Nippon Steel would move its U.S. headquarters to Pittsburgh where its acquisition target U.S. Steel is based if the deal goes through, an executive said, adding to the pledges from the Japanese steelmaker to secure the transaction. Nippon Steel's proposed $15-billion takeover of U.S. Steel has drawn sharp criticism in the United States where President Joe Biden said last week the asset should remain domestically owned while his opponent in November presidential vote, Donald Trump, promised to block the deal if he is re-elected. The Japanese company, the world's fourth biggest steelmaker, has been in talks with the United Steelworkers (USW), a labour union key for Biden and Trump in the upcoming November elections and which so far was opposing the deal.
Reddit and Google's YouTube were ordered by a New York state judge to face lawsuits seeking to hold them responsible for helping enable the avowed white supremacist who killed 10 Black people in 2022 at a Buffalo, New York grocery store. Justice Paula Feroleto of the Erie County Supreme Court said 25 plaintiffs could try to prove that the social media platforms were designed to addict and radicalize users, and gave Payton Gendron knowledge of the equipment and training needed for his racially motivated mass shooting at Tops Friendly Markets.
Portfolio investors took a breather last week after the earlier rush to repurchase short positions lifted oil and gas prices significantly since the start of the year. Hedge funds and other money managers sold the equivalent of 14 million barrels in the six major petroleum futures and options contracts over the seven days ending on March 12. Fund managers had sold a total of 32 million barrels in the two most recent weeks after purchasing 325 million over the previous 11 weeks, according to exchange regulatory records.
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