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Air India’s Boeing plane was “well-maintained” before it crashed a week ago, killing all but one of 242 people on board, the airline said on Thursday.Indian authorities are yet to detail what caused the Boeing 787-8 Dreamliner to hurtle to the ground in the western city of Ahmedabad a week ago.At least 38 people were killed in the residential neighbourhood that the plane hit, causing such devastation that DNA analysts are still trying to identify dozens of the dead.As investigators attempt to retrieve data from the plane’s black boxes — the cockpit voice recorder and the flight data recorder — the airline said no problems were detected with the jet before the disaster.”The plane was well-maintained, with its last major check in June 2023,” Air India said in a statement.”Its right engine was overhauled in March 2025, and the left engine was inspected in April 2025. Both the aircraft and engines were regularly monitored, showing no issues before the flight,” it said.The London-bound jet burst into a fireball when it smashed down in Ahmedabad moments after takeoff.Initial checks on Air India’s Dreamliners since the crash “did not reveal any major safety concerns”, the country’s civil aviation regulator said on Tuesday.India’s aviation investigative unit said on Thursday the probe was “progressing steadily”.”Key recovery work, including site documentation and evidence collection, has been completed, and further analysis is now underway,” the Aircraft Accident Investigation Bureau said in a statement.- ‘Highly experienced pilot’ -Air India said there were 169 Indian passengers, 53 British, seven Portuguese and a Canadian on board the flight, as well as 12 crew members.The pilots were accomplished flyers, according to the airline.”The flight was led by Captain Sumeet Sabharwal, a highly experienced pilot and trainer with over 10,000 hours flying widebody aircraft,” it said.”First Officer Clive Kunder had over 3,400 hours of flying experience.”While investigators try to piece together what went wrong, many families of victims are still waiting for their loved ones to be identified.As of Thursday evening, 215 victims have been matched through DNA testing, all but nine of them passengers, according to the civil hospital’s medical superintendent Rakesh Joshi.The remains of around 15 of them have been transported by air, Joshi told journalists. Six people injured in the disaster remain in hospital, with one due to be discharged shortly while the others are in a stable condition.

Air India’s Boeing plane was “well-maintained” before it crashed a week ago, killing all but one of 242 people on board, the airline said Thursday.Indian authorities are yet to detail what caused the Boeing 787-8 Dreamliner to hurtle to the ground in the western city of Ahmedabad, where at least 38 people were also left dead.As investigators attempt to retrieve data from the plane’s black boxes — the cockpit voice recorder and the flight data recorder — the airline said that no problems were detected with the jet before the disaster.”The plane was well-maintained, with its last major check in June 2023,” Air India said in a statement.”Its right engine was overhauled in March 2025, and the left engine was inspected in April 2025. Both the aircraft and engines were regularly monitored, showing no issues before the flight,” the airline said.The London-bound jet burst into a fireball when it smashed into a residential area of Ahmedabad moments after takeoff.Initial checks since the crash on Air India’s Dreamliners “did not reveal any major safety concerns”, the country’s civil aviation regulator said Tuesday.India’s aviation investigative unit said Thursday the probe was “progressing steadily”.”Key recovery work, including site documentation and evidence collection, has been completed, and further analysis is now underway,” the Aircraft Accident Investigation Bureau said in a statement.Air India said there were 169 Indian passengers, 53 British, seven Portuguese and a Canadian on board the flight, as well as 12 crew members.The airline said Thursday the pilots were accomplished flyers. “The flight was led by Captain Sumeet Sabharwal, a highly experienced pilot and trainer with over 10,000 hours flying widebody aircraft,” it said.”First Officer Clive Kunder, had over 3,400 hours of flying experience.”While investigators try to piece together what went wrong, families of dozens of victims are still waiting for their loved ones to be identified.As of Thursday, 210 victims have been identified through DNA testing, state health minister Rushikesh Patel said.

Equities fell Thursday after the Federal Reserve warned Donald Trump’s trade war could reignite US inflation and dampen economic growth, while oil rose on Middle East concerns as investors awaited developments in the Israel-Iran conflict.While geopolitical tensions are the key focus for markets, traders eyed the US central bank’s latest meeting Wednesday as officials discussed monetary policy in light of the president’s tariff blitz.The Fed kept borrowing rates on hold, as expected, and said in a statement that “uncertainty about the economic outlook has diminished but remains elevated”.It also cut its economic growth forecast for this year and raised inflation and unemployment expectations, in its first updated projections since Trump unveiled his levies on most trading partners at the start of April.Boss Jerome Powell called the economy “still solid” but added that “increases in tariffs this year are likely to push up prices and weigh on economic activity”.He said the bank was “well-positioned to wait to learn more” before considering changes to rates. Still, the Fed’s so-called dot-plot chart predicted two cuts this year.”Ultimately, the cost of the tariff has to be paid and some of it will fall on the end consumer,” he added. “We know that’s coming and we just want to see a little bit of that before we make judgements prematurely.”The Fed’s decision drew the ire of Trump, who has repeatedly pressured the independent central bank for rate cuts. He wrote on his Truth Social platform that Powell was “the WORST” and a “real dummy, who’s costing America $Billions!”.Hours before the meeting, he had told reporters “We have a stupid person, frankly, at the Fed.””We have no inflation, we have only success, and I’d like to see interest rates get down,” he said at the White House. “Maybe I should go to the Fed. Am I allowed to appoint myself?”- ‘A heavy price’ -Tai Hui at JP Morgan Asset Management said: “The Fed’s assessment indicates that the economy is in good shape, aligning with current economic data.”However, trade policy, fiscal policy, and unintended consequences of policies from the Trump administration are contributing to market volatility in the second half of this year.”Hong Kong led share losses, falling two percent, while Tokyo shed one percent, with Bangkok also well down as a political crisis involving Thailand’s Prime Minister Paetongtarn Shinawatra put her government on the brink of collapse.Shanghai, Sydney, Singapore, Wellington, Taipei, Mumbai and Jakarta were also down with London, Paris and Frankfurt.The Fed comments compounded the already weak sentiment as Trump considers joining Israeli strikes against Iran.He indicated he was still looking into such a move and that Iran had reached out seeking negotiations, saying: “I may do it, I may not do it. I mean, nobody knows what I’m going to do.”Without providing more details, he added: “The next week is going to be very big.”Iran’s supreme leader Ayatollah Ali Khamenei earlier sounded a defiant note, rejecting Trump’s call for “unconditional surrender”.Crude prices rose Wednesday after fluctuating through the Asian day as traders tracked developments.Israel’s army said Thursday it had struck an “inactive nuclear reactor” in Iran overnight, while the Islamic republic’s Natanz nuclear site was targeted again.Meanwhile, Prime Minister Benjamin Netanyahu said Tehran would “pay a heavy price” after a missile hit a hospital in Israel’s south.Analysts said the main worry for traders was the possibility Tehran will shut a key shipping lane through which an estimated fifth of global oil supply flows.”We don’t see it as a likely scenario at this time, but given the precarious state that the Iran regime is in right now, I think everybody should be watching” the Strait of Hormuz, Mike Sommers, president of the American Petroleum Institute, told Bloomberg television in an interview.- Key figures at around 0810 GMT -Tokyo – Nikkei 225: DOWN 1.0 percent at 38,488.34 (close)Hong Kong – Hang Seng Index: DOWN 2.0 percent at 23,237.74 (close)Shanghai – Composite: DOWN 0.8 percent at 3,362.11 (close)London – FTSE 100: DOWN 0.5 percent at 8,801.86 West Texas Intermediate: UP 1.2 percent at $76.01 per barrelBrent North Sea Crude: UP 1.0 percent at $77.44 per barrelEuro/dollar: DOWN at $1.1467 from $1.1485 on WednesdayPound/dollar: DOWN at $1.3410 from $1.3420Dollar/yen: UP at 145.30 yen from 145.09 yenEuro/pound: DOWN at 85.50 pence from 85.55 penceNew York – Dow: DOWN 0.1 percent at 42,171.66 (close)

Nippon Steel completed its multi-billion-dollar acquisition of US Steel on Wednesday, granting rare veto-like power over strategic decisions to Washington with a “golden share”.The announcement concludes a saga that began in December 2023, when Nippon Steel agreed to acquire the linchpin of American steelmaking for $14.9 billion.An outright buyout sparked bipartisan political opposition, including from President Donald Trump, who railed against the proposed deal throughout the 2024 presidential campaign.But last month he announced a pivot, branding the revamped venture — blocked by former president Joe Biden on security grounds — as a “partnership” rather than a takeover.A national security agreement between the companies and the US government provides that approximately $11 billion in new investments will be made by 2028.And Washington’s non-economic golden share allows it to appoint one independent director as well as granting consent rights for proposed capital budget cuts among other powers.Nippon Steel CEO Eiji Hashimoto said Thursday in Tokyo that this “won’t hinder activities that we hope to conduct.””The agreement is fully satisfactory to us, as it ensures the management freedom… essential for business investment,” Hashimoto told reporters.”We intend to start implementing measures for revitalisation and development as soon as possible,” he said, promising not to “transfer jobs and production sites elsewhere.”It is “only natural” that the US government would be concerned about the takeover of a symbolic company, which dates back to 1901, Hashimoto added.- ‘Massive victory’ -A source close to the matter said Nippon Steel had bought all common shares of US Steel, completing the merger.The deal creates the world’s fourth biggest steelmaker — but Nippon Steel faces several big challenges, from trade tariffs to weak demand for steel products worldwide.Nippon Steel shares were up 2.4 percent Thursday afternoon, even as Tokyo’s benchmark Nikkei index slumped 0.9 percent.Pennsylvania Senator Dave McCormick, a Republican, thanked Trump on X and called the outcome “a massive victory for working families in the Mon Valley, our economy, our national security, and America’s manufacturing future!”But the United Steelworkers (USW) union, which vigorously fought the deal, vowed to “continue watching, holding Nippon to its commitments,” according to a statement.”We will use the most powerful tool workers have against global corporations: collective bargaining.”Biden had blocked the transaction in early January, shortly before leaving office.He said that placing “one of America’s largest steel producers under foreign control” could “create risk for our national security and our critical supply chains.”- Government influence -Besides agreeing to keep US Steel’s Pittsburgh headquarters and to maintain US production, the national security agreement calls for a majority of US Steel’s board to be US citizens, as are key leaders including the CEO.The “golden share” does not entitle the US government to dividends, nor does it require Washington to make investments in the company.While the structure gives the government “extraordinary” influence, the mechanism could be difficult to enforce in a downturn if Nippon fails to comply, said Atlantic Council senior fellow Sarah Bauerle Danzman.Nippon Steel’s promise of investment means more steel will be produced in the United States, leading to a likely drop in steel prices, said Gordon Johnson, CEO of GLJ Research.”US Steel was talking about closing significant capacity in Pennsylvania, which would have devastated a big swathe of that economy. So this is definitely a win for the US worker, it’s definitely a win for the US economy,” he told AFP.jmb-hih-nf-ap/kaf/fox

Asian stocks fell Thursday after the Federal Reserve warned Donald Trump’s trade war would likely reignite US inflation and dampen economic growth, while oil prices edged down as investors awaited developments in the Israel-Iran conflict.While geopolitical tensions are the key focus for markets, traders were also watching the US central bank’s latest meeting Wednesday as officials gathered to discuss monetary policy in light of the president’s tariff blitz.The Fed kept borrowing rates on hold for a fourth consecutive meeting, as expected, and said in a statement that “uncertainty about the economic outlook has diminished but remains elevated”.It later cut its economic growth forecast for this year and raised inflation and unemployment expectations, in its first updated projections since Trump unveiled his levies on most trading partners at the start of April.Boss Jerome Powell called the economy “still solid” but added that “increases in tariffs this year are likely to push up prices and weigh on economic activity”.He said the bank was “well-positioned to wait to learn more” before considering changes to rates. Still, the Fed’s so-called dot-plot chart predicted two cuts this year.”Ultimately, the cost of the tariff has to be paid and some of it will fall on the end consumer,” he added. “We know that’s coming and we just want to see a little bit of that before we make judgements prematurely.”With Trump increasingly calling for the bank to slash rates, Powell said: “We’ll make smarter and better decisions if we just wait a couple of months.”Hours before the decision, the president said: “We have a stupid person, frankly, at the Fed.”Speaking at the White House, he added: “We have no inflation, we have only success, and I’d like to see interest rates get down. Maybe I should go to the Fed. Am I allowed to appoint myself?””The Fed’s assessment indicates that the economy is in good shape, aligning with current economic data,” said Tai Hui at JP Morgan Asset Management.”However, trade policy, fiscal policy, and unintended consequences of policies from the Trump administration are contributing to market volatility in the second half of this year.”After a tepid day on Wall Street, Asian markets turned lower.Hong Kong led losses, falling more than one percent, while Tokyo, Shanghai, Sydney, Singapore, Seoul, Wellington, Taipei, Manila and Jakarta were also in the red.The Fed comments compounded the already weak sentiment on trading floors as Trump considers whether to join Israeli strikes against Iran.He indicated he was still looking into such a move and that Iran had reached out seeking negotiations, saying: “I may do it, I may not do it. I mean, nobody knows what I’m going to do.”Without providing more details, he added: “The next week is going to be very big.”Iran’s supreme leader Ayatollah Ali Khamenei earlier sounded a defiant note, rejecting Trump’s call for “unconditional surrender”.Still, with no concrete signs of escalation, oil prices edged down after another volatile day on Wednesday.Analysts said the main worry for traders was the possibility Tehran will shut a key shipping lane through which an estimated fifth of global oil supply flows.”We don’t see it as a likely scenario at this time, but given the precarious state that the Iran regime is in right now, I think everybody should be watching” the Strait of Hormuz, Mike Sommers, president of the American Petroleum Institute, told Bloomberg television in an interview.- Key figures at around 0230 GMT -Tokyo – Nikkei 225: DOWN 0.7 percent at 38,597.16 (break)Hong Kong – Hang Seng Index: DOWN 1.0 percent at 23,486.26Shanghai – Composite: DOWN 0.3 percent at 3,377.19Euro/dollar: DOWN at $1.1455 from $1.1485 on WednesdayPound/dollar: DOWN at $1.3396 from $1.3420Dollar/yen: UP at 145.15 yen from 145.09 yenEuro/pound: DOWN at 85.51 pence from 85.55 penceWest Texas Intermediate: DOWN 0.4 percent at $74.86 per barrelBrent North Sea Crude: DOWN 0.4 percent at $76.40 per barrelNew York – Dow: DOWN 0.1 percent at 42,171.66 (close)London – FTSE 100: UP 0.1 at 8,843.47 (close)

Nippon Steel and US Steel said Wednesday they had completed a long-debated transaction granting the US government a “golden share” — a veto-like power over the Japanese company’s strategic decisions.The agreement modifies a transaction originally announced in December 2023, in which Nippon Steel agreed to acquire US Steel for $14.9 billion. But the outright buyout of the iconic US company sparked bipartisan political opposition, including from President Donald Trump.Trump, who railed against the proposed deal throughout the 2024 presidential campaign, last month announced a pivot, branding the revamped venture as a “planned partnership.”And the US government will now have a say on Nippon’s plans for US infrastructure and jobs through its golden share.Nippon Steel CEO Eiji Hashimoto said Thursday in Tokyo that this “won’t hinder activities that we hope to conduct.”A national security agreement between the companies and Washington also provides that approximately $11 billion in new investments will be made by 2028.”The agreement is fully satisfactory to us, as it ensures the management freedom and re-producibility that are essential for business investment,” Hashimoto told reporters.”We intend to start implementing measures for revitalisation and development as soon as possible,” he said, promising not to “transfer jobs and production sites elsewhere.”Nippon Steel shares surged 4.6 percent Thursday morning, even as Tokyo’s benchmark Nikkei index slumped 0.7 percent.Pennsylvania Senator Dave McCormick, a Republican, thanked Trump on X and called the outcome “a massive victory for working families in the Mon Valley, our economy, our national security, and America’s manufacturing future!”But the United Steelworkers (USW) union, which vigorously fought the deal, vowed to “continue watching, holding Nippon to its commitments,” according to a statement.”And we will use the most powerful tool workers have against global corporations: collective bargaining.”- ‘World-leading capabilities’ -Under the December 2023 transaction, Nippon agreed to pay $55 per share for US Steel — an all-cash deal that included a 40 percent premium and pitched the combined company as the “best steelmaker with world-leading capabilities.”While the agreement included a pledge to maintain the name US Steel and the company’s Pittsburgh headquarters, industry watchers expected an exodus of executives.But the deal sparked bitter opposition from the USW and a broad range of politicians, including then-president Joe Biden and former Ohio senator JD Vance — now Trump’s vice president.So Nippon stepped up its lobbying efforts in Washington and Pittsburgh to win support for a transaction that appeared for months to be on life support.Biden blocked the transaction in early January, shortly before leaving office. He said that placing “one of America’s largest steel producers under foreign control” could “create risk for our national security and our critical supply chains.”But backers of the deal had been hoping the political climate shift following Trump’s election victory over Biden’s vice president Kamala Harris might help revive it.Besides agreeing to keep US Steel’s Pittsburgh headquarters and to maintain US production, the revamped deal’s national security agreement calls for a majority of US Steel’s board to be US citizens, as are key leaders including the CEO.The government’s “golden share” will allow it the right to appoint one independent director and grant it consent rights for proposed capital budget cuts, the redomiciling of activities outside the United States and on acquisitions in the country.The “golden share” does not entitle the US government to dividends, nor does it require Washington to make investments in the company.

Wall Street stocks treaded water Wednesday after the Federal Reserve met expectations and kept interest rates steady while oil prices nudged higher following a volatile session amid ongoing clashes between Iran and Israel.The Fed held interest rates unchanged for a fourth consecutive meeting, as Chair Jerome Powell said more time was needed to monitor the inflationary effects of President Donald Trump’s tariffs.Powell maintained the Fed is well-positioned to wait to learn more, before considering changes to interest rates.”Because the economy is still solid,” the central bank can take time to see what happens, Powell told reporters at a press conference. “We’ll make smarter and better decisions if we just wait a couple of months.”US indices spent part of the day in positive territory before concluding the session essentially flat.Earlier in Europe, the London stock market rose but Paris and Frankfurt ended the day down. Asian equities closed mixed as well.The market’s ability to avoid major losses amid the Middle East turmoil is “extremely bullish,” said Adam Sarhan of 50 Park Investments, while still pointing to trade talk uncertainty as a worry. The market believes that “most likely cooler heads will prevail on the trade front and on the Middle East front,” said Sarhan, who described Wednesday’s Fed meeting outcome as in line with expectations.Israel and Iran exchanged fire again, the sixth day of strikes in their most intense confrontation in history.Oil prices initially rose Wednesday after Iran’s supreme leader Ali Khamenei rejected Trump’s demand for an “unconditional surrender,” adding to sharp gains made the previous day.But oil prices fell later in the day after Trump indicated he was still considering whether the United States would join Israeli strikes and indicated that Iran had reached out to seek negotiations.At the end of the day, prices ticked up again with both major futures crude contracts finishing higher.Robert Yawger of Mizuho Americas described the market as “hypersensitive” to headlines, having shown “extreme volatility in the last 24 hours.” The Fed is not the only central bank to meet this week. On Wednesday, Sweden’s central bank cut its key interest rate to try and boost the country’s economy, as it cited risks linked to trade tensions and the escalating conflict in the Middle East.The Bank of England is expected to keep its key rate steady Thursday, especially after official data Wednesday showed UK annual inflation fell less than expected in May.The Bank of Japan on Tuesday kept interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world’s number four economy.- Key figures at around 2030 GMT -New York – Dow: DOWN 0.1 percent at 42,171.66 (close)New York – S&P 500: DOWN less than 0.1 percent at 5,980.87 (close)New York – Nasdaq Composite: UP 0.1 percent at 19,546.27 (close)London – FTSE 100: UP 0.1 at 8,843.47 (close)Paris – CAC 40: DOWN 0.4 percent at 7,656.12 (close)Frankfurt – DAX: DOWN 0.5 percent at 23,317.81 (close)Tokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)Euro/dollar: UP at $1.1485 from $1.1480 on TuesdayPound/dollar: DOWN at $1.3420 from $1.3429Dollar/yen: DOWN at 145.09 yen from 145.29 yenEuro/pound: UP at 85.55 pence from 85.48 penceBrent North Sea Crude: UP 0.3 percent at $76.70 per barrelWest Texas Intermediate: UP 0.4 percent at $75.14 per barrelburs-jmb/acb

Brazil said Wednesday it was free of bird flu, paving the way for it to resume chicken exports to China and 20 other countries after a month-long suspension.The world’s top exporter of chicken meat was forced to halt exports to its main client China, the European Union and fellow Latin American countries over an outbreak of “highly pathogenic avian influenza” (HPAI) on a farm in the southern state of Rio Grande do Sul.A case was also later confirmed at Brasilia’s zoo, where a pigeon and a duck were found dead, but it did not lead to new restrictions on the poultry industry as it involved wild birds.On Wednesday, the government said it had informed the World Organisation for Animal Health that the 28-day quarantine period without any new cases being detected had passed.”The country is declaring itself free of highly pathogenic avian influenza,” the agriculture ministry said in a statement.Agriculture Minister Carlos Favaro announced a “gradual resumption” of poultry exports.Avian flu has spread globally in recent years, leading to mass culling of poultry, some human deaths, and rising egg prices.Infections in humans can cause severe disease with a high mortality rate, according to the World Health Organization, but the virus does not appear to move easily from person to person.Human cases detected so far were mostly in people who had close contact with infected birds and other animals, or contaminated environments. 

Nippon Steel and US Steel announced Wednesday they have completed a long-debated transaction granting the US government a “golden share” — a veto-like power over the Japanese company’s strategic decisions.The agreement modifies a transaction originally announced in December 2023 in which Nippon Steel agreed to acquire US Steel for $14.9 billion. But the outright acquisition of the iconic US company sparked bipartisan political opposition, including from President Donald Trump.Trump, who railed against the proposed deal throughout the 2024 presidential campaign, last month announced a pivot, branding the revamped venture as a “planned partnership.”And the US government will now have a non-economic “golden share” that gives it a say on Nippon’s plans for US infrastructure and jobs.On Wednesday, US Steel filed a notice with US securities regulators to delist its shares on the New York Stock Exchange. The NYSE halted trading, pointing to a “merger effective” order.”The companies have now completed the transaction as contemplated by their merger agreement,” Nippon and US Steel said in a joint press release. “The companies have also entered into a National Security Agreement with the US Government, and US Steel will issue a Golden Share to the US Government.”Nippon Steel has bought all common shares of US Steel, completing the merger, a source close to the matter said Wednesday.Pennsylvania Senator Dave McCormick, a Republican, cheered the deal’s closing, thanking Trump on X and calling the outcome “a massive victory for working families in the Mon Valley, our economy, our national security, and America’s manufacturing future!”But the United Steelworkers (USW) union, which vigorously fought the deal, vowed to “continue watching, holding Nippon to its commitments,” according to a statement.”And we will use the most powerful tool workers have against global corporations: collective bargaining.”- Post-election window of opportunity -Under the December 2023 transaction, Nippon agreed to pay $55 per share for US Steel, an all-cash deal that included a 40 percent premium and pitched the combined company as the “best steelmaker with world-leading capabilities.”While the transaction included a pledge to maintain the name US Steel and the company’s Pittsburgh headquarters, industry watchers expected an exodus of US Steel executives.But after the deal sparked bitter opposition from the USW and a broad range of politicians, including then president Joe Biden and former Ohio senator JD Vance — now Trump’s vice president — Nippon stepped up its lobbying efforts in Washington and Pittsburgh to win support for a transaction that appeared for months to be on life support.In early January, shortly before leaving office, Biden blocked the transaction, saying that placing “one of America’s largest steel producers under foreign control” could “create risk for our national security and our critical supply chains.”But backers of the deal had been hoping the shift in political climate following Trump’s election victory over Biden’s vice president Kamala Harris might revive the deal’s prospect.Besides agreeing to keep US Steel’s Pittsburgh headquarters and to maintaining US production, the revamped deal’s national security agreement calls for a majority of US Steel’s board to be US citizens and for key leaders, including the CEO, to be US citizens.The government’s “golden share” will allow it the right to appoint one independent director and grant it consent rights for proposed capital budget cuts, the redomiciling of activities outside the United States and on acquisitions in the United States.The “golden share” does not entitle the US government to dividends, nor does it require Washington to make investments in the company.Atlantic Council senior fellow Sarah Bauerle Danzman said the deal is not a nationalization of US Steel because the government will not be involved in day-to-day management and “because the United States is not taking equity stakes away from owners.”While the structure gives the government “extraordinary” influence, the mechanism could be difficult to enforce in a downturn if Nippon fails to comply, Danzman said.”How would the US government compel Nippon to increase investments to its promised amount?” wrote Danzman, adding that Washington’s enforcement options “are relatively weak here, especially if Nippon finds itself in a fragile economic position.”

Oil prices dropped Wednesday as comments by President Donald Trump trimmed concerns about an imminent US intervention in the Israel-Iran conflict.Meanwhile, Wall Street’s main indices advanced in late morning trading as investors also awaited the Federal Reserve rate decision, although they were mixed elsewhere.Oil prices initially rose after Iran’s supreme leader Ali Khamenei rejected US President Donald Trump’s demand for an “unconditional surrender”, adding to sharp gains made the previous day.Six days into the conflict, Khamenei warned the United States would face “irreparable damage” if it intervenes in support of Israel.But oil prices then fell after Trump spoke later and indicated he was still considering whether the United States would join Israeli strikes and indicated that Iran had reached out to seek negotiations.”For now at least, the US is not getting involved, if one can believe Trump,” said City Index and FOREX.com analyst Fawad Razaqzada. Despite heightened tensions, “there has been no sense of panic from investors”, said David Morrison, market analyst at financial services firm Trade Nation.”As far as the US is concerned, events are taking place a long way from home,” he said. “But there’s also a feeling that investors are betting on a short and sharp engagement, resulting in a more stable position across the Middle East than the one that currently exists.”Of particular concern, however, is the possibility of Iran shutting off the Strait of Hormuz, through which around one fifth of global oil supply is transported.In Europe, the London stock market rose but Paris and Frankfurt ended the day down. Asian equities closed mixed as well.- Fed watch -The Federal Reserve is widely expected to hold interest rates steady on Wednesday, as officials gauge the impact of US tariffs on inflation.The central bank has ignored calls from Trump to cut borrowing costs as the world’s biggest economy faces pressure.Trump again publicly berated Fed chief Jerome Powell on Wednesday, calling him a “stupid person” for not cutting interest rates.The Federal Reserve will also release on Wednesday its rate and economic growth outlook for the rest of the year, which are expected to take account of Trump’s tariff war.Weak US retail sales and factory output data on Tuesday rekindled worries about the impact of tariffs on the economy but also provided hope that the Fed would still cut rates this year.”The Fed would no doubt be cutting again by now if not for the uncertainty regarding tariffs and a recent escalation of tensions in the Middle East,” said KPMG senior economist Benjamin Shoesmith.In a busy week for monetary policy, Sweden’s central bank cut its key interest rate on Wednesday to try and boost the country’s economy, as it cited risks linked to trade tensions and the escalating conflict in the Middle East.The Bank of England is expected to keep its key rate steady Thursday, especially after official data Wednesday showed UK annual inflation fell less than expected in May.The Bank of Japan on Tuesday kept interest rates unchanged and said it would taper its purchase of government bonds at a slower pace, as trade uncertainty threatens to weigh on the world’s number four economy.- Key figures at around 1530 GMT -Brent North Sea Crude: DOWN 2.0 percent at $74.93 per barrelWest Texas Intermediate: DOWN 2.0 percent at $71.82 per barrelNew York – Dow: UP 0.5 percent at 42,411.50 pointsNew York – S&P 500: UP 0.4 percent at 6,007.85 New York – Nasdaq Composite: UP 0.5 percent at 19,624.09London – FTSE 100: UP 0.1 at 8,843.47 (close)Paris – CAC 40: DOWN 0.4 percent at 7,656.12 (close)Frankfurt – DAX: DOWN 0.5 percent at 23,317.81 (close)Tokyo – Nikkei 225: UP 0.9 percent at 38,885.15 (close)Hong Kong – Hang Seng Index: DOWN 1.1 percent at 23,710.69 (close)Shanghai – Composite: FLAT at 3,388.81 (close)Euro/dollar: UP at $1.1530 from $1.1488 on TuesdayPound/dollar: UP at $1.3471 from $1.3425Dollar/yen: DOWN at 144.59 yen from 145.27 yenEuro/pound: UP at 85.59 pence from 85.54 penceburs-rl/rmb