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Canadian National has proposed a $33.7 billion deal to take over Kansas City Southern, and is challenging Canadian Pacific.Credit…Christina Mushi/Reuters
The railroad barons are at it again.
Canadian National Railway on Tuesday submitted a bid for Kansas City Southern for $33.7 billion, surpassing a $29 billion bid from rival Canadian Pacific last month.
Competitive bids reflect the expected richness of trade flows since the U.S.-Mexico-Canada agreement took effect last year. A merger with one of the plaintiffs would create a railroad stretching from Canada to Mexico. In the already consolidated railway sector, there are still few lines for which applications can be made, let alone transactions that have to be approved by regulators.
Canadian National said in a letter to Kansas City that the company has invested considerable time and resources in analyzing a possible combination of our two companies. She argues that her proposal offers an unprecedented opportunity to build a world-class railway for the 21st century. The century.
The proposal gives Kansas City South a 21 percent higher rating than Canadian Pacific’s proposal, which the boards of both carriers approved.
For a Canadian, the proposal would be an opportunity to prevent its smaller national competitor from acquiring significant scale. Unlike the Canadian Pacific region, Canadian National already has traceability agreements for the Gulf of Mexico.
The competing proposal is a new challenge to Canada Pacific’s proposal, which is already under regulatory review. The U.S. Department of Justice has asked the Surface Transportation Board – which must approve the proposal – to review the transaction against strict industry guidelines issued in 2001, and has expressed concern about the use of a voting trust that would allow the company to complete the transaction before regulatory approval.
Canadian Pacific argues that there should be no regulatory problems because the two railroads do not overlap and in some cases create new markets. It stated that its small size relative to other large North American railroads should exempt it from the guidelines.
Journalists look at a screen showing Chinese President Xi Jinping’s speech at the opening of the Boao Forum on Tuesday…Credit…Agence France-Presse – Getty Images
Xi Jinping, China’s supreme leader, called Tuesday for cooperation and openness before a group of business and financial leaders. He also issued some warnings, presumably to the United States.
In an electronic address to a largely virtual audience at the annual forum in Boao, Mr. Xi warned that the world must not allow the unilateralism of some countries to set the tone for the entire world.
American business leaders, including Tim Cook of Apple and Elon Musk of Tesla, and two Wall Street financiers, Ray Dalio and Stephen Schwartzman, attended. The Boao Forum, held annually on the southern Chinese island of Hainan, is a platform for China to showcase its economic strength and leadership. (Last year’s events were cancelled due to the pandemic).
In recent years, Xi has used the forum to portray himself as a supporter of free trade and globalization and to call for openness, even as many in the international business community have increasingly denounced the growing restrictions on China’s domestic market.
On Tuesday, he also reiterated his earlier call against attempts by countries to weaken their economic ties with China.
Building walls or letting them go would harm the interests of others without doing any good, Xi said in an apparent reference to the United States and the Biden administration’s plans to support domestic high-tech production in the United States.
Last week, the White House hosted a meeting with CEOs to discuss the global chip shortage and a plan to make the semiconductor supply chain sustainable. Speaking to executives from Google, Intel and Samsung, Biden said: China and the rest of the world are not waiting, and there is no reason for Americans to wait.
China is implementing its own self-sufficiency program for chip production.
Xi also pledged to open up China’s economy more to foreign companies, promising that major Wall Street banks like Goldman Sachs and Morgan Stanley would join in, even as foreign business leaders complain that the global business landscape has become more difficult.
Representation of an ATM in Zurich, Switzerland. Prices of cryptocurrencies and related stocks fell Tuesday.Credit…Arnd Wigmann/Reuters
Dogecoin, a cryptocurrency that started out as a joke, now has a market value that should not be laughed at: over $50 billion. On Tuesday, Dogecoin traders tried to drive the price down to a similar 20. April coincides with the date associated with smoking cannabis.
On Twitter, the hashtags #DogeDay and #Doge420 were trending. The price of Dogecoin, which has risen sharply of late, fluctuated between profit and loss on Tuesday, trading around 40 cents, according to Koindesk. A month ago it was about 5 cents.
The impact of the rise of cryptocurrency is everywhere. Coinbase, the cryptocurrency exchange that launched last week and is helping the industry go mainstream, has a market value of $66 billion. Central banks have expanded their plans to explore digital currencies to give people a safe alternative to cryptocurrencies that are beyond their control. On Monday, the Bank of England announced it was looking to create a digital currency for the central bank.
Prices of cryptocurrencies and related stocks fell Tuesday morning. Bitcoin is down 1% and trading just above $55,000. Shares of Coinbase and Riot Blockchain fell slightly in premarket trading.
Elsewhere on markets
- U.S. stocks lagged behind European and Asian stock indexes. The S&P 500 Index fell 0.3% in early trading, but remains within a percentage point of Friday’s record high. The Stoxx Europe 600 index fell by 1.1%.
- Oil prices are rising. West Texas Intermediate futures, the US benchmark for crude oil, rose slightly to $63.55 a barrel.
- Shares of British American Tobacco fell 8% on Tuesday, making it the worst performer on the FTSE 100, after the Wall Street Journal reported on Monday that the Biden administration is considering forcing tobacco companies to reduce the nicotine in cigarettes so they are not addictive. Shares of US tobacco companies fell on Monday.
Exxon wants to capture carbon at industrial facilities along the Houston Ship Channel and transport it offshore. linked to Brontë Wittpenn credit for The New York Times.
HOUSTON – Under mounting pressure from investors to address climate change, Exxon Mobil on Monday proposed a $100 billion project to capture carbon emissions from large industrial plants in the Houston region and bury them deep in the Gulf of Mexico.
Exxon, the largest US oil company, wants to make carbon capture from petrochemical plants and other industries profitable. But his plan would require significant government support and intervention, including a price or tax on carbon dioxide emissions, an idea that has not received sufficient support in Congress in the past.
The company is already capturing carbon injected into old fields to produce more oil. Now Exxon wants to use its know-how to store carbon dioxide from other industries. But without a price on carbon emissions, many companies would have no financial incentive to pay Exxon for carbon capture and storage.
The Obama administration has failed to implement a cap-and-trade system that raises costs for polluting companies by requiring them to buy tradable permits to emit greenhouse gases into the atmosphere. California, the European Union and 11 northeastern states use cap-and-trade versions. Other jurisdictions, including British Columbia and the United Kingdom, have adopted a per-tonne emissions charge.
Exxon wants to capture the carbon in industrial facilities along the Houston Ship Channel and move it offshore, where it will be stored at depths of up to 6,000 feet in the Gulf of Mexico. These efforts will be funded by industry and government and will eventually sequester 100 million tons of carbon per year, equivalent to the emissions of 20 million cars, according to Exxon.
The company has discussed its idea with national and Texas politicians and with Republicans and Democrats in Congress, Darren Woods, Exxon’s chief executive officer, said in an interview. They see the possibility and appeal of the idea, he said. The question is how this concept can be put into practice.
Exxon said its proposal complements President Biden’s climate efforts, but would require the government to set a carbon price, which it has not yet done.
The concept of a carbon price is critical, Woods said. There has to be a way to encourage investment.
Offshore storage has already gained popularity in Europe as governments put a price on carbon and lawmakers become more willing to spend taxpayer money to combat climate change.
Woods said that with the right policies, carbon capture projects could become a major business for Exxon worldwide. The potential for these markets is very, very significant as the demand for decarbonising society continues to grow, he said.
Used car dealers in Naperville, Ill. The average price for a used car is over $20,000….. Nick Carey/Reuters
Production delays related to last year’s pandemic, combined with persistent shortages of computer chips and other auto parts, have hampered deliveries of new models, particularly SUVs and popular pickup trucks.
That means it can be hard to find a new car with the colors and features you want at a price you can afford, reports Ann Carnes for the New York Times. It’s harder to get exactly what you want, says Ivan Drury, senior research director at Edmunds. Don’t expect big discounts.
So if new cars are too expensive, you can just buy a used car, right?
Yes, but the trade there can also be elusive. Because fewer people bought new cars last year, fewer used cars were sold. And the shortage of new cars is prompting more buyers to consider used cars, pushing up prices, analysts say. According to Edmunds, the average price of a used car is well over $20,000.
On the other hand, if you have a car to trade in, its value will likely be higher, especially if it’s a popular model. The average trade-in value, including vehicles leased in early March, was about $17,000, up from $14,000 a year earlier, according to Edmunds. The average age of the traders was five and a half years.
Many online services such as Kelly Blue Book, TrueCar and Carvana will provide an estimate based on your location and the age, mileage and general condition of your vehicle, and will also provide a more personalized estimate if you provide details such as the vehicle identification number. Some even offer to buy your car.
- Lululemon announced Tuesday that it will launch a retail clothing program in Texas and California in May, with the clothing chain putting more emphasis on secondhand clothing. It will accept used Lululemon clothing from customers in exchange for gift cards from the retailer in more than 80 stores and through mail order. Tickets range from $5 to $25, and leggings cost $10 on average. The effort is part of a sustainability initiative called Lululemon as New and will be expanded to resale stores in the same markets in June.
- United Airlines said Monday that it lost nearly $1.4 billion in the first three months of the year, but added that the turnaround was almost complete as orders poured in. The airline said it did not spend more money on operations, investments and financing activities in March than it received – a loss known as a cash burn . United also said it expects to make a profit later this year.
- JPMorgan Chase’s role as financier of the Super League, a breakaway football league made up of the top clubs in England, Italy and Spain, has made the company the target of fierce criticism. Opponents of the project included football associations and national federations, European officials, former players and supporters groups of the clubs involved.
- On Monday, Tribune Publishing said negotiations for the sale of Newslight, which was founded last month by Maryland hotel operator Stuart W. Bynum Jr. and Swiss billionaire Hans Jorg Wyss, had ended after Mr. Wyss rejected a proposed bid Friday. Tribune Publishing’s special committee that evaluated the bids said Monday in a press release that Newslight’s proposal can no longer be considered a better deal than the non-binding agreement the company reached in February with Alden Global Capital.
Given the power of digital platforms, Margrethe Vestager of the European Commission said in a recent speech that we need something more to keep that power in check. linked to credit Pool photo by Olivier Hosle.
Around the world, governments are simultaneously restricting the capacity of technology companies with an urgency and scale that no sector has ever experienced before.
Their motivation varies. In the United States and Europe, technology companies suppress competition, spread disinformation, and destroy privacy; in Russia and elsewhere, they silence protest movements and strengthen political control; in China, they do both.
For years, countries and technology companies have battled for dominance, but recent actions have brought the industry to a tipping point that could change the way the global Internet works and digital data flows, report Paul Mozur, Cecilia Kang, Adam Satariano and David McCabe for the New York Times.
It’s unprecedented to see such a parallel struggle on a global scale, said Daniel Crane, a law professor and antitrust expert at the University of Michigan. Well, as Mr. Crane said, the same fundamental question is being asked all over the world: Are we okay with companies like Google having that kind of power?
At the heart of all disputes is a common denominator: Power. The top ten technology companies, which have become the gatekeepers of commerce, finance, entertainment and communications, now represent a market capitalization of more than $10 trillion. In terms of gross domestic product, this would make it the third largest economy in the world.
Governments agree that the influence of technology has grown too much, but the solutions are not well coordinated. Conflicting policies have led to geopolitical friction. Last month, the Biden administration said it might impose tariffs on countries that impose new taxes on American technology companies.
Technology companies are fighting back. Amazon and Facebook have set up their own units to resolve disputes over speech and oversee their pages. Companies have been lobbying hard in the United States and the European Union.
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