the steel union has been against this deal out of fear that nippon steel might decide to close plans or layoff workers. the japanese company across the board has said they will not lay off any workers. u.s. steel's president had an op-ed in the new york times over the weekend saying that without such a deal, the company would be in decline, they need the investment to upgrade their facilities and compete against a strong china. china is the world's largest producer of steel. it is difficult for u.s. steel to compete with china without a large investment from nippon steel. it is looking like biden is likely to scrap this i am the next 15 days.. nippon steel will be advocating for this to go through. they have already publicly. but it is something the market is watching very closely. tom: are we going to be looking back at this in one, 2, 3 year'' time at the demised potentially of u.s. steel and think this was a hostage to fortunes of political powers, the unions in the u.s., the idea that a japanese company would pose a national security threat, that a japanese company that is offerin

nippon steel and u.s. since faced opposition from unions as well as president biden. nippon steel previously said the acquisition would revitalize the american rust belt. >> all right, charlotte reed for us, thank you. >>> still to come. a health update from sir elton john. and snl just dropped their host lineup to close out the year, and these choices slap. we take a look at the alums we take a look at the alums returning to 8h. so you wake up ready to go. uhh, hank! try mucinex nightshift and feel the difference. are you tired of your hair breaking aft waiting years for it to grow? new pantene with more pro-vitamins, plus biotin & collagen. repairs as well as the leading luxury bonding brand. stronger, healthier hair, without the $60 price tag. if you know, you know it's pantene. ♪♪ [laughters] mom. ♪♪ mmmmmmm. repeat the sounding joy. [laughters] kinder joy. [laughters] open a world of surprise. [♪♪] looking for better hydration at half the price? [laughters] try curél ultra healing lotion. the dermatolo

tuesday after bloomberg reports that president biden will formally block its stakeholder by japanese nippon steele, when it is referred back to him later this month. the white house said, the biden administration believes u.s. still should be domestically owned, but the takeover is ongoing. while u.s. steel said, the takeover should be approved on its merits. >> this all stems from a report that says, u.s. president joe biden is planning to lock the nippon steele takeover bid on the basis national security concerns. once the deal is referred back to him later this month, the white house, in response though, saying that the review is still ongoing, and that no decision has been made. biden has it worth bearing in mind that both sides of the political aisle oppose the buyout. nippon steele giving a response to this development saying, politics should not quote, continue to outweigh true national security interests on quote. the company also think, they have engaged in good faith negotiations and indeed, in their view, the transaction would bolster u.s. economic and national security encountering a m

steel bought by foreign company in this case nippon steel of japan tax intensifies and tariffs we wille u.s. steel strong great again, it will happen fast as president i will broke this deal from happening buyer be aware "the wall street journal" reports u.s. steel makers say trump's threat is not going far enough pointing to 2018 tariffs had boosted profits on payrolls journal writes additional tariffs on imports would give domestic steel companies for leverage to increase prices effectively raising for foreign competitors's products, important point interesting from "the wall street journal", cheryl because the journal has been among those against tariffs here they recognize that in fact those tariffs work to help u.s. steel. cheryl: absolutely the fate of u.s. steel is an interesting question mark, i say that, because of the cfius review process later this month, after that review is done, president biden, still president could say "yes" to the deal. on the campaign trail, i am not saying will i am saying he could. on campaign trail both kamala harris and donald trump he exposed it

steel be being bought by nippon steel in japan. through tariffs, we will make u.s. steel strong and great again. the president-elect is proposing a tariff on mexico and canada and additional 10% on china. can canadian prime minister trudea says he cannot support that, it would kill canada's economy. trump asked trudea if con would become the 51st state. he says if hostages are not released when i there will be hell to pay in the middle east. todd. >> todd: later i'll be speaking to the father of an american hostage udan, who is still being held captive in gaza. trump's cabinet picks are mee meeting. madeleine rivera is in washington with details. >> madeleine: good morning. 53-47 gop majority in senate, it would take four republicans to sink a trump nominee. pete hegseth, pam bondi, and kristi noem will be on capitol hill today. b bondi and pete hegseth met with some yesterday. the judicial chairman says they are considering the namination in congress. the new yorker reports pete hegseth was pushed out of two groups he ran because of in intoxicated behavior. here is

nippon steel will delay the deadline for the planned purchase of u.s. shington. the move ing after the panel was deadlocked to approval the sale leaving the decision to president biden. both biden and president-elect trump said they are opposed to the deal. nippon steel's president telling supporters they signed a letter signed by mayors on social media. he hopes president biden will understand the value of the acquisition to the u.s. economy. >>> electric vehicles are expected to out sell gas powered cars in china for the first time next year. that's well ahead of the west. the financial times citing estimates from investment banks saying domestic ev sales are expected to grow 20% to 12 million cars in 2025. sales of traditionally powered cars are forecast to drop by more than 10% next year. >>> alibaba is close to a deal with south korea's emart could combine the assets. the transaction would value the business at $4 billion. last week, alibaba announced it would sell the chinese department store unit as it refocuses on its core ecommerce operations. >

according to the letter, you think nippon steel is going to bring growth to the area. want the president to consider? >> if you look at the numbers, in 2023, u.s. steel has supported 11,417 jobs, okay? there was $138.2 million in local, state tax revenue. with the acquisition, that number will probably increase. or those numbers will robably, more than likely increase. >> all right. markus adam, mayor of pittsburgh. thank you for being here. i know it is important for you and your town. thank you for your insight. i would be remiss if i didn't mention, university of pittsburgh has great tech programs. upmc. i had to mention that. that's my alma mater. i didn't want to get the calls and tweets. mayor, thank you very much. >> thank you. >>> coming up on "worldwide exchange," the 2024 sector laggard that kari firestone says is big for the new year. we will reveal the mystery chart coming up after this break. keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast busines

nippon steels bid for u.s. steel is now in the nds of president biden after the foreign committee was unable to reach consensus on the dial. the president now has over two weeks to decide on the deal. he has previously expressed opposition to the takeover. >>> the valuation of elon musk's a.i. startup surpassing $40 billion. x a.i. says it raised $6 billion in the latest funding round and the company says the money would go to products and infrastructure likely referring to the groc model. >>> and 2024 is a ceo exit year. 327 ceos departed companies. that includes former boeing ceo dave calhoun and intel's pat gelsinger. this year's number tops the previous record in 2019 of 312 exits. frank. >> interesting trend. interesting to see if it continues into the new year. silvana, thank you very much. see you later in the show. >>> turning back to the markets. the traditional year end rally. the ten-year yield at the highest level since late may. we mentioned it earlier at 4.859. moving 20 basis points higher since t

the white house will officially moved to block its sale of to japan's nippon steele. u.s. steel down about a quarter of a percent week to date, your thing a big drop after that report, down more than 8% on the week. much more on that story throughout the hour. >>> that a is your morning set up. our silvia amaro is in london with much more. good morning. >> good morning, frank. i have to say, at this stage, we are looking at a cautious approach really among european investors. let me show you how the different voices are trading. the ftse 100 is marginally below the flatline, a little on the side of other portions, but overall, a cautious approach is european investors are also awaiting the key cpi print. let me take you to the different sectors, because there are a couple of important stories this morning. in terms of the top gainer at this stage, immediate best- performing sector, up almost 8/10 of a percent. the key story this morning is on the worst performing sectors. let me take you there as well and you will see we are seeing quite a lot of pressure on retail names. r

president—elect donald trump says he will block japan's nippon steel from taking over us steel.uth social platform — trump said he is, quote, "totally against the once great and powerful us steel being bought by a foreign company." nippon steel have been looking to close the $15 billion deal before the new president takes office injanuary. their attempted takeover has faced opposition from a powerful us trade union as well as outgoing president biden. the us has launched efforts to limit beijing's limit to produce chips that can advance the military use of artificial intelligence. this is the third major clampdown by the biden administration in three years and comes weeks before the president—elect comes to office with the new administration set to continue with measures targeting china. jaguar has revealed a new vehicle design direction. the iconic british carmaker introduced an all—electric concept car called type zero zero in miami a short while ago. the launch comes weeks afterjaguar released a flamboyant video which went viral online. the teaser video faced backlash, with m

steel to nippon steel. national security concerns when the deal crosses his desk at the of the month. you can make arguments about this takeover and the viability of u.s. steel alone. there's a question of the way this has gone down. annmarie: this looks very political. this is supposed to be about national security concerns, not an election year and you're trying to shore up votes of union workers in pennsylvania. president biden and president-elect trump both said for protectionism they would block this deal. nippon steel should not beal the takeover u.s. steel. what i find -- should not be able to takeover u.s. steel. it feels like a last-ditch effort. nippon steel announced a plan to offer $5,000 bonuses for every steelworker if the takeover closes. last-ditch effort i don't think is going to work. dani: they wanted the union on their side. there is this irony. the idea that if you had waited a little bit maybe you could have gotten this done under trump. trump does not want this but he said if you spend

nippon steel is a historic us icon.uable company and the first billion dollar corporation. donald trump thing again on a social media that he will block that deal. —— saying again. as you've been hearing, president biden is in angola in what is his first visit to the african continent during his presidency. this trip is part of his administration's us africa strategy and central to this is a $3 billion commitment to develop the lobito corridor — a railway linking critical mineral sources from the democratic republic of congo and zambia through to angola for export. it's part of a wider plan to catch up to china's grip on africa's extensive natural resources through its belt and road investments. they have been going through africa for many years. but with the trump presidency just round the corner, there are fears this could all be too little too late. let's cross live to zambia's capital. trevor hambayi is senior managing partner at development associates. good to have you on the programme. is this true little too late

in western pennsylvania are urging president biden to support the company's sale to japan-based nippon steel. but the proposed $14.9 billion deal is facing tough opposition, including from national union leadership. >> u.s. steel is not a company in trouble and has not been a company in trouble. >> reporter: at one time, u.s. steel was the largest corporation in the u.s. today the company says it would be forced to close plants if the deal doesn't go through. >> i believe in american steel companies. >> reporter: president biden could signal his stance on the deal as soon as tomorrow. he has previously stated u.s. steel should be domestically owned and operated for national security reasons. >> i will stop japan from buying united states steal. >> reporter: president-elect donald trump has said he is totally against the deal, promising to use tax incentives and tariffs to strengthen the american steel maker. >> the politics sometimes have to work themselves out. >> reporter: jeremy flack is the ceo of flack metals. >> the politicians will say we were against this optically until they start t

nippon steel rose 1%.n airlines are down 1% right now after flights resumed following a brief grounding from a technical issue that affected all of u.s. routes on christmas eve. speaking of the holidays, are you ready for the horror of christmas day? "knows for two" expected to hit -- break the dracula fox office curse. tom: is the rock in it? michael: he's not. -- lisa: he's not. [laughter] it does come out christmas day. that is you've numbered business flash, paul and tom. tom: thank you so much. always helping out on bloomberg radio and bloomberg television worldwide. someone says tom, what do you want? i've got enough bowties. just subscribe to bloomberg podcasts. that's the best thing you can do. the bowties that just go up up and away? they used to be like -- you know, two martinis. now it's more. paul: worth the investment, though. tom: we are going to spend some time here on the politics of the moment. doing so with a professor at the yale school of management in his book, picking presidents, allu

i might add, the nippon steel comes with unclear hands. they have an unfair trade practice history. see a robust steel happening here in america. president trump has been clear about that. i'm not surprised that he wants to do everything to ize the growth of u.s. industry. >> it worries me that this goes more in the vein of protectionism than undermines our productivity in the long run. i don't know that much about it, but my understanding is nippon steel may have better methods, more novel ways of producing steel. if we continue in this country to not let in the latest and greatest on the technology front, aren't we going to end up with obsolete, overly expensive, not cutting edge technology? >> one thing i might go back to is what you covered so well earlier in the program. if we look at our capital markets as the source of competitive advantage that they are, out of the business of trying to use climate activist, dei and things like that to guide our capital markets and get back to capitalism, i think we will get that with our incoming sec chairman, what we can do is make the cap

nippon steel have been looking to close the $15 billion deal before the new president takes office insition from powerful us trade unions and the outgoing presidentjoe biden. more on this developing story when we get it. a usjudge has ruled that tesla ceo elon musk is still not entitled to a record—breaking pay package. it comes after months of legal wrangling, with shareholders approving the $56 billion compensation, and saying the ruling might lead musk to leave the electric vehicle company. the bbc�*s lilyjamali told me about the background this was a pay package worth 56 billion dollars which would have been the largest pay package for a ceo of a publicly traded company. it was awarded a couple of years ago and it was contingent on elon musk meeting targets having to do with revenue and targets.

steel by japan's nippon steel threatens national security. mittee on foreign investments. they were deadlocked on this very controversial and highly politically charged $15 billion acquisition. we did hear from u.s. steel in a statement acknowledging that the committee that it was deadlock. biden has 15 days to make the decision. they say the transaction between u.s. steel and nippon enhances u.s. national and economic security through investment in manufacturing and innovation. this is a transaction that should be approved on its merits and one that should be a model for friendshoring investment. the ceo was with me a few months ago, saying economic security, investment in the united states, preservation of jobs it makes sense. problem, the steelworkers union is against it. the election ran through pennsylvania. so it was a politically charged issue. u.s. steel is a great american company with legacy american. biden has said he's against it. so he now has 15 days to decide whether he wants to terminate the deal, if he does so as expected ther

suggests a bitcoin reserve and with optimism with micro sdrat trate added to the nasdaq. >>> and nippon steel steel. the deadline for decision is december 22nd. >>> entering last full week of trading before the christmas season, momentum struggled with the s&p snapping a run of three straight up weeks. let's bring in jeff kilburg founder of kkm financial and cnbc contributor. jeff, a leasure to speak with you. let's talk about the tech story. we spoke earlier in the hour with some folks out there who believe that maybe big tech isn't exactly the best place to be. it's still part of the portfolio. what do you think? is big tech the place you want to be? >> dom, if you are not in big tech, you are left out. we saw that in 2023 and 2024. we have seen a lot of cycles over my years. it is time to rebalance the amount of exposure you have. if you look at the high flying names of nvidia or google or apple, you get concerned about the top ten, the mag seven names in the top ten and stretch and valuation. when you see all of the inputs. the ten-year note moving higher or the vix moving down or micro s

i can barely wait. >>> nippon steel's $15 billion bid for u.s. steel has been referred to u.s.resident biden to review. the committee on foreign investment in the united states, which reviews foreign investments in national assets for security risks was unable to reach theconsensus on the deal. >>> the house released the report in matt gaetz which found evidence of the former representative had sex with a 17-year-old girl in 2017 and paying women for sex while he was in congress. the doj vestigated gaetz. gaetz repeatedly denied breaking the law. let's get to my friend chris pollone who is in washington. chris, shocking relate vaxvelat so. how on earth was he the pick for ag? where was the due diligence on this one? >> reporter: yeah, that's the broader question, steve, obviously. you know, president-elect trump wanted matt gaetz to be the top law enforcement official in the federal government. ultimately, this investigation sank that nomination. the ethics economy report now public contains dozens of pages of chat logs and financial transactions detailing payments made to 12 d

nippon steel have been looking to close the $15 billion deal before the new president takes office in january. before the new president takes office injanuary. the attempted takeover has faced opposition from powerful us trade unions and the outgoing presidentjoe biden. more on this developing story when we get it. a usjudge has ruled that tesla ceo elon musk is still not entitled to a record—breaking pay package. it comes after months of legal wrangling, with shareholders approving the $56 billion compensation, and saying the ruling might lead musk to leave the electric vehicle company. the bbc�*s lilyjamali told me about the background this was a pay package worth 56 billion dollars which would have been the largest pay package for a ceo of a publicly traded company. it was awarded a couple of years ago and it was contingent on elon musk meeting targets having to do with revenue and targets. the billions of dollars were in stock options today they are worth quite a bit more than 56 billion, closerto worth quite a bit more than 56 billion, closer to $100 billion and this ruling today

steel plan being purchased by nippon steel. >>> and adobe alytics reports $13 billion spent on cyberpackage struck down by the judge this is the second time that pay package has been rejected. bloomberg reporting that spacex is in talks to sell shares to boost the company around $350 billion. >>> one more look at futures a mix the picture right now. the nasdaq trading slightly lower. the dow and &p fractionally higher that does it for us. "squawk box" starts right now. >> good morning. shares of u.s. steel are lower after president-elect trump talked about nippon steel. >>> and elon musk loses his bid to reinstate his pay package >>> and elon musk is considering a tender offer to value spacex at $350 billion. it's tuesday, december 2nd, 2024 and "squawk box" starts right now. ♪ >>> good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe joe kernen andrew ask is off today. you will see the dow indicated up 11 points s&p is flat. the nasdaq off 13. yesterday, we saw the s&p and nasdaq move to

the countdown is on for a big deadline in the company's nippon steel saga. what's at stake for this landmark deal coming up next. >>> plus, energy is just one of two s&p sectors in the red this year. so, can the struggling space turn things around in 2025? the names to watch, ghafrit ter this. more "fast money," back in two. jen b asks, "how can i get fast download speeds while out and about?" jen, we've engineered xfinity mobile with wifi speeds up to a gig, so you can download and do much more all at once. it's an idea that's quite attractive. or... another word... -fashionable? i was gonna say- "popular! you're gonna be pop-uuuu-larrr!" can you do defying gravity?! yeah, get my harness. buy one line of unlimited, get one free for a year with xfinity mobile. and see “wicked,” in theaters now. >>> welcome back to "fast money." the committee on foreign investment in the u.s. is required to submit its decision on nippon steel's takeover proposal for u.s. steel by the end of today. the white house will then have 15 days to respond. if president biden rejects t

steel being bought by nippon steel of japan. we will make u.s. steel strong and great again.d i love how he ends it, buyer beware. [laughter] stuart: okay. there are some people who want to buy it. but it won't be nippon steel. two points on musk. first of all, i understand he did the not get his massive pay deal. got that. secondly, what's this about tesla's sales in china? >> did not get that $58 billion pay package, again, remember was voted on in 2018. even though outside of musk and his brother, 72% of shareholders at the annual meeting this year voted despite what the judge said on that pay package. the judge came out yesterday and said i'm still not letting it go through. unclear what the path forward is. now, in terms of the actual business for tesla, as you mentioned, shanghai deliveries we're hearing in the factory in november fell for a second consecutive month. we are hearing they are down about 4% year-over-year. again, troubling just because shanghai in china, so important for tesla and the overall ev market. stuart: the stock's down $5, 1.4%. $351, tesla. what'

the fate of the nippon steel deal is in president biden's hands. we have details coming up.ng "mornings with maria" live on fox business. ♪ to go further, you need to be ready for what's down the road. as energy demand continues to rise, we're harnessing breakthrough innovations to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible oil and natural gas, allowing us to deliver the energy we all need today so everyone can follow their own road. that's energy in progress. ♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪ ♪ ♪ cheryl: now for some of the headlines we're watching for you this morning. there are new fears that nissan and honda's mega merger could cost american jobs, this after both car companies said they anticipate optimizing manufacturing plants. honda has more than 23,000 workers at 12 factories here. its factories most loy are concentrated in ohio, indiana, north carolina, south carolina and alabama. nissan has 15,000 workers at three plants in tennessee and missis

under surveillance, the nippon steel deal hits another deadlock. pres. biden: u.s. been an iconic american company for more than a century and should remain totally american. >> will not yes -- we will not let u.s. steel be sold to the japanese. i would stop it if it has not been completed by the time i am president. katie: president biden said to decide the fate of u.s. steel after u.s. national security panel deadlocked in its review of the sale to the company to japan's nippon steel. biden has 15 days to decide. let's discuss it with terry haines of pangea policy. is there any chance president biden does something other than kill this deal? terry: any chance, sure. given what they have said, the political orientation, is unlikely. i want to point out what biden is supposed to decide on. what is there is credible evidence the company itself could take action against national security and the other one is there is no other laws that exist to deal with those potential problems. that is a very specific remit. cfius is a group of not just staffers but this is chaired b

and i think that they might see what's being offered by nippon steel as, again, a lifeline. for them. they might have to swallow their pride and swallow that their sense of history, hoping that this might be a way for those jobs to remain in western pennsylvania, for that livelihood to continue in that part of the country. >> gentlemen, it was fantastic to have you here for such an extended segment this evening. david, run. when we return, the nebraska independent who turned his longshot senate bid into an unexpectedly tight race against a republican incumbent. you heard that right. dan osborne, the man himself, here right after the break. very excited to meet him. . is there an off switch? no, you can't shut it off. 'tis the season to cashback with chase freedom unlimited. how do you cashback? with dexcom g7, managing your diabetes just got easier. so, what's your glucose number right now? good thing you don't need to fingerstick. how's all that food affect your glucose? oh, the answers on your phone. what if you're heading low at night? [phone beeps] wow, it can alert you?

nippon steel, posting a letter on social media showing the deal has support in areas where u.s. steel mills are located, saying it hopes president biden understands the value to the u.s. economy. and netflix nfl debut kicks off without a glitch. nfl media says the christmas day broadcast was the second most popular live title on the streaming service to date. now, viewers in all 50 states tuned in within minutes of the pregame show going live, and people in nearly 200 countries watched the first game between the chiefs and the steelers. now, netflix signed a three year deal in may to broadcast nfl games on christmas, with cnbc morning business report. i'm silvana henao. all right. thanks, savannah. all right. for some bay area families, the best present they received on christmas morning was not left under the tree, but instead at their front door. we have a special delivery for you. what is it? oh my god! oh, dog! oh! that face. classic. two families received a puppy. each of them delivered by the humane society of silicon valley. now, the parents and kids alike were so excited.

steel by japanese company nippon steel. yesterday trump wrote on truth social, quote, as president i will block this deal from happening, buyer beware. president biden and vice president kamala harris have also indicated they oppose nippon's $14.9 billion bid. according to , they are hoping to close the deal before trump takes office. >>> hezbollah fired into a disputed border zone held by israel for the first time since the cease-fire began. hezbollah calling it a warning shot, after what they say are repeated truce violations by israel. israel's military carrying out its biggest wave of strikes, killing multiple people, according to lebanon's health industry, this, as we learn the fates of two american-israeli hostages. more on that in a bit. >>> after an epic winter wallop over the holiday weekend, the great lakes are bracing for round two this morning. millions are still digging out from the snow. it has made for trcherous conditions on the road. whiteout conditions led to a 17-vehicle pileup. let's get to michelle gros

there were a lot of skeptics saying if nippon steel bought u.s. n't sure if there would be security risks at all. basically, they handed it to the president. biden now has 15 days to come to a decision, but we know in the past he has signaled that he will block the deal. we'll find out in t-minus 15. ashley: t-minus 15. we'll have to leave it right there. taylor riggs, terrific stuff the as always. thank you so much. >> merry christmas. ashley: merry christmas to you. yeah, i love this time of year. it's christmas eve. let's take a look at the big board, why don't we? it's all been very mutedded. as i say, the markets close at 1 p.m. today, the bond market at2 p.m. the dow up very slightly, essentially gnat. jpmorgan chase is up there, boeing, walmart, amazon. all the very familiar names, all of those stocks up anywhere from a half to 1%. take a look at the s&p 500 winners, why don't we? tesla is there, up 3% this morning. broadcom continues to motor if on, up more than 2%. we also have other familiar names. blackstone, for one, nvidia, of course,

japan's nippon steel is committed to a $15 billion acquisition of u.s. eel and according to reuters is confident of completing the deal at the end of the year. but strong u.s. opposition including from president-elect donald trump. there is no global strategy without the u.s. it aims to raise its global steel production to 85 million metric tons a year. the asset is core to its goal of lifting production capacity to more than 100 million tons long-term. that might be one of the stories you have been hearing about in the news. this is michael in pensacola, good morning. caller: yes, i am talking in reference to the media events president-elect trump creates. this is the latest thing, verified citizenship. they asked if he was going to do it through executive order. he said yes. you cited that the constitution being for has to have two thirds of the congress, house and senate, as well as congressional buy-in. he creates immediate events that have no substance. that is similar in reference to the people eating dogs and cats, him dressing in the mcdonald's un

steel has facilities are backing this acquisition by nippon steel. the committee on foreign investment told the white house it is deadlocked on the proposed sale. president biden has 15 days to decide what to do. but he has said in the pasthat he opposes this deal. >>> the union representing starbucks baristas says their strikes are expanding. workers walking off the job and drawing attention to what they say are unfair labor practices. nbc's emilie ikeda is following the strike's impact. >> reporter: dubbed the strike before christmas, starbucks workers walking off the job again and shuttering about 170 stores, according to the java giant. >> we call the shots! >> reporter: from los angeles to new york. >> no one wants to have to do this. we want to be with our families, but starbucks has forced us into this position. >> reporter: union group is calling for better benefits and immediate wage increases and protesting alleged unfair labor practices. >> we got hundreds and hundreds of orders every single day. and we're just not properly staffed. >> rep

steel to nippon steel. e deal will be referred to him by the committee on foreign investment in the u.s. later this month, that's when that's supposed to happen. the report saying that u.s. steel and nippon are ready to pursue litigation over the process if president biden does decide to block the deal. and the thing that i wonder about in all of this is where president-elect trump will ultimately land because -- >> he said the other day, didn't he, he would block it. >> he would block it, too. but the question is is there any world in which a deal like that gets sort of brought into this grand negotiation that we seem to be happening around the world with lots of different players? i don't know. >> you go and look at the globalization and do your ben franklin clothes, all the bad things and all the good things. it may be anti-globalization wins out, i don't know, maybe it does when you add everything up, but there's like 15 things on each side, positives and negatives, and there are positives to -- >> i thi

steel. we have been following since the announcement. the company not that large but looms large certainly in the consciousness. >> the firmanent? >> yes. the president elect said he is opposed to that acquisition by nippon, $54 a share. all cash. truth social post, totally against the once great and powerful united states steel being bought by a foreign company, nippon steel. as president i'll block it. it may not be his decision to make. in fact, as of now it's the biden administration. >> what have they done that's important in the last 48 hours? >> and the biden administration led by president biden has said they will -- are also against the transaction. that said. >> the jobs created. the nippo, n steel is here is a check. we will add more people. >> we will add to the valley. jim, i can't tell you that. what i can tell you is that -- so far the public statements from the president and then also vice president harris during the campaign were that this deal won't happen. now it's -- the review is continuing. it'll be done by the 23rd of this month. 20 days from now. for all intents, the agencies that contribute and are part of it, i believe, won't necessarily oppose it on national security grounds be

steel to nippon posed a national security risk. t's now up to president joe biden to make the final determination on a deal. he has publicly opposed. >> u.s. steel has been an iconic american company for more than a century, and it should remain a totally american company- [applause]. american owned american operated by american union steelworkers. >> under the terms of the nearly $15 billion all cash offer, u.s. steel would keep its name and headquarters in pittsburgh, but become a subsidiary of nippon. the combined company would be among the largest steel makers in the world. some union workers say they are concerned about the future of their jobs, but others say the sale would provide a much needed investment. >> they're promising to put billions of dollars into our facilities. our facilities are all down here. they need updated. they need upgraded. >> president elect donald trump also opposes the sale of u.s. steel, and said he would block it from going through. in washington, alexandria, hoff, ktvu, fox two news. >> nearly 1 mi

steel to nippon posed a national security risk. now up to president joe biden to make the final determination on a deal. he has publicly opposed. >> u.s. steel has been an iconic american company for more than a century, and it should remain a totally american company. [applause] american owned american operated by american union steelworkers. >> under the terms of the nearly $15 billion all cash offer, u.s. steel would keep its name and headquarters in pittsburgh, but become a subsidiary of nippon. the combined company would be among the largest steel makers in the world. some union workers say they are concerned about the future of their jobs, but others say the sale would provide a much needed investment. >> they're promising to put billions of dollars into our facilities. our facilities are all down here. they need updated. they need upgraded. >> president elect donald trump also opposes the sale of u.s. steel, and said he would block it from going through. in washington, alexandria, hoff, ktvu, fox two news. >> coming up at 11,

steel to nippon posed a national security risk. make the final determination on a deal that he has publicly opposed. >> u.s. steel has been an iconic american company for more than a century, and it should remain a totally american company. [applause] american owned american operated by american union steelworkers. >> under the terms of the nearly $15 billion all cash offer, u.s. steel would keep its name and headquarters in pittsburgh, but become a subsidiary of nippon. the combined company would be among the largest steel makers in the world. some union workers say they are concerned about the future of their jobs, but others say the sale would provide a much needed investment. >> they're promising to put billions of dollars into our facilities. our facilities are all down here. they need updated. they need upgraded. >> president elect donald trump also opposes the sale of u.s. steel, and said he would block it from going through. in washington, alexandria, hoff, ktvu, fox two news. >> hyundai is helping owners of its electric car

nippon steel is so much larger than u.s. it would make conditions very difficult for u.s. steel if this merger goes away and on the other hand, the symbol on the new york stock exchange is x so someone else might want to weigh in for those reasons alone. we have been waiting for this decision for a long time. >> we are moments away from the closing bell. just the last trading days of 2024 and really of a gangbusters year. the s&p trying to stay in the green, moments away. we will speak to aaron gibbs, next. stick with us through the close. this is bloomberg. ♪ ♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month. >> welcome to "bloomberg markets " special holiday edition. it is a holiday-shortened week and where seconds away from the closing bell is that you can hear ringing at the exchanges, and it is another up day, at least for the dow. we just slip

annmarie: you can save what jonathan said almost for everyone and ceos looking at -- look at nippon steele but will be the policy proposals. are they credible? what is a negotiating tactic? what is interesting about china is able to agree on the numbers but we won't know until march. let's say trump comes out and is bigger than the chinese were expecting, get they have to be to get and say that meet again and say we have to -- we have to meet again and edit the target? jonathan: donald trump will eventually replace chairman powell. they cannot do the same thing in china. lisa: on one hand you can see that jay powell does not have the advantage of central planning. some people might argue the fed has acted in certain ways. jonathan: i'm not sure we want the fed to have that authority. lisa: we have gone far enough of this. jonathan: elon musk's record-setting pay package was struck down by a delaware judge. the court ruled the board was improperly influenced by musk when it adopted the compensation plan in 2018. the ruling will take a significant chunk out of elon musk's wealth. lisa:'s in

steel to nippon posed a national security risk. sident joe biden to make the final determination on a deal that he has publicly opposed. >> u.s. steel has been an iconic american company for more than a century, and it should remain a totally american company. [applause] american owned american operated by american union steelworkers. >> under the terms of the nearly $15 billion all cash offer, u.s. steel would keep its name and headquarters in pittsburgh, but become a subsidiary of nippon. the combined company would be among the largest steel makers in the world. some union workers say they are concerned about the future of their jobs, but others say the sale would provide a much needed investment. >> they're promising to put billions of dollars into our facilities. our facilities are all down here. they need updated. they need upgraded. >> president elect donald trump also opposes the sale of u.s. steel, and said he would block it from going through in washington. alexandria hoff, ktvu, fox two news. >> u.s. lawmakers are pushing

this is after a report from the washington post that said that nippon steel is proposing giving the u.snt a veto over any if reduction in u.s. steel's production capacity. this is seen really as the last ditch bid to get approval for nippon's purchase of u.s. steel. we'll see. biden has said, clearly, he's going to block it. >>> let's take a look at other big movers on the way today. take a look at shares of drug developer sagan o after its partner, pfizer, ended the hemophilia a gene therapy co-development agreement. this in turn is delaying the prospects of bringing the development to market. argas is upgrading ralph lauren from a buy to the hold giving it a $250 price target saying it is attracting younger and less piece-sensitive customers. now giving yum a $155 price target, they're citing same-store sales rose at kentucky fried chicken and tack -- taco bell in 2025. let's talk about the oracle of omaha, right? if berkshire hathaway snapping up more verisign shares. warren buffett's company paid about $15.6 million for rough ofly 76,000 shares of the internet coe neighbor -- domain

the latest here is that nippon steel, which is trying to take over u.s. ushed back, delayed its close or its target close for this acquisition. it is now aiming for first quarter 2025 instead of the end of 2024. why is this important? so we're in this period now, this waiting period where it is up to president biden to decide whether this deal will be able to go through. we got word earlier this week that the committee inside of treasury that decides on whether a deal like this can happen because of national security concerns was split, ultimately, in their decision. so president biden has said publicly he wants to deep u.s. steel domestic instead of being taken over by a japanese company. yeah. so there is not a lot of mystery about what he's going to do. the question and certainly with this decision is what sort of legal options and will they fight to be able to hold it over into a trump administration now that we have this new close date in 2025? now president-elect trump also said publicly he's against the deal. this is a politically charged one, but h

of course, we continue to follow the soap opera rah of nippon and u.s. steel. the closing date to the first quarter of 20 2025 the where where previously it was the third or the fourth quarter of 2024 given there is about six today dos left of 2024. -- days left. not surprising they pushed out the deadline. we did get sort of a deadlocked cfius review in the u.s., they said they were deadlocked on whether there was a national security concern or not. basically, that punted it back to president biden. he had 15 days to come to a review, he has in the past signaled he would brock the deal. ashley: okay. now, this one raised an eye brow when it read it. the fda just added one of costco's food products to their highest risk level. what the heck is going on? >> yeah, we do not needs egg prices to go up further. that recall arelater was raised to the highest concern alert was raised to the highest level, severe risk of illness or death due to salmonella. these were the kirkland eggs selling in costco, now sort of raising that level are of risk. so not good. customers

reporter: wonder if you can give us an update of nippon steel purchase of u.s. steel and that transaction, i wonder if you had an update on the timing and also is the president prepared to accept those recommendations regardless of what they are, or does he plan to -- karine: i'm not getting ahead of the president and don't have an announcement to make. i'm just going to leave it there. i don't have anything to share and don't have an announcement to make at this time and certainly not going to get ahead of the president at the podium. that's a sifius review and we leave it to them and the decision and the timing. i don't have anything to share. reporter: can you talk about the president's trip next month to italy. in your statement last night, you said he had accepted the invitation of the pope to visit, how did that come about, did it happen on the phone call or did the president express interest he wanted to make this trip, it's pretty late in the term to be traveling so soon close to the end like that? karine: i don't have information and would have to talk

reporter: can you give us an update on nippon steel, the panel reviewing that transaction is expected with a recommendation soon, do you have an update on the timing? and also is the president prepared to accept those negotiations? karine: i'm not getting ahead of the president. i'm going to leave it there. i don't have an announcement on the time. that's a sifius review and they're independent and leave it to them to make that decision on the timing. i don't have anything to share on this. reporter: can you talk about the president's trip to italy. in your statement you said he accepted the invitation of the pope to visit. did that happen on the phone call or did the president express interest to the vatican he wanted to make this trip. it's late in a term to be traveling so soon close to the end. karine: i have to look at the time line and what the president is looking forward to, going back to italy and we know he's been there a couple times in this first term and in this term so he's met a couple times with his holiness and pope francis and he looks forward to that and he's a prou

steel by nippon steel. according to a document sent to the white house on monday. ntinuing to watch u.s. steel shares. jumped as much as 7%. still up about 3.5%. vonnie: coming up we are going to talk about safe havens. that might even be the case for a new type of one. this is bloomberg. ♪ let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ carol: welcome back to bloomberg markets, cross platform on radio, tv, youtube, and bloomberg originals. it has definitely been a mixed year for metals but old, it has not been a mixed case for that. it gets the gold star. commodities headed for its biggest gain in 14 years fueled by u.s. monetary easing, geopolitical risks and central-bank purchases. there have been a lot of factors at play. mike mcglone joining us to break

steel unions that are upset he seems to be upset with nippon steel taking over u.s. he jobs. he can't please both parts of his base. veterans benefits get cut, which is on ramaswamy's list, he has to answer to veterans who overwhelmingly supported him. >> oirx, yeah. listen, when you talk about who he's to answer to, remember, more than 70% of america, and that includes democrats, republicans, independents, want to see the rich pay, listen for the word, more in taxes. not less. not the same. more in taxes. so the big question is for donald trump, who are you out there for? who are you going to deliver for? but here's the one for me. and i think for all of the rest of us. is to say, if you don't deliver for people the way you promised, then our job is to make sure you're held accountable. our job is to wrap that around your neck and make you wear it every single day. >> this is why we love to talk with senator elizabeth warren, because she makes it plain, makes it simple, and lets you understand what's happening. thank you so much. always appreciate you. >>> coming up

trump is now saying he is going to block japan's nippon steel from taking over u.s. steel. that is like the liberty bell to pennsylvania, and lots of people, i asked kamala harris about this, would love for u.s. steel to stay an american company, but there are no other bidders. if this deal does not go through they could leave pittsburgh and shut down entirely. >> yeah, and i don't think the biden administration was too thrilled about this deal either. so for an acquisition of what used to be one of the premier companies in the united states, so there's a risk they could go out of business if this deal does not go through, but i did this administration or the incoming administration simply not going to happen and they will use national security or some other justification to prevent this, but hopefully that-- to an adverse impact for the employees, and they can find some way to carry on. the steel business has faced fierce competition since the 1970s, so this is not new. i think any administration would be wise to preserve the company in any way. >> david, how do you think

steel, japan's nippon steel. decision. a few months ago the president indicated he doesn't support it. we will see what he does there. two sources told us that the president has been discussing preemptive pardons for people who have drawn the ire of president-elect trump over the last few years. of course, the president is going head to the vatican. he has been invited by pope francis. that official trip ten days before president biden leaves office. >> you bring up the bald eagle. you are right. who would have thought it was not? i was thinking what other birds were in contention. that's a different segment. how much of what you have been seeing here as you have been covering the white house, what biden is doing in the final days and weeks is about his legacy and solidifying that? >> reporter: i think that is a real thing that this white house and this president have been trying to make sure people are aware of what he has done as president. obviously, earlier this year he expected to be winning a second term, a

steel to nippon steel. not a big surprise.hat do we know then about the details on this and the impact potentially? bill: well, this deal has been under review by the committee on foreign investment in the united states. they are expected now to pass a recommendation to the president just before christmas. around december 22, 23rd. that gives president biden about two weeks to make a formal decision. he's been against it the whole time. but it does look like there will be something done within this administration, that it won't drag out. $14 billion deal has been at risk from the beginning. there was some question about whether the biden administration would kick the can and let a final decision, during the trump era. that doesn't look likely to happen now. tom: ok. bill ferris, thank you very much indeed. wrapping up those key stories for us on russian oil and u.s. steel. some other stories making the news this wednesday. donald trump says his administration would help expedite permits including environmental approvals for th