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Nippon Steel and US Steel said Wednesday they had completed a long-debated transaction granting the US government a “golden share” — a veto-like power over the Japanese company’s strategic decisions.The agreement modifies a transaction originally announced in December 2023, in which Nippon Steel agreed to acquire US Steel for $14.9 billion. But the outright buyout of the iconic US company sparked bipartisan political opposition, including from President Donald Trump.Trump, who railed against the proposed deal throughout the 2024 presidential campaign, last month announced a pivot, branding the revamped venture as a “planned partnership.”And the US government will now have a say on Nippon’s plans for US infrastructure and jobs through its golden share.Nippon Steel CEO Eiji Hashimoto said Thursday in Tokyo that this “won’t hinder activities that we hope to conduct.”A national security agreement between the companies and Washington also provides that approximately $11 billion in new investments will be made by 2028.”The agreement is fully satisfactory to us, as it ensures the management freedom and re-producibility that are essential for business investment,” Hashimoto told reporters.”We intend to start implementing measures for revitalisation and development as soon as possible,” he said, promising not to “transfer jobs and production sites elsewhere.”Nippon Steel shares surged 4.6 percent Thursday morning, even as Tokyo’s benchmark Nikkei index slumped 0.7 percent.Pennsylvania Senator Dave McCormick, a Republican, thanked Trump on X and called the outcome “a massive victory for working families in the Mon Valley, our economy, our national security, and America’s manufacturing future!”But the United Steelworkers (USW) union, which vigorously fought the deal, vowed to “continue watching, holding Nippon to its commitments,” according to a statement.”And we will use the most powerful tool workers have against global corporations: collective bargaining.”- ‘World-leading capabilities’ -Under the December 2023 transaction, Nippon agreed to pay $55 per share for US Steel — an all-cash deal that included a 40 percent premium and pitched the combined company as the “best steelmaker with world-leading capabilities.”While the agreement included a pledge to maintain the name US Steel and the company’s Pittsburgh headquarters, industry watchers expected an exodus of executives.But the deal sparked bitter opposition from the USW and a broad range of politicians, including then-president Joe Biden and former Ohio senator JD Vance — now Trump’s vice president.So Nippon stepped up its lobbying efforts in Washington and Pittsburgh to win support for a transaction that appeared for months to be on life support.Biden blocked the transaction in early January, shortly before leaving office. He said that placing “one of America’s largest steel producers under foreign control” could “create risk for our national security and our critical supply chains.”But backers of the deal had been hoping the political climate shift following Trump’s election victory over Biden’s vice president Kamala Harris might help revive it.Besides agreeing to keep US Steel’s Pittsburgh headquarters and to maintain US production, the revamped deal’s national security agreement calls for a majority of US Steel’s board to be US citizens, as are key leaders including the CEO.The government’s “golden share” will allow it the right to appoint one independent director and grant it consent rights for proposed capital budget cuts, the redomiciling of activities outside the United States and on acquisitions in the country.The “golden share” does not entitle the US government to dividends, nor does it require Washington to make investments in the company.

Wall Street stocks treaded water Wednesday after the Federal Reserve met expectations and kept interest rates steady while oil prices nudged higher following a volatile session amid ongoing clashes between Iran and Israel.The Fed held interest rates unchanged for a fourth consecutive meeting, as Chair Jerome Powell said more time was needed to monitor the inflationary effects of President Donald Trump’s tariffs.Powell maintained the Fed is well-positioned to wait to learn more, before considering changes to interest rates.”Because the economy is still solid,” the central bank can take time to see what happens, Powell told reporters at a press conference. “We’ll make smarter and better decisions if we just wait a couple of months.”US indices spent part of the day in positive territory before concluding the session essentially flat.Earlier in Europe, the London stock market rose but Paris and Frankfurt ended the day down. Asian equities closed mixed as well.The market’s ability to avoid major losses amid the Middle East turmoil is “extremely bullish,” said Adam Sarhan of 50 Park Investments, while still pointing to trade talk uncertainty as a worry. The market believes that “most likely cooler heads will prevail on the trade front and on the Middle East front,” said Sarhan, who described Wednesday’s Fed meeting outcome as in line with expectations.Israel and Iran exchanged fire again, the sixth day of strikes in their most intense confrontation in history.Oil prices initially rose Wednesday after Iran’s supreme leader Ali Khamenei rejected Trump’s demand for an “unconditional surrender,” adding to sharp gains made the previous day.But oil prices fell later in the day after Trump indicated he was still considering whether the United States would join Israeli strikes and indicated that Iran had reached out to seek negotiations.At the end of the day, prices ticked up again with both major futures crude contracts finishing higher.Robert Yawger of Mizuho Americas described the market as “hypersensitive” to headlines, having shown “extreme volatility in the last 24 hours.” The Fed is not the only central bank to meet this week. On Wednesday, Sweden’s central bank cut its key interest rate to try and boost the country’s economy, as it cited risks linked to trade tensions and the escalating conflict in the Middle East.The Bank of England is expected to keep its key rate steady Thursday, especially after official data Wednesday showed UK annual inflation fell less than expected in May.The Bank of Japan on Tuesday kept interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world’s number four economy.- Key figures at around 2030 GMT -New York – Dow: DOWN 0.1 percent at 42,171.66 (close)New York – S&P 500: DOWN less than 0.1 percent at 5,980.87 (close)New York – Nasdaq Composite: UP 0.1 percent at 19,546.27 (close)London – FTSE 100: UP 0.1 at 8,843.47 (close)Paris – CAC 40: DOWN 0.4 percent at 7,656.12 (close)Frankfurt – DAX: DOWN 0.5 percent at 23,317.81 (close)Tokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)Euro/dollar: UP at $1.1485 from $1.1480 on TuesdayPound/dollar: DOWN at $1.3420 from $1.3429Dollar/yen: DOWN at 145.09 yen from 145.29 yenEuro/pound: UP at 85.55 pence from 85.48 penceBrent North Sea Crude: UP 0.3 percent at $76.70 per barrelWest Texas Intermediate: UP 0.4 percent at $75.14 per barrelburs-jmb/acb

Brazil said Wednesday it was free of bird flu, paving the way for it to resume chicken exports to China and 20 other countries after a month-long suspension.The world’s top exporter of chicken meat was forced to halt exports to its main client China, the European Union and fellow Latin American countries over an outbreak of “highly pathogenic avian influenza” (HPAI) on a farm in the southern state of Rio Grande do Sul.A case was also later confirmed at Brasilia’s zoo, where a pigeon and a duck were found dead, but it did not lead to new restrictions on the poultry industry as it involved wild birds.On Wednesday, the government said it had informed the World Organisation for Animal Health that the 28-day quarantine period without any new cases being detected had passed.”The country is declaring itself free of highly pathogenic avian influenza,” the agriculture ministry said in a statement.Agriculture Minister Carlos Favaro announced a “gradual resumption” of poultry exports.Avian flu has spread globally in recent years, leading to mass culling of poultry, some human deaths, and rising egg prices.Infections in humans can cause severe disease with a high mortality rate, according to the World Health Organization, but the virus does not appear to move easily from person to person.Human cases detected so far were mostly in people who had close contact with infected birds and other animals, or contaminated environments. 

Nippon Steel and US Steel announced Wednesday they have completed a long-debated transaction granting the US government a “golden share” — a veto-like power over the Japanese company’s strategic decisions.The agreement modifies a transaction originally announced in December 2023 in which Nippon Steel agreed to acquire US Steel for $14.9 billion. But the outright acquisition of the iconic US company sparked bipartisan political opposition, including from President Donald Trump.Trump, who railed against the proposed deal throughout the 2024 presidential campaign, last month announced a pivot, branding the revamped venture as a “planned partnership.”And the US government will now have a non-economic “golden share” that gives it a say on Nippon’s plans for US infrastructure and jobs.On Wednesday, US Steel filed a notice with US securities regulators to delist its shares on the New York Stock Exchange. The NYSE halted trading, pointing to a “merger effective” order.”The companies have now completed the transaction as contemplated by their merger agreement,” Nippon and US Steel said in a joint press release. “The companies have also entered into a National Security Agreement with the US Government, and US Steel will issue a Golden Share to the US Government.”Nippon Steel has bought all common shares of US Steel, completing the merger, a source close to the matter said Wednesday.Pennsylvania Senator Dave McCormick, a Republican, cheered the deal’s closing, thanking Trump on X and calling the outcome “a massive victory for working families in the Mon Valley, our economy, our national security, and America’s manufacturing future!”But the United Steelworkers (USW) union, which vigorously fought the deal, vowed to “continue watching, holding Nippon to its commitments,” according to a statement.”And we will use the most powerful tool workers have against global corporations: collective bargaining.”- Post-election window of opportunity -Under the December 2023 transaction, Nippon agreed to pay $55 per share for US Steel, an all-cash deal that included a 40 percent premium and pitched the combined company as the “best steelmaker with world-leading capabilities.”While the transaction included a pledge to maintain the name US Steel and the company’s Pittsburgh headquarters, industry watchers expected an exodus of US Steel executives.But after the deal sparked bitter opposition from the USW and a broad range of politicians, including then president Joe Biden and former Ohio senator JD Vance — now Trump’s vice president — Nippon stepped up its lobbying efforts in Washington and Pittsburgh to win support for a transaction that appeared for months to be on life support.In early January, shortly before leaving office, Biden blocked the transaction, saying that placing “one of America’s largest steel producers under foreign control” could “create risk for our national security and our critical supply chains.”But backers of the deal had been hoping the shift in political climate following Trump’s election victory over Biden’s vice president Kamala Harris might revive the deal’s prospect.Besides agreeing to keep US Steel’s Pittsburgh headquarters and to maintaining US production, the revamped deal’s national security agreement calls for a majority of US Steel’s board to be US citizens and for key leaders, including the CEO, to be US citizens.The government’s “golden share” will allow it the right to appoint one independent director and grant it consent rights for proposed capital budget cuts, the redomiciling of activities outside the United States and on acquisitions in the United States.The “golden share” does not entitle the US government to dividends, nor does it require Washington to make investments in the company.Atlantic Council senior fellow Sarah Bauerle Danzman said the deal is not a nationalization of US Steel because the government will not be involved in day-to-day management and “because the United States is not taking equity stakes away from owners.”While the structure gives the government “extraordinary” influence, the mechanism could be difficult to enforce in a downturn if Nippon fails to comply, Danzman said.”How would the US government compel Nippon to increase investments to its promised amount?” wrote Danzman, adding that Washington’s enforcement options “are relatively weak here, especially if Nippon finds itself in a fragile economic position.”

Oil prices dropped Wednesday as comments by President Donald Trump trimmed concerns about an imminent US intervention in the Israel-Iran conflict.Meanwhile, Wall Street’s main indices advanced in late morning trading as investors also awaited the Federal Reserve rate decision, although they were mixed elsewhere.Oil prices initially rose after Iran’s supreme leader Ali Khamenei rejected US President Donald Trump’s demand for an “unconditional surrender”, adding to sharp gains made the previous day.Six days into the conflict, Khamenei warned the United States would face “irreparable damage” if it intervenes in support of Israel.But oil prices then fell after Trump spoke later and indicated he was still considering whether the United States would join Israeli strikes and indicated that Iran had reached out to seek negotiations.”For now at least, the US is not getting involved, if one can believe Trump,” said City Index and FOREX.com analyst Fawad Razaqzada. Despite heightened tensions, “there has been no sense of panic from investors”, said David Morrison, market analyst at financial services firm Trade Nation.”As far as the US is concerned, events are taking place a long way from home,” he said. “But there’s also a feeling that investors are betting on a short and sharp engagement, resulting in a more stable position across the Middle East than the one that currently exists.”Of particular concern, however, is the possibility of Iran shutting off the Strait of Hormuz, through which around one fifth of global oil supply is transported.In Europe, the London stock market rose but Paris and Frankfurt ended the day down. Asian equities closed mixed as well.- Fed watch -The Federal Reserve is widely expected to hold interest rates steady on Wednesday, as officials gauge the impact of US tariffs on inflation.The central bank has ignored calls from Trump to cut borrowing costs as the world’s biggest economy faces pressure.Trump again publicly berated Fed chief Jerome Powell on Wednesday, calling him a “stupid person” for not cutting interest rates.The Federal Reserve will also release on Wednesday its rate and economic growth outlook for the rest of the year, which are expected to take account of Trump’s tariff war.Weak US retail sales and factory output data on Tuesday rekindled worries about the impact of tariffs on the economy but also provided hope that the Fed would still cut rates this year.”The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East,” said KPMG senior economist Benjamin Shoesmith.In a busy week for monetary policy, Sweden’s central bank cut its key interest rate on Wednesday to try and boost the country’s economy, as it cited risks linked to trade tensions and the escalating conflict in the Middle East.The Bank of England is expected to keep its key rate steady Thursday, especially after official data Wednesday showed UK annual inflation fell less than expected in May.The Bank of Japan on Tuesday kept interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world’s number four economy.- Key figures at around 1530 GMT -Brent North Sea Crude: DOWN 2.0 percent at $74.93 per barrelWest Texas Intermediate: DOWN 2.0 percent at $71.82 per barrelNew York – Dow: UP 0.5 percent at 42,411.50 pointsNew York – S&P 500: UP 0.4 percent at 6,007.85 New York – Nasdaq Composite: UP 0.5 percent at 19,624.09London – FTSE 100: UP 0.1 at 8,843.47 (close)Paris – CAC 40: DOWN 0.4 percent at 7,656.12 (close)Frankfurt – DAX: DOWN 0.5 percent at 23,317.81 (close)Tokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)Euro/dollar: UP at $1.1530 from $1.1488 on TuesdayPound/dollar: UP at $1.3471 from $1.3425Dollar/yen: DOWN at 144.59 yen from 145.27 yenEuro/pound: UP at 85.59 pence from 85.54 penceburs-rl/rmb

Chinese online giant AliExpress must do more to protect consumers from illegal product sales, the European Commission said Wednesday, an interim finding that could open the way to heavy fines.While noting some progress, “the Commission preliminarily found AliExpress in breach of its obligation to assess and mitigate risks related to the dissemination of illegal products” under the EU’s Digital Services Act (DSA), a statement said.The EU opened a formal investigation in March 2024 into AliExpress, which is owned by Alibaba, for multiple suspected breaches of DSA rules on countering the spread of illegal goods and content online.The commission’s preliminary findings concluded that “AliExpress fails to appropriately enforce its penalty policy concerning traders that repeatedly post illegal content”.It also highlighted “systemic failures” in AliExpress’s moderation systems that expose it to “manipulation by malicious traders”, and said the firm’s own risk assessments underestimated the dangers linked to illegal products.Those findings were “in breach of the obligations” that the DSA imposes on very large platforms — such as AliExpress, Facebook and Instagram — with more than 45 million monthly European users, the commission said.AliExpress now has the right to examine the commission’s findings and reply in writing.If the firm is confirmed to be in non-compliance with the DSA, the commission could impose a fine of up to six percent of its global turnover.In a statement, AliExpress said it remained “dedicated to compliance with the DSA” and was “confident that a positive and compliant result will be achieved through continuing our mutual dialogue with the commission.”- Addressing concerns -The EU has developed a powerful armoury to regulate Big Tech with the milestone DSA and a sister law, the Digital Markets Act, that hits web giants with strict curbs, obligations and oversight on how they do business.It took action against AliExpress after identifying likely failings to prevent the sale of fake medicines, prevent minors seeing pornography, stop affiliated influencers pushing illegal products, and other issues including data access for researchers.In its statement Wednesday, the commission said AliExpress had taken a series of legally binding measures to remedy those concerns.Steps included improvements to its systems for detecting illegal products such as medicines and pornographic material, notably goods spread through hidden links and affiliate programmes.The commission also said AliExpress had addressed concerns regarding the flagging of illegal products, the handling of internal complaints, ad transparency, the traceability of traders and research access to data.The European Consumer Organisation BEUC welcomed the commission’s announcement, urging it to “pursue AliExpress in the areas where it is still not complying with the law, such as on its proactive efforts to stop the sale of illegal and dangerous goods on its platform”.Brussels is also looking into Chinese-founded fashion giant Shein and shopping app Temu over risks linked to illegal products.

Oil prices rose and stock markets diverged Wednesday as investors tracked the Israel-Iran conflict and a looming US interest rate decision.Wall Street’s main indices were mixed in early deals after the open as investors awaited the Federal Reserve rate decision and weighed the latest news from Iran.Despite rising tensions after President Donald Trump called for Iran’s surrender, “there has been no sense of panic from investors”, said David Morrison, market analyst at financial services firm Trade Nation.”As far as the US is concerned, events are taking place a long way from home,” he said. “But there’s also a feeling that investors are betting on a short and sharp engagement, resulting in a more stable position across the Middle East than the one that currently exists.”In Europe, the London stock market rose but Paris and Frankfurt were down in afternoon deals after Asian equities closed in different directions.Oil prices rose after surging the previous day as Iran’s supreme leader Ayatollah Ali Khamenei rejected Trump’s call for an “unconditional surrender”.Six days into the conflict, Khamenei warned the United States would face “irreparable damage” if it intervenes in support of Israel.Gas prices rose with concerns surrounding its supply.Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around one fifth of global oil supply is transported.”Global market direction remains clouded by tariffs, complicated by the Middle Eastern conflict and confounded by the lack of any obvious positive catalysts,” said Richard Hunter, head of markets at Interactive Investor.- Fed watch -The Fed is widely expected to hold interest rates steady Wednesday, as officials gauge the impact of US tariffs on inflation.The central bank has ignored calls from President Donald Trump to cut borrowing costs as the world’s biggest economy faces pressure.The US central bank will also release on Wednesday its rate and economic growth outlook for the rest of the year, which are expected to take account of Trump’s tariff war.Weak US retail sales and factory output data on Tuesday rekindled worries about the impact of tariffs on the economy but also provided hope that the Fed would still cut rates this year.”The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East,” said KPMG senior economist Benjamin Shoesmith.In a busy week for monetary policy, Sweden’s central bank cut its key interest rate on Wednesday to try and boost the country’s economy, as it cited risks linked to trade tensions and the escalating conflict in the Middle East.The Bank of England is expected to keep its key rate steady Thursday, especially after official data Wednesday showed UK annual inflation fell less than expected in May.The Bank of Japan on Tuesday kept interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world’s number four economy.- Key figures at around 1335 GMT -Brent North Sea Crude: UP 1.3 percent at $77.41 per barrelWest Texas Intermediate: UP 1.3 percent at $74.24 per barrelNew York – Dow: UP 0.1 percent at 42,244.64 pointsNew York – S&P 500: FLAT at 5,984.80 New York – Nasdaq Composite: DOWN 0.1 percent at 19,503.61London – FTSE 100: UP 0.2 at 8,848.38Paris – CAC 40: DOWN 0.4 percent at 7,649.90Frankfurt – DAX: DOWN 0.7 percent at 23,283.31Tokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)New York – Dow: DOWN 0.7 percent at 42,215.80 (close)Euro/dollar: UP at $1.1491 from $1.1488 on TuesdayPound/dollar: UP at $1.3437 from $1.3425Dollar/yen: DOWN at 144.78 yen from 145.27 yenEuro/pound: DOWN at 85.50 pence from 85.54 penceburs-bcp-lth/rl

Oil prices eased and stock markets diverged Wednesday as traders kept a close watch over the Israel-Iran conflict ahead of an interest-rate announcement from the US Federal Reserve.Asia’s main equity indices closed mixed and the picture was similar in European midday deals. The dollar dropped against main rivals.The Fed is widely expected to hold interest rates steady Wednesday, as officials gauge the impact of US tariffs on inflation — and despite President Donald Trump’s calls for rate cuts as the world’s biggest economy faces pressure.”Global market direction remains clouded by tariffs, complicated by the Middle Eastern conflict and confounded by the lack of any obvious positive catalysts,” noted Richard Hunter, head of markets at Interactive Investor.Oil prices pulled back very slightly, after surging Tuesday on fears of crude supplies tightening in the face of rising Middle East tensions. Gas prices rose with concerns surrounding its supply.Israel and Iran exchanged fire again Wednesday, the sixth day of strikes in their most intense confrontation in history, fuelling fears of a drawn-out conflict that could engulf the wider region.There were signs also of possible US intervention after Trump called for Tehran’s “unconditional surrender”.Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around one fifth of global oil supply is transported.- Central banks -Wall Street slid Tuesday as a below-forecast reading on US retail sales for May revived worries about the impact of tariffs on the economy. That came as another report showed US factory output fell unexpectedly.The data provided hope that the Fed would still cut interest rates this year.The US central bank is due Wednesday to also release its rate and economic growth outlook for the rest of the year, which are expected to take account of Trump’s tariff war.”The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East,” said KPMG senior economist Benjamin Shoesmith.In a busy week for monetary policy, Sweden’s central bank on Wednesday cut its key interest rate to try and boost the country’s economy, as it cited risks linked to trade tensions and the escalating conflict in the Middle East.The Bank of England is expected to keep its key rate steady Thursday, especially after official data Wednesday showed UK annual inflation fell less than expected in May.The Bank of Japan on Tuesday kept interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world’s number four economy.- Key figures at around 1040 GMT -Brent North Sea Crude: DOWN 0.2 percent at $76.33 per barrelWest Texas Intermediate: DOWN 0.1 percent at $74.76 per barrelLondon – FTSE 100: FLAT at 8,833.44 pointsParis – CAC 40: DOWN 0.2 percent at 7,668.79 Frankfurt – DAX: DOWN 0.4 percent at 23,344.78Tokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)New York – Dow: DOWN 0.7 percent at 42,215.80 (close)Euro/dollar: UP at $1.1506 from $1.1488 on TuesdayPound/dollar: UP at $1.3454 from $1.3425Dollar/yen: DOWN at 144.80 yen from 145.27 yenEuro/pound: DOWN at 85.52 pence from 85.54 penceburs-bcp/ajb/rl

Chinese online giant AliExpress must do more to protect consumers from illegal product sales, the European Commission said Wednesday in an interim finding that could open the way to heavy fines.While noting some progress, “the Commission preliminarily found AliExpress in breach of its obligation to assess and mitigate risks related to the dissemination of illegal products” under the EU’s Digital Services Act (DSA), a statement said.The EU opened a formal investigation in March 2024 into AliExpress, which is owned by Alibaba, for multiple suspected breaches of DSA rules on countering the spread of illegal goods and content online.The commission’s preliminary findings concluded that “AliExpress fails to appropriately enforce its penalty policy concerning traders that repeatedly post illegal content”.It also highlighted “systemic failures” in AliExpress’s moderation systems that expose it to “manipulation by malicious traders”, and said the firm’s own risk assessments underestimated the dangers linked to illegal products.Those findings were “in breach of the obligations” that the DSA imposes on very large platforms — such as AliExpress, Facebook and Instagram — with more than 45 million monthly European users, the commission said.AliExpress now has the right to examine the commission’s findings and reply in writing.If AliExpress is confirmed to be in non-compliance with the DSA, the commission could impose a fine of up to six percent of the firm’s global turnover.The EU has developed a powerful armoury to regulate Big Tech with the milestone DSA and a sister law, the Digital Markets Act, that hits web giants with strict curbs, obligations and oversight on how they do business.It took action against AliExpress after identifying likely failings to prevent the sale of fake medicines, prevent minors seeing pornography, stop affiliated influencers pushing illegal products, and other issues including data access for researchers.In its statement Wednesday, the commission said AliExpress had taken a series of legally binding measures to remedy those concerns.Steps included improvements to its systems for detecting illegal products such as medicines and pornographic material, notably goods spread through hidden links and affiliate programmes.The commission also said AliExpress had addressed concerns regarding the flagging of illegal products, the handling of internal complaints, ad transparency, the traceability of traders and research access to data.

Oil prices slipped Wednesday following the previous day’s surge but investors remained on edge fearing a US intervention in the Israel-Iran conflict after Donald Trump called for Tehran’s “unconditional surrender”.Iran and Israel exchanged missile strikes for a sixth day, with the US president’s latest comments appearing to dent hopes that the crisis in the Middle East could be calmed.Leaving the G7 summit in Canada a day early on Monday, Trump said he was aiming for a “real end” to the conflict, not just a ceasefire.He later shared a series of social media posts that stoked speculation he could be planning to join Israel in its strikes on Iranian military and nuclear sites.Days after a senior US official said Trump had told Israel to back down from plans to assassinate top leader Ayatollah Ali Khamenei, Trump looked to reverse course.”We know exactly where the so-called ‘Supreme Leader’ is hiding. He is an easy target, but is safe there — We are not going to take him out (kill!), at least not for now,” he wrote on his Truth Social platform.Warning Iran against targeting US interests, he also posted: “But we don’t want missiles shot at civilians, or American soldiers. Our patience is wearing thin.”And in a later post wrote: “UNCONDITIONAL SURRENDER!”The comments sent oil prices spiking more than four percent Tuesday on fears an escalation of the conflict could hammer supplies from the crude-rich region.But while both main contracts slipped Wednesday, investors remain on edge over any negative developments.Of particular concern is the possibility of Iran shutting off the Strait of Hormuz, through which around an estimated fifth of global oil supply traverses, according to a Commerzbank note.”Iran is reportedly ready to target US regional bases should Trump greenlight strikes on Iranian nuclear facilities,” said Stephen Innes at SPI Asset Management. “Washington’s refuelling jets are already en route, and if Fordow gets hit, expect the Strait of Hormuz to become a maritime minefield, Houthi drones to swarm Red Sea shipping lanes, and every militia from Basra to Damascus to light up American forward outposts.”Equity markets Hong Kong, Sydney, Singapore, Mumbai, Wellington, Bangkok, Manila and Jakarta all sank, though Tokyo, Seoul and Taipei edged up.London gained in the morning even as data showed UK inflation slowed less than expected in May.Paris and Frankfurt also rose.The mixed day in Asian stocks followed a weak day on Wall Street, where a below-forecast reading on US retail sales for May — dragged by a slowdown in auto sales — revived fresh worries about the world’s top economy. That came as another report showed factory output fell unexpectedly.Still, they did provide a little hope the Federal Reserve will eventually cut interest rates, with traders betting on two by the end of the year, according to Bloomberg News.Investors will be keeping track of the bank’s latest meeting as it concludes later in the day, with most observers predicting it will stand pat.However, it is also due to release its rate and economic growth outlook for the rest of the year, which are expected to take account of the impact of Trump’s tariff war.”The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East,” said KPMG senior economist Benjamin Shoesmith.- Key figures at around 0810 GMT -West Texas Intermediate: DOWN 0.4 percent at $74.54 per barrelBrent North Sea Crude: DOWN 0.6 percent at $76.01 per barrelTokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)London – FTSE 100: UP 0.2 percent at 8,850.28Euro/dollar: UP at $1.1517 from $1.1488 on TuesdayPound/dollar: UP at $1.3460 from $1.3425Dollar/yen: DOWN at 144.99 yen from 145.27 yenEuro/pound: UP at 85.56 pence from 85.54 penceNew York – Dow: DOWN 0.7 percent at 42,215.80 (close)