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A survey by the Central Bank of Russia predicts that the average benchmark interest rate will be 14.5% in 2026 (unchanged from previous forecasts).On September 2nd, Federal Reserve Chairman Williams stated that bond yields are an important indicator for the Feds assessment of the economic situation. The recent rise in yields was primarily driven by strong economic performance, an optimistic economic outlook, and robust investment demand, with some correlation to the Middle East conflict. However, yields currently do not appear to be significantly affected by the inflation outlook. Williams emphasized that the Fed will consider all economic data comprehensively, and its ultimate responsibility remains price stability, with reducing the inflation rate to 2% being the top priority. Tariffs and the Middle East war are the main factors contributing to current inflation exceeding the target, but a second-degree inflation effect from tariffs has not yet been observed. Inflation expectations remain under control, and recent inflation data is encouraging, showing an overall downward trend, although inflation in the services sector remains significantly high. He stated that the labor market is stable and remains robust, and it is necessary to push inflation back to 2% in the foreseeable future. He hopes to further observe and analyze economic data before making the next policy decision and will continue to gather information for the next FOMC meeting. Williams expressed support for the decisions of the July FOMC meeting, believing that the current interest rate level is appropriate and monetary policy is progressing smoothly.Tensions in the Middle East remain high, with Brent crude oil prices nearing the $96 mark during trading. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.The US August ADP employment figures were released, showing the smallest increase since January and falling short of market expectations. A quick chart provides a view of the converted prices of gold and silver in the pre-market session.Syria has confirmed to the International Atomic Energy Agency that it will participate in a briefing on nuclear issues from September 7 to 11.

Sogo & Seibu will be sold to Fortress Investment Group by Seven & I Holdings

Skylar Williams

Nov 11, 2022 15:50

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According to news published on Friday, Seven & I Holdings Co Ltd has decided to sell its Sogo & Seibu department store company to Fortress Investment Group of the United States.


Seven & I, the operator of 7-Eleven convenience stores and the Speedway gas station chain in the United States, has been under pressure from ValueAct Capital to execute structural reforms and dispose of assets.


During an unusual meeting on Friday morning, the company's board of directors decided to sell Sogo & Seibu, and a spokesman said that details would be disclosed in the afternoon.


According to people familiar with the matter, the purchaser was a SoftBank Group Corp.-controlled fund. According to one of them, the transaction's price and other parameters are still being finalized.


This Monday, the Nikkei newspaper reported that Seven & I would sell its struggling department store division to Fortress for 200 billion yen (about $1.4 billion).


SoftBank did not respond quickly to a request for comment. Fortress did not immediately respond to a comment request after U.S. business hours.


According to the Nikkei, Yodobashi Holdings is expected to invest in the arrangement and establish outlets inside Sogo & Seibu locations.


Representatives of Yodobashi were not immediately reachable for comment.


Seven & I shares rose 0.6% in Tokyo trading, compared to the Nikkei index's 2.7% gain.

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