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Real Madrid thrashes Deportiva Minera 5-0 to reach Copa del Rey last 16

REAL MADRID booked their place in the last 16 of the Copa del Rey with an emphatic 5-0 win over fourth-tier Club Deportiva Minera on Monday, with striker Arda Guler scoring a superb double.

Madrid took an early lead when Federico Valverde volleyed home in impressive style within five minutes. Eduardo Camavinga doubled the lead just eight minutes later with a bullet header, while Guler added a third goal before the half-hour mark.

The hosts came closest to scoring when striker Omar Perdomo unleashed a long-range effort that flew just wide of Madrid goalkeeper Andriy Lunin’s far right post.

Luka Modric’s brilliant finish into the far corner 10 minutes after the break, following a clever combination with Brahim Diaz, brought the crowd in the Cartagonova stadium to their feet in a festive atmosphere even though the home side were trailing.

Despite conceding five goals, Minera goalkeeper Fran Martinez saved several good shots including efforts from Valverde and Kylian Mbappe.

Cartagena’s Deportiva Minera are currently top of Group 13 of the Segunda Federacion. Madrid leads LaLiga on 43 points, two clear of Atletico Madrid. — Reuters

Clash of the titans

Don’t be fooled by pre-game odds overwhelmingly being in favor of the Cavaliers. When they meet the Thunder on Thursday, just about the only advantage they will have is their near-flawless record at the Rocket Mortgage FieldHouse. Since their 2024-25 campaign began in late October, they have a single loss to show in the 19 matches they’ve hosted; the Hawks blitzed them on the front end of a home-and-home set courtesy of a playmaking masterclass by three-time All-Star Trae Young right before Thanksgiving. Meanwhile, the Thunder boast of a sterling 13-3 slate on the road, and will not be lacking in confidence while aiming for a 15th consecutive victory.

Given how both the Cavaliers and the Thunder have separated themselves from the rest of the National Basketball Association a little over halfway through the season, it’s fair to view Thursday’s set-to as an advanced look at the 2025 Finals. That said, there are still a lot of hoops to be played, and in history can be found examples of shocking swoons following remarkable rises. Moreover, the incidence of Number One seeds in each conference doing battle for the Larry O’Brien Trophy is not as high as conventional wisdom may assume.

To be sure, the benefits of regular season brilliance cannot be discounted. Sustained success does lead to heightened self-assurance, critical as a means of separation from equally strong contenders. There is likewise muscle memory to consider; winning begets winning, as the Cavaliers and the Thunder have clearly demonstrated. The phrase “trust in the process” has had a negative connotation in light of its misuse by the Sixers during the Sam Hinkie dispensation, but its importance is precisely what the East and West pacesetters have underscored.

So, yes, Thursday’s clash of the titans makes for must-see fare. And while it won’t be all that significant in the grand scheme of things, it does effectively provide the Cavaliers and the Thunder with an assessment of the state of their readiness to attain their ultimate objective. In short, it’s not just any contest; outside of bragging rights, they will gain intelligence that figures to shape their future.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Yellen raised serious concern about China’s ‘malicious’ cyber activity, Treasury says

JANET YELLEN

WASHINGTON — U.S. Treasury Secretary Janet Yellen met virtually on Monday with Chinese Vice Premier He Lifeng and raised concerns about “malicious cyber activity” carried out by Chinese state-sponsored actors, the Treasury Department said in a statement.

Treasury last month reported that an unspecified number of its computers had been compromised by Chinese hackers in what it called a “major incident” following a breach at contractor BeyondTrust, which provides cybersecurity services.

Congressional aides said no date had been set yet for a requested briefing on the breach, the latest in a serious of cyber attacks against government agencies that the U.S. government has blamed on Chinese state-sponsored actors.

Those attacks have occurred even as the Biden administration has worked to improve communications with China and better manage the competitive relationship, including through establishment of economic and financial working groups.

“Secretary Yellen … expressed serious concern about malicious cyber activity by PRC state-sponsored actors and its impact on the bilateral relationship,” Treasury said, describing the call as candid, in-depth and constructive.

The two officials also discussed economic developments in both countries, and reviewed progress made during meetings of the working groups, Treasury said.

Ms. Yellen reiterated concerns she has raised repeatedly about China’s non-market practices and policies and industrial overcapacity, noting they would continue to adversely affect the U.S.-China bilateral economic relationship unless addressed.

Ms. Yellen delivered a similar message when she met He in Beijing in April, warning him to rein in excess industrial capacity before President Joe Biden announced steep tariff increases on Chinese-made electric vehicles, batteries, solar products and semiconductors.

She also underscored the “significant consequences” that Chinese companies would face if they provided material support for Russia’s war against Ukraine, Treasury added.

President-elect Donald Trump, who takes office on Jan. 20, has threatened to impose steep tariffs on Chinese imports in excess of 60%, much higher than those imposed during his first term in office. — Reuters

Indonesia to join BRICS bloc as full member, Brazil says

INDONESIAN national flags fly at a business district in Jakarta, Indonesia, Feb. 5, 2021. — REUTERS

SAO PAULO — Indonesia will formally join BRICS as a full member, Brazil’s government said on Monday, further expanding the group of major emerging economies that also includes Russia, India, China and South Africa.

Indonesia’s foreign ministry said in a statement on Tuesday that it welcomed the announcement and that “BRICS membership is a strategic way to increase collaboration and partnership with other developing nations.”

Indonesia, the world’s fourth most populous nation, had previously expressed its desire to join the group as a means of strengthening emerging countries and furthering the interests of the so-called Global South.

Brazil, which holds the bloc’s presidency in 2025, said in a statement that member states approved Indonesia’s entry by consensus as part of an expansion push initially endorsed at the 2023 BRICS summit in Johannesburg.

The South American nation noted that Jakarta’s bid got the green light from the bloc in 2023 but the Southeast Asian country asked to join following the presidential election held last year. President Prabowo Subianto took office in October.

“Indonesia shares with the other members of the group support for the reform of global governance institutions, and contributes positively to the deepening of cooperation in the Global South,” the Brazilian government said.

The BRICS group also includes Egypt, Ethiopia, Iran and the United Arab Emirates. — Reuters

Britain to make sexually explicit ‘deepfakes’ a crime

STOCK PHOTO | Image by rawpixel.com from Freepik

LONDON — Creating and sharing sexually explicit “deepfakes” will become a criminal offense in Britain, the government said on Tuesday, in a bid to tackle a surge in the proliferation of such images, mainly targeting women and girls.

Deepfakes are videos, pictures or audio clips made with artificial intelligence to look real, and such technology can be used to digitally alter pornographic images into the likeness of someone else.

Publishing intimate photos or videos without consent and with the intent to cause distress — so-called revenge porn — was criminalized in Britain in 2015, but that legislation does not cover the use of fake images.

Data from the UK-based Revenge Porn Helpline showed image-based abuse using deepfakes has increased by more than 400% since 2017.

Under the new offense to be introduced by the government, perpetrators could be charged and face prosecution for both creating and sharing these images.

“There is no excuse for creating a sexually explicit deepfake of someone without their consent,” the Justice ministry said in a statement.

The previous Conservative government, which lost power to the Labour Party in July, announced similar plans to make sexually explicit deepfakes a criminal offense. Under its proposal, offenders would face fines and even jail time.

The Justice ministry said further details of the new offense would be set out in due course.

The government said it would also create new offenses for the taking of intimate images without consent and the installation of equipment with intent to commit these offenses. Those found guilty could face up to two years behind bars.

“This demeaning and disgusting form of chauvinism must not become normalized,” said Victims Minister Alex Davies-Jones.

Technology Minister Margaret Jones said tech platforms hosting abusive images would face tougher scrutiny and significant penalties.

“Intimate-image abuse is a national emergency that is causing significant, long-lasting harm to women and girls who face a total loss of control over their digital footprint, at the hands of online misogyny,” said campaigner Jess Davies.

The new offenses will be included in the government’s Crime and Policing Bill, which will be introduced to Parliament. A date is yet to be set. — Reuters

Trudeau’s star power dimmed after weathering pandemic and Trump

REUTERS

OTTAWA — Justin Trudeau, who said on Monday he would resign as Liberal prime minister once the party names a new leader, led Canada for more than nine years before former allies turned against him.

Mr. Trudeau, 53, the son of longtime former Prime Minister Pierre Trudeau, was born into the public eye and inherited his father’s sense of style and showmanship.

He is one of the few Canadian leaders to win three consecutive terms in office. During his time in power, Canada overcame two major crises: the pandemic and then-US President Donald J. Trump’s demand to renegotiate the trilateral trade deal with Mexico.

Mr. Trudeau is an avowed feminist committed to gender parity in his cabinets who was ultimately brought down by an ugly breakup with former Finance Minister Chrystia Freeland, the most powerful woman in his political life.

Mr. Trudeau took over as Liberal leader in 2013 when the party was in deep trouble and had been reduced to third place in the House of Commons for the first time.

Yet by pushing an upbeat message of “sunny ways,” and taking advantage of voter fatigue with the Conservative government, Mr. Trudeau propelled his party into power in the 2015 election.

Mr. Trudeau was a media sensation and found his face — not to mention his sharp suits and colorful socks — splashed across magazines around the world.

On his first foreign trip in November 2015, he was mobbed in a Manila conference center and had to be whisked away by his security team.

There was also substance. The highlight of his first term proved to be the successful renegotiation of the trilateral trade treaty with the United States and Mexico.

The Canadian side, led by then-Foreign Minister Freeland, managed to preserve an agreement that was crucial for the economy.

“Trudeau handled that with aplomb and great strategy and was able to get a new deal. So I think that’s going to serve him well in the history books,” said historian J.D.M. Stewart, author of two books on Canadian prime ministers.

Mr. Trudeau also spent heavily on social programs, including a commitment to ensure the availability of affordable child care.

SURVIVING SCANDALS
Mr. Trudeau’s initial popularity helped him survive calamities that could have sunk other Canadian politicians.

In 2017, the ethics commissioner ruled Mr. Trudeau had broken conflict-of-interest rules by accepting a vacation, gifts and flights from the Aga Khan. It was the first time a prime minister had been found to have committed such a transgression.

During the 2019 election campaign, it emerged that he had posed in blackface when younger.

He apologized repeatedly, blaming his privileged background. The Liberals retained power, albeit with a minority government that left them reliant on other parties to stay in power.

Within months, the pandemic struck and Mr. Trudeau appeared every day on television for months to reassure Canadians. Yet legislators knocking on doors reported he was starting to put voters off. His approval ratings never recovered.

“One of the reasons why he’s very unpopular right now is that he’s been over-exposed,” said Mr. Stewart, speaking shortly before Mr. Trudeau announced his resignation.

“When you have a big personality … you’re going to probably end up rubbing a few people the wrong way after nine years. They’ve just had enough of you.”

Mr. Trudeau called a snap election in 2021, hoping to be rewarded for his handling of the pandemic. The gambit backfired and the result was another minority government.

The prime minister remained as upbeat and talkative as ever, yet few people realized the effort it took him.

“I always understood that I’m an introvert who learned how to be an extrovert to succeed in politics,” he told the Toronto Star in 2021.

One aide told Reuters that Mr. Trudeau is so shy he found it difficult to look people in the eye, even those closest to him.

Mr. Trudeau’s discomfort with people he did not know well started to cause issues within the party. In books written after they left government, three ministers complained how hard it had been to get past his inner circle. 

TRUDEAUMANIA
One reason for Mr. Trudeau’s caution could be tied to his upbringing as the son of Pierre Trudeau.

“The younger Trudeau has constantly lived with the reality that he is extraordinarily famous and thus most people have always wanted something from him,” journalist and author Steve Paikin said in July 2024.

Pierre Trudeau also courted the limelight and his love of fast cars, flashy clothes and romantic interests sparked a late-1960s phenomenon known as “Trudeaumania,” a term also used to describe the son’s early impact on the media. There were other, more complex, similarities between the men.

“What he inherited from his father, in my opinion, was stubbornness, like not seeing the writing on the wall here,” said University of Toronto politics professor Nelson Wiseman, referring to Mr. Trudeau’s insistence until the end that he was the right man to lead the Liberals.

Mr. Trudeau spun his background as a positive, saying those who grew up in fortunate circumstances were obliged to help their community. He worked as a teacher before entering politics.

“It was my way of doing things, my way of having an impact. And it turns out I was pretty good at it, and I am pretty good at it,” he told US late-night television host Stephen Colbert in September 2024.

But even those close to Mr. Trudeau say he had problems managing personal relationships.

In February 2019, former Justice Minister Jody Wilson-Raybould accused Mr. Trudeau and other officials of inappropriately pressuring her to help construction company SNC-Lavalin avoid a corruption trial.

She resigned and Treasury Board President Jane Philpott also quit, citing a loss of confidence in Mr. Trudeau. The incident was damaging for a prime minister who described himself as a feminist.

The strains of being prime minister also spread into Mr. Trudeau’s personal life.

In August 2023, he announced he and wife Sophie were separating after 18 years of marriage. The couple, who have three children, had talked frankly about difficulties in their relationship and in recent years were seen together less often in public.

The fateful moment in Mr. Trudeau’s downfall turned out to be a clash in December with Ms. Freeland, who was then Finance minister and his main cabinet ally. She quit on Dec. 16 after Mr. Trudeau tried to demote her, a move that aides said shocked him. The resignation set off new calls for Mr. Trudeau to step aside as opposition parties called for a no-confidence vote in parliament that Mr. Trudeau would not have survived. — Reuters

US adds Tencent, CATL to list of Chinese firms allegedly aiding Beijing’s military

US and Chinese flags are seen in this illustration. — REUTERS

WASHINGTON/NEW YORK – The U.S. Defense Department said on Monday it has added Chinese tech giants including gaming and social media leader Tencent Holdings and battery maker CATL to a list of firms it says work with China’s military.

The list also included chip maker Changxin Memory Technologies, Quectel Wireless, drone maker Autel Robotics, and China’s largest shipping company COSCO Shipping Holdings, according to a document published on Monday.

Two entities owned by Chinese state-owned oil major China National Offshore Oil Corporation were also listed, CNOOC China Ltd and CNOOC International Trading.

The annually updated list of Chinese military companies, formally mandated under U.S. law as the “Section 1260H list,” designated 134 companies, according to a notice posted to the Federal Register.

While the designation does not involve immediate bans, it can be a blow to the reputations of affected companies and represents a stark warning to U.S. entities and firms about the risks of conducting business with them. It could also add pressure on the U.S. Treasury Department to sanction the companies.

The Hong Kong-listed shares of Tencent fell as much as 7% in early trade, while the U.S.-traded shares of the company, which is also the parent of Chinese instant messaging app WeChat, fell 8% in over-the-counter trading.

Tencent said in a statement that its inclusion on the list was “clearly a mistake.” It added: “We are not a military company or supplier. Unlike sanctions or export controls, this listing has no impact on our business.”

CATL, the world’s largest electric vehicle battery maker whose Shenzhen-listed shares dropped more than 5%, also called the designation a mistake, saying it “is not engaged in any military-related activities.”

A Quectel spokesperson said the company “does not work with the military in any country and will ask the Pentagon to reconsider its designation, which clearly has been made in error.” Quectel’s shares fell nearly 7%.

COSCO’s HK-listed shares dropped more than 4%.

The Chinese embassy in Washington said it opposed the move and urged the U.S. to correct its “discriminatory practices”, adding that China would safeguard the legitimate rights and interests of its own firms.

The other companies did not immediately respond to requests for comment.

 

IMPACT ON COMPANIES

The updated list is one of numerous actions taken by Washington in recent years to highlight and restrict Chinese companies it says pose security risks, weighing on strained relations between the world’s two biggest economies.

In 2021, the U.S. Defense Department removed Xiaomi1810.HK after the Chinese tech firm sued the U.S. government for including it on the list. A federal judge had called the U.S. government’s process to include Xiaomi “deeply flawed”.

Morningstar senior equity analyst Ivan Su said he believed Tencent had a good chance to secure exclusion through U.S. courts, like Xiaomi, but that its inclusion could result in reputational damage.

Tencent’s U.S. earnings exposure was in the high-single-digit percentage range, he added, mostly made up of gaming revenue. “While this represents the maximum potential downside, we see it as highly unlikely that Tencent’s US gaming revenue will be affected over the near term.”

Jefferies said in a research note the purpose of the Chinese Military Companies (CMC) list was to express the opinion of the Defense Department which could serve as a reference for other government departments.

“The most serious consequence for CMC companies is U.S. investment ban, but it’s all up to Trump and his team.”

Craig Singleton, a China expert at the Foundation for Defense of Democracies, said the additions showed that it was “reckless” for American firms to conduct business with a growing swath of Chinese corporations.

“The U.S. isn’t just safeguarding a handful of technologies anymore,” he said. “The garden of sensitive technologies is growing, and the fence protecting them is being fortified.”

Other companies added include MGI Tech 688114.SS, which makes genomic sequencing instruments, and Origincell Technology, which lawmakers have alleged operates a cell bank network and bio-storage technologies. Neither firm immediately responded to requests for comments.

U.S. lawmakers had pushed the Pentagon throughout 2024 to add some of the companies, including CATL, to the list. Ford Motor F.N is building a battery plant in Michigan and plans to license CATL technology to produce low-cost lithium-iron batteries at the facility – a move that has sparked concerns by some lawmakers. Ford did not immediately comment on Monday.

Two previously listed companies, drone maker DJI and Lidar-maker Hesai Technologies, both sued the Pentagon last year over their previous designations, but remain on the updated list.

The Pentagon also removed six companies it said no longer met the requirements for the designation, including AI firm Beijing Megvii Technology, China Railway Construction Corporation Limited, China State Construction Group Co and China Telecommunications Corporation. – Reuters

Malaysia, Singapore announce deal on Johor economic zone

Screenshot from Google Maps

KUALA LUMPUR – Malaysia and Singapore announced on Tuesday an agreement on a special economic zone in the southern Malaysian state of Johor, aiming to support investment and free up movement of goods and people between the countries.

The Southeast Asian neighbors first agreed in principle to jointly develop the economic zone a year ago. Tuesday’s agreement was announced during a visit to Malaysia by Singapore Prime Minister Lawrence Wong and senior cabinet ministers.

The two countries are aiming to attract high-value investments in sectors ranging from manufacturing and logistics to tourism and energy transition, Malaysia’s Economic Minister Rafizi Ramli told reporters.

They are targeting 50 projects at the economic zone within the first five years of its inception, and the creation of 20,000 skilled jobs.

Malaysia will set up and manage an infrastructure fund to support companies looking to set up there, while Singapore will create its own fund to facilitate investments and support Singaporean companies operating in Johor, Rafizi said.

Thousands of Malaysians commute every day to small but wealthy Singapore for work and study, causing frequent traffic congestion on the causeway between the countries, one of the world’s busiest border crossings. – Reuters

Exxon sues California AG, environmental groups over attacks on recycling efforts

STOCK PHOTO | By Harrison Keely - Own work, CC BY 4.0, https://commons.wikimedia.org/w/index.php?curid=137436023

Exxon Mobil filed a lawsuit on Monday against California Attorney General Rob Bonta and several environmental groups, court records show, accusing them of defaming and disparaging the oil giant’s advanced plastics recycling initiatives.

The lawsuit is a sign of how Exxon is increasingly fighting back against environmentalists and other critics who have brought lawsuits against the company alleging its involvement in climate change and rising greenhouse gas emissions.

Filed in federal court in Beaumont, Texas, the lawsuit accused Bonta of acting in concert with a law firm called Cotchett, Pitre & McCarthy, LLP that has ties to IEJF, an Australian non-profit controlled by billionaire Fortescue founder Andrew Forrest’s company Minderoo Foundation.

Fortescue competes with Exxon in low-carbon solutions and the energy transition sector, the lawsuit said.

Cotchett had recruited U.S. environmental groups as plaintiffs in a lawsuit against Exxon, and also contributed to Bonta’s political campaign, Exxon said.

The company is asking for undisclosed damages and a retraction of what it called defamatory statements.

A spokesperson for the California Department of Justice said: “This is another attempt from ExxonMobil to deflect attention from its own unlawful deception. The Attorney General is proud to advance his lawsuit against ExxonMobil and looks forward to vigorously litigating this case in court.”

Bonta sued Exxon last year, saying the company had engaged in decades-long deception about the limitations of recycling and asked a court to “hold ExxonMobil fully accountable for its role in actively creating and exacerbating the plastics pollution crisis.”

Exxon’s advanced recycling technology uses heat to break down plastics that are difficult to recycle to a molecular level so they can be reused.

Exxon separately sued activist investors last year after they filed a shareholder proposal on climate change. The company continued to pursue the lawsuit even after the activist investors withdrew the proposal, which raised alarm from climate advocates that the legal action would muzzle debate between shareholders and public companies. A U.S. judge threw out Exxon’s lawsuit in June.

“Instead of coming alongside efforts to support a developing technology … Defendants are repeatedly and publicly attacking ExxonMobil with false accusations of being a ‘liar’ and declarations that advanced recycling is a ‘myth’ and a ‘sham,'” Exxon said in the complaint.

In November, Exxon said it was moving forward with a plan to spend $200 million in Texas to expand its advanced recycling capabilities.

Exxon has been selling off its California oil and gas properties and criticizing the state’s energy regulations. – Reuters

Trump expected to meet Senate Republicans in Washington on Wednesday, Hill aide says

WASHINGTON – Donald Trump is expected to meet Republican U.S. senators on Wednesday, a Republican aide said on Monday, as the president-elect urges his party to combine his priorities into one massive bill.

The aide added that a time and location for the meeting were still to be determined.

 

WHY IT’S IMPORTANT

Mr. Trump will take office on Jan. 20 after winning the Nov. 5 U.S. elections in which his Republican Party also won a narrow majority in both the Senate and the House of Representatives.

Republicans have been weighing a complex legislative strategy that could allow them to bypass Democratic opposition to boost border spending and extend Mr. Trump’s 2017 tax cuts, which are due to expire this year.

 

CONTEXT

The president-elect will be in Washington for the funeral of former President Jimmy Carter. Senate Republican leaders extended an invite to meet him on Wednesday, Punchbowl News reported earlier.

Mr. Trump on Sunday urged his fellow Republicans in Congress to combine his priorities into one massive bill that would cut taxes, bolster border security and increase domestic energy production. He said Republicans could cover the cost – which could amount to trillions of dollars – by raising tariffs on imported goods.

Republicans in Congress were at odds over how to proceed with Mr. Trump’s agenda, with some warning of potential failure, even as Mr. Trump himself called for quick action to pass his priorities. – Reuters

US Steel, Nippon sue Biden administration over decision to block merger

Source: https://www.ussteel.com/media/video-image-library

WASHINGTON – US President Joe Biden unlawfully blocked Nippon Steel’s $14.9 billion bid for US Steel through a sham national security review, the companies alleged in a lawsuit filed on Monday.

The companies want a federal appeals court to overturn Mr. Biden’s decision to scuttle the deal so they can secure another shot at approval through a fresh national security review unfettered by political influence.

The lawsuit alleges Mr. Biden prejudiced the decision of the Committee on Foreign Investment in the US which scrutinizes foreign investments for national security risks, and violated the companies’ right to a fair review.

The merger had become highly politicized ahead of the November US presidential election, with Democrat Biden and Republican President-elect Donald Trump pledging to kill it as they wooed voters in the swing state of Pennsylvania where US Steel is headquartered. United Steelworkers union President David McCall opposed the tie-up.

Mr. Trump and Mr. Biden both asserted the company should remain American-owned even after the Japanese firm offered to move its US headquarters to Pittsburgh, where the US steelmaker is based, and promised to honor all agreements between US Steel and the USW.

Mr. Biden sought to kill the deal to “curry favor with the USW leadership in Pennsylvania in his bid for reelection,” the companies allege.

“As a result of President Biden’s undue influence to advance his political agenda, the Committee on Foreign Investment in the United States failed to conduct a good faith, national security-focused regulatory review process,” the companies said in a statement.

A White House spokesperson defended the review, adding, “President Biden will never hesitate to protect the security of this nation, its infrastructure, and the resilience of its supply chains.”

The lawsuit, which echoes claims the companies made in a Dec. 17 letter to CFIUS seen by Reuters, shows the companies are making good on their threats of litigation.

“We can’t back down after being treated unreasonably. We will fight back thoroughly,” Nippon Steel Vice Chair Takahiro Mori told Nikkei on Monday.

Mr. Mori said the CFIUS review process lacked integrity as the Japanese company received no written feedback on the proposed national security agreement.

The prospects of the lawsuit, which also names US Attorney General Merrick Garland and Treasury Secretary Janet Yellen, are unclear. Ms. Yellen oversees CFIUS. Courts generally give great deference to CFIUS to define national security, experts say.

The Justice Department declined to comment and the Treasury Department did not respond to a request for comment.

Mr. Trump said in a post on his social media platform on Monday: “Why would they want to sell US Steel now when Tariffs will make it a much more profitable and valuable company?”

Nippon Steel’s partnership with US Steel aligns with Mr. Trump’s vision of strengthening US manufacturing, Nippon Steel CEO Eiji Hashimoto told reporters on Tuesday in Tokyo.

“If we win the case and CFIUS reopens the review … we will explain once again that this acquisition is beneficial to the United States,” Hashimoto said. “And I am sure we will be able to gain the understanding.”

Nippon Steel shares were down 1.5% at 0114 GMT in Tokyo.

 

CLIFFS, USW ALSO TARGETED

The companies also filed a second lawsuit against rival bidder Cleveland-Cliffs, its CEO Lourenco Goncalves and the USW’s McCall “for their illegal and coordinated actions” aimed at preventing the deal.

They argue Cliffs, Mr. Goncalves and Mr. McCall colluded to allow Cliffs to “monopolize the domestic steel markets” by thwarting any other attempts to buy US Steel.

Mr. Goncalves participated in at least nine calls assuring investors that Biden would scuttle the Nippon Steel merger, according to last month’s letter to CFIUS, Reuters reported.

Mr. Goncalves said in a statement on Monday that “Nippon Steel and US Steel continue to play the blame game in a desperate attempt to distract from their own failures. Today’s lawsuits against the US government, the USW, and Cleveland-Cliffs represent a shameless effort to scapegoat others for US Steel’s and Nippon Steel’s self-inflicted disaster.”

Mr. McCall said the USW would “vigorously defend against these baseless allegations.”

Last week, Mr. Biden blocked the proposed purchase on national security concerns, dealing a potentially fatal blow to the contentious plan after a year of review.

US Steel, founded in 1901 by some of the biggest US magnates, including Andrew Carnegie, J.P. Morgan and Charles Schwab, became intertwined with the industrial recovery following the Great Depression and World War Two.

US Steel shares closed up about 8% on Monday. The company has been under pressure following several quarters of falling revenue and profit, making it an attractive takeover target for rivals looking to expand their US market share.

 

‘MANIPULATED’ REVIEW PROCESS

Nippon Steel’s December 2023 bid for US Steel faced early challenges.

Mr. Biden opposed the deal on March 14, before the CFIUS review began, which the companies claim prejudged the outcome and deprived them of due process.

Mr. McCall endorsed Mr. Biden a week later.

Mr. Biden was later replaced on the 2024 Democratic presidential ticket by Vice President Kamala Harris, who also opposed the deal and was endorsed by the USW.

CFIUS normally approves a deal or recommends the president block it, but in rare cases, it refers them to the president, as it did with the Nippon Steel deal on Dec. 23, setting the stage for Biden’s move to block.

Before that, CFIUS staff were barred from negotiating with the companies on a proposed agreement to address the committee’s national security concerns, the statement by U.S. Steel and Nippon Steel alleges, a marked deviation from normal practice.

“It is clear that the review process was being manipulated so that its outcome would support President Biden’s predetermined decision,” the companies said. – Reuters

Global marketing leaders convene in Manila for 4th World Marketing Forum and 53rd National Marketing Conference

Global marketing leaders, innovators, and professionals gathered in Manila for the 4th World Marketing Forum and the 53rd National Marketing Conference, hosted by the Philippine Marketing Association (PMA) in collaboration with the Asia Marketing Federation (AMF). Held from Nov. 5 to 8, the four-day summit addressed critical topics shaping the future of marketing, including artificial intelligence, sustainability, and next-generation consumer engagement strategies.

Drawing around 2,000 participants, the event brought together delegates from 19 countries, including Japan, Thailand, Indonesia, and Bangladesh. It showcased Manila’s role as a hub for regional thought leadership in marketing and emphasized collaboration to address global and regional challenges.

The summit began with an exclusive Ambassador’s Night at Casa Buenas, Newport World Resorts, where PMA President Kathy Mercado welcomed international delegates and set the stage for discussions on marketing’s evolving role in driving economic growth and innovation across Asia. The evening laid the groundwork for the insights and connections that would unfold over the next three days.

On Nov. 6, the World Marketing Forum took center stage at the Newport Performing Arts Theater, capturing attention with a Star Wars-themed presentation. The forum featured global marketing luminaries, including Philip Kotler, who joined virtually to discuss strategies for resilience and adaptation in a rapidly changing business environment. AMF Founder Hermawan Kartajaya shared insights on emerging trends, while speakers from PwC, Nielsen, and StoryIQ explored the transformative potential of artificial intelligence and data-driven marketing in shaping consumer insights and engagement.

The National Marketing Conference, held on Nov. 7 under the theme “Marketing Wars 6.0 and Beyond,” brought the challenges of the modern marketing landscape into focus. Fine Hygienics CEO James Michael Lafferty stressed the importance of foundational marketing principles, urging marketers to prioritize storytelling and authenticity over fleeting digital trends. Entrepreneur RJ Ledesma shared strategies for building resilience in volatile markets, while a panel discussion led by executives from Chowking and CIBO Philippines examined strategies for connecting with Gen Z and Gen Alpha consumers.

Beyond the conference sessions, the summit also highlighted the Philippines’ cultural richness. Delegates participated in a Hop-On-Hop-Off tour of Manila organized by the Department of Tourism and capped the day with a gala night at Goldenberg Mansion. The event featured traditional Filipino performances and a tour of Malacañan Palace, offering international participants a glimpse into the country’s history and heritage.

The summit concluded on Nov. 8 with the Asian Marketing Excellence Awards at the Hilton Grand Bar, recognizing outstanding achievements in marketing across the region. Thailand’s Minor Food Group was awarded the Marketing 3.0 Award, while Pyathai-Paolo Group was recognized as Marketing Company of the Year. Individual awards honored emerging talents and innovators, highlighting the diverse contributions shaping the future of marketing across Asia.

PMA Director Albet Buddahim underscored the relevance of the summit in addressing the challenges faced by marketers today. “This event tackled the wars marketers face — balancing generational shifts, navigating the explosion of digital platforms, and choosing which battles to prioritize. It provided tools and insights to navigate these complexities successfully,” he said.

PMA Executive Vice-President Michelle Ballesteros emphasized the summit’s focus on sustainability and its role in fostering responsible marketing. “This gathering reinforces our commitment to marketing for good — advocating for strategies that not only drive business growth but also protect the planet and improve lives,” she said.

By addressing the most pressing issues in marketing, the 4th World Marketing Forum and the 53rd National Marketing Conference highlighted the growing influence of Asia in shaping the future of the industry. Through participation from marketing leaders, global companies, and cultural showcases, the event underscored Manila’s pivotal role as a hub for collaboration and innovation, providing actionable insights for marketers navigating rapidly shifting dynamics and setting a benchmark for industry events across the region.

The event is supported by a network of allied organizations, including the Asia Center for Small Business-Philippines (ACSB), Chamber of Real Estate & Builders’ Associations, Inc. (CREBA), Philippine Youth Entrepreneurs Association (PYEA), AI Global Council, The Philippine Chamber of Commerce and Industry-National Capital Region (PCCI-NCR), Global Compact Network Philippines (GCNP), International Council for Small Business (ICSB), Malaysia Chamber of Commerce, Inc. (MCCI), Hotel and Restaurant Association of the Philippines (HRAP), Philippine Plastics Industry Association, Inc. (PPIAI), and Out-of-Home Advertising Association of the Philippines (OHAAP).

Newport World Resorts serves as the venue partner, while supporting partners include Exlink Management & Marketing Services Corp., AQA Advertising, and Katapult Digital. Additionally, Shoppertainment LIVE, Uniquecorn Strategies PR, Philippine Business Coalition for Women Empowerment, and ZOE Broadcasting Network served as the PR and communications partners.

 

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