Third Point, Arb Funds Reap Big Gains as US Steel Bet Pays Out
Nippon Steel Corp.'s controversial acquisition closed on Wednesday, ending an 18-month saga that divided the US steel industry and became a flash point in American politics. The deal was clinched as US President Donald Trump shifted his views on the foreign transaction after Nippon Steel offered further commitments and investments in the Pittsburgh-based steelmaker.
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USA Today
a minute ago
- USA Today
Trump's latest legal victory
Hi! Rebecca Morin here. Breaking: President Donald Trump said he plans to join law enforcement on the streets of Washington D.C. on Thursday night amid his federal takeover of the city. Trump's civil fraud court loss thrown out President Donald Trump just got another personal legal victory. The $454 million penalty imposed against Trump in his New York civil fraud case has been thrown out by an appeals court. In a Thursday ruling, the five-judge Manhattan-based appeals court determined the penalty was improper. Some members of the panel said that the penalty violated the U.S. Constitution's prohibition on excessive fines. Others said Trump should get a new trial due to errors in the trial judge's determinations. Why was Trump facing a penalty? Trump and some of his entities were hit with that hefty penalty, plus interest, in February 2024, after New York trial Judge Arthur Engoron concluded that Trump had inflated the value of his assets for years to get better loan and insurance terms. Engoron also imposed about $10 million in separate penalties against Trump's eldest sons, Eric and Don Jr., and former Trump Organization executive Allen Weisselberg. Why Trump claimed 'TOTAL VICTORY' after the appeals court decision. A look at Trump's holdings: Trump has bought more than $100 million in company, state and municipal bonds since taking office in January, according to government disclosures about the billionaire's holdings posted online Tuesday. Trump and his family have no involvement in directing or influencing what to buy or sell, which are decisions made by a third-party investment manager, according to a White House source familiar with the report. The Office of Government Ethics certified the report in compliance with legal requirements, the source said. See which bonds the president bought. A politics pit stop A new Texas voting map It could be as early as Thursday when Texas Republicans fully pass a new state congressional map intended to flip five Democratic-held U.S. House seats up for grabs in the 2026 elections. Republican legislators in the state House passed the map in an 88-52 vote on Wednesday. Earlier this month, dozens of Democratic lawmakers ended a two-week walkout, temporarily delaying the bill's passage. The map will now go to the Senate, where it is set to pass, and then head to Republican Gov. Greg Abbott's desk. Texas undertook a rare mid-decade redistricting to help Trump improve their party's odds of holding a narrow U.S. House majority amid political turmoil. How the new map will set off a 'redistricting arms race.' A pause on White House tours If you were coming to Washington in the fall and hoping to get a tour of the White House, you're out of luck. The White House has suspended popular public tours of the historic building starting Sept. 1 during Trump's planned construction of a new ballroom. The White House hasn't announced how long the hiatus in tours will last. But lawmakers who arrange tours for their constituents – subject to White House approval – are warning that none are expected for the indefinite future. What to know about Trump's ballroom project. Got a burning question, or comment, for On Politics? You can submit them here or send me an email at rdmorin@
Axios
a minute ago
- Axios
6 states lead U.S. with most unauthorized immigrants: Pew
California and Texas are among the six states where the majority of the nation's record 14 million unauthorized immigrants live, though more are moving to other states, a new Pew study finds. The big picture: The states have consistently had the most unauthorized immigrants since at least 1980, but they are no longer the only draw as unauthorized immigrants have moved to other states amid economic transformation and new networks. Why it matters: The report highlights the historic rise in unauthorized immigrants during President Biden's first two years in office, fueling the backlash that helped Donald Trump's return to the White House as Latinos in South Texas began moving to the GOP. Polls showed that Latinos who said they support building a border wall and deporting all undocumented immigrants jumped by at least 10 points since 2021, after the significant increase in unauthorized immigrants began. By the numbers: California, Texas, Florida, New York, New Jersey and Illinois were home to nearly 8 million unauthorized immigrants in 2023, according to Pew Research Center estimates released Thursday. That's 56% of the total unauthorized immigrant population in the U.S, compared to 80% in 1990. The latest tally found that California led the nation with 2.3 million unauthorized immigrants, followed by Texas with 2.1 million — only a 200,000-person difference. That's a dramatic shift from 2017, when California had 1.2 million more. State of play: The U.S. unauthorized immigrant population is far less concentrated than in the past, growing in 32 states from 2021 to 2023, Pew found. The population shifts happened as worker shortages and growth continue in industries like construction, agriculture and oil and gas. Zoom in: Florida saw around 700,000 unauthorized immigrants during that two-year span, followed by Texas, with 450,000 more. Unauthorized immigrant populations grew by 75,000 or more in eight states — New Jersey, Illinois, Georgia, North Carolina, Massachusetts, Pennsylvania, Maryland and Ohio. An Axios analysis found that Florida had the highest percentage of unauthorized immigrants among its total population, with 7.1%. Nevada was second with 6.9%, followed by Texas (6.7%) and New Jersey (6.5%). Zoom out: The number of unauthorized immigrants in the U.S. rose to a record 14 million in 2023, sparked by migration from countries other than Mexico, the Pew analysis said. The increase was also driven by two consecutive years of record growth, according to the report. Economic and political upheaval in Africa, Asia, and Latin America — and the perception that President Biden's lifting of immigration barriers would make it easy to enter the U.S. — helped drive unprecedented migration, analysts say.
Miami Herald
a minute ago
- Miami Herald
Weekly unemployment rises to highest level since May; nearly 2M jobless
Aug. 21 (UPI) -- New unemployment claims climbed by 11,000 for the week ending Aug. 16 over the week before bringing the number of new claims to 235,000, according to the U.S. Department of Labor. The advance seasonally adjusted insured unemployment rate was 1.3% for the week ending Aug. 9, unchanged from the previous week's unrevised rate, a press release said. The advance number for seasonally adjusted insured unemployment during the week ending Aug. 9 was 1.97 million, an increase of 30,000 from the previous week's revised level. It's the highest level for insured unemployment since Nov. 6, 2021, when it was 2.04 million. The United States only added 72,000 jobs in July, well below the forecast amount of 115,000. Revisions to the May and June figures cut 258,000 jobs off estimates, and the unemployment rate rose to 4.2% from 4.1%. As a result, President Donald Trump fired Bureau of Labor Statistics Commissioner Erika McEntarfer, claiming she manipulated the BLS numbers to make him look bad. The BLS does not contribute to the weekly unemployment benefits report except to calculate the annual seasonal adjustments. Some major companies have announced layoffs this year, including Spirit Airlines, Southwest Airlines, Chevron, Starbucks, Meta, Stellantis, Disney, Procter & Gamble, Paramount, Microsoft, Scale AI and more. Many blamed the implementation of Trump's tariffs. The advance number of actual initial claims under state programs, unadjusted, totaled 194,920 in the week ending Aug. 16, a decrease of 4,470, or -2.2%, from the previous week. The seasonal factors had expected a decrease of 13,875 (or -7%) from the previous week. There were 192,463 initial claims in the comparable week in 2024. The total number of continued weeks claimed for benefits in all programs for the week ending Aug. 2 was 2 million, a decrease of 26,321 from the previous week. There were 1.9 million weekly claims for benefits in all programs in the comparable week in 2024. No state was triggered to initiate the Extended Benefits program during the week ending Aug. 2. Initial claims for UI benefits filed by former Federal civilian employees totaled 635 in the week ending Aug. 9, a decrease of 2 from the previous week. There were 8,237 continued weeks claimed filed by former Federal civilian employees the week ending Aug. 2, an increase of 44 from the previous week. There were 462 initial claims filed by newly discharged veterans, an increase of 23 from the preceding week. Newly discharged veterans claiming benefits totaled 6,416, an increase of 1,798 from the prior week. The highest insured unemployment rates in the week ending Aug. 2 were in New Jersey (2.7%), Puerto Rico (2.6%), Rhode Island (2.5%), Minnesota (2.2%), California (2.1%), District of Columbia (2.1%). The largest increases in initial claims for the week ending Aug. 9 were in California (+741), New York (+630), Rhode Island (+570), Michigan (+527), and Maryland (+343). The largest decreases were in Iowa (-704), Illinois (-334), New Jersey (-251), Pennsylvania (-158), and Oregon (-153). Copyright 2025 UPI News Corporation. All Rights Reserved.
