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Japan's Nippon Steel to buy U.S. Steel in $14.9 billion deal

Source: CNBC/Reuters

Published Mon, Dec 18 2023 6:07 AM EST

Japan’s Nippon Steel said on Monday it would buy U.S. Steel in a deal valued at $14.9 billion, helping it add significant capacity in a key market that is primed for a price hike.

U.S. Steel’s shares rose about 28% to $50.35 in premarket trading, but were still trading well below the offer price of $55. That represented a premium of 142% since the company announced a strategic review process on Aug. 11. The all-cash offer represents an equity value of about $14.1 billion and the world’s No.4 steelmaker said it had secured financing commitments to fund the transaction.

The deal is expected to help Nippon move toward 100 million tonnes of global crude steel capacity, while significantly expanding its production in the United States, where steel prices are expected to rise as automakers ramp up production following their recent deals with labor unions to end strikes.

All of U.S. Steel’s commitments with its employees, including all collective bargaining agreements in place with its unions, will be honored, Nippon said.

Read more: https://www.cnbc.com/2023/12/18/japans- ... llion.html

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2024 is the biggest election year in history

More on that:

2024 Is the Biggest Global Election Year in History
by Bryan Walsh
January 3, 2024
Introduction:

(Vox) On January 1, Future Perfect published its predictions for 2024. The forecasts range from the number of poultry that will be culled because of bird flu this year to which film will win the Oscar for Best Picture. (Oppenheimer — take it to the bank.) But no single subject was covered by more predictions than who will win some of the most important elections around the world this year.

That’s because 2024 will be the biggest election year in history. More than 60 countries representing half the world’s population will go to the polls in 2024, with an estimated 4 billion people voting in presidential, legislative, and local elections. Those elections will range from the massive — India’s multi-day legislative elections (the largest in the world) and Indonesia’s presidential poll, the world’s biggest single-day vote — to tiny North Macedonia’s presidential election.

2024’s elections will include polls that will be free and aboveboard, like Iceland’s presidential election, which will be held in the world’s third most democratic country, according to the Economist Intelligence Unit. Then there are the countries with somewhat less free elections, like North Korea. (North Koreans have a choice when they go to the polls in the same way that my son has a choice between “cereal” and “cereal” for breakfast.) In between will be most of the rest of 2024’s elections, including the US presidential election, where the winner of the popular vote actually lost the election two out of the last six campaigns.

The stakes for 2024’s democratic contests will be enormous — not just for the countries going to the polls, but for the world as a whole.
Democracy on the ballot

Will Taiwan, which goes to the polls on January 13, risk increasing the chance of war with China? Will the African National Congress, the party of Nelson Mandela, finally lose power in post-apartheid South Africa? Will the European Parliament continue to see a surge in far-right parties? And, when Donald Trump and Joe Biden face off again in the US, as expected, will the results be any different from those in 2020?

Read more here: https://www.vox.com/future-perfect/202 ... t-voting

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South Korea maps out $470B plan to build chipmaking hub - report

January 16, 2024

South Korea has unveiled plans by firms such as Samsung Electronics Co and SK Hynix Inc to spend more than $470 billion setting up the world’s largest chipmaking cluster, in a bid to join a global race to safeguard domestic supply, Bloomberg reported on Monday

The government on Monday outlined a blueprint involving investment of 622 trillion won ($470.31 billion) from the private sector in the years leading up to 2047.

According to the report, they will spend the money to build 13 new chip plants and three research facilities, on top of an existing 21 fabs. Spanning Pyeongtaek to Yongin, the area is expected to be the largest in the world, capable of producing 7.7 million wafers monthly by 2030, the report added.

The envisioned investment is up sharply from when Seoul first unveiled Samsung’s and Hynix’s plans in 2023. Korea’s government, which works closely with private firms on national imperatives, has been boosting its support for a domestic chip sector that accounts for about 16 percent of total exports, according to Bloomberg.

It’s pledged to protect a linchpin of its economy while grappling with rising global competition. As Japan and Taiwan aggressively invest in their own chip sectors, the Korean government is committing to extending big tax breaks to local chip firms, the report added.

https://technode.global/2024/01/16/sout ... ub-report/

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US postage stamp and shipping prices go up Sunday

Source: ABC News/GMA

January 19, 2024, 10:57 AM

The U.S. Postal Service will increase stamp prices starting Sunday, a USPS representative confirmed to "Good Morning America."

The cost of first-class stamps will rise from 66 cents to 68 cents for letters weighing one ounce or less.

Package shipping costs will also increase by nearly six percent, with Priority Mail Express costs going up by 5.9 percent, Priority Mail increasing by 5.7 percent, and Ground Advantage going up 5.4 percent.

The price hikes, the fifth increase in two years, are part of the Postal Service's ten-year "Delivering for America" plan to raise rates and recover from plunging profits – a projected $160 billion loss over the next ten years

Read more: https://abcnews.go.com/GMA/Living/posta ... =105867721

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Macy's Rejects $5.8 Billion Takeover Offer From Investors

Source: Bloomberg

January 21, 2024 at 7:00 PM EST
Updated on January 21, 2024 at 7:41 PM EST

Macy’s Inc. said Sunday that it wasn’t interested in a bid from Arkhouse Management Co. and Brigade Capital Management to take over the retailer, claiming the offer lacked “compelling value.”

The investors made a $5.8 billion, or $21 a share, offer for the company last month and Arkhouse earlier Sunday threatened to take its offer to shareholders if the department store chain doesn’t step up negotiations. The offer represents about a 19% premium to Macy’s closing price on Friday.

Macy’s board has determined it won’t “enter into a non-disclosure agreement or provide any due diligence information to Arkhouse and Brigade,” the company said after Arkhouse issued its statement. It said that information provided by the investors failed to address concerns over their ability to finance the transaction.

Arkhouse earlier said that advisers from all parties had held initial conversations and financing was discussed. It urged Macy’s to “engage expeditiously in good faith discussions,” pointing out that Macy’s shares had retreated from the high they reached after the offer was unveiled.

Read more: https://www.bloomberg.com/news/articles ... areholders