Skip to main content

Record-breaking heat wave grips western United States

A record early heat wave striking the western United States on Friday is a one-in-500-year event and almost certainly the result of human-caused climate change, experts say. The heat has been toppling records this week and is set to continue into the weekend across western cities while expanding eastward. Four locations in the desert area near the California-Arizona border registered 44.4 degrees Celsius on Friday, a US national record for March. The readings were recorded near Yuma and Martinez Lake in Arizona, and around Winterhaven and Ogilby in California. Read: Intense heatwave grips US, triggering record-breaking temperatures Already, 65 cities have recorded new March highs, ranging from Arizona and California to Idaho, Weather.com reported. Death Valley reached 40°C on Thursday, while typically cool and foggy San Francisco tied its historic March record at 29°C. In Colorado, skiers were seen hitting the slopes shirtless. The National Weather Service issued extreme heat warni...
Post a Comment

President Biden to determine fate of Nippon Steel's $15b bid for US Steel

The $15 billion bid by Japan’s Nippon Steel for US Steel has been referred to President Joe Biden for a final decision, a White House spokesperson confirmed. The Committee on Foreign Investment in the United States (CFIUS), which reviews foreign investments for national security risks, could not reach a consensus on the deal and passed it on to Biden, giving him 15 days to block the merger. If Biden does not take action, the deal could proceed despite his previous opposition. CFIUS, which has been reviewing the proposed acquisition, raised concerns about potential risks to national security, specifically the possibility of reduced domestic steel production, which it views as critical to infrastructure and defense. The committee's assessment was detailed in a letter sent earlier this week, stating that allowing Nippon Steel to take over U.S. Steel might hurt the supply of steel for key transportation, construction, and agricultural projects. Nippon Steel has proposed remedies to address these concerns, including appointing U.S. citizens to senior management and board positions at U.S. Steel. However, CFIUS was divided on whether these steps would effectively mitigate the national security risks. Ryunosuke Shibata, an analyst at SBI Securities, described U.S. Steel as "a once-in-a-lifetime opportunity" for Nippon Steel, pointing to the increasing demand for domestic steel in the U.S. and high global steel prices driven by production shortfalls. The U.S. is currently the only developed nation where domestic steel demand is on the rise. The opposition to the deal has been significant, with both President Biden and former President Donald Trump criticizing the merger, particularly as it relates to union voters in Pennsylvania, where U.S. Steel is headquartered. The president of the United Steelworkers Union has also voiced strong opposition to the deal. Nick Wall, M&A partner at Allen & Overy, noted the uncertainty surrounding Biden’s decision, stating, "The question is, what will Biden's decision be? And I think that's still very unpredictable. He's got nothing really to lose." Despite the opposition, Nippon Steel made a strong case during the 90-day review process, arguing that its investment, as a company from an allied nation, would enhance U.S. Steel's output. In a letter sent to CFIUS, Nippon Steel stated that its involvement would bolster U.S. steel production, helping to secure the country's industrial capacity. However, CFIUS sent a 29-page letter last weekend, which Reuters exclusively reported, outlining unresolved national security concerns. This raised doubts about the deal's future. Nippon Steel and U.S. Steel responded with a follow-up letter, claiming that Biden had "impermissible influence" over the review process and threatened legal action if the deal were blocked. A White House spokeswoman, Saloni Sharma, confirmed that the evaluation from CFIUS would be reviewed by President Biden. "We received the CFIUS evaluation and the President will review it," she said. If the deal fails to gain approval, Nippon Steel will face a penalty of $565 million under the terms of the agreement. Nippon Steel has previously indicated that it could take legal action against the U.S. government should the merger be blocked. Nippon Steel’s goal with the acquisition is to increase its global steel production capacity from 65 million tons to 85 million tons per year. The deal is central to its long-term objective of raising production to more than 100 million tons annually.

from Latest World News, International News | Breaking World News https://ift.tt/AQkpq79
Labels:

Comments

Post a Comment

Popular posts from this blog

At least 32 miners dead after bridge fails at cobalt site in southeast DR Congo

A bridge collapsed at a cobalt mine in southeast Democratic Republic of Congo killing at least 32 wildcat miners, a regional government official said Sunday. The bridge came down Saturday onto a flooded zone at the mine in Lualaba province, Roy Kaumba Mayonde, the provincial interior minister, told reporters. He said 32 bodies had been recovered and more were being searched for. The DRC produces more than 70 percent of the world supply of cobalt, which is essential for batteries used in electric cars, many laptop computers and mobile phones. More than 200,000 people are estimated to be working in giant illegal cobalt mines in the giant central African country. Local authorities said the bridge collapsed at the Kalando mine, about 42 kilometres (26 miles) southeast of the Lualaba provincial capital, Kolwezi. "Despite a formal ban on access to the site because of the heavy rain and the risk of a landslide, wildcat miners forced their way into the quarry," said Mayonde. He said ...
Post a Comment
Read more

US, Philippines kick off joint military drills in South China Sea with 16,000 troops

Some 16,000 US and Philippine troops kicked off the annual joint military drills on Monday in the West Philippine Sea (WPS), local media reported. WPS is the official designation by Philippines to the parts of the South China Sea that are included in the country's exclusive economic zone. The 19-day exercises, dubbed "Balikatan 2024," will involve around 5,000 Philippine and 11,000 US troops, making it the largest joint military drills between the two allies conducted in decades, local English daily Manila Times reported citing the military. A total of 14 nations, including Japan and India, will take part in the drills as observers amid mounting maritime tensions in the South China Sea. Contingents from the Australian Defence Force and the French Navy will also join the exercise as participants. Read also: China urges US to stop using Philippines as a pawn to destabilise South China Sea France will join the group sail but will only navigate on the edge of the Philippine E...
Post a Comment
Read more

Indian devotees splurge on jets, gold idols as Hindu temple opens

The private jet parking lots at airports near the Indian city of Ayodhya are full and the shops have run out of gold-plated idols, as wealthy devotees prepare for the invite-only opening ceremony of one of Hinduism's holiest temples. Indian Prime Minister Narendra Modi and Asia's richest man Mukesh Ambani are among the 8,000 or so attendees at Monday's inauguration event for the Ram Temple, which devotees believe is built on the birthplace of Lord Ram, a sacred Hindu deity. The construction of the temple, which began after the Supreme Court awarded the site to Hindus in 2019 more than two decades after a Hindu mob razed a mosque there, triggering deadly riots, fulfils a key campaign promise of Modi and his Hindu nationalist party. Read BJP-promised temple transforms Ayodhya: Muslims, locals feel neglected The opening ceremony, organised by the trust that built the temple, comes months before a national election which the ruling Bharatiya Janata Party is widely expected to w...
Post a Comment
Read more