On wednesday following a report the White House is preparing to formally block Nippon Steels 14 Billion takeover bid. People familiar with the matter say a decision could be made as soon as this week. The move would be highly controversial and critics say it would lead to Job Losses and could chill foreign investment in the us. For more, heres our North America Business correspondent Ritika Gupta in new york. Nippon steels 14 Billion bid to acquire united States Steel has been caught in the crosshairs of an election year, and in the crucial Swing State of pennsylvania, where us steel is based. Us president Joe Biden has long pledged that the iconic american company, headquartered in pittsburgh, should remain domestically owned and run. Presidential nominees Kamala Harris and Donald Trump have also both Committed to keep us steel american, though any move to block the deal could potentially be subject to litigation. Proponents of Nippon Steels bid say the us shouldnt reject a bid from a
The company should remain american owned. the company should remain american owned. I could not auree american owned. I could not agree more american owned. I could not agree more with american owned. I could not agree more with president l agree more with president biden. Us steel should remain american owned and american operated. And i will always have the back of america s steelworkers. Have the back of america s steelworkers. have the back of america s steelworkers. ,. ,. , steelworkers. The showdown with owerful steelworkers. The showdown with powerful unions steelworkers. The showdown with powerful unions the steelworkers. The showdown with powerful unions the automaker i powerful unions the automaker which employs around 680,000 staff are struggling with passenger car brand. Profits are getting squeezed amid the transition to electric vehicles, and a consumer spending slowdown. A four day conference to attract foreign investment to russia is about to begin in the
I could not agree more with president biden. Us steel should remain american owned and american operated. And i will always have the back of america s have the back of america s steelworkers. It is all at risk because of donald it is all at risk because of donald trump with a stroke of a pen he donald trump with a stroke of a pen he could get rid of all of this pen he could get rid of all of this and pen he could get rid of all of this and you think this guy gives this and you think this guy gives a this and you think this guy gives a damn about your pensions? he s not losing an instant pensions? he s not losing an instant of pensions? he s not losing an instant of sleep over it. Do you instant of sleep over it. Do you think instant of sleep over it. Do you think he cares about the work you think he cares about the work you you think he cares about the work you do every day how hard it is? work you do every day how hard it is?. , u,. ,. , it is? you can find out mo
That position mirrors that ofjoe biden, who said back in march that us Steel Corp should remain a domestically owned american firm. Us steel it should remain american owned and american operated. In other News Volkswagen is considering Closing Factories in germany to cut costs. Its an unprecedented move and sets up a showdown with powerful unions. The Auto Maker which employs around 680,000 staff is struggling with its passenger car brand. Profits are getting squeezed amid the transition to electric vehicles and a consumer spending slowdown. A four Day Conference to attract foreign investment to russia is about to begin in the countrys eastern most major city vladivostok. The eastern economic forum is into its ninth year. Last year, more than 40 Billion in new agreements were signed, with 7,000 delegates in attendance. The largest contingents came from china, India And Southeast asia. Professor 0ng Kian Ming from Taylors University spoke to us about the importance of The Forum. Russia
Domestic economy has not done so well and consumption is down on the quarter and investment spending is treading water. In that respect it would be premature to say the japanese economy is Out Of The Woods but it is a positive surprise. This is a tricky it is a positive surprise. This is a tricky balance it is a positive surprise. This is a tricky balance for it is a positive surprise. This is a tricky balance forjapan because they have been trying to boost inflation unlike some other g7 economies yet they are having a problem, people arent feeling confident in purchasing and buying things there. How do they balance this . They balance this . Indeed, thats the they balance this . Indeed, thats the milliondollar i thats the Million Dollar question right now. Weve had a pretty good result for these spring Wage Negotiations this year and wage growth is picking up year and wage growth is picking up injapan so in that respect things are changing. But the wage gains we are seeing now are not