Weekly Market Update - 16 September 2024

7 Eleven

Canadian convenience retailer Couche-Tard plans to tell 7-Eleven owner Seven & i Holdings that it’s still keen to pursue an acquisition, even after the Japanese store operator rejected its initial proposal, people with knowledge of the matter said. Couche-Tard plans to write to Seven & i in the coming days to reiterate its interest in a deal, according to the people. It could signal a willingness to offer more than the $39 billion proposal that was rejected if Seven & i agrees to friendly negotiations. While Couche-Tard would prefer a friendly agreement, it has not ruled out going directly to Seven & i shareholders with its bid, the people said.

Source: Bloomberg

New iPhone

Apple introduced the latest version of its flagship product, the iPhone 16, with CEO Tim Cook saying it was built for artificial intelligence “from the ground up.” The iPhone 16 and 16 Plus will be available in new colors and get a customizable Action button, Apple said. New Pro models, meanwhile, will get slightly larger displays and thinner borders. They will run an A18 Pro processor with an upgraded neural engine. Apple is playing catch-up in the world of generative artificial intelligence, where peers like Alphabet and Microsoft have made strides. Apple’s AI tech is still in early stages.

Source: Bloomberg

Safety First

Boeing’s quality control monitors must turn solidly green before aviation safety regulators will be convinced the planemaker can support higher production rates and exit output limits imposed on its 737 Max jetliner. The US Federal Aviation Administration capped output of Boeing’s 737 Max at a rate of 38 per month in the wake of a January near-catastrophe, in which a door cover blew off during flight. The accident triggered a series of revelations of manufacturing lapses inside Boeing’s factories and forced the company to curtail production as it gets its processes back on track.

Source: Bloomberg