Closing post
Time to wrap up…
US president Joe Biden has used his final days in office to block Japanese firm Nippon Steel from taking over US Steel, amid national security concerns.
The general sentiment: keep key US resources like steel under the control of US companies.
The move has prompted pushback from the Japanese industry minister, who says that the decision is ‘regrettable’ and ‘difficult to comprehend’.
However, this is one of the few policies that his successor, president-elect Donald Trump, has also backed.
Elsewhere, Trump has been making waves after he used his Truth Social media platform to hit out at UK wind farms and windfall taxes on North Sea oil producers.
But we started off the day on UK high streets, after the British Retail Consortium released data showing that footfall had dropped 2.2% in December, which is a crucial month for the industry.
We also had the Bank of England release data showing weaker-than-expected mortgage and consumer lending in the UK – though mortgage brokers say December demand has since picked up.
That’s all from us today. Have a great weekend and we’ll be back with normal programming on Monday -KM
Japan's industry minister says blocking Nippon bid is 'difficult to comprehend' - Reuters
Reuters is running comments from Japan’s industry minister Yoji Muto who has said that Biden’s decision to block Nippon Steel’s acquisition is ‘difficult to comprehend and regrettable’.
Muto adds that he is hearing strong expressions of concern from Japanese industry over future investment between Japan and the US, and that the government has ‘no choice but to take this matter gravely’.
The Japanese minister said he will request explanation and action from the Biden administration to ‘dispel such concerns’.
