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.
U.S. LNG exports skyrocket in December, raising full-year development by 4.5%.
U.S. LNG exports reached near record levels in December, increasing to 8.5 million metric tonnes ( MT) as two new plants started, and increasing fullyear shipments 4.5% over 2023, according initial data from financial company LSEG.
December's output was simply except the record monthly export of 8.6 MT taped in December 2023 and was 9% higher than the 7.75 MT exported in November, according to LSEG data.
For the year, LNG exports hit 88.3 MT, up from 84.5 MT in 2023, guaranteeing the U.S. maintained its crown as the world's. largest LNG exporter, according to LSEG information.
Cheniere Energy's startup of its Phase 3 growth. at Corpus Christi, Texas, and Endeavor Global LNG's launch of its. Plaquemines plant in Louisiana, are anticipated in time to add 30. MTPA to U.S. yearly output.
Growth in U.S. exports from brand-new capacity coming online. especially at Plaquemines given its big scale will be. essential to tempering a few of the international LNG price volatility we. expect in 2025, said Alex Munton director of global gas and LNG. research at consulting company Rapidan Energy Group.
MARKET TO CHANGE IN 2025
International LNG supply growth in 2015 was very little but the. effect on prices was muted given that last winter season was mild in Europe,. assisting gas in storage stay high. Russian gas also continued to. circulation to Europe through Ukraine.
Neither of those conditions are expected to continue this. year, and supply-to-demand conditions will be substantially. tighter, putting a spotlight on U.S. export development, said Munton.
Europe remained the favored destination for U.S. LNG. exports in December, with 5.84 MT or 69% of the superchilled gas. offered to the continent, compared to 5.09 MT in November.
U.S. exports to Europe saw a myriad of countries buying the. superchilled gas as winter season started to set in, with Turkey being. among the significant European destinations for U.S. LNG in December,. according to LSEG data.
Overall exports to Asia grew somewhat in December to 2.01 MT,. or 24%, up from 1.64 MT or 21% of total exports in November. Latin America took.58 MT, the same as November 2024, LSEG information. revealed. There was likewise one cargo for.07 MT offered to Jordan,. according to LSEG data.
In 2024 Europe accounted for 55% of total United States LNG exports,. 34% of total US exports went to Asia while the next 11% went. generally to Latin America with a couple of cargoes to the Middle East,. mainly to Egypt and Jordan, LSEG data revealed.
Greater LNG production in late December has actually led to tape. feedgas demand and producers will have to play capture up this. year, stated Individual retirement account Joseph, an LNG market expert and senior. scientist at Columbia University's Center on Global Energy. Policy.
U.S. gas manufacturers have actually long prepared for the ramp up in. LNG feedgas need, which is beginning and picking up rate in. 2025, but what is likewise true is that data center- and AI-related. demand is coming at the very same time, said Joseph.
(source: Reuters)