❌ Will THIS Acquisition Bite The Dust?

Good morning. US stock moved higher in Friday morning trading as as investors tried to wrap up a big week of inflation data on a strong note.

🏗️ Biden withholds support on steel takeover 

📝 Our report: US President Joe Biden recently threw some shade at the planned sale of U.S. Steel to Nippon Steel of Japan, saying that the U.S. needs to “maintain strong American steel companies powered by American steel workers.” In a statement, Biden added: “U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated.”  

 🔑 Key points:

• Nippon Steel announced in December that it planned to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security.

• Shortly after the steel deal was announced, the White House indicated it would be under review by the secretive Committee on Foreign Investment in the United States.

• The U.S. Chamber of Commerce warned in a February blog post that it would be foolhardy of the Biden administration to block the deal. Doing so could hurt foreign investment into the United States, cause other countries to block the overseas investments that U.S. companies want to make and undermine the U.S.-Japan alliance, the chamber said.

💡 So what: Blocking Nippon Steel's acquisition of US Steel could potentially strain US-Japan relations, as it may be perceived as interference in market dynamics and bilateral trade. Japan, like any country, seeks opportunities for investment and business expansion abroad, and such a move could be viewed unfavorably. However, the impact on relations would depend on the broader context of diplomatic and economic ties between the two countries, as well as the specific reasons cited for blocking the acquisition.

Friday - No Major Economic News

📈 Is it time to consider a financial advisor?

👨🏽‍💼 Avoid these phrases in your next job interview

🏢 Everything you need to know about business models!

 📈 Get 5.1% APY For Your Extra Cash

Many of you ask where we’re putting our extra cash to earn the highest interest while still having access to it.

I’ve looked through plenty of high yield options and my top pick is Moomoo. It’s offering one of the highest yields available today at 5.1% APY.

And the best part? No minimum deposits, no cap on interests, and you can withdraw your cash at anytime.

Moomoo is offering Daily Market Briefs subscribers a limited-time deal: earn 5.1% APY on your cash and get up to 15 free stocks.

PS: Despite the funny name, Moomoo is a registered broker dealer with the SEC and is a member of SIPC meaning you’re insured up to $500,000.

🏛️ US business group sues SEC over climate rules

WHAT: The U.S. Chamber of Commerce just dropped a lawsuit bomb on the SEC's doorstep, challenging those new rules that demand companies spill the beans on their climate-related risks. "The final rule makes substantively harmful changes to 50 years of corporate governance precedent that will have implications well beyond this single rule," said Tom Quaadman, executive vice president, U.S. Chamber of Commerce Center for Capital Markets Competitiveness.

WHY: The business lobbying group joins a list of entities challenging the securities regulator over rules aimed to standardize climate-related company disclosures about greenhouse gas emissions, weather-related risks and how they are preparing for the transition to a low-carbon economy.

🤖 Microsoft dings Google on AI advantage

WHAT: Microsoft is throwing some shade at Google, telling EU antitrust regulators that Google's got an unfair advantage in the AI game thanks to its mountain of data and those fancy AI-optimized chips. The comments by Microsoft were in response to a consultation launched by the European Commission in January on the level of competition in generative AI.

WHY: The growing popularity of generative AI, which can generate human-like responses to written prompts and is exemplified by Microsoft-backed OpenAI's ChatGPT and Google's chatbot Gemini, has triggered concerns about misinformation and fake news.

🎵 New territory trains eye on TikTok expansion plans

WHAT: Looks like Canada is giving TikTok's expansion plans a good old security shakedown! The country’s industry ministry said it had ordered a national security review of a proposal by the company to expand the short-video app's business in the country.

WHY: Recently, the U.S. House passed a bill to force TikTok's Chinese owner ByteDance to divest the U.S. assets of the app or face a ban. The measure is the latest in a series of moves in Washington to respond to U.S. national security concerns about China, from connected vehicles to advanced artificial intelligence chips to cranes at U.S. ports.

✏️ DMB Insider Quiz ✏️

🧑‍💻 We read your emails and poll replies daily.

Hit reply and let us know what you want more of!

See ya next time, Daily Market Briefs