FirstFT: 7-Eleven operator explores protected standing to thwart international bid

Good morning from the FT newsroom, the place the August doldrums are offering us an opportunity to catch our breath amid a busy couple months.

A worldwide inventory sell-off, turmoil in Bangladesh and a unstable US election marketing campaign — these are only a few of the most important tales we’ve lined currently. Which do you wish to know extra about? What questions do you may have in regards to the high headlines in Asia or around the globe? Reply to this electronic mail together with your questions, your title and the place you’re writing from. We’ll reply them in a particular weekend version of FirstFT.

In at present’s e-newsletter we’re masking:

• Ecommerce big PDD’s $55bn share hit

• Beijing’s most well-liked final result within the US election

• Fears over China’s chip supplies export curbs

However we begin with the newest on the international takeover bid for 7-Eleven’s Japanese proprietor.

Seven & i Holdings is discussing methods to defend itself towards the strategy by Canada’s Alimentation Couche-Tard, together with by making use of for a similar standing as firms within the nuclear and semiconductor industries.

Two folks near Seven & i Holdings stated such a tactic, which might contain attempting to influence the federal government to vary the corporate’s designation from a “non-core” to a extra protected “core” score below Japan’s International Trade and International Commerce Act (Fefta), was amongst a number of choices below examination.

The inner discussions on the technique of thwarting a bid have emerged simply 10 days after Seven & i publicly acknowledged it had acquired a preliminary proposal of a full takeover by Couche-Tard, and had established a particular committee of unbiased board administrators to look at the provide. 

Tokyo bureau chief Leo Lewis has extra on the interior talks and the way shareholders in Seven & i’ve responded to the takeover bid.

Right here’s what I’m holding tabs on at present:

• Financial knowledge: Malaysia and Australia report July inflation figures.

• Nvidia outcomes: The US chipmaker on the coronary heart of the AI increase is predicted to say that its quarterly gross sales have greater than doubled, at the same time as year-on-year progress slows.

Be a part of us September 7 for an FT Weekend Pageant stuffed with debates, tastings, masterclasses, and extra. With audio system together with Wes Streeting, Lesley Sharp, John Lithgow, Deborah Meaden, and your favorite FT writers, this can be a Saturday you gained’t wish to miss! As a e-newsletter subscriber, it can save you an additional £20 through the use of the promo code Newsletters24. Register right here — digital passes are additionally obtainable.

5 extra high tales

1. Chinese language ecommerce big PDD Holdings suffered a $55bn inventory plunge after warning of an “inevitable” decline in profitability. PDD’s apps together with Pinduoduo and Temu, face rising competitors in China and around the globe.

2. Australia will minimize the variety of incoming worldwide college students over issues about migration and housing costs. The deliberate quota drew widespread condemnation from the training sector, which warned of enormous price range gaps and as much as 14,000 job losses if the variety of worldwide college students was slashed.

3. US prosecutors have filed a revised set of expenses towards Donald Trump over his alleged makes an attempt to overturn the outcomes of the 2020 election. The recent indictment is an try to adjust to the Supreme Court docket choice that recognised broad immunity from legal prosecution for presidents. 

• US election information: Trump has tapped Robert F Kennedy Jr, his onetime marketing campaign rival, and Tulsi Gabbard, a former congresswoman from Hawaii, to serve on his presidential transition group.

4. The Pentagon yesterday warned of a “potential environmental catastrophe” within the Purple Sea because it stated that an oil tanker set on hearth by Yemen’s insurgent Houthis now gave the impression to be leaking crude.

5. Rising sea ranges, ocean warming and acidification are threatening the Pacific Islands, the World Meteorological Group stated, as regional leaders meet this week. The newest WMO report discovered that sea floor temperatures within the Pacific had risen 3 times quicker than the worldwide common since 1980, highlighting the peril to the largely low-lying nations that make up the area.

Information in-depth

Policymakers in Beijing are weighing whether or not a Kamala Harris presidency could be preferable to a second Donald Trump administration. Whereas Trump’s type and strategy is acquainted to China, Beijing is cautious of the “mystery” across the US vice-president who has had little publicity to international affairs.

We’re additionally studying . . . 

• PBoC’s transparency drawback: If financial mystique is an artwork, China’s central financial institution takes that to the intense, writes Eswar Prasad. However this opacity has many detrimental ramifications.

• Cracking most cancers: The $1tn race for therapies has bypassed some types of the illness, however novel therapies are on the horizon.

• Ukraine: Kyiv’s allies are divided over whether or not to carry their restrictions on using western weapons towards targets on Russian territory.

Chart of the day

Chinese language export controls on essential semiconductor supplies — germanium and gallium — are hitting provide chains and stoking fears of shortfalls in western manufacturing of superior chips and navy optical {hardware}.

Take a break from the information

Is that this the very best falafel in Europe? L’As du Fallafel in Paris was opened in 1979 by a Franco-Israeli couple who moved to the town from Israel. Ajesh Patalay visited to search out out what makes the chickpea snack stand out.

Further contributions from Melody Abike Adebisi and Irwin Cruz