nippon steel having its worst day since may.oing to buy united states steel for $14.1 billion. they are paying $55 a share in cash, that would be 140%-plus premium to the u.s. steel share price. we have seen nippon steel trying to grow overseas and this will really provide that large foothold in the american steel industry. today when it comes to the trading session, it is downside pressure more than 5% for the company. we will be discussing more on this deal and why not everyone is happy about the move. plus, we will be discussing when the -- why they expect the boj will put off scrapping negative rates until the end of next year at least. this is bloomberg. ♪ (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ shery: the pound steel under pressure in the japanese session after they announced they will buy united states steel for $14.1 billion, paying $55 a share in cash with a premiu

nippon steel is a very high-tech style company.hnology than u.s. s steel. the pledgete. to honor labor contracts. which goes through 2026.ug and they have fledged zero carbond my 2050, they are very republ responsibleespo company, that reminds me back some decades ago when i was at rothschild, we represented rockefeller 34 trust when we hold rock center to japanese, mitz mitsui, everyone said oh, the sky is calling. you knownseq what consequences were nothing, i don't think there will be consequences with this. ut t larry: that is what we argued. back to late 2017, early 2018, announce of us argueda --nu a number of us argued, you dif d not need tariffs and a strong player like ni nippon steel came in, they would honor the contracts, you wanted tariffs on national security grounds, and i just want to say that, sai don't have a problem withle whatm you said financially, i will hav e a problem, you a have b republican senators,rs jd vance, marco rubio, josh hawley, they don't want tole deal to gott through. t and they wilhrl make the

the fact that nippon came out this morning as the winner, it was a bit of a surprise to the market.n't think a lot of people had tagged them as one of the obvious buyers. of course, the price at which they bought it, $55 per share is $20 per share more than what class authored back in august. -- cliffs offered back in august. it took people off guard especially being the japanese steel producer. vonnie: is the union powerful enough to derail this somehow even though nippon has said it will honor any agreements that have been made with the union? >> the legal part of this is the union now has the right to make a bid for the company that is better than the offer that has been put on the table. also have the right to transfer that bid to another party. what they have said to is that o get their exclusive right to bid to cleveland the option, they could make another bid and beat whoever one. it's unclear if that is actually going to happen at this point. there is still a lot that has to play a but cliffs came out earlier today and made a statement that they are aggressively pursuing a b

nippon steel is a very high-tech style company.ything, they may have better technology than u.s. s steel. the pledgete. to honor labor contracts. which goes through 2026.ug and they have fledged zero carbond my 2050, they are very rep responsibleespo company, that reminds me back some decades ago when i was at rothschild, we represented rockefeller 34 trust when we hold rock center to japanese, mi mitsui, everyone said oh, the sky is calling. you knownseq what consequences were nothing, i don't think there will be consequences with this. ut t larry: that is what we argued. back to late 2017, early 2018, announce of us argueda --nu a number of us argued, you dif d not need tariffs and a strong player like n nippon steel came in, they would honor the contracts, you wanted tariffs on national security grounds, and i just want to say that, sai don't have a problem withle whatm you said financially, i will hav e a problem, you a have b republican senators,rs jd vance, marco rubio, josh hawley, they don't want tole deal to gott through.

tell us more. , , over by nippon steel. tell us more. ,._ over by nippon steel.he industrial _ more. this company was founded the industrial tighten _ more. this company was founded the industrial tighten andrew - the industrial tighten andrew carnegie who created an empire in the steel business that helped to build the american economy. it has been declining for decades, some analysts are saying. it faces stiff competition from foreign companies dating back to the second world war and it did not adapt really well to new ways of manufacturing steel. the industry itself is facing pressure from regulators around the globe to cut carbon emissions that we have heard so much about. it is an incredibly energy intensive field and it spews out carbon emissions. so the steel will make nippon still the second biggest steel producer with plans from slovakia all the way to pennsylvania.- slovakia all the way to pennsylvania. slovakia all the way to penns lvania. �* ., pennsylvania. but the deal may not necessarily _ pennsylvania. but the deal may not necessarily get _ pennsy

japan's nippon steel, and the price tag is $55 a share in cash.matically and this is off of what it already had been an elevated stock price with the expectation being you would get a significant price here. we reported last week that there we a number of bids well into th40s, but frankly, 55 i d't believe many anticipated the price would get that high. they are japan's largest steel maker. there's no real synergies in costs to speak of here, so, you know, there may somebody technology improvementover time that can be made on both sides. they wl honor all the agreements they say between u.s. steel, and its unions. more on that in just a minute. they will keep the headqrters in pittsburgh. retain the name as well. but again, it really is the price tag there, even with the lack of synergies. now nippon steel, and its advisors will tell you we're on paying 7.3 times trailing 12 months ebitda, which is in steel industry that have been acquired, but it is gher than many anticipated and far higher than evethe cover bid for this deal that i'm aware of. n

nippon steel is a very high-tech steel company.hing they may have better technology than u.s. steel. they pledged to honor the labor contracts, which go through 2026. and they have pledged zero carbon by 2050. they're very, very responsible company and reminds me back some decades ago when i was at rothschild we represented the rockefeller 34 trust when they sold rock center to the japanese, and everybody said, oh, my god, the sky is falling and american icon owned by the japanese. you know what the consequences were? nothing. no consequences. and i don't think there will be any consequences of this. larry: but that's what we argued. look going back into late 2017, early 20178 a number of us argued you didn't need those tariffs f a strong player like nippon steel came in, it was not going to be a problem, they would honor contracts. they would have to be strong enough to take over but you know, you wanted tariffs expressly on national security grounds. there was a 232 issue and i just want to say i don't have a problem with what yo

we make nippon the world's second-biggest producer.orts _ second-biggest producer. we talk about all sorts of _ second-biggest producer. we talk about all sorts of trade _ second-biggest producer. we talk about all sorts of trade on - second-biggest producer. we talk about all sorts of trade on this - about all sorts of trade on this programme but from steel, how about cannabis? up until now, the cannabis cells in dutch coffee shops has been illegally grown and supplied. the authorities simply turn a blind eye. the first time, cannabis has been legally cultivated this week as part of a small experiment that could eventually be rolled out right across the country. our reporter was the only foreign journalist invited to a top secret location in the netherlands. this is the first ever legally produced cannabis for recreational purposes within the eu, but it's about more than just a single plant. it's about enhancing the traceability and transparency of an entire industry. the biggest challenge to get here was regulation. all the paperwork

so the second thing i would say is, let's look at nippon steel. nippon steel are not a bun.y scouts. i love japan and i've been a big fan of theirs, and i think they are a great ally particularly in trade matters and china, but nippon steel has been adjudged to be engaged in unfair trade in the united states at least 30 years. commerce department, international trade commission, the courts all found them involved in unfar trade and let me ask you a question, do you think you could put together a bunch of money and go buy nippon steel in japan? there is not a chance in the world. you couldn't buy bao steel from china. countries don't let this happen. first is there a national security issue? of course there's a national security issue. remember it wasn't just president trump who did this 232. ronald reagan had a steel program. you remember it well. and that program also saved the united states industries and saved tens of thousands of middle class jobs. they both determined it was important for national security. remember the first time we brought it up with -- larry: no, no

japan's nippon steel will buy us steel for almost $15 billion. american company, which is 122 years old, put itself up for sale several months ago. us steel is expected to benefit from the spending and tax incentives in presidentjoe biden�*s infrastructure bill. its shares surged by more than a quarter after the deal was announced, but nippon steel's shares are down 3.5% in tokyo trade. to the us, where apple is halting sales of some of its newest apple watches before christmas. it's the result of a ruling after it lost a patent case against a medical device company. from new york, here's michelle fleury. if you're in america looking to buy an apple watch series 9 or ultra 2, you'd better move fast — starting this thursday, us shoppers will no longer be able to buy them online and sales at its retail locations, well, they'll stop a couple of days later. the tech giant is removing one of its most popular products right before christmas because of a ruling by the us international trade commission, or itc. it's the result of an ongoing dispute with

also had, new poem steel -- nippon steel tumbling.ippers are shunning the red sea referencing the attacks in israel's war on gaza. the bank of japan has turned the course here. we are looking here at equities also in just a bit of a mixed bag overall. we had a good day on wall street. let's get to really what's happening. nikkei futures, the market closed for lunch at the moment. no doubt many of the traders are at lunch or at their desks anyway. do against the yen with the 143 handle. we were at 142 point five before this decision. there's been no change in policy as expected. futures at the moment, perhaps looking at the nikkei closing out the moment about 1/10 of 1% to the upside. let's have a look at what is standing out for the statement. david is still with me. david: it seems like on the first market reaction, what were seeing is the market pricing out the hawkishness that's been built in these last three or four days. if you take it back from 10 days ago, the dollar-yen has come back, come down substantially. we are repricing

in other news, a huge deal in the steel industry — japan's nippon steel will buy us steel for almostlion. the american company, which is 122 years old, put itself up for sale several months ago. us steel is expected to benefit from the spending and tax incentives in presidentjoe biden�*s infrastructure bill. its shares surged by more than a quarter after the deal was announced, but nippon steel's shares are down 3.5% in tokyo trade. turning to china. it allows taking control of telecom services in the interest of national security. talk us through what this bill is about and why it is significant.— is about and why it is siunificant. �* , ., significant. but when you mentioned _ significant. but when you mentioned is _ significant. but when you mentioned is the - significant. but when you mentioned is the biggest| mentioned is the biggest contentious point that is talk about here about how this bill, once past, will empower the government and administrative agencies to essentially take over telecom services. that means in the event of any public emergency or situation that could thre

second thing, let's look at nippon steel, they are not a bunch of boy scouts, i love japan.t ally in particular in trade matters. but nippon steel has been judged to be engaged in unfair trade with united states for at least last 30 years, they have been involved. and let me ask you, do you think you could put together's bunch of money and go buy nippon steel in japan, there is not a chance in the world. countries don't let this happen. first, is there a national security issue, of course, there is, it was not just president trump who did the 232, ronald reagan had a tsteel program that also saved u.s. industries and saved tens of thousands of middle class jobs. they both determined it was important for international security. first time we brought it up --. larry: i love you. i sat around the table with you during reagan years, i felt, here is what you taught me, we have to strongly protect our advance technological crown jewels and unfair trading practices, especially with china, not only but especially. i, agree 100%. the issue of reciprocity, you and president trump, we

but nippon steel's shares are down 5% in the japan markets. turning to china.the end of the year, many analysts believe the world's second largest economy is on track to reach its 5% growth target for this year, and that's despite the headwinds slowdown in exports, manufacturing and a crisis in its property sector. hui shan, chief china economist at goldman sachs, gave me her predictions for the year ahead. when we look at 2024, there are two sides to the story. one side is all the headwinds in the economy are not really abating yet on the property front, on the local government debt issue, lack of confidence. but on the other hand, we are getting signals from the government that they do want to have a growth rate around 5% next year, which means they will have to provide more using measures. —— they will have to provide more easing measures. i have questions about why we're seeing outflows or market underperformance. that's kind of related to — you know, we are at a juncture where investors see the headwinds but we haven't seen very concrete measures of policy

but nippon steel's shares are down 5% in the japan markets.abis sold in dutch coffee shops has been illegally grown and supplied, unregulated and undercover, and the authorities simply turn a blind eye. this week, for the first time, cannabis is being legally cultivated as part of a small experiment that could eventually be rolled out across the country, and possibly beyond. our reporter anna holligan was the only foreign journalist invited to a top secret location in the netherlands. this is the first ever legally produced cannabis for recreational purposes within the eu. but it's about more than just a single plant. it's about enhancing the traceability and transparency of an entire industry. the biggest challenge to get here was regulation — all the paperwork that we have to fill in to get a bank account, to get all the rules back from illegality to legality. so it's been a battle to get to this point? it's been a bloody war! so we're just packaging here. first of all, we put it in glass, and then second, we put it into labelling. so this i

steel and nippon violated our collective bargaining agreement by not notifying us of this deal. work force, their employment security and, obviously, the pensions and health care of our retire east. besides the white house's scrutiny on national security and domestic supply chain issues, we are certainly concerned about whole deal. >> the statement from i think u.s. steel and i think nippon officials have said that they would comply with any existing contracts, any existing union contracts. do you not believe that? is there something telling you otherwise? >> they haven't spoken to us about what the deal is or what ni nippon's commitment will be going forward. there is real violations in terms of our right to bid language, successorship language and commitment to capital investment in the future. a statement made by nippon representatives during the call was that they continued to -- they were going to continue the plant in u.s. steel, shut down facilities and transfer works to the non-union operation. >> obviously, the president making clear the security concerns, security revi

. >>> the white house is looking at nippon's $14 billion deal for u.s. steel. >>> and then apple pulls the high-end watches from the u.s. store. we speak with a shareholder and gets his take. it's friday, december 22nd, 2023. you're watching "worldwide exchange" right here on cnbc. ♪ >>> good morning and welcome to "worldwide exchange." happy friday. let's start the day as always with the check on the u.s. stock futures. taking a look right now and you see futures are in the red. the dow would open 90 points lower. s&p and nasdaq in the red as well. this after the rally yesterday which cut the losses by more than half. the s&p is on pace for the longest weekly win streak since 2017. up eight weeks in a row. the big part of the story this morning is dow's nike. look at the shares this morning in the red. slammed after shedding 92 points after revealing a $2 billion cost cutting plan. >>> check on the bond market ahead of the two events today. pce and personal income out at 8:30 a.m. yields on the 10, 20 and 30-year yields are 3.86%. >>> let's see how euro

nippon says it's committed to honoring u.s. steel's existing union contracts, but critics not satisfied the fact that they didn't even talk to the union and mention this, or they didn't run it past our office, even just as like a heads up, by the way, i mean, this is a this is a huge thing. shareholders still need to vote on the deal. then regulators are expected to heavily scrutinize the details. >> apple will soon stop selling some of its smartwatches because of a patent dispute. the international trade commission had ruled that apple infringed on the patent of a medical technology company. apple will begin suspending sales of the series nine and ultra two watches on thursday, coming up, a woman who became famous for giving advice to parents pleads guilty to child abuse. plus, the new details about celine dion's new details about celine dion's health battle i know what it's like to perform through pain. if you're like me, one of the millions suffering from pain caused by migraine, nurtec odt may help. it's the only medication

steel and nippon steel and they'll have to buy back shares at the end of the day this company generatesnd they had 3.9 to 3 billion. their value is $3.5 billion. there's only one thing to do with the shares, buy back shares >> for a minute there i thought you were describing general motors silly me >> why tell me why? tell me why? >> because the last part you say about general motors, they're buying back share, paying down do they need to do something now that u.s. steel's done something >> i don't think so because on their own theye incredibly profitable they traded at eight times estimates at free cash flow and the enterpse value forbitda is at seven and i think they're missing the fact that prices have been accelerating over the last few months and they're higher particularly in the soft landing scenario i'll answer the question a slightly different way, and you know he's not going to put his feet up on the ottoman you talked to us and you know him? >> his public image is -- his public image is not far from his private image. this is a mover and shaker this is a guy who is want conte

we will watching nippon steel after u.s. its proactively seeking a review from the biden administration over its sale. micron gave a strong revenue forecast. demand for their data center chips growing. samsung, sk hynix, and tokyo electron. asian crypto related stocks, bitcoin briefly jumping over $44,000. u.s. futures after what was a lackluster in terms of a global rally stalling on wall street. in particular some highflying rate sensitive stocks pulling back, even as we see the bond market edging higher on the forecast of lower rates. we could yet see a set up for a bit of a rally as we count down the end of trading days going into the holidays. we're seeing nasdaq futures little more positive. the market opens next. ♪ i'm a little anxious, i'm a little excited. i'm gonna be emotional, she's gonna be emotional, but it's gonna be so worth it. i love that i can give back to one of our customers. i hope you enjoy these amazing gifts. oh my goodness. oh, you guys. i know you like wrestling, so we got you some vip tickets. you

steel topping the tape today the stock surging over 26% after agreeing to be acquired by nippon steelu.s. steel at $14.9 billion that's a nearly 40% premium to friday's close, almost double the rejected offer this summer it gives the steel space specifically a boost, hitting its hiest level since may 2011 what ioil telling us what does this deal tell us in terms of demand for steel? >> i don't think we should believe this is a time for a feeding frenzy in the space. those that have gotten bigger have gotten bigger there are cores in those folks that have high quality steel and operate in different segments. i think it is important to say that miners around the world, at least some of the folks that actually mine for the stuff you use to make steel, i think, are very interesting and i think someone like cliffs, the word is that they're not going to be on the oacquisition trail. the fact that you saw some of the biggest steel companies in the world rallying on this, there is some sense that assets are in play and those that are bigger are going to get bigger and it doesn't matter. they

nippon steel set to buy u.s. steel for $7 billion according to reports.for the wrap up. we start with illumina will divest itself after the court fined the deal. it will shed the stake in grail by the middle of next year. shares of illumina up 3.5%. >>> and returning billions of dollars to customers and creditors. the plan of ftx does not tell how much customers will ge back. >>> and a house judiciary committee reviewing documents provided by ackrock and state street. >>> and southwest airlines agreeing to pay a penalty v resolve a probe over the holiday meltdown last year. $90 million will gto customers who dealt with delay >>> robinhood will offer a match as it lookto attract wealthier clients. >>> a sweet start for "wonka" which scored $39 million in the opening weekend. >>> he is what to watch in the final full trading week of 202 general milland niken, weave existingome saan nehomeales and durab on fday, wgepce. were kping an on the centrabanks ound t wld inuding moneta policy decisions from the bank of japan and people's bank of china let's get a .

it turns out it be a bad idea, nippon steel is buying u.s.bringing in former reagan economist, the great art laffer. up on the full screen there. we were right. and turns out not only u.s. steel did not survive but nippon steel probably a better company, sometimes taif itariffs are a bad idea. >> they are, they have always been a good idea, we went through color television example in this article, tariffs allow your domestic industry to become lazy and fat, and fall behind the rest of the world, that happened to our color television and our steel industry, and tariffs are a bad idea,i except in case for material for war, i would never have a free market in nuclear weapons with kim jong-un, but other than that free trade across the board making your industries competitive and great. larry: we'll disagree on next sentence, i support chinese tariffs, they steal our intellectual property, they force our technology transfers, they are -- japan is one of our dearest friends, china is one of our enemy, i support china tariffs on this one, i thought

it turns out it be a bad idea, nippon steel is buying u.s.we were right. and turns out not only u.s. steel did not survive but nippon steel probably a better company, sometimes taif ires atariffs are a bad idea. >> they are, they have always been a good idea, we went through color television example in this article, tariffs allow your domestic industry to become lazy and fat, and fall behind the rest of the world, that happened to our color television and our steel industry, and tariffs are a bad idea,i except in case for material for war, i would never have a free market in nuclear weapons with kim jong-un, but other than that free trade across the board making your industries competitive and great. larry: we'll disagree on next sentence, i support chinese tariffs, they steal our intellectual property, they force our technology transfers, they are -- japan is one of our dearest friends, china is one of our enemy, i support china tariffs on this one, i thought you know, this steel tariffs in a they were a lousy idea. art, i know that stock ma

steel than one owned by nippon steel.ight be of that opinion. none of that is reason to stepthis deal. first of all, shareholders of u.s. steel are offered something like twice the next highest bid, and let's remember. shareholders consist of americans of all scribes. teachers, firemen, truck drivers who have 401(k)s and pension plans invested in companies including u.s. steel. what is the basis for denying them the full value of their asset and to invoke national security is laughable. right? what -- nippon steel is from a very close ally of the united states. one that depends on the united states for its security. one that we depend on in this competition with china, and the fact that they would own a u.s. production company, a company that produces steel, frankly, probably, strengthening that company, with a combined venture would be probably the second biggest steel company in the world. this is good for the steel workers. this is good for steel production. the good for the united states. i don't get the argument agai

the white house says nippon steel's plan to buy us steel should be investigated on national securityatement it also expressed concern about the deal�*s potential impact on supply chain reliability. the $15 billion dollar takeover of i22—year—old us steel would create one of the world's biggest steel companies. but usw — the powerful united steelworkers union — has also criticised the deal as "short—sighted". european markets, it started off the morning in negative territory, slightly off the bat of economic figures, as you can see it is back in the green and fairly flat, as are the following two. nike made an announcement yesterday saying they had to cutjobs and their share price tumbled in pre—trading. that is it for business needs. i was fat for 20 years and needed something more to break the relationship between eating and overindulgence. she says she was overweight for most of her life and when she had a loss jab, she recently wanted it. fine of her life and when she had a loss jab, she recently wanted it. one of my friends — jab, she recently wanted it. one of my friends had _ ja

in other news: the white house says nippon steel's plan to buy us steel should be investigated on nationala "close ally". in a statement, it also expressed concern about the deal�*s potential impact on supply chain reliability. the $15 billion takeover of 122—year—old us steel would create one of the world's biggest steel companies. but usw — the powerful united steelworkers union — has also criticised the deal as "shortsighted". china has signed off on the first direct delivery of a boeing 787 dreamliner in four years in an indication that strained us—china trade relations may be easing. juneyao airlines, one of china s largest privately owned carriers, took delivery of its newest 787 dreamliner on thursday in a boost for the us plane manufacturer. the delivery marks a breakthrough for boeing, which has been largely shut out of china's aviation market this decade. let's have a look at the market. the uk economy news, is it having an impact? ftse 100 uk economy news, is it having an impact? ftse100 higher. it started off in negative territory, but it is pulling up. brent crude oil is 0.9%

japan's nippon steel buying u.s. steel for $55 a share. we're saying it is a deal worth over $14 billion. that includes debt. i saw $7 billion earlier. $55. maybe it is that. it had a market cap of 9. before the news, it was 9. 48. you know, the mini mills have taken over and all of the dumping from asia has made it more difficult. bethlehem steel. the city and the rustbelt -- >> my dad spent a summer working at u.s. steel in college. not a good job. >> pittsburgh headquarters. it will honor all kmcommitments including collective bargaining agreements. not going to say it is an alagory for the steelers. it looked like one yesterday. and the cowboys. every time you think they're good, becky, every time you think they might be good, they play a good team and they didn't have to win. maybe that was it. i tweeted something out. >> i did see it. i saw the pig and the dog. >> what? who is this team? did you see the corgi? dak prescott is mvp? >>> coming up, get ready for the trading week ahead. i'm trying to build up a few followers. what is it,

concept ea deterred plenty o -- then they shou be, as th nippon steel, u.s. deal ows. cotton is a one woman wrecki crew for your stock portfolio, even the stocks that did ver well without deals although, that's because we' seen the magnificent seven the one thate have to thin for a lot ofhat perfmance. at times, it fee like concep you see does cenal care abou -- she wants to stand in the wa of shareholders making money rember wn they tried t block him jen from rising th -- even though ere was no overlap and new from the competition, and she agreed to do everything the ftc asked hi in the, and e ftc stop tryin to block the deal. but i think that's mainl because the sense that engin is picking up a fight in court an when >> report: that'smazing long hurricane wants to stop corporate consolidation. it's only the largest, wealthiest companies can avoid the litigation and it come with making acquisitions what would happen if we di have such a hard line are to see, where they tried to block the nippon steel deal? investors would overlap and it would make businesses for more

in fact, nippon steel is buying u.s. steel, i won't belabor the point.gan economist and presidential medal of freedom recipient the great art laffer. ought their of taxes have consequences. arthur, up on the full screen, turns out we were right. ironically u.s. steel didn't survive but nippon steel is better company. probably make our steel industry stronger. sometimes tariffs are a very bad idea, arthur? >> they sure are, larry. they have always been a very bad idea. we went through the color television example in that article. there are lots of other examples. tariffses allow the domestic industry to become obsolete, become lazy, become fat, fall behind the recent of the world. that is what happened to our color television and what happened to our steel industry. tariffs are a very bad idea except in the case of material for war. i would not ever have a free market in nuclear weapons with kim jong-un but other than that i would have free trade across the board. it makes our industries competitive and great. and that's wonderful. larry: we will disagree

steel being bought by nippon steel of japan the politicians do not like the looks of that. >> this is one area where both sides of the aisle have an agreement on fetterman and vance both opposing deals on the very issue of the u.s. steel company belonging a japanese hands. there is one thing to keep in mind several things to keep in mind which is the size of the u.s. steel industry. it's tough to say is not what it once was people talking about u.s. steel there invoking andrew carnegie and the original j.p. morgan and i have to be careful and from pennsylvania and i have family members that worked in the steel industry but this is a 15 billion-dollar deal. i when it turned on $15 billion in the scope of the u.s. economy is not that instrumental to the functioning of the economy in japan as an ally and when we think about deals we were worried on the cross-border transaction were not talking about the technology transfer and japanese still has better than the u.s. jack: that has gone nowhere as far back in my chart would go and 1993 it was selling for $33 where was when this deal was a

steel, nippon, got a lot of play yesterday.questions you want to get answered, and whether or not you think a cfius review would be more intense than the average one? >> so i think we know from a lot of actions that have been taken by this president and previously, that steel is an important critical, vital sector for national security purposes, for supply chains, resiliency here in the u.s., so the president i think is very focused on the steel industry, has made sure that this is an industry that continues to thrive, given its importance to our national security. it's also one where unions have played an important role where they play a partnership role and what we believe is that it's very important from a national security perspective, from a supply chain resiliency perspective, that we look at this, and it gets serious review. >> some people say that japan is an ally and, you know, historically a lot of these reviews have involved countries that may not be as close in terms of their kinship with the u.s. what signal do you

one issue is nippon steel, doesn't have the greatest track record when it comes to dealing with u.s. union labor. there's going to be pushback from steelworkers around that. >> thank you for that. good economic news. >>> yay, happy holidayays. >>> > vin dieselel h has beeeen of s some pushbaback. we'l'll take a l look. >>> fast and furious star vin diesel denies allegations of sexual battery made by his former assistant. >> the claims were brought forth in a lawsuit filed by the former assistant on thursday. cnn's elizabeth weg meister has more. >> reporter: he denies serious allegations made against the star of the "fast and furious" franchise stemming from an incident in atlanta in 2010. he's accused of creating a sexual battery against a former assistant. in a lawsuit joanson says diesel forced himself on her in a hotel suite, pinned her against the wall, and later ---ed in front of her. in a lawsuit she says he groped her and kissed her all while she tried to break free from his grasp at repeatedly sad no. the lawsuit says he abused his position of thought as her employer and was

. >>> and nippon is looking to close in on the bid for u.s. steel. >>> and we look at the best play for airlines and hotels an leisure. we have a very busy hour ahead when "worldwide exchange" returns. stay with us meet gold bond daily healing. a powerhouse lotion that moisturizes, heals, and smooths dry skin. with 7 moisturizers & 3 vitamins. and... new gold bond healing sensitive. clinically shown to heal & moisturize dry, sensitive skin. gold bond. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. >>> welcome back to "worldwide exchange." looking at the futures this morning with the s&p is up slightly this morning. >>> let's go to see what the european action is looking like this more than with joumanna bercetche. >> i want to bring you price action from asia the shanghai composite is flat line hang seng is dipping .75%. the focus overnight i

the white house says nippon steel's plan to buy us steel should be investigated on national securityt also expressed concern about the deal�*s potential impact on supply chain reliability. the $15 billion takeover of 122—year—old us steel would create one of the world's biggest steel companies. but usw, the powerful united steelworkers union, has also criticised the deal as "shortsighted". french unions have made a deal with eurotunnel to end a surprise strike — which halted trains through the channel tunnel on thursday. the industrial action over bonuses paralysed both le shuttle, which transports vehicles between the uk and france, and eurostar which runs express passenger services between london, paris and brussels. coming up: going loco for el gordo — spain grinds to a halt for its christmas mega lottery with almost 2.6 billion euro upfor grabs. around the world and across the uk, this is bbc news. bbc news — bringing you different stories from across the uk. ., ., , different stories from across the uk. ., a, , ., different stories from across the uk. ., a, , the uk. for many of

. >> nippon steel. >> nippon steel steel buying u.s.pan and we've heard and covered this, and i think it helps to have easy policy and negative rate policy and a weaker currency,which has been the story of japan all year long people are still very bullish on this market. it does raise the question about what's going to happen with rate differentials and in our world and whether the markets are too excited about rate cuts. that's the story of the day. mary daly's quote was interesting, she's a voter this year, and she, unlike some of her other colleagues, did not go to great lengths to walk back all the aggressive cuts. she did say there's more work to do and the work includes not only focusing on bringing inflation down to 2%, but also recognizing that we want to continue to do this gently with as few disruptions to the labor market as possible i.e., we're not just thinking about squashing inflation now. we're thinking about preserving the soft landing and that's the case for cutting rates. >> yeah. not at all using the tone that mester

if nippon/u.s. steel deal is off, it doesn't happen, you want cliff to be back in the game?f a company behind him, but he can certainly ring out synergies and i'm doing this from memory but he projected 500 million a year of synergies if they do combine. he's low balling that. the initial offer was $7 billion, the price has to come down quite a bit. all that said, a lot of noise about this deal and there should be. >> congress is upset about it. i haven't heard anybody say we love it. let's do it from the u.s. government related side. >> it is being bought by a country that is a strong ally of the u.s. i think probably it gets done but there is hair on the deal. >> steph, how do you see the space? >> i'm not involved in steal but i am involved in freeport for copper. i like it for the infrastructure buildout and i think the supply/demand metrics in copper are very tight and costs are coming down. that will help their margins. >> we'll take a quick break and come back. we'll talk about why next year could be filled with boardroom battles. our leslie pkeicr following the money

steel stocks in japan also in focus because of nippon steel and how it is buying u.s. steel for 14.1 billion dollars, higher than market expectations. let's look at the continuing fallout from the attacks in the red sea. we see a gauge of energy stocks in the region climbing today. on a day where we're not getting that much movement from the gauge of stocks overall in the region, the msci asia-pacific flat, but we are seeing the south korean and japanese shipping stocks extending the gains from yesterday. kriti: a really interesting dynamic when we're talking about the boj over to the red sea story. avril hong in singapore walking us through that story. she left off with shipping under the red sea under threat as violence links to the israel-hamas war undermines global trade. avril took us through the natural gas read through, bp and some of the largest oil companies pausing transit through that red sea and even the suez canal. paul wallace is all over that story in dubai. just how disruptive is this? or is this temporary? >> it is certainly a major disruption, essenti

they are talking about the nippon steel deal announced that it would buy u.s.creating the world's second largest steel company. the deal has drawn concern or outright opposition from pretty prominent democrats and union leaders alike with longtime ties to the u.s. president. we are going into an election year as well. a lot of that union vote really matters when we talk about, do we start to outsource some of that steel to the rest of the world? another story is what the latest data is showing when it comes to banks borrowing a record amount from the fed's newest backstop facility this week as increasing wagers on rate cuts make it even more attractive. the numbers from the u.s. century bank show an all-time high of $131 billion being borrowed from the bank term funding program. this was launched amongst this year's banking crisis. banks can borrow funds for one year with treasuries and agency debt as collateral. that was a program that was partially used during covid-19 as well. in the meantime, onto the corporate space. nike shares plunging in the united stat

news we got speculation at's going on r about who would potentially take over this company and it's nippon steel and ty'll p $55 per share in cash toake it over it currently trading at $50. higher for this partular stock and remember, lot of mger speculation going alof theay back to thisummer and who ended up taking over and wah those shares, still 5% below the takeout price or at isappening with u.s. steel and of course, there a huge move market tied toiophar of the know that many parts of this industry are binarrelated nature and structure headlines today.e in the it's down 38%. at one pointt lost more than half its value and structure therapeutics for an obity and diabetes drug in the same category as wegovy and o zemchl irk and wegovy from the efficacy stdpoint ande that marginal amount of these that huge cline downt's poweng theyame out with posive trial results and the mark was expecting so much more andt gives you the idea of the kind of anticipation or optimism that goes into timism until a least dietes-related weight loss drugs and i'll send tngs back over to you thank you very mu

steel agrees to sell t japan's nippon steal they closed the bidding back i august for the 7.3 billion>> plus, apple says they are pausing sales with some of their smart --

steel announced a nearly $15 billion deal to be acquired by japanese firm nippon steel.l be headquartered stay, headquartered in pittsburgh, pennsylvania, but it would mark the end of an era for the 122 year old institution. jp morgan and andrew carnegie started u.s. steel, which forged the nation's industrialization and the early 1900s. union leaders criticized the deal, claiming it violates their agreement with the company. the fact that they didn't even talk to the union and mention this, or they didn't run it past our office, even just as like a heads up, by the way. >> i mean, this is a this is a huge thing. >> i feel like a age old company that was here is now gone. even though they're going to retain the name, it is no longer owned domestically. >> shareholders still need to vote on the deal. then regulators are expected to heavily scrutinize the details. >> marvel studios has dropped actor jonathan majors from all upcoming projects after he was found guilty on assault charges yesterday, a new york jury handed down the conviction of reckless assault and harassment

pennsylvania senator john fetterman says he's going to do what he can to block the sale from japan's nippon steel from buying u.s.. steel of the japanese based company wants to buy it for 14 billion dollars us steel. once the world's biggest corporation founded more than 120 years ago. the agreement would allow u.s. steel to keep its name and headquarters in pittsburgh. and the deal is facing opposition from the united steelworkers union. not surprisingly, it has vowed to only support a sale to another u.s. steel company. >> steele is always about security as well, too. >> and i'm committed to doing anything i can do from using my platform or my position in order to block this. and i'm going to fight for the steel workers and their union way of life. here is a little too. >> republican senator jd vance from ohio is opposing the sale and he says the company was auctioned off to foreigners for cash. for your health research says that magic mushrooms can improve depression. scientists, such sunstone therapies found that ingredients and the mushrooms will bind to a receptors in the brain and th

steel announced a nearly $15 billion deal to be acquired by japanese firm nippon steel. the company will stay headquartered in pittsburgh, pennsylvania, but it would mark the end of an era for the 122 year old institution. joe morgan and andrew carnegie started u.s. steel, which forged the nation's industrial ization in the early 1900s. union leaders criticized this deal, claiming it violates their agreement with the company . >> the fact that they didn't even talk to the union and mention this, or they didn't run it past our office, even just as like a heads up, by the way. i mean, this is a this is a huge thing. >> i feel like a age old company that was here for is now gone, even though they're going to retain the name, it is no longer owned domestically. >> shareholders still need to vote on the deal. then regulators are expected to heavily scrutinize the details. new this morning, vice president kamala harris is launching a nationwide reproductive freedoms tour that will happen in january . >> the vp's office says the move is to fight back against extremist attacks o

. >>> big news, nippon steel in japan, obviously, buying u.s. steel for $15 billion. u.s.el trades as x on the new york stock exchange. it's been around since 1921, in many ways it's the backbone of america. the logo on the helmets of the pittsburgh steelers is the u.s. steel logo. >>> here in silicon valley, nvidia is part of a bunch of tech stocks that have boosted the markets. there are seven big ones, nvidia, meta, apple, google, amazon, tesla and microsoft, the magnificent seven as wall street is calling them, are up 75% collectively just this year. the "wall street journal" calculates those seven companies based mostly in the south bay, account for 30% of the value of the 500 companies in the s&p 500. >>> a lot of good football over the weekend, a lot of ads featuring travis kelce. cmo magazine says ads starring kelce have run 375 times this nfl season, more than any other person from sports or otherwise. kelce comes in first at 375, ahead of patrick mahomes at 341, and kevin myles at 237. now, kevin is not a household name, but i think you recognize him. that's jake

steel and nippon deal.e talked about japan as a strategic ally and when you think about the arena of critical minerals and the competition going on, how important does that make japan and other partners? kim: the last part, potential other partners. there is no indo pacific strategy without japan and that goes back to my saying if japan cannot close deals and no one can. it is the other players. what we saw at the beginning that did not get a lot of attention was a national security partnership signed between indonesia and the u.s.. the usn's defense technology and know-how and indonesia promises to send critical minerals, eventually. it is part of a sophisticated program. sophistication is important. lisa: you have gotten plenty of accolades for your research and view forward when it comes to politics which recently has been a black box of impenetrable predictions. i am wondering what you see as some of the biggest market related risks stemming from washington, d.c. when they are so hot on the table? kim: