Michelle Fleury

Experts believe the law used, the Outer Continental Shelf Lands Act, can't easily be reversed. The Trump administration would need Congress to help change the law.

Experts believe the law used, the Outer Continental Shelf Lands Act, can't easily be reversed. The Trump administration would need Congress to help change the law.

You're talking about a sort of once iconic American business, U.S. Steel. It was once the biggest company in America, but it has fallen on hard times. And this deal to buy it by nip on steel was meant to be kind of a lifeline that was going to inject much needed money into the company site just outside of Pittsburgh in Pennsylvania to revive its fortunes and kind of future proof it, if you like.

You're talking about a sort of once iconic American business, U.S. Steel. It was once the biggest company in America, but it has fallen on hard times. And this deal to buy it by nip on steel was meant to be kind of a lifeline that was going to inject much needed money into the company site just outside of Pittsburgh in Pennsylvania to revive its fortunes and kind of future proof it, if you like.

But right from the beginning, it was controversial, both in economic terms. Critics were concerned that because Nippon Steel was Japanese, that maybe jobs in the US would be lost. There was some support from politicians locally on that front. There was also concern that this was happening in a swing state during an election year.

But right from the beginning, it was controversial, both in economic terms. Critics were concerned that because Nippon Steel was Japanese, that maybe jobs in the US would be lost. There was some support from politicians locally on that front. There was also concern that this was happening in a swing state during an election year.

And so you saw both President Biden but also President-elect Donald Trump coming out against this deal. And now we've got confirmation of that in one of his last acts as president, Joe Biden now blocking this deal, saying that it was bad on national security grounds and that it was critical to preserve not just U.S. jobs but also U.S.

And so you saw both President Biden but also President-elect Donald Trump coming out against this deal. And now we've got confirmation of that in one of his last acts as president, Joe Biden now blocking this deal, saying that it was bad on national security grounds and that it was critical to preserve not just U.S. jobs but also U.S.

Yeah, I mean, look, Nippon Steel had sort of bent over backwards to try and kind of accommodate the concerns from American politicians. I mean, they'd even gone so far as to say they were going to give veto power to the company over future decisions to kind of downsize US operations. But that wasn't enough to win approval. And now Nippon Steel and U.S.

Yeah, I mean, look, Nippon Steel had sort of bent over backwards to try and kind of accommodate the concerns from American politicians. I mean, they'd even gone so far as to say they were going to give veto power to the company over future decisions to kind of downsize US operations. But that wasn't enough to win approval. And now Nippon Steel and U.S.

Steel have said they are going to take all appropriate action to protect their legal rights. In other words, they plan to challenge Biden's move in court. Part of this has to do with kind of how the process played out. There is a regulatory body whose job. is to kind of review foreign investment and decide whether or not there's a national security concern.

Steel have said they are going to take all appropriate action to protect their legal rights. In other words, they plan to challenge Biden's move in court. Part of this has to do with kind of how the process played out. There is a regulatory body whose job. is to kind of review foreign investment and decide whether or not there's a national security concern.

And that committee actually was unable to reach a decision. And so it was sort of punted to the administration, to the White House to make the final call. And they're saying that the whole process kind of wasn't fair.

And that committee actually was unable to reach a decision. And so it was sort of punted to the administration, to the White House to make the final call. And they're saying that the whole process kind of wasn't fair.

So I suspect that will be the legal argument that they will kind of try and push the government to provide evidence of what this national security concern is exactly, especially when you're talking about a Japanese buyer of an American firm. Remember, Japan is a big US ally.

So I suspect that will be the legal argument that they will kind of try and push the government to provide evidence of what this national security concern is exactly, especially when you're talking about a Japanese buyer of an American firm. Remember, Japan is a big US ally.

McKinsey will enter into a five-year deferred prosecution agreement resolving charges of conspiring to misbrand a drug and obstruction of justice. In addition, former McKinsey senior partner Martin Elling is set to plead guilty to obstruction for destroying records related to the case. Prosecutors say McKinsey gave Purdue advice on how to turbocharge sales of its drug OxyContin.

McKinsey will enter into a five-year deferred prosecution agreement resolving charges of conspiring to misbrand a drug and obstruction of justice. In addition, former McKinsey senior partner Martin Elling is set to plead guilty to obstruction for destroying records related to the case. Prosecutors say McKinsey gave Purdue advice on how to turbocharge sales of its drug OxyContin.

Today's agreement comes after McKinsey previously settled nearly $1 billion in lawsuits over its work with Purdue and other drug makers. Purdue Pharma itself pleaded guilty in 2020 to criminal charges related to its role in fueling America's opioid crisis.

Today's agreement comes after McKinsey previously settled nearly $1 billion in lawsuits over its work with Purdue and other drug makers. Purdue Pharma itself pleaded guilty in 2020 to criminal charges related to its role in fueling America's opioid crisis.