Latest news with #Nippon
CNBC
2 days ago
- Business
- CNBC
Watch CNBC's full interview with Pentwater Capital CEO Matthew Halbower
Matthew Halbower, Pentwater Capital CEO, joins CNBC's 'Squawk on the Street' to discuss the Nippon–U.S. Steel deal, the potential for privatization of Fannie and Freddie, and more.
CNBC
2 days ago
- Business
- CNBC
Matthew Halbower: 'Absolutely' believe government will privatize Fannie and Freddie
Matthew Halbower, Pentwater Capital CEO, joins CNBC's 'Squawk on the Street' to discuss the Nippon–U.S. Steel deal, the potential for privatization of Fannie and Freddie, and more.
CNBC
2 days ago
- Business
- CNBC
Trump now wields sweeping veto power over U.S. Steel. Here's how the 'golden share' works
President Donald Trump now personally holds sweeping veto power over U.S. Steel's decisions in key areas, according to an amended corporate charter filed with the Securities and Exchange Commission. U.S. Steel says Trump holds what the White House calls a "golden share" in the Pittsburgh-based company. The amended charter, however, does not reference future presidents. Instead, it says the veto power passes to the Treasury and Commerce Departments as representatives of the U.S. government after Trump leaves office, according to the SEC filing. Trump approved the controversial merger of U.S. Steel with Japan's Nippon Steel on June 13, after the companies signed a national security agreement with the U.S. and accepted the "golden share" arrangement. Trump opposed the deal in the runup to the 2024 president election. Trump's direct involvement in measures to address the government's national security concerns is unprecedented, said Stephen Heifetz, a lawyer who previously served on the Committee on Foreign Investment in the United States (CFIUS), the agency that reviewed the U.S.-Nippon deal. But it is also, arguably, all for appearances sake, Heifetz said. The Treasury and Commerce Departments, which will exercise the "golden share" after Trump leaves office, are arms of the executive and work for the U.S. president, Hefeitz said. "We have a golden share, which I control, or president controls," Trump told reporters at the White House on June 12. "Now I'm a little concerned, whoever the president might be, but that gives you total control." The golden share gives Trump, and later the Treasury and Commerce Departments, veto power over the following business decisions at U.S. Steel, according to the SEC filing: United Steelworkers International President David McCall said Trump, through the golden share, "has assumed a startling degree of personal power over a corporation." The White House didn't immediately respond to a CNBC request for comment. Trump avoided calling the deal between U.S. Steel and Nippon a merger or acquisition, describing it instead as a "partnership." But U.S. Steel is now a wholly owned subsidiary of Nippon Steel North America, and its shares stopped trading on the New York Stock Exchange on June 18 when the deal closed. U.S. Steel is scheduled to be formally delisted from the exchange on June 30.
Time of India
2 days ago
- Business
- Time of India
US Steel merger: Donald Trump to hold power over company's future via ‘golden share' in Nippon acquisition; deal valued at nearly $15 billion
File photo: US President Donald Trump (Picture credit: PTI) US President Donald Trump will directly control a special 'golden share' as part of the national security agreement that cleared the path for Japan's Nippon Steel to acquire US Steel, according to disclosures filed with the US Securities and Exchange Commission As per news agency AP, this unique arrangement allows Trump, or a designee named by him, to veto key decisions involving the American steelmaker, a power that shifts to the treasury and commerce departments only when another individual holds the presidency. The provision specifically names Trump and stipulates that 'at any time when Donald J Trump is serving as President of the United States of America, the written consent of Donald J Trump or President Trump's Designee' is required for certain decisions. The deal, valued at nearly $15 billion, was finalised last week, making US Steel a wholly owned subsidiary of Nippon Steel. It also includes significant commitments from Nippon, such as investing $11 billion to modernise US Steel's aging facilities. US Steel announced the merger completion in a joint statement with Nippon on June 13, adding that a golden share would be issued to the US government, as per news agency AFP. While the White House has clarified that the golden share is not exclusive to Trump but to the sitting president, filings indicate the language is specific to Trump's term in office, reported AP. The agreement grants Trump sweeping authority over decisions related to domestic steel production. This includes the ability to veto any changes to capital investment commitments, relocation of production or jobs outside the US, closure of plants, mergers with competitors, or even renaming the company or moving its headquarters from Pittsburgh. The national security agreement emerged after months of political backlash. Trump had initially opposed the deal during the 2024 campaign, aligning with labour unions and critics concerned about outsourcing and national interest. However, he later recast the transaction as a 'planned partnership' on social media, once Nippon agreed to stronger investment commitments and more government oversight. Despite efforts to portray it as a partnership, the deal marks a full acquisition. On June 13, US Steel delisted from the New York Stock Exchange following confirmation of the merger. While the full national security agreement has not been publicly released, filings and company statements outline its scope. The provision is seen as a way to ensure continued US oversight over strategic assets amid concerns about foreign control in key industries. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
2 days ago
- Sport
- Yahoo
Padres Pitcher Receives Updated Punishment After Hitting Shohei Ohtani
Padres Pitcher Receives Updated Punishment After Hitting Shohei Ohtani originally appeared on Athlon Sports. San Diego Padres closer, Robert Suarez, is currently playing in his age-34 season following an All-Star appearance in 2024. Suarez has appeared in four major league seasons for San Diego since making his debut in 2022. Before his MLB breakthrough, he spent several seasons in Japan's Nippon Professional Baseball league. Advertisement He's been a crucial piece in the heated rivalry between the Los Angeles Dodgers and Padres in the NL West—and found himself at the center of the latest skirmish last Thursday in San Diego's 5–3 win. In the top half of the ninth inning, Dodgers reliever Jack Little plunked Fernando Tatis Jr., sparking benches to clear and earning Dodgers manager Dave Roberts and Padres manager Mike Shildt ejections. When play resumed in the bottom half of the ninth, Suarez retaliated by drilling Shohei Ohtani with a 100 mile-per-hour fastball, resulting in his ejection. San Diego Padres pitcher Robert Suarez (75)Denis Poroy-Imagn Images MLB handed Suarez a three-game suspension for his actions, but he promptly appealed. Advertisement Today, the league confirmed his punishment has been reduced to two games, which he will begin serving immediately. As a result, he'll miss the series finale against the Washington Nationals and the opening game against the Cincinnati Reds on Friday. Suarez pitched a scoreless inning yesterday against Washington to earn his 22nd save in a 4–3 victory. He's pitched decently this season, posting a 3.51 ERA in 33.1 innings with 22 saves and allowing just one home run, building on his career-best campaign in 2024. As San Diego leans on its bullpen down the stretch, the brief suspension figures to be nothing more than a bump in the road for their veteran closer. Advertisement Related: Padres Make Unexpected Fernando Tatis Decision on Wednesday Related: MLB Announces Manny Machado News Before Nationals-Padres This story was originally reported by Athlon Sports on Jun 25, 2025, where it first appeared.
