Latest News
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QXO buys commercial roofing company TopBuild for $17 Billion
QXO, a U.S. distributor of construction supplies, announced on 'Sunday that it would acquire the commercial roofing company 'TopBuild' for $17 billion. This is just one more acquisition in a string of?acquisitions? by Brad Jacobs and his billionaire business partner. In the deal, Connecticut based QXO announced that Florida based TopBuild shareholders could elect to receive either $505 in cash for each TopBuild stock held or 20.2 QXO shares. This is provided the transaction total is paid in approximately 45% cash and 55% shares of QXO stock. Calculations showed that the $505 cash payment represents a premium of 23.1% compared to TopBuild's Friday closing price of $410.31. QXO stated that the deal has been approved unanimously by?the boards?of both companies and is expected to immediately and significantly increase its earnings. QXO's market capitalization is around $18.08 Billion, while TopBuild?has a capitalization around $11.54 Billion. Over the past 11-month period, we have built QXO to be a leader in the market through acquisitions worth more than 13 billion dollars. We closed on Beacon by 2025, and Kodiak this month. TopBuild is our largest acquisition to date." Jacobs, chairman and CEO of QXO, said: 'CRITICAL MASS' The TopBuild?transaction also gives us critical mass in insulation and expands our exposure to large complex projects such as data centers where scale is important," said Jacobs who is widely regarded by M&A specialists. Jacobs has built multi-billion dollar companies in waste management, logistics and equipment rental. QXO is now better positioned to pursue new deals. QXO is a relatively new player in the building products industry. Last year, it acquired Beacon Roofing Supply for $11 billion. Home Depot won the bid for GMS, and it also threatened to take over GMS. The TopBuild deal, expected to close by the third quarter 2026, is part of an increase in mergers and purchases in the U.S. construction-products sector as companies look to'scale and localize their supply chains to mitigate tariffs. QXO will now have more than 28,000 employees and 1,150 locations in all 50 U.S. States, as well as seven Canadian provinces. Its fleet will also be larger than 10,000 vehicles. QXO announced in?February a $2.25billion deal to purchase U.S. building materials distributor Kodiak Building Partners. QXO raised $1.2 billion earlier this year and secured $1.8 billion from Apollo Global Management, Singapore's Temasek, and Singapore-based Apollo Global Management. According to its website, QXO distributes roofing products and other related building products. It uses technology to help contractors, suppliers, and customers manage inventory, orders, and customer service. TopBuild distributes and installs roofing and insulation products for residential, commercial, and industrial construction clients across North America.
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Trump accuses Iran a 'total' violation of ceasefire and threatens new attacks until it makes a deal
Donald Trump, the U.S. president, accused Iran of violating the ceasefire between the two countries by firing on ships near Strait of Hormuz. He also threatened to "wipe out" Iran's power plants and bridges if it did not accept his terms. Trump's envoys will arrive in Pakistan Monday evening to continue talks. The shipping is still stuck in the Strait, two days after Trump announced that it would open. He posted on social media: "We are offering a fair and reasonable DEAL. I hope they accept it, because if they don't the United States will knock out every Power Plant and every Bridge in Iran." "NO MORE, MR. NICE GUIY!" The global oil price fell, and the stock market soared when Iran announced that it would reopen its strait to all ships except for its own. This was the first time since Trump and Israel started the war in February. Tehran announced on Saturday that it would keep the strait closed 'after Trump stated he would continue to blockade Iranian shipping. Two ships have reported that they were 'fired upon as they approached the strait Saturday. "Iran fired bullets yesterday on the 'Strait of Hormuz, a total violation of our ceasefire agreement!" Trump wrote in a Sunday morning post. That wasn't nice at all, was it? Reporting by Bureaus; writing by James Mackenzie, Peter Graff, and Susan Heavey; editing by Sergio Non and William Mallard; Alex Richardson, William Mallard, and Alex Richardson
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France and Greece renew their defence pact by another five years
A Greek official announced on Sunday that French President Emmanuel Macron would 'travel to Greece next Week' - in order to renew a security pact - between the two countries against a...backdrop... of the war in Iran. In '2021, France and Greece signed a security agreement that required them to 'come to each other’s aid if attacked. This included the purchase by Athens of three French-made frigates, and approximately 24 Dassault Rafale fighter planes. The official, who spoke on condition of anonymity, said that Macron's April 24-25 visit to Greece will renew the agreement for a further five-year period, and then automatically renew it. The official said that Macron and the Greek Government will also discuss maritime safety and?the Strait of Hormuz. The Strait of?Hormuz remained closed on Sunday?after Iran?reasserted its control over the strategic waterway days before a fragile?ceasefire?with United States was due to expire. Greece is the leader of the European Union's Naval mission tasked with protecting ships in?the?Red Sea, but has opposed any military operations along the Strait of Hormuz. (Reporting and Editing by Christina Fincher.)
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First French man in his 80s to apologize formally for slavery in family
On Saturday, a man in his eighties issued what he believed to be 'the first formal apology in France by someone for their family's role in slavery. He said he hoped that others - and the government - would follow. Pierre Guillon de Prince’s ancestors were shipowners in Nantes, France’s largest port of transatlantic slavery. They transported 4,500 slaves from Africa and owned plantations throughout the Caribbean. Guillon de Prin said that other French families should confront their historical links to slavery and the state must go beyond symbolic gestures in order to address the past. "Faced by the rise of racism in our society I felt a duty not to erase this past," said the 86-year old, adding that he wanted to share the family history with his grandchildren. He apologized to a group in Nantes before the inauguration of an 18 metre replica mast. Dieudonne Boutrin is a descendant from enslaved people?from the Caribbean Island of Martinique. The two work together at Coque Nomade - Fraternite, an organization dedicated to "breaking silence" about slavery. They said that the mast will serve as a beacon of humanity. Boutrin said, "Many descendants of slave traders are afraid to speak out because they fear reopening old hurts and anger." "Pierre's apology was a brave act." Between the 15th and the 19th centuries, more than?12,5 million Africans, mostly Europeans, were abducted, forcedly transported, and transported on European ships. France was responsible for the trafficking of 1.3 million people. Guillon de prince's apology follows a similar one made by other families, both in Britain and elsewhere. GROW France recognized transatlantic slavery in 2001 as a crime. However, it has not formally apologized for its role, unlike most European countries. During his tenure in office, President Emmanuel Macron expanded access to archives relating to France's colonial history. He said last year that he would set up a commission to look at France's relationship with Haiti without talking about reparations. Worldwide, the calls for reparations are increasing - from official apologies to financial compensation. In the United Nations, France abstained from a resolution that was led by Africa and declared slavery to be the "gravest crimes against humanity" while calling for reparations. Reporting by Catarina demony in London. Mark Potter (Editing)
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Mediation fails in dispute over Franco-German fighter jet, Handelsblatt says
Handelsblatt reported on Saturday that despite the fact that 'political leaders have still got the option to intervene in the dispute between companies involved in a Franco-German FCAS project fighter jet,'mediators failed to resolve it. The newspaper cited?people who were familiar with the discussions as saying that the mediators, one from France and another from Germany, would each submit separate reports about their efforts. Persons familiar with the situation said that the German mediator will conclude that building a common fighter jet, which was once a major pillar of the project?, is no longer possible. The person said that the German Chancellor Friedrich Merz will be informed about the current status of the dispute Sunday. According to sources familiar with the project, Germany and France are likely to abandon the development of a?jointly piloted jet? but continue their cooperation on software and data systems as well as drones. Merz will meet French President Emmanuel Macron during the informal European Union Summit in Cyprus next Thursday and Friday. FCAS is at risk of failing or being scaled back as Europe looks to increase unity and collaboration in the face of threats from Russia, and the waning support from the United States. The project was stalled due to a control dispute between France's Dassault and Airbus which represent?Germany, Spain and the 100 billion-euro project. Dassault Aviation's head said on April 1 that he would give his company between two and three weeks to determine if a deal can be reached regarding the "air combat system". Merz stated that he was doing all he could to save the program and two mediators were appointed to "overcome differences" late last month. A spokesperson for Airbus in France declined to comment. Dassault, the French presidency, and Dassault have not responded to comments.
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FIFA warns that New Jersey's $150 fare for transit will have a 'chilling' effect.
FIFA has warned that New Jersey's decision to charge $150 round-trip for transit?to World Cup games?will have a 'chilling effect' on fans. The fare is a tenfold increase over the $15 usual for the route. The price increase can add thousands of dollars to World Cup tickets, especially if they are sold on the secondary market. The MetLife Stadium will host eight matches including the final on July 19. Kris Kolluri, the CEO of New Jersey Transit, had defended his pricing by citing increased passenger numbers due to the closure of public parking near the stadium and the World Cup security requirements. Heimo Schirgi is the Chief Operating Office for the World Cup in 2026. He said that the price increase would force the fans to consider other options. The current NJ Transit pricing model will have a chilling effect. Schirgi stated that increased fares will inevitably drive fans to alternative transportation options. This increases the concerns about congestion and late arrivals and creates wider ripple effects which ultimately reduce the economic benefits and lasting legacy that the entire region stands a chance to gain by hosting the World Cup. "Furthermore... to arbitrarily raise prices and then demand FIFA cover these costs is unprecedented." "No other major event, concert, or global sporting promoter faced such a request." GOVERNOR SAYS "FIFA SHOULD PAID" New Jersey Governor Mikie?Sherrill said previously NJ TRANSIT was "stuck" with a bill of $48 million to ensure fan security while?FIFA made $11 billion. I'm not going leave New Jersey commuters to foot the bill for many years. Sherrill said that FIFA should pay for rides. FIFA denied Sherrill’s claim and said they generated $11 billion of revenue, not profits. "FIFA is a non-profit organization as per our Statutes." Schirgi added that the FIFA World Cup revenues are reinvested in 'developing football worldwide, especially for youth and women. "Finally, we applaud all of our partner cities across the country for embracing this opportunity to showcase their regions to visitors through low-cost and often unchanged rates on mass transit." (Reporting and editing by Clare Fallon in Bengaluru, Rohith Nair from Bengaluru)
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Machado, Venezuela's Machado, says that the Spanish PM's summit on leftist politics is why he has not met him
Maria 'Corina Machado, Venezuelan opposition leader, said that she refused to meet with Spain's Prime Minister during her visit as he was hosting an?event of progressive leaders in Barcelona. Machado is a Nobel Peace Prize-winning?liberal? of the right-wing, who has refused to meet with Spain's leftist government led by Prime Minister Pedro Sanchez. This is in stark contrast to her frequent meetings with Sanchez's opponents from the right. Machado said at a?event held in Madrid that "what transpired over the last few hours in his meeting in Barcelona with different political leaders from different countries was proof that such a?meeting was not advised." Sanchez said that he would be willing to meet Machado at any time. He also called for Venezuelans to determine their own future democratically, without foreign interference. Machado will be feted by one of Sanchez’s fiercest critics later that day, Madrid regional leader Isabel Diaz Ayuso. She will then?hold a rally in the Spanish capital with?the Venezuelan Diaspora. Return to VENEZUELA Machado praised Spain for its welcoming Venezuelan migrants but said that neutrality is no longer acceptable in regards to the interim government led by Delcy Rodrguez, which was formed after the U.S. army ousted Nicolas Maduro during a raid on Caracas last January. Washington has since then been working with?Rodriguez to increase its presence in Venezuela’s oil sector. This week, the World Bank and International Monetary Fund resumed their dealings with Caracas after a break that began in 2019. Machado stated that she is coordinating with Washington regarding?her return to Venezuela in order to lead a democratic transformation. She said she supported the IMF's renewed supervision of the economy and that it would allow the central bank vaults to be opened in order to reveal the gold reserves of Venezuela. She also demanded that she be informed clearly when the next elections will take place. She said: "It is very clear that at the moment, there are those who want Venezuela to be democratic and free and those who wish to maintain the status quo. Just ask them when elections should take place." Corina Pons is the reporter. David Latona is the author. Louise Heavens (Editing by David Latona)
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UKMTO reports incident involving tanker near Oman
The United 'Kingdom Maritime - Trade Operations (UKMTO), a government agency, said on saturday that it had received a report about a tanker which was being fired at by "two gunboats connected to Iran's Revolutionary IRGC" located 20 nautical miles north of oman. UKMTO's advisory note stated that the captain of the tanker reported that?the two armed gunboats fired without issuing any radio challenges, adding that the vessel and crew were safe. UKMTO reported that it received a'report of an unknown projectile hitting a container vessel 25 nautical miles north-east of Oman. UKMTO reported that the attack damaged some containers on board but no fires, environmental impacts, or casualties were immediately reported.
South Korea is considering nationwide driving restrictions as oil prices rise
Senior officials have said that South Korea may extend driving restrictions to the public if global oil prices continue to rise. This is because authorities are trying to curb energy demand amid supply constraints due to the U.S./Israeli war against Iran.
Finance Minister Koo Yon-cheol'said 'on Sunday that the government may expand restrictions on the use of passenger cars beyond public institutions if oil prices increase to $120-$130 a barrel, from the current range of $100-$110.
The policy, if it were to be extended to all citizens, would mark the first national driving restrictions since 1991, when the government implemented a 10-day rotation system for vehicles to save energy.
Koo, speaking on a local radio station, said that if the Middle East crisis worsens, then the crisis alert system would be upgraded to the "warning" stage. At this point, we would also need to reduce?consumption. This is the third highest level of the four-stage crisis?alerts for resource security in the country.
He said that the government could also look at further fuel tax reductions to reduce the burden on the households.
In a separate press release, the finance ministry stated that mandatory driving restrictions for the private sector are still undecided. The authorities will weigh energy supply conditions and other economic factors before taking any action.
South Korea imports 70% of its crude from the Middle East. This leaves the country exposed to disruptions in supply and price fluctuations resulting from tensions within the region. Last week, the government implemented a five-day mandatory vehicle rotation system in the public sector. This restricted vehicle use according to licence plate numbers.
Kim Sung Whan, the Energy Minister, said that authorities would consider tighter measures to manage demand if the alert level rose 'further. This includes enforcing driving curbs and encouraging voluntary participation from companies and financial institutions. Samsung Electronics, SK Group and other major conglomerates have joined in the effort to encourage employees to reduce their private car usage and adopt fuel-saving methods.
Senior politicians and lawmakers have also posted on social media about using public transport, bicycles and other energy-saving methods and urging the public to do the same.
Kim tried to stop panic-buying of trash bags. Some consumers hoard the bags in anticipation that there could be a?shortage due to the Middle East Energy Crisis.
In a recent Facebook post, he stated that over half of local governments had an inventory of garbage bags of more than six months, and Korea will 'allow regular bags to be used for waste in worst-case scenarios.
Lee Jae Myung, South Korea's president, said that the energy crisis is so severe that he can't even sleep at night. (Reporting and Additional Reporting by Hyunjoo Ji; Editing by Sonali Paul, William Maclean).
(source: Reuters)