In the heat of the campaign season for one of the tightest and most consequential elections in US history, US President Joe Biden as well as presidential candidates Donald Trump and Kamala Harris appear to be disrespecting close US ally Japan by voicing opposition to a Japanese corporation's proposed purchase of struggling American steel maker US Steel.
Nippon Steel agreed to buy US Steel in December 2023 for double the price offered by another US company and by paying 40 per cent above US Steel's stock value.
Mr Biden said in March that US Steel is an "iconic" American company and "it is vital for it to remain... domestically owned and operated". Trump and Ms Harris similarly objected to the sale. Essentially, all of them argue that foreign ownership of US Steel would harm America's national security.
Mr Biden is waiting for the final report of the Committee on Foreign Investment in the United States (CFIUS), which is reportedly leaning towards blocking the sale but may not announce its decision until after the Nov 5 election.
While national security is the ostensible rationale, the opposition of Mr Biden and the others to the proposed Nippon Steel deal seems based on electoral politics. The powerful United Steelworkers union, which claims to represent 850,000 workers, is against the sale, likely because it fears management by Nippon Steel would eventually reduce the number of unionised workers. Mr Biden and the others want union workers on their side.
Furthermore, any American politician immediately recognises the marketability of standing up for a company named after the US, as well as the vulnerability that would be incurred by an opponent who failed to do so.
SPECIOUS USE OF THE 'NATIONAL SECURITY' ARGUMENT
The apparent success of the national security argument in this case is disappointing.
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Denne historien er fra September 23, 2024-utgaven av The Straits Times.
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BLACK DAY FOR BRITISH PUBS
At her London pub, landlady Kate Davidson has taken to issuing Guinness ration cards, but the beer still ran out amid a British shortage of Ireland's national drink.
Her Last Gifts
It was exhausting, he sighed. But Carol insisted; her name being what it was and his, she said with a big grin, being Chris. Remember, this is the blessed spirit of the season, to give as we have been given.
When You Think About Me
She empties the last drawer and, between stray baubles, there's the cookie tin, the one hunted down from some narrow shop in Liverpool because it didn't ship here.
Gift Of The Magi
Let's say you never intended to use Magi. Let's say you know about all the scandals: the accusations of stolen data, the EU lawsuits, the CEO's abhorrent behaviour. Let's say you don't even believe the outlandish social media claims that the app is magical, like actual magic. You know it's not possible it reads your mind, plumbs your soul, knows your heart's desires. You're not so gullible.
Ho Ren Yung: Steering global brand evolution of Banyan Group
Ms Ho Ren Yung, deputy chief executive of Banyan Group, oversaw the company's brand relaunch in a bumper year of 19 openings in 2024. These included Banyan Tree Higashiyama Kyoto in Japan and Angsana Tengchong in China.
Jury-rigged Hotpot
The Japan Home folding table was just big enough to accommodate two.
Tales of love, peace and hope
The Sunday Times invites five authors to pen short stories around the theme of A Christmas Gift
Japan: Taking centre stage in Singapore and beyond
Scroll through your social media feed this holiday season, and practically everyone you know is in Japan or making plans to vacation there.
UOB: Most influential patron in Singapore art scene
UOB's \"day job\" is handling loans, deposits and a wealth of diverse portfolios. But the bank cemented its role as the most influential patron in the Singapore art scene in 2024, investing good chunks of cash in both arts and arts education.
Fong Chi Chung: Putien restaurants make dining out more affordable
In a year where diners made themselves scarce - preferring to spend their strong Singapore dollars overseas, and leading restaurant owners and chefs to despair over empty dining rooms - this power lister made a power move that others in the industry are watching closely.
