Shell Says It's Not in Talks to Buy BP
Shell Plc denied a Wall Street Journal report that it is in active talks about acquiring its London-based oil rival BP Plc. "This is further market speculation. No talks are taking place," a Shell spokesperson said. Bloomberg's Simon Casey reports.
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Chicago Tribune
34 minutes ago
- Chicago Tribune
Trump gets ‘golden share' power in US Steel buyout. US agencies will get it under future presidents
HARRISBURG, Pa. — President Donald Trump will control the so-called 'golden share' that's part of the national security agreement under which he allowed Japan-based Nippon Steel to buy out iconic American steelmaker U.S. Steel, according to disclosures with the U.S. Securities and Exchange Commission. The provision gives the president the power to appoint a board member and have a say in company decisions that affect domestic steel production and competition with overseas producers. Under the provision, Trump — or someone he designates — controls that decision-making power while he is president. However, control over those powers reverts to the Treasury Department and the Commerce Department when anyone else is president, according to the filings. The White House didn't immediately respond to questions Wednesday about why Trump will directly control the decision-making and why it goes to the Treasury and Commerce departments under future presidents. Nippon Steel's nearly $15 billion buyout of Pittsburgh-based U.S. Steel became final last week, making U.S. Steel a wholly owned subsidiary. Trump has sought to characterize the acquisition as a 'partnership' between the two companies after he at first vowed to block the deal — as former President Joe Biden did on his way out of the White House — before changing his mind after he became president. The national security agreement became effective June 13 and is between Nippon Steel, as well as its American subsidiary, and the federal government, represented by the departments of Commerce and Treasury, according to the disclosures. The complete national security agreement hasn't been published publicly, although aspects of it have been outlined in statements and securities filings made by the companies, U.S. Steel said Wednesday. The pursuit by Nippon Steel dragged on for a year and-a-half, weighed down by national security concerns, opposition by the United Steelworkers and presidential politics in the premier battleground state of Pennsylvania, where U.S. Steel is headquartered. The combined company will become the world's fourth-largest steelmaker in an industry dominated by Chinese companies, and bring what analysts say is Nippon Steel's top-notch technology to U.S. Steel's antiquated steelmaking processes, plus a commitment to invest $11 billion to upgrade U.S. Steel facilities. The potential that the deal could be permanently blocked forced Nippon Steel to sweeten the deal. That included upping its capital commitments in U.S. Steel facilities and adding the golden share provision, giving Trump the right to appoint an independent director and veto power on specific matters. Those matters include reductions in Nippon Steel's capital commitments in the national security agreement; changing U.S. Steel's name and headquarters; closing or idling U.S. Steel's plants; transferring production or jobs outside of the U.S.; buying competing businesses in the U.S.; and certain decisions on trade, labor and sourcing outside the U.S.
Fox Sports
an hour ago
- Fox Sports
USA Surfing gets new financial backing in a bid to be recertified for its hometown Olympics
Associated Press LOS ANGELES (AP) — USA Surfing says it has secured a multimillion-dollar endowment as part of its push to be recertified as the nascent Olympic sport's national governing body after losing its status four years ago over financial issues. USA Surfing executive director Becky Fleischauer told The Associated Press on Wednesday that the investment is a major step toward the organization's goal to return to the Olympic movement. 'We have a new board, new leadership, and we've been delivering more value to our surfers than has ever been provided in the past,' Fleischauer said. 'There's a lot of energy. This investment is a declaration of confidence in the future of surfing from those who know it best.' USA Surfing has struck multiyear deals for financial backing from Kamaka Responsible Development, which builds housing communities, and with Orange County-based surf company Resin Services. Kamaka also plans to develop a wave pool that can be used for year-round training for USA Surfing athletes. Fleischauer spoke from the USA Surfing Championship at Lower Trestles, the iconic surf break near San Clemente, California, that will also host the Los Angeles Olympics surfing competition in 2028. USA Surfing, which is based in San Clemente, has crowned its under-18 national champions at Trestles for decades. 'Trestles is our backyard,' Fleischauer said. 'It's where our surfers train. It's where our coaches coach. It's really a global hub for surfing, and we reside right here, so that puts us in a really strong position to know our surfers, know our break, and to be able to lift up the entire community by having the Olympics here.' Surfing made its Olympic debut at the Tokyo Games in 2021, but USA Surfing had already run into trouble with the U.S. Olympic and Paralympic Committee by then over numerous concerns about the organization's financial management. USA Surfing voluntarily decertified as the sport's national governing body in December 2021, although it remained the American representative to the International Surfing Association. USA Surfing is reapplying to be the NGB again, but the U.S. Ski & Snowboard Federation has also applied to manage the Olympic surf team. The well-funded winter sports organization is run by Sophie Goldschmidt, the former chief executive of the World Surf League. One governing body managing multiple sports is an accepted practice in some countries, but hasn't been the norm in the U.S. Olympic movement since the Amateur Sports Act in 1978. The USOPC is evaluating both groups' filings and is expected to resolve the situation within the next few months. While Ski & Snowboard has ample Olympics experience, USA Surfing has the backing of the ISA and even the World Surf League itself, according to its filing with the USOPC. U.S. Olympic gold medalists Caroline Marks and Carissa Moore were among several top surfers who submitted letters of support for USA Surfing. USA Surfing has kept operating without funding from the USOPC since its decertification, still staging competitions and aiding American surfers in their preparation for international events. The body has since made large changes to its leadership, appointing Fleischauer and adding several new members to its board of directors in January 2024. __ AP Olympics:
Bloomberg
an hour ago
- Bloomberg
Stock Movers: Micron, BP, Nvidia
On this episode of Stock Movers: Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Alix Steel, Carol Massar and Tim Stenovec. - Micron (MU), the largest US maker of computer memory chips, gave an upbeat forecast for the current quarter, helped by demand for artificial intelligence equipment. Fiscal fourth-quarter revenue will be roughly $10.7 billion, the company said in a statement Wednesday. That was well ahead of the $9.89 billion average analyst estimate, sending the shares up in late trading. Micron is seeing increasing demand for components like its high-bandwidth memory, which are used in machines that develop and run AI tools. The company expects continued growth from that market as such software becomes more complex, requiring bigger amounts of memory. The company is also starting to recover from narrower profit margins in the previous quarter. - BP (BP) shares surged as much as 10% in trading fter the Wall Street Journal reported that Royal Dutch Shell Plc is in early-stage talks to acquire its London-based rival. Talks between company representatives are active, but any terms of a potential deal couldn't be learned and a transaction is far from certain, the newspaper reported, citing people familiar with the matter. BP is under intense pressure after years of under-performance and the intervention of activist shareholder Elliott Investment Management. Speculation has been growing that the embattled company would become a takeover target, and Bloomberg reported in May that Shell had been studying the merits of a deal. - Nvidia (NVDA) shares rose to an all-time high on Wednesday, with the leader in artificial intelligence chips extending an advance that has cemented its position as one of the most valuable companies in the world. The stock rose 4.3% to $154.31, taking out an all-time high that has stood since January. The record is only the latest milestone for the company, which has risen 63% off an April low, a rally that has added nearly $1.5 trillion to its market capitalization. With the day's gain, Nvidia stands as the world's largest stock, with a market cap of about $3.77 trillion, overtaking Microsoft Corp. at $3.66 trillion.
