Tag: president

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

Trump’s businesses got at least $7.8 million in foreign payments while he was president, House Democrats say

Washington — Donald Trump’s businesses received at least $7.8 million in payments from foreign governments and government-backed entities from 20 countries while he was in the White House, according to a new report by House Democrats.

Drawing upon 451 pages of documents received from Trump’s longtime accounting firm Mazars and a federal agency, Democratic staffers on the House Oversight Committee on Thursday issued their 156-page report entitled “White House for Sale: How Princes, Prime Ministers, and Premiers Paid Off President Trump.” 

The records, the report said, “demonstrate that four Trump-owned properties together collected, at the least, millions of dollars in payments from foreign governments and officials.” The Democrats alleged these payments violated what’s known as the Constitution’s Foreign Emoluments Clause, which prohibits federal officials from accepting gifts or other benefits from foreign countries without congressional approval.

“This report sets forth the records showing foreign government money — and all the spoils from royals we can find — pouring into hotels and buildings that the President continued to own during his presidency, all in direct violation of the Constitutional prohibition,” said Rep. Jamie Raskin of Maryland, the top Democrat on the committee.

The Democrats noted that they had access to a limited number of financial documents and that “the foreign payments to President Trump identified in this report are likely only a small fraction of the total amount of such payments he received during his presidency.” 

Where the payments came from

The Democratic report focuses on payments to four Trump-controlled businesses: the Trump hotels in Washington, Las Vegas and New York, and Trump Tower in Manhattan. 

While Trump turned over day-to-day operations of his businesses to his sons when he entered the White House in 2017, he declined to divest his assets and retained “personal ownership and control of all his

Kraft Heinz’s incoming North American president dishes on innovation, M&A

Kraft Heinz recently named Pedro Navio as president of its North American business starting next year.

Navio, who has been with Kraft Heinz since 2017, is currently its president of taste, meals and away from home in North America. Before Kraft Heinz, he spent more than 15 years at energy drink maker Red Bull.

He takes over Kraft Heinz’s largest region by revenue from Carlos Abrams-Rivera who will become CEO of the Oscar Mayer, Lunchables and Capri Sun manufacturer in January.

Navio recently answered questions via email about the company’s North American operations, innovation at Kraft Heinz and M&A. The interview has been edited for brevity and clarity.

FOOD DIVE: As you prepare to become president of Kraft Heinz’s North American business, what are the biggest challenges and opportunities facing the operation?

Pedro Navio: I couldn’t be prouder to step into the role of President for our North American business. Over the past four years, thanks in large part to Miguel Patricio and my predecessor Carlos Abrams-Rivera, the organization has made tremendous progress, and we have a solid foundation to build our future.

There are so many opportunities on the horizon. We have reset and reengineered the company with Agile@Scale, leading us to be as nimble as a start-up, but with the scale of a company in nearly every household in North America. We are innovating faster than ever before across our iconic brands, allowing us to create things like Heinz Remix, the world’s first customizable sauce dispenser, in just six months.

Most important, when it comes to our people and culture, we’ve focused on bringing in and developing internally the best talent and building a culture of ownership. This is paying off, and we’re seeing the highest engagement scores in many years.

Our long-term strategy is working, and

U.S. business leaders meet with Chinese President Xi Jinping

American business leaders are expected to host Chinese President Xi Jinping at a dinner in San Francisco Wednesday after his meeting with President Biden at an international economic conference. 

The dinner, hosted by the U.S. China Business Council and the National Committee on U.S. China Relations, will take place during the Asia Pacific Economic Cooperation Summit — an annual meeting of 21 Pacific nations that account for about half of all global trade. It comes at a consequential time for the U.S. and China, which represent the first and second largest economies in the world, respectively, and are strongly linked by trade. 

Hundreds of executives from varying sectors including banking and technology are expected to attend, and Xi is also expected to speak at the dinner. 

The forum offers an opportunity for U.S. business leaders to directly engage with Xi, who has courted foreign investment to help boost China’s slowing economy. Just this year, a parade of U.S. business leaders including Bill Gates, who met with Xi, have visited China. Elon Musk and JP Morgan Chase CEO Jamie Dimon have also traveled to China. 

US-CHINA-DIPLOMACY-APEC-SUMMIT
Chinese President Xi Jinping speaks during a meeting with US President Joe Biden, not pictured, during the Asia-Pacific Economic Cooperation (APEC) Leaders’ week in Woodside, California on November 15, 2023. 

BRENDAN SMIALOWSKI/AFP via Getty Images


The Chinese Embassy in Washington did not comment on the dinner. 

But American firms, which for decades poured cash into China and fueled its growth, are increasingly skeptical of contributing to expanded state control. Many fear that geopolitics — especially the economic competition between the U.S. and China — may make extensive investments in China too risky. 

This summer, Chinese police raided the Shanghai offices of U.S. firm Capvision, Bain & Company and Mintz Group. Other American consulting firms — have

Highlights: Diplomatic advisor to French President calls on PM Modi in Delhi

  • Jul 06, 2023 10:54 PM IST

    Iran and Sudan look to restore diplomatic ties

    Iran and Sudan said on Thursday they were planning to restore ties after the Iranian foreign minister met his acting Sudanese counterpart for the first time since diplomatic relations between the two countries were severed seven years ago, reported Reuters. 

    Sudan’s foreign ministry said in a statement that the meeting, on the sidelines of a Non-Aligned Movement meeting in Azerbaijan’s capital Baku, had discussed restoring relations “as soon as possible”.

  • Jul 06, 2023 08:51 PM IST

    Parts of Rajasthan to receive light to moderate rainfall in next 4-5 days: MeT

    Due to the active progress of monsoon in Rajasthan, the meteorological (MeT) department has predicted light to moderate rains in most of the state’s eastern part along with its Bikaner and Jodhpur divisions in the next four to five days, reported PTI. 

    There is a strong possibility of heavy rains at some places and very heavy rains at one or two places, it said.

  • Jul 06, 2023 07:43 PM IST

    Diplomatic advisor to French President calls on PM Modi in Delhi

    Emmanuel Bonne, diplomatic advisor to French President called on PM Modi in Delhi on Thursday. He also met National Security Advisor Ajit Doval and held wide-ranging talks with a focus on PM’s visit to Paris next week.

  • Jul 06, 2023 07:38 PM IST

    US companies add nearly half a million jobs, most in over a year

    US companies added almost half a million jobs in June, the most in over a year and underscoring the ongoing strength of the labor market, reported Bloomberg. 

    Private payrolls increased by 497,000 last month, marking the biggest advance since February 2022, according to figures published Thursday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab. It

  • Highlights: Former Brazilian President Bolsonaro ineligible to run for office until 2030 after decision by judges panel

  • Jun 30, 2023 10:51 PM IST

    UN votes to immediately end its peacekeeping operation in Mali after a demand from military junta

    The U.N. Security Council voted unanimously Friday to immediately end its peacekeeping operation in Mali as demanded by the country’s military junta, which has brought in mercenaries from Russia’s Wagner Group to help fight an Islamic insurgency.

  • Jun 30, 2023 10:28 PM IST

    Biden calls Supreme Court student loan ruling disappointing and wrong

    President Joe Biden on Friday called the U.S. Supreme Court ruling that blocked his plan to cancel $430 billion in student loan debt disappointing and wrong, and said he would work to find other ways to provide relief to American families.

  • Jun 30, 2023 09:25 PM IST

    Former Brazilian President Jair Bolsonaro ineligible to run for office until 2030

    Former Brazilian President Jair Bolsonaro is ineligible to run for office until 2030 after a panel of judges concluded he abused his power and cast unfounded doubts on the country’s electronic voting system.

  • Jun 30, 2023 09:18 PM IST

    Update: Two dead, five injured in Indian pharma factory fire

    Five people were injured, while two people were killed in the fire at a pharma factory in Andhra Pradesh

  • Jun 30, 2023 08:58 PM IST

    Amit Shah approves release of 6,194 crore disaster relief fund to 19 states

    Union Home Minister Amit Shah on Friday approved the release of 6,194.40 crore to 19 states under the State Disaster Response Fund (SDRF).

    The amount includes 1,209.60 crore as central share of the State Disaster Response Fund to four states — Chhattisgarh, Meghalaya, Telangana and Uttar Pradesh — for 2022-23, according to an official statement.

    The statement added that 4,984.80 crore will also be given to 15 states — Andhra Pradesh, Arunachal Pradesh, Assam, Bihar,

  • Loblaw names new president and CEO, replacing Galen Weston in top job

    Loblaw has named Danish retail executive Per Bank to be its president and CEO starting next year, replacing Galen Weston in the top job at the company.

    The company announced the news in a media release on Tuesday morning.

    Bank is currently CEO of Danish retail chain Salling Group A/S, which runs more than 1,700 supermarkets across three countries in Europe.

    Loblaw says the leadership transition was planned in advance, and part of a “global talent search” that began in August of last year, when chief operating officer Robert Sawyer announced he was stepping down.

    “It comes after two years of superb performance at the company as it executed against a strategy anchored in retail excellence,” Loblaw said.

    “Per is an exceptional executive with a decades-long track record of delivering retail excellence and successful growth — enabling a smooth transition for our teams,” Weston said in the release.

    Weston has been president of Loblaw since 2021, when Sarah Davis retired from the job. He never assumed the CEO title, which remained vacant.

    While he will no longer be president of Loblaw, Weston will remain chair of the company’s board, as well as CEO of Loblaw’s parent company, George Weston Ltd.

    Loblaw says Weston “will play an active role setting the strategy for the group” in his role as chair of the company.

    “I’m not leaving. I’m stepping back into what I consider to be my natural role as controlling shareholder,” Weston told financial analysts on a conference call to discuss the announcement on Tuesday morning, adding that Bank is the ideal choice to be Loblaws CEO because of his experience. 

    “He has extensive experience working for a controlling family and understands what that relationship needs to be in order for a partnership to be successful,” Weston said.

    Contentious year

    While

    U.S. President Joe Biden comes in Ottawa for a 2-day doing the job visit

    U.S. President Joe Biden has touched down in Ottawa for his first official visit to Canada considering that profitable the presidency much more than two several years ago — and the excursion could be an chance for the two nations around the world to reduce some offers.

    Biden’s two-working day go to started off with a meeting with the King’s representative in Canada, Gov. Gen. Mary Simon, who greeted the president as he stepped off his hulking Air Power A single jet.

    Biden, dressed in a navy blue overcoat amid inclement climate, cracked jokes as he spoke with Simon and her spouse, author Whit Fraser, and the other dignitaries assembled on the tarmac for his arrival.

    Later on, Biden and Simon were listened to talking about the devastation triggered by modern forest fires in the American West.

    President Joe Biden and his wife, Jill, are pictured.
    U.S. President Joe Biden waves as he and Initial Girl Jill Biden exit Air Force One particular as they arrive at Ottawa Intercontinental Airport, Thursday, March 23, 2023, in Ottawa, Canada. (Andrew Harnik/The Involved Press)

    Simon advised Biden how local climate adjust has scarred her dwelling area, the Arctic.

    “That is a person of the issues I want to discuss to the key minister about,” Biden mentioned.

    A assertion from Simon’s place of work explained the two also reviewed reconciliation, the war in Ukraine and the ongoing crisis in Haiti.

    “Canada’s genuine historical past is interwoven with that of our closest neighbour — as partners and allies in the facial area of a earth stuffed with difficulties, complexities and urgent global concerns,” Simon claimed in her statement. “What endures is a romance of rely on, guidance and resilience.”

    Mounties dressed in the red serge and U.S. stability officers tracked Biden’s each and every move.

    U.S. President Joe Biden is pictured with Gov. Gen. Mary Simon.
    U.S. President Joe Biden speaks as he and 1st

    SVB Remedy Makes sure Taxpayer Dollars Are Not Set at Chance: US President Joe Biden

    US President Joe Biden has confident the American folks and enterprises that a resolution of the collapse of the Silicon Valley Lender will not put taxpayer’s funds at risk, and they can have self-assurance that their lender deposits would be there when they have to have it.

    In a late-evening assertion on Sunday, Biden also introduced that on Monday early morning he will deliver remarks on how the US will keep a resilient banking process to safeguard the economic recovery.

    The California-based Silicon Valley Lender (SVB), the 16th biggest bank in the United States, was closed on Friday by the California Department of Money Safety and Innovation which afterwards appointed the Federal Deposit Insurance policy Corporation (FDIC) as its receiver.

    Marketplace watchers count on a rapid takeover of the bank as it has plenty of assets that can be liquidated to return cash to the purchasers.

    Biden explained that at his path the Treasury Secretary and Countrywide Economic Council Director worked diligently with the banking regulators to deal with challenges at SVB and Signature Financial institution.

    “I am happy that they attained a prompt option that safeguards American employees and smaller organizations, and keeps our economical process harmless. The resolution also ensures that taxpayer bucks are not set at threat. The American people today and American organizations can have self-confidence that their lender deposits will be there when they will need them,” Biden explained.

    “I am firmly committed to holding people liable for this mess absolutely accountable and to continuing our attempts to strengthen oversight and regulation of greater banks so that we are not in this placement once again,” he extra.

    Hours previously, Treasury Secretary Janet Yellen authorised actions enabling the FDIC to total its resolution of Silicon Valley Financial institution, Santa Clara, California, in a way that absolutely