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There are good and bad ways to lose a top executive. For the bad, look at US data centre builder Fermi, whose shares plunged nearly a fifth on Monday when its CEO and finance director both quit, before its main project — known as the President Donald J Trump Advanced Energy and Intelligence Campus — had even got off the ground. For the good, consider Apple. The iPhone maker said, also on Monday, that boss Tim Cook will move upstairs to a new “executive chairman” role in September, drafting in head of hardware John Ternus as his replacement. Ternus is a known quantity. The basic thrust of the changeover was expected as long ago as last year. The shares barely moved.
A climate advocacy organisation is calling upon investors in Japan’s three largest banks and three trading firms to vote against board members for failing to recognise and manage the risks posed by investments in fossil fuel production. Environmental advocacy group Market Forces is arguing that directors are failing to oversee material financial risks to the banks and trading houses' businesses, according to presentations seen by Reuters.It made the presentations to institutional investors in banks Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group, and trading houses Mitsubishi Corp, Mitsui & Co and Sumitomo Corp.
Communities across the central and eastern parts of Canada are on high alert as officials warn of spring flooding caused by rainfall and rapidly melting snow. Medically vulnerable residents of a First Nation community located 180 kilometres north of Winnipeg are being moved out in advance of anticipated flooding. Manitoba Infrastructure Minister Lisa Naylor says Peguis First Nation is proceeding with the partial evacuation in case rising water levels of the nearby Fisher River render local roads impassable. The community has been sandbagging since last week, but Chief Stan Bird said Tuesday it remained to be seen whether all of the 200 or more homes that might need protection will get barriers.
After securing a majority government in Canada last week, Prime Minister Mark Carney faces his biggest challenge: redefining trade with the U.S. under President Donald Trump. Canada, the U.S. and Mexico must agree by July 1 to keep the deal as is, insulating most Canadian goods from U.S. tariffs, renegotiate it, or hold annual reviews until its 2036 expiry. Carney, under U.S. pressure for concessions, will push for a revised deal this year that addresses tariffs against Canadian steel, aluminum and autos. Ahead of three special elections swept by Carney's Liberals last week, the PM said he needed a parliamentary majority to deal more effectively with Trump's trade war. After a year in office, political insiders and analysts say Carney must deliver on his promise to transform the Canadian economy and negotiate with Trump. While Carney has earned plaudits globally for his call to middle powers to band together against global hegemons and signed new global trade deals, Canadians now expect him to address the U.S. tariffs, along with domestic concerns, they said.
Proxy advisory firm Glass Lewis on Tuesday recommended that WEX shareholders elect two of the three candidates proposed by activist investor Impactive Capital in this year's proxy fight, arguing a "degree of board-level change is warranted."
Glass Lewis backed the co-founder of hedge fund Impactive Capital, Lauren Taylor Wolfe, and technology and payments executive Kurt Adams for election and urged investors to withhold votes from WEX CEO Melissa Smith and board director Stephen Smith (who is not related to the CEO). Shareholders will vote next month unless the two sides settle the fight, one of the year's most bitter and hotly contested boardroom battles, before the May 5 annual meeting.
An energy and climate policy-focused think tank is urging Prime Minister Mark Carney to deliver results on a slate of “critical” issues related to the federal government’s memorandum of understanding with Alberta, namely the industrial carbon pricing system. “This is the most important element of the (memorandum of understanding, or MOU),” wrote Chris Severson-Baker, the executive director of the Alberta-based Pembina Institute, in an open letter to Carney on Wednesday, adding the $130-per-tonne price is “crucial.” “This must be achieved in short order; we suggest by 2030,” Severson-Baker also wrote. “Doing so will unlock a high-growth, low-carbon economy across Western Canada.” In November, Carney and Alberta Premier Danielle Smith signed a major energy co-operation agreement, outlining the conditions that need to be met for a new oil pipeline to the Pacific Coast to proceed.
The Trump business behind Truth Social is replacing a former congressman and big supporter of the U.S. president as the leader of the social media platform after a stock collapse that wiped out billions in investor wealth. Devin Nunes, a former California congressmen in Donald Trump’s first term, is being replaced temporarily by digital media executive Kevin McGurn as chief executive officer. The company, Trump Media & Technology, didn’t give a reason for Nunes leaving or provide a timeline for his permanent replacement. After soaring shortly before Trump’s re-election in November 2024, stock in the company plunged 67%, wiping out more than $6 billion in investor wealth.
A group of institutional investors has asked Britain's accounting regulator to review HSBC's 2025 accounts and audit to gauge whether the bank is properly assessing the material risks posed by climate change. Investors said they also lacked visibility on how HSBC's auditor PwC had verified the bank's accounting, a letter to the Financial Reporting Council (FRC), copied to the bank, the Prudential Regulation Authority and seen by Reuters showed. "In light of the ongoing lack of disclosures by HSBC and PwC on matters we perceive to be material to investors' understanding of the bank's capital resilience, we are writing to ask the FRC to review HSBC's accounts and audit to determine whether they meet the required standard," the letter said.
Russia was forced to reduce oil output in April due to Ukrainian drone attacks on ports and refineries, as well as a halt to crude supplies via the only remaining Russian oil pipeline to Europe, according to five sources and Reuters calculations. In what could be the sharpest monthly decline to Russian output in the six years since the COVID pandemic, Russia may have cut production by about 300,000 to 400,000 barrels per day in April, from the average level seen in the first months of the year, said the sources, who spoke on condition of anonymity. Oil, pumped mostly from fields across the Western Siberian basin, is the lifeblood of Russia's $3 trillion economy so a decline in output cuts revenue for the world's second-largest exporter.
SpaceX plans to cement founder Elon Musk's control after its IPO, granting him and a small group of insiders super-voting shares that will outweigh other investors, according to excerpts of the company's IPO filing reviewed by Reuters. The prospectus, which was confidentially filed this month, provides fresh details of the company’s financials and corporate governance. Upon completion of the offering, Musk will stay on as chief executive officer, chief technical officer, and will serve as chairman of SpaceX’s nine-member board of directors. Though Musk was paid $54,080 last year, according to the excerpts, he stands to gain billions in equity after the company’s stock market debut.
Open Text Corp. has named James McGourlay as its new president, chief client officer. McGourlay will report to Ayman Antoun, who officially took over the chief executive job at the company on Monday. McGourlay had been served as interim chief executive since August last year when the board abruptly replaced Mark Barrenechea in the top job. OpenText had said McGourlay would be moving to another role within the executive leadership team at the company when it announced in January that Antoun, a former IBM executive, would become chief executive. McGourlay takes over the president, chief customer officer, role from Paul Duggan, who will continue to serve as executive vice-president, special adviser. Duggan will also remain a member of the OpenText executive leadership team until his departure from the company on July 1.
After weeks of controversy, British Columbia Premier David Eby says he won’t push through amendments to the Declaration on the Rights of Indigenous Peoples Act and that his government will instead spend the next six months trying to negotiate a resolution with Indigenous leaders. The B.C. NDP government has come under intense criticism from First Nations leaders and even some members of its own caucus for Eby’s “non-negotiable” plans to suspend key provisions of the law, which maintains the right of Indigenous peoples to own, use and control their traditional lands, territories and resources. Here’s what you need to know about DRIPA, the B.C. government’s next steps and reaction from First Nations leaders.
Nippon Express Holdings Inc. has signed a deal to buy Canadian company Metro Supply Chain Group Inc. The deal values Montreal-based Metro Supply Chain Group at $1.8 billion on an enterprise value basis. The agreement also includes an earnout of up to $400 million payable to the sellers, contingent on the company meeting certain financial targets. Metro Supply Chain Group has operations across Canada, the United States and the United Kingdom. The company provides third-party logistics services to a range of industries. Nippon Express Holdings provides logistics services to companies in 57 countries and regions around the world.
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Some small Canadian exporters may now be able to get money back on U.S. tariffs they paid over the past year, but only if they meet specific conditions, and the process can be complicated. The guidance, outlined by the Canadian Federation of Independent Business (CFIB), comes as the U.S. rolls out a new refund system following a court ruling. Here’s what you need to know:
Iran seized two container ships seeking to exit the Gulf via the Strait of Hormuz on Wednesday after firing on them and another vessel, in its first seizures since war with the United States and Israel began in February. Iran's semi-official Tasnim news agency reported the seizures and added its Revolutionary Guard Corps Navy had also warned that any disruption to order and safety in the strait would be considered a "red line". The IRGC accused the seized ships, the Panama-flagged MSC Francesca and Liberia-flagged Epaminondas, of operating without required permits and tampering with their navigation systems.
EU ambassadors approved on Wednesday the disbursement of a promised 90 billion euro ($106 billion) loan to Ukraine as well as a new package of sanctions against Russia, after Hungary lifted its veto, the bloc's Cypriot presidency said. The European Union's 27 member states are now expected to sign off on the deal by Thursday afternoon, a spokesperson for the Cypriot presidency added. The EU agreed last year on the loan to keep Ukraine liquid through 2026 and 2027. But Hungary refused to sign off on the deal as Russia-friendly Prime Minister Viktor Orban accused Ukraine of sabotaging the transit of Russian oil through a pipeline damaged by Russian attacks.
“It’s a crazy crop, and a crazy market,” says Belinda Borck, public affairs lead at Tony’s Chocolonely, reflecting on the rollercoaster ride that cocoa prices have experienced over the last three years.
From an average price of around $3,000 a tonne, prices quadrupled to $12,000 a tonne by the end of 2024, only to drop back to pre-hike levels today. This volatility has left the millions of smallholder farmers who grow 80%-90% of the world’s cocoa reeling, as manufacturers cut back on the size of the chocolate bars they produce, and the amount of cocoa they use, while consumers buy less chocolate. A previous glut has also left farmers with unsold stockpiles of beans, while state regulators in key producing nations such as Ghana and Ivory Coast, which set cocoa prices, have struggled to keep up with the volatility, recently setting high farmgate prices that cocoa buyers have shunned.
Le gouvernement fédéral présente un projet de loi visant à soutenir les lancements spatiaux au Canada. Le ministre des Transports, Steven MacKinnon, a déclaré mardi aux journalistes que le Canada était le seul pays du G7 à ne pas disposer de capacités de lancement spatial. À l'heure actuelle, nous devons compter sur des pays étrangers, le plus souvent les États-Unis, pour mettre en orbite les satellites canadiens, a-t-il expliqué. Lors d'une séance d'information technique, les responsables ont affirmé que ces nouvelles règles permettront de lancer dans l'espace des satellites et des fusées depuis le sol canadien.
Companies that fail to make the most of their assets often attract either an unwanted buyer or an activist. Sometimes they get both. And in rare cases, as in the case of Germany’s Commerzbank, the would-be acquirer and the corporate cage-rattler are one and the same. Andrea Orcel, boss of Italy’s UniCredit, is an example of such a predator-turned-activist. With near-30 per cent of Commerzbank and an announced offer for the rest, the Italian bank he runs has set out two visions for what should happen to its German rival, depending on whether it buys it outright or not.
Electronics retailer Best Buy BBY.N said on Wednesday Jason Bonfig will replace Corie Barry as its new CEO from October 31. The leadership change comes as Best Buy attempts to revive growth after a prolonged slowdown in consumer electronics demand as households grapple with inflation and higher interest rates. Consumer goods companies and retailers, including Coca-Cola KO.N, Procter & Gamble PG.N and Walmart WMT.O, have seen a string of C-suite changes over the past year as they deal with shifting consumer environment and supply chain challenges due to geopolitical unrest. Barry, who has led Best Buy since 2019, will remain a strategic adviser to the company for six months after stepping down at the end of the company’s third quarter.
British sportswear retailer JD Sports Fashion said on Wednesday its chairman Andrew Higginson will step down from the role in July. Higginson has chaired the group since 2022. He will leave after its annual shareholders meeting on July 21. Higginson, a retail veteran who was a long serving executive at Tesco before chairing Morrisons, oversaw the global expansion of JD Sports with about 40% of its business now in the United States. He also transformed its governance framework. Analysts said his imminent departure was a surprise. JD Sports said its board has started the process to find a successor.
European countries including Spain and Ireland pushed on Tuesday for suspending a European Union pact governing its relationship with Israel, but the bloc remained divided on whether to take action. Arriving at an EU foreign ministers meeting in Luxembourg, a number of ministers called for suspending or partially suspending the pact over concerns about settlements in the West Bank, the humanitarian situation in Gaza and a new death penalty law. "Today, Europe's credibility is at stake," Spain's Foreign Minister Jose Manuel Albares told reporters, calling for a discussion on suspending the association agreement, which came into force in 2000.
Shipping traffic through the Strait of Hormuz remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed. A U.S. blockade of Iranian ports has infuriated Tehran, prompting it to maintain its own restrictions on the strait, which had been typically handling roughly one-fifth of the world's oil and liquefied natural gas supply. The Ean Spir products tanker, which had no known flag or known ownership, sailed through Hormuz on Tuesday after previously calling at an Iraqi port, ship tracking data on the MarineTraffic platform showed.
Prime Minister Mark Carney has unveiled a new Canada-U.S. advisory council ahead of a formal CUSMA review process this summer. The council is made up of some members from the previous council while adding former Conservative leader Erin O’Toole, former Conservative cabinet minister Lisa Raitt, former premiers P.J. Akeeagok and Jean Charest, as well as former Canadian High Commissioner to the United Kingdom Ralph Goodale. The new advisory committee on Canada-U.S. Economic Relations will be chaired by the President of the King’s Privy Council for Canada and Minister responsible for Canada-U.S. Trade, Intergovernmental Affairs, Internal Trade and One Canadian Economy, Dominic LeBlanc. According to a press release from the Prime Minister’s Office Tuesday, “The committee will serve as a forum for expertise and strategy on all aspects of the Canada-U.S. economic relationship.”
Postes Canada a dévoilé lundi une perte financière de 1,57 milliard de dollars pour l’exercice de 2025, avant impôt. Ce résultat met en relief une détérioration notable de la situation de la société d’État. Dans un communiqué, la direction de Postes Canada cite deux raisons pour expliquer cet état de fait : L'incertitude dans les relations de travail a pesé sur l'entreprise, et des cadres réglementaires imposés depuis des dizaines d'années ont continué de freiner sa modernisation et sa capacité à rivaliser avec la concurrence. En d’autres termes, selon Postes Canada, la longue grève des employés et les balises imposées par le gouvernement fédéral ont constitué une barrière à la mutation de l’entreprise.
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