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Joe Biden blocks Nippon Steel’s $15bn takeover of US Steel

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Joe Biden blocks Nippon Steel’s bn takeover of US Steel

US President Joe Biden has blocked a $15bn deal by Japan’s Nippon Steel to buy US Steel, delivering a setback to Washington’s relations with its closest Asia-Pacific ally and prompting the companies to threaten legal action.

Biden, who has long been opposed to the purchase, issued an order on Friday compelling Nippon and US Steel “to fully and permanently abandon the proposed transaction” within 30 days.

In response, the two companies labelled the move “a clear violation of due process” and the law. In an indication of possible legal action, they added: “Following President Biden’s decision, we are left with no choice but to take all appropriate action to protect our legal rights.”

A clause in the original agreement with US Steel obliges Nippon to pay a $565mn break-fee payment in the event the deal is blocked.

Biden’s extraordinary intervention, which comes with just 17 days remaining of his term, caps a presidency in which he has sought to boost American jobs and has moved away from the free-trade agenda of previous administrations.

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It is also likely to raise concerns about US receptiveness to future foreign investment, with president-elect Donald Trump, who won November’s election on a protectionist platform, also opposing the deal.

The companies said it was “shocking and deeply troubling that the US government would . . . treat an ally like Japan in this way”.

They added: “Unfortunately, it sends a chilling message to any company based in a US-allied country contemplating significant investment in the US.”

In the order, Biden said there was “credible evidence” that through the acquisition, Nippon “might take action that threatens to impair the national security of the United States”.

The Committee on Foreign Investment, which vets foreign acquisitions, failed to reach a consensus by a December 23 deadline on whether the transaction posed a national security threat.

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The companies said the president had not presented any “credible evidence of a national security issue”, adding that “instead of abiding by the law, the process was manipulated to advance President Biden’s political agenda”.

They added the Cfius process “was deeply corrupted by politics, and the outcome was pre-determined”.

Biden’s intervention marks the failure of Nippon Steel’s ambitious expansion plan that morphed into a sensitive political issue in a US election year.

The decision by the outgoing president, who is known for his support for organised labour, follows fierce opposition to the deal from the United Steelworkers union. The group’s campaign proved fatal to the purchase, despite intense lobbying in recent weeks from executives at US Steel and Nippon.

The White House said Biden’s decision was not meant as a snub to Tokyo.

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“This isn’t about Japan. It’s about US steelmaking,” National Security Council spokesperson John Kirby said on Friday. It is about “keeping one of the largest steel producers in the United States an American-owned company. It is not about the extraordinary, close relationship, any alliance, that we have with Japan.”

US Steel shares were down more than 6 per cent after the decision.

Opponents of the takeover welcomed Biden’s decision.

Sherrod Brown, the outgoing Democratic senator from Ohio, wrote on X: “This deal . . . represented a clear threat to America’s national and economic security and our ability to enforce our trade laws. It’s why we fought it every step of the way. The president is right to block it.”

Biden’s move to quash the deal will leave the fate of US Steel in limbo. The company had warned it might close mills and reduce its workforce, possibly moving its headquarters away from Pittsburgh, Pennsylvania, if the agreement was blocked.

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Nippon’s proposed takeover had attracted significant support in parts of the US that would have benefited from the promised investment and technology from the Japanese company.

William Chou, deputy director of the Japan chair at the Hudson Institute think-tank, said the decision would devastate the steelmaking communities in western Pennsylvania and Indiana.

“President Biden talks about protecting the American steel industry, but only in the abstract,” he added. “At no point did he engage with actual steelworkers, or address the technology needed to empower them to safeguard the steel industry.”

Japanese officials, speaking on condition of anonymity, have previously said that, while they understood the risk of political intervention that Nippon faced when launching a bid ahead of a US presidential election, it was baffling that a Japanese company should be labelled a security risk.

Heino Klinck, a former US deputy assistant secretary for defence for east Asia, said it was “ironic and nonsensical” that national security concerns were being cited as rationale for blocking the deal, because Japan hosted the world’s largest presence of the US’s forward-deployed military forces.

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“This decision will cast a shadow on the alliance,” he said. “It is indeed unfortunate that the Biden administration has handed the Chinese Communist party yet another talking point on America not being a reliable partner.”

Additional reporting by Steff Chávez

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Trump Says Israel and Lebanon Agree to Extend Cease-Fire by Three Weeks

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Trump Says Israel and Lebanon Agree to Extend Cease-Fire by Three Weeks

President Trump announced a three-week extension of a cease-fire between Israel and Lebanon that had been set to expire in a few days, after hosting a meeting between Israeli and Lebanese diplomats at the White House on Thursday.

Hezbollah, the Iranian-backed militant group that has been attacking Israel from southern Lebanon, did not have representatives at the meeting and did not immediately comment on the announcement. The prime minister of Israel and the president of Lebanon also did not comment.

A successful peace agreement would hinge upon Hezbollah halting attacks, which Lebanon’s government has little power to enforce because it does not control the militia. Lebanon’s military has mostly stayed out of the fighting and is not at war with Israel.

The cease-fire, which was scheduled to end on April 26, would last until May 17 if it takes effect as Mr. Trump described it. Before the cease-fire was brokered last week, nearly 2,300 people were killed in Lebanon and 13 in Israel. Since then, the number of Israeli airstrikes and Hezbollah attacks have been dramatically reduced, though the two sides have continued exchanging fire.

The Lebanese Ambassador to the United States, Nada Hamadeh, credited Mr. Trump for extending the cease-fire, saying that “with your help and support, we can make Lebanon great again.” Mr. Trump replied, “I like that phrase, it’s a good phrase.”

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Asked about the potential of a lasting peace agreement between Israel and Lebanon, Mr. Trump said that “I think there’s a great chance. They are friends about the same things and they are enemies on the same things.”

But Lebanon and Israel have periodically been at war since Israel’s founding in 1948. Israel has invaded Lebanon for the fifth time since 1978, incursions that have destabilized the country and the delicate balance of power between Muslim, Christian and Druze communities.

In the hours before the president’s announcement on social media, Israel and Hezbollah were trading attacks in southern Lebanon, testing the existing cease-fire.

Mr. Trump said the meeting at the White House had been attended by high-ranking U.S. officials, including Vice President JD Vance, Secretary of State Marco Rubio and the U.S. ambassadors to Israel and Lebanon.

Earlier on Thursday, an Israeli strike near the southern Lebanese city of Nabatieh killed three people, according to Lebanon’s health ministry. Hezbollah claimed three separate attacks on Israeli troops who are occupying southern Lebanon, though none were wounded or killed.

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Hezbollah set off the latest round of fighting last month by attacking Israel soon after the start of the U.S.-Israeli bombing campaign in Iran. Israel responded to Hezbollah’s attacks by launching airstrikes across Lebanon and widening a ground invasion of the country’s south.

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U.S. soldier charged with suspected Polymarket insider trading over Maduro raid

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U.S. soldier charged with suspected Polymarket insider trading over Maduro raid

Smoke rises from Port of La Guaira in Venezuela on Jan. 3, 2026 after U.S. forces seized the country’s president, Nicolas Maduro and his wife.

Jesus Vargas/Getty Images


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Jesus Vargas/Getty Images

Federal prosecutors on Thursday unsealed an indictment against a U.S. Army soldier, accusing him of using his insider knowledge of the clandestine military operation to capture Venezuelan leader Nicolás Maduro in January to reap more than $400,000 in profits on the popular prediction market site Polymarket.

The Justice Department says Gannon Ken Van Dyke, 38, who was stationed at Fort Bragg, in North Carolina, was part of the team that planned and carried out the predawn raid in Caracas earlier this year that resulted in the apprehension of Maduro.

The Department of Justice and the Commodity Futures Trading Commission filed the actions against Van Dyke, the first time U.S. officials have leveled criminal charges against someone over prediction market wagers.

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According to the indictment, Van Dyke now faces counts of wire fraud, commodities fraud, misusing non-public government information and other charges.

Trading under numerous usernames including “Burdensome-Mix,” Van Dyke allegedly traded about $32,000 on the arrest of Maduro, resulting in profits exceeding $400,000.

“Prediction markets are not a haven for using misappropriated confidential or classified information for personal gain,” said U.S. Attorney Jay Clayton for the Southern District of New York. “Those entrusted to safeguard our nation’s secrets have a duty to protect them and our armed service members, and not to use that information for personal financial gain.”

Van Dyke’s defense lawyer is not yet publicly known. Polymarket did not return a request for comment.

The charges against Van Dyke come at a sensitive time for the prediction market industry, which has been growing exponentially, despite calls in Washington and among state leaders for the sites to be reined in.

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Van Dyke is the first to be charged in the U.S. for suspected Polymarket insider trading, but Israeli authorities in February arrested several people and charged two on suspicion of using classified information to place bets about military operations in Iran on Polymarket.

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Senate Adopts GOP Budget, Laying the Groundwork to Fund ICE and Reopen DHS

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Senate Adopts GOP Budget, Laying the Groundwork to Fund ICE and Reopen DHS

The Senate early Thursday morning adopted a Republican budget blueprint that would pave the way for a $70 billion increase for immigration enforcement and the eventual reopening of the Department of Homeland Security.

Republicans pushed through the plan on a nearly party-line vote of 50 to 48. It came after an overnight marathon of rapid-fire votes, known as a vote-a-rama, in which the G.O.P. beat back a series of Democratic proposals aimed at addressing the high cost of health care, housing, food and energy. The debate put the two parties’ dueling messages on vivid display six months before the midterm elections.

Republicans, who are using the budget plan to lay the groundwork to eventually push through a filibuster-proof bill providing a multiyear funding stream for President Trump’s immigration crackdown, used the all-night session to highlight their hard-line stance on border security, seeking to portray Democrats as unwilling to safeguard the country.

Democrats tried and failed to add a series of changes aimed at addressing cost-of-living issues, seizing the opportunity to hammer Republicans as out of touch with and unwilling to act on the concerns of everyday Americans.

Here’s what to know about the budget plan and the nocturnal ritual senators engaged in before adopting it.

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The budget blueprint is a crucial piece of Republicans’ plan to fund the Department of Homeland Security and end a shutdown that has lasted for more than two months. After Democrats refused to fund immigration enforcement without new restrictions on agents’ tactics and conduct, the G.O.P. struck a deal with them to pass a spending bill that would fund everything but ICE and the Border Patrol. Republicans said they would fund those agencies through a special budget bill that Democrats could not block.

“We can fix this with Republican votes, and we will,” said Senator Lindsey Graham, Republican of South Carolina and the Budget Committee chairman. “Every Democrat has opposed money for the Border Patrol and ICE at a time of great peril.”

In resorting to a new budget blueprint, Republicans laid the groundwork to deny Democrats a chance to stop the immigration enforcement funding. But they also submitted themselves to a vote-a-rama, in which any senator can propose unlimited changes to such a measure before it is adopted.

The budget measure now goes to the House, which must adopt it before lawmakers in both chambers can draft the legislation funding immigration enforcement. That bill will provide yet another opportunity for a vote-a-rama even closer to the November election.

Democrats took to the floor to criticize Republicans for supercharging funding for federal immigration enforcement rather than moving legislation that would address Americans’ concerns over affordability.

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“This is what Republicans are fighting for,” said Senator Chuck Schumer, Democrat of New York and the Democratic leader. “To maintain two unchecked rogue agencies that are dreaded in all corners of this country instead of reducing your health care costs, your housing costs, your grocery costs, your gas costs.”

Democrats offered a host of amendments along those lines, all of which were defeated by Republicans — and that was the point. The proposals were meant to put the G.O.P. in a tough political spot, showcasing their opposition to helping Americans afford high living costs. Fewer than a handful of G.O.P. senators crossed party lines to support them.

The G.O.P. thwarted an effort by Mr. Schumer to require that the budget measure lower out-of-pocket health care costs for Americans. Two Republicans who are up for re-election this year, Senators Susan Collins of Maine and Dan Sullivan of Alaska, voted with Democrats, but the proposal was still defeated.

Republicans also squelched a move by Senator Ben Ray Lujan, Democrat of New Mexico, to create a fund that would lower grocery costs and reverse cuts to food aid programs that Republicans enacted last year. Ms. Collins and Mr. Sullivan again joined Democrats.

Also defeated by the G.O.P.: a proposal by Senator John Hickenlooper, Democrat of Colorado, to address rising consumer prices brought on by Mr. Trump’s tariffs and the war in Iran; one by Senator Edward J. Markey, Democrat of Massachusetts, to require the budget measure to address rising electricity prices, and another by Mr. Markey to create a fund to bring down housing costs.

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Senator Jon Ossoff, a Democrat who is up for re-election in Georgia, also sought to add language requiring the budget plan to address health insurance companies denying or delaying access to care, but that, too was blocked by Republicans.

While Republicans had fewer proposals for changes to their own budget plan, they also sought to offer measures that would underscore their aggressive stance on immigration enforcement and dare Democrats to vote against them.

Mr. Graham offered an amendment to allocate funds toward a deficit-neutral reserve fund relating to the apprehension and deportation of adult immigrants convicted of rape, murder, or sexual abuse of a minor after illegally entering the United States. It passed unanimously.

Senator Josh Hawley, Republican of Missouri, sought to bar Medicaid payments to Planned Parenthood, which provides abortion and other services, and criticized the organization for providing transgender care to minors. Senator John Kennedy, Republican of Louisiana, also attempted to tack on the G.O.P. voter identification bill, known as the SAVE America Act. Both proposals were blocked when Democrats, joined by a few Republicans, voted to strike them as unrelated to the budget plan.

The Republicans who crossed party lines to oppose their own party’s proposals for new voting requirements were Ms. Collins along with Senators Mitch McConnell of Kentucky, Lisa Murkowski of Alaska and Thom Tillis of North Carolina.

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Ms. Collins and Ms. Murkowski also opposed the effort to block payments to Planned Parenthood.

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