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Valued at $4 billion in 2021, Cerebras is reportedly seeking to roughly double that in its IPO. The customer, G42, is backed by Microsoft , and it's entirely responsible for the $1.43 billion purchase commitment. G42 can pick up $500 million more in Cerebras shares if it commits to spend $5 billion on the company's computing clusters. The major Wall Street banks, for their part, are finding other ways to play in the burgeoning AI infrastructure market. Fitch, who said he sold out of his Nvidia stock years ago, told CNBC that the benefits outweigh the risks.

Persons: Andrew Feldman, Ramsey Cardy, Cerebras, —, David Golden, it's, prepayment, CFIUS, Mike Gallagher, Gina Raimondo, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Young, There's, Peter Thiel, Eva Marie Uzcategui, there's, Thiel, Jim Fitch, Fitch, Feldman Organizations: Cerebras Systems, Nvidia, Revolution Ventures, JPMorgan Chase, Microsoft, AstraZeneca, GlaxoSmithKline, Mayo Clinic, Treasury, Foreign Investment, Reuters, Chinese Communist Party, JPMorgan, Citigroup, Barclays, BDO, KPMG, Deloitte, Ernst, Riverstone Networks, CoreWeave, Clarium Capital Management LLC, Bloomberg, Getty, Mizuho Securities, Venture, CNBC, Devices Locations: Toronto, U.S, Sunnyvale , California, Abu Dhabi, China, Miami , Florida, Los Angeles, Florida

☆ Vista Outdoor strikes deal to sell itself in parts to two buyers for $3.4 billion
▼ + stars: | 2024-10-05 | by ( ) www.cnbc.com time to read: +4 min

Vista struck a deal to sell its sporting goods unit, Revelyst, to investment firm Strategic Value Partners for $1.1 billion, according to a statement seen by Reuters. Taken together, the two deals value Vista at $45 per share, topping a rival $43 per share offer from MNC Capital, an investment firm led by former Vista board member Mark Gottfredson. The sale of Revelyst is expected to close by January, subject to regulatory approvals and the completion of the CSG deal. In June, the CSG deal was cleared by the Committee on Foreign Investment in the United States, which reviews foreign investments over possible national security concerns. In July, Vista launched a strategic review to explore all its options, after failing to gather investor support for the CSG deal.

Persons: Vista, Mark Gottfredson, Michael Callahan, Glass Lewis, David Geenberg, MNC's, Victor Khosla, Morgan Stanley, Moelis, Goldman Sachs Organizations: Flag, New York Stock Exchange, Partners, Reuters, Czechoslovak Group, CSG, MNC Capital, Vista, MNC, Institutional, Services, Federal, Remington, Foresight, Bushnell Golf, North, Foreign Investment, Strategic Value Partners, JPMorgan Locations: U.S, Prague, Revelyst, Minnesota, Russia, Ukraine, North America, United States, Colleyville , Texas

☆ As forex markets await political shocks, one tipping point could lead to a 'catastrophic trade' that unwinds markets
▼ + stars: | 2024-10-05 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

The yen carry trade unwind in August led to a temporary market pullback and recovery. AdvertisementThe foreign exchange market has been eerily quiet since the yen carry trade unwind. Much of the moves from the yen carry unwinding witnessed in August happened at this layer, Barrett said. But what we've seen in the yen carry trade is only the beginning, Barrett said. "Now, you may not think that's a yen carry trade, but it's absolutely the purest yen carry trade because all of that pension fund money started off as yen," Barrett said.

Persons: —, David Barrett, allocators, unwinding, Barrett, It's, it's, Harris, David, Trump Organizations: Service, EBC Financial, Bank of, Bloomberg, Big Tech, Nvidia Locations: Bank of Japan, Japan

☆ India has emerged as one of the best global markets for the long haul. Here are the drivers—and how to play the rally
▼ + stars: | 2024-10-02 | by ( Pia Singh | In | ) www.cnbc.com time to read: +7 min

India's recent stock market surge has investors viewing the country as an emerging market poised for long-term outperformance. The India NSE Nifty 50 Index , the country's domestic stock market benchmark, has soared 18.7% this year, hitting record levels. "The data show that, historically, the Indian market has offered robust returns with reduced volatility." Going back to 2015, INDA has seen bigger annual gains and smaller declines than the broader emerging market fund. How to play the Indian market Financials are among investors' favorite spots in India's booming stock market.

Persons: It's, Malcolm Dorson, Dorson, GlobalX, Russell, —, EEM, INDA, Amr Abdel Khalek, Khalek, Jerome Powell, Venugopal Garre, Krishna Mohanraj, You've, Mohanraj Organizations: India NSE, Global, CNBC, U.S, Federal, Fed, Nasdaq, China, MRB Partners, Traders, Barclays, Diamond Hill Capital Management, HDFC Bank, ICICI Bank, Axis Bank, ICICI, HDFC, Whitehaven Coal, Prestige Estates Locations: India, China, Dorson, U.S, Whitehaven

☆ Audacy completes its financial restructuring and now plans to go private
▼ + stars: | 2024-09-30 | by ( Liam Reilly | ) edition.cnn.com time to read: +7 min

CNN —Radio network Audacy on Monday shared that it completed its financial restructuring, successfully reducing its approximately $1.9 billion of funded debt by 80%, to $350 million. The radio giant had filed when it disclosed it was entering a restructuring agreement to reduce debt. Audacy is the second largest radio company in the United States behind iHeartMedia and ahead of Cumulus. Audacy, an internet radio conglomerate, operates hundreds of music, news and sports radio stations. The company, founded in 1968 as Entercom Communications, merged with CBS Radio in 2017, before rebranding as Audacy in 2021.

Persons: David Field, Audacy, ”, strongmen Soros, Soros, Rupert Murdoch, ” Soros, Ajit Pai, Donald Trump, George Soros, Chip Roy, ” Roy, Sen, Ted Cruz, Jessica Rosenworcel, Elon Musk’s, ” “ Soros, “ George soros, ” It’s Organizations: CNN — Radio, “, Bloomberg, Fund Management, FCC, Soros Fund Management, Soros, Democratic, Open Society, New York Post, Cumulus Media, iHeartMedia, Cumulus, CNN, Republican, Rothschilds, fcc, Entercom Communications, CBS Radio Locations: Philadelphia, Hungarian, United States, Texas, U.S

☆ U.S. Steel CEO defends planned sale to Japan's Nippon, believes deal will ‘close on its merits'
▼ + stars: | 2024-09-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. Steel CEO David Burritt on Tuesday defended the company's planned sale to Japan's Nippon Steel, expressing confidence that the deal will "close on its merits" despite President Joe Biden's vocal opposition. "We strongly believe the deal closes on its merits," Burritt said in an interview on CNBC's "Money Movers." "It strengthens national security, it strengthens economic security and it strengthens job security." CFIUS told Nippon that the sale could "lead to a reduction in domestic steel production capacity," according to a letter obtained by Reuters earlier this month. The committee said supply chains could be disrupted in sectors critical to national security such as transportation, infrastructure, construction and agriculture.

Persons: David Burritt, Joe Biden's, Burritt, Biden, Kamala Harris, Donald Trump, CFIUS Organizations: . Steel, Japan's Nippon Steel, Steel, NBC News, Nippon, U.S, Foreign Investment, Reuters Locations: American, Nippon North America, U.S, United States

☆ Why this top fund manager says the best investment this year is 'the hedge against political cycles'
▼ + stars: | 2024-09-21 | by ( Emily Glass | ) www.cnbc.com time to read: +2 min

A major exchange-traded fund and mutual fund manager finds the winning gold trade isn't talked about as much as the artificial intelligence trade — but maybe it should be. VanEck CEO Jan van Eck thinks the best investment this year is "the hedge against political cycles." But as of Friday, the VanEck Gold Miners ETF has started to outperform, up 31% this year. As for the AI trade, van Eck says it's "amazing" how investors refuse to give up on it. It's a companion to its VanEck Semiconductor ETF that excludes companies that run their own foundries, such as Intel .

Persons: isn't, Jan van Eck, Van Eck, CNBC's, Gold, van Eck Organizations: Gold Miners, Semiconductor, VanEck Semiconductor, Intel, Nvidia, Broadcom, Devices Locations: Huntington Beach

☆ CNBC's Inside India newsletter: Will India's lofty manufacturing ambitions bear fruit?
▼ + stars: | 2024-09-19 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +8 min

This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Its intent was clear: to develop India's manufacturing capabilities in sectors like automotives, electronics, pharmaceuticals and aerospace while creating opportunities for locals. India's manufacturing sector has seen "remarkable" growth says, Samir Kapadia, founder and CEO of B2B marketplace India Index. "These infrastructural shifts in India have improved connectivity within and outside the country putting India at a very different playing field than it was 10 years ago when 'Make in India' started," Kapadia told CNBC's Inside India. India vs. other emerging marketsWhile India looks to poach China's manufacturing share, other countries like Indonesia, Vietnam, Bangladesh and Mexico are also stiff competitors.

Persons: Wistron, Narendra Modi, Foxconn, Samir Kapadia, Kapadia, CNBC's, U.S . Franklin Templeton's Yi Ping Liao, Liao, Deveshwar Organizations: Tata Group, Indian, Apple, Dixon Technologies, Kia, Divi's, Novartis, GSK, Merck, China, U.S ., TS Lombard, Inside, Mutual Fund Locations: India, China, Silicon Valley, Bengaluru, Kolar, Doddaballapura, Foxconn, Kia India, Anantapur —, Indonesia, Vietnam, Bangladesh, Mexico, Asia, Inside India, Brazil

☆ US Steel: Biden administration gives Nippon Steel more time to make case for purchase of steelmaker
▼ + stars: | 2024-09-18 | by ( Kayla Tausche | ) edition.cnn.com time to read: +2 min

President Joe Biden, Republican presidential nominee Donald Trump and Democratic nominee Vice President Kamala Harris have all voiced opposition to the deal. The United Steelworkers union, which has endorsed Harris for president, has also been a leading opponent of the acquisition. Earlier this month, US Steel said it would be forced to lay off workers and shutter mills without Nippon’s backing. US Steel put itself up for sale in 2023 after receiving an unsolicited $7 billion takeover offer from Ohio-based Cleveland Cliffs. The $14.9 billion deal with Nippon Steel, Japan’s largest steelmaker, resulted from that sale process.

Persons: Joe Biden, Donald Trump, Kamala Harris, Sen, Sherrod Brown of, John Fetterman of, Harris, Fumio Kishida, Janet Yellen Organizations: CNN — Nippon Steel, US Steel, CNN, Republican, Democratic, Foreign Investment, Steel, Sherrod Brown of Ohio, The United Steelworkers, Nippon Steel Locations: American, United States, Pittsburgh, Tokyo, John Fetterman of Pennsylvania, Ohio, Cleveland

☆ Stocks making the biggest moves premarket: General Mills, U.S. Steel, V.F. Corp., ResMed, and more
▼ + stars: | 2024-09-18 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

United States Steel — Shares advanced more than 3% after Reuters reported the Committee on Foreign Investment in the United States granted a request to push back a review of Nippon Steel's bid for U.S. Steel until after the November election. General Mills — Shares were 1% lower after profit for the packaged foods company dropped 14% last quarter on lighter margins due to higher input costs. Intuitive Machines — Shares of the space exploration company surged more than 52% after it received a nearly $5 billion space network contract from NASA . ResMed - Shares slipped 2.7%, on light trading volume, following a downgrade at Wolfe Research to underperform from peer perform. Corp to overweight from equal weight , saying the risk-reward for the apparel company behind The North Face and Vans is attractive.

Persons: Mills, Eli Lilly's GLP, — CNBC's Michelle Fox, Sarah Min Organizations: United States Steel, Reuters, Foreign Investment, Nippon, U.S . Steel, Casella Waste, NASA, Wolfe Research, —, Barclays upgra ded, Corp, Microsoft, BlackRock Locations: United States

☆ U.S. decision on Nippon's bid for U.S. Steel pushed back until after election
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +1 min

A tugboat pushes a barge near the United States Steel Corp. Clairton Coke Works facility in Clairton, Pennsylvania, US, on Monday, Sept. 9, 2024. CFIUS, the Committee on Foreign Investment in the United States, needs more time to understand the impact of national security and engage with the parties, the person added. Refiling sets a new 90-day clock to review the proposed tie-up and make a decision. President Joe Biden, Democratic presidential candidate Kamala Harris and Republican presidential hopeful Donald Trump have said they want U.S. Steel to remain in American hands. CFIUS, U.S. Steel and Nippon Steel did not immediately respond to requests for comment from Reuters.

Persons: Joe Biden, Kamala Harris, Donald Trump Organizations: United States Steel Corp, Clairton Coke, Nippon, U.S, Biden, Foreign Investment, Democratic, Steel, U.S . Steel, Nippon Steel, Reuters Locations: Clairton , Pennsylvania, United States, U.S

☆ Tech M&A has been thwarted by regulators, but dealmakers skeptical that election will change much
▼ + stars: | 2024-09-17 | by ( Jordan Novet | ) www.cnbc.com time to read: +12 min

Amazon abandoned its $1.7 billion purchase of iRobot in January after the FTC and European regulators raised concerns. Since peaking at $1.5 trillion in 2021, tech transaction volume has plummeted, dropping to $544 billion last year, according to Dealogic. Before the company announced its $27 billion purchase of data analytics software company Splunk last September, he said he viewed the risk as absolutely worth taking. Alphabet's last big deal was its $5.4 billion purchase of cybersecurity company Mandiant in 2022. Microsoft closed its massive $75 billion purchase of Activision in October, but it took 20 months and a protracted fight with U.S. and European regulators.

Persons: Lina Khan, Jonathan Kanter, Khan, Joe Biden, Drew Angerer, Biden, Permira, Thoma, Sen, JD Vance, Donald Trump's, Barry Diller, Reid Hoffman, Kamala Harris, Andrew Luh, Gunderson Dettmer, Figma, Dana Rao, Rao, We've, they've, Juniper, Salesforce, Antonio Neri, Pau Barrena, Neri, Sergio Letelier, hasn't, Letelier, Marc Benioff, It's Benioff's, Slack, Benioff, Derek Idemoto, who's, Idemoto, that's, Splunk, HPE's Letelier, it's, Harris, Trump Organizations: U.S . Federal Trade Commission, Justice, Brookings Institution, U.S, Senate, Getty, Google, Amazon, Microsoft, Federal Trade Commission, iRobot, FTC, BlackRock, Thoma Bravo, KKR, Republican, CNBC, Democratic, Trump, Big Tech, Justice Department, DOJ, Apple, Meta, Adobe, European Commission, UK Competition, Markets Authority, Justice Department's Antitrust, Hewlett Packard Enterprise, Mobile World Congress, MWC, AFP, Juniper, Markets, DOJ's Antitrust, European Union, EU, Software, Cisco, Activision, Foreign Investment, Regulators, Bloomberg, Tech Locations: Washington, Europe, Barcelona, Pau, Salesforce, United States

☆ India accuses Samsung, Xiaomi of colluding with Amazon, Flipkart
▼ + stars: | 2024-09-15 | by ( ) www.cnbc.com time to read: +2 min

Samsung, Xiaomi and other smartphone companies colluded with Amazon and Walmart's Flipkart to exclusively launch products on the e-commerce firms' Indian websites in breach of antitrust laws, according to regulatory reports seen by Reuters. In Flipkart's case, a 1,696-page CCI report said the Indian units of Samsung, Xiaomi, Motorola, Vivo, Lenovo and Realme conducted similar practices. Siva Prasad wrote in the Amazon and Flipkart reports, in identical findings. Amazon, Flipkart and the CCI did not respond, and have not so far commented on the reports' findings. Both the CCI reports said that during investigations Amazon and Flipkart "deliberately downplayed" allegations of exclusive launches, but officials found the practice was "rampant".

Persons: Flipkart, Realme, G.V, Siva Prasad, Xiaomi, China's Vivo Organizations: Samsung, Reuters, Antitrust, Competition Commission of India, Amazon, Motorola, Vivo, Lenovo, China's, Bain

☆ Turkey's 'balancing act' with BRICS may stoke NATO fears, but the West needn't be too worried, analysts say
▼ + stars: | 2024-09-15 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +6 min

Read previewEarlier this month, a spokesperson for Turkey's ruling AK Party said that a process was "underway" for Turkey to join the BRICS group of emerging-market nations. He now appears to be seeking to maintain what experts have dubbed a "balancing act" between its relations with the West, Russia, and China. "Even if Turkey does join BRICS, I do not believe it is going to lead to a fundamental redefinition of Turkey's relationship with the West." Advertisement"Understanding and collaborating with Turkey's perspective can enhance US and NATO relations with Turkey, irrespective of potential administrative changes in Ankara," Can wrote in an article for the Wilson Center. For its part, the US has remained relatively quiet following the news that Turkey's BRICS ambitions may be inching forward, which Aydintaşbaş said was likely a savvy move aimed at avoiding a public dispute.

Persons: —, Omer Celik, Tayyip Erdoğan's, Aydintaşbaş, Erdogan, Bulent Aliriza, Yusuf, Aliriza, there's, Turkey's Organizations: Service, AK Party, Reuters, Business, United, Saudi, NATO, EU, West, Brookings Institution, Russia, China, Eurasia Program, Center for Strategic, International Studies, Middle, Wilson Center, Wilson, of Europe, France Locations: Turkey, Ankara, Turkish, Brazil, Russia, India, China, South Africa, Ethiopia, Iran, Egypt, United Arab Emirates, Saudi Arabia, Ukraine, United States, Europe, France, West, Russian, U.S, Washington, Kazan

☆ U.S. firms say confidence in China has hit an all-time low
▼ + stars: | 2024-09-13 | by ( Dylan Butts | ) www.cnbc.com time to read: +4 min

American companies in China are experiencing historically low business confidence and poor profits amid U.S.-China tensions and a slowing Chinese economy. Firms have also lost market share to Chinese competitors which have received more government support, the U.S.-China Business Council added. Their struggles in China have also been felt by EU businesses, according to an EU Chamber of Commerce in China report released on Wednesday. On how the U.S. government could support their firms in China, nearly half of AmCham respondents suggested a reduction of tariffs on Chinese goods. Foreign direct investment into China fell by 29.6% during the January to July period compared to a year ago, according to China's Ministry of Commerce.

Persons: Allan Gabor, Jeff Yuan, Evelyn Cheng Organizations: U.S, American Chamber of Commerce, U.S ., China Business Council, China Business, EU, of Commerce, China's Ministry of Commerce Locations: Shanghai, American, China, Washington, Beijing, U.S, PwC China

☆ Fate of US Steel merger expected to be pushed beyond election day as politics cloud outlook
▼ + stars: | 2024-09-13 | by ( Kayla Tausche | Matt Egan | ) edition.cnn.com time to read: +4 min

CNN —As presidential politics cloud the outlook of US Steel’s merger with its Japanese rival, a national security review of the deal is now not expected to be decided until after the election, according to people familiar with the matter. Prime Minister Fumio Kishida, during a White House visit in April, told reporters that the legal reviews would determine the deal’s outcome. US Steel put itself up for sale in 2023 after receiving an unsolicited, $7 billion takeover offer from Ohio-based Cleveland Cliffs. The $14.9 billion deal with Nippon Steel, Japan’s largest steelmaker, resulted from that sales process. The White House has said it would await the recommendation of the committee, which has yet to make a decision on the matter, CNN has learned.

Persons: Joe Biden, Biden, Fumio Kishida, Janet Yellen, Kamala Harris, Donald Trump, Ohio Sen, JD Vance, Sen, Sherrod Brown of, John Fetterman of, Saloni Sharma, ” Saloni, Josh Shapiro, Harris, “, ” Manuel Bonder Organizations: CNN, Foreign Investment, US, Washington Post, US Steel, Steel, Nippon, Sherrod Brown of Ohio, Nippon Steel, White, ”, Democrat Locations: United States, Pittsburgh, Delaware, American, John Fetterman of Pennsylvania, Ohio, Cleveland, ” Pennsylvania, Western Pennsylvania

☆ Alberto Fujimori, ex-Peruvian president convicted of human rights abuses, dies at 86
▼ + stars: | 2024-09-12 | by ( The Associated Press | ) www.nbcnews.com time to read: +8 min

His daughter said in July that he was planning to run for Peru’s presidency for the fourth time in 2026. The former university president and mathematics professor was the consummate political outsider when he emerged from obscurity to win Peru’s 1990 election over writer Mario Vargas Llosa. He had hoped to run for Peru’s presidency in 2006, but instead wound up in court facing charges of abuse of power. He became the first former president in the world to be tried and convicted in his own country for human rights violations. “After a long battle with cancer, our father, Alberto Fujimori, has just departed to meet the Lord,” she said on X Wednesday.

Persons: Peru — Alberto Fujimori, Keiko Fujimori, Fujimori, Mario Vargas Llosa, elbowing, Vladimiro Montesinos, Keiko, “, Alberto Fujimori, ”, ” Fujimori’s, Susana Higuchi, Kenji, Vargas Llosa, El, Abimael Guzmán, didn’t, Pablo Kuczynski Organizations: Peru’s, University of Wisconsin, Agricultural University Locations: LIMA, Peru, Lima, Japan, Chile, ”, France, United States, Privatizing, El chino, Ecuador, Fujimori, Peru’s

☆ European businesses in China reach a 'tipping point' on whether to invest more
▼ + stars: | 2024-09-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Edgar Su | ReutersBEIJING — European businesses in China have grown so discouraged with the outlook for operating in the country that Beijing must act if the companies are to invest further, according to the EU Chamber of Commerce in China. "We do believe actually that we are in sort of a tipping point situation. Foreign direct investment into China fell by 29.6% during the January to July period versus a year ago, according to China's Ministry of Commerce. Such changes are part of Beijing's pledges to reduce what it calls the negative list, a collection of industries off-limits to foreign businesses in the country. However, Eskelund said such developments, while encouraging, did not move the needle enough for European businesses, especially when members' optimism on profitability in China for the next two years is at an all-time low.

Persons: Edgar Su, Jens Eskelund, Eskelund Organizations: of, Initiative, Reuters, EU Chamber of Commerce, China's Ministry of Commerce Locations: Beijing, China, Reuters BEIJING, Growth

☆ Many 'doubted the vision': Saudi investment minister touts 'green shoring' on path to diversification
▼ + stars: | 2024-09-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Minister of Investment Khalid al-Falih pushed back against skepticism over the country's economic diversification plan, as Riyadh touts "green shoring" investment opportunities to woo foreign financing. The Saudi minister on Saturday said that, eight years into manifesting Vision 2030, the kingdom is now "more committed, more determined" to the program and has already implemented or is about to complete 87% of its targets. The number of foreign investment licenses issued in Saudi Arabia nearly doubled in 2023, the IMF noted, with government data pointing to a 5.6% annual increase in net flows of foreign direct investment in the first quarter. Concerns have nevertheless lingered over the potential uncertainty and unpredictability of the kingdom's legal framework and its dispute resolution system for foreign investment. Al-Falih insisted that Saudi Arabia boasts predictability, as well as domestic political and economic stability.

Persons: Khalid, Falih, CNBC's Steve Sedgwick, Mohammed bin Salman's Organizations: International Monetary Fund, IMF Locations: Saudi, Riyadh, Cernobbio, Italy, U.S, Saudi Arabia

☆ Japanese operator of 7-Eleven rejects merger offer worth billions from Circle K owner
▼ + stars: | 2024-09-06 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —The operator of 7-Eleven has rejected an opening offer from the owner of convenience store rival Circle K, indicating the bid was too low and that its global business was worth more. In a statement Friday, Tokyo-based Seven & I Holdings, which owns 7-Eleven, said it was “open” to “sincerely consider” any proposal that is in the best interests of its shareholders. The Financial Times reported on Thursday that Seven & I was open to the possibility of a higher offer from its suitor. Shares in Seven & I have rallied since the news of the offer broke last month, pushing its market value above $38 billion. Although 7-Eleven traces its origins to Dallas, Texas, it was the late Japanese entrepreneur Masatoshi Ito who is credited with turning it into a ubiquitous global brand.

Persons: “, Alimentation, Masatoshi Ito, Ito Organizations: Hong Kong CNN, Holdings, Reuters, The Financial Times, Analysts, Speedway, Marathon Petroleum Locations: Hong Kong, Tokyo, Japan, North America, Europe, United States, Dallas , Texas

☆ Deep divisions in battleground Pennsylvania over proposed sale of U.S. Steel to Japanese company
▼ + stars: | 2024-09-06 | by ( Gabe Gutierrez | ) www.cnbc.com time to read: +2 min

A water tower at the United States Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, US, on Wednesday, Sept. 4, 2024. WEST MIFFLIN, Pa. — It's one the few things Vice President Kamala Harris and former President Donald Trump agree on: opposing the sale of U.S. Steel to the Japanese company Nippon Steel . "I'm pissed," said Chris Kelly, the mayor of West Mifflin, a small town near Pittsburgh. Kelly, a Democrat, said he was initially skeptical of Nippon buying U.S. Steel, which operates plants in West Mifflin and surrounding communities known as the Mon Valley. "I couldn't agree more with President Biden," she said.

Persons: Edgar, Kamala Harris, Donald Trump, they're, Chris Kelly, everybody's, Kelly, — Kelly, I've, Joe Biden, United States hasn't, Biden —, Biden, Harris Organizations: United States Steel Corp, Edgar Thomson Works, WEST MIFFLIN, Steel, Nippon Steel, steelworkers, West, Nippon, U.S . Steel, NBC News, The Washington Post, White, Foreign Investment, America steelworkers Locations: Braddock , Pennsylvania, Pa, U.S, Pennsylvania, West Mifflin, Pittsburgh, Mon, United States

US Steel and Nippon Steel both indicated in statements that they’re open to legal fights to get the deal approved, no matter what actions is announced by Biden. Shares of US Steel (X) closed down 17.5% on the news at $29.37, well below the $55 a share that Nippon Steel agreed to pay for the stock back in December when the deal was announced. US Steel said the future of this and other union-represented plants at the company are at risk unless it gets approval to be purchased by Nippon Steel. US Steel says it has more than 3,000 employees in the state in its remaining steel mills along the Monongahela River just outside of Pittsburgh. The union says it doesn’t believe in the promises made by Nippon Steel so far and that it remains opposed to the purchase.

Persons: Joe Biden, Biden, “, Biden’s, Kamala Harris, Donald Trump, JD Vance, Harris, David Burritt’s “, Gene J, Philip Gibbs, ” Gibbs, ”, Gibbs, “ You’re, you’re, CFIUS, Michael Leiter, Skadden’s CFIUS, ” – CNN’s Matt Egan Organizations: Washington DC CNN, Nippon, US Steel, White, Foreign Investment, White House, Treasury, Steel, Nippon Steel, “ Nippon Steel, Washington Post, Labor, United Steelworkers, Justice, KeyBanc, CNN, steelworkers, “ Nippon, National Security Locations: United States, Japan, American, Pittsburgh, shoring, Gary , Indiana, “, Clairton , Pennsylvania, Pennsylvania, Monongahela, America

☆ No longer a financial reservoir? Saudi Arabia’s spending confirms clear shift in strategy
▼ + stars: | 2024-08-23 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Riyadh, Saudi Arabia. The fund's investments in domestic infrastructure and real estate development grew 15% year-on-year to 233 billion riyals, while its foreign investments increased 14% to 586 billion riyals. The days of viewing Saudi Arabia as a mere financial reservoir are ending," Tarik Solomon, chairman emeritus at the American Chamber of Commerce in Saudi Arabia, told CNBC. watch nowSaudi Arabia's recently-updated Investment Law seeks to attract more foreign investment as well — and it's set itself a lofty goal of $100 billion in annual foreign direct investment by 2030. Spurring greater foreign buy-in "should also ease the burden that has recently been placed on the Public Investment Fund to offset the weaker foreign investment into the Kingdom," he added.

Persons: Tarik Solomon, —, Solomon, James Swanston, We've, Swanston Organizations: Getty Images, Public Investment Fund, Saudi, American Chamber of Commerce, CNBC, Eastern, Saudi Arabia's, Gulf, Capital Economics Locations: Riyadh, Saudi Arabia, Getty Images Saudi Arabia, Saudi, James Swanston , Middle East, Africa

☆ How China became the leading car supplier to Mexico and what it means for the U.S.
▼ + stars: | 2024-08-23 | by ( Merritt Enright | ) www.cnbc.com time to read: +3 min

Last year, China was the leading car supplier to Mexico, exporting $4.6 billion worth of vehicles to the country, according to the Mexican Ministry of Economy. "The Chinese automakers came to the country very aggressively," said Juan Carlos Baker, former Mexican deputy minister for international trade. That free trade access is part of the United States-Mexico-Canada Agreement (USMCA), a revised iteration of the North American Free Trade Agreement (NAFTA) that removed tariffs on many goods traded between the North American countries starting in 2018. "We've seen China do this in other types of manufacturing as well, from appliances to auto parts to steel," said Paul. Watch the video to learn more about how Mexico has become a hot spot for Chinese auto companies and how the next administration may impact EV trade policies.

Persons: BYD, Juan Carlos Baker, Scott Paul, We've, Paul, Michael Dunne, Dunne, Joe Biden, it's Organizations: Mexican Ministry of, Nuevo, Alliance for American Manufacturing, North American Free Trade, North Locations: U.S, Mexico, Washington, China, North America, Mexican, Durango, Jalisco, Nuevo Leon, United States, Canada, America

☆ Thailand’s Prime Minister Srettha Thavisin removed from office in shock court ruling
▼ + stars: | 2024-08-14 | by ( Helen Regan | Kocha Olarn | ) edition.cnn.com time to read: +5 min

Bangkok, Thailand CNN —Thailand’s Prime Minister Srettha Thavisin has been removed from office after a court ruled he had violated the constitution, in a shock decision that plunges the kingdom into further political uncertainty. But Wednesday’s ruling shocked political analysts who believed the court would side with the prime minister. Pheu Thai and the establishmentPopulist Pheu Thai is the latest incarnation of parties aligned with divisive former leader Thaksin, who was ousted by the military in a 2005 coup. His dramatic return from a 15-year self-imposed exile last year coincided with the Senate’s vote to appoint Srettha as the country’s 30th prime minister. With Srettha now out of office, political negotiations will restart, with coalition partners jostling for Cabinet positions and the top job.

Persons: Thailand CNN —, Srettha Thavisin, Srettha, Pichit, Thaksin Shinawatra, Thaksin, Wednesday’s, jostling, Pheu, Paetongtarn Shinawatra, Thaksin’s Organizations: Thailand CNN, Thailand CNN — Thailand’s, Party, Populist, Manchester City Football Club, Pheu Thai Locations: Bangkok, Thailand

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