
JPMorgan Drops the 'E' in DEI and Renames Program
JPMorgan Chase & Co. is changing the name of its diversity, equity and inclusion program at a time when DEI has been attacked by President Donald Trump's administration. The new program will be called Diversity, Opportunity and Inclusion. Bloomberg's Simone Foxman reports. (Source: Bloomberg)
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CNBC
35 minutes ago
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Trump approves U.S. Steel merger with Japan's Nippon after companies sign national security agreement
President Donald Trump issued an executive order on Friday approving U.S. Steel's merger with Japan's Nippon Steel, after the companies signed a national security agreement with the U.S. government. Trump opposed U.S. Steel's controversial sale to Nippon in the runup to the 2024 president election, as Republicans and Democrats have leaned into protecting U.S. companies against foreign competitors. But Trump started softening his opposition to the takeover after assuming office, ordering a new review of the deal in April. President Joe Biden had blocked U.S. Steel's sale to Nippon during his final days in office, citing national security concerns, despite Japan being a close ally. Trump has avoided calling the deal an acquisition or merger, describing it as a "partnership" in a May 23 post on his social media platform Truth Social. He insisted that U.S. Steel will remain "controlled by the USA" during a speech to workers at one of the company's plants outside Pittsburgh on May 30. U.S. Steel made clear it would become a "wholly owned subsidiary" of Nippon North America under the terms of the merger agreement in an April 8 filing with the Securities and Exchange Commission. Trump's description of the deal as a "partnership" caused confusion among investors and union leadership. The president told U.S. Steel workers that Nippon will be a "great partner." The Trump administration is currently engaged in trade talks with Japan as investors eagerly await signs that the U.S. will strike deals with key partners that avoid steep tariffs. Trump told the steelworkers that Nippon had agreed to keep U.S. Steel's blast furnaces operating at full capacity for a minimum of 10 years. The president said the deal would not result in layoffs and promised there would be "no outsourcing whatsoever." He said workers will receive a $5,000 bonus. Trump announced that he was doubling U.S. tariffs on steel imports to 50% during his remarks to U.S. Steel workers. Those tariffs went into effect on June 4.


Bloomberg
an hour ago
- Bloomberg
Middle East Tensions Escalate, Oil Prices Jump
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CNN
an hour ago
- CNN
US Steel and Nippon Steel say Trump has approved their partnership
President Donald Trump has approved a partnership between US Steel and Nippon Steel, the companies said in a release on Friday. 'We look forward to putting our commitments into action to make American steelmaking and manufacturing great again,' the companies said in a statement. The steelmakers also entered into a national security agreement with the US government, the statement said. The agreement 'provides that approximately $11 billion in new investments will be made by 2028, which includes the initial investment in a greenfield project that would be completed after 2028,' the companies said in their statement. The agreement also contains governance commitments, including a so-called 'golden share' that could give the US government special say in how the partnership is run. This is a developing story and will be updated.