
ECB Said to Warn Credit Agricole of Possible Fine Over Climate
Credit Agricole is contesting the so-called periodic penalty payment and a final decision has yet to be made on whether the fine will stand, said the people who asked not to be identified disclosing confidential information.
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Ceconomy confirms it is in advanced talks with China's JD.com
By Matthias Inverardi and Emma-Victoria Farr DUESSELDORF (Reuters) -German electronics retailer Ceconomy confirmed on Thursday it was in advanced negotiations over a potential takeover by China's at 4.60 euros per share. Bloomberg had earlier reported that was nearing a decision on a bid for Ceconomy. Ceconomy shares were trading at 4.29 euros on Thursday. A potential deal would value the business at around 2.2 billion euros ($2.59 billion). The retailer, which owns electronics chains MediaMarkt and Saturn, confirmed the advanced talks but said that no legally binding agreements had yet been signed and it was not certain whether a takeover offer would happen. Ceconomy's major shareholders, the Kellerhals family and Duisburg family holding company Haniel had no immediate comment. Smaller shareholders Meridian, Beisheim and Freenet declined to comment. The Kellerhals family, founders of MediaMarkt and Saturn, holds almost 30% of Ceconomy shares through its financial vehicle Convergenta, making it the largest individual shareholder. Haniel has around 17%. Around 36.3% of Ceconomy's shares are in free float. The MediaMarkt and Saturn brands would give access to one of the largest online shops for electronic goods in Europe and a network of around 1,000 stores in several European countries. Around 50,000 people work at the two chains. Ceconomy had annual sales of 22.4 billion euros in its 2023/24 financial year, of which 5.1 billion euros came from online shops. which competes with Alibaba and Amazon, looked at an acquisition of British electronics retailer Currys last year, but the discussions did not yield any tangible results. was mainly interested in the Currys network of stores and warehouses to further its expansion in Europe. Ceconomy has a similar network to offer on the European continent. ($1 = 0.8499 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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US mulls limited authorizations for oil firms in Venezuela, sources say
By Marianna Parraga, Matt Spetalnick and Timothy Gardner HOUSTON/WASHINGTON (Reuters) -U.S. President Donald Trump's administration is preparing to grant new authorizations to key partners of Venezuela's state-run oil company PDVSA, starting with Chevron, which would allow them to operate with limitations in the sanctioned OPEC nation, four sources close to the matter said on Thursday. If granted, the authorizations to the U.S. oil major, and possibly also to PDVSA's European partners, would mark a policy shift from a pressure strategy Washington adopted earlier this year on Venezuela's energy industry, which has been under U.S. sanctions since 2019. A senior State Department official said in a statement they could not speak about any specific licenses to PDVSA's partners, but added the U.S. would not allow President Nicolas Maduro's government to profit from the sale of oil. The U.S. might now allow the energy companies to pay oilfield contractors and make necessary imports to secure operational continuity, two of the sources said. "Chevron conducts its business globally in compliance with laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the U.S. government, including in Venezuela," a company spokesperson said. Though Venezuela and the U.S. conducted a prisoner swap this month, relations between the two countries have been tense for years, and the Trump administration has publicly supported opposition leaders who say their candidate won last year's election, not Maduro. Trump in February announced the cancellation of a handful of energy licenses in Venezuela, including Chevron's, and gave until late May to wind down all transactions. The U.S. State Department, which in May blocked a move by special presidential envoy Richard Grenell to extend the licenses, is this time imposing conditions to any authorization modifications, so no cash reaches Maduro's coffers, the two sources added. But Secretary of State Marco Rubio could still decide to ban the move at the last minute or modify the scope of the new authorizations. It was not immediately clear if the terms of the license that could be granted to Chevron would be reproduced for other foreign companies in Venezuela, including Italy's Eni and Spain Repsol, which have been asking the U.S. to allow them to swap fuel supplies for Venezuelan oil. The U.S. Treasury Department's Office of Foreign Assets Control did not immediately respond to a request for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Hamilton Spectator
21 minutes ago
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Loblaw's Q2 profit rises as shoppers continue to flock to discount
A slew of new discount stores helped push profit at Loblaw Cos. Ltd. higher in the second quarter, as shoppers continue to seek lower-priced products, a trend the company's CEO says will remain for the long term. 'Our hard discount stores: They're doing well and they're still leading and doing better compared to the rest of the portfolio,' Loblaw chief executive Per Bank told analysts on a conference call Thursday. He said Canadians are increasingly seeking promotions and private-label products, driving up sales at the grocer's discount stores. 'The global shift toward discount retail is a long-term trend and we are leading it here in Canada,' Bank said. Earlier this year, Loblaw announced its plan to spend $2.2 billion, opening 80 new grocery and pharmacy stores, with about 50 of them being smaller-format discount stores. So far, the company has opened 20 new stores and 23 new pharmacy clinics. The parent company of Loblaws and Shoppers Drug Mart said its net earnings available to common shareholders amounted to $714 million or $2.37 per diluted share for the quarter ended June 14. The result was up from a profit of $457 million or $1.48 per diluted share in the second quarter of 2024. Despite the upbeat quarterly results, Loblaw did not upgrade its guidance, with chief financial officer Richard Dufresne saying it was too early to do so. 'There's still a lot of uncertainty out there, so we thought it'd be more prudent to wait,' he told analysts. The company could update its financial guidance in its third-quarter results, Dufresne said. Bank said the company is continuing to strengthen its local supply chain, onboarding another 130 Canadian vendors onto its network. The ongoing tariff dispute with the United States and the trend of shoppers favouring Canadian made products has led many grocers to increase their local offerings. Earlier this year, Loblaw began highlighting domestic products in its stores while also marking products that have seen price hikes due to tariffs with a 'T' symbol. It also added a 'swap and shop' feature to its loyalty app to help shoppers find Canadian products more easily. 'As intended, it has helped our customers by clearly identifying tariff items, supporting Canada, and saving money,' Bank said. Sales volume on items labelled with a 'T' were down more than 15 per cent, he said. 'There's some misconception that the tariffs are no longer a factor in grocery,' he said. 'Nothing could actually be further from the truth.' Bank said about a third of all supplier cost increase requests are tariff related. On an adjusted basis, Loblaw said it earned $2.40 per diluted share in its latest quarter, up from an adjusted profit of $2.15 per diluted share a year earlier. Analysts on average had expected an adjusted profit of $2.33 per diluted share, according to LSEG Data & Analytics. Revenue for the quarter totalled $14.7 billion, up from $13.9 billion, as food retail same-store sales rose by 3.5 per cent. The company said sales growth was driven by new store openings and improved same-store sales, with 'impactful promotions driving higher customer engagement.' Drug retail same-store sales rose 4.1 per cent, with pharmacy and health care services same-store sales up 6.2 per cent, and front store same-store sales increasing 1.7 per cent. RBC analyst Irene Nattel called it 'another solid quarter' for the company, noting food revenues were 'a string bean ahead of forecast.' Separately, Loblaw announced a four-for-one stock split, citing continued affordability and accessibility of its shares for investors. Over the past year, Loblaw shares have risen more than 30 per cent to trade just above $220. This report by The Canadian Press was first published July 24, 2025. Companies in this story: (TSX: L)