Newsletter Dec 19, 2023

Quick Six

US forms 10-nation coalition to deal with Red Sea attacks
The US on Monday announced a 10-nation coalition to quell Huthi missile and drone attacks on ships transiting the Red Sea, with Britain, France, Bahrain and Italy among countries joining the "multinational security initiative." Oil prices shot up 1% on Monday as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen's Iran-backed Huthi rebels. The Huthi rebels have escalated attacks on tankers, cargo ships and other vessels in the Red Sea, imperiling a transit route that carries up to 12% of global trade and much of the world's oil.
SEE HOW THE 10-NATION COALITION WILL BATTLE HUTHIS

Nippon deal to buy US Steel for $14.1B angers US union, rival
A major US union representing steelworkers slammed the deal by Japan's Nippon Steel to buy US Steel Corp for $14.1 billion, which was confirmed on Monday just months after the company rejected an offer from its main domestic rival. Japan's leading steelmaker will acquire the company in an all-cash deal at $55 per share, a 40% premium above its closing price on Friday and representing an equity value of about $14.1 billion. Nippon will also assume the US firm's debt, taking the total price of the deal to $14.9 billion.
FIND OUT HOW US STEEL'S STOCK REACTED TO THE DEAL

Apple halts sell of smartwatch models due to patent battle
Apple on Monday said it will stop selling some of its smartwatch models in the US while it fights a patent battle over technology for detecting blood oxygen levels. The move comes after the US International Trade Commission recommended banning imports of Apple Watch models that appear to infringe patents held by Masimo Corp., which Apple has hit with two patent lawsuits.
WILL A DECISION BE FINALIZED BEFORE CHRISTMAS?

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* As of market close

US, Finland sign pact following Putin threat

Finland signed an agreement to enhance military cooperation with the US on Monday, saying it saw a long-term threat from Russia, a day after its giant neighbor issued a warning over Helsinki's recent entrance into NATO. The Defense Cooperation Agreement formalizes greater ties with the US, including joint training of forces and interoperability, in line with Finland's accession to the Atlantic alliance in April. Russian President Vladimir Putin, in an interview with state television released Sunday, charged that the West had "dragged" Finland into NATO.

FFIND OUT FINLAND'S RESPONSE TO COMMENTS FROM PUTIN

EU launches 'illegal content' probe into X

The EU announced "formal infringement proceedings" against Elon Musk's X platform on Monday, under a law cracking down on illegal online content, after identifying disinformation related to Hamas' attack in Israel. The action against the company formerly known as Twitter is the first against a major online platform since Brussels implemented the Digital Services Act, a sweeping piece of European Union legislation that assigns online companies' responsibility for content moderation.

SEE WHAT THE EU'S INVESTIGATION COULD MEAN FOR MUSK

Texas governor signs bill to arrest migrants

The Republican governor of Texas signed a bill on Monday that would allow state police to arrest and deport migrants who cross illegally into the US from Mexico. The move by Governor Greg Abbott sets up a potential legal clash with the federal government, which generally sets and enforces immigration laws. Abbott, speaking at a live-streamed signing ceremony in Brownsville on the US-Mexico border, accused President Joe Biden of doing "nothing to halt illegal immigration."

WILL THE TEXAS BILL BE FOUND TO BE UNCONSTITUTIONAL?

Extra point

Texas is one of two states to enter the US as a nation. Name the other.

Monday's answer: Sojourner Truth was the first African American woman to win a lawsuit in the US in 1828, suing New York for her son's emancipation.

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