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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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What we know about arrest of Luigi Mangione, suspect in the murder of UnitedHealthcare CEO
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Officials give update on Franklin Fire in California
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Altoona McDonald’s visited by Luigi Mangione is flooded with negative reviews after his arrest
The Altoona, Pennsylvania, McDonald’s restaurant where Luigi Mangione — the suspect charged in UnitedHealthcare CEO Brian Thompson’s killing — visited after the shooting, has been flooded with negative reviews since his arrest. The low ratings poured in after it was reported that a restaurant employee told police that Mangione had been spotted there.
Google has since removed the reviews because they violate the company’s policies, a spokesperson for Google told CBS News. For one, content that “is not based on a real experience and does not accurately represent the location or product in question” is prohibited by the search giant.
By late Tuesday morning, at least a couple negative reviews that did not appear to come from genuine customers lingered online.
“Saw rats scurrying about in the kitchen here!! Stay away!” read one review, which seemed to allude to a McDonald’s worker’s tip to police that ultimately led them to Mangione.
“More like Narc-donalds … I hope obesity and heart disease are in-network in PA. Deny, defend, depose, diarrhea @ McDonald’s …” read another, referencing in part the three words police say were inscribed on three separate shell casings found at the scene of the shooting.
Altoona police found a handwritten note in a backpack belonging to Mangione. After speaking with the Altoona Police Department, New York Police Department Chief of Detectives Joseph Kenny said the document seems to indicate Mangione “has some ill will toward corporate America.”
Thompson’s killing has unleashed a torrent of vitriol at the insurance industry, with UnitedHealthcare customers taking to social media to attack the company’s practices, and the industry as a whole.
“We’ve gotten to a point where health care is so inaccessible and unaffordable, people are justified in their frustrations,” Dr. Céline Gounder, CBS News medical contributor and editor-at-large for public health at KFF Health News, told CBS Mornings about the public’s voicing its frustrations.