Thyssenkrupp says India’s Jindal Steel makes bid for steel business

India’s Jindal Steel International has made an offer for Thyssenkrupp’s steel division, the German company said Tuesday, in what would be a mega-deal for the struggling industrial titan. Once a symbol of German manufacturing might, Thyssenkrupp has fallen into crisis in recent years as it battles high manufacturing costs at home and fierce competition from Asian rivals, particularly in the traditional steel business.The sprawling conglomerate — whose businesses range from auto parts to submarine-making — has long been seeking to get rid of the loss-making steel unit which is in the midst of a painful restructuring.It confirmed in a statement that it had received a “non-binding” offer from Jindal Steel International for the purchase of Thyssenkrupp Steel Europe (TKSE).The group said it would “carefully review” the offer and pay “particular attention” to what it would mean for jobs.Jindal said it was “committed” to the production of green steel, which has been a key focus for Thyssenkrupp in recent years. Neither side mentioned a possible purchase price for the steel business, but the news sent the conglomerate’s shares up almost eight percent in Frankfurt. Juergen Kerner, workers’ representative on the Thyssenkrupp board, said the offer from “growth-oriented” Jindal Steel was “good news” for employees.”Jindal Steel has its own access to raw materials and expertise in the green transformation,” he said, adding it was important to enter into discussions quickly to “gain clarity” on important questions.The steel unit had announced in November last year it would seek to cut 11,000 jobs by 2030 — about 40 percent of its workforce. The Indian offer however sets up a potential battle with Czech billionaire Daniel Kretinsky, who last year acquired a stake in TKSE through his holding company EPCG.- Green steel -Thyssenkrupp has been seeking to navigate the long-term costs of the green transition.CEO Miguel Lopez warned in March that a new site in the western city of Duisburg, which forms the heart of its steel operations, designed to produce carbon-neutral steel might not be profitable.In a statement, Jindal Steel said it was committed to making green steel at the same time as turning a profit.”We believe in the future of green steel production in Germany and Europe,” said Narendra Misra, head of European Operations at Jindal. “Our goal is to preserve and advance the 200-year-old heritage of Thyssenkrupp.”Jindal said it would invest in further green steel production and make Thyssenkrupp “the largest low-emission steel producer in Europe,” adding that it already had a similar site in Oman which is due to start production in 2027.A spokesman for Kretinsky’s EPCG declined to comment on the Indian offer.Previously Thyssenkrupp has said discussions were ongoing with the Czech billionaire about “an equal 50/50 joint venture”.Offloading the steel business is part of a broader plan to split Thyssenkrupp into a series of standalone businesses with the aim of boosting profitability.

Trial of accused in US insurance exec killing to start December 1

The trial of Luigi Mangione, accused of gunning down an insurance industry executive, will start on December 1, the state court judge in the case said on Tuesday.Mangione appeared in court wearing a beige jumpsuit and shackles, flanked by armed police and court officers, stopping to smile and nod at a young woman in the front row as he was led out, AFP saw.His appearance in a Manhattan courthouse is a reminder of the string of political violence that has rocked the United States in recent times, including the December 4 slaying of insurance executive Brian Thompson.That has been followed by a number of other incidents, including the murder of a Minnesota state lawmaker and her husband, the firebombing of the Pennsylvania governor’s home and, most recently, the assassination of conservative activist Charlie Kirk.”I think we agree that hearings in this case will start December 1,” judge Gregory Carro said.Fervent supporters of Mangione gathered both inside and outside court to show their backing for the 27-year-old whose alleged crimes have sharply divided Americans.Thompson’s murder brought to the surface deep public frustration with the lucrative US commercial health care system, with many social media users painting Mangione as a hero.He is charged in both state and federal court in the December 4 shooting of UnitedHealthcare chief executive Thompson.- Insufficient evidence for ‘terrorism’ -If convicted in the state case, Mangione could face life imprisonment with no parole. In the federal case, he could technically face the death penalty.At Tuesday’s hearing, the judge said that the grand jury in the case had been presented with insufficient evidence to support the first-degree murder charges, and murder as an act of “terrorism” charge. The remaining counts still stand — including second-degree murder.”The evidence put forward to the jury was legally insufficient” the judge said.”As to the other counts evidence was sufficient — including murder in the second degree.”One of the protesters, who were mostly young women, held up an Italian flag emblazoned with the words “healthcare is a human right.”Mangione’s attorney Karen Friedman Agnifilo has sought clarity on how simultaneous federal and state charges would work, calling the situation “highly unusual.”Dozens of Mangione’s supporters chased his legal team along the street after they left court following the packed hearing.Mangione was arrested in Altoona, Pennsylvania, on December 9 following a tip from staff at a McDonald’s restaurant, after a days-long manhunt. He had traveled to New York by bus from Atlanta about 10 days before the crime, the Department of Justice said. After checking into a Manhattan hostel with false identification, he allegedly performed reconnaissance near the victim’s hotel and the conference venue where the shooting took place.Early on December 4, Mangione allegedly tracked Thompson, walked up behind him and fired several gunshots from a pistol with a silencer, the DOJ said. Afterward, he is said to have fled on a bicycle.

Stocks diverge, dollar down as Fed meets on rates

Wall Street stocks hit fresh record highs on Tuesday as the US Federal Reserve prepared to meet, while the dollar slid.The Fed’s two-day gathering is widely expected to conclude on Wednesday with the central bank agreeing to trim borrowing costs, with policymakers trying to shore up the world’s biggest economy.The dollar dropped against main rivals on Tuesday as lower interest rates make the greenback less attractive to investors, while safe haven gold hit yet another record high.”The Fed’s focus appears to have shelved inflation concerns for now, instead concentrating on a stalling (US) jobs market, which should lead to a 0.25-percent cut,” noted Richard Hunter, head of markets at Interactive Investor.Data released on Tuesday showed retail sales in the United States rose more than analysts expected in August, even as the effects of President Donald Trump’s tariffs ripple through the US economy.Overall sales jumped by 0.6 percent on a month-on-month basis in August, beating expectations of a 0.2-percent gain, showing US consumers are not holding back despite the softening jobs market.Separate data showed US non-fuel import prices rose by 0.4 percent in August, following no gain in July.”Today’s data won’t change the market’s expectation that the Fed will vote tomorrow to cut the target range for the fed funds rate by 25 basis points to 4.00-4.25 percent, but it will presumably temper calls for a 50-basis-point cut,” said Briefing.com analyst Patrick O’Hare.Wall Street’s S&P 500 and Nasdaq indices pushed to fresh record highs as trading got underway on Tuesday.Trump announced on Tuesday that the United States and China had reached a deal over TikTok, which Washington says must pass into US-controlled ownership.Trump said he would confirm the deal when he speaks with his Chinese counterpart Xi Jinping on Friday.The Fed meeting takes place with Trump appointee Stephen Miran as a new member of the bank’s rate-setting committee after the Senate narrowly voted to confirm his appointment late on Monday.Meanwhile, a US federal appeals court ruled that Fed Governor Lisa Cook can remain in her position while challenging her ouster from the bank — after Trump sought to fire her.Miran’s appointment comes as the president demands that the Fed cuts borrowing costs and accuses the central bank’s chief, Jerome Powell, of being unfit for the job.Expectations that US rates will be reduced over the next few months and possibly into 2026 continued to weigh on the dollar and pushed up gold to an all-time peak close to $3,700 an ounce.The British pound firmed versus the dollar.Analysts increasingly expect the Bank of England to maintain its key interest rate on Thursday and for the remainder of 2025.Official data on Tuesday showed UK unemployment remaining at a four-year high of 4.7 percent amid stubbornly high British inflation.European stock markets fell on Tuesday following a steady showing by Asia’s main indices.Shares in Germany’s Thyssenkrupp rose around eight percent in Frankfurt after India’s Jindal Steel International made an offer for the company’s steel division.- Key figures at around 1330 GMT -New York – Dow: UP less than 0.1 percent at 45,898.56 pointsNew York – S&P 500: UP 0.1 percent at 6,624.42New York – Nasdaq Composite: 0.2 percent at 22,397.50London – FTSE 100: DOWN 0.6 percent at 9,220.07 Paris – CAC 40: DOWN 0.4 percent at 7,865.57Frankfurt – DAX: DOWN 0.9 percent at 23,531.60Tokyo – Nikkei 225: UP 0.3 percent at 44,902.27 (close)Hong Kong – Hang Seng Index: FLAT at 26,438.51 (close)Shanghai – Composite: FLAT at 3,861.87 (close)Euro/dollar: UP at $1.1823 from $1.1768 on MondayPound/dollar: UP at $1.3657 from $1.3609Dollar/yen: DOWN at 146.87 yen from 147.38 yenEuro/pound: UP at 86.59 pence from 86.47 penceBrent North Sea Crude: UP 1.0 percent at $68.10 per barrelWest Texas Intermediate: UP 1.3 percent at $64.10 per barrelburs-rl/

Stocks diverge, dollar down as Fed meets on rates

Wall Street stocks hit fresh record highs on Tuesday as the US Federal Reserve prepared to meet, while the dollar slid.The Fed’s two-day gathering is widely expected to conclude on Wednesday with the central bank agreeing to trim borrowing costs, with policymakers trying to shore up the world’s biggest economy.The dollar dropped against main rivals on Tuesday as lower interest rates make the greenback less attractive to investors, while safe haven gold hit yet another record high.”The Fed’s focus appears to have shelved inflation concerns for now, instead concentrating on a stalling (US) jobs market, which should lead to a 0.25-percent cut,” noted Richard Hunter, head of markets at Interactive Investor.Data released on Tuesday showed retail sales in the United States rose more than analysts expected in August, even as the effects of President Donald Trump’s tariffs ripple through the US economy.Overall sales jumped by 0.6 percent on a month-on-month basis in August, beating expectations of a 0.2-percent gain, showing US consumers are not holding back despite the softening jobs market.Separate data showed US non-fuel import prices rose by 0.4 percent in August, following no gain in July.”Today’s data won’t change the market’s expectation that the Fed will vote tomorrow to cut the target range for the fed funds rate by 25 basis points to 4.00-4.25 percent, but it will presumably temper calls for a 50-basis-point cut,” said Briefing.com analyst Patrick O’Hare.Wall Street’s S&P 500 and Nasdaq indices pushed to fresh record highs as trading got underway on Tuesday.Trump announced on Tuesday that the United States and China had reached a deal over TikTok, which Washington says must pass into US-controlled ownership.Trump said he would confirm the deal when he speaks with his Chinese counterpart Xi Jinping on Friday.The Fed meeting takes place with Trump appointee Stephen Miran as a new member of the bank’s rate-setting committee after the Senate narrowly voted to confirm his appointment late on Monday.Meanwhile, a US federal appeals court ruled that Fed Governor Lisa Cook can remain in her position while challenging her ouster from the bank — after Trump sought to fire her.Miran’s appointment comes as the president demands that the Fed cuts borrowing costs and accuses the central bank’s chief, Jerome Powell, of being unfit for the job.Expectations that US rates will be reduced over the next few months and possibly into 2026 continued to weigh on the dollar and pushed up gold to an all-time peak close to $3,700 an ounce.The British pound firmed versus the dollar.Analysts increasingly expect the Bank of England to maintain its key interest rate on Thursday and for the remainder of 2025.Official data on Tuesday showed UK unemployment remaining at a four-year high of 4.7 percent amid stubbornly high British inflation.European stock markets fell on Tuesday following a steady showing by Asia’s main indices.Shares in Germany’s Thyssenkrupp rose around eight percent in Frankfurt after India’s Jindal Steel International made an offer for the company’s steel division.- Key figures at around 1330 GMT -New York – Dow: UP less than 0.1 percent at 45,898.56 pointsNew York – S&P 500: UP 0.1 percent at 6,624.42New York – Nasdaq Composite: 0.2 percent at 22,397.50London – FTSE 100: DOWN 0.6 percent at 9,220.07 Paris – CAC 40: DOWN 0.4 percent at 7,865.57Frankfurt – DAX: DOWN 0.9 percent at 23,531.60Tokyo – Nikkei 225: UP 0.3 percent at 44,902.27 (close)Hong Kong – Hang Seng Index: FLAT at 26,438.51 (close)Shanghai – Composite: FLAT at 3,861.87 (close)Euro/dollar: UP at $1.1823 from $1.1768 on MondayPound/dollar: UP at $1.3657 from $1.3609Dollar/yen: DOWN at 146.87 yen from 147.38 yenEuro/pound: UP at 86.59 pence from 86.47 penceBrent North Sea Crude: UP 1.0 percent at $68.10 per barrelWest Texas Intermediate: UP 1.3 percent at $64.10 per barrelburs-rl/