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Trump Insists US Steel Must Remain American-Owned, Challenging $15B Nippon Deal

President Donald Trump reaffirmed his opposition to foreign ownership of U.S. Steel on Sunday, stating he doesn't believe a foreign company should control the iconic American manufacturer. This repeated stance further dampens prospects for Japan's Nippon Steel's $15 billion acquisition bid. Speaking to reporters aboard Air Force One while returning to Washington from Florida, Trump maintained his position first expressed last Wednesday when he said he didn't want to see U.S. Steel "go to Japan"โ€”comments" that triggered a 7% drop in the company's share price. Following Trump's initial remarks, both companies stated they were working closely with the Trump administration to "secure a significant investment." Japanese Prime Minister Shigeru Ishiba revealed that he and Trump had discussed the deal during their February meeting. "The difference between acquisition and investment must be carefully examined in light of the U.S. law, but […]

Peter Atitebi April 14, 2025

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News

Driver Trapped After Truck Falls Into Large Sinkhole in Japanese City

On Tuesday morning, a sinkhole measuring 32 feet wide and 16 feet deep emerged at a busy intersection in Yashio, Japan, engulfing a truck and its driver. The incident occurred around 10 a.m. local time at a commercial area less than a mile from Yashio City Hall. Saitama Prefecture Governor Motohiro Ono attributed the collapse to a suspected crack in the Nakagawa River Basin sewer pipe. Emergency services responded with at least 12 fire trucks at the scene, while rescue teams pumped oxygen into the cavity to assist the trapped driver. The driver remained conscious and communicated with police initially, but contact was later lost. Rescue efforts were complicated by sand and mud filling the driver's compartment, with the operation extending beyond eight hours according to Nippon TV. The incident prompted social media discussions about infrastructure safety. One user named […]

Peter Atitebi January 28, 2025

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Finance

Japan’s Economic Shift: Central Bank Hikes Rates to Highest Level in Nearly Two Decades

The Bank of Japan (BOJ) has raised its short-term policy rate to "around 0.5 per cent", marking the highest borrowing cost in 17 years. This decision follows December's accelerated consumer price increases and signals a strategic economic adjustment. Official figures reveal core consumer prices in Japan rose 3% in December compared to the previous year. The rate hike, carefully communicated by BOJ Governor Kazuo Ueda, aims to minimize market disruption after the July increase that previously surprised global investors. Economists like Neil Newman from Astris Advisory Japan and Stefan Angrick from Moody's Analytics anticipate continued rate increases. Newman notes that rising wages, persistent inflation above 2%, and economic growth support further rate adjustments. Angrick expects another 25-basis point hike in six months. This move represents a significant departure from Japan's long-standing ultra-low interest rate policy. Last year's initial rate increase […]

Peter Atitebi January 24, 2025

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Japan’s $15B American Steel Dream Just Got Crushed

President Biden announced Friday his decision to block Nippon Steel's $15 billion acquisition of U.S. Steel, concluding a year of deliberations that intersected with election-year dynamics. The decision followed a Treasury Department security review that reached no consensus and escalated the matter to presidential determination in December. The President emphasized national security concerns, stating that domestic steel production and workers are vital for American strength and security. U.S. Steel, established in 1901, has faced a significant decline from its World War II peak of 340,000 workers to approximately 11,000 today. The company's stock value has remained relatively stagnant since the 1990s, challenged by cheaper Asian steel production. Following Biden's announcement, the company's stock dropped 8% in pre-market trading. U.S. Steel defended the proposed deal, arguing it would strengthen national security through manufacturing investment and help counter Chinese competition. The company […]

Peter Atitebi January 3, 2025

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