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US Steel and Nippon Steel threatened legal action Friday after President Joe Biden blocked a controversial $14.9 billion deal for the Japanese company to buy its American rival.Biden cited a strategic need to protect domestic industry — but the move drew sharp criticism from both companies.The decision came after a government panel failed to reach consensus last month on whether the acquisition threatened US national security, shifting the decision to the veteran Democrat in the waning days of his presidency.The move nevertheless enjoyed rare bipartisan agreement, with Republican President-elect Donald Trump and incoming vice president JD Vance also campaigning against the sale.”This acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains,” Biden said in a statement.”That is why I am taking action to block this deal.”The United Steelworkers union quickly welcomed the announcement.”We’re grateful for President Biden’s willingness to take bold action to maintain a strong domestic steel industry and for his lifelong commitment to American workers,” USW International President David McCall said.- ‘Political decision’ -Nippon Steel and US Steel expressed disappointment with the outcome, saying it “reflects a clear violation of due process and the law.””The president’s statement and order do not present any credible evidence of a national security issue, making clear that this was a political decision,” the companies said in a joint statement.They added that they would “take all appropriate action” to protect their legal rights.The companies said they engaged transparently with the Committee on Foreign Investment in the United States (CFIUS), which was reviewing the deal.But they alleged that the “process was deeply corrupted by politics,” claiming the outcome had been “predetermined.””Unfortunately, it sends a chilling message to any company based in a US allied country contemplating significant investment in the United States,” the statement said.”This is not about Japan,” White House Press Secretary Karine Jean-Pierre told reporters, saying Biden has strengthened ties with allies during his term.”We have been in touch with Japan and conveyed our thoughts directly to them,” she added.US Steel’s shares slumped 6.5 percent on Friday.Japan’s industry minister Yoji Muto said: “It is incomprehensible and regrettable that the Biden administration has made this kind of decision, citing national security concerns.””The Japanese government has no choice but to regard this seriously,” he said in a statement sent to AFP on Saturday.- ‘Level the playing field’ -Biden’s decision, less than three weeks before he leaves office, followed extended wrangling over competing domestic political, economic and trade demands.The outgoing president, who made the rebuilding of the US manufacturing base a major goal of his administration, had criticized the deal for months, while holding off on a move that could hurt ties with Tokyo.Nippon Steel touted the takeover as a lifeline for a US company that is long past its heyday, but opponents warned that the Japanese owners would slash jobs.Nippon Steel attempted to calm nerves by pledging a pause on any layoffs or closures of unionized facilities for the duration of the current union contract, which expires in 2026.But McCall warned Friday that allowing Nippon Steel to purchase US Steel would have “offered it the opportunity to further destabilize our trade system from within.”Political intrigue over the deal intensified during the November presidential election, in which Pennsylvania — the home of US Steel — was a critical swing state, giving USW union leaders added influence.The decision was left with Biden after CFIUS reached a deadlock on the transaction.Biden, echoing Trump’s own trade policies, blamed unfair foreign trade practices for the decline of US steel. He said his mixture of protectionism and subsidies had helped revive the industry.”I have taken decisive action to level the playing field for American steelworkers and steel producers by tripling tariffs on steel imports from China,” Biden said Friday.”A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains,” he added.sms-bys-aue-hih/jts

Wall Street stocks bounced higher on Friday, but European stock markets retreated as traders booked profits from a positive start to 2025.Asia’s main equity indices closed mostly higher, with Seoul jumping nearly two percent despite deepening political uncertainty in Asia’s fourth-largest economy.There were also gains for Hong Kong, Sydney and Taipei, although Shanghai slumped for a second session running.Wall Street ended lower Thursday on the first US trading day of 2025, but bounced back to close the week.”People who wanted to take profits last year decided to wait until January to take profits so that they delay paying taxes on it by one year,” LBBW’s Karl Haeling told AFP.”The big question now is: is there too much bullishness in the market?” he added, referring to optimism that President-elect Donald Trump’s election victory would be good for the stock markets given his promises of tax cuts and deregulation.”Investors are anticipating a business friendly administration from Trump and his staff,” said Jack Ablin of Cresset Capital.Instead of enjoying a so-called Santa Claus rally of rising prices during the year-end holiday period, Wall Street limped into 2025 as investors banked their healthy 2024 gains and worried about the future.Departing President Joe Biden blocked early Friday the proposed $14.9 billion purchase of US Steel by Japan’s Nippon Steel, saying it would “create risk for our national security and our critical supply chains.”The companies disputed that the deal presented national security risks and called Biden’s rejection a political decision that failed to properly review the transaction. Nippon Steel has previously described the transaction as a lifeline to Pennsylvania’s much-diminished steel industry.US Steel’s shares slumped 6.5 percent. Nippon Steel shares had closed higher in Asian trading ahead of Biden’s announcement.The dollar dipped Friday against the euro, pound and yen.The US currency had Thursday reached multi-year highs against some of its main rivals, reflecting expectations that the world’s biggest economy would outpace others in 2025.The yuan on Friday hit the lowest dollar level since late 2023.”The very negative performance of China equities provides a better indication of the weakening sentiment around China assets at the start of 2025, and ahead of Trump’s return to the White House,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.Investors are gearing up for Trump’s inauguration on January 20, set to be followed by the formal announcement of deep tariffs, especially on Chinese goods, that could rattle international trade.A monthslong US manufacturing slump lessened last month, according to better-than-expected survey data published Friday, as demand showed signs of improving. The Institute for Supply Management’s (ISM) manufacturing index was 49.3 percent last month, up 0.9 percentage points from November, it said in a statement. US jobless claims released Thursday fell more than expected, highlighting a robust labor market and leaving the Federal Reserve with less reason to support fresh rate cuts.Other significant economic releases ahead include data on inflation and retail sales during the holiday shopping season.- Key figures around 2125 GMT -New York – Dow: UP 0.8 percent at 42,732.13 points (close)New York – S&P 500: UP 1.3 percent at 5,942.47 (close)New York – Nasdaq Composite: UP 1.8 percent at 19,621.68 (close)London – FTSE 100: DOWN 0.4 percent at 8,223.98 (close)Paris – CAC 40: DOWN 1.5 percent at 7,282.22 (close)Frankfurt – DAX: DOWN 0.6 percent at 19,906.08 (close)Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.7 percent at 19,760.27 (close)Shanghai – Composite: DOWN 1.6 percent at 3,211.43 (close) Euro/dollar: UP at $1.0307 from $1.0269 on ThursdayPound/dollar: UP at $1.2425 from $1.2382Dollar/yen: DOWN at 157.33 yen from 157.52 yenEuro/pound: UP at 82.95 pence from 82.92 penceWest Texas Intermediate: UP 1.1 percent at $73.96 per barrelBrent North Sea Crude: UP 0.8 percent at $76.51 per barrelburs-rl/yad/bys/acb

South Korean investigators said Friday they expected to find more human remains as they began lifting the wreckage of the Jeju Air jet that crashed on landing last weekend killing all but two of the 181 passengers and crew aboard.Flight 2216 from Bangkok to Muan broke up in a fiery ball of flames after colliding with a concrete installation at the end of the runway following a mayday call and emergency belly-landing.The exact cause of the Boeing 737-800 crash is still unknown, but investigators have pointed to a bird strike, faulty landing gear, and the barrier at the end of the runway as possible issues.Using large yellow cranes, investigators began lifting sections of the plane’s scorched fuselage Friday, including what appeared to be an engine and the tail section.”Today, we will lift the tail section of the plane,” said Na Won-ho, head of investigations for the South Jeolla provincial police.”We expect there may be remains found in that section,” he told a press conference at Muan International Airport, where the crash happened.”For all that to be complete and to have the results, we must wait until tomorrow.”Because of the violent destruction of the aircraft, officials said some of the bodies suffered extreme damage, and it was taking investigators time to piece them together while also preserving crash site evidence.All 179 victims have been identified, however, and some bodies have been released to families for funerals to begin. Police have vowed to quickly determine the cause and responsibility for the disaster, but the transport ministry said it could take six months to three years.- BTS support -Police on Thursday conducted a series of raids on the offices of Jeju Air and the Muan airport operator as they stepped up their probe.Police were securing evidence on the airport’s localizer — a concrete wall housing an antenna array at the end of the runway — as well as communications between the control tower and cockpit before the crash, Yonhap reported.Officials are also inspecting all Boeing 737-800 aircraft operated by South Korean carriers, focusing on the landing gear.The investigation is headed by South Korean air safety officials, with the assistance of the US Federal Aviation Administration, which frequently aids with probes into global plane crashes.China’s Civil Aviation Administration, meanwhile, announced Friday it was also taking measures in response to the Jeju Air crash.It “comprehensively investigated runways for safety hazards” and “strengthened the… effectiveness of bird strike risk prevention”, state broadcaster CCTV reported, citing the administration’s safety director Shu Mingjiang.In Muan, relatives of the victims visited the crash site to pay their respects and collect the belongings of their loved ones.The disaster has spurred an outpouring of national support in South Korea, with a period of mourning lasting until Saturday and donations flooding in for victims’ families.J-Hope, a member of K-pop megagroup BTS, sent 100 million won ($68,000) to the families as a “small measure of support”, according to the local Korea Herald newspaper.In other acts of kindness, some Koreans had remotely pre-paid for coffee at the airport’s cafe so the victims’ families could drink without paying, while star chefs from Netflix hit “Culinary Class Wars” prepared meals.

A popular Indian food delivery app has started offering a private ambulance service, looking to use its logistics know-how to help bolster the country’s patchy healthcare system.Zomato’s online shopping arm Blinkit said it was rolling out “reliable” ambulance services with essential life-saving equipment, medicine and trained paramedics.The platform has pushed the limits of rapid mobile commerce in India over the last few years, with the help of a network of local warehouses and tens of thousands of delivery riders.The tech firm, along with its rivals, has also expanded beyond traditional food delivery business into having everything from groceries to electronics dropped off at doorsteps in 10 minutes.But its healthcare foray marks new territory for the company.”We are taking our first step towards solving the problem of providing quick and reliable ambulance service in our cities,” Blinkit CEO Albinder Dhindsa said in a post on social media platform X.Dhindsa said the first ambulances were deployed on Thursday.”Profit is not a goal here,” Dhindsa added. “We will operate this service at an affordable cost for customers and invest in really solving this critical problem for the long term”.The app is starting small — only five ambulances are currently available in Gurugram, a satellite city of India’s capital New Delhi– but the company plans to expand to “all major cities over the next two years”.While the initial rollout may be limited, it will likely be welcomed in a country whose healthcare system is inadequately funded and understaffed.In 2020, a study by the All India Institute of Medical Sciences –funded by a government-backed think-tank — found that 88 percent of  secondary-level district hospitals had in-house ambulances, but “trained paramedics needed to assist ambulance services were present only in three percent”.Indian social media users were left both amused and concerned by the ambulance service.”What a genius move by Zomato’s Blinkit! First, they deliver junk food and chips, and sooner or later, you’ll need hospitalisation — hence the ambulance!,” said one user on X.Another pointed out that citizens should ask why the Indian government was unable to “provide a basic, reliable ambulance service”.

European stock markets retreated Friday, as traders booked profits from a positive start to 2025 and awaited a full return to business next week.Asia’s main equity indices closed mostly higher, with Seoul jumping nearly two percent despite deepening political uncertainty in Asia’s fourth-largest economy.There were gains also for Hong Kong, Sydney and Taipei, although Shanghai slumped for a second session running.Wall Street ended lower Thursday on the first US trading day of 2025.”The post-Christmas malaise in US stocks continued as investors await the inauguration of president-elect Donald Trump who could prove a wildcard for markets this year,” noted Russ Mould, investment director at AJ Bell.According to US media, departing President Joe Biden has decided to block the proposed $14.9 billion purchase of US Steel by Japan’s Nippon Steel and will announce the move as soon as Friday.Nippon Steel has described the transaction as a lifeline to Pennsylvania’s much-diminished steel industry.US stocks had opened higher Thursday before ending modestly lower.The Wall Street losses were driven in part by disappointing results from Tesla, which slumped 6.1 percent after fourth-quarter auto sales lagged expectations.The dollar dipped Friday against the euro, pound and yen. The US currency had Thursday reached multi-year highs against some of its main rivals, reflecting expectations that the world’s biggest economy would outpace others in 2025.The yuan on Friday hit the lowest dollar level since late 2023.”The very negative performance of China equities provides a better indication of the weakening sentiment around China assets at the start of 2025, and ahead of Trump’s return to the White House,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.Investors are gearing up for Trump’s inauguration on January 20, set to be followed by the formal announcement of deep tariffs, especially on Chinese goods, that could rattle international trade.US jobless claims released Thursday fell more than expected, highlighting a robust labour market and leaving the Federal Reserve with less reason to support fresh rate cuts.Other significant economic releases ahead include data on inflation and retail sales during the holiday shopping season.- Key figures around 1100 GMT -London – FTSE 100: DOWN 0.2 percent at 8,247.80 points Paris – CAC 40: DOWN 0.9 percent at 7,327.26 Frankfurt – DAX: DOWN 0.4 percent at 19,940.47Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.7 percent at 19,760.27 (close)Shanghai – Composite: DOWN 1.6 percent at 3,211.43 (close)New York – Dow: DOWN 0.4 percent at 42,392.27 (close)Euro/dollar: UP at $1.0283 from $1.0269 on ThursdayPound/dollar: UP at $1.2398 from $1.2382Dollar/yen: DOWN at 157.34 yen from 157.52 yenEuro/pound: FLAT at 82.95 penceWest Texas Intermediate: DOWN 0.4 percent at $72.82 per barrelBrent North Sea Crude: DOWN 0.4 percent at $75.63 per barrel

Asian markets gained on Friday, bucking retreats on Wall Street as the dollar advanced and markets reopened following the New Year’s holiday.Hong Kong, Sydney and Taipei climbed, while Seoul surged nearly two percent higher despite deepening political uncertainty in Asia’s fourth-largest economy.South Korean investigators abandoned their attempt to arrest impeached President Yoon Suk Yeol at his residence on Friday over his failed martial law bid, citing safety concerns after a standoff with his security team.US stocks opened higher on Thursday after the New Year’s break but tumbled into the red mid-session before concluding the day modestly lower.The Wall Street losses were driven in part by disappointing results from Tesla, which slumped 6.1 percent after fourth-quarter auto sales lagged expectations.The dollar index on Thursday hit its highest level against other currencies since November 2022, reflecting expectations that the US economy will outpace others. “There’s still no flagging of the US dollar’s vigour, despite US equities struggling on the first trading day of the year,” Alvin Tan, head of Asia FX strategy at RBC Capital Markets, said in a note on Friday.”The very negative performance of China equities (Thursday) provides a better indication of the weakening sentiment around China assets at the start of 2025, and ahead of Trump’s return to the White House,” Tan said of US President-elect Donald Trump.Shanghai stocks finished Friday down 1.6 percent after slumping more than two percent on Thursday while Hong Kong was up, reversing the previous day’s trend.Tokyo remains closed until Monday.Investors are gearing up for big changes in the coming weeks, especially with January 20’s inauguration of Trump, who has threatened deep tariffs, especially on Chinese goods, that could rattle international trade.Trump’s “policies especially on tariffs are inflationary in their very nature”, Jung In Yun, CEO of Fibonacci Asset Management Global, said on Bloomberg Television.”Inflation being very sticky and refusing to come down means we could have the current state of mid-level interest rates for a prolonged period of time.”US jobless claims released Thursday fell more than expected, highlighting a robust labour market and leaving the Federal Reserve with less reason to support fresh rate cuts.Other significant economic releases ahead include data on inflation and retail sales during the holiday shopping season.London opened slightly up on Friday, while Paris and Frankfurt started down.- Key figures around 0830 GMT -Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.7 percent at 19,760.27 (close)Shanghai – Composite: DOWN 1.6 percent at 3,211.43 (close)Euro/dollar: UP at $1.0278 from $1.0269 on ThursdayPound/dollar: UP at $1.2395 from $1.2382Dollar/yen: DOWN at 157.34 yen from 157.52 yenEuro/pound: FLAT at 82.92 penceBrent North Sea Crude: UP 0.1 percent at $75.97 per barrelWest Texas Intermediate: UP 0.1 percent at $73.18 per barrelNew York – Dow: DOWN 0.4 percent at 42,392.27 (close)London – FTSE 100: UP 0.1 percent at 8,265.31

China said on Friday it would take “all necessary measures” in response to the United States announcing it was considering restrictions on commercial Chinese drones for national security reasons.On Thursday, the United States Commerce Department said it was considering new rules to address risks posed by drones made with technology from foreign adversaries such as China and Russia.The efforts could lead to regulations or bans on Chinese drones, which dominate the global market.Responding to a question about the potential restrictions on Friday, Chinese foreign ministry spokeswoman Mao Ning accused the US of “generalising the concept of national security, interfering and restricting normal economic and trade exchanges, and undermining the security and stability of global production and supply chains”.”We will take all necessary measures to firmly safeguard our legitimate rights and interests,” she added. The US Commerce Department is seeking public feedback on the potential new rules until March 4, meaning the decision will fall to the incoming administration of President-elect Donald Trump.The department suggested the technology designed by China may give it “the ability to remotely access and manipulate” the drones, which could “present undue or unacceptable risks to US national security”. In October last year, Chinese drone maker DJI, the world’s largest drone manufacturer, said it was suing the US Department of Defense after Washington designated it a “Chinese Military Company” in 2022.”DJI is not owned or controlled by the Chinese military… is a private company and should not be misclassified as a military company,” the firm said at the time.DJI has attracted Washington’s scrutiny in recent years, including for its alleged role in surveilling ethnic minorities in China.In September, Washington moved to ban the sale of connected vehicles incorporating Chinese and Russian technology, citing national security risks.

US President Joe Biden has decided to block the proposed $14.9 billion purchase of US Steel by Japan’s Nippon Steel and will announce the move as soon as Friday, according to US media.A White House announcement of the presidential finding is being planned unless Biden has a last-minute change of heart, according to the Washington Post and the New York Times.Biden decided to block the deal despite intense efforts to sway him in recent days by some of his senior advisors, who warned that rejecting a sizable investment from a top Japanese corporation could damage Washington’s relations with Tokyo, the Post reported.There was no immediate comment on the reports from the White House late Thursday evening and Nippon Steel declined to comment when contacted by AFP.The decision was left with Biden after a US government panel failed to reach a consensus in late December on whether US Steel’s acquisition by Nippon Steel threatens Washington’s national security.The controversial transaction was referred to Biden, who was legally required to act within a 15-day deadline, after the deadlock by the Committee on Foreign Investment in the United States (CFIUS).Biden has criticized the deal for months, joining a loud consensus of US power players who have slammed the transaction.They include President-elect Donald Trump and the incoming vice president, JD Vance.The deal became caught up in the 2024 US presidential campaign when Pennsylvania emerged as a critical swing state and leaders of the United Steelworkers union loudly opposed the transaction.Nippon Steel has described the transaction as a lifeline to Pennsylvania’s much-diminished steel industry.The Japanese company and US Steel have vowed to pursue legal action against the government, claiming it failed to follow proper procedures during its consideration of the acquisition.

China is “determined” to continue opening up its economy to the world in 2025, a top economic planning official said Friday, as Beijing steels itself for potential trade turmoil when US President-elect Donald Trump takes office.The world’s second-largest economy has struggled to revive growth following the Covid-19 pandemic and remains beset by a debt crisis in the crucial housing sector, chronically low consumption and high youth unemployment.Prospects may darken further after Trump’s inauguration on January 20 — the mercurial US leader hiked tariffs on Chinese imports during a wide-ranging trade war in his first term in office, and has promised more of the same. But on Friday officials from China’s top planning body, the National Development and Reform Commission (NDRC), said that “no matter how the external environment changes, full of uncertainty, China’s determination and actions to open up to the outside world will remain unchanged”. “In the new year we will certainly take many new measures… to steadily expand systemic openness and further build a business environment that is marketised, under rule of law, and internationalised,” NDRC deputy director Zhao Chenxin said at a press conference on Friday.He said China plans to encourage greater foreign investment in “advanced manufacturing, modern services, high-tech, energy saving and environmental protection”.Authorities have been clear they want to reorientate the economy around such areas of high-tech innovation, for example in the green energy sector — leaving behind the double-digit “growth at all costs” of the past.The country’s installed capacity of wind and solar power reached a combined 1.31 billion kilowatts, accounting for 40.5 percent of total power generation capacity last year — up from 36 percent in 2023, Zhao said Friday. But some figures hinted at more long-term challenges for the economy, chief among them an ageing population. The country’s total childcare providers reached the 100,000 mark in 2024, while the number of elder care facilities hit 410,000, Zhao said.

Asian markets gained on Friday, bucking retreats on Wall Street as the dollar advanced and markets reopened following the New Year’s holiday.Hong Kong, Sydney and Taipei stocks climbed, while South Korea’s Kospi Index surged nearly two percent higher despite the ongoing political uncertainty in Asia’s fourth-largest economy.South Korean investigators attempted to arrest impeached President Yoon Suk Yeol at his residence Friday morning over his failed martial law bid, but security forces were reportedly blocking their efforts.After the New Year’s Day break, US stocks opened higher on Thursday but tumbled into the red mid-session before concluding the day modestly lower.The Wall Street losses were driven in part by disappointing results from Tesla, which slumped 6.1 percent after fourth-quarter auto sales lagged expectations.The dollar index on Thursday hit its highest level against other currencies since November 2022, reflecting expectations that the US economy will outpace others. “There’s still no flagging of the US dollar’s vigour, despite US equities struggling on the first trading day of the year,” Alvin Tan, head of Asia FX strategy at RBC Capital Markets, said in a note on Friday.”The very negative performance of China equities (Thursday) provides a better indication of the weakening sentiment around China assets at the start of 2025, and ahead of Trump’s return to the White House,” Tan added.After slumping more than two percent on Thursday, Shanghai stocks were still down in Friday morning trade, while Hong Kong was up, reversing the previous day’s trend.Tokyo remains closed until Monday.Investors are gearing up for big changes in the coming weeks, especially with the January 20 inauguration of Donald Trump, who has threatened deep tariffs, especially on China, that could rattle international trade.Trump’s “policies especially on tariffs are inflationary in their very nature”, Jung In Yun, CEO of Fibonacci Asset Management Global, said on Bloomberg Television.”Inflation being very sticky and refusing to come down means we could have the current state of mid-level interest rates for a prolonged period of time.”US jobless claims released Thursday fell more than expected, highlighting a robust labor market, and leaving the Federal Reserve with less reason to support fresh rate cuts.Other significant economic releases ahead include data on inflation and retail sales during the holiday shopping season.- Key figures around 0220 GMT -Tokyo – Nikkei 225: closedHong Kong – Hang Seng Index: UP 0.4 percent at 19,705.29Shanghai – Composite: DOWN 0.7 percent at 3,240.03Euro/dollar: DOWN at $1.0268 from $1.0269 on ThursdayPound/dollar: UP at $1.2388 from $1.2382Dollar/yen: DOWN at 157.32 yen from 157.52 yenEuro/pound: DOWN at 82.89 pence from 82.92 penceBrent North Sea Crude: UP 0.2 percent at $76.09 per barrelWest Texas Intermediate: UP 0.3 percent at $73.32 per barrelNew York – Dow: DOWN 0.4 percent at 42,392.27 (close)