Japan's Hostile Takeover Boom Raises Risks for Megabanks
Hi, it's Taro Fuse in Tokyo, looking at how Japan's megabanks are responding to the rising level of hostile bids in the country. Also today, Ascension Health is nearing a $3.9 billion deal for surgery centers and the 49ers empire now includes Scotland.
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Japanese megabanks play a powerful role in the country's business landscape—forming deep roots with their corporate customers over the decades through lending relationships, advisory work and even owning stakes.
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Associated Press
17 minutes ago
- Associated Press
India, a major user of coal power, is making large gains in clean energy adoption. Here is how
BENGALURU, India (AP) — One of the most carbon-polluting countries, India is also making huge efforts to harness the power of the sun, wind and other clean energy sources. Most of the electricity in India, the world's most populous nation, still comes from coal, one of the dirtiest forms of energy. But coal's dominance is dropping, going from 60% of installed power capacity 11 years ago to less than 50% today, according to India's power ministry. At the same time, India had its largest ever addition of clean power in the fiscal year between April 2024 and April of this year, adding 30 gigawatts — enough to power nearly 18 million Indian homes. With a growing middle class and skyrocketing energy needs, how fast India can move away from coal and other fossil fuels, such as gasoline and oil, could have a large impact on global efforts to confront climate change. Here is a snapshot of India's clean energy transition and some of the challenges. Renewable energy is now the most economical optionSolar is now half the cost of power from new coal-powered plants. Availability of cheap components and many sunny days each year in India are some reasons experts say installed solar power increased 30 times in the last decade. 'Solar power is the cheapest it's ever been,' said Ruchita Shah, an energy analyst at climate think-tank Ember. Shah added that dropping costs for energy storage, in the form of batteries, means that renewable power will be the 'new normal,' even when the sun doesn't shine or the wind doesn't blow. India has nearly 170 gigawatts of renewable energy projects in the pipeline, which are expected to be completed in the next few years. 'I have no doubt that India will reach its target of 500 gigawatts by 2030,' said Raghav Pachouri, an energy expert at Vasudha Foundation, a New Delhi-based think-tank. Government policies and private investments push renewables Experts say the growth in renewables is being spurred by India's plans to add approximately 50 gigawatts of non-fossil fuel power capacity every year for the next five years and for clean power to provide 50% of the nation's energy by the decade. When burned, fossil fuels let off greenhouse gases like carbon dioxide, the main driver of climate change. A 2022 law that made electricity cheaper for companies choosing to buy clean power, the federal government's recommendation that state utilities buy more renewable power and a 2023 government plan to invest $452 million have all catalyzed investments in renewables. India has the fourth highest amount of clean power installed in the world and government officials said $81 billion has been invested in the renewable energy sector in the last decade. Multiple large-scale renewable power projects have begun operations or are under construction, including one of the world's largest wind and solar power farms. 'We've seen domestic manufacturing capacity, at least when it comes to modules for solar panels, increasing,' said Madhura Joshi, a senior energy analyst at the European think-tank E3G. Still, renewables are underutilized Despite the rapid growth, challenges persist. While non-fossil fuel sources now comprise 45% of India's total installed capacity, their share in actual electricity generation stood at 24% last year. Coal remains the dominant source, accounting for 75% of electricity generation. The share of solar, wind, small hydro power and biomass in India's electricity generation mix stood at 12%, double what it was in 2014 but still lower than expectations by this time, according to a report by New Delhi-based think-tank, the Centre for Science and Environment. Installed capacity is growing, but power generation from renewables needs to be optimized and integrated effectively into the grid, the report found. At a clean energy crossroads A recent report by the nonprofit clean energy think-tank, RMI, found that electricity demand is expected to triple by 2050 — driven by more electric vehicles, air conditioners and industrial growth. Acquiring land for clean energy projects remains a challenge. India also needs to rapidly build robust electricity transmission infrastructure and energy storage facilities to continue increasing clean power capacity. 'India is expected to become the world's third-largest economy in a few years, and I think we will need to adopt renewable energy to do this. There is no option for us because fossil fuels can't keep pace' with energy needs, said Deepak Thakur, chief executive officer of Mumbai-based renewable energy company, Mahindra Susten. ___ Follow Sibi Arasu on X at @sibi123 ___ The Associated Press' climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP's standards for working with philanthropies, a list of supporters and funded coverage areas at
Yahoo
24 minutes ago
- Yahoo
Trump news at a glance: Surprise doubling of steel tariffs risks global market turmoil
Donald Trump said he was doubling tariffs on imported steel to 50% at a rally celebrating a 'partnership' deal between US Steel and Japan-based Nippon Steel on Friday. Speaking in front of an audience of steelworkers, the US president said: 'We are going to be imposing a 25% increase. We're going to bring it from 25% to 50%, the tariffs on steel into the United States of America, which will even further secure the steel industry in the United States.' The surprise announcement, which contained no further detail, was cheered by the crowd at a US Steel plant in West Mifflin, Pennsylvania. Trump added: 'Nobody is going to get around that.' He spoke after US markets closed for the weekend. But the increase, set to take effect next week, is likely to create fresh economic turmoil. Here are the key stories of the day: The US president announced he was doubling foreign tariffs on steel imports to 50%, as he celebrated a 'blockbuster' agreement for Japan-based Nippon Steel's to invest in US Steel during a rally in Pennsylvania. Surrounded by men in orange hardhats, Donald Trump unveiled the tariff rate increase as he spoke at a US Steel plant in West Mifflin, declaring that the dramatic hike would 'even further secure' the US steel industry. It was not immediately clear how the announcement would affect the trade deal with the UK, negotiated earlier this month, that saw tariffs on steel and aluminium from the UK reduced to zero. Read the full story The president saw Elon Musk off from the White House on Friday, as the Tesla chief concluded his more than four months leading the so-called department of government efficiency's disruptive foray into federal departments that achieved far fewer cost savings than expected. Standing alongside Trump in the Oval Office, Musk – who faced a 130-day limit in his tenure as a special government employee that had ended two days prior – vowed that his departure 'is not the end' of Doge. Read the full story Elon Musk engaged in extensive drug consumption while serving as one of Trump's closest advisers, taking ketamine so frequently it caused bladder problems and travelling with a daily supply of about 20 pills, according to claims made to the New York Times. Read the full story The president's so-called Golden Dome missile defence program – which will feature space-based weapons to intercept strikes against the US – is not expected to be ready before the end of his term, despite his prediction that it would be completed within the next three years. Read the full story Donald Trump says he is firing the first female director of the National Portrait Gallery, which contained a caption that referenced the attack on the US Capitol that his supporters carried out in early 2021. Read the full story The Trump administration has ordered US consulates worldwide to conduct mandatory social media screening of every visa applicant seeking to travel to Harvard University, with officials instructed to view private accounts as potential signs of 'evasiveness'. Read the full story The US supreme court on Friday announced it would allow the Trump administration to revoke the temporary legal status of hundreds of thousands of Venezuelan, Cuban, Haitian and Nicaraguan migrants living in the US, bolstering the Republican president's drive to step up deportations. Read the full story The state department is seeking to create an 'Office of Remigration' as part of a restructuring of the US diplomatic service to facilitate Trump's rightwing anti-immigration policies. The FBI is investigating an apparent impersonator who pretended to be the White House chief of staff, Susie Wiles, in texts and calls to her contacts, including prominent Republicans. Catching up? Here's what happened on .
Yahoo
24 minutes ago
- Yahoo
Trump announces 50% steel tariffs and hails ‘blockbuster' deal with Japan
Donald Trump announced on Friday he was doubling foreign tariffs on steel imports to 50%, as the president celebrated a 'blockbuster' agreement for Japan-based Nippon Steel to invest in US Steel during a rally in Pennsylvania. Surrounded by men in orange hardhats at a US Steel plant in West Mifflin, Trump unveiled the new levies, declaring that the dramatic rate increase would 'even further secure the steel industry in the United States'. 'Nobody is going to get around that,' Trump said of the tariff rate hike from what was 25%. In a social media post after the conclusion of his remarks, Trump announced that the 50% tariffs on steel would also apply to imported aluminum and would take effect on 4 June. Related: Trump says he fired National Portrait Gallery chief in latest conflict with arts 'This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers,' he declared in the post. It was not immediately clear how the announcement would affect the trade deal negotiated earlier this month that saw tariffs on UK steel and aluminum reduced to zero. Trump's Friday announcement came a day after a federal appeals court temporarily allowed his tariffs to remain in effect, staying a decision by a US trade court that blocked the president from imposing the duties. The trade court ruling, however, does not impede the president's ability to unilaterally raise tariffs on steel imports, an authority granted under a national security provision called section 232 of the Trade Expansion Act. The precise relationship between Nippon Steel and US Steel raised questions on Friday, even for some of Trump's allies. The president has thrown his full support behind the deal, months after insisting he was 'totally against' a $14.9bn bid by Nippon Steel for its US rival. The United Steelworkers union had previously urged Trump to reject Nippon's bid, dismissing the Japanese firm's commitments to invest in the US as 'flashy promises' and claiming it was 'simply seeking to undercut our domestic industry from the inside'. Speaking to steelworkers, Trump insisted that US Steel would 'stay an American company' after what he is now calling 'a partnership' with Nippon. But US Steel's website links to a standalone site with the combined branding of the two companies that features a statement describing the transaction as 'US Steel's agreement to be acquired by NSC'. On the website touting the deal, there were also multiple references to 'Nippon Steel's acquisition of US Steel' and the 'potential sale of US Steel to Nippon Steel'. Even pro-Trump commentators on Fox expressed bafflement over the exact nature of the deal. 'This is being described as 'a partnership', this deal between Nippon and US Steel – but then it's described as an acquisition on the US Steel website,' Fox host Laura Ingraham pointed out on her Friday-night show. She asked a guest from another pro-Trump outlet, Breitbart: 'Who owns the majority stake in this company?' When the guest said he did not know, Ingraham suggested Trump might not be aware of the details. 'I don't know if he was fully informed about the terms of the deal. We just don't know.' Trump's predecessor, Joe Biden, had blocked Nippon's acquisition, citing national security concerns, during his final weeks in office. During his remarks at the rally, Trump gloated that the Nippon investment would once again make the American steelmaker 'synonymous with greatness'. He said protections were included to 'ensure that all steel workers will keep their jobs and all facilities in the United States will remain open and thriving' and said Nippon had committed to maintaining all of US Steel's currently operating blast furnaces for the next decade. The president also promised that every US steel worker would soon receive a $5,000 bonus – prompting the crowd to start a round of 'U-S-A!' chants. Trump told the steelworkers in attendance that there was 'a lot of money coming your way'. 'We won't be able to call this section a rust belt any more,' Trump said. 'It'll be a golden belt.' During the event, Trump invited local members of United Steelworkers on to the stage to promote the Nippon deal, which saw its leader break with the union to support it. Praising the president, Jason Zugai, vice-president of Irvin local 2227, said he believed the investments would be 'life-changing'. But the powerful United Steelworkers union remained wary. 'Our primary concern remains with the impact that this merger of US Steel into a foreign competitor will have on national security, our members and the communities where we live and work,' the United Steelworkers president, David McCall, said in a statement. 'Issuing press releases and making political speeches is easy. Binding commitments are hard.' Trump framed the administration's drive to boost domestic steel production as 'not just a matter of dignity or prosperity or pride' but as 'above all, a matter of national security'. He blamed 'decades of Washington betrayals and incompetence and stupidity and corruption' for hollowing out the once-dominant American steel industry, as the jobs 'melted away, just like butter'. 'We don't want America's future to be built with shoddy steel from Shanghai. We want it built with the strength and the pride of Pittsburgh,' he said. In his remarks at a US steel plant, Trump also repeated many of the false claims that have become a feature of his rallies including the lie that the 2020 election was stolen from him. He gloated over his 2024 victory and, gesturing toward his ear that was grazed by a would-be assassin's bullet last year at a rally in Butler, Pennsylvania, said it was proof that a higher power was watching over him. He also called on congressional Republicans to align behind his 'one big, beautiful bill', urging attendees to lobby their representatives and senators to support the measure. Lois Beckett and Callum Jones contributed reporting
