Category: 3. Business

Walmart announced Friday that its longtime CEO Doug McMillon will retire at the end of January — which came as a surprise to some given the company’s success in a rapidly evolving retail landscape.

John Furner, Walmart’s U.S. CEO, will assume the role of overall CEO on Feb. 1, the company said. McMillon will continue to serve in an executive and advisory role through Jan. 2027.

McMillon, 59, has held the top job since 2014 and is only the fifth person to lead the storied company in its 63-year history.

“Serving as Walmart’s CEO has been a great honor and I’m thankful to our Board and the Walton family for the opportunity,” McMillon said in a statement. “I’ve worked with John for more than 20 years. … He’s uniquely capable of leading the company through this next AI-driven transformation.”

America’s retail landscape continues to rapidly evolve as consumer spending shows increasing signs of bifurcating between wealthier households and everyone else. However, Walmart’s results have held steady — and has been justly rewarded by investors, who have sent its shares some 13% higher in 2025. Over the course of McMillon’s tenure, its shares are up some 300%.

On Walmart’s most recent earnings call, in August, McMillon indicated the company has been able to withstand the broader pressures facing consumers, noting its shoppers’ “behavior has been generally consistent. We aren’t seeing dramatic shifts.”

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Walmart has announced that chief executive Doug McMillon is retiring and will be replaced by the head of the group’s US division at the end of January.

The world’s biggest retailer said in a regulatory filing on Friday that John Furner would take the reins on February 1, bringing an end to McMillon’s 11-year run as chief, during which time the company’s stock has risen more than 300 per cent.

Walmart said McMillon would continue to serve as a director on the board until the June 2026 annual meeting and would continue to be employed as an associate of the group until January 31 2027.

Furner has been the head of the company’s main Walmart US division since November 2019, moving into the role after an almost three-year run leading the group’s Sam’s Club subsidiary.

Walmart shares were down more than 3 per cent in pre-market trading.

This is a developing story

BBC

Network Rail

‘An essential lifeline’

All figures in Canadian dollars unless otherwise noted. Highlights: Net assets increase by $45.8 billion 10-year net return of 8.8% CPP Investments recognized once again for its transparency, as we ranked first among Canadian peers and second among 75 pension funds globally in the 2025 Global Pension Transparency Benchmark TORONTO, ON (November 14, 2025): Canada Pension Plan Investment Board (CPP Investments) ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $777.5 billion, compared to $731.7 billion at the end of the previous quarter. The $45.8 billion increase in net assets for the quarter consisted of $39.8 billion in net income and $6.0 billion in net transfers from the Canada Pension Plan (CPP). CPP Investments routinely receives more CPP contributions than required to pay benefits during the first part of the calendar year, partially offset by benefit payments exceeding contributions in the final months of the year. The Fund, composed of the base CPP and additional CPP accounts, generated a 10-year annualized net return of 8.8%. For the quarter, the Fund’s net return was 5.4%. Since CPP Investments first started investing the Fund in 1999, and including the second quarter of fiscal 2026, it has contributed $539.4 billion in cumulative net income. For the six-month fiscal year-to-date period, the Fund increased by $63.1 billion consisting of $47.3 billion in net income, plus $15.8 billion in net transfers from the CPP. For the period, the Fund’s net return was 6.5%. “CPP Investments delivered good results this quarter. The Fund continues to benefit from our diversified approach and from owning high-quality assets around the world,” said John Graham, President & Chief Executive Officer, CPP Investments. “At the same time, many markets are pricing assets at robust levels. In this environment, we remain disciplined in line with our purpose to help pay pensions not only today, but for many decades to come, through many different economic cycles.” Returns from public equities drove performance this quarter, reflecting investor optimism around artificial intelligence, resilient corporate earnings and expectations of continued monetary easing in developed markets. Investments in private assets — particularly in credit, private equity, infrastructure and energy — also performed well. Foreign exchange movements, primarily from a stronger U.S. dollar, further enhanced overall results. CPP Investments’ diversified portfolio spans multiple asset classes and geographic markets and is intentionally constructed to be less concentrated than public market indices, enhancing the Fund’s resilience as it continues to grow over time. Performance of the Base and Additional CPP Accounts The base CPP account ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $706.0 billion, compared to $668.0 billion at the end of the previous quarter. The $38.0 billion increase in net assets consisted of $37.0 billion in net income and $1.0 billion in net transfers from the base CPP. The base CPP account’s net return for the quarter was 5.5% and the 10-year annualized net return was 8.9%. The additional CPP account ended its second quarter of fiscal 2026 on September 30, 2025, with net assets of $71.5 billion, compared to $63.7 billion at the end of the previous quarter. The $7.8 billion increase in net assets consisted of $2.8 billion in net income and $5.0 billion in net transfers from the additional CPP. The additional CPP account’s net return for the quarter was 4.2% and the annualized net return since inception was 6.3%. The additional CPP was designed with a different legislative funding profile and contribution rate compared to the base CPP. Given the differences in its design, the additional CPP has had a different market risk target and investment profile since its inception in 2019. As a result of these differences, we expect the performance of the additional CPP to generally differ from that of the base CPP. Furthermore, due to the differences in its net contribution profile, the additional CPP account’s assets are also expected to grow at a much faster rate than those in the base CPP account. Long-Term Financial Sustainability Every three years, the Office of the Chief Actuary of Canada, an independent federal body that provides checks and balances on the future costs of the CPP, evaluates the financial sustainability of the CPP over a long period. In the most recent triennial review published in December 2022, the Chief Actuary reaffirmed that, as at December 31, 2021, both the base and additional CPP continue to be sustainable over the long term at the legislated contribution rates. The Chief Actuary’s projections are based on the assumption that, over the 75 years following 2021, the base CPP account will earn an average annual rate of return of 3.69% above the rate of Canadian consumer price inflation. The corresponding assumption is that the additional CPP account will earn an average annual real rate of return of 3.27%. CPP Investments continues to build a portfolio designed to achieve a maximum rate of return without undue risk of loss, while considering the factors that may affect the funding of the CPP and its ability to meet its financial obligations on any given day. The CPP is designed to serve today’s contributors and beneficiaries while looking ahead to future decades and across multiple generations. Accordingly, long-term results are a more appropriate measure of CPP Investments’ performance and plan sustainability. Operational Highlights Board announcements Welcomed the appointments of Gillian Denham and Stephanie Coyles to the Board of Directors, effective September 25, 2025, and October 10, 2025, respectively. Ms. Denham has extensive experience on public company boards and is the former Head of the Retail Bank at CIBC. Ms. Coyles is an experienced director and is the former Chief Strategic Officer at LoyaltyOne, Inc. Welcomed the reappointment of Barry Perry as a Director of the Board for a three-year term effective September 25, 2025. Corporate developments Recognized once again for transparency, as we ranked first among Canadian pension funds and second among 75 pension funds across 15 countries in the 2025 Global Pension Transparency Benchmark developed by Top1000funds.com and CEM Benchmarking, its fifth and final edition. The Global Pension Transparency Benchmark focuses on the transparency and quality of public disclosures relating to the completeness, clarity, information value and comparability of disclosures. CPP Investments Insights Institute launched Mapping Canadian Capital, a case study series on Canadian investments within our portfolio. To date, the series has explored the partnerships, investment models and strategies behind five key investments: Radical Ventures, Canadian Natural Resources, 407 ETR, Northleaf Capital Partners, and Wolf Midstream. As of March 31, 2025, CPP Investments had $114 billion of total investments in Canada. Second Quarter Investment Highlights Capital Markets and Factor Investing Completed eleven co-investments alongside external fund managers, committing approximately C$875 million to macro-themed strategies in addition to equity trades in communication services and materials. Credit Investments Committed to provide £550 million in financing to support KKR’s acquisition of a European consumer lender and associated loan portfolio. Committed US$205 million as part of a term loan credit facility to Emergent Cold Latin America, the largest cold storage operator in Latin America, operating 110 facilities across 11 countries. Invested £190 million in the primary commercial mortgage-backed securities debt issuance of Caister Finance, secured by a portfolio of U.K. holiday parks owned by Haven. Invested US$100 million into the preferred equity issuance of CI Financial, a global wealth management and asset management advisory firm headquartered in Canada. Invested C$225 million in a loan to construct a hyperscale expansion to a data centre in Cambridge, Ontario, Canada, funding 50% of the total construction cost, alongside Deutsche Bank. Private Equity Entered into a definitive agreement, together with funds managed by Stone Point Capital, for a majority investment in OneDigital, a U.S.-based insurance brokerage, financial services and workforce consulting firm. The transaction values OneDigital in excess of US$7 billion and will support the company’s continued growth through a combination of organic expansion and strategic acquisitions. Committed US$150 million to Great Hill Equity Partners IX, which will target middle-market growth buyout investments, primarily in North America. Committed US$105 million to JMI Equity Fund XII, which will target growth equity investments in software companies. We also invested US$36 million in First Due, a cloud-based software provider for fire departments and emergency medical services agencies, alongside JMI Equity. Invested US$75 million for a 5% stake in Novotech Holdings, a leading biotech-focused clinical research organization providing services across Asia Pacific, North America, and Europe, alongside TPG Capital Asia. Invested US$75 million in U.S. Urology Partners, a platform providing practice management capabilities to community-based urology practices, alongside General Atlantic. Invested US$50 million in Niwas Housing Finance Private Limited, a fast-growing affordable housing company serving borrowers from low-to-middle-income households across 8 states in India, alongside EQT. Committed to invest US$40 million in a newly created biopharmaceutical company focused on developing new therapies for autoimmune diseases, alongside Bain Capital. Invested approximately US$700 million for a minority position in NEOGOV, a leading provider of human resources and compliance software, alongside EQT. Committed US$100 million to Glenwood Korea Private Equity Fund III, managed by Glenwood Private Equity, which will target mid-market control carve-out opportunities in South Korea. Invested US$100 million in ModMed, a leading provider of specialty-specific SaaS solutions for ambulatory medical practices, alongside Clearlake Capital. Committed US$50 million to TPG Growth VI, which will invest in mid-market growth buyout and growth equity opportunities primarily in health care, software, digital media & communications, and business services, and invested US$40 million alongside TPG Growth indirectly in Cliffwater LLC, a U.S.-based provider of retail-focused alternative investment products. Invested US$75 million in Aavas Financiers Limited, one of India’s leading affordable housing finance companies serving borrowers from low-to-middle-income households across 14 states, alongside CVC Capital Partners Asia. Committed US$125 million to TPG Emerging Companies Asia Fund I, managed by TPG Capital Asia, which will invest in middle-market opportunities across Asia Pacific. Real Assets Committed US$750 million to KKR Global Infrastructure Investors V, which will target investments in critical infrastructure assets primarily across the Americas and Western Europe. Invested an additional US$87 million in Caturus, a U.S.-based integrated gas-focused exploration & production and liquefied natural gas company, through a Kimmeridge co-investment vehicle. We currently own a 12% stake in Caturus, including indirect ownership positions. Entered into a definitive agreement to acquire an approximate 13% indirect equity interest in Sempra Infrastructure Partners, a leading North American energy infrastructure company, for approximately US$3.0 billion, alongside affiliates of KKR. Committed US$300 million into Blue Owl Real Estate Fund VII, a closed-end commercial real estate net lease investment fund focused on opportunities in North America. We also invested into the development of the second phase of a hyperscale data centre in Abilene, Texas, alongside funds managed by Blue Owl Capital. Expanded the Build-For-Rent joint venture with Greystar, a global leader in property management, investment management, and development, to a total equity commitment of US$1.4 billion for our 95% stake. The joint venture will develop a mix of residential properties across the U.S. including detached single-family homes, duplexes, and townhomes. Entered into a definitive agreement to sell our 49.87% stake in Transportadora de Gas del Peru S.A., which operates Peru’s main natural gas and natural gas liquids pipelines under a long-term concession, to EIG. Our original investment was made in 2013. The transaction is subject to customary closing conditions and regulatory approvals. Sold our 50% stake in each of two real estate assets located in Birmingham U.K., the Bullring and Grand Central Shopping Centres, to joint-venture partner Hammerson Plc. Net proceeds from the sales were approximately C$615 million. We first invested in the Bullring in 2013 and in Grand Central in 2016. Entered into a definitive agreement to sell our 49% stake in Island Star Mall Developers Private Limited, a real estate investment program in India, to joint venture partner The Phoenix Mills Limited and affiliates. Net proceeds will be approximately INR 54.5 billion (C$871 million). The joint venture was established in 2017. Sold our 50% stake in 100 Regent St, a mixed-use office building in London, U.K., alongside our partner, Hermes Real Estate Investment Management. Net proceeds from the sale were £46 million. Our original investment was made in 2013. Transaction Highlights Following the Quarter  Committed an additional US$87 million to FNZ Group, a global technology provider to the wealth management industry, as part of a broader financing round to support the ongoing growth and development of the business. Committed US$135 million to Ohana Credit Fund III, which will focus on diversified credit strategies across the U.S. hospitality sector. Expanded our partnership with Redwood Trust by increasing our senior secured revolving corporate facility from US$250 million to US$400 million and extending the term of our US$500 million asset joint venture. Redwood is a U.S. mortgage REIT focused on credit investments and mortgage banking across single-family and multi-family housing. Committed to invest approximately C$60 million in Wealthsimple through a primary and secondary offering at a post-money valuation of C$10 billion. Wealthsimple is one of Canada’s fastest growing money management platforms. Invested US$150 million for an approximate 4% stake in Jeppesen, alongside Thoma Bravo. Based in the U.S., Jeppesen is a leading provider of navigation, flight planning and crew management software solutions to the aviation industry. Acquired a US$135 million limited partner interest in TA Associates Fund XII via a secondary transaction. TA Associates is a global growth private equity firm investing in technology, health care, financial services, consumer and business services. Invested C$50 million in Cohere through the second close of its funding round. Cohere is a Canadian technology company focused on artificial intelligence, specializing in large language models and AI products. Committed US$300 million to ArcLight Infrastructure Partners VIII, which will focus on firm power, renewable energy and midstream assets, primarily in North America. Committed €143 million, inclusive of €68 million of re-investment, to CVC Capital Partners Locron, a single-asset continuation fund. Entered into a definitive agreement to acquire an additional 25% interest in FCC Servicios Medio Ambiente Holding, S.A.U., the environmental services division of FCC Group, for €1.0 billion, which will result in a 49.99% ownership stake upon closing. Entered into a definitive agreement with ArcLight Capital Partners to invest US$1.0 billion for a strategic minority position in AlphaGen, one of the largest independent power portfolios in the U.S. Sold our 45% stake in each of two office buildings located in the U.S., Hill7 in Seattle and 1101 17th Street NW in Washington D.C. The combined gross value of the assets was approximately US$160 million. We originally invested in Hill7 in 2016 and 1101 17th Street NW in 2010. About CPP Investments Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments. Disclaimer Certain statements included in this press release constitute “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbors. All such forward-looking statements are made and disclosed in reliance upon the safe harbor provisions of applicable United States securities laws. Forward-looking information and statements include all information and statements regarding CPP Investments’ intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as “trend,” “potential,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions. The forward-looking information and statements are not historical facts but reflect CPP Investments’ current expectations regarding future results or events. The forward-looking information and statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including available investment income, intended acquisitions, regulatory and other approvals and general investment conditions. Although CPP Investments believes that the assumptions inherent in the forward-looking information and statements are reasonable, such statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. CPP Investments does not undertake to publicly update such statements to reflect new information, future events, and changes in circumstances or for any other reason. The information contained on CPP Investments’ website, LinkedIn, Facebook, Instagram and X are not a part of this press release. CPP INVESTMENTS, INVESTISSEMENTS RPC, Canada Pension Plan Investment Board, L’OFFICE D’INVESTISSEMENT DU RPC, CPPIB and other names, phrases, logos, icons, graphics, images, designs or other content used throughout the press release may be trade names, registered trademarks, unregistered trademarks, or other intellectual property of Canada Pension Plan Investment Board, and are used by Canada Pension Plan Investment Board and/or its affiliates under license. All rights reserved.

(Bloomberg) — A trade deal between the US and Switzerland is awaiting approval from the White House following talks on Thursday that a senior Trump administration official characterized as positive.

The official, who briefed reporters on condition of anonymity, said Swiss negotiators acknowledged the need to reduce or eliminate Switzerland’s trade deficit with the US, a key concern for the Trump administration. The official added that the Swiss also presented plans for reducing the deficit.

Swiss Economy Minister Guy Parmelin and State Secretary Helene Budliger Artieda returned to Bern on Friday after meeting with US Trade Representative Jamieson Greer in Washington, D.C. The minister and his chief negotiator traveled to the US after a draft of the deal was approved by Swiss leadership on Wednesday, according to people familiar with the matter. The ministry confirmed that the trade agreement has now been passed on to President Donald Trump and that the final decision rests with him.

Switzerland’s key aim is to lower the 39% tariff rate the Trump administration has applied to many Swiss goods, including watches and chocolate. That rate is the highest on any developed country, and it puts Swiss exporters at a significant disadvantage relative to EU competitors, who face a tariff level of 15%. The US is seeking to have Swiss tariffs on American goods lowered, even as US officials acknowledge that most of those levies are already low.

The Swiss are hoping to have the US duty reduced to 15%, people familiar with the matter told Bloomberg earlier this week.

While the situation remains fraught — a number of framework trade deals have fallen apart as a result of Trump’s last-minute demands — there are “positive signs” that a deal may soon be reached, a spokesperson for the Swiss Economy Ministry said.

Speaking in Berlin on Friday, Swiss Foreign Minister Ignazio Cassis sounded cautiously optimistic.

“We have reached the end of this second round,” he told reporters after talks with his German counterpart. “The first didn’t end well. So we hope very much that this second one ends. Once again, it has been going well on a technical level. But as long as the president doesn’t make a decision we’d rather not say any more.”

In an indication that US-Swiss relations are warming, people familiar with Trump’s plans confirmed on Thursday that the president is expected to attend the annual meeting of the World Economic Forum in Davos next year.

A tipping point happened last week, when Trump met with a group of Swiss billionaires and corporate executives in the Oval Office, later signaling his intention to step up trade talks with Switzerland.

Trump has confirmed his administration was “working on a deal to get their tariffs a little bit lower,” but added “I haven’t said any number” when asked about a 15% rate.

The Swiss, however, have been burned during trade negotiations with the US before. Swiss officials were blindsided earlier this year by Trump’s implementation of a 39% tariff rate following a contentious phone call between Trump and his Swiss counterpart Karin Keller-Sutter. The call, which Swiss negotiators assumed was little more than a formality, upended tariff talks between the two countries.

Switzerland is not the only country still actively negotiating with the US over tariffs. On Thursday, US officials announced frameworks for trade deals with Argentina, Guatemala, El Salvador and Ecuador.

–With assistance from Josh Wingrove, Justin Sink, Jordan Fabian and Iain Rogers.

(Updates with Swiss foreign minister starting in seventh paragraph)

©2025 Bloomberg L.P.

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The three state refiners were jointly seeking delivery of about 48 very-large gas carriers, or about 2 million metric tons, of LPG in 2026.

The tenders also allowed winners the option to supply LPG of any origin for one of every four cargoes awarded, the sources said.

The details on the number of cargoes awarded to the three entities and pricing were not immediately available.

The three Indian companies, Chevron, Phillips 66 and Totsa did not immediately respond to emails seeking comment.

Higher imports of U.S. LPG will cut India’s reliance on its traditional Middle Eastern suppliers.

In 2024, the South Asian nation imported about 65% of its LPG consumption of 31 million tons, according to government data.

The refiners imported about 90% of their 20.4 million tons under term deals with countries including the UAE, Qatar, Kuwait, and Saudi Arabia.

Key Middle East producer Saudi Aramco has already cut the official selling price for propane and butane to at least a two-year low after India announced plans to diversify its LPG imports.

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BANGKOK — China has moved to crack down on exports of “zero mileage” new vehicles being exported as if they are used, a tactic that has allowed some of its automakers to exaggerate their sales data and claim tax rebates and other benefits.

The tighter regulations apply to exports of cars within 180 days of when they are registered.

China has become the world’s largest exporter of vehicles as its automakers struggle with excess competition in their home market. The “zero mileage” auto exports are thought to distort sales data to make it look as if more of that excess inventory is being sold.

Overseas buyers of such vehicles often are unable to get aftersales services or parts for repairs, damaging the brand image of some Chinese automakers that have been pushing for tighter regulation of exports, the ministry said.

The new rules target falsified registration and export documents and violations of regulations in both China and countries that import the vehicles.

Beginning Jan. 1, automakers will have to provide formal guarantees of after-sales service and information about where such services can be obtained, according to the regulations posted on the Commerce Ministry’s website.

The report did not name any specific automakers, though such exports have been reported for various provinces across the country.

Jaguar Land Rover has reported a heavy loss for the three months to the end of September, a period during which it was badly affected by the impact of a serious cyber-attack.

The carmaker posted a £485m loss – before tax and exceptional items – compared with a profit of £398m for the same period a year ago.

The cyber-attack, which took place at the end of August, forced JLR to shut down its computer networks, leaving it unable to operate its highly-automated production lines throughout September and into early October.

Car sales to consumers were also affected initially, although JLR was later able to develop workarounds, and parts supply to service outlets was badly disrupted.

The company says production has now returned to normal levels.

JLR also reported additional “cyber related costs” of £196m, on top of the headline loss. These are understood to include the costs of bringing in outside consultants and other support in response to the hacking attack.

According to the carmaker, its revenues for the quarter fell 24%, from £6.5bn last year to £4.5bn.

This was heavily affected by the production stoppage. However, the effects of US tariffs on exports from both the UK and Slovakia also had an impact, as did the phasing out of a number of Jaguar models ahead of the brands planned re-launch as an all-electric marque.

The crisis at JLR helped drive UK car production in September to its lowest level for the month since 1952, according to the Society of Motor Manufacturers and Traders.

Its impact was also felt well beyond JLR itself. According to the Office for National Statistics, the drop in production of some 27,000 vehicles knocked 0.17% off economic output in September.

The company sits at the top of a large and complex supply chain involving thousands of businesses worldwide, including hundreds in the UK, many of whom are heavily reliant on orders from the carmaker.

The stoppage meant a large number of them, including small and medium sized businesses, were also forced to shut some or all of their operations – prompting warnings of potential bankruptcies.

The government agreed to provide guarantees for JLR to obtain loans worth up to £1.5bn in order to help its supply chain.

Separately, the carmaker itself set up a financing scheme, allowing suppliers to obtain early payment for new orders, in order to ease their cashflow.