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South Korea’s flag carrier Korean Air said Thursday it had bought a majority stake in rival Asiana Airlines for $1 billion, making it the effective owner four years after first expressing its takeover intentions.With the acquisition of a 63.88 percent stake, Korean Air said it had invested 1.5 trillion won in the merger, “making Asiana Airlines a subsidiary” of the company.The move will create Asia’s second-biggest airline group based on capacity, after Singapore Air, and the 10th-largest globally, according to Bloomberg News.The final phase of the tie-up follows the European Union’s approval in February, granted on the condition that the flag carrier divests Asiana’s global cargo freighter business as part of antitrust measures.The European Commission, the bloc’s powerful antitrust authority, last year expressed concerns the takeover could restrict competition on routes between Europe and South Korea.It had concerns about the impact on cargo transport services between all of Europe and South Korea.The approval was also contingent on Korean Air making “necessary assets” available to South Korean rival T’way Air to launch operations on four overlapping routes: Barcelona, Frankfurt, Paris, and Rome.With Asiana Airlines as its subsidiary, Korean Air will “strengthen the national aviation industry’s competitiveness, enhance Incheon Airport’s hub capabilities, and expand its global network reach”, the airline said in a press release.It described the merger as a “strategic milestone for Korea’s aviation industry”.Asiana Airlines will convene a shareholders meeting in January to pick a new board of directors appointed by the parent Korean Air, it said.It added that there would be no workforce restructuring during the integration, with employees in overlapping roles “reassigned within the organisation”.Korean Air currently operates a fleet of 158 aircraft with more than 20,000 employees, serving 115 cities in 40 countries.Ahead of the merger’s approval, Korean Air said in March it would sign a $13.7 billion deal with Airbus to purchase 33 A350 series aircraft to strengthen its long-term fleet operations.

Australia will force Meta and Google to pay for news shared on their platforms under a new scheme unveiled Thursday, threatening to tax them if they refuse to strike deals with local media.Traditional media companies the world over are in a battle for survival as precious advertising dollars are hoovered up online.Australia wants big tech companies to compensate local publishers for sharing news links that drive traffic to their platforms, an idea they have baulked at in the past. “It is important that digital platforms play their part. They need to support access to quality journalism that informs and strengthens our democracy,” Communications Minister Michelle Rowland said.Social media platforms with Australian revenue of more than US$160 million a year will be taxed a still-to-be-decided figure earmarked to pay for news.But they can avoid paying the tax if they voluntarily enter into commercial agreements with Australian media companies.It is the latest salvo in Australia’s efforts to reign in the tech giants. Australia last month voted for new laws that will ban under-16s from social media.It has also mooted slapping fines on companies that fail to stamp out offensive content and the spread of disinformation.

Equities swung in Asian trade Thursday following another record day on Wall Street fuelled by inflation data that reinforced expectations for a US interest rate cut next week, while traders also remained hopeful for more measures to stimulate China’s economy.Seoul’s Kospi ticked higher for a third straight day, eating further into the losses sustained in a sell-off that came in the wake of South Korean President Yoon Suk Yeol’s short-lived martial law declaration.Hopes that the Federal Reserve will lower borrowing costs for a third time in a row next week were bolstered Wednesday by figures showing the US consumer price index rising in line with expectations in November.While the gauge continues to sit above the central bank’s two percent target, swaps markets indicate there is a 98 percent chance policymakers will make the reduction.On Wall Street, the Nasdaq ended above 20,000 points for the first time, while the S&P 500 was a whisker away from its own record.However, analysts warned the outlook for 2025 was less clear.”Evidence in recent months suggest the decline in inflation has lost momentum while economic activity and the labour market have remained resilient,” said National Australia Bank senior forex strategist Rodrigo Catril.”These dynamics suggest that after cutting in December, the Fed looks set to sit on the sidelines for a while with an increasing risk that the coming pause won’t be a couple of months, but rather a couple of quarters.”Adding to the uncertainty is the presidency of Donald Trump, who takes back the White House next month and has pledged to slash taxes and regulations and ramp up tariffs — measures some warn could reignite prices.In Asian trade, Hong Kong and Shanghai edged up as dealers kept an eye on China amid hopes that leaders will unveil more help for the economy, which is struggling under the weight of weak consumer spending and a chronic property crisis.President Xi Jinping and other key officials announced on Monday their first major shift in policy for more than a decade, saying they would “implement a more active fiscal policy and an appropriately relaxed” strategy.That sparked hopes for more interest rate cuts and the freeing up of more cash for lending.Beijing has already unveiled a raft of measures to kickstart growth but observers said there was concern at the lack of concrete action.The “cautious market response in China suggests that investors are sceptical about the government’s commitment to substantial, direct financial interventions — essentially the ‘helicopter money’ that many believe is necessary to invigorate the economy”, said SPI Asset Management’s Stephen Innes.Meanwhile, it emerged that economic officials in outgoing President Joe Biden’s administration would meet their Chinese counterparts for talks on Thursday in a final effort to strengthen ties before Trump returns.Shares in Seoul rose again as lawmakers prepare for a second impeachment vote on Yoon at the weekend, after the first fell short on Saturday, with the leader of his own party urging members to attend the meeting and vote “according to their conviction and conscience”.Still, the president remained defiant and vowed to “fight with the people until the very last minute”.The won continues to hover around two-year lows of 1,430 per dollar amid the uncertainty sparked by the December 3 crisis.Among other Asian markets, Tokyo gained more than one percent on a weaker yen, while Singapore and Taipei also rose. There were losses in Sydney, Wellington, Manila and Jakarta.The euro remained under pressure ahead of an expected rate cut by th European Central Bank later on Thursday, while France’s President Emmanuel Macron fights to appoint a new prime minister following the removal of Michel Barnier last week.- Key figures around 0230 GMT -Tokyo – Nikkei 225: UP 1.3 percent at 39,881.10 (break)Hong Kong – Hang Seng Index: UP 0.3 percent at 20,210.71Shanghai – Composite: UP 0.1 percent at 3,437.20Euro/dollar: UP at $1.0502 from $1.0498 on WednesdayPound/dollar: UP at $1.2763 from $1.2752Dollar/yen: DOWN at 152.20 yen from 152.40 yen Euro/pound: DOWN at 82.30 from 82.31 penceWest Texas Intermediate: DOWN 0.1 percent at $70.24 per barrelBrent North Sea Crude: FLAT at $73.51 per barrelNew York – Dow: DOWN 0.2 percent at 44,148.56 (close)London – FTSE 100: UP 0.3 percent at 8,301.62 (close)

American and European stock markets mostly rose on Wednesday after inflation data cemented expectations that the US Federal Reserve will trim interest rates next month.While the Dow fell slightly, the other two major US indices advanced, led by the tech-rich Nasdaq, which piled on almost two percent to close above 20,000 points for the first time.The consumer price index (CPI) rose to 2.7 percent last month from a year ago, up slightly from 2.6 percent in October.”With the CPI numbers broadly in line, it is likely that the Fed will not be derailed and will cut rates again next week,” Jochen Stanzl, chief market analyst at CMC Markets.”The data is not a showstopper for the current bull run on Wall Street,” he added.Ahead of the data, investors priced in an 86 percent chance the Fed will cut interest rates next week by a quarter percentage point. That rose to more than 98 percent after the CPI data was published.Stocks in Paris and Frankfurt rose ahead of the European Central Bank’s own interest rate announcement on Thursday, with analysts expecting another cut as it seeks to boost eurozone growth.Investors are also eyeing political developments in France, where officials said President Emmanuel Macron aims to name a new prime minister “within 48 hours” as he seeks to end political deadlock following the ouster of Michel Barnier.In company news, shares in German retail giant Zalando shed more than four percent on Frankfurt’s DAX index, after it acquired domestic rival About You in a deal worth around 1.1 billion euros ($1.2 billion).Shares in Zara owner Inditex slid more than six percent after a record quarterly profit for the group fell short of market estimates.Among US companies, Google parent Alphabet earned 5.5 percent as it announced the launch of Gemini 2.0, its most advanced artificial intelligence model to date. That added to gains after Google also announced Tuesday details of a breakthrough quantum chip.Shares in Shanghai rose but Hong Kong gave up an early rally to end in the red.Traders were keeping tabs on China to see if it will announce further measures to support its struggling economy as leaders were to gather Wednesday for a conference to hammer out next year’s agenda.President Xi Jinping and other top leaders on Monday announced their first major shift in policy for more than a decade, saying they would “implement a more active fiscal policy and an appropriately relaxed” strategy.Those remarks sparked hopes for more interest rate cuts and the freeing up of more cash for lending.- Key figures around 2150 GMT -New York – Dow: DOWN 0.2 percent at 44,148.56 (close)New York – S&P 500: UP 0.8 percent at 6,084.19 (close)New York – Nasdaq Composite: UP 1.8 percent at 20,034.89 (close)London – FTSE 100: UP 0.3 percent at 8,301.62 (close)Paris – CAC 40: UP 0.4 percent at 7,423.40 (close)Frankfurt – DAX: UP 0.3 percent at 20,399.16 (close)Tokyo – Nikkei 225: FLAT at 39,372.23 (close)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 20,155.05 (close)Shanghai – Composite: UP 0.3 percent at 3,432.49 (close)Euro/dollar: DOWN at $1.0498 from $1.0527 on TuesdayPound/dollar: DOWN at $1.2752 from $1.2771Dollar/yen: UP at 152.40 yen from 151.95 yen Euro/pound: DOWN at 82.31 from 82.42 penceBrent North Sea Crude: UP 1.8 percent at $73.52 per barrelWest Texas Intermediate: UP 2.4 percent at $70.29 per barrelburs-jmb/mlm

Economic officials in outgoing President Joe Biden’s administration are set to meet their Chinese counterparts this week for talks, in a final effort to strengthen ties before Donald Trump’s White House return.The talks come as Treasury Secretary Janet Yellen stressed in an interview Wednesday the need for “ongoing communications at all levels” to avoid needless worsening in relations between the world’s two biggest economies.Economic and trade tensions between Washington and Beijing have continued to flare during Biden’s time in office.But temperatures could rise further under Trump, who has threatened sweeping tariff increases on Chinese goods ahead of his presidency, most recently over concerns surrounding the flow of illegal fentanyl into the United States.”It’s critical to have open channels of communication,” Yellen told Bloomberg Television, warning that Trump’s universal tariffs proposal would likely trigger retaliation.For now, US officials are seeking to reinforce communication channels on economic issues.On Thursday, Treasury Under Secretary for International Affairs Jay Shambaugh is due to meet Chinese Vice Minister of Finance Liao Min for an economic working group meeting on the sidelines of Group of 20 talks in South Africa, said the Treasury Department.”The United States and China are the two largest economies on the globe, and the American people expect that we should be able to communicate directly with Chinese officials on both areas where we agree and especially on areas where we don’t,” said Shambaugh.Treasury officials are expected to raise issues of concern like recent Chinese export restrictions on certain key minerals, a department spokesperson said.They will also discuss China’s macroeconomic imbalances and excess industrial capacity, which they believe recent policy stimulus efforts by Chinese lawmakers have not fully addressed.Treasury officials and representatives from other agencies will travel to the eastern Chinese city of Nanjing as well, for a financial working group meeting taking place Sunday and Monday.”This upcoming meeting will continue our work to strengthen efforts to preserve financial stability and counter illicit finance threats like fraud and drug and human trafficking,” said Treasury Assistant Secretary for International Finance Brent Neiman, who is leading the US team.China’s delegation is expected to be headed by People’s Bank of China deputy governor Xuan Changneng. 

US and European stock markets mostly rose on Wednesday after inflation data cemented expectations that the Federal Reserve will trim interest rates next month.Wall Street’s three main indexes pushed higher at the opening bell after November consumer inflation figures were in line with analyst expectations.The consumer price index (CPI) rose to 2.7 percent last month from a year ago, up slightly from 2.6 percent in October.”With the CPI numbers broadly in line, it is likely that the Fed will not be derailed and will cut rates again next week,” Jochen Stanzl, chief market analyst at CMC Markets.”The data is not a showstopper for the current bull run on Wall Street,” he added.Ahead of the data investors priced in a 86 percent chance the Fed will next week cut interest rates by a quarter of a percentage point. That rose to 98 percent after the CPI data was published.But with inflation already ticking higher, and the possibility that US president-elect Donald Trump’s planned policies could reignite price increases, analysts see the Fed likely taking a breather.”The Fed will likely await further jobs market and inflationary data before considering the third instalment of this rate cutting cycle, allowing the latest rate cut to have its full effect,” said Srijan Katyal, chief strategist at ADSS brokerage.Meanwhile the S&P 500 advanced solidly and the tech-heavy Nasdaq Composite gained more than one percent, flirting with the 20,000 level.However the Dow gave up its early gains and was flat as European markets closed.Paris and Frankfurt stocks rose ahead of the European Central Bank’s own interest rate announcement on Thursday, with analysts expecting another cut as it seeks to boost eurozone growth.Investors are also eyeing political developments in France, where officials said President Emmanuel Macron aims to name a new prime minister “within 48 hours” as he seeks to end political deadlock following the ouster of Michel Barnier.In company news, shares in German retail giant Zalando shed more than four percent on Frankfurt’s DAX index, after it acquired domestic rival About You in a deal worth around 1.1 billion euros ($1.2 billion).Shares in Zara owner Inditex slid more than six percent after a record quarterly profit for the group fell short of market estimates.Shares in Shanghai rose but Hong Kong gave up an early rally to end in the red.Traders were keeping tabs on China to see if it will announce further measures to support its struggling economy as leaders gather Wednesday for a conference to hammer out next year’s agenda.President Xi Jinping and other top leaders on Monday announced their first major shift in policy for more than a decade, saying they would “implement a more active fiscal policy and an appropriately relaxed” strategy.Those remarks sparked hopes for more interest rate cuts and the freeing up of more cash for lending.The announcement comes as officials prepare for a second term for Trump, who has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the superpowers.- Key figures around 1630 GMT -New York – Dow: FLAT at 44,243.17 pointsNew York – S&P 500: UP 0.8 percent at 6,083.03New York – Nasdaq Composite: UP 1.5 percent at 19,986.96London – FTSE 100: UP 0.3 percent at 8,301.62 (close)Paris – CAC 40: UP 0.4 percent at 7,423.40 (close)Frankfurt – DAX: UP 0.3 percent at 20,399.16 (close)Tokyo – Nikkei 225: FLAT at 39,372.23 (close)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 20,155.05 (close)Shanghai – Composite: UP 0.3 percent at 3,432.49 (close)Euro/dollar: DOWN at $1.0492 from $1.0529 on TuesdayPound/dollar: DOWN at $1.2749 from $1.2773Dollar/yen: UP at 152.48 yen from 151.92 yen Euro/pound: DOWN at 82.30 from 82.42 penceBrent North Sea Crude: DOWN 0.1 percent at $71.05 per barrelWest Texas Intermediate: UP 1.6 percent at $69.66 per barrelburs-rl/sbk

US and European stock markets rose on Wednesday after inflation data cemented expectations that the Federal Reserve will trim interest rates next month.Wall Street’s three main indexes snapped higher at the opening bell after November consumer inflation figures were in line with analyst expectations.The consumer price index (CPI) rose to 2.7 percent last month from a year ago, up slightly from 2.6 percent in October.”With the CPI numbers broadly in line, it is likely that the Fed will not be derailed and will cut rates again next week,” Jochen Stanzl, chief market analyst at CMC Markets.”The data is not a showstopper for the current bull run on Wall Street,” he added.Ahead of the data investors priced in a 86 percent chance the Fed will next week cut interest rates by a quarter of a percentage point. That rose to 98 percent after the CPI data was published.But with inflation already ticking higher, and the possibility that US president-elect Donald Trump’s planned policies could reignite price increases, analysts see the Fed likely taking a breather.”The Fed will likely await further jobs market and inflationary data before considering the third installment of this rate cutting cycle, allowing the latest rate cut to have its full effect,” said Srijan Katyal, chief strategist at ADSS brokerage.Paris and Frankfurt stocks rose ahead of the European Central Bank’s own interest rate announcement on Thursday, with analysts expecting another cut as it seeks to boost eurozone growth.Investors are also eyeing political developments in France, where officials said President Emmanuel Macron aims to name a new prime minister “within 48 hours” as he seeks to end political deadlock following the ouster of Michel Barnier.In company news, shares in German retail giant Zalando shed more than four percent on Frankfurt’s DAX index, after it acquired domestic rival About You in a deal worth around 1.1 billion euros ($1.2 billion).Shares in Zara owner Inditex slid six percent after a record quarterly profit for the group fell short of market estimates.Shares in Shanghai rose but Hong Kong gave up an early rally to end in the red.Traders were keeping tabs on China to see if it will announce further measures to support its struggling economy as leaders gather Wednesday for a conference to hammer out next year’s agenda.President Xi Jinping and other top leaders on Monday announced their first major shift in policy for more than a decade, saying they would “implement a more active fiscal policy and an appropriately relaxed” strategy.The remarks sparked hopes for more interest rate cuts and the freeing up of more cash for lending.The announcement comes as officials prepare for a second term for Trump, who has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the superpowers.- Key figures around 1430 GMT -New York – Dow: UP 0.2 percent at 44,328.42 pointsNew York – S&P 500: UP 0.5 percent at 6,063.82New York – Nasdaq Composite: UP 0.8 percent at 19,841.29London – FTSE 100: UP 0.3 percent at 8,306.34 Paris – CAC 40: UP 0.4 percent at 7,427.64 Frankfurt – DAX: UP 0.1 percent at 20,349.08Tokyo – Nikkei 225: FLAT at 39,372.23 (close)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 20,155.05 (close)Shanghai – Composite: UP 0.3 percent at 3,432.49 (close)Euro/dollar: DOWN at $1.0510 from $1.0529 on TuesdayPound/dollar: DOWN at $1.2759 from $1.2773Dollar/yen: UP at 152.09 yen from 151.92 yen Euro/pound: DOWN at 82.38 from 82.42 penceBrent North Sea Crude: DOWN 0.1 percent at $71.05 per barrelWest Texas Intermediate: UP 1.2 percent at $69.44 per barrelburs-rl/lth

Stock markets struggled for direction Wednesday as traders awaited key US inflation data with the Federal Reserve expected to cut interest rates next week.Traders were also keeping tabs on China to see if it will announce further measures to support its struggling economy.Seoul extended Tuesday’s rebound, though political uncertainty after South Korean President Yoon Suk Yeol’s brief imposition of martial law kept the won around two-year lows against the dollar.All three main Wall Street indexes ended in the red Tuesday, with analysts pointing to profit-taking from a string of records, with the focus now on the consumer price index release due later in the day.”Today’s US CPI print for November is pivotal for markets,” said Kathleen Brooks, research director at trading group XTB. The reading is expected to show a slight pick-up in inflation but there is still a strong expectation the US central bank will cut rates for a third straight meeting next week.Brooks added that higher-than-expected inflation could lead to questions over future rate cuts, especially with the possibility that US president-elect Donald Trump’s planned policies could reignite inflation.Beijing’s attempts to kickstart growth are also in view, with China’s leaders gathering for a conference aimed at hammering out next year’s agenda.President Xi Jinping and other top leaders on Monday announced their first major shift in policy for more than a decade, saying they would “implement a more active fiscal policy and an appropriately relaxed” strategy.The remarks sparked hopes for more interest rate cuts and the freeing up of more cash for lending.The announcement comes as officials prepare for a second term for Trump, who has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the superpowers.Shares in Shanghai rose Wednesday but Hong Kong gave up an early rally to end in the red.Paris and Frankfurt stocks edged up awaiting Thursday’s expected rate cut from the European Central Bank as it seeks to help boost eurozone growth.Investors are also eyeing political developments in France, where officials said President Emmanuel Macron aims to name a new prime minister “within 48 hours” as he seeks to end political deadlock following the ouster of Michel Barnier.In company news, shares in German retail giant Zalando shed around five percent on Frankfurt’s DAX index, after it acquired domestic rival About You in a deal worth around 1.1 billion euros ($1.2 billion).Shares in Zara owner Inditex slid six percent after a record quarterly profit for the group fell short of market estimates.Oil prices gained one percent on supply worries, as the US considers new sanctions against Russia, the world’s second largest oil producer.- Key figures around 1100 GMT -London – FTSE 100: UP 0.1 at 8,285.07 pointsParis – CAC 40: UP 0.1 percent at 7,404.20 Frankfurt – DAX: UP 0.1 percent at 20,347.47Tokyo – Nikkei 225: FLAT at 39,372.23 (close)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 20,155.05 (close)Shanghai – Composite: UP 0.3 percent at 3,432.49 (close)Seoul – Kospi: UP 1.0 percent at 2,442.51 (close)New York – Dow: DOWN 0.4 percent at 44,247.83 (close)Euro/dollar: DOWN at $1.0497 from $1.0529 on TuesdayPound/dollar: DOWN at $1.2724 from $1.2773Dollar/yen: UP at 152.63 yen from 151.92 yen Euro/pound: UP at 82.49 from 82.42 penceBrent North Sea Crude: UP 1.0 percent at $72.91 per barrelWest Texas Intermediate: UP 1.1 percent at $69.31 per barrel

Markets diverged on Wednesday ahead of US inflation data that could play a key role in the Federal Reserve’s interest rate decision next week, while traders were also keeping tabs on Beijing hoping for more economic support measures.Seoul extended Tuesday’s rebound rally, though political uncertainty after South Korean President Yoon Suk Yeol’s brief imposition of martial law kept the won under pressure around two-year lows against the dollar.Investors were taking a breather after a run of volatility in recent weeks fuelled by a range of issues including Donald Trump’s re-election, the crisis in South Korea, upheaval in the Middle East and ongoing worries about China’s economy.All three main Wall Street indexes ended in the red Tuesday, with analysts pointing to profit-taking from a string of records, with the focus now on the consumer price index release due later in the day.While the reading is expected to show a slight pick-up, there is still a strong expectation the US central bank will cut rates for a third straight meeting next week.”The holiday season is in full swing, and like countless children around the world wishing for something special from jolly old Saint Nick, equity markets are hoping the US Federal Reserve will bring them a comfy-cosy interest rate cut,” said Saira Malik, chief investment officer at asset manager Nuveen.However, there is speculation that monetary policymakers will not make as many reductions next year as previously expected amid fears that Trump’s planned tax cuts, deregulation and tariff hikes will reignite inflation.Beijing’s attempts to kickstart growth are also in view, with leaders expected to gather Wednesday for a two-day Central Economic Work Conference aimed at hammering out the agenda for next year.President Xi Jinping and other top leaders announced on Monday their first major shift in policy for more than a decade, saying they would “implement a more active fiscal policy and an appropriately relaxed” strategy.The remarks represented a move away from their previous “prudent” approach, sparking hopes for more rate cuts and the freeing up of more cash for lending.The announcement comes as officials prepare for a second term for Trump, who has indicated he will reignite his hardball trade policies, fuelling fears of another standoff between the superpowers.Shares in Shanghai rose but Hong Kong gave up an early rally to end in the red.There were gains in Wellington, Mumbai and Jakarta, but Sydney, Singapore, Bangkok, Taipei and Manila fell. Tokyo was flat.Seoul rose one percent to build on Tuesday’s advance of more than two percent, which came after tumbling in the wake of Yoon’s December 3 martial law bid. London, Paris and Frankfurt all opened lower.Traders are now tracking developments as Yoon faces a second impeachment vote on Saturday. On currency markets, the euro dropped ahead of the European Central Bank’s monetary policy meeting on Thursday, when it is expected to cut rates as it seeks to boost the struggling eurozone growth.Investors are also eyeing Paris, where French officials said President Emmanuel Macron aims to name a new prime minister “within 48 hours” as he seeks to end political deadlock following the ouster of Michel Barnier.- Key figures around 0810 GMT -Tokyo – Nikkei 225: FLAT at 39,372.23 (close)Hong Kong – Hang Seng Index: DOWN 0.8 percent at 20,155.05 (close)Shanghai – Composite: UP 0.3 percent at 3,432.49 (close)Seoul – Kospi: UP 1.0 percent at 2,442.51 (close)London – FTSE 100: DOWN 0.3 percent at 8.253,96Euro/dollar: DOWN at $1.0490 from $1.0529 on TuesdayPound/dollar: DOWN at $1.2733 from $1.2773Dollar/yen: DOWN at 151.66 yen from 151.92 yen Euro/pound: DOWN at 82.38 from 82.42 penceWest Texas Intermediate: UP 0.2 percent at $68.71 per barrelBrent North Sea Crude: UP 0.2 percent at $72.32 per barrelNew York – Dow: DOWN 0.4 percent at 44,247.83 (close)

Nippon Steel on Wednesday slammed the “inappropriate” influence of politics on its planned takeover of US Steel after a media report said President Joe Biden would block it.The deal worth $14.9 billion including debts is being reviewed by a body in Washington that assesses foreign takeovers of US firms.Bloomberg News, citing people close to the matter, said Biden planned to kill the sale on national security grounds when the review is finished later this month.”It is inappropriate that politics continue to outweigh true national security interests — especially with the indispensable alliance between the US and Japan as the important foundation,” a Nippon Steel statement said.”We have engaged in good faith with all parties to underscore how the transaction will bolster American economic and national security by countering the threats posed by China,” it added.”Nippon Steel still has confidence in the justice and fairness of America and its legal system, and — if necessary — will work with US Steel to consider and take all available measures to reach a fair conclusion.”The takeover was agreed by the companies around a year ago.US Steel says it needs the Nippon deal to ensure sufficient investment in plants in Pennsylvania, which it warns it may have to shutter if the sale is blocked.But the buyout has been fiercely condemned by the United Steelworkers union — even as Nippon promised investments to keep Pennsylvania factories competitive and newer “mini mills” in the American South.- Trump ‘totally against’ deal -After the deal was first announced, Biden said it was “vital” that US Steel be “domestically owned and operated”.”I told our steelworkers I have their backs, and I meant it,” he also said in March.Even so, days after the November US election, Nippon Steel said it expected to close its takeover of the company before the end of the year, while Biden was still in office.President-elect Donald Trump — who is to be inaugurated on January 20 — has also vowed to block the deal, pledging to bolster US Steel through tax incentives and tariffs instead.”I am totally against the once great and powerful U.S. Steel being bought by a foreign company,” Trump wrote earlier this month on his Truth Social platform.In reaction to the Bloomberg report, the White House said Biden was awaiting the outcome of the ongoing review by the Committee on Foreign Investment in the United States (CFIUS), helmed by Treasury Secretary Janet Yellen.”The president’s position since the beginning is that it is vital for US steel to be domestically owned and operated,” spokeswoman Robyn Patterson said.”We have not received any CFIUS recommendation. The CFIUS process was and remains ongoing.”US Steel shares closed down 9.7 percent Tuesday on Wall Street following the report. Nippon was down 0.4 percent in Tokyo on Wednesday.Japan’s top government spokesman Yoshimasa Hayashi declined to comment directly on the deal but said Japan and the United States would continue “broad” discussions on economic matters.”It is essential for both sides to strengthen Japan-US economic ties, including the expansion of mutual investment,” Hayashi said.