Brent Jabbour
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Japan’s Nippon makes last-minute promise to close US Steel deal
Japan’s Nippon Steel reportedly told the White House it would give the U.S. government veto power over any reduction in U.S. Steel’s production capacity if the merger is approved. The eleventh-hour promise comes as President Joe Biden must decide the fate of the $15 billion deal by Jan. 7. Nippon guaranteed it wouldn’t reduce production… -
National security watchdog punts $15B steel deal decision to Biden
The future of Nippon Steel’s $15 billion bid for U.S. Steel is in the hands of President Joe Biden. The president now has 15 days to decide whether to block the deal or do nothing, effectively approving it. The Committee on Foreign Investment in the United States, which reviews deals involving foreign entities in the… -
Social media could use facial recognition to root out underage users in UK
Social media platforms in the U.K. could be tasked with using facial recognition technology to “drive out” underage users. Ofcom, Britain’s communications regulator, will officially lay out plans next month to keep kids off social media, as research shows an increased number of young children on the sites. “The sort of thing that we might… -
Trump open to keeping TikTok ‘around for a little while’ after 2020 sanctions
President-elect Donald Trump is rethinking his opposition to TikTok with less than a month before it faces an outright ban in the U.S. Trump’s comments come after his electoral victory in November, which saw significant gains with young voters. “I’m going to have to start thinking about TikTok,” Trump said at a conservative conference in… -
Japan’s Nippon-US Steel deal on track to be axed by Biden: Report
The U.S. government is reportedly poised to reject Nippon Steel’s $14.9 billion acquisition of U.S. Steel, despite the Japanese company’s efforts to downplay national security concerns. After a broad review by the Committee on Foreign Investment in the United States (CFIUS), the decision may rest in the hands of President Joe Biden. CFIUS reviews deals… -
Dow Jones snapping worst losing streak in 50 years
After the worst losing streak in 50 years, the stock market is looking to snap back Thursday, Dec. 19. The Dow Jones Industrial Average’s 10-day losing streak through Wednesday, Dec. 18, is the longest since 1974. During the losing streak, the market wiped out all of its post-election gains. The Dow ended Wednesday down 2.5%… -
Is your Wi-Fi router a national security risk? US government weighs ban
TP-Link is the bestselling Wi-Fi router internationally and on Amazon. Now, the U.S. government is considering banning these devices over cyberattack risks. According to a Wall Street Journal report, investigators at three agencies, Commerce, Defense and Justice, are looking into these Chinese-made routers. In October, Microsoft said it was tracking “a network of compromised small… -
Biden backs banning stock trades for Congress. Will Trump?
President Joe Biden has thrown his support behind banning members of Congress from trading stocks. His comments come in the waning hours of his administration as the issue has split members of Congress. “Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden said during… -
Fed forges ahead with third interest rate cut despite growing inflation
The Federal Reserve continued its rate-cutting campaign Wednesday, Dec. 18, marking the third cut of 2024. The central bank shaved off another 25 basis points from its benchmark rate, in line with expectations. The latest decision sets the benchmark interest rate between 4.25% and 4.5%, down from 4.5% and 4.75%. The rate sat above 5%… -
FTC bans ‘bait-and-switch’ junk fees in hotels, rentals, ticket sales
The Federal Trade Commission passed a rule Tuesday, Dec. 17, that will stop “bait-and-switch” tactics when buying concert tickets or booking hotel rooms and other short-term rentals. The new rule may be the final shot in the Biden administration’s fight against junk fees across industries. According to the FTC, “the Junk Fees Rule requires that… -
Trudeau facing calls to resign after finance minister quits in shocking way
Canada’s finance minister has resigned from Prime Minister Justin Trudeau’s cabinet, lambasting him on her way out. In her resignation letter, Chrystia Freeland made it clear that it was President-elect Donald Trump who drove them apart. Her resignation is sending shockwaves through Trudeau’s own Liberal Party in Canada, where many are questioning how long he can… -
Disneyland owes back pay to 50,000 employees in $233 million settlement
Years after Disney was first accused of violating minimum wage laws at its California resort, the “happiest place on Earth” has agreed to settle a class-action lawsuit for $233 million. A lawyer representing Disneyland workers confirmed the settlement to Straight Arrow News. Based on the law firm’s research, it’s believed to be the largest wage… -
Trump secures $100 billion investment in America from Japan’s SoftBank
President-elect Donald Trump has received a commitment from SoftBank Group to invest $100 billion in the U.S., creating 100,000 jobs. The deal, announced Monday, Dec. 16, doubles SoftBank’s funding promise following Trump’s first presidential victory in 2016. SoftBank said the investment will create jobs in AI and other emerging technologies. It said the projects will…
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