexico-Canada free-trade agreement – a carve-out that has allowed most Canadian exports to continue to enter the U.S. tariff-free.

Les nouveaux droits de douane de Donald Trump sont « quasiment définitifs » et ne devraient pas faire l’objet de négociations dans l’immédiat, selon le secrétaire américain au Commerce, qui a également défendu les mesures commerciales prises par le président à l’encontre du Brésil. « Ces droits de douane sont quasiment définitifs », a déclaré le représentant Jamieson Greer sur la chaîne CBS, lors d’une interview préenregistrée, diffusée dimanche. Questionné sur de possibles négociations à la baisse de ces surtaxes douanières, M. Greer a dit qu’elles n’auraient probablement pas lieu « dans les prochains jours ». Donald Trump a signé jeudi le décret fixant le montant des nouveaux droits de douane qui toucheront plusieurs dizaines de pays, allant de 10 % à 41 %.

Le constructeur automobile Tesla a accordé à Elon Musk 96 millions d’actions Tesla pour une valeur d’environ 29 milliards de dollars, alors que l’énorme plan de rémunération du patron de Tesla fait l’objet d’une bataille en justice. Elon Musk a obtenu l’autorisation de racheter 96 millions d’actions Tesla au prix de 23,34 dollars, c’est-à-dire leur prix d’exercice au moment de l’adoption du plan de rémunération du patron de Tesla en 2018, a indiqué le constructeur dans un document déposé auprès du régulateur boursier américain, lundi. À la clôture de la Bourse de New York vendredi, l’action a terminé à 302,6 dollars, ce qui valorise cette rémunération « intérimaire » à quelque 29 milliards de dollars

Goldman Sachs is poised to buy into an ice cream maker at a €15bn valuation, backing a deal that would enable European private equity house PAI to complete one of the biggest transactions of its kind. The deal, which could value Froneri — a joint venture with Swiss consumer goods group Nestlé — at about €15bn including debt, would involve Goldman’s asset management division becoming the lead investor in a continuation vehicle established by PAI, according to people familiar with the matter. The Froneri deal could sign as soon as September, one person said. Continuation funds allow buyout managers to hold on to portfolio companies beyond the typical 10-year lifespan of a private equity fund by bringing in new investors and offering existing ones the chance to sell their holdings.

Renault named Francois Provost as CEO on Wednesday, opting for a low-profile insider to steer the French carmaker through growing competition and weak demand that triggered a profit warning earlier this month. The rapid promotion of its head of partnerships, less than two months after former boss Luca de Meo's abrupt departure to join luxury group Kering, comes at a critical time for Renault, which was preparing to roll out a new strategic plan later this year. Little-known outside the group, Provost, 57, had spearheaded the automaker's previous transformation plan unveiled in 2022 by De Meo, and as director of partnerships, was heavily involved in implementing the former CEO's vision of an asset-light approach to compete with much bigger rivals like Stellantis.

Southwest Airlines said on Thursday it has named insider Doug Brooks as the independent chair of its board, effective August 1. The company also said the appointment follows Rakesh Gangwal's decision to step down from his role as chair, due to additional time commitments unrelated to Southwest, but would still remain on board. He became board chair last November. Southwest also announced formation of a new "Fleet Oversight Committee" to assist the board in its oversight of the carrier's aircraft fleet acquisition strategy, of which Gangwal would serve as chair. Gangwal will also continue to serve on the finance and the nominating & corporate governance committees, the company said. Brooks, who has served as a director at the carrier since 2010, had previously been chief executive at Brinker International.

U.S. lender Wells Fargo said on Thursday its board of directors planned to appoint the lender's CEO Charlie Scharf as its chairman and to award him a one-time special equity grant of $30 million in restricted share rights and stock options. The bank said in a statement the actions reflected the board's desire to retain Scharf as the CEO and to recognize his leadership in transforming Wells Fargo. When Scharf becomes the chairman, the board will appoint a lead independent director to maintain oversight, the bank said, without specifying when the change would take place. "The special equity award is designed to acknowledge Charlie’s role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the company for the future," said Steven Black, the current chairman of Wells Fargo's board.

British scientific instruments maker Spectris <SXS.L, opens new tab has agreed to private equity firm Advent's sweetened takeover bid valued at 4.8 billion pounds ($6.38 billion), including debt, the companies said on Friday. The latest proposal trumps the 4.7 billion pound offer from U.S. investment firm KKR (KKR.N), opens new tab, heating up the battle for Britain's largest takeover target this year. As part of the latest offer, Spectris shareholders will receive 40.72 pounds per share in cash from Advent and an interim dividend of 28 pence. Spectris' board has decided to withdraw its support for KKR's rival offer.

U.S. President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies outlining how they should slash U.S. prescription drug prices to match those paid overseas, the White House said on Thursday. Trump signed a sweeping executive order in May demanding drugmakers cut U.S. medicine prices to match those abroad, saying that if companies did not comply, the government could use rulemaking to bring prices down or pursue other measures, such as importing cheaper medicines from overseas. Trump sent the letters to the chief executives of Eli Lilly, Sanofi, Regeneron, Merck & Co, Johnson & Johnson, and AstraZeneca, among others, the White House said.

Exxon Mobil is looking at buying other oil companies, Chief Executive Darren Woods said, after losing its challenge to Chevron’s $53 billion deal for Hess. “I think there are opportunities out there for us,” Woods said in an interview this week. “We’re working to see if we can’t bring some of those to fruition.”  The bar for an attractive oil-patch deal is high, he said, pointing to Exxon’s $60 billion purchase of West Texas fracking giant Pioneer Natural Resources in 2023 as one that brought together the right ingredients, including talented workforces, to boost shareholder returns. Woods said he would call some of the more recent oil-and-gas deals seen across the sector “consolidation plays” that don’t create real value for investors.

Donald Trump signed an executive order Thursday evening increasing tariffs on some Canadian goods, the White House said, as Ottawa and Washington appeared unlikely to reach a trade agreement by the U.S. President’s Aug. 1 deadline. The order, effective at midnight on Friday, raises the “fentanyl tariffs” that Mr. Trump imposed on Canadian goods in March to 35 per cent from 25 per cent. This tariff does not apply to products that meet the rules of origin outlined in the United States-Mexico-Canada free trade agreement, which has allowed most Canadian exports to continue crossing the border tariff free. The executive order signed on Thursday extends this crucial exemption.