World Biz
With Biden out, Trump and Harris exchange barbs in reset US presidential race
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President Joe Biden on Wednesday addressed the nation for the first time since dropping his reelection bid, saying he decided to forgo personal ambition to save democracy in a sedate Oval Office speech that contrasted with the rough-and-tumble campaign.
Shortly before his speech, Republican Donald Trump laid into Democratic rival Kamala Harris in his first rally since she replaced Biden atop the ticket, signalling a bare-knuckled campaign ahead of the Nov. 5 election.
Trump branded Harris a “radical left lunatic” after she had dominated the campaign the two previous days with withering attacks on Trump that pointedly raised his felony convictions, his liability for sexual abuse, and fraud judgments against his business, charitable foundation and private university.
Biden said he believed he deserved to be reelected based on his record during his first term, but his love of country led him to step aside.
“I decided the best way forward is to pass the torch to a new generation. That is the best way to unite our nation,” Biden said, after previously resisting calls from within the party that he quit the race following his poor showing in a June 27 debate with Trump.
Biden, at 81 the oldest president in U.S. history, was greeted by cheers, applause and music in the Rose Garden after the address, as his staff had converged on the White House for a viewing party.
Trump was less kind, saying in a post on his Truth Social platform that Biden’s speech was “barely understandable and sooo bad!”
After spending much of the campaign attacking Biden as old and feeble, Trump, 78, now faces a younger candidate in Harris, 59, the first Black woman and Asian American to serve as vice president.
Energising many Democrats as potentially the first woman to take the White House, Harris quickly consolidated the party behind her, as her campaign said it had raised $126 million since Sunday, with 64% of donors making their first contribution of the 2024 campaign.
With nobody stepping up to challenge her for the nomination, she won the backing of party delegates on Monday, a day after Biden’s announcement.
The next highly anticipated development will be Harris’ choice of a vice presidential candidate to counter Trump’s selection of Ohio Senator J.D. Vance. Among the names being mentioned are Kentucky Governor Andy Beshear and Transportation Secretary Pete Buttigieg.
The Democratic National Committee’s rules committee agreed on Wednesday on a plan to formally nominate Harris as soon as Aug. 1 – before the party’s Aug. 19-22 convention in Chicago – with Harris picking a running mate by Aug. 7.
Biden praised Harris as a strong leader who would make an effective president.
“She’s experienced, she’s tough, she’s capable. She’s been an incredible partner to me and a leader for our country. Now the choice is up to you the American people,” he said.
Trump tried to quash some of her momentum in an aggressive speech at a campaign rally.
“I’m not gonna be nice!” he told his cheering supporters in Charlotte, North Carolina, a battleground state where voting preferences can swing to either side.
Harris on Tuesday showed her willingness to throw a punch, contrasting her background as a prosecutor to his record as a convicted felon.
“Do we want to live in a country of freedom, compassion and rule of law, or a country of chaos, fear and hate?,” she asked during the speech in Milwaukee.
A Reuters/Ipsos poll completed on Tuesday showed Harris with a two-percentage-point lead over Trump, 44% to 42%. A CNN poll conducted by SSRS showed Trump leading Harris, 49% to 46%. Both findings were within the polls’ margins of error.
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World Biz
7-Eleven owner rejects initial takeover bid from Canadian rival
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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.
World Biz
After Telegram founder arrest, Russians fear loss of ‘main information source’
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France’s arrest of Telegram chief Pavel Durov has raised fears in Russia that the popular messaging app — used both by the Kremlin and its opponents — could be blocked, depriving them of one of the last sources of critical, uncensored news.
Since the start of its offensive in Ukraine in February 2022, Russia has cracked down on dissent and protest, leaving Russians without independent news outlets or access to Western social media such as Facebook, Instagram and X, formerly Twitter.
In that climate, Telegram — which was itself blocked for a period by the Kremlin for refusing to cooperate with Russian law enforcement agencies — has become one of the last bastions of free speech and uncensored information.
Moscow now fears for the fate of the messenger and its Russian-born founder Durov, charged late August with failing to curb extremist and illegal content on the platform.
Though he has been released on bail, he cannot leave the country and the Kremlin has warned France against turning the case against him “into political persecution.”
Durov’s arrest is not the only headache the privately-owned service faces.
The European Commission is also investigating whether Telegram has more EU users than claimed and must therefore comply with more stringent rules.
– ‘For all Russians’ –
In Russia, Telegram channels widely cover subjects that are otherwise strictly censored in state media.
That includes everything from front-line reports of the conflict in Ukraine to trials of Kremlin critics and manifestos dispatched from political prisoners.
The most popular channels have millions of subscribers.
The Kremlin, government ministries and regional governors also use Telegram as their go-to public communications tool.
“Telegram is a very practical and reliable messaging service for all Russians, regardless of their political opinions,” said Alexei Venediktov, head of the Echo of Moscow radio station, blocked in Russia after its criticism of the Ukraine offensive.
The messaging service “is considered independent of the Russian state,” the veteran journalist — who has over 200,000 subscribers there — told AFP.
Blocking Telegram would be equivalent to “a measure of censorship,” he said.
– ‘Main source of information’ –
Telegram’s popularity has grown steadily in Russia throughout the Ukraine conflict, after Russia blocked access to Instagram, Facebook and X, as well as the websites of several opposition media outlets.
It is the fourth most popular online service, ahead of YouTube and the Russian social network VKontakte, according to a study by Russian media research group Mediascope.
It is also heavily focused on news. Two-thirds of its Russian readers prefer to follow political and news channels, with only six percent preferring entertainment or cinema, for instance.
Mila, a 45-year-old psychologist, said she started using it after Facebook was blocked and she now subscribes to some 80 Telegram news channels. She also uses it to communicate privately with friends who are against the offensive in Ukraine.
“Today, it is my main source of information. If Telegram stops working, it will hurt me a lot,” Mila told AFP, speaking on condition her full name not be used.
Naida, a 56-year-old logistician said she trusts Telegram more than other messaging services.
“And all the news is there, you don’t need to have a VPN on all the time,” she said.
Telegram is now “the main source of information” for those seeking independent views, said political scientist Tatiana Stanovaya of the Carnegie Russia Eurasia Center.
“Telegram has no alternative” in Russia, she said, adding the free flow of information on the service is a throwback to before President Vladimir Putin began to crack down hard on dissent.
– Battlefield communications –
Amid the conflict in Ukraine, the platform has also become a key military communication tool.
Both Russia and Ukraine warn their populations of incoming air attacks via Telegram posts, while their armies use it to communicate and coordinate internally.
“Telegram has almost become the main way of commanding units on both sides of the front,” said Mikhail Zvinchuk, a former military officer whose Telegram blog on the conflict, Rybar, has more than 1.3 million subscribers.
Pro-Kremlin Russian journalist Andrei Medvedev also said Telegram was “the main messaging service” of the conflict.
“It is an alternative to the secret military communication system,” he said.
Thanks to its broad appeal across the political spectrum, the fate of Durov and the implications for the site have become a rare point of unifying concern.
Russian opposition politician Ilya Yashin, recently released as part of a historic prisoner exchange with the West, is among those who have taken Durov’s side.
“I do not consider Pavel Durov a criminal, and I hope that he will be able to prove his innocence,” Yashin said.
Economy
UN Chief Guterres Pledges Support to Bangladesh’s Interim Govt for Democratic Restoration
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United Nations (UN) Secretary-General António Guterres has pledged the UN’s full support to Bangladesh’s interim government in its efforts to restore an inclusive and prosperous democracy. In a message directed to Chief Adviser Prof Dr. Muhammad Yunus, Guterres expressed his best wishes following Yunus’s assumption of the interim government’s leadership and lauded the efforts to bring stability and organize parliamentary elections in Bangladesh.
“Bangladesh is at a pivotal moment in its history,” Guterres remarked. “The United Nations is fully committed to supporting the efforts towards an inclusive and prosperous democracy. We are ready to work closely with your government and provide any necessary assistance through the Resident Coordinator and the United Nations Country Team to benefit the people of Bangladesh.”
Guterres emphasized that during this transitional phase, Prof Yunus’s leadership will be critical in ending violence, ensuring accountability, restoring law and order, and steering the country towards democratic elections.
He also underscored the importance of adopting an inclusive approach by the interim government, highlighting the need to consider the voices of youths, women, minorities, and indigenous communities.
Additionally, the UN Secretary-General urged the interim government to ensure the protection of all citizens, particularly minorities, and expressed concern over the situation of Rohingya refugees. “I strongly encourage you to safeguard the wellbeing of Rohingya refugees, especially in light of the worsening situation in the Republic of the Union of Myanmar,” he stated.