World Biz
Torrential Downpour leave at least 11 dead in Brazil
The torrential rains in Rio de Janeiro, Brazil have resulted in devastating consequences, claiming the lives of at least 11 people, according to information from the fire department reported to AFP on Sunday.
The northern parts of Rio were severely impacted by the rainstorm, leading to fatalities caused by landslides, drownings, and electrocutions. The search for a missing woman, whose car fell into a river, was still ongoing as of Sunday evening.
The intensity of the rainfall caused water levels to reach the roofs of cars along Avenida de Brasil, a major city thoroughfare. In response to the crisis, Mayor Eduardo Paes declared an “emergency” situation, urging residents to stay home for their safety and to facilitate ongoing rescue and recovery efforts.
Transportation services were significantly disrupted, with a dozen bus lines and several metro stations shutting down due to water on the tracks. Some areas of the city received a month’s worth of typical January rainfall within a 24-hour period. Firefighters reported responding to 200 storm-related events.
In the Acari neighborhood, one of the worst affected areas, the Ronaldo Gazolla hospital’s basement offices were flooded, and businesses suffered significant damage. Residents in the affected regions expressed frustration with the recurring issue, emphasizing the regular transformation of their surroundings into pools or lagoons during heavy rains.
A national agency monitoring natural disasters highlighted a high risk of landslides in eight towns in the surrounding state of Rio de Janeiro. The situation underscores the urgent need for coordinated efforts to address the immediate aftermath and implement measures to mitigate the impact of such extreme weather events in the future.
Economy
China’s Guangxi Inaugurates Communication Centre to Deepen ASEAN Relations
In a move aimed at enhancing global communication and cooperation with ASEAN, the Guangxi International Communication Centre was inaugurated on September 6 in Nanning. This initiative is under the leadership of the Publicity Department of the Party Committee of the Guangxi Zhuang Autonomous Region and is spearheaded by Guangxi Daily in collaboration with Guangxi Radio and Television.
Chen Yijun, a member of the Standing Committee of the Party Committee of Guangxi Zhuang Autonomous Region, along with other key figures including Liu Weiling, Deputy Editor-in-Chief of China Daily, and Yu Yunquan, Deputy Director of China Foreign Languages Administration, were present. Delegates from ASEAN nations, as well as leaders from media houses in Cambodia, Laos, Vietnam, Hong Kong, and Macao, also attended the event.
Guangxi serves as a critical gateway for China’s outreach to ASEAN countries, leveraging its geographic proximity and cultural ties to strengthen mutual exchanges. Over recent years, Guangxi has built a reputation for its active role in fostering media collaborations with ASEAN countries, sharing stories of friendship, and facilitating people-to-people and cultural connections between China and its neighbors.
Liu Weiling highlighted China Daily’s collaboration with Guangxi to establish a comprehensive, diversified cooperation model. This model seeks to highlight Guangxi’s strategic significance in the Guangdong-Hong Kong-Macao Greater Bay Area while also showcasing the region’s role in building a China-ASEAN community of shared destiny and a China-Vietnam strategic community.
Yu Yunquan emphasized that Guangxi’s geographical advantages and cultural richness make it uniquely positioned for international communication. He stressed that Guangxi’s role would be instrumental in deepening international cooperation and enhancing mutual understanding, as the region continues to develop its international communication infrastructure.
Zhang Lei from China News Service spoke about the partnership between his organization and Guangxi to amplify the region’s achievements in economic and social development. The goal is to present Guangxi to the international community through accurate and engaging stories that reflect its progress and ambitions in high-quality development.
Akha Ongmenca, Director of Lao National Television, praised the long-standing partnership between Laos and Guangxi in the media sector. He expressed optimism about continuing this cooperation, focusing on innovation and achieving even greater results in the future.
Xu Bo, President of Guangxi Daily, outlined the efforts to establish a multi-dimensional communication platform through “Hello Guangxi,” which includes a website, client channel, and social media accounts. The aim is to create a unified and effective communication network that promotes Guangxi’s image internationally while telling China’s stories from a localized perspective.
At the event, several strategic agreements were signed, including one between the Publicity Department of Guangxi and China Daily and China News Service. These agreements, alongside new collaborations with foreign media, aim to expand Guangxi’s influence on the global stage.
Among the initiatives announced were plans for the 2024 Chinese and Foreign Media Tour, aimed at promoting the Land and Sea New Corridor in the West, a key part of China’s Belt and Road Initiative. This project is seen as critical to the development of China’s southwest region. Additionally, cultural exchange activities like “Meeting Lovely China and Magnificent Guangxi” will further promote mutual learning and cultural ties between China and ASEAN.
The launch of the Guangxi International Communication Centre marks a significant step in promoting China-ASEAN cooperation through media and cultural diplomacy, with a focus on fostering mutual understanding and deepening regional ties.
World Biz
Turkey’s Erdogan calls for Islamic alliance against Israel
Turkish President Tayyip Erdogan said on Saturday Islamic countries should form an alliance against what he called “the growing threat of expansionism” from Israel, drawing a rebuke from the Israeli foreign minister.
He made the comment after describing what Palestinian and Turkish officials said was the killing by Israeli troops of a Turkish-American woman taking part in a protest on Friday against settlement expansion in the Israeli-occupied West Bank.
“The only step that will stop Israeli arrogance, Israeli banditry, and Israeli state terrorism is the alliance of Islamic countries,” Erdogan said at an Islamic schools’ association event near Istanbul.
He said recent steps that Turkey has taken to improve ties with Egypt and Syria are aimed at “forming a line of solidarity against the growing threat of expansionism,” which he said also threatened Lebanon and Syria.
Israeli Foreign Minister Israel Katz said in a statement that Erdogan’s remark was “a dangerous lie and incitement,” and that the Turkish leader has been working for years with Iran to undermine the region’s moderate Arab regimes.
Erdogan hosted Egyptian President Abdel Fattah al-Sisi in Ankara this week and they discussed the Gaza war and ways to further repair their long-frozen ties during what was the first such presidential visit in 12 years.
Ties between them started thawing in 2020 when Turkey began diplomatic efforts to ease tensions with estranged regional rivals, including the United Arab Emirates and Saudi Arabia.
Erdogan said in July that Turkey would extend an invitation to Syrian President Bashar al-Assad “any time” for possible talks to restore relations between the two neighbours, who severed ties in 2011 after the outbreak of the Syrian civil war.
Israel’s military said after Friday’s incident that it was looking into reports that a female foreign national “was killed as a result of shots fired in the area. The details of the incident and the circumstances in which she was hit are under review.”
There was no immediate comment on Friday’s incident fromIsraeli Prime Minister Benjamin Netanyahu’s office.
World Biz
7-Eleven owner rejects initial takeover bid from Canadian rival
The Japanese owner of 7-Eleven said Friday it had rejected a takeover bid from Canadian retail giant Alimentation Couche-Tard, saying the proposal “grossly undervalues” the company.
The proposed purchase of Seven & i Holdings would be the biggest ever foreign takeover of a Japanese firm and combine 7-Eleven, Circle K and other brands across Asia, North America and Europe.
As the world’s biggest convenience store chain, 7-Eleven operates more than 85,000 outlets globally.
Although the brand began in the United States, since 2005 it has been wholly owned by Seven & i.
A letter from the Seven & i board to Alimentation Couche-Tard (ACT) said it was open to “engaging in sincere discussions should you put forth a proposal that fully recognises our standalone intrinsic value”.
“We do not believe, for several critical reasons, that the proposal you have put forward provides a basis for us to engage in substantive discussions regarding a potential transaction,” it said.
ACT operates more than 16,700 outlets in 31 countries and territories.
Its purchase of Seven & i would be the biggest ever foreign takeover of a Japanese firm and create an international convenience store behemoth combining 7-Eleven, Circle K and other brands across Asia, North America and Europe.
Seven & i said ACT had offered $14.86 per share in cash, which roughly matches its market value of $39 billion.
But the board’s letter called the proposal “opportunistically timed” and said it “grossly undervalues our standalone path and the additional actionable avenues we see to realise and unlock shareholder value”.
It also raised regulatory concerns.
“Your proposal does not adequately acknowledge the multiple and significant challenges such a transaction would face from US competition law enforcement agencies,” it said.
A quarter of 7-Eleven stores are found in Japan where they are a beloved institution, selling everything from concert tickets to pet food and fresh rice balls.
Seven & i Holdings’ other businesses include a major supermarket operator, restaurant chain Denny’s, and Tower Records — a once-popular US record store that went bankrupt.
Seven & i has reportedly asked the Japanese government to designate parts of the company as “core”, which would make a takeover more difficult.
Brands with the “core” rating in Japan include manufacturers in the nuclear, space, rare earths and chip industries, as well as cybersecurity and infrastructure operators.
The Canadian firm, however, is confident that it can have its way.
CEO Brian Hannasch told an earnings briefing in New York on Thursday that Couche-Tard could “even consider a higher leverage if needed”, indicating it has the capacity to raise more funds, according to Nikkei Asia.
“We have the solid and robust balance sheet,” Nikkei quoted Hannasch as saying.
Shares in Seven & i were down 1.9 percent in Tokyo on Friday.