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Shareholders of Japan’s Seven & i Holdings Co Ltd have voted down all four of the board candidates nominated by ValueAct Capital, a U.S. investment firm. ValueAct, which owns 4.4% of the company, had called for President Ryuichi Isaka to be among those replaced with its candidates. However, Isaka and other candidates backed by the company were all elected at the annual shareholders meeting.

ValueAct had urged the company to undertake a strategic review and consider spinning off its 7-Eleven chain or selling the entire company. The company in response elected to close additional supermarket stores in Japan and fully exit its apparel business. ValueAct fund has built its image as a constructive activist following successful engagement at medical equipment maker Olympus Corp and chip materials maker JSR Corp.

The focus now shifts to details of the vote, which are expected to be available later on Thursday. A large portion – about 10% – of the company is still owned by the founding family and the presence of activist investors is small. As such, support of more than 30% for ValueAct candidates would be significant, investors say.

The U.S. dollar has long been the world’s dominant currency, but recent events have put its status under scrutiny. Rivalry with China, fallout from Russia’s war in Ukraine and wrangling in Washington over the U.S. debt ceiling have all contributed to speculation that non-U.S. allies would diversify away from dollars.

The dollar share of official FX reserves fell to a 20-year low of 58% in the fourth quarter of 2022, according to International Monetary Fund data. This shift was more pronounced when adjusted for exchange rate.

The almighty dollar has had a lock on commodity trading, allowing Washington to hinder market access for producer nations from Russia to Venezuela and Iran. But trade is shifting, with India purchasing Russian oil in UAE dirham and roubles, and China switching to the yuan to buy some $88 billion worth of Russian oil, coal and metals.

De-dollarisation would require a vast and complex network of exporters, importers, currency traders, debt issuers and lenders to independently decide to use other currencies. This is unlikely, as the dollar is on one side of almost 90% of global forex transactions, representing about $6.6 trillion in 2022.

The dollar’s status is underpinned by the $23 trillion U.S. Treasury market, viewed as a safe haven for money. International holdings of Treasuries are vast and there’s no credible alternative yet.

While there may not be a single dollar successor, mushrooming alternatives could create a multipolar world. Global central banks are looking at a wider variety of assets, including corporate debt, tangible assets such as real estate, and other currencies.

The U.S. dollar is still the world’s dominant currency, but its status is being challenged as nations look to diversify away from it.

Taiwan is expecting the delivery of 66 advanced F-16V fighter jets from the United States by 2026. The software development process for the jets has been delayed due to supply chain disruptions, but Defence Minister Chiu Kuo-cheng said on Thursday that they are working to address this with the United States. The jets have advanced avionics, weapons and radar systems to better face down the Chinese air force, including its J-20 stealth fighter. Taiwan has since last year complained of delays to U.S. weapons deliveries, but Congressman Michael McCaul said during a visit to Taipei last month that he was doing everything possible to speed up arms deliveries.

Private equity firms Boyu Capital, Hillhouse Capital and BPEA EQT are among bidders vying for Longreach Group’s Hong Kong-based medical device maker Quasar. Longreach is targeting a valuation of as much as $600 million or more for the entire company.

The bidding process, which is being run by Goldman Sachs, has entered the second round. Private equity firm General Atlantic and a number of strategic buyers are also in the fray.

Established in 1988 in Israel, Quasar is a global contract development and manufacturing organization (CDMO) of advanced medical devices and counts Johnson & Johnson and Medtronic PLC as clients. It has two manufacturing facilities in China and one in Thailand.

Longreach acquired a controlling stake in the company in 2019 for an undisclosed amount. Quasar’s earnings before interest, taxes, depreciation and amortization was about $30 million in 2022.

The sale process comes at a time where medical services companies are gaining favour, as investors bet on the healthcare sector’s ability to weather the challenging global economic environment. Final bids are due by end of June.

Most Asian stocks fell on Thursday as fears of a U.S. debt default persisted amid little progress towards raising the debt ceiling. Chipmaking stocks, however, outperformed tracking a robust outlook from Nvidia. Japan’s Nikkei 225 index rose 0.6%, supported chiefly by a 16% jump in semiconductor testing equipment maker Advantest Corp. Gains in other chipmaking stocks, such as wafer maker SUMCO Corp.

Western Australia has reached a historic settlement with the Tjiwarl people of the state’s northern Goldfield’s region, agreeing to compensate them for historic acts such as issuing mining leases on their traditional lands. The agreement sets out a greater say for the Tjiwarl on future developments by miners and others on issues including water management and mining or petroleum leases, and removes the need for future compensation claims.

The state will pay the Tjiwarl Aboriginal Corporation A$25.5 million ($17.3 million) for acts such as approving roads and issuing leases that damaged or destroyed the group’s legal rights over their traditional lands. Bellevue Gold and lithium developer Liontown Resources Ltd, which operate on Tjiwarl lands, were involved in the compensation litigation.

The agreement also returns some land parcels to Tjiwarl and expands the group’s conservation area. Chief Executive Greg Ryan-Gadsden of the Tjiwarl Aboriginal Corporation said the settlement provides a foundation to guide other native title groups to reach similar outcomes.

Lawyer Malcolm O’Dell of Central Desert Native Title Services said almost all the mining parties who may have had a liability as part of the original compensation claim have now settled that liability. This settlement sets a precedent for Indigenous groups to have a greater say in future developments.

The company said it would invest about 10 billion yen ($90 million) in the project, which is expected to be completed by the end of 2021. The new facility will produce image sensors for automotive cameras, security cameras, and other applications.

Sony said the new facility will help it meet the growing demand for image sensors, which are used in a variety of applications, including automotive cameras, security cameras, and other applications. The company said the new facility will also help it expand its production capacity and improve its cost competitiveness.

The move is part of Sony’s ongoing efforts to strengthen its semiconductor business. The company has been investing heavily in its semiconductor business in recent years, including the acquisition of Toshiba’s image sensor business in 2017.

Sony said the new facility will create about 200 jobs in Kumamoto, and the company is committed to contributing to the local economy. The company said it will continue to invest in its semiconductor business to meet the growing demand for image sensors.

Treasury Wine Estates (OTC:TSRYF) warned on Thursday that inflation was squeezing demand for its commercial-grade wine and driving up packaging costs, sending its shares nearly 8% lower. The winemaker flagged challenging market conditions and consumption outlook for commercial wine, most notably in Australia and the UK, and said it was undertaking a review of its supply chain particularly in Australia. It is also considering divestiture of selected assets, either individually or in combination.

Treasury Wine estimated a 2%-3% drop in fiscal 2023 group net sales revenue and flagged upward pressure on its cost of goods in fiscal 2024 from inflation, particularly for packaging materials. The company expects an EBITS margin of approximately 23.5% for the 2023 financial year, compared with 21.1% in fiscal 2022.

Consumer demand for luxury wine remains strong in all markets across the globe, with sales in the Penfolds, Treasury Americas and Treasury Premium Brands divisions in line with expectations. Despite the challenging market conditions, Treasury Wine is confident that its strategy and portfolio of premium brands will continue to drive growth and deliver long-term value for shareholders.

President Volodymyr Zelenskiy of Ukraine has renewed his appeal for U.S.-built F-16 fighter jets to help protect the country from Russian aggression. Last week, U.S. President Joe Biden told G7 leaders that Washington supported joint allied training programmes for Ukrainian pilots on F-16 fighters.

Germany, Norway, and the Netherlands have all offered support for the training programmes, while Britain, Belgium, Denmark, and France have all expressed openness to the idea of providing training. Poland and Slovakia have already donated 27 MiG-29s to supplement Ukraine’s fleet.

The transfer of F-16 jets to Ukraine would raise the question of NATO’s role in the conflict, and the U.S. has estimated that at least 18 months will be needed for training and delivery of the aircraft. France has offered to begin training Ukrainian pilots in France right away, while Britain has agreed to start training in the spring.

The idea of a “jets coalition” of Western backers to provide the aircraft and the training to combat Russian air attacks has been met with enthusiasm, and is seen as a sure signal from the world that Russia’s invasion will end in defeat.

Activist investor Carl Icahn is set to win enough Illumina Inc (NASDAQ:ILMN) shareholder support to install at least one of his three nominees to the gene sequencing machine maker’s board. A preliminary vote tally shows that Icahn nominee Andrew Teno has won enough shareholder support to get on Illumina’s board. Icahn’s challenge against Illumina, whose market value of $33 billion makes it this year’s biggest board fight, offers the 87-year-old corporate raider a chance to reassert his investment acumen.

Proxy advisory firms Institutional Shareholder Services and Glass Lewis have recommended Illumina shareholders back Teno and two of Icahn’s other nominees, respectively. Icahn has accused Illumina’s board of poor oversight, especially with regards to the company’s $7.1 billion acquisition of cancer test maker Grail. The investor has blamed the Grail deal for Illumina losing $50 billion in market value.

The final vote tally will be revealed at Illumina’s annual shareholder meeting on Thursday. It remains to be seen whether Icahn will be successful in his bid to shake up the board of the gene sequencing machine maker.