Australia’s Labour Market Weakens as November Employment Drops Sharply 
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen 
US Signals Openness to New Trade Deal as Brazil Shows Willingness, Says USTR Greer 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Japan Weighs New Tax Breaks to Boost Corporate Investment Amid Spending Debate 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly 
Asian Stocks Slip as Oracle Earnings Miss Sparks AI Profitability Concerns 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
BOJ Expected to Deliver December Rate Hike as Economists See Borrowing Costs Rising Through 2025 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Nippon Steel is facing fierce opposition from the United Steelworkers union, which has condemned its merger plan with U.S. Steel for failing to secure commitments on domestic production and job protection as the deal awaits President Biden's decision.
Union Rejects Nippon Steel Proposal Over Capacity Concerns
Union members of the United Steelworkers have voiced their displeasure with Nippon Steel's most recent proposal, which would allow the United States government to block any merger-related reductions in U.S. Steel's production capacity, Investing.com reports.
Despite the union's opposition to the U.S. Steel-Japan Steel merger, they have stated that Nippon's offer does not guarantee long-term production sustainability or increase domestic capacity in integrated plants.
Union Criticizes "Hail Mary" Strategy by Nippon Steel
"Protecting capacity only means moth-balling our equipment, allowing it to rust away to the point that it is no longer feasible to re-start," the union stated on Thursday, according to a statement on its website.
The approach "is nothing but a 'Hail Mary' pass that is doomed to fail," it said.
Nippon Steel Seeks Biden's Consent for U.S. Steel Acquisition
Nippon Steel reportedly sought President Joe Biden's consent to acquire the American steelmaker on Tuesday by proposing to grant the government ultimate authority over any possible output reduction.
The merger had encountered resistance from legislators and the influential Steelworkers' union since 2023 when Nippon finalized the deal to purchase U.S. Steel at a substantial premium.
U.S. Steel Responds to Union's Concerns
"The truth remains that this transaction is the best way to ensure that U.S. Steel, including its employees, communities, and customers, will thrive well into the future," U.S. Steel said in response to the union's statement on Thursday.
Biden has until January 7 to make a judgment on whether or not to accept the acquisition after it was brought to him by the Committee on Foreign Investment in the United States (CFIUS).
The merger would be approved automatically if he does nothing.
Reuters asked Nippon Steel for comment, but the company did not reply right away.
