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U.S. Steel shares plummet amid questions over the fate of its merger with Nippon Steel
U.S. Steel shares plunged on Wednesday as Wall Street questioned whether its $14.1 billion deal with Japan’s Nippon Steel is at risk of derailing.
Shares of U.S. Steel plunged as much as 25% in afternoon trading after the Washington Post reported President Joe Biden is preparing to formally block the proposed acquisition. As of 2:35 p.m., shares of U.S. Steel were down $7.12, or 20%, to $28.48.
At an afternoon briefing, a White House official downplayed the Washington Post report, which cited three people familiar with the president’s plans. In a statement, the White House cited a process of review by the Committee on Foreign Investments in the United States, or CFIUS, a panel chaired by the Treasury Secretary.
“CFIUS hasn’t transmitted a recommendation to the President, and that’s the next step in this process,” a White House official stated.
—This is a developing story and will be updated.
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No initial reports of major damage after 7.0 earthquake off coast of California
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Employers added 227,000 jobs in November as the labor market rebounded
Employers added 227,000 jobs in November as the labor market rebounded from anemic growth in the prior month, when hurricanes and labor disputes dampened hiring.
The U.S. had been forecast to add 200,000 jobs last month, according to economists surveyed by financial data firm FactSet. The unemployment rate was expected to hold steady at 4.1%.
While hiring rebounded last month, the job market overall has been weakening in recent months under the strain of the Federal Reserve’s restrictive monetary policy, with the central bank boosting borrowing rates to their highest point in 23 years to combat inflation. It’s also taking longer for hundreds of thousands of out-of-work Americans to find new jobs, signaling cracks within a once-hot labor market as employers continue to cope with the impact of higher borrowing costs.
The end of labor disputes in October, including the Boeing machinists’ strike, could have boosted job growth by almost 40,000, noted Goldman Sachs analysts in a report released ahead of the jobs report.
—This is breaking news and will be updated.
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Hegseth submitting forms for FBI background check
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