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U.S. Steel shares plummet amid questions over the fate of its merger with Nippon Steel

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Pittsburgh-area union members throw support behind Harris as she opposes sale of U.S. Steel


Pittsburgh-area union members throw support behind Harris as she opposes sale of U.S. Steel

02:45

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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Philippines police say Elliot Eastman, American YouTuber shot during kidnapping, likely died of gunshot wounds

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Manila, Philippines — Philippine police officials said Thursday they were checking reports that a kidnapped American died after being shot twice while resisting his Oct. 17 abduction by gunmen in the country’s south. Elliot Eastman, 26, from Vermont, was shot twice with an M16 rifle while trying to fight off his four kidnappers, who posed as police officers, in the coastal town of Sibuco in Zamboanga del Norte province, police said.

The kidnappers dragged him to a motorboat and sped off, according to earlier police reports.

A massive search for Eastman and his abductors led to the arrest of a number of suspects, but he has not been found. Three suspects were killed in a gunbattle with police in the south last month.

PHILIPPINES-US-CRIME
A man points to a suspected bloodstain in the sand in Sibuco, Zamboanga del Norte province, Philippines, Oct. 18, 2024, where abducted American YouTuber Elliot Eastman was shot by gunmen.

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Regional police spokesperson Lt. Col. Ramoncelio Sawan said investigators received information from a relative of one of the suspects that Eastman died due to gunshot wounds in the thigh and abdomen while being taken away by his abductors. The kidnappers decided to throw his body into the sea after he died, the relative said.

The information about Eastman’s death was later corroborated by a key suspect in the kidnapping who was arrested recently, and his sworn statement has been submitted to government prosecutors, Sawan said. Criminal complaints of kidnapping have been filed against several suspects, he said.

“We are constrained to believe that he has died. All of the information that we have points to that,” Sawan said. But he added that without the victim’s body, “we’re still leaving a little bit of hope that it may not be the case” and police would continue their investigation.

Philippine police have informed Eastman’s Filipino wife and the U.S. Embassy in Manila about his reported death, Sawan said.

The embassy said it’s aware of the police report and is coordinating with Philippine authorities, but did not comment further due to privacy considerations.

Eastman traveled out of the Philippines and returned to Sibuco to attend his wife’s graduation when he was kidnapped. He had been posting YouTube and Facebook videos of his life in Sibuco, a poor, remote coastal town, where the suspects spotted him, police said earlier.

They said the suspects appeared to be common criminals who did not belong to any Muslim rebel groups which have been accused of ransom kidnappings in the past.

Security problems have long hounded the southern Philippines, the homeland of a Muslim minority in the largely Roman Catholic nation.

The southern third of the Philippines has bountiful resources but has long been hamstrung by poverty, insurgencies and outlaws.

On his YouTube page, Eastman said he came to the Philippines and met “the love of my life deep in the mountains” of Zamboanga del Norte, which he said he would be exploring to offer followers a glimpse of “day to day life as the first and only foreigner” to take up permanent residence in the remote region.

A 2014 peace agreement between the government and the Moro Islamic Liberation Front, the largest of several Muslim separatist groups, has considerably eased widespread fighting in the south. Relentless military offensives have weakened smaller armed groups such as the Abu Sayyaf, reducing kidnappings, bombings and other violence.

The Abu Sayyaf has targeted Americans and other Western tourists and missionaries, most of whom were freed after ransoms were paid. A few were killed, including American Guillermo Sobero, who was beheaded on the southern island of Basilan, and a U.S. missionary, Martin Burnham, who was killed while Philippine army forces were trying to rescue him and his wife, Gracia Burnham, in 2002 in a rainforest near Sibuco.



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Bitcoin price reaches $100,000-mark for first time ever

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Why Bitcoin surged after Trump’s 2024 win


Why Bitcoin stock surged after Trump’s 2024 election win

04:13

Bitcoin has topped the $100,000 mark as a massive rally in the world’s most popular cryptocurrency sparked by the election of Donald Trump rolls on.

The milestone comes just hours after the president-elect signaled a lighter regulatory approach to the crypto industry with his choice of Paul Atkins to be the next chair the Securities and Exchange Commission.

Trump said Wednesday that he intends to nominate Atkins, a former SEC commissioner during the presidency of George W. Bush. In the years since leaving the agency, Atkins has made the case against too much market regulation.

Bitcoin has soared to unprecedented heights since Trump won the election Nov. 5. The cryptocurrency has climbed dramatically from $69,374 on Election Day and rose as high as $101,512 Wednesday, just two years after dropping below $17,000 following the collapse of crypto exchange FTX.

How long bitcoin will stay above the coveted $100,000 mark is uncertain. As with everything in the volatile cryptoverse, the future is impossible to predict. And while some are bullish on future gains, other experts continue to warn of investment risks.

Current SEC chair Gary Gensler, appointed by President Biden, has been aggressive in his oversight of the crypto industry. Speaking at the Bitcoin 2024 conference in July, Trump vowed to fire Gensler if elected, prompting a standing ovation. Gensler has since said he will step down Jan. 20 when Trump takes office, even though his five-year term runs through 2026. 



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