Here are four things you need to know this morning
U.S. rolls back sanctions on Iranian oil
The U.S. has rolled back sanctions on Iranian oil, allowing dollar-based trade for the first time in more than four decades. The 60-day exemption will allow Iran to produce and sell crude oil in U.S. dollars until August 21. Under the so-called General License X, vessels and entities previously subject to U.S. sanctions are also cleared for transactions. The move could unlock an inventory of around 67 million barrels of Iranian crude stranded in the Gulf. The sanctions relief follows the Memorandum of Understanding signed between the two countries.
Couche-Tard posts higher fuel margins on Iran war
Alimentation Couche-Tard saw major gains in fuel margins in its latest quarter, due to the war in the Middle East. The gas station and convenience store operator also beat analysts estimates for sales and profit, with revenue jumping 20 per cent compared to the same period the year before. The owner of the Circle K brand also saw same-store sales growth in Canada that offset lower fuel volumes in the U.S. and Europe.
Toys ‘R’ Us Canada gets approval to sell parts of company
Toys ‘R’ Us Canada has received court approval to sell parts of the company to three firms, including its current owner. The approval will help the struggling retailer pay off some of its debt. Under the terms, ten store leases, the brand’s inventory, equipment and bank accounts will be transferred to a numbered company run by current owner Doug Putman. Toy brand manager Ad Populum will get the rights to the Toys “R” Us Canada and Babies “R” Us Canada names as well as the company’s trademarks. And foreign retailer, Fox Group Jumbo Canada, will acquire the lease for a Toys “R” Us store at Vaughan Mills. The value of the transactions has not been disclosed.
Ballard Power buying GeoPura
Ballard Power has agreed to buy U.K.-based hydrogen power solutions provider, GeoPura, for £275 million. Ballard currently supplies GeoPura with fuel cell engines to its Hydrogen Power Units. The deal will expand Ballard’s business model to include an energy-as-a-service solution along with a bundled offering that includes hydrogen production, distribution, refueling and stationary power generation. It is also expected to drive higher revenue.
