that the japanese are probably very disappointed with the way that the proposed acquisition by nippon steel steel is, you know, is moving ahead. but that said, to raise it publicly, itjust doesn't serve either and it's not in the interest of either party to do so. staying in the us, consumer prices in the world's largest economy rose by a larger—than—expected margin in march, as americans continued to pay more for fuel and rental housing. the labour department's consumer price index added 0.4% after advancing by the same margin in february. it follows news thatjob growth in the us has accelerated, adding to speculation that the federal reserve could delay cutting interest rates. and as we were saying the us is experiencing a historically tight labour market, with more open jobs than there are workers available to fill them. meanwhile, record numbers of migrants are arriving in the us looking for work. erin delmore reports from new york city. for colombia native alexandra gomez castro overwhelming joy when she finally got a permit to work legally in new york city. translation: when i receive

a lot between the unions and nippon steel, a potential rival bid from another u.s. company for u.s. l, so this has become a complex situation in the middle of an election year. haidi: it is the middle of an election year. can the deal go ahead despite president biden's intervention and domestic political noise? martin: when i first saw what joe biden had said, i thought the deal was dead, but it seems like reporting coming out from the u.s. is just kicking the can down the road beyond the election. people seem to be suggesting that the deal can go ahead in some form. the nippon steel deal, there are three outcomes. nippon steel can get this to go ahead, maybe after a lot of legal work. secondly, the rival takeover bid can go ahead, but there are complications as well that would create a powerful domestic u.s. steel company owning 100% of iron or production in the u.s.. and the deal might just fall apart. it does look like this is an issue for 20 25, postelection and once we see whether it is joe biden or donald trump in the white house they will return to it. haidi: this is one of th

this case is nippon steel, a japanese company, wanting to buy u.s. steel.more capital, keep the jobs, and technology and competition. but the steelworkers, who president biden once the court, have resisted, along with one other u.s. company that wanted to pay half as much for u.s. steel and have a monopoly position. it gives you an example of the politics now that is running the economic flow. >> the free flow of capital, investment in nippon steel, i would've thought in general that that was progrowth, pro-productivity, and was, if anything, deflationary? robert: that is what most economists would think. if you want to have a healthy steel industry in the united states, nippon steel is the fourth largest producer and helps compete against chinese companies. it wants to added vance to technology for the types of glass furnaces that u.s. -- and wants to add technology for the types of glass furnaces that u.s. steel has. no layoffs. you ask, what is going on? my guess is what is going on is for the other company in the area, they wanted to buy u.s. steel for

for nippon steel, mr imagi argues that his company's deep roots in the united states be recognized. firm has about 4,00 employees, it also has about 2000 steel patents in north america, whilst most us makers have about 200 each. he has argued that nippon is the most useful partner for us steel, seeking to grow in the united states. and promised to move the company's headquarters to pittsburgh where us steel is based. but these arguments may not hold little sway with the two men seeking first to court the american public in the months ahead. turning to china. the new fracturing. it separates growth from contraction. even as a crisis in the property sector remained a drag on the world's second—largest economy. just last month us southeast asia has found itself a key battleground in tensions between the world's two largest economies. both china and the us have stepped up their investments in the region. just last month, us commerce secretary gina raimondo visited the phillippines and thailand — pledging over a billion dollars in spending in manila — and saying the us wants to deepen ec

that the japanese are probably very disappointed with the way that the proposed acquisition by nippon steel is, you know, is moving ahead. but that said, to raise it publicly itjust that said, to raise it publicly it just doesn't serve that said, to raise it publicly itjust doesn't serve either and is not in the interest of either party to do so stop by staying in the us, consumer prices index wol�*s largest economy rose by a larger than expected margin in march as americans continue to pay more forfuel and rental housing. for fuel and rental housing. the forfuel and rental housing. the labour department's consumer price index added zero x 4% after advancing by the same margin in february. it follows use the job growth in the us has accelerated, adding to speculation that the federal reserve could delay cutting interest rates. as we were saying, the us is experiencing a historically tight labour market, with morejobs opened and there are workers to fill them. meanwhile, record numbers of migrants are arriving in the us looking for work stop erin delmore reports from new york city. for colum

here he is, the new president of nippon steel, tadashi imai. top of his in—tray a tricky assignment. the $14 billion purchase of us steel. a deal has been agreed, but it's united these two president biden and his predecessor, president trump. donald trump has said he'll block the deal if he's re—elected later this year. and president biden last month noted it's been an iconic american steel company for more than a century. and he said it's vital for it to remain an american steel company that is domestically owned and operated in common the white house sees steel as critical to national security. there are concerns, too, aboutjobs in a company which employs 22,000 people, 14,000 in the us alone. and the iconic status cannot be overstated. at one time, us steel was both the biggest steel maker and the world's first billion dollar corporation. for nippon steel argued that his company's deep roots in the united states be recognised. the japanese firm has about 4000 employees there. it also had, he said, about 2000 steel patents in north america, wh

for nippon steel argued that his company's deep roots in the united states be recognised. in north america, whilst most us steel makers had about 200 each. he's argued that nippon is the most useful partner for us steel seeking to grow in the united states and promised to move the company's headquarters to pittsburgh, where us steel is based. but these arguments may hold little sway with the two men seeking first to court the american public in the months ahead. singer billie eilish has criticised musicians releasing multiple versions of vinyl records due to its environmental impact. in an interview with billboard magazine, the grammy winner said, "we're all going to do it because it's "the only way to play the game." while eilish didn't call out any artists by name, the rolling stones released at least 43 variants of their album hackney diamonds last year. taylor swift is set to release four vinyl versions of her album the tortured poets department later this year. and now fans who pre—ordered beyonce's latest album on vinyl are reporting that five of its tracks have gone

here he is, the new president of nippon steel, tadashi imai. the top of his in—tray a tricky assignment. the $14 billion purchase of us steel. a deal has been agreed, but it's united these two — president biden and his predecessor, president trump. donald trump has said he'll block the deal if he's re—elected later this year. and president biden last month noted it's been an iconic american steel company for more than a century. and he said it's vital for it to remain an american steel company that is domestically owned and operated in common the white house sees steel as critical to national security. there are concerns, too, aboutjobs in a company which employs 22,000 people, ia,000 in the us alone. and the iconic status cannot be overstated. at one time, us steel was both the biggest steel maker and the world's first billion dollar corporation. nippon steel argued that the company's deep roots in the united states be recognised. the japanese firm has about 4,000 employees there. it also had, he said, about 2,000 steel patents in north america

nippon steel is one of the flagship companies of japan.nd while kishida has given assurances they will not be any labor disruptions, it is just a big element hanging over the summit. how much is actually addressed is another matter. but this covers so much in terms of the relationship between the countries and really affects biden heading into the presidential election. annabelle: that was jon herskovitz. other stories we are tracking, the philippine president ferdinand marcos junior says he is horrified to learn of a so-called gentlemen's agreement between his predecessor and china. the former spokesman says the deal borrows the philippines from shipping construction materials to a military outpost in the south china sea. tensions with china are set to dominate thursday's summit with the philippines, japanese, and american leaders. chinese president xi jinping met with former taiwan president in beijing on wednesday. they shook hands at the great hall of the people in a rare act of diplomatic engagements. in comments that appeared aimed a

nippon steel owned the place. y ran it into the ground, bankrupted the place, and it was eventually sold to u.s. steel. nippon steel wants to buy it from u.s. steel. i don't think that that's a good idea. also, if trump hadn't put the tariffs on steel, u.s. steel would have went bankrupt. that is all i've got to say. thank you. host: wendy, do you have any comment? guest: sure. the caller mentioned the tariff that president trump did put in on steel imports. they were at the level of 25%. many of these tariffs remain in place under the biden administration, although with some countries we have moved to other types of import restriction based on the quantity of imports versus just adding a tariff. i think president biden understands the importance of the steel industry and the nature of the deal that is being proposed and has been very clear that he wants to see u.s. steel owned by a u.s. company. however, at the same time he hasn't put the brakes on the deal and is basically hands-off. if nippon steel thinks that t

nippon steel owned the place. y ran it into the ground, bankrupted the place, and it was eventually sold to u.s. steel. nippon steel wants to buy it from u.s. steel. i don't think that that's a good idea. also, if trump hadn't put the tariffs on steel, u.s. steel would have went bankrupt. that is all i've got to say. thank you. host: wendy, do you have any comment? guest: sure. the caller mentioned the tariff that president trump did put in on steel imports. they were at the level of 25%. many of these tariffs remain in place under the biden administration, although with some countries we have moved to other types of import restriction based on the quantity of imports versus just adding a tariff. i think president biden understands the importance of the steel industry and the nature of the deal that is being proposed and has been very clear that he wants to see u.s. steel owned by a u.s. company. however, at the same time he hasn't put the brakes on the deal and is basically hands-off. if nippon steel thinks that t

steel and nippon steel, the acquisition of that fits into this.one of many dynamics that are going on but it's a really big one for this leader. paul: one area of greater alignment, announcing efforts to improve collaboration in tech and artificial intelligence. what are the applications here? what are we reading into this? jon: it works for japan to revitalize the chip industry at home. there's an ai joint project that was announced as part of this visit. we are getting some investments from major players into japan. this is something that is helping to build the domestic chip industry. it helps the u.s. and japan work on ai initiatives together. it brings companies together's on both sides. it's a way for the private sector to work with the public sector to deepen the alliance. so friction with u.s. steel and nippon steel and points of agreement on this a ideal. -- ai deal. paul: another interesting topic to do with the philippines and china. this is something -- he struck a deal that bars manila from shipping construction materials to a militar

nippon steel has made a formal commitment to expanding jobs.des a $1.4 billion in capital spending as well as a promise of no layoffs before 2026. anybodyon steel new president has pledged to track ahead with the takeover with the opposition of president biden and said nippon steel should be american owned. tesla boosted head count by 86% and has more than 22,700 employees in the region and tesla turns out its model y's and cybertrucks and officially makes elon musk, austin's largest private employer and multiple musk firms including the tesla giga factory and the launch site for space x. citigroup has a round of job cuts in the investment last week. technology, media and telecom were among the coverage areas hit hardest with senior bankers and junior roles effected and comes as citigroup said it concluded the major actions around its reorganization plan. mckenzie is offering nine months pay and career coaching services to some u.k. staff who would like to leave and the move comes after the firm earlier wants some -- warned some u.s. consultant

department of justice has launched an antitrust investigation into the nippon steel takeover, nippon eel is down by 0.75% of the moment. we continue to monitor what was clearly a key issue that has been hanging over this visit by japanese prime minister fumio kishida at washington. we are seeing him in the formal state dinner. tokyo bureau chief isabel reynolds, and are dear chief, and stephen engle also joining us from hong kong. this is obviously an issue that i don't know if it is the elephant in the room and if it has been properly addressed throughout this entire trip. clearly it has been kind of an overhang. how does this impact the visit? >> the japanese stance has always been that they want to be treated fairly, it's a commercial deal and they want things to go ahead according to the normal rules of commerce. but to have this news come out at this moment while fumio kishida is on his official visit to the u.s., just turning his state dinner with biden, and they are trying to show that tides are stronger than ever before and there is no daylight between them, to have this new p

nippon steel�*s incoming president has called for its deep roots in the united states to be recognisedre is our business reporter. he is the new president. today and on the top of a tricky assignment from a $14 billion purchase of us steel. a deal has been agreed, but it's united these two, president biden and his predecessor, president trump. donald trump has said he will block the deal if he is reelected later this year and president biden last month noted it has been an iconic american steel company for more than it century. and he said it's vital for it to remain in american steel company that is domestically owned and operated. in common with many countries, the white house sees steel as critical to international security. their concerns about jobs in a company which employs 22,000 people, 1a,000 in the us alone and the iconic status cannot be overstated. at one time, us steel was both the biggest steel maker and the world's first billion—dollar corporation. nippon argues that the company's deep. it is seeking to grow in the united states. they have promised to move the company to

before we go, shareholders of us steel have approved a sale to nippon steel. ers voted in favour of the deal under which the japanese company will pay $55 per share for the us steel—maker. it brings the sale, which is worth nearly $15 billion, a step close despite political opposition in the us. and that's it for this edition of asia business report. thanks for watching. hello there, i'm 0lly foster. here's what's coming up for you on sportsday. it's party time for bayer leverkusen as they clinch their first bundesliga title. the title race has taken a twist in the premier league, arsenal and liverpool losing ground on manchester city. and tsitsipas masters the clay in monte carlo for a third time. hello there. bayer leverkusen are bundesliga champions for the first time in their i20—year history. the 5—0 win over werder bremen to clinch the title was all the sweeter because it came in front of their own fans. they've done it with five games to spare as well in what has been an incredible season, and they're still unbeaten in all competitions, with the potentia

here he is, the new president of nippon steel tadashi imai.ed, but it's united these two —

one of the key items on your agenda next week is vaguest on -- focused on nippon steel. t biden suggests this is a national security issue, that the u.s. needs to maintain strong american steel companies. pm kishida: well, with regard to the specific case of us steel, since the individual discussions are going on, amongst the direct parties concerned, i would chosen not to directly comment on it. however, with regard to the japan-u.s. alliance, it is stronger than ever. and japan has grown to be now the world's largest foreign investor into the united states and creates lots of jobs in the united states. it is expected that this investment is going to be expanded even further. so in order to make this win-win more definite, i think what we need to do is to ascertain sustainable and inclusive economic growth in the asia pacific and work together so that rule-based economic order can be sustained and maintained , and aced on that the basic , notion on the economic front as well, i will continue to work strongly toward it. geoff: while you're in washington next week you and

the boss of japan's nippon steel has defended plans to buy america's second biggest steel producer.n december, but the white house says the company should stay in domestic ownership. the japanese firm is calling for its roots in the united states to be recognised. here's our business reporter, david waddell. some months you rob peter to pay paul. i am some months you rob peter to pay paul. iam not some months you rob peter to pay paul. i am not the only one who is struggling. thousands of people are struggling. thousands of people are struggling. hopefully, fingers crossed, things will start coming down now, which will make it more manageable with everything. manageable because today the cost of each unit of gas and electricity has come down. energy prices are at their lowest level for two years. at their lowest level for two years. at the same time some government support is being wound down, and other bills, water, council tax, phone and broadband, are on the way out. financial pressures are not over, theyjust look a bit different. that will pay for itself on the energy saving. th

there is also focus on the fate of a takeover of us steel by japan�*s nippon steel.orjapan, the merger represents a major opportunity to link up operations around the world, in an industry where bigger is better. but diplomatically, it's a sensitive issue because a takeover of the american steelmaker crosses over into election year politics for presidentjoe biden. that's according to corporate lawyer nick wall, from allen & overy in tokyo. yeah, he's in a very difficult position here. at the pressure of the union on the one side and japan, the us, stronger allies in the region, you know, allies in the region, you know, a strong support of us industry on the other side. you hysterical _ on the other side. you | hysterical shareholders on the other side. you - hysterical shareholders vote on the other side. you hysterical shareholders vote on friday and are expected to approve the deal. only the first step in the process, i understand. walk us through the different hurdles that this deal will have to go through for it to happen. 50 deal will have to go through for it t

course, the 800 pound gorilla that will be sitting in the room during these discussions will be nippon steel presidential election looming in the not too distant future, i don't think that biden�*s really got the political manoeuvrability to substantially change his position on that issue. so it's something that the leaders are going to have to carefully manage. an official investigation is under way in the us after the engine cover of a boeing aircraft dislodged on sunday during take—off in denver, striking its wing flap. the southwest airlines flight which was headed to houston returned safely to denver international airport. southwest airlines says its maintenance teams are reviewing the aircraft after the incident. plane—maker boeing who has been in the spotlight in recent times over manufacturing and safety concerns declined to comment. let's take a look at what is coming up on the economical der. on wednesday, the us will release key inflation data for the month of march — prices picked up in february and that makes the case for an interest rate cut of this year a bit trickier for the

there's's growing opposition in congress to nippon steel's effort to buy u.s. >>> ahead on the show, the one word investors need to know and why jim cramer says to keep calm in the wake of selling. >>> if you haven't done so, follow us on cp nbc podcasts. >>> beginning this monday, "worldwide exchange" is heading over to london, bringing you your global coverage live from our london news room there. it all starts this monday, 5:00 a.m. eastern time. so keep it right here in your normal spot. we'll just be in a different location. we'll be right back. at ameriprise financial our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. >>> welcome back to "worldw

there is also focus on the fate of a takeover of us steel by japan's nippon steel.orjapan, the merger represents a major opportunity to link up operations around the world, in an industry where bigger is better. but diplomatically, it's a sensitive issue because a takeover of the american steelmaker crosses over into election year politics for presidentjoe biden. that's according to corporate lawyer nick wall, from allen & overy in tokyo. he is in a difficult position here. the pressure of the union on one side and the strongest ally in the region and a strong supporter of us industry on the other side. he is in a difficult position. us steel shareholders vote on friday now expected to approve the deal, that is the first step in the process i understand. what are the different hurdles that the deal will have to go through for it to happen? it happens on friday and people expect it to go through. the threshold is not high so that should go through. there are regulatory steps and there are two main aspects of that. first is antitrust. given that japan steel does not h

teams business and offering separately from the global offering. >>> and the new president of nippon steelng ahead for u.s. steel. >>> most fast food workers are set to make $20 an hour today. it is the highest minimum wage across the u.s. restaurant industry. >>> the new "godzilla" moptoppi the box office. >>> what to watch this week is reports from dave and busters and levi's. disney is set to hold the shareholder meeting on wednesday and janet yellen is traveling to china to meet with leaders there. >>> and take a look at futures right now as we have mentioned all morning long. they are in the green. nasdaq in the glereen, but off e highs from earlier. let's bring in jay hatfield now. great to you have here in the studio. >> thanks, frank. >> you raised the price target of 5,750. 5,500 is the highest. you are higher than them. what is going on? >> we think the target is wrong, but too low. >> too low? >> yes. the reason for it is what most people don't appreciate, but it is the year of global rate cuts. you see that in the futures market. the average country with 100 basis points of cut

steel production. with the merger, nippon would become the world's second-largest steel producer. able to compete with the industry's biggest players who are mostly chinese well, i recently spoke to the us ambaador to japan, rahm emanuel. and if you watched last week's show, you saw portion of our conversation already. but i also pressed him about the biden administration' 's position on this issue, which we didn't have time to air and i wanted to bring that to you now emmanuel, join me from north carolina where toyota is building a factory to produce electric batteries. here's our exchange mr. ambassador, you've talked about how japan is the pivotal ally for america in asia, about how it has had a revolution is rising again it's making huge investments in the states. you're in north carolina's celebrate some of those investments so why then is the biden administration opposing a japanese company buying frankly a foundering us company, us steel, resing itre promising to retain all the workers and honore deliver contracts. why is biden administration opposed to nippon steals bid to

these two countries stand shoulder to shoulder, as you say, there is this point of contention over nippon steelden says he's opposed to this to the sale of nippon, of u.s. steel to japan based nippon steel. he sees it as an economic and a national security issue. how do you see this matter resolving? ambassador emanuel: well, look, let me just also put that in context. first of all, japan's the number one investor in the united states for the last four years. they employ nearly a million americans. we're the number one investor in japan. and we have been for the last four years. second fact i put out there, about six, seven weeks ago, mitsubishi corporation, no, rather mitsui corporation from japan won a $20 billion dollar contract to build a crane, ship crane factory here in the united states to replace all the cranes and not have china's cranes in our shipyards across, rather, in our ports across the united states. nothing says trusted ally like that. geoff: so, in that case, what difference would it make if japan owned u.s. steel? ambassador emanuel: second is, in 2021, when some foreign ent

closer together. of course the £800 gorilla sitting in the room during these discussions will be nippon steel us president, presidential election looming in the not—too—distant future i don't think biden really has the political manoeuvrability to substantially change his position on that issue so that is something the leaders will have to carefully manage. irate have to carefully manage. we will be keeping a close eye on those meetings as well. an official investigation is under way in the united states after the engine cover of a boeing 737 800 aircraft dislodged on sunday during takeoff in denver, striking its wing flap. the southwest airlines flight which was headed to houston returned safely to denver international airport. southwest airlines says its maintenance teams are reviewing the aircraft after the incident. boeing, which has beenin incident. boeing, which has been in the spotlight recently over manufacturing and safety concerns, declined to comment. let's have a look now at what is coming up on the economic calendar. 0n is coming up on the economic calendar. on wednesday the unit

steel will vote today on the planned takeover of the company by japanese firm nippon steel. this comes amid the steel workers labor union opposing this buyout. our next guest says the deal should not happen regardless of the vote. joining us now is dan dimicco. good morning to you. you've been relatively outspoken on this issue. but we'll give you the floor and the mic to make your case. what is your problem with this deal? >> good morning, andrew. long time, no see. long time, no talk to. >> it has been a while. great to have you here. >> it is great to be on again. i understand becky is with you this morning? >> i am. hi, dan. >> hi, becky. listen, first things first, today's a friday, right? and throughout my career i celebrated red shirt friday, which i have a red shirt on today, to honor our men and women in the military, past, present and future. and i appreciate you letting me get that in. and as you know, i've been retired now for ten years, still very active through a number of different organizations in bringing manufacturing back, strengthening manufacturing in our

monumental alliance but there has been friction over a bid by a japanese from nippon steel to acquire the storied american company, us still you are still formed in 1901, was involved in building major american bridges and iconic skyscrapers it helped win world war ii by supplying still for ammunition and ships to land american forces. but over time, the lumbering giant struggled to compete with foreign rivals it also fell behind domestic competitors who embrace innovation. the most recent figures put it at 27th among the world's steel producers in december, us still agreed to a takeover by nippon steel, which offered to pay 40% over the stock price. nippon would inject innovation and efficiency into the ailing american company but the deal is in jeopardy. the steel workers union, a suspicious of the new management, and opposes the acquisition. prominent republicans and democrats have come out against it, including president biden the deal could be blocked on national security grounds though it's strains credulity to say that a takeover by one of america's closest allies, it's preside

month, mr biden announced that he opposes the planned sale of pittsburgh—based us steel to japan's nippon steel an issue that could spark tensions. but mr kishida has been defending bilateral investments between the two countries. translation: japan welcomes investments — translation: japan welcomes investments from _ translation: japan welcomes investments from the _ translation: japan welcomes investments from the united i investments from the united states that puts forward cooperation in critical and emerging technology. the economic growth out of territory obtained through investment shall serve as the funding source of further investments into the us by japanese entities. last year, japanese entities. last year, japanese foreign direct investment to the united states surpassed $750 billion, making japan the largest investor to the united states for four consecutive years in 2019. japanese businesses operate in more 8500 locations around the us, creating more than1 millionjobs. and in a moment, we'll explore why the nippon deal to acquire us steel is a political headache for president bide

nippon steeles new chief is pressing on with the acquisition of u.s. steel. the president says the deal would give the u.s. firm access to technology to boost competitiveness. prospects for the acquisition have been clouded by joe biden's belief that they should be u.s. owned. lower liquidity because markets in asia are closed. we have smaller markets open and gold hitting records. 22 and ounce as the prospect of rate cuts moves closer to us. we will know more after jobs data friday and after we get some more data on china's economy because look at that -- iron or adding to losses with a 10 month low. it was down 27% in singapore in the first quarter. there is too much available. holdings of iron ore in china have swelled and real estate data comes in week. we had better pmi's from china helping brent crude move higher. let's take a look where u.s. futures stand as we await pce data on friday, stronger-than-expected. futures point higher. bruce: we are the backbone behind global business. and when they need capital, we fund it. francine: it is one of the worl

there is also focus on the fate of a takeover of us steel by japan�*s nippon steel.

nippon steel�*s incoming president has called for its deep roots in the united states to be recognisedillion purchase of us steel.

month, mr biden announced that he opposes the planned sale of pittsburgh—based us steel to japan's nippon steel the two countries. translation: japan welcomes investments — translation: japan welcomes investments from _ translation: japan welcomes investments from the _ translation: japan welcomes investments from the united i investments from the united states that puts forward cooperation in critical and emerging technology. the economic growth out of territory obtained through investment shall serve as the funding source of further investments into the us by japanese

there is also focus on the fate of a takeover of us steel by japan's nippon steel. where bigger is better. but diplomatically, it's a sensitive issue because a takeover of the american steelmaker crosses

the elephant in the room on this occasion is the whole deal on nippon steel and u.s. steel.ssages he wants to send in a more subtle way without raising it directly with biden is to say investments between our two countries is very normal and healthy and beneficial for both sides so there is no need to fear it. haslinda: thank you for that update, isabel reynolds in tokyo. we spoke to u.s. to japan rahm emanuel from the white house lawn. he told us why he has high expectations for the prime minister's visit. >> this comes at a historic moment for both countries as they change dramatically there deterrent posture and position. japan's changed in the last two years, five separate policies that have basically been on the books for 70 years. normalizing the level of the relationship with korea to a new more solid, strategic level. the u.s. also has made some fundamental changes, going from a hub and spoke system to a lattice strategic type of architecture. i see the state visit, the fourth from a head of state in the region out of five the president has done as putting a period a

of course, the 800 lb gorilla that will be sitting in the room during these discussions will be nippon steelon looming in the not—too—distant future, i don't think biden�*s really got the political manoeuvrability to substantially change his position on that issue, so it's something that the leaders are going to have to carefully manage. let's get some of the day's other news now. more than 90 people died when an overcrowded makeshift ferry sank off the coast of northern mozambique, on sunday. the converted fishing boat was carrying about 130 people. the local authorities said many of those onboard were children. a southwest airlines aircraft was forced to return to denver international airport in the us state of colorado on sunday morning when part of its engine cover broke off and hit the wing on take—off. the federal aviation authority said it was investigating. there were no injuries reported. rescue teams in taiwan have evacuated several hundred people stranded since wednesday's earthquake. many were cut off when rockslides closed the only road into a mountainous area near the city of h

steel by nippon steel. >>> microsoft is set to reveal a.i. pc and cloud users at the build conference next month. >>> vertex is buying alpine immune sciences to get access to the therapies. each share is valued at $56 a share. >>> the department of justice is accusing regeneron of fraudulent practices over the pricing of the vision impairment drug. the allegations are without merit according to regeneron. >>> and costco boosts its dividend by 14% thanks to ecommerce. >>> the ntsb is conducting more interviews this week as part of the alaska air door plug investigation shares are down this morning. >>> and what to watch this morning is march producer prices and jobless claims. carmax reports before the open and the ecb is out with the monetary policy decision in a few hours. ahead of that, former boe member said the u.s. will likely cut rates before europe. be sure to catch two interviews today. andy jassy joins "squawk box" at 8:30 a.m. and adam neumann joins us at 1:00 p.m. >>> and we have hotter than expected cpi report yesterday with the s

opposition to nippon steel overtaking united states steel and what that signifies to japanese companieshat are looking to make investments inside the u.s.. is there a need to think about the role that election politics plays in investment strategies? rahm: here's what i would say. as i just said, for four years in a row, the united states and japan are the number one foreign investors in each other's countries. japanese countries employ one million americans. six weeks ago, a corporation from japan received a contract to replace all the cranes in our ports because we don't trust the chinese cranes that are there on an optional secured he basis. -- national security basis. and then i would remind everybody that in 2021, there was an election in japan. some foreign entities were looking to buy toshiba. japan said, that's not going to be permitted. so there's a context here. one is that the relationship is bigger, more significant than a single commercial transaction. two, there have been things with matsui and toshiba that put this all in context. the united states continues to be a targe

there is also focus on the fate of a takeover of us steel by japan's nippon steel.

citi and jpmorgan chase and state street are set to report today and voting on the nippon steel with profile interviews on cnbc today. larry fink will join "squawk on the street" at 9:00 a.m. on the back of the firm's earnings. at 10:30 a.m., the sitdown with nike ceo john donahoe. >>> markets are mixed after the positive session with the nasdaq coming off the fresh close. joining me now is victoria greene. she is a cnbc contributor. good morning from london. i'll jump into it. an interesting look with the futures right now. how do you see today shaping up? what is the word of the day? >> i'm taking a page out of the playbook of aaron rodgers. r-e-l-a-x. relax. he started 1-2 in 2014, everybody was nervous. if you look at this, they are expecting earnings growth with the last two weeks being tough. we are down less than 2% from the highs. down 1.05% here in april. not amazing. we knew q2 would be rocky. i think people need to step back. the bull market is in tact. a speed bump. not a derailment in the last two weeks. >> you are in the camp where we will get two rate cuts this year. h

and of course, this critical relationship and the us still deal that proposal by nippon steel, the fourth largest steel producer in the world, the largest steel producer in japan trying to purchase that iconic american parking company. kayla, tell us the highlights here >> well, briana, it was really a litany of a1 topics, both domestically and overseas that president biden was able to touch on in this press conference with the backdrop of an historic states state visit by a longtime ally of the united states. and as you saw, there there was a deepening of military collaboration of the co-development of weapons through a new joint defense counsel, a consultation to evaluate whether japan should be a member of the aukus partnership with australia, the uk and the us to develop nuclear submarine to deploy in the south china sea and across the indo-pacific prime minister kishida was asked whether there is a clear path for japan to join that alliance. and he said that that is what they're going to be discussing through this new consultation. of course, you mentioned the fact that china is not

steel shareholders have approved a $14 billion takeover bid by nippon steel, which is a japanese companybiden has been hitting the ground running in pennsylvania this week. he wants to win the state, it is a big swing state. at the same time this will go to politicians and regulators. whether this will be something that will move markets is yet to be seen. annabelle: we have heard president biden really pushing for tariffs on chinese steel. let's listen to what he said. >> right now a u.s. trade representative is investigating trade practices by the chinese government regarding steel and aluminum. if that confirms these anti-competitive trade practices, that i am calling on tripling the tariff rate for steel and aluminum for some time. [applause] annabelle: so, give us some more context on this. i think part of the question around tariffs is how substantially -- substantially visit -- how substantial it is. karen: it is meant to shore up u.s. steel, it is meant to courtly workers. at the same time bloomberg is being told this could be more of a political statement. it might have no marke

what's going on with trade policy and manufacturing in light of what we are dealing with with nippon steelof ibm about the right way to regulate ai that's coming up tomorrow on wall street week at 6 p.m. tomorrow. katie: this is bloomberg. ♪ - super excited to open up my diploma from southern new hampshire university. ♪ ♪ - i'm nervous, i'm excited. ♪ ♪ - [man] okay, let's see it. let's see it. - oh my gosh. - jesus suarez, i did it and it's here. (group cheers) ♪ ♪ - [narrator] next term starts soon. visit snhu.edu. visit snhu.edu. ♪ katie: it's time for social climbers, look at the stocks making waves on social media. first up we have carmax losing speed as it reports profit and sales that fell below estimates in the fourth quarter. the used car dealer sites inflationary pressures and vehicle affordability challenges. next up is rent the runway back in fashion and it -- as it tops earnings expectations in the fourth quarter. membership loyalty rose 10% thanks to improvements in its digital user experience. finally,doordash is getting an upgrade to buy. they had downgraded them because th

steel shareholders have just overwhelmingly approved the company's sale to nippon steel of japan forobjected on economic and national security grounds. more than 98% of the shares voting special investor meeting approved the takeover. that deal, however, still needs approval from the biden justice department as well as other cabinet secretaries. up next, the panel on the iran threat. the meeting between former president donald trump and the speaker of the house, plus, that new version of candidate casino. ♪ ♪ here's to beating these two every thursday. help fuel today with boost high protein, complete nutrition you need... ...without the stuff you don't. so, here's to now. boost. dangerous ladders. gutter muck. yuck. no wonder you hate cleaning your gutters. good thing there's leaffilter. our patented filter technology keeps leaves and debris out of your gutters forever. guaranteed. call 833- leaffilter to get started. and get the permanent gutter solution that ends clogs for good. they took the time to answer all of our questions. they really put us at ease. end clogged gutters for

take a look at how nippon steel is trading at the moment. guaranteed to stay u.s. own.dent biden telling steelworkers, union workers in that key swing state of pennsylvania on this three-day trip there. on that same trip, he has proposed raising 301 tariffs on chinese steel and aluminum. all of this as we see this political positioning and engagement with union workers ahead of the november election. talking about this iconic american company. take a look at how we are faring when it comes to the japanese trading session. we are just about 15 minutes into the state of play there. quite a bit of downside. u.s. stocks extended those losses as well overnight. the nikkei 225 down by seven pence of 1%. chipmakers in particular in focus as we see the rest of the sectors really under pressure. a lot of earnings coming through from that sector. tokyo electron as well to be closely watched. our next guest runs the asia business of a cutie with about $247 billion in assets. they say japan is a top priority as a push to improve government standards, leading to a wave of deals and

nippon steel has made a commitment to suspending jobs to the steelworkers union. as a promise of no layoffs before 2026. the new president has pledged to pressure ahead -- to press ahead with a new takeover. president biden says u.s. steel should be american-owned. be sure to tune in to bloomberg radio to hear more from the big newsmakers and get in depth analysis from the daybreak team. broadcasting live from our studio in hong kong, you can listen in via the app that is radio plus or bloomberg whittier.com. more ahead. -- bloombergradio.com. this is bloomberg. ♪ haidi: counting down to the market opens in mainland china and hong kong. on the earnings front, 2023 numbers are due out on tuesday. bloomberg intelligence is the company posting 70% profit and revenue growth year on year. let's get more from our senior analyst should it is always interesting in terms of being a commercial consumer bellwhether. even the weakness we have seen in consumer sentiment, what are we expecting? >> absolutely. we are expecting 17% growth in the sales which will drive sales to 15