Trump predicts trade deals with India and Pakistan
WASHINGTON, June 20 (Reuters) - President Donald Trump predicted on Friday that the United States will be able to negotiate trade deals with both India and Pakistan.
Speaking to reporters as he arrived in New Jersey, Trump spoke optimistically about the potential for trade agreements with the two countries.
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Reuters
14 minutes ago
- Reuters
Billionaire Brad Jacobs' QXO offers $5 billion for GMS, threatens to go hostile
June 19 (Reuters) - Billionaire Brad Jacobs' new building-products distributor QXO (QXO.N), opens new tab made an offer on Wednesday to acquire GMS (GMS.N), opens new tab for about $5 billion in cash and said it will proceed with a hostile takeover if the company's management rejects the proposal. This is Jacobs's second hostile takeover threat in the building sector this year and part of his plan to turn QXO into a $50 billion revenue building-products distributor within a decade. The offer comes three months after QXO clinched an $11 billion deal to buy Beacon Roofing Supply, ending a prolonged takeover battle for the roofing company and significantly expanding its footprint in the U.S. and Canada. An acquisition of GMS would expand QXO's market from roofs into house interior materials, including drywall. QXO's proposal is still technically in the friendly phase, but Jacobs said that if GMS's board did not accept the offer by June 24, QXO was prepared to bypass management. 'If you choose not to engage ... we are prepared to take our offer directly to GMS's shareholders who we're confident will find the offer attractive,' Jacobs said in a letter sent to GMS Chief Executive Officer John Turner. In similar comments made during his takeover offer to Beacon, Jacobs said GMS was poorly managed and could be more profitable to shareholders under his command. Georgia-based GMS said in a statement on Thursday that it has received an unsolicited proposal from QXO that will be reviewed by its board. It did not immediately respond to a Reuters request for comment. GMS operates a network of more than 300 distribution centers and its product lineup includes wallboard, ceilings, steel framing and gypsum. Both Beacon and GMS operate primarily in the U.S., with additional presence in Canada. The U.S. building industry, mostly locally sourced and fairly protected from tariffs, is undergoing consolidation. QXO said it offered $95.20 per share for all outstanding shares of GMS, a premium of about 17% over the company's closing price on Wednesday. In the letter, Jacobs disclosed he first approached Turner in June last year, with conversations continuing until at least May 22, when the two CEOs met in New York. Jacobs added his decision to take the offer public came after GMS's shares rose following market speculation over a potential QXO acquisition. The offer represents a 29% premium over GMS's value on May 22, he said. On Wednesday, before the offer was made public, shares of GMS hit their highest level in almost five months after the company reported upbeat quarterly results and announced an additional $25 million in annualized cost reductions. Jacobs said following the private talks with Turner, he heard from industry participants that J.P. Morgan and Jefferies bankers had been aggressively trying to find other suitors to buy GMS. Home improvement chain Home Depot (HD.N), opens new tab has also made an offer for GMS, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Spokespersons for Home Depot and GMS declined to comment on the report. Goldman Sachs and Morgan Stanley are acting as financial advisers to QXO. And Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel. Jacobs has built an empire of multibillion-dollar companies spanning industries from logistics to waste management and equipment rentals by acquiring companies in industries undergoing consolidation, and spinning some of them off at a higher value. QXO was a relatively small software company until 2023, when Jacobs invested about $1 billion and renamed and repurposed it.
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The Independent
15 minutes ago
- The Independent
Texas man returns from honeymoon alone after wife is arrested by ICE in US Virgin Islands
A recently-married Texas couple has spent over 120 days apart after the bride was detained by ICE during their honeymoon in the US Virgin Islands. Taahir Shaikh of Arlington says his wife, Ward Sakeik, was detained by ICE in February in St. Thomas, despite having a pending green card application and documentation of her stateless status. 'She's considered stateless, which essentially just means you're born in a country that doesn't give you birthright citizenship. And since she was a Palestinian refugee that was born in Saudi Arabia, they weren't recognized as Saudi nationals,' Shaikh told NBC DFW. Shaikh said Sakeik was just 8 years old when her family arrived in the U.S. on a visa. Although their asylum request was denied, her lack of citizenship meant the government couldn't deport them. Instead, they were placed under an order of supervision and required to check in with immigration authorities once a year. Sakeik was just 8 when her family arrived in America on a visa, her husband told the outlet. Although their asylum request was denied, their lack of citizenship meant the government couldn't deport them. Instead, they were placed under an order of supervision and required to check in with immigration authorities once a year. Since then, Sakeik has graduated from the University of Texas at Arlington and now works as a wedding photographer. She has always complied with immigration rules for 14 years, Shaikh said. Sakeik is currently being held at Prairieland Detention Center in Alvarado after spending months detained in McAllen, as her green card application remains stalled due to her detention. The couple has spent the first months of their marriage communicating through weekly visits and video calls. 'She constantly says, 'When I get through this phase of my life, what am I not able to endure after this?'' Shaikh told the outlet about his wife. He says they carefully chose to travel to the U.S. Virgin Islands for their honeymoon, believing it wouldn't jeopardize her pending immigration status. The couple's legal team is doing everything possible to prevent her from being deported. Though stateless individuals in removal proceedings are typically eligible for release after 90 days, Sakeik has now been held for over 120. ICE addressed Sakeik's arrest in a statement to NBC DFW, writing, 'The arrest of Ward Sakeik was not part of a targeted operation by ICE. She chose to leave the country and was then flagged by CBP trying to re-enter the U.S. 'The facts are she is in our country illegally. She overstayed her visa and has had a final order by an immigration judge for over a decade. President Trump and Secretary Noem are committed to restoring integrity to the visa program and ensuring it is not abused to allow aliens a permanent one-way ticket to remain in the U.S.' ICE concluded, 'She had a final order of removal since 2011. Her appeal of the final order was dismissed by the Board of Immigration Appeals on February 12, 2014. She has exhausted her due process rights and all of her claims for relief have been denied by the courts.'
Reuters
17 minutes ago
- Reuters
Trump says he may have to change his mind about firing Fed chair Powell
WASHINGTON, June 20 (Reuters) - U.S. President Donald Trump said on Friday he may have to change his mind about firing Federal Reserve Chairman Jerome Powell. Trump made the comment in a lengthy social media post criticizing the Federal Reserve's decision to not lower interest rates. "I don't know why the Board doesn't override (Powell)," Trump wrote. "Maybe, just maybe, I'll have to change my mind about firing him? But regardless, his Term ends shortly," Trump added. "I fully understand that my strong criticism of him makes it more difficult for him to do what he should be doing, lowering Rates, but I've tried it all different ways," Trump said.
