7-Eleven operator explores protected standing to thwart overseas 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 world inventory sell-off, turmoil in Bangladesh and a risky US election marketing campaign — these are only a few of the largest tales we’ve coated currently. Which do you wish to know extra about? What questions do you’ve in regards to the high headlines in Asia or world wide? Reply to this electronic mail together with your questions, your title and the place you’re writing from and we’ll reply them in a particular weekend version of FirstFT.

In as we speak’s publication we’re masking:

• Ecommerce big PDD’s $55bn share hit

• Beijing’s most popular final result within the US election

• Fears over China’s chip supplies export curbs

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

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

Two folks near Seven & i Holdings mentioned 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 underneath Japan’s Overseas Alternate and Overseas Commerce Act (Fefta), was amongst a number of choices underneath 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.

Right here’s what I’m holding tabs on as we speak:

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

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

Be part of us September 7 for an FT Weekend full of debates, tastings, masterclasses, and extra. With audio system together with Wes Streeting, Lesley Sharp, John Lithgow, Deborah Meaden, and your favorite FT writers, it is a Saturday you received’t wish to miss! As a publication 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 world wide.

2. Australia will reduce the variety of incoming worldwide college students over considerations about migration and housing costs. The deliberate quota drew widespread condemnation from the schooling sector, which warned of big funds 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 costs in opposition to Donald Trump over his alleged makes an attempt to overturn the outcomes of the 2020 election. The recent indictment is an try and 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. Israel’s army mentioned yesterday that it had rescued a hostage seized by Hamas throughout its October 7 assault on Israel, after an operation in southern Gaza. A army official mentioned Israeli forces had discovered Qaid Farhan Al-Qadi alone in a tunnel that was a part of a fancy underground system the place hostages, in addition to militants and explosives, have been suspected to be situated.

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

Information in-depth

Policymakers in Beijing are weighing whether or not a Kamala Harris presidency can be preferable to a second Donald Trump administration. Whereas Trump’s model and strategy is acquainted to China, Beijing is cautious of the “thriller” across the US vice-president who has had little publicity to overseas 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 damaging 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 the usage of western weapons in opposition to 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 army optical {hardware}.

Take a break from the information

Is that this one of the 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 seek out out what makes the chickpea snack stand out.

Extra contributions from Melody Abike Adebisi and Irwin Cruz