even though nippon steel is a japanese company, is not like they are in unfriendly territory. think there will just be questions around what it is those operations actually do and how it might impact the u.s. market, if at all. but it is interesting that it has come to light, especially as so much of the focus has been on a cifius review. but the biden administration looking at these assets in particular, it is worrying. haidi: aside from that there is political, labor union-type opposition to this deal. does the election-year make a difference in how big of a challenge is going to be? joe: you nailed it. in a lot of conversations with people in the market, investors and analysts and buyers, everybody looks at this deal and they are, like, it's a great deal, $55 billion in cash, nippon is well known globally as a steelmaker. that listen, the union has made clear of the beginning that they only wanted it to be bought by relentless. that comes down to the workers saying we trust cleveland-cliffs because they kept us all in other jobs. the labor union matters to joe biden and don

steel to japan's nippon steel. lydia hu is from a u.s. steel plant in pennsylvania.aying? >> reporter: stuart, the workers i talk to say that they are from multigenerational lines of people that have worked in this steel plant here in pennsylvania. they say they're proud to be a part of the american industry that has built america, and they're concerned about what their futures could look like when their company, u.s. steel, is sold to a foreign entity. watch. >> i think they're taking the shareholders at play more than the stakeholders themselves, the workers, retirees as well as the communities and our national defense. >> i feel that they turned their back on the place, the places that a made them what they, what they are today. >> reporter: now, u.s. steel said in a statement, quote, nippon steel's investment will strengthen the american steel industry for the benefit of american customers, employees and communities. meanwhile, nippon steel has are pledged to honor the union's collective bargaining agreement, promising no layoffs or closures. but concerns about t

nippon steel and united steelworkers side d.a.. that allows talks to progress to the union meeting came opposition. you're seeing them moving higher. woodside, that stock one hour into trading holding in positive territory. profits slid but we had a record output. we want more details in terms of deals because also big focus of talks with santos. haidi is doing a big interview with the woodside ceo about the earnings on the outlook. that's at 11 a.m. in hong kong. haidi: the ceo of a hong kong-based utility will be joining us to discuss the outlook for businesses. the white house presses republicans to unlock assistance to ukraine. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh get help reaching your goals with j.p. morgan wealth plan, a digital money coach in the chase

meanwhile, nippon steel has pledged to honor the union with's collective bargaining agreement.e sale are reverb rating across washington, d.c. and on the campaign trail. former president donald trump pledged he would block this merger. watch. >> we put big tariffs on steel. i saved the steel companies, and now japan is buying u.s. steel. u.s. steel. you know what a name that is? that's the most important name. 50 years ago there was no company like u.s. steel. now japan is buying it. i don't think i'd let that deal go through. >> reporter: and pennsylvania senator john fetterman also said he would try to block this merger and this steel plant, after all, here in the state of pennsylvania president biden says this deal may face serious scrutiny, but according to japanese media, nippon steel's ceo is saying he's undeterred by this criticism. he says the acquisition of u.s. steel is going to move forward. charles, back to you. charles: i've got to tell you,s this is just one that -- listen, i know it's a hefty offer, and people need to realize these union workers, they went to wha

nippon steel could bring ideas in about how to make steel better.oyota and honda had ideas about quality. ideas developed by a professor in the u.s., but no one listens to him, so he took ideas to japan, they developed them, they turned out to be important, and we got them back through foreign investment. we want to protect our firm's ability to earn a return in other countries but also we want to fight for that and the ability for foreign firms that have good ideas to supply them to workers and consumers in the u.s. david: you are not a national security expert. how does that cut across this? there are some concerns investment from rivals in u.s. industries could undermine national security. paul: people are barking up the wrong tree here. on national security, we want to make critical security technology goods like chips in the u.s. so if things get really bad, we control the supply. things like masks, for the next pandemic in the u.s. we are not self-sufficient in chips or masks. katie: david westin now sitting beside me. unconventional approach.

nippon steel continuing talks with authorities on u.s. according to the company the spokesperson was responding to comments by trump, who said he would absolutely block the deal. nippon steel saying it believes this deal deal is in the interest of workers. it will continue talks with authorities on u.s. steel. plenty more ahead. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh rishaad: that's a look at indian equity markets. at the moment, a day we're seeing flatness as we're expecting the federal budget to be handed down for fiscal 2024. that should take place less than a couple of hours from now. looking at elsewhere, looking at adani for one thing. adani ports out with earnings later on. we are also looking at the rest of the conglomerate, adani enterprises down about 0.2%. looking at a earnings which have been a mixed bag, but certainly, they are worth keeping tabs on. green energy down as well. cargo volume growth likely to h

steel stronger to be joined with nippon steel. we like toyota. why can't we like nippon steel. nippon steel buys a lot of -- in my state it already employs people. they're already good for america. if we forbid them from buying another company, now that company goes bankrupt and now chinese -- we broke up u.s. steel in the 19 20es. we never should have. they would be so big and so strong had we not broken them up that they'd be more likely to compete. people are now saying big tech. we hate big tech. let's break up big tech. what is that going to do? it's going to make the chinese competitors better and stronger. we need to stay out of it. if people want to watch tiktok or buy a radio from japan or vietnam, let them. if you like it and the price is good, buy it. but the more and more we have the anger and the isolationism that comes with breaking up trade, the more likely we come to war. with regard to this bill, i think this bill really is ukraine first and america last. i think the american people agree with me. we spent five days filibustering this. and i know we will lose s

earnings for japan with the likes of quite a few numbers coming through, in particular, when it comes to nipponmc is one to watch today with the japanese government announcing additional subsidies for the company. u.s. futures are looking pretty flat at this point. annabelle: you mentioned gains in japan. where else we are seeing a lot of foreign inflows is south korea. it will unveil more details of its corporate reform plan called value up in the next hour, a program that aims to encourage listed companies to come up with measures to boost listed values. the reform bets encouraged to global investors to pile into south korean stocks and you can see the outperformance of the kospi over the broader asian benchmark. let's get more with our asian stocks reporter here in seoul. tell us about the value up program. >> yes, good morning. this program is to be announced in about an hour and it is part of the broader initiative in south korea to end the korea stock a discount that refers to persistent undervaluation of south korean stocks compared with global peers in taiwan or japan because of poor co

look at nippon steel buying u.s. steel. the japan we want to see, a japan that expands overseas, where the young generation of ceos is taking bold decisions to grow for future earnings. haidi: but how does the young play into this? and that feeds into, along with the recession risks, what we expect with the bank of japan. we expect policy change and it impact on how the urine trades will have a meaningful impact on how japanese equities trade? jesper: the arithmetic and the econometrics is very simple. for every ¥10 of yen weakness, you are adding a windfall of 10% to japanese corporate profits because the overseas gearing is so very high in japan. oh, yes, the exchange rate does matter, which is why i am personally more focused on the domestic plays in japan. that starts with the banks and goes to the relisted companies and to anything that looks and focuses and makes money from the japanese domestic consumer here recovering. focus on the domestic japan rather than the export japan. paul: we are awaiting nvidia results and

steel to nippon steel. the i like the idea of some globalization.too competent on -- depend dent on china pa anyway. >> -- droppedded massively in the last several years. but if you are looking at the brics bloc and their potential introduction of a new alternative global verve that is backed by precious met aals and rare earth met aals, that is talking about potentially on the west this swift system, the system that is still relying on the dollar as the underlying benchmark, that is where the with concern is. would we be kind of pushed back into a corner to make our assets is and our dollar backed by something that is real, true, intrinsically valued assetses and not justify yacht currency, the full faith and credit of the u.s. treasury. charles: maybe that would make us embrace the oil that we have -- >> amen. charles: all these central banks around the world have brought buying it all up. rebecca, always appreciate you. just like yesterday, you know, we came into the show, the market was a little wobbly. e gave it a little bit of a lift. we call

attack, but also ukraine's bold defense >> official >> and the smarter old yes there are no substitute nippon, the russian seal would the was persona patoka losses >> and, slowly his unit fell back to the azovstal plant on aware of the iconic battle, it would become what was the worst part of azovstal will say though, that this mutation three resy the us. we also know controller russia ryan, and that the question because of import, much of the new >> is there a flashback that is >> most vivid to you than when they got rid been flipped burger that looks like we're wired. know i know some do minute because the three possible decoupled credential potential to take up arrested leisure. they show with the t5 taken prisoner. he said, surrender. the worst feeling. in you print each other according can you talk. to police carbon i choose the war >> just the ms celia >> will not come as a broad slope the hallway and stage >> the porridge boiled cabbage, friends dying, and threats of being hung or shot they ended abruptly. >> and when he's alive, there's no such but comparison given also of tomos circu

also ukraine's bold defense initially new year, you will know, the smarter given years no substitute nippon, the russian civil in vilnius, still nuclear you know, is now serving already four years around mariupol. he had a friend move his family to denmark, and slowly is unit fell back to the azovstal plant unaware of the iconic battle, it would become what was the worst part of azovstal. >> you saw the record that this mutation three received the us. we also know controller share running and >> to you >> got to get them for breaking of acts like us, we're wild know what know some dominant of gaza three personal decouple the condition pajaro want to take up a a show with the 400 colleagues died, 45, taken prisoner. he said surrender the worst feeling we'll print each they have according police, kevin i choose the war just the ms celia will not come nowhere doubles as a broad slope. the oil in state >> shan anthem daily porridge, boiled cabbage, friends dying, and threats of being hung or shot they ended abruptly. and when he's alive, there's no but >> comparisons, even assault promo scholar

. >> official >> in the smarter old, give a yes, no substitute nippon seal oh, no, i'm not sure. >> i>> hoped in new zealand reba, you know, who's now? >> serving already four years around mariupol. he had a friend move his family to denmark, and slowly is unit fell back to the azovstal plant on aware of the iconic battle, it would become what was the worst part of azovstal and also the fact that this mother shall see the the us. we also know controller share running and that the question because of import much up anymore, wanted some immune of motion new incremental they've got to breaking of xor let's go wild. know what most dominant because three personal decoupled recognition material. to take up the rest of the show surrender the worst feeling. >> you print each they have according scale them i choose the war just the ms celia will not come nowhere data which has a broad slope. they've got good to be hallway and state john, six months in prison. the russian anthem daily porridge boiled cabbage, friends dying, and threats of being hung or shot. they ended abruptly. >> and when he'

she tried to fit in and then she won the miss nippon contest at, um. and she was thrilled to do it.that title, and so excited that she had sex with a married man . and had sex with a married man. and the thing is, in japan, if you do that, the mistress gets blamed and in fact, the wife in the threesome can sue the mistress for ending her marriage i >> -- >> and you think that's what's caused this ? because i think caused this? because i think there was also there was disquiet. maybe it wasn't all sort of, uh, she's ukranian, but she's ukrainian because they are still very much more ethnically self—defined japanese, self—defined. the japanese, she's white person to she's the first white person to ever a miss great ever win. now a miss great britain anyone would have britain who anyone would have any any nationality any issue with any nationality or ethnicity or, you know, well , or ethnicity or, you know, well, if if she wasn't of european if she if she wasn't of european descent, wouldn't to descent, she wouldn't have to keep i'm english, i'm english. >> we okay. all right. yeah. >>

i would love to catch up on nippon steel and the industry. wally: thank you for having me.tpw. very bullish on this global economy and global equity market. have a wonderful weekend. we will catch up with you on monday. live from new york city this morning, good morning. this was "bloomberg surveillance." ♪ when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. >> it's the hangover after the nvidia party with futures higher. the countdown to the open starts now. >> everything you need to get set for the start of u.s. trading. this is bloomberg: the open with jonathan ferro. dani: coming up, the