International News 12/12
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Biden plans to cancel US Steel stake sale to Nippon Steel, here's why
US President Joe Biden has indicated his intention to reject the proposed $14.1 billion stake sale of United States Steel Corp. to Nippon Steel Corp. on national security grounds. The deal is scheduled for review by the Committee on Foreign Investment in the United States (CFIUS), which is required to present its findings to President Biden by the end of this month. While the outcome of the CFIUS review is not yet known, the fact that the decision will be returned to the President suggests that at least one member of the panel views the transaction as a potential risk. Should the merger be blocked by the President, it is probable that both Nippon Steel and US Steel will pursue litigation. Furthermore, the deal has given rise to political controversy, with US Steel indicating that it may relocate its headquarters from Pennsylvania and cease operations if the transaction does not proceed.
Donald Trump Appoints Andrew Ferguson to Head the Federal Trade Commission (FTC)
US President-elect Donald Trump has appointed Andrew Ferguson, Commissioner of the Federal Trade Commission (FTC), to lead the consumer protection and antitrust agency. Mr. Trump commended Mr. Ferguson for his history of opposing Big Tech censorship and defending free speech in the United States. Mr. Ferguson is expected to be the most pro-innovation and America First FTC Chairman in history. He has been vocal about the need to challenge the dominance of big tech companies in controlling information. He believes that if social media platforms engage in activities that result in the suppression of conservative views or if advertisers collectively withdraw support, it should be considered a violation of US antitrust law. Mr. Ferguson, a former Virginia Attorney General, has a firm position on the issue of censorship, particularly with regard to conservative views on social media platforms. This appointment coincides with an increased focus on the power and influence of major technology companies, as well as a drive for more robust consumer protection measures.
Freeport Spends IDR3.17 M per Ha to Reclaim Ex-Grasberg Mine
PT Freeport Indonesia (PTFI) has invested $200,000 (equivalent to Rp3.17 billion per hectare) in the reclamation of the former Grasberg mine. Furthermore, $370 million has been invested to offset the social, economic and environmental impacts of mining activities in the area. The reclamation efforts are driven by Freeport's commitment to environmental protection and security. Mining activities in Grasberg have resulted in the creation of a 1.3-kilometre-deep mine pit, which experienced landslides in 2017. Encouragingly, the reclamation process is progressing well, with a 65-hectare target set by Freeport yielding positive outcomes. The company is committed to adhering to environmental regulations and ensuring the safety of its underground mining operations.