Tag: Biden

US Steel should remain American owned and operated, says President Biden | World News


By Jordan Fabian, Josh Wingrove and Joe Deaux


President Joe Biden said United States Steel Corp. should retain American ownership, coming out against a takeover by Japan’s Nippon Steel Corp. despite the risk of upsetting a key ally.

 


US Steel shares retreated in early trading, after plunging 13% on Wednesday when news first broke that Biden would express concern about the deal. The shares are now trading at levels last seen before the Nippon deal was announced in December, suggesting investors are increasingly skeptical about its chances of success amid an ongoing federal review.


“US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated,” Biden said in a statement. “It is important that we maintain strong American steel companies powered by American steel workers. I told our steel workers I have their backs, and I meant it.”


Biden’s statement marks a rare presidential intervention in a transaction that outside an election year would have drawn less public scrutiny. Despite its storied history, US Steel’s role in the economy has diminished over several decades, a period during which producers in Asia have risen to dominate the global steel market. And while Nippon Steel’s proposed $14.1 billion acquisition targets an iconic business name, a takeover in the US commodities industry by a company based in a friendly country is hardly unusual.

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Biden was silent on the pending review of the deal by the Committee on Foreign Investment in the United States, or CFIUS, and stopped short of an outright pledge to block it. CFIUS is led by the Treasury Department, and has the power to approve, block or amend the deal on national

Hunter Biden tells Congress his father was not involved in his business dealings

Washington Hunter Biden testified Wednesday before two GOP-led House committees leading the impeachment inquiry into President Biden, telling lawmakers in a closed-door deposition that his father was not involved in his various business deals.

In a prepared opening statement, the younger Biden contested the premise of the inquiry, saying he “did not involve my father in my business,” while noting that his testimony “should put an end to this baseless and destructive political charade.”

“For more than a year, your Committees have hunted me in your partisan political pursuit of my dad,” he said in his prepared remarks. “You have trafficked in innuendo, distortion, and sensationalism — all the while ignoring the clear and convincing evidence staring you in the face. You do not have evidence to support the baseless and MAGA-motivated conspiracies about my father because there isn’t any.”

Republicans on the House Oversight and Judiciary Committees have long sought Hunter Biden’s testimony, moving last month toward holding him in contempt of Congress before he agreed to testify voluntarily. They argued that Hunter Biden’s testimony was a “critical component” of their impeachment inquiry, which has centered around allegations that the president profited off of his family members’ foreign business dealings while he was vice president. 

Hunter Biden arrives for a deposition related to the impeachment inquiry of his father, President Biden, conducted by the House Oversight and Accountability Committee and the House Judiciary Committee on Feb. 28, 2024.
Hunter Biden arrives for a deposition related to the impeachment inquiry of his father, President Biden, conducted by the House Oversight and Accountability Committee and the House Judiciary Committee on Feb. 28, 2024.

Tom Williams/CQ-Roll Call, Inc via Getty Images


But the inquiry has yet to uncover any evidence of impeachable offenses, and was dealt a blow when the Trump-appointed special counsel investigating Hunter Biden charged a one-time FBI informant for allegedly lying about the president and his son accepting $5 million bribes from a Ukrainian energy company. Prosecutors also revealed in a

Who Is Tony Bobulinski? Hunter Biden’s Business Partner Testifies In Biden Impeachment Inquiry

Topline

Tony Bobulinski, a former business partner of Hunter Biden who has long claimed President Biden was involved in their business deals, testified at a closed-door Congressional hearing Tuesday,which House Republicans hope will boost their impeachment inquiry into the president.

Key Facts

Bobulinski, who was an energy executive and a Navy veteran who briefly worked with Hunter Biden in 2017 on a company called Sinohawk, testified before the House Oversight Committee after publicly claiming President Bident was involved in foreign business deals.

In October 2020, Bobulinski came forward at a press conference claiming to have “emails, WhatsApp chats, agreements, documents and other evidence” that showed then-Democratic presidential candidate Joe Biden profited off his son’s business ventures in China, allegedly cashing in on his family name and status as the former vice president.

The executive also claimed he met the former vice president in May 2017, where they discussed Hunter’s business plans in China—which he said Joe was “plainly familiar” with.

Days after the meeting, Bobulinski said he received an email about equity allocation in Hunter’s Sinohawk energy company, which referenced “10% held by H for the big guy”—which Bobulinski believes refers to Joe Biden.

However, Bobulinski’s claims have never been corroborated, and at least eight other business partners, including business partners James Gilliar and Devon Archer, consultant Mervyn Yan and art gallery owner Georges Bergès, all testified to the House committee that President Biden had no involvement in Hunter’s deals, any connection to loans or payments, or even discussed his son’s businesses with them, according to transcripts obtained by CNN.

Bobulinski has claimed he has “never been political,” and occasionally donated to Democrats, including a donation to California

Biden and American business must mobilize for the economic conflict with China

Three standing ovations from American CEOs. A four-hour discussion with President Biden. Promises of cooperation on policy issues and enticements to foreign companies and investment. Chinese President Xi Jinping’s visit to America was certainly eventful.

But what did it really accomplish? Direct communication between the two world leaders is a positive, but nothing on the economic front got resolved. The fact is that the economic war between these two superpowers has only intensified in the past 12 months—and the stakes are only rising.

The CCP has declared as its primary objectives China’s own security and economic growth. But en route to those objectives, it has taken countless actions that also serve the purpose of upending America’s economic dominance. Such an outcome would essentially destroy the long-held, rules-based economic world order. Losing this competition would mean the U.S. losing its national security along with its economic primacy, and even putting democracy in general at risk.

In this conflict, U.S. companies are the front-line combatants, whether they realize it or not (and all too often, they don’t). That’s why it’s urgent that the Biden administration mobilize and unify the U.S. business community, before the tide of the conflict turns irreversibly. U.S. companies need to develop sound plans and have support as they execute those plans—up to and including, for many companies, disengaging from China.

Little meaningful recourse

Business leaders who trust that China will change by drawing closer to Western norms are gullible or gamblers. (Many have been gullible for 25 years!) They should know that they operate at the mercy of the CCP and the legal system it controls.

Sharing technology and know-how with Chinese companies, as the CCP demands you do, gives you temporary favor. When the Chinese company you shared it with becomes competitive, you are no longer

Biden and Xi’s meeting sent an important signal for U.S. business in China

U.S. President Joe Biden and Chinese President Xi Jinping at Filoli estate on the sidelines of the Asia-Pacific Economic Cooperation summit in Woodside, California, on Nov. 15, 2023.

Kevin Lamarque | Reuters

BEIJING — U.S. President Joe Biden’s meeting with Chinese President Xi Jinping last week has set a bottom line in the relationship which reduces uncertainty for businesses, analysts said.

Biden and Xi met for the first time in about a year in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation conference.

“I think there’s a lot of consensus coming out of this summit,” Wang Dong, executive director of the Institute for Global Cooperation and Understanding at Peking University, told reporters Tuesday.

“What you get from this summit is a very clear signal the two countries, they are committed to what we can call recouple, in a way, on the basis of reciprocity and mutual respect,” he said. “I think this is very important for both countries and indeed for the global economy as well.”

In essence, the U.S. and China are working out what it means to cooperate where they can.

Ray Dalio on Xi dinner: A gathering of old friends and 'stepping back' from the risks of war

“I think for U.S. businesses the hope is that this kind of new tone can translate into a new normal for the economic relationship, where there’s a mutually beneficial relationship where China plays by the rules and the United States and China can get back to a more normal economic footing, have some of these tariffs and retaliations drop away,” said Jake Colvin, president of the Washington, D.C.-based National Foreign Trade Council.

He said he participated in the Asia-Pacific Economic Cooperation CEO Summit in San Francisco last week.

In conversations with Xi, Biden did not budge on export controls, enacted out of national security concerns. But a White House readout said “the leaders affirmed the

Xi and Biden to try to ease tensions as Taiwan looms over US-China talks

Joe Biden and Xi Jinping are expected to hold frank talks about Taiwan when the US and Chinese presidents meet in San Francisco on Wednesday in a renewed effort to stabilise relations between the two powers.

One year after their first meeting as leaders — at the G20 summit in Bali, Indonesia — Biden and Xi will resurrect attempts to halt the steep deterioration in ties, which are in their worst state in four decades. Their effort a year ago was derailed when a suspected Chinese spy balloon flew over the US in February.

In recent months, the sides have resumed top-level engagement, including a visit by secretary of state Antony Blinken to Beijing and a reciprocal trip to Washington by foreign minister Wang Yi.

Washington has welcomed the engagement, but US officials stressed that the summit would not produce big agreements, particularly as tensions remain high over Taiwan, which holds a presidential election in January.

“We’re not talking about a long list of outcomes,” said one US official. “The goals here really are about managing the competition, preventing the downside risk of conflict and ensuring channels of communication are open.”

The official said the combination of Taiwanese and US elections next year meant 2024 could be “bumpy” for US-China relations, reinforcing the need for top-level communication.

They added that Biden would reaffirm the “one China” policy — in which the US recognises Beijing as the sole government of China but only acknowledges its assertion of sovereignty over Taiwan — while making clear to Xi that Chinese political interference in Taiwan’s election “would raise extremely strong concerns”.

Rick Waters, who until August was the US state department’s top China official, said both leaders wanted to prevent a further slide in relations “at the lowest possible cost”.

“The question is how

Biden sets new rules restricting U.S. investments in China

“The program will prohibit certain investments in entities that engage in specific activities related to these technology areas that pose the most acute national security risks, and will require notification for other sensitive investments,” said one of the senior administration officials, who added that the focus of the restrictions is on investments that confer “tangible benefits” to China’s military.

The rules will only apply to new investments — not existing deals — and will likely go into effect next year, following a comment period for industry.

The action will not seek to limit so-called “passive investments,” like U.S.-based pension funds that broadly invest in Chinese securities. Administration officials are “contemplating an exemption for investments in publicly traded securities” as part of Treasury’s rulemaking process, arguing that those investments don’t typically lead to the type of technology transfer that benefits the Chinese military.

“The thing we’re trying to prevent is not money going into China overall, because they have plenty of money,” said the administration official. “The thing they don’t have is the know-how, and … the know-how we’ve seen [transferred] is often very connected to specific types of investments, and that isn’t necessarily seen when it comes to passive investments in the Chinese stock market.”

The administration’s action comes just prior to an expected trip by Commerce Secretary Gina Raimondo to China in the coming weeks and after months of efforts to soothe relations between the two countries that had been in turmoil ever since a Chinese spy balloon was discovered in U.S. airspace. Treasury Secretary Janet Yellen visited Beijing in early July where she signaled that the two sides had made progress in shoring up the frayed relationship. During that trip, Yellen briefed her Chinese counterparts on the administration’s plans for investment rules, the senior administration officials confirmed on

Who Is Indian-American Business Leader Shamina Singh, Joe Biden

Indian-American Business leader Shamina Singh has drawn on over 20 years of global experience to develop a unique social impact model that leverages the assets of the public and private sector.

Who Is Indian-American Business Leader Shamina Singh, Joe Biden's Choice For President Export Council
Shamina Singh is the founder and president of the Mastercard Center for Inclusive Growth. (Photo: Twitter/@shaminasingh)

New Delhi: Indian-American business leader Shamina Singh has been chosen for the President’s Export Council, which serves as the principal national advisory committee on international trade, by President Joe Biden. “I am deeply honored to join the group of esteemed leaders that make up the President’s Export Council. From the earliest days of my career, I have gravitated toward work that helps create long-lasting and inclusive prosperity for people and economies in the US and around the world,” Singh said in a statement.

“I look forward to bringing this perspective to the Council, serving the Administration and having an opportunity to advance America’s economic interests across the globe,” Shamina Singh said.

The President’s Export Council serves as the principal national advisory committee on international trade. The Council advises the President on government policies and programs that affect US trade performance; promotes export expansion; and provides a forum for discussing and resolving trade-related problems among the business, industrial, agricultural, labour, and government sectors.

Who Is Shamina Singh

  • Shamina Singh is the founder and president of the Mastercard Center for Inclusive Growth. She also serves as the executive vice president of Sustainability at the company.
  • Shamina Singh has drawn on over 20 years of global experience to develop a unique social impact model that leverages the assets of the public and private sector.
  • Singh’s leadership has contributed to Mastercard’s global leadership and reputation of doing well by doing good,

Biden won a global tax rate. Now Americans wonder if it was a good deal.

When President Biden led the way almost two years ago in brokering a worldwide deal to set a minimum corporate tax rate, it looked like a triumph abroad. Now, as the world comes closer to actually collecting the taxes the United States advocated, it’s starting to seem like chaos here at home.

American companies may face dizzyingly complex tax bills from countries around the world, while Republicans in Congress fight against the plan that their own country championed.

“This is a lose-lose deal negotiated by the Biden administration,” Sen. Mike Crapo (Idaho), the top Republican on the tax-focused Finance Committee, said in a recent statement. “The Biden administration handed each foreign country a model vacuum to suck away tens of billions from our tax base.”

The deal, which 130 countries signed on to in 2021, included a pledge to set corporate tax rates at no less than 15 percent, closing loopholes that let multinational companies move their operations to different nations in search of low tax rates.

Biden, world leaders endorse deal for global minimum tax

Japan, South Korea, the European Union and other major economies have followed the pledge, adopting or preparing to adopt legislation that raises their tax rates. But in the United States, Congress hasn’t made any real moves to adjust tax law to make sure no U.S. company pays less than 15 percent as required by the deal.

The U.S. corporate tax rate is 21 percent, well above the 15 percent minimum. But without additional laws, some companies can find ways to reduce their tax burden below what’s allowed under the terms of the agreement.

Congress’s inaction along with the structure of the agreement itself could bring many consequences: The largest American companies might find their already complicated tax returns will

WATCH: Biden, Modi hold meeting with U.S. and Indian business leaders

WASHINGTON (AP) — President Joe Biden and Prime Minister Narendra Modi on Friday joined top American and Indian executives in talks to increase cooperation between the two countries on artificial intelligence, semiconductor production and space.

On the final day of Modi’s four-day state visit, the leaders put a spotlight on the “Innovation Handshake,” a new initiative aimed at addressing regulatory hurdles that stand in the way of partnership between the two countries.

WATCH: White House holds news briefing as state visit by Indian Prime Minister Modi concludes

“Our countries are taking innovation and cooperation to new levels,” Biden told the group, which included Apple CEO Tim Cook, Google CEO Sundar Pichai and Microsoft CEO Satya Nadella. “We’re going to see more technological change … in the next 10 years than we’ve seen in the last 50 years.”

White House officials say India’s deep talent pool will be crucial in building more resilient supply chains and developing technology to address climate change. All this comes as the administration has sought to put the U.S.-India relationship on a higher plane in the face of an ascendant China in the Indo-Pacific.

Modi commended Biden for seeing “the possibility that India represents.”

As part of Modi’s state’s visit — the first by an Indian leader since Manmohan Singh in 2009 — the two leaders announced several major investments by U.S.-based companies in India.

Micron Technology has agreed to build a $2.75 billion semiconductor assembly and test facility in India, with Micron spending more than $800 million and India financing the rest. U.S.-based Applied Materials will launch a new semiconductor center for commercialization and innovation in India, and Lam Research, another semiconductor manufacturing equipment company, will start a training program for 60,000 Indian engineers.

On the space front, India signed on to the Artemis Accords,