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US President Donald Trump shut down hopes Monday of an eleventh hour deal with Canada and Mexico to avert sweeping tariffs, while signing an order to hike duties on China.Trump had unveiled — and then paused — blanket tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.The halt is due to expire Tuesday, and US stock markets tumbled after Trump told reporters Monday there was “no room left” for both countries to avoid fresh levies.The White House also said Trump had inked an order to increase a previously imposed 10 percent tariff on China to 20 percent.But sweeping levies, particularly on Canada and Mexico, are set to snarl supply chains for key sectors like automobiles and construction materials, risking a hike in consumer prices.This could complicate Trump’s efforts to fulfill his campaign promises of lowering costs for households.On Monday, Trump told reporters that tariffs of up to 25 percent on Canada and Mexico were “all set.””What they’ll have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs,” he added.In Ottawa, Canadian foreign minister Melanie Joly said Trump’s looming tariffs represent an “existential threat” to the country, with thousands of jobs at stake.She added that if Trump went ahead, “we are ready with counter tariffs.”Beyond this week’s looming deadline, Trump said on social media that Monday that tariffs on agricultural imports would come on April 2.A White House official told AFP that this came under Trump’s existing plans for reciprocal tariffs tailored to each trading partner.”There’s no doubt that the administration is trying to solve the long-standing fentanyl and immigration challenges, and these tariffs have given the administration leverage,” said Ryan Majerus, a former US trade official.Washington is also trying to rebalance trade ties, he told AFP.But using emergency economic powers to impose tariffs on Canada, Mexico and China is novel.”It remains to be seen how this will all play out in potential lawsuits,” warned Majerus, a partner at law firm King & Spalding.- Cost concerns -Robert Dietz, chief economist at the National Association of Home Builders, told AFP the group expects that “we could see a combined duty tariff rate of above 50 percent on Canadian lumber.”Trump’s tariffs on Canada are expected to pile on to other potential levies on lumber.”Softwood lumber futures prices have gone up eight percent in the last few weeks,” he added.While the United States also plans to expand forestry, Dietz said, prices will likely rise in the short-run.Anecdotally, some builders expect they could face higher costs of $7,500 to $10,000 per newly-built single family home, he said.- ‘New headwind’ -JPMorgan analysts warned Friday that Tuesday’s tariffs would “create a significant new headwind to economic activity” and boost consumer costs.Mexico’s President Claudia Sheinbaum said Monday that her country has contingency plans, whatever the decision Trump takes.While Washington has targeted China over chemicals for the fentanyl drug, many of these components have legitimate medical uses, too — making prosecution tricky.Canadian Prime Minister Justin Trudeau has said that less than one percent of the fentanyl and undocumented migrants that enter the United States come through the Canadian border.But he added Sunday that Canada would “have a strong, unequivocal and proportional response” if levies took effect.Trudeau’s government has taken a series of steps to address Trump’s concerns including a Can$1.3-billion ($901-million) plan to enhance border security.It has also named a fentanyl czar to coordinate efforts against the drug.Meanwhile, Mexico last week extradited some of its most notorious imprisoned drug lords to the United States in a bid to avert the sweeping duties.They included a cartel kingpin wanted for decades over the murder of a US undercover agent.

Thousands of delegates from across China gather in Beijing from Tuesday as the country kicks off its annual legislative sessions, one of the most important political events of the year.The meetings, known as the “Two Sessions”, are concurrent gatherings of China’s rubber-stamp parliament and a separate political advisory body.Voting is tightly controlled and legislation is pre-approved by the Communist Party.But the closely watched political gathering will still offer a window into the priorities of top leaders in the face of new geopolitical headwinds and efforts to reignite a struggling economy.Here’s what you need to know:- What are the ‘Two Sessions’? -The first session, beginning Tuesday, is a gathering of China’s political advisory committee, the Chinese People’s Political Consultative Conference (CPPCC).The group has in the past included celebrities such as action star Jackie Chan and NBA legend Yao Ming and its discussions are relatively low-stakes.Representatives — including from Macau, Hong Kong and Taiwan — provide lawmakers with policy suggestions that, more often than not, have little impact on national policy.All eyes, however, will be on the meeting of the National People’s Congress (NPC), the country’s top legislature, starting Wednesday.Around two-thirds of the legislature’s members come from the Communist Party.No bill put forward by the party has ever been rejected by the parliament, which is why it is often described as a “rubber-stamp” body.- How significant is it? – The week-long meetings will mostly be held at Beijing’s Great Hall of the People –- a cavernous building located at the western edge of Tiananmen Square.China takes extensive measures to prevent any disruptive incidents from happening during the highly choreographed parliamentary sessions.The meetings are tightly controlled and managed, with meticulous planning to ensure an image of political unity is portrayed.State media promotes the gatherings as proof of the party’s responsiveness to the people, despite its monopoly on power.Police have been deployed and security tightened ahead of the event in the capital.During the NPC’s opening session, Premier Li Qiang will deliver a government work report, a speech expected to unveil key economic targets and outline plans to achieve them.Foreign Minister Wang Yi will also hold a news conference during the event.This year is expected to be the second consecutive one without a news conference with the premier — once a highlight of the closing session.- What are the top issues? – Observers will be keeping an eye out for clues on the measures China will take to bolster its economy, which has struggled to make a full recovery since the pandemic.The world’s second-largest economy is grappling with sluggish domestic demand, a prolonged property sector crisis and high youth unemployment.It is also facing the imposition of steep tariffs from the United States, which could hit hundreds of billions of dollars in trade between the two countries.The conference will see Beijing set official growth targets for 2025, following a reported national GDP expansion of five percent last year — the lowest rate since 1990, excluding the pandemic years.China is also expected to announce its annual military budget, as Beijing eyes deepening tensions in the South China Sea and the Taiwan Strait.Investors will also be watching for signs of further support for the private sector, following President Xi Jinping’s recent rare talks with Chinese tech tycoons.Investors were optimistic the meeting signalled a shift from Xi, who has strengthened the role of state enterprises and waged crackdowns on areas of the private sector undergoing “disorderly” expansion.

China’s largest political event of the year begins in Beijing on Tuesday, as US tariffs cast a cloud over closed-door meetings involving thousands of delegates from across the country.The meetings, known as the “Two Sessions”, are concurrent gatherings of China’s rubber-stamp parliament and a separate political advisory body. While voting is tightly controlled and legislation is pre-approved by the Communist Party, the political gathering will offer a rare glimpse into the leadership’s priorities while facing an unpredictable United States.Proceedings kick off Tuesday at 3:00 pm (0700 GMT) with the opening ceremony of China’s People’s Political Consultative Conference (CPPCC) — likely attended by President Xi Jinping and other party top brass.Tuesday’s CPPCC is relatively low-stakes compared to the near-simultaneous gathering of the country’s legislature, the National People’s Congress (NPC), which starts Wednesday.During the NPC’s opening session, Premier Li Qiang will deliver a speech expected to unveil economic targets as China faces sluggish growth and a widening trade war with the United States.- Economy in focus -Analysts polled by AFP broadly agreed that Beijing will set a goal of around five percent growth — the same as 2024.Observers say this is an ambitious goal given the economic headwinds China is facing.Many will be watching for clues on how China will boost domestic demand, a long-running drag on the world’s second-largest economy, fuelling a deflationary spiral that has kept prices stubbornly low.Analysts expect policymakers to widen the scope of a consumer goods trade-in programme initiated last year that allows shoppers to exchange older home appliances and other items.China is also grappling with a prolonged property sector crisis and high youth unemployment, issues that have dampened confidence in the economy — which long enjoyed double-digit growth but has struggled to make a full recovery since the pandemic.It is also facing more US tariffs, which could hit hundreds of billions of dollars in trade between the two countries.Investors will also be watching for signs of further support for the private sector, following Xi’s rare talks with Chinese tech tycoons last month.Officials will try to send a positive message that the country is “still in good shape”, said Alfred Wu, an associate professor at the Lee Kuan Yew School of Public Policy in Singapore.However, specific policies may not be announced during the meetings, with impact to the markets likely “limited”, he said.”In the past, the NPC meeting was more about agenda-setting. Now, it’s more about sending a message and propaganda,” Wu added.”Now, it’s one-man politics.”- Trump’s back -All eyes will be on signals for how China plans to deal with an increasingly unpredictable United States, its largest trading partner and strategic rival.Donald Trump, in just over a month back in the White House, has overturned the international order and proven even more mercurial than in his first term.”People will be watching (for) how Xi might be responding to the uncertainties and unpredictability set before him by the challenge that is the current Trump administration,” said Chong Ja Ian, an associate professor of political science at the National University of Singapore.The US president imposed additional 10-percent duties on products imported from China last month and on Monday upped that level to 20 percent.So far, China has been “quite careful” and calibrated in their reaction, Chong said.”I expect then that any response will be intended to show PRC resolve, but to avoid escalation, because once there’s escalation, it is unclear how it might be able to be controlled.”Analysts said pressure from Trump could motivate Beijing to strengthen the kinds of support for the economy seen last year — interest rate cuts, easing local government debt pressure and expanding subsidy programmes for household goods.”We expect China to increase policy support in response to greater external shock from the US,” Wang Tao, chief China economist at UBS, told AFP.- Military moves -China is set to announce its annual military budget this week, with analysts expecting an increase as Beijing navigates deepening tensions in the South China Sea and the Taiwan Strait.”I expect further investment in capability, especially in terms of missiles, aircraft, artificial intelligence that boost the military,” said Chong. For years, China’s defence budget has grown at a faster rate than its economic growth target.And on the political side, focus would be on the military’s role within the legislature, given Xi’s wide-ranging campaign against official corruption since coming to power just over a decade ago.”There will probably be some attention to who might be moving up the ranks within the CCP, given the fact that its current leadership is ageing,” Chong said. 

Taiwanese chip-making giant TSMC will invest at least $100 billion in the United States to build “cutting edge” manufacturing facilities, President Donald Trump said Monday, announcing the latest blockbuster financial pledge by a private company since his return to office.Taiwan Semiconductor Manufacturing Co’s new investment will come on top of their existing commitments, and will go into “building five cutting edge fabrication facilities,” Trump said during a White House event, flanked by TSMC chief executive C.C. Wei.He added that much of the funding would be invested in the US state of Arizona, where TSMC — the world’s largest chipmaker — has already invested heavily, and would create “many thousands” of high-paying jobs.TSMC has long faced demands to move more of its production away from Taiwan, amid fears that supplies of the critical technology could be disrupted in any conflict with Beijing.The company, during former president Joe Biden’s administration, pledged to invest more than $65 billion in three factories in Arizona, one of which began production in late 2024.Trump recently ratcheted up the pressure on TSMC and other chip manufacturers by publicly mulling the introduction of 25 percent tariffs on all semiconductor chips made outside the United States.Monday’s announcement brings the total amount committed by the company to around $165 billion, C.C. Wei said Monday.”We are going to produce many chips to support AI progress, and to support smartphones’ progress,” he added.The new investment will help expand the firm’s US footprint to include “three new fabrication plants, two advanced packaging facilities and a major R&D (research and development) team center,” while supporting 40,000 construction jobs over the next four years, TSMC said in a statement.- Tariff threats -Since regaining the White House, Trump has called on companies to create more manufacturing jobs in the United States, while threatening to impose steep levies on those who do not comply.His administration has already imposed a 10 percent tariff on Chinese goods, and is scheduled to impose a 25 percent tariff Canada and Mexico from Tuesday, alongside an additional levy of 10 percent on goods from China.On Monday, Trump said there was “no room left for Mexico or for Canada” to avoid the tariffs, adding: “They’re all set, they go into effect tomorrow.”Trump has invited executives from some of the world’s largest companies — including OpenAI and Oracle — to the White House since his January 20 inauguration to tout investments worth hundreds of billions of dollars in US manufacturing.The amount announced since inauguration day now totals more than $1 trillion, including a commitment from Apple to invest $500 billion over the next four years.These gargantuan sums are sure to please Trump’s supporters. His critics point to some similarly ambitious targets pledged during his first term in office which failed to materialize.

Time is running short for Canada, Mexico and China to avert sweeping tariffs announced by US President Donald Trump, with the levies due to take effect past midnight over what he deems an “unacceptable” flow of drugs.Trump unveiled — then paused — blanket tariffs on imports from his country’s major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.The halt is due to expire one minute after midnight Monday running into Tuesday.But sweeping levies of up to 25 percent will likely snarl supply chains for key sectors like automobiles and construction materials, risking a hike in consumer prices.This could complicate Trump’s efforts to fulfil his campaign promises of lowering the cost of living for households.Trump has also threatened a further 10-percent tariff on Chinese goods, piling on an additional 10-percent rate that has already taken effect.”There’s no doubt that the administration is trying to solve the long-standing fentanyl and immigration challenges, and these tariffs have given the administration leverage as we’ve seen with the response so far by Canada and Mexico,” said Ryan Majerus, a former US trade official.Washington is also trying to rebalance trade ties and improve conditions for US companies, he told AFP.But the use of emergency economic powers to impose tariffs is novel, “and it remains to be seen how this will all play out in potential lawsuits,” warned Majerus, a partner in international trade at law firm King & Spalding.Robert Dietz, chief economist at the National Association of Home Builders, told AFP that the group advised builders that “we could see a combined duty tariff rate of above 50 percent on Canadian lumber.”Trump’s tariffs on Canada are expected to pile on to other potential levies on lumber, he noted.”Softwood lumber futures prices have gone up eight percent in the last few weeks,” he added.While the United States also plans to expand forestry, Dietz said, prices are likely to rise in the short-run.Anecdotally, some builders expect they could face higher costs of $7,500 to $10,000 per newly-built single family home, he said.JPMorgan analysts warned Friday that Tuesday’s tariffs would “create a significant new headwind to economic activity” and boost consumer costs.They added that the planned levies on all three countries would lift the US effective tariff rate to nine percent — from 1.4 percent in 2017.- Up to Trump -Mexico’s President Claudia Sheinbaum said Monday that her country has contingency plans ready, whatever the decision Trump takes.”There is constant communication in different areas, both security and trade, and we will wait to see what happens,” Sheinbaum added.Over the weekend, US Commerce Secretary Howard Lutnick told Fox News’ “Sunday Morning Futures” that even as Mexico and Canada have reasonably addressed Washington’s border concerns, they would still face tariffs.He took aim at illicit fentanyl entering the United States, saying its ingredients came from China.But Lutnick left the door open to potential changes in Trump’s tariff plans: “Exactly what they are, we’re going to leave that for the president and his team to negotiate.”Lutnick added that duties on China were likely set unless Beijing stopped making ingredients for fentanyl.While Washington has targeted China over chemicals for the drug, many of these components have legitimate medical uses, too — making prosecution tricky.Canadian Prime Minister Justin Trudeau has said that less than one percent of the fentanyl and undocumented migrants that enter the United States come through the Canadian border.He said on Sunday that Ottawa would keep working to ensure there are no fresh levies this week.But he added that Canada would “have a strong, unequivocal and proportional response” if levies took effect.Trudeau’s government has taken a series of steps to address Trump’s concerns including a Can$1.3-billion ($901-million) plan to enhance border security.It has also named a fentanyl czar to coordinate efforts against the drug.Meanwhile, Mexico last week extradited some of its most notorious imprisoned drug lords to the United States in a bid to avert the sweeping duties.They included a cartel kingpin wanted for decades over the murder of a US undercover agent.

Share prices of European defence companies soared Monday as London and the European Union look to ramp up military spending in the face of uncertainty over the United States’ commitment to Ukraine and NATO.BAE Systems surged 14 percent, helping London’s benchmark FTSE 100 index to a record high, the latest in a series over recent months.French defence group Thales won more than 16 percent and German peer Rheinmetall rallied 15 percent.”Europe is rallying round Ukraine and it’s hard to see defence stocks not enjoying years of orders,” noted Neil Wilson, analyst at TipRanks.European Commission chief Ursula von der Leyen warned on Sunday that “we urgently have to rearm Europe” as leaders from the continent met in London for crisis talks over Ukraine.”It’s now of utmost importance we increase spending … it’s important we prepare for the worst,” she added.It came after British Prime Minister Keir Starmer last week pledged to boost UK defence spending to 2.5 percent of the economy by 2027.In Germany, the two parties hoping to form the next government are planning to plough hundreds of billions of euros into defence and infrastructure when in power, the Bild newspaper reported Sunday.The DAX jumped 2.6 percent, setting a record high with shares in carmakers jumping after the EU signalled it will give them greater leeway in meeting lower CO2 emissions targets.- Tariffs watch -Wall Street’s main indices fell, with investors watching for any last-ditch deals to ward off the levies hitting Mexico, Canada and China due to come into force on Tuesday.Trump has confirmed 25 percent tariffs on products from Mexico and Canada, and further imposed another 10 percent on Chinese goods from this week.”Tariffs have been weighing on investors’ mind in some shape or form since the election,” said Art Hogan of B. Riley Wealth Management.He added that the uncertainty of their imposition has loomed over markets: “That clearly is what weighed on markets the most in February, and it weighed on consumer sentiment.”Asian stock markets largely gained Monday, with investors eyeing a potential Chinese stimulus package as well as bracing for US tariffs.Hong Kong and Shanghai stock markets shed early gains ahead of the key Chinese parliamentary meeting that opens on Wednesday, while Tokyo closed up 1.7 percent.Chinese stocks had been boosted in part by data released on Saturday that showed manufacturing activity grew in February after a dip the previous month.Hong Kong was helped by the blockbuster IPO of bubble-tea and drinks giant Mixue Group, which saw its shares jump 40 percent.Elsewhere, the cryptocurrency sector was steadier after huge volatility in recent days.Trump on Sunday named five cryptocurrencies under consideration for a new US “strategic reserve”, sending their values skyrocketing and partly reversing a recent slump.His announcement helped spur a broad rally among cryptocurrencies, which had plummeted days earlier as Trump’s tariff threats and new scandals affecting the sector shook investor confidence in the highly volatile assets.- Key figures around 1630 GMT -New York – Dow: DOWN 0.3 percent at 43,717.32 pointsNew York – S&P 500: DOWN 0.3 percent at 5,937.20New York – Nasdaq Composite: DOWN 0.5 percent at 18,London – FTSE 100: UP 0.7 percent at 8,871.31 (close) Paris – CAC 40: UP 1.1 percent at 8,199.71 (close)Frankfurt – DAX: UP 2.6 percent at 23,147.02 (close)Tokyo – Nikkei 225: UP 1.7 percent at 37,785.47 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 23,006.27 (close)Shanghai – Composite: DOWN 0.1 percent at 3,316.93 (close)Euro/dollar: UP at $1.0500 from $1.0384 on FridayPound/dollar: UP at $1.2708 from $1.2584 Dollar/yen: UP at 150.18 from 149.52 yenEuro/pound: UP at 82.61 pence from 82.51 pence West Texas Intermediate: DOWN 0.7 percent at $69.29 per barrelBrent North Sea Crude: DOWN 0.5 percent at $72.46 per barrelburs-rl/cw

The world’s largest wireless technology showcase kicked off on Monday, with excitement over AI’s potential to transform gadgets clashing with concerns over trade tensions fuelled by the United States.The annual Mobile World Congress (MWC), which is set to draw around 100,000 attendees in Barcelona, opened the day before fresh American tariffs come into force on Chinese goods.A dense crowd packed the halls between stands blazing with screens from early morning, hunting out the latest devices and innovations from manufacturers or set to participate in debates about the future of the industry.Telecoms chiefs appealed for easier regulation and greater freedom to merge their businesses in Europe as they seek fatter margins and the scale to sustain infrastructure investment.”It is time for large European telcos to be allowed to consolidate and grow,” said Marc Murtra, head of Spain’s Telefonica.Meanwhile Sunil Bharti Mittal, head of India’s Airtel, urged “government, regulators, please lower taxes on this industry. Please give enough spectrum at affordable costs”.- Tariff blow to China -Many exhibitors at the MWC hail from China, whose products will be hit by an additional 10-percent import tariff on top of the 10 percent already imposed by President Donald Trump since he took office in January.The billionaire president is also pushing neighbours Mexico and Canada to follow suit.”Obviously a global tariff war would not be to anyone’s benefit,” although “nobody really knows what’s going to happen” on trade, said Pekka Lundmark, CEO of major network hardware maker Nokia, at a pre-MWC event late Sunday.Higher costs for trade could impact the entire global tech and smartphone market if Trump keeps the China tariffs in place and extends them to other major economies like the European Union, as he has threatened.China is home to major tech companies such as Huawei, but it also assembles smartphones and other products sold by foreign firms such as Apple and produces key components.Renate Nikolay, the European Commission’s deputy director-general for communications networks, told AFP that the “challenging geopolitical context” means “it’s crucial for Europe to ensure our tech sovereignty and our strategic autonomy in critical sectors”.But with no clear answers on trade, many participants will “try to forget” the issue for now to focus on the promise of AI, predicted Cedric Foray, telecoms chief at consultancy EY.- AI, AI everywhere  -On Sunday, some of the many Chinese smartphone makers attending MWC alongside other global telecom heavyweights focused their pre-show announcements on new products and investments.Manufacturer Honor — a Huawei spinoff — said it was launching a new phase in its development that would transform it into “a global leading AI device ecosystem company”.Honor said its future “intelligent” smartphones, developed with US firms Google Cloud and Qualcomm, would come equipped with AI “agents” that could take on tasks like scheduling events or reserving a table at a restaurant.Competitor Xiaomi, the world’s third-biggest smartphone maker after Apple and Samsung, unveiled a new range of smartphones equipped with high-quality cameras and their own suite of AI features.Generative AI’s capture of tech industry attention since ChatGPT first emerged has made it a must-have for any firm developing new devices.There is “growing AI fatigue” among industry watchers as “it is often hard to understand the tangible benefits” for people actually using devices, said Ben Wood, analyst at tech research firm CCS Insight.But EY’s Foray said he expected “a big difference this year in that AI will be very concrete” in its applications.”Agent” services like those shown off by Honor aim to show consumers how AI can boost their smartphones’ capabilities.Such hurdles have not kept a lid on smartphone sales, which recovered from two years of shrinkage to expand 6.3 percent in 2024 — topping 1.2 billion units, according to market intelligence firm IDC.Manufacturers are optimistic about maintaining the momentum into this year.”The strong growth witnessed in 2024 proves the resilience of the smartphone market,” IDC research director Nabila Popal said.

Asian markets rose cautiously on Monday, with investors eyeing a potential Chinese stimulus package and President Donald Trump’s looming tariffs.Investors were also watching for any last-ditch deals to ward off the levies hitting Mexico, Canada and China due to come into force on Tuesday.Trump has confirmed 25 percent tariffs on products from Mexico and Canada and further imposed another 10 percent on Chinese goods from this week.”Traders are on edge for last-minute negotiations to sidestep US tariffs,” said Stephen Innes, an analyst from SPI Asset Management.”In Asia, all eyes are on China’s National People’s Congress, where traders are betting on a fiscal boost to counter the drag from US tariffs and keep China’s blistering 2024 equity rally alive,” he said.Hong Kong and Shanghai shed early gains ahead of the key Chinese parliamentary meeting that opens on Wednesday, while Tokyo closed up 1.7 percent.Chinese stocks had been boosted in part by data released on Saturday that showed manufacturing activity grew in February after a dip the previous month.Hong Kong was helped by the blockbuster IPO of bubble-tea and drinks giant Mixue Group, which saw its shares jump 40 percent.Jakarta jumped more than four percent after consumer prices in Southeast Asia’s biggest economy eased 0.09 percent year-on-year in February.Sydney rose almost one percent, with Manila and Singapore also in the green, while Taipei, Bangkok and Wellington were down.London, Paris and Frankfurt all opened up, with investors focused on geopolitics as European leaders meet in London to draft a possible Ukraine peace plan after Trump’s clash with Ukrainian President Volodymyr Zelensky in the Oval Office last week.Bitcoin slipped 2.7 percent in Asian trade after a six percent surge on Sunday on the back of Trump’s announcement that he was considering adding five digital assets to US strategic reserves.Bitcoin, one of the most volatile assets, fell below $80,000 last week for the first time since November, with other crypto currencies mirroring its downward trajectory.Trump and his wife Melania recently launched their own branded meme coins, sparking accusations they were seeking to make money from his political success.Billionaire Tesla chief executive Elon Musk — a close political ally whom Trump has tasked with leading a government efficiency drive — has frequently promoted crypto currencies on his own social media network X.- Key figures around 0815 GMT -Tokyo – Nikkei 225: UP 1.7 percent at 37,785.47 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 23,006.27 (close)Shanghai – Composite: DOWN 0.1 percent at 3,316.93 (close)London – FTSE 100: UP 0.4 percent at 8,847.57Euro/dollar: UP at $1.0393 from $1.0384 on FridayPound/dollar: UP at $1.2588 from $1.2584 Dollar/yen: UP at 150.08 from 149.52 yenEuro/pound: UP at 82.62 pence from 82.51 pence West Texas Intermediate: DOWN 0.11 percent at $69.87 per barrelBrent North Sea Crude: DOWN 0.11 percent at $72.93 per barrelNew York – Dow: UP 1.4 percent at 43,840.91 (close)

7-Eleven’s owner is set to replace its CEO as the Japanese convenience store giant battles a $47-billion takeover bid by Canada’s Alimentation Couche-Tard (ACT), reports said Monday.Last week Seven & i said its founding family failed to put together a buyout to fend off ACT’s offer, which would be the largest foreign acquisition of a Japanese firm.Japan’s Nikkei business daily and other media reported that Seven & i’s president Ryuichi Isaka would be replaced by outside director Stephen Hayes Dacus.Dacus, who has also worked for Uniqlo owner Fast Retailing and the Japanese arm of US retail giant Walmart, would also be Seven & i’s first foreign CEO.A formal decision will be made at a board meeting, the reports said, citing sources familiar with the matter. Dacus currently heads a special committee tasked with evaluating ACT’s bid, which the Canadian firm has already sweetened.Dacus and the committee are expected over the next few weeks to unveil strategic proposals to increase the company’s value ahead of an annual shareholder meeting in May, the Financial Times reported.”There have been reports in some news media regarding the management of Seven & i,” the company said in a statement.”However this information was not announced by the Company and no decision has been made by the Company at this time,” it said.Seven & i shares soared as much as 12 percent on Thursday on news that the company’s founding Ito family had failed to put together financing for its alternative offer.On Monday they rose as much as 4.6 percent and closed up 2.37 percent.With around 85,000 outlets, 7-Eleven is the world’s biggest convenience store brand. The franchise began in the United States, but it has been wholly owned by Seven & i since 2005.ACT, which began with one store in Quebec in 1980, now runs nearly 17,000 convenience store outlets worldwide including the Circle K chain.ACT said on Friday that it still hoped to achieve a “friendly agreement”.In September, when Seven & i rejected the initial takeover offer from ACT, the company said it had “grossly” undervalued its business and could face regulatory hurdles.