Latest news with #NationalSecurityAgreement
Tokyo Weekender
9 hours ago
- Entertainment
- Tokyo Weekender
Taichi Kokubun of Tokio To Be Suspended for Compliance Violation
In this week's news roundup we report on Taichi Kokubun, who is expected to be fired by the group Tokio. Nippon Steel finally completes the acquisition of US Steel. Shinjiro Koizumi is now the people's choice to be the country's next prime minister. Foreign visitors continue to flock to Japan in record numbers. Shohei Ohtani makes his pitching return. And, on the same day, his former interpreter reports to federal prison in Pennsylvania. List of Contents: Taichi Kokubun To Be Fired by Tokio Nippon Steel's Acquisition of US Steel Includes Trump Pact Shinjiro Koizumi Tops Poll for Japan's Next Prime Minister Japan sees record number of foreign visitors for May, But Hong Kong Figure Falls Mixed Bag for Shohei Ohtani on Pitching Return Ippei Mizuhara Reports to US Prison Related Posts Taichi Kokubun To Be Fired by Tokio On Thursday, Sankei Sports reported that Taichi Kokubun, 50, keyboardist for the popular group Tokio, is set to be suspended. At the time of writing, the reason is unknown. Nippon Television, which broadcasts his regular program, The Tetsuwan Dash , is believed to be in the process of making arrangements to hold an emergency press conference on June 20 regarding a compliance violation. According to reports, Kokubun will be fired by Tokio Co., Ltd. As well as playing music, he also serves as vice president for the company. Formed by Johnny & Associates, Tokio debuted in 1994. The group consisted of five members: Shigeru Joshima, Masahiro Matsuoka, Tomoya Nagase, Taichi Kokubun and Tatsuya Yamaguchi. Hiromu Kojima left just before the band debuted. In 2018, Yamaguchi's contract was terminated after he was referred to prosecutors for allegedly kissing a girl against her will at his home. Two years later, Nagase announced that he was leaving the band to pursue his own endeavors. Tokio Co., Ltd. was established in 2021. Nippon Steel's Acquisition of US Steel Includes Trump Pact On Wednesday night, Nippon Steel announced that it had completed the acquisition of US Steel. News of the transaction was confirmed a few days after United States President Donald Trump overturned the decision by his predecessor, Joe Biden, to block the deal on national security grounds. The two companies have subsequently entered into a National Security Agreement (NSA) with the US government, which gives the Trump administration the power to veto significant management decisions. 'We have secured the necessary management flexibility and profitability essential for business investment, and we recognize this agreement as fully satisfactory for our company,' said Nippon Steel Chair person and CEO Eiji Hashimoto, at a news conference in Tokyo on Thursday. The acquisition is valued at $55 per share, or $14.1 bill ion . It's the largest investment Nippon Steel has ever made. The company first announced a plan to buy out US Steel in December 2023. Shinjiro Koizumi Tops Poll for Japan's Next Prime Minister According to a joint opinion poll conducted by the Sankei Shimbun and FNN (Fuji News Network) on June 14 and 15, Shinjiro Koizumi is the people's choice to be Japan's next prime minister. The current Agriculture, Forestry and Fisheries Minister finished at the top of the poll with 20.7% of the vote, 4.3% ahead of the former Minister of State for Economic Security Sanae Takaichi . Prime Minister Shigeru Ishiba finished third with 7.9% of the vote. It's been quite a turnaround for Koizumi, who finished third in the Liberal Democratic Party (LDP) leadership race last September. Away from the spotlight for several months, he made his political return in May, with Ishiba appointing him as Agriculture Minister. Replacing Taku Eto, whose position became untenable after he said that he 'never had to buy rice' as he got it free from supporters, Koizumi's appointment has brought immediate results with the price of rice decreasing three weeks consecutively. Japan Sees Another Record Number of Foreign Visitors for May According to data released by the Japan National Tourism Organization (JNTO) on Wednesday, Japan welcomed 3,693,300 foreign visitors in May, a record high for the month and an increase of 21.5% from a year earlier. The cumulative number of visitors from abroad in the first five months of the year came to a record 18,140,100. That's significantly higher than the previous record of 14,641,780 for the same period that was set last year. 'The momentum is strong, and we're on a very good trajectory,' said JNTO Commissioner Naoya Haraikawa at Wednesday's press conference. The only region with a decrease in the number of tourists to Japan was Hong Kong. The figure dropped 11.2% to 193,100. This is believed to be due to rumors circulating on social media about a possible earthquake hitting the country . It's based on separate prophecies by Japanese manga artist Ryo Tatsuki and a famed local feng shui master. Mixed Bag for Shohei Ohtani on Pitching Return After almost two years away from the mound, Shohei Ohtani made his long-awaited pitching return on Monday evening to start the series opener against the Padres. Jogging out with Michael Bublé's 'Feeling Good' playing in the background, he received a huge ovation from the fans. His last MLB appearance on the mound was on August 22, 2023. That was against the Cincinnati Reds, when he retired due to arm fatigue after just 1.1 innings pitched. The two-way superstar allowed back-to-back singles to Fernando Tatis Jr. and Luis Arráez before Manny Machado hit a sacrifice fly to earn Tatis Jr. a run. Ohtani pitched for one inning, throwing 28 pitches, 16 for strikes. He fared better at the plate, tying the score with an RBI double to left-center in the third inning. He then added another two-out hit as the Dodgers took a 6-2 lead in the fourth. The 2024 World Series champions won the game 6-3. Ippei Mizuhara Reports to US Prison On the same day that Ohtani made his pitching debut for the Dodgers, his former interpreter reported to federal prison in Pennsylvania. In February, Ippei Mizuhara was sentenced to 57 months in federal prison for stealing close to $17 million from the Dodgers two-way global superstar to repay illegal gambling debts. He was also ordered to pay $18 million in restitution, with the majority going to Ohtani and $1.1 million to the Internal Revenue Service (IRS). According to the Federal Bureau of Prisons, Mizuhara is being held in a low-security prison in Allenwood. As he's not a US citizen, he's likely to be deported to Japan after completing his sentence. Between November 2021 and March 2024, the ex-interpreter misappropriated $16.59 million from one of Ohtani's accounts. He also stole baseball cards with the intention of reselling them and submitted a false tax return for 2022. Prosecutors claimed his motivation was 'greed' and 'not addiction.' Related Posts Japan Ranks 118th Again in Latest Global Gender Gap Report Japan Births Fall Below 700,000 for the First Time Japan Attempts To Ban Outlandish Kirakira Baby Names
The Hill
21 hours ago
- Business
- The Hill
US Steel, Nippon Steel finalize ‘historic partnership'
US Steel said Wednesday it finalized its merger with Japan's largest steelmaker, Nippon. President Trump lauded the acquisition as a partnership in which the U.S. would maintain a 'golden share' of profits with expanded investments in Pennsylvania, Indiana, Arkansas, Minnesota and Alabama. 'U. S. Steel will remain rooted in the United States and continue to call Pittsburgh home. Through our partnership with Nippon Steel, we are poised to grow better and bigger, with transformative investment, cutting-edge technology, and the creation of good-paying jobs across the United States,' U. S. Steel's CEO Dave Burritt said in a statement. Trump and former President Biden both spoke out against the merger on the 2024 campaign trail citing concerns for national security and global competition. Months after returning to the Oval, Trump approved the acquisition, ensuring it would spur job growth and boost U.S. manufacturing. The $15 million buyout was solidified under a National Security Agreement drafted by Trump. The provisions ensure that a sitting president or his designee will have consent rights over the transfer of production or jobs outside of the U.S., changing the company's name or headquarters and material acquisitions of competing businesses in the country. While the White House has lauded the deal, labor unions have shown fear that attention to work conditions and the broader objective of company operations will die down following the announcement of the merger. 'As the sale concludes, it seems likely that attention will dissipate. U.S. Steel's PR machine will power down, and the majority of elected officials will turn their attention elsewhere. However, our union will remain. We will continue watching, holding Nippon to its commitments,' United Steelworkers International President David McCall said in a statement. 'And we will use the most powerful tool workers have against global corporations: collective bargaining. Our current agreement expires in September 2026, and rest assured, if our job security, pensions, retiree health care or other hard-earned benefits are threatened, we are ready to respond with the full strength and solidarity of our membership.'
Int'l Business Times
a day ago
- Business
- Int'l Business Times
Trump-Backed US Steel Deal with Nippon Finalized, Sparks Job Boom
The long-awaited partnership between US Steel and Japan's Nippon Steel is now official, with both companies confirming the deal on Wednesday. The agreement, backed by President Donald Trump, is being called a turning point for the American steel industry and is expected to create over 100,000 jobs across the country. As part of the agreement, US Steel will retain its name and continue to operate from its headquarters in Pittsburgh. All steel products will continue to be "mined, melted, and made" in the United States, both companies confirmed, BBC said. The announcement also outlines over $11 billion in planned investments by 2028, with a new steel plant expected to be built sometime after that year. "This is a momentous day for our country, our communities, and the American steel industry," said US Steel CEO Dave Burritt. "Thanks to President Trump's bold leadership, American workers secured the best possible deal." US Steel Sale Finalized After Trump Reverses Biden-Era Block The deal faced earlier pushback from President Joe Biden in 2023, who cited national security concerns. But President Trump ordered a fresh review and ultimately cleared the sale last week after securing commitments from Nippon to invest heavily in US Steel's American facilities rather than taking full ownership. To address security concerns, a special National Security Agreement was created. It requires that US Steel remains a US-incorporated company, led by a US citizen CEO, with a majority-US board. According to CBS News , Nippon will also issue a "golden share" to the US government, giving the president authority over key decisions like shutting down factories or moving jobs overseas. Nippon Steel's Vice Chairman Takashi Mori will take on the role of chairman of US Steel's board, but the rest of the company's leadership team will stay American. The company has bases in several countries but is now taking a much larger role in US operations. Despite the promising outlook, not everyone is fully supportive. The United Steelworkers union pushed back against the companies, accusing them of "downplaying concerns" and promising to keep a close eye on Nippon's future actions. "We will continue watching, holding Nippon to its commitments," said USW president David McCall. Originally published on
Yomiuri Shimbun
a day ago
- Business
- Yomiuri Shimbun
Nippon Steel Completes Acquisition of U.S. Steel; Nippon Steel Chairman Says Firm, U.S. Steel, Committed to Becoming ‘World's Leading Steelmaker'
The Yomiuri Shimbun Nippon Steel Chairman Eiji Hashimoto speaks at a press conference in Tokyo on Thursday. Nippon Steel Corp. has completed the acquisition process of United States Steel Corp., the Japanese company announced Wednesday. After completing the payment, Nippon Steel has acquired 100% of the ownership of U.S. Steel's common stock, and U.S. Steel became its subsidiary. Based on the merger agreement, the transaction came to about $14.1 billion (about ¥2 trillion), making it the largest investment Nippon Steel has ever made. U.S. Steel will be delisted from the New York Stock Exchange. According to the announcement, U.S. Steel will issue a 'golden share' to the U.S. government based on the National Security Agreement, which Nippon Steel concluded with U.S. President Donald Trump's administration on June 13 to reduce the threat to U.S. national security. With the golden share, the U.S. government will have the right to appoint one independent director and veto power over important management decisions, such as changing the location of U.S. Steel's headquarters and the reduction of its production capacity. Nippon Steel Vice Chairman Takahiro Mori will also hold the position of chairman of the board of U.S. Steel, allowing 'Nippon Steel to have flexibility of corporate management and profitability within U.S. Steel while ensuring U.S. national security,' according to Nippon Steel. The two companies' combined production was 57.82 million tons of crude steel last year, closing in on China's Ansteel Group, which is currently the third largest producer of steel worldwide. 'Nippon Steel is committed, together with U.S. Steel, to solidify its position as the world's leading steelmaker,' Nippon Steel Chairman Eiji Hashimoto said in a statement. Nippon Steel first announced its proposed acquisition of U.S. Steel in December 2023. However, the administration of then U.S. President Joe Biden issued an order to block the deal, citing U.S. national security concerns after a review by the U.S. Committee on Foreign Investment. The deal became a diplomatic issue between Japan and the United States and ended up taking a year and a half to finally complete the acquisition. 'In this agreement [on the acquisition of U.S. Steel], Nippon Steel's objective of expanding its business in the United States aligned with the U.S. government's desire to revive the U.S. manufacturing industry,' Hashimoto said at a press conference in Tokyo on Thursday. Hashimoto added that the acquisition secured management flexibility and profitability and it was a 'satisfactory' acquisition. Nippon Steel will invest about $11 billion (about ¥1.6 trillion) in U.S. Steel by 2028, aiming to restore old equipment and build a new steel plant. Hashimoto stressed that '[the investment] is necessary and will be effective in increasing the corporate value of U.S. Steel.' Regarding the golden share, Hashimoto said: 'We have closely examined [the contents of the veto rights], and there is no concern that the U.S. will block what we want to do. First of all, U.S. Steel will not be able to revive itself if our actions are restricted.' Hayashi: Deepening partnership 'It is a symbolic deal that can lead to improving the environment surrounding global investment,' Chief Cabinet Secretary Yoshimasa Hayashi said at a press conference on Thursday. 'It will strengthen the mutual economic relationship between Japan and the U.S., and the investment will also deepen the Japan-U.S. partnership,' Hayashi added.
Japan Today
a day ago
- Business
- Japan Today
Nippon Steel buyout deal hints at business fragility in U.S.
Nippon Steel Chairperson and CEO Eiji Hashimoto speaks during a press conference at the company's headquarters in Tokyo on Thursday. By Junko Horiuchi U.S. President Donald Trump's bid to attract investment threatens to undermine the appetite for corporate spending in an ironic twist, with the 18-month saga over Nippon Steel Corp's buyout of United States Steel Corp showing the growing vulnerability of businesses in the U.S. market, according to analysts. The U.S. administration's earlier blocking of the $14.1 billion takeover deal was clearly driven by political motives and corporate executives will no longer be able to make decisions regarding their U.S. operations based only business criteria, they said. The wrangling in the high-profile case could lead global companies to think twice about making sizeable investments and acquisitions in the world's largest economy, with many moving to reduce their exposure to the U.S. market. "I do think many companies are pausing investments and major capital expenditures, not only because of the Nippon-U.S. Steel deal but due to general uncertainty surrounding political and economic dynamics in Washington," said Zack Cooper, senior fellow at the American Enterprise Institute. Trump had repeatedly rejected Nippon Steel's plan to take full control of U.S. Steel. But Nippon Steel, the world's fourth-largest steel producer, and U.S. Steel, the 29th largest, said Wednesday following Trump's approval of the buyout plan that they had signed a national security agreement with the U.S. government and finalized the acquisition transaction. Under the deal, the Japanese steelmaker is obliged to invest $11 billion by 2028 on bolstering the U.S. steelmaker's operations, far more than the previously planned $2.7 billion. The U.S. government also obtained a golden share allowing it to veto key management decisions, such as when reducing investment, shedding production capacity in the United States or closing plants. Nippon Steel CEO Eiji Hashimoto told a press conference on Thursday that his company had learned from a year and a half of negotiations with the U.S. government that a flexible management strategy is required. The top executive said it had been believed that governments should not get involved in business deals. "But are strengthening their involvement in economic and business matters through industrial policy," he said. Hashimoto said while his company's acquisition of U.S. Steel should help the world's largest economy, trade levies will not revive its manufacturing sector. "I believe President Trump came to the conclusion that it is necessary to utilize our power to revive the U.S. steel industry," Hashimoto said, adding the Japanese steelmaker aims to bolster its U.S. unit's overseas operations as well. Nippon Steel has concluded a National Security Agreement with the U.S. government, pledging to invest around $11 billion by 2028 in the iconic but struggling company and keep its headquarters in Pittsburgh. During the news conference, Hashimoto shrugged off the possibility that the security pact will hamper its U.S. business. Trump's predecessor, Joe Biden, initially blocked the purchase of U.S. Steel on national security grounds, saying the manufacturing icon, based in Pittsburgh, Pennsylvania -- a key battleground state in the 2024 presidential election -- should be "American-owned and American-operated." Trump also opposed the deal during the presidential race, saying the acquisition of a minority stake in U.S. Steel would not cause any issues, but foreign ownership of the company would not be good psychologically. He ordered a new review of the deal by the Committee on Foreign Investment in the United States in April with a deadline for Trump to make a final decision initially set for June 5. "Because predictability is insanely low right now in the United States, Japanese companies are going to cut back the percentage of their business in the country," said Keisuke Hanyuda, the chief executive of Owls Consulting Group. While rising costs must be dealt with, "The last thing a business wants is to lose predictability," said Hanyuda, a former Japanese trade ministry official in charge of trade talks. Nippon Steel is betting on firm demand for high-tensile strength steel in the U.S. market, capitalizing on its advanced production technology for high-end steel plates used in products such as electric vehicles. The United States is one of three growth markets for the Japanese steelmaker, compensating for shrinking domestic demand. Under Trump, the steel, aluminum, auto and semiconductor sectors have been targeted by specific tariffs driven by political pressures and companies in these industries should consider other markets for growth to hedge their risks, analysts say. Earlier this month, Trump signed an order doubling the tariffs on steel and aluminum imports to 50 percent. "I think Japanese companies will have a difficult time purchasing famous American companies in sectors that President Trump prioritizes, such as autos, steel, aluminum, and chipmaking," Cooper at the American Enterprise Institute said, though investment in other sectors may still be viable. "But any Japanese company that is considering a major deal in the United States should develop a detailed political strategy before announcing a deal, lest they suffer similar roadblocks as Nippon Steel," he said. The United States remains a lucrative market with high growth potential but some global companies are beginning to reduce their reliance on it after the tariffs imposed by Trump, Hanyuda said. The European Union and the Association of Southeast Asian Nations, for example, have resumed economic partnership negotiations, while the EU is also looking at Japan, which is part of a trans-Pacific free trade pact that took effect in 2018 without the United States. © KYODO
