Panama's comptroller office to sue over renewal of CK Hutchison contract
[1/2] A ship sails near the Balboa Port after Hong Kong's CK Hutchison Holdings Ltd 0001.HK agreed to sell its interests in a key Panama Canal port operator to a BlackRock Inc-backed consortium, amid pressure from U.S. President Donald Trump to curb China's influence in the region, Panama City, Panama,... Purchase Licensing Rights, opens new tab Read more
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Nippon Steel shares rise after Trump approves $14.9 billion US Steel bid
TOKYO, June 16 (Reuters) - Nippon Steel (5401.T), opens new tab shares rose on Monday after U.S. President Donald Trump approved its $14.9 billion bid for U.S. Steel (X.N), opens new tab, clearing a key hurdle in its 18-month pursuit and securing access to a vital market for its growth strategy. The approval capped a tumultuous process marked by union resistance and two national security reviews. Shares of Nippon, the world's fourth-largest steelmaker, gained 3% to 2,915 yen by the mid-day break after being untraded with a glut of buy orders earlier in the day. They outperformed Tokyo's benchmark Nikkei 225 index (.N225), opens new tab, which was up about 1%. On Friday, Trump signed an executive order allowing the tie-up to proceed, contingent on an agreement with the Treasury Department addressing national security concerns. The companies then announced they had signed the agreement, effectively clearing the deal. The agreement includes $11 billion in new investments by 2028, along with commitments on governance, production and trade. Nippon Steel also confirmed plans to acquire 100% of U.S. Steel's ordinary shares. "Investors have welcomed the resolution of uncertainty surrounding the deal," said Shinichiro Ozaki, senior analyst at Daiwa Securities. "Overall, the agreement appears relatively reasonable in both investment size and timeframe," he said, noting the acquisition is central to Nippon Steel's medium- to long-term growth strategy. The deal would boost Nippon Steel's annual production capacity to 86 million metric tons from 63 million tons. "Shares rose on long-term growth expectations, driven by preferential access to the U.S. market, where steel demand is expected to increase," said Masayuki Kubota, chief strategist at Rakuten Securities. Still, some investors remain concerned about near-term financial strain from the sizable investments. Also, the U.S. government's ownership in the combined company, known as the "golden share", has raised questions of the degree of control it can exert. "While the risk of a capital increase hasn't completely receded, it may be less severe than expected," Ozaki said, referring to Trump's earlier comment that the steelmaker plans to invest $14 billion in the next 14 months. Ozaki downplayed management risk linked to the golden share, saying "Nippon Steel anticipates growth in the U.S. market for high-end products, making production cuts and job reductions unlikely."
Reuters
an hour ago
- Reuters
Not the time to mess with EU-US trade, EU's Costa says
KANANASKIS, Alberta, June 15, Reuters) - Europe and the United States should focus on how the bloc takes more responsibility for its defence rather than creating economic uncertainty through trade tensions, European Union President Antonio Costa said on Sunday. Speaking to reporters with European Commission President Ursula von der Leyen ahead of a gathering of G7 leaders in the Canadian Rockies, Costa said the two days of meetings provide an opportunity to talk about "some problems" between the allies and friends. "The main issue between Europe and the United States is precisely about European defence, and we should focus on (this)," Costa said, referring to Washington's rebalancing of foreign policy towards countering China. "Because this is the main issue we should avoid introducing other issues that undermine our economic capacity to assume greater responsibility on our own defence." U.S. President Donald Trump backed away from his threat to impose 50% tariffs on imports from the European Union next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. Trump's haphazard imposition of tariffs across the world has created uncertainty among key U.S. allies, and raised pressure on the global economy. Speaking alongside Costa, von der Leyen said the trade talks with Washington were now focussing on the details, but there was no guarantee of a deal. "That's why this is not the right moment to create uncertainty on economics. It is not the right moment to create problems on trade, because we need to strengthen our economic basis," Costa said. "We are talking about the most relevant trade relations in the world, then we need to protect this and focus on what is the most important which is to have a good agreement between the EU and the United States about the burden sharing on defence." Underscoring Costa's comments, von der Leyen said the G7 had to avoid protectionism. "This is an important message. A message that the G7 can send to the markets and to the world," she said.
Reuters
2 hours ago
- Reuters
Gold hits near 2-month high as Middle East conflict boosts safe-haven demand
June 16 (Reuters) - Gold rose for a fourth straight session to a near two-month high on Monday, as intensified clashes between Israel and Iran over the weekend stoked fears of a broader regional conflict, pushing investors towards safe-haven assets. Spot gold gained 0.3% to $3,442.09 an ounce, as of 0246 GMT, after hitting its highest level since April 22 earlier in the session. U.S. gold futures advanced 0.3% to $3,461.90. "It's the joint political risk premium that's rising due to the Iran-Israel conflict at this point that is boosted safe-haven demand for gold," said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA. "We have a clear break above $3,400 right now and the short term uptrend is intact. We are seeing resistance level at $3,500 and with the possibility of breaking new high above the $3,500 level." Israel and Iran launched fresh attacks on Sunday, killing and wounding civilians and raising concerns of a broader regional conflict, with both militaries urging civilians on the opposing side to take precautions against further strikes. U.S. President Donald Trump said he hopes Israel and Iran can broker a deal but said sometimes countries have to fight it out first. Gold often considered a safe-haven asset during times of geopolitical and economic uncertainty. Investors this week will look forward to host of central bank monetary policy decisions, with the spotlight on the U.S. Federal Reserve on Wednesday. The U.S. central bank is widely anticipated to keep interest rates steady, with markets awaiting for signals on potential rate cuts in the months ahead. Futures markets suggest expectations for two rate cuts by year-end, possibly starting in September, bolstered by tame inflation data last week. FEDWATCH Elsewhere, spot silver steady at $36.29 per ounce, platinum rose 0.4% to $1,233.87, while palladium gained 1.3% to $1,040.96.
