DIVERSITY, EQUITY AND INCLUSION
University of Bradford announces new scholarship for white working-class men


Michael Searles
Thu, 21 December 2023 

The University of Bradford's intake of white, working class male students is currently below average

 - ANDY LOVELL/ALAMY STOCK PHOTO

The University of Bradford has announced a new scholarship for white working-class men.

Prof Shirley Congdon, the vice-chancellor, said the scholarship emphasises the university’s “commitment to social mobility”.

Four white men from working-class backgrounds will be enrolled on the scholarship each year, starting in 2024-25. They will each be given £400 a month to help towards their living expenses.


To be eligible, they must be a white male student from a working-class background who is already living in the Bradford area.
Least likely university students

White male pupils eligible for free school meals are the least likely demographic to go on to university, according to government data published earlier this year.

Of all young adults that attended a state school, 44.4 per cent went on to attend university, the report found, but males were less likely to than females, and white males the least likely of all.

The University of Bradford said its current intake of students from the demographic was below average for the sector, at 1.7 per cent, compared with 14.6 per cent nationwide.

The university already runs another scholarship for black and ethnic minority students studying on a full-time MSc programme within its School of Management.

The latest scholarship, like that one, will be funded by the Keith Howard Foundation, named after the late philanthropist and businessman who studied at the university. Dr Howard, who died in 2021, was a graduate of the University of Bradford’s School of Management.

Prof Congdon said the scholarship, named the Howard Opportunities Programme, “further emphasises the university’s commitment to social mobility, helping to ensure that everyone who studies at Bradford fulfils their potential”.
An exciting future

The University of Bradford has been named the best university in England for improving students’ social mobility for the last three years in a row, by the English Social Mobility Index.

More than half a million people live in the Bradford district, and six in 10 are white, while three in 10 are Asian, Asian British or Asian Welsh, according to census data.

Melissa Tomlinson, the chairman of The Keith Howard Foundation, said: “Social mobility is a key component of the work the foundation supports across Yorkshire.

“This new scholarship will also help its students on their road to an exciting future.

“We look forward to following the journeys of the scholars who participate in the programme at the University of Bradford.”

Primary school closes after pro-Palestinian protest outside gates

Henry Bodkin

THE TELEGRAPH
Thu, 21 December 2023 

Hundreds of protesters waving Palestinian flags gathered outside the school on Thursday morning

A school has been forced to close early for Christmas by a pro-Palestine protest after parents were threatened with referral to Prevent.

Barclay Primary School, in east London, warned of “escalating threats against staff” following a row over a pupil who refused to take off a Palestinian badge on his coat.

The boy, whose mother is from Gaza, was forced to eat lunch and play away from other pupils, and was eventually excluded from the school, according to his family.

They have said he was trying to show “empathy” for family members killed in the conflict in Gaza and have accused the school of Islamophobia and “criminalising” their son.

The school, one of the largest primaries in the country, said it was merely enforcing its “apolitical” code of behaviour, and claimed it had been the victim of “malicious fabrications” spread on social and other media.
Children used as ‘political pawns’

Barclay Primary sent a letter to parents on Nov 17, seen by The Telegraph, warning that pupils had attended Children In Need day dressed in Palestinian colours.

The letter warned against adults using children as “political pawns”, and concluded: “Extremist or divisive comments can and will lead to formal meetings with the school, referrals to the Prevent team or the hate crime team in Waltham Forest.”

Prevent is the Government’s multi-agency programme to tackle the ideological causes of terrorism.

A letter from the school to parents on Oct 16, days after the Hamas massacre, complained about comments posted in parents’ WhatsApp groups, and also made reference to Prevent.

Last month, dozens of parents responded with a joint letter accusing the school’s leadership of being “selectively” apolitical, citing a letter from the school in March 2022 which appeared to express solidarity with Ukraine following the Russian invasion.

The row came to a head this week with a planned protest at the school gates on Thursday morning, prompting Barclay Primary School to announce it was closing early for Christmas.

The demonstration attracted more than 100 protesters chanting slogans both relating to the boy in question and more generally about Israel’s war in Gaza.

Most of the lampposts in the streets surrounding the school in Leyton have been hung with Palestinian flags.
‘We’re really angry’

Speaking outside the school gates, the pupil’s father claimed his son, who has now not attended the school for weeks, had been given an adult’s jacket and “paraded” in front of the other children.

“We’re really angry. We’ve lost family members [in Gaza]”, he said. “I think this is because of discrimination and Islamophobia.”

He claimed the school’s October threat to involve Prevent stemmed from a message his wife posted on one of the parents’ WhatsApp groups in the run-up to Children In Need day, asking fellow parents to remember the young people killed in Gaza.



The mother said: “It is disheartening to witness such a lack of empathy and understanding, especially in times of crisis.

“The additional burden of family pressures from Gaza has only added to our stress as parents.”

She claimed her son had been “traumatised” after being “emotionally abused through a series of punishments”.

Both parents have claimed an arrangement for homework to be sent to the boy while he was excluded had broken down.
‘Misinformation is being used’

In a statement on Wednesday, Lion Academy Trust, the school’s parent body, denied any mistreatment of the pupil, saying the allegation had been investigated by external safeguarding authorities and “found to be false”.

“In the light of escalating threats against staff and the school, based on malicious fabrications being broadcast by various media outlets, the Lion Academy Trust will be closing the school from 20th December 2023 to all parents and pupils for the Christmas break,” a statement read.

“This decision has been made after careful reflection and because we need the school to be a safe place for the children and staff.”

It added: “It is very unfortunate and distressing that misinformation is being used to target a primary school.

“We are bound by our legal duty under Prevent and whilst we have never reported anyone to Prevent at the school, and would not wish to do so, we are seeking to be transparent by making individuals aware of the school’s legal obligations.”

The protest was organised following numerous videos posted on the social media platform TikTok by a user calling himself Zaki who has more than 80,000 followers.

In one clip, he discusses a trustee of Lion Academy who is also a director of an orthodox Jewish primary school.

This was referred to in a further letter to parents from the school on Dec 18 entitled “False and Malicious allegations being made on social media platforms”.

In some of his other videos, Zaki has described cutting off male friends for going to watch the recent Barbie movie, asking: “Are you gay?”, and saying: “Our ancestors fought wars and built empires just for you to sit in a cinema in pink outfits and watch a movie that victimises and villainises and slanders the existence of men.”

Barclay Primary School was at the centre of another row with Muslim parents in 2015 when it banned pupils from fasting during Ramadan.

The trust did not respond to a request by The Telegraph to respond to specific allegations made by parents.

Clashes over fuel supply after Guinea depot blaze


AFP
Thu, 21 December 2023 

People are seen in front of flames from the fire at Conakry's main fuel depot on December 18, 2023 (STRINGER)

Protesting youths and security forces clashed in Guinea's capital Conakry on Thursday as demonstrators demanded petrol be restored at service stations whose supplies were suspended after a deadly explosion at the country's main fuel depot.

Sporadic clashes broke out in the afternoon between groups of youths throwing stones and the security forces who retaliated by firing tear gas, an AFP journalist observed.

Hundreds of protesters, most of them hooded or masked, set up road blocks at several points leading into the centre of the capital, overturned dustbins and burned tyres.

Many make a living running motorbike taxis and are calling for the reopening of service stations for all types of fuel.

The government on Thursday said the powerful explosion and fire early on Monday at the state oil company's main depot in the Kaloum district of Conakry, near the port, killed 23 people and injured 241, revising upwards a previous toll.

Investigations are continuing to determine whether more victims remain missing, the government said.

Colonel Mamady Doumbouya, the head of the ruling junta who seized power after a 2021 coup, has announced three days of national mourning from Thursday.

The incident damaged buildings, blowing out windows, forcing residents to flee and bringing life in the centre to a standstill.

Service stations were temporarily closed across the country.

The government has announced the resumption of supplies of diesel fuel but the distribution of petrol remains suspended.

"You can't sell diesel and deprive us of petrol. Most Guineans only use petrol," the protesters shouted.

"We want to work so that we can eat and feed our families, just like the authorities. We don't have anywhere to get money from," one of them told AFP.

"We just want the government to fulfil its obligations. If they don't, they should get out."

Traffic was blocked for a while before security forces intervened.

Taxi drivers had to turn around to avoid the protesters' ire.

"We can't continue to move in these conditions. I'm going to park my vehicle (run on diesel) to avoid problems," one driver, Diao Balde, told AFP.

Rights groups have complained about restrictions imposed against some privately owned media and social media during the crisis.

"Violations of the right to freedom of expression are now permanent, in addition to those of the right to peaceful assembly," Samira Daoud, director of Amnesty International's office for West and Central Africa, said in a press release.

bm-amt/imm/bfm

‘You’ve got school in the morning’ – 16-year-old wins again at World Darts Championship

Tom Morgan
Thu, 21 December 2023

Littler has set the tournament alight having reached the third round

- Getty Images/Tom Dulat

He is the overnight teenage sensation of darts after summoning the greatest debut performances in World Championship history.

However, aged 16 and still at school, the champagne celebrations must wait for Luke ‘The Nuke’ Littler who is instead wolfing down kebabs to mark his success.

Littler, who was sitting his GCSEs just six months ago, is into the third round after a 3-1 win over 20th seed and former UK Open champion Andrew Gilding.

He maintained his form having already won nine of the 11 legs against established opponent Christian Kist in the first round, posting a remarkable average of 106.12, the highest of any Alexandra Palace debutant.

On Thursday night, Littler was greeted with chants of “He’s got school in the morning” as he dispatched an opponent three times his age. “It’s trending worldwide, that kebab,” he said on the stage after his win. “So I think it’s another kebab for me.”

Sky Sports commentator Wayne Mardle had already been blown away by Littler’s performance in the first round, posting on X: “You’ve just witnessed something extraordinary. Luke Littler may be the most naturally talented player I’ve ever seen.”

Speaking before the tournament, 14-time world champion Phil Taylor said of Littler: “I’m predicting he will be one of the best players ever. He’s the best [teenager] I’ve ever seen in my life. We’ll see what happens over the next 10 years, and what happens over the next five years when he’s earned a few bob and wants to enjoy himself.



“Naturally when you’re 16, 17, 18 [you want to go out and enjoy yourself], and the lad could be a millionaire. But then you’ve got to stay in and dedicate yourself, and that’s going to be a bit difficult for the lad.”

Littler acknowledged Taylor’s support after his victory. “I’ve been playing since I was 18 months’ old, obviously looking up to Phil Taylor. I know he’s watching, that one’s for you Phil!” he said.

French city makes public transport free for residents

THE SOLUTION TO BOTH CLIMATE AND TRANSPORTATION CRISIS

AFP
Thu, 21 December 2023 

Visitors and tourists to Montpellier will still have to pay (Pascal GUYOT)

The French city of Montpellier on Thursday became the latest European metropolis to allow all its residents to ride public transport for free.

The entire European country of Luxembourg including its capital of the same name scrapped fares in 2020, after Estonia's capital Tallinn introduced the policy in 2013.

From Thursday evening, Montpellier residents with a special pass were able to ride trams and buses free of charge in the southern city.

Visitors and tourists will still have to pay 1.60 euro ($1.70) a trip.

Michael Delafosse, the Socialist mayor of the city of some 500,000 people, promised free public transport when he was elected in 2020.

He started by introducing free rides at the weekend that year, then the following year extended them to all those younger than 18 or older than 65 throughout the whole week.

Delafosse said the initiative was part of a "European commitment to... the climate and purchasing power".

"We have set up an association to help other European mayors make the same choice," he said.

Audrey Benezech, a 46-year-old travel agency manager, was impressed.

"This could encourage people to use their cars less, especially with the price of petrol at the moment," she said.

Before the initiative to make public transport free in Montpellier, just 86,000 people had paid subscriptions to use it, according to figures obtained by AFP.

But that figure has tripled to 260,000 subscribers in recent days running up to the launch of the free pass, either in card or smartphone app form.

The city has said a new transport tax on companies with more than 11 employees will help fund the free transport initiative.

Last year city residents accounted for 90 percent of the 39 million euros in public transport ticket sales.

WHY WOMEN CRY
A whiff of tears reduces male aggression, says study


Issam AHMED
Thu, 21 December 2023 

A visitor poses for photographs next to art sculptures, part of an exhibition titled "Everybody Cries Sometimes" by Thai artist Molly in Bangkok

 (MANAN VATSYAYANA)

Watching someone cry often evokes an emotional response -- but according to a new study published Thursday, human tears themselves contain a chemical signal that reduces brain activity linked to aggression.

The research was carried out by the Weizmann Institute of Science, Israel, and appeared in PLOS Biology, a US science journal. Though it involved female tears, because women made themselves available as donors, it probably isn't a sex-dependent effect, the authors say.

Numerous studies have shown rodent tears contain chemicals serving as social signals they emit on demand -- female mice tears for example reduce fighting among males; and subordinate male mole rats smear themselves in their own tears so that dominant males attack them less.


To find out whether similar effects occurred in humans, a team led by PhD student Shani Agron first exposed 25 male volunteers to either "emotional" tears, or to saline. The volunteers couldn't tell what they were sniffing as both substances are clear and odorless.

The tears were obtained from six female volunteers who watched sad films in isolation and used a mirror to capture the liquid in a vial as it trickled down their cheeks.

"When we looked for volunteers who could donate tears, we found mostly women, because for them it's much more socially acceptable to cry," said Agron in a statement.

She added that since prior research had shown tears reduce testosterone levels in men, and that lowering testosterone has a greater effect on aggression in men than in women, "we began by studying the impact of tears on men because this gave us higher chances of seeing an effect."

They had the volunteers play a computer game that had been well established in prior aggression studies, and involves accumulating money while a fictitious opponent could steal their earnings.

Given the opportunity, the men could get revenge on the other player by causing them to lose money, even though in their own case they would not gain from the opponent's loss.

Such revenge-seeking, aggressive behavior in the game dropped 43.7 percent after men sniffed the tears.

This appeared to mirror what had been observed in rodents, but unlike rodents, humans don't have a structure in their noses called a vomeronasal organ, which was lost during our species' evolution and detects odorless chemical signals.

To find out what was going on, the researchers applied the tears to 62 olfactory receptors in a lab dish and found that four receptors were activated by tears, but not saline.

Finally, the scientists repeated the experiments with the men's brains connected to MRI scanners.

The imaging revealed the prefrontal cortex and anterior insula, which are related to aggression, became more active when men were provoked during the game, but the effect was not as strong if they had sniffed tears.

"We note that crying often occurs in very close-range interactions, to the extent that 'kissing teary cheeks' is a recurring theme across cultures," wrote the authors, adding that emitting chemical signals to prevent aggression was probably even more important among infants, where verbal communication isn't possible.


Smelling women's tears reduces aggression in men


Sarah Knapton
Thu, 21 December 2023

After men sniffed women’s emotional tears, their revenge-seeking aggression dropped by nearly half 

- Tetra Images

Smelling women’s tears reduces male aggression, scientists have found, in a breakthrough that may help solve the mystery of why humans cry.

Humans and dogs are the only animals that shed tears when overcome with emotion, but scientists such as Charles Darwin believed the release served no useful function.

Now researchers at the Weizmann Institute of Science in Israel have found that tears contain social signals which appear to act as a ‘chemical blanket’ to protect the weeper.

Sniffing for answers

In a series of experiments, men were exposed to either women’s emotional tears or saline, without knowing what they were sniffing nor being able to distinguish between the two, since both are odourless.

Next they were asked to play a game designed to trigger revenge-seeking aggressive behaviour in one player towards another.

The team found that after the men sniffed women’s emotional tears, their revenge-seeking aggression during the game dropped by nearly half - 44 per cent.

Brain scans during the experiments also showed that regions related to aggression were less active while the men were sniffing tears.

And when researchers applied the tears to 62 human olfactory - smell - receptors in a laboratory dish, they found that some were activated.

Tears form ‘chemical blanket’

Professor Noam Sobel, of Weizmann’s Brain Sciences Department, said: “We’ve shown that tears activate olfactory receptors and that they alter aggression-related brain circuits, significantly reducing aggressive behaviour.

“These findings suggest that tears are a chemical blanket offering protection against aggression – and that this effect is common to rodents and humans, and perhaps to other mammals as well.”

All land mammals have tear glands in their eyes, but in most other animals it was thought they were only used to keep eyes moist and clean.

Recent studies, however, have shown that tears of female mice contain chemicals that affect aggression networks in the brain of male mice, reducing fighting. Subordinate males of blind mole rats will also smear themselves in tears to reduce a dominant male’s aggressive behaviour towards them.

It was recently also discovered that dogs shed emotional tears, although it is not yet known whether the chemical signals have evolved to be picked up by other dogs or humans.

Reduced testerone

Prof Sobel’s team also previously showed that sniffing women’s emotional tears reduced testosterone levels in men, resulting in diminished levels of sexual arousal.

Doctoral student Shani Agron, of Sobel’s lab, said: “We knew that sniffing tears lowers testosterone, and that lowering testosterone has a greater effect on aggression in men than in women, so we began by studying the impact of tears on men because this gave us higher chances of seeing an effect.

“Now, however, we must extend this research to include women, to obtain a fuller picture of this impact.”

The team believes that the study may also help explain why babies cry so much.

“Infants can’t talk, so for them relying on chemical signals to protect themselves against aggression can be critical,” added Agron.

The research was published in the journal PLOS Biology.

Jurassic jumper: Natural History Museum T-Rex gets its own festive knitwear

Ella Nunn
Thu, 21 December 2023 

It takes around four hours to dress the dinosaur in its bespoke Christmas jumper - LEON NEAL/GETTY IMAGES EUROPE

A family business has knitted a giant Christmas jumper for the Natural History Museum’s resident T-Rex.

The museum’s animatronic Tyrannosaurus Rex has had its own festive jumper designed and made by Jack Masters, a family-owned knitwear manufacturer in Leicester, for the past three Christmases.

The jumper takes around 12 hours to complete, with each stage – from mapping out the pattern, to knitting together the panels – taking two to three hours.


Once they get to the sleeves, the jumper is almost ready: “The T-Rex has such tiny arms, it’s basically like knitting sleeves for a two to three year-old’s jumper,” said Jenny Billington, a Jack Masters employee.

A paper pattern with the dinosaur’s measurements has been made up so that the team can quickly lay out the design once it is received.

“We know exactly what size and shape it will need to be to fit the T-Rex,” Karen Bowring, a Jack Masters worker, said.

The jumper takes around 12 hours to produce from scratch - LEON NEAL/GETTY IMAGES EUROPE

The final product weighs more than 3.5 kilograms, which is equivalent to around eight to 10 “human-sized” jumpers.

Once the jumper is ready, the Jack Masters team heads down to London for an overnight mission to fit the jumper after the museum closes.

It takes around four hours to dress the dinosaur and finish its outfit off with a giant Christmas hat.

This year, the team arrived at around 6pm and were working until midnight.
‘We’re quite attached to the T-Rex’

Once the jumper is fitted, attention quickly turns to brainstorming ideas for next year’s design.

The employees have already started planning for the T-Rex’s 2024 Christmas costume, and will aim to pitch around five to six ideas to the museum.

The team also makes sure to check up on their creation over the festive period: “We’ve all become quite attached to the T-Rex and go down to visit it when we can,” Ms Billington said.

The idea for a giant T-Rex Christmas jumper was pitched by Snahal Patel, director of Jack Masters, in 2021, as a way of promoting the Natural History Museum’s annual Christmas jumper sale.

In 2021, the team visited the model dinosaur four times to take measurements and fit prototypes, and the entire process took around 100 hours to complete.

Now, with experience and the paper pattern, the group has managed to streamline the process.

The jumper measures nearly 1.2 metres around the neck, 2.8m around the shoulders, and just over 3m around the body.

This year’s design incorporates motifs of the museum’s notable dinosaur skeletons, including the Titanosaur which features in the museum’s current temporary exhibition, Titanosaur: Life as the Biggest Dinosaur.

It is made from sustainable materials, including recycled plastic bottles, and is available to buy in human sizes from the Natural History Museum store.

MISKATONIC U. CTHULHU STUDIES

Antarctic octopus DNA reveals ice sheet collapse closer than thought


Issam AHMED
Thu, 21 December 2023 

Today's ice sheet in Antarctic and that during the Last Interglacial when 

seaways allowed connections between octopus populations 

(Sophie STUBER)

Scientists investigating how Antarctica's ice sheets retreated in the deep past have turned to an innovative approach: studying the genes of octopuses that live in its chilly waters.

A new analysis published Thursday in Science finds that geographically-isolated populations of the eight-limbed sea creatures mated freely around 125,000 years ago, signaling an ice-free corridor during a period when global temperatures were similar to today.

The findings suggest the West Antarctic Ice Sheet (WAIS) is closer to collapse than previously thought, threatening 3.3-5 meters of long term sea level rise if the world is unable to hold human-caused warming to the 1.5 degrees Celsius target of the Paris Agreement, said the authors.


Lead author Sally Lau of James Cook University in Australia told AFP that as an evolutionary biologist focused on marine invertebrates, "I understand and then apply DNA and biology as a proxy of changes to Antarctica in the past."

Turquet's octopus made an ideal candidate for studying WAIS, she said, because the species is found all around the continent and fundamental information about it has already been answered by science, such as its 12-year-lifespan, and the fact it emerged some four million years ago.

About half-a-foot (15 centimeters) long excluding the arms and weighing around 1.3 pounds (600 grams), they lay relatively few, but large eggs on the bottom of the seafloor. This means parents must put significant effort into ensuring their offspring hatch -- a lifestyle that prevents them traveling too far away.

They are also limited by circular sea currents, or gyres, in some of their modern habitats.

- 'Tipping point close' -

By sequencing the DNA across genomes of 96 samples that were generally collected inadvertently as fishing bycatch and then left in museum storage over the course of 33 years, Lau and colleagues found evidence of trans-West Antarctic seaways that once connected the Weddell, Amundsen and Ross seas.

The history of genetic mixing indicated WAIS collapsed at two separate points -- first in the mid-Pliocene, 3-3.5 million years ago, which scientists were already confident about, and the last time in a period called the Last Interglacial, a warm spell from 129,000 to 116,000 years ago.

"This was the last time the planet was around 1.5 degrees warmer than pre-industrial levels," said Lau. Human activity, primarily burning fossil fuels, has so far raised global temperatures by 1.2C compared to the late 1700s.

There were a handful of studies prior to the new Science paper that also suggested WAIS collapsed some time in the past, but they were far from conclusive because of the comparatively lower resolution genetic and geological data.

"This study provides empirical evidence indicating that the WAIS collapsed when the global mean temperature was similar to that of today, suggesting that the tipping point of future WAIS collapse is close," the authors wrote.

Sea level rise of 3.3 meters would drastically alter the world map as we know it, submerging low-lying coastal areas everywhere.

Writing in an accompanying commentary piece, Andrea Dutton of the University of Wisconsin-Madison and Robert DeConto of the University of Massachusetts, Amherst described the new research as "pioneering," adding it posed intriguing questions about whether ancient history will be repeated.

They flagged however that several key questions remained unanswered -- such as whether the past ice sheet collapse was caused by rising temperatures alone, or whether other variables like changing ocean currents and complex interactions between ice and solid Earth were also at play.

It's also not clear whether the sea level rise would be drawn out over millennia or occur in more rapid jumps.

But uncertainties such as these can't be an excuse for inaction against climate change "and this latest piece of evidence from octopus DNA stacks one more card on an already unstable house of cards," they wrote.

ia/md

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MONOPOLY CAPITALI$M

Britain's largest oil producer strikes £8.8bn takeover of German rival

Chris Price
Thu, 21 December 2023

Harbour Energy was already the largest oil producer in the North Sea 

- ANDY BUCHANAN/AFP via Getty Images

The largest oil producer in the North Sea has reached an $11.2bn (£8.8bn) agreement to acquire a German rival in its latest moves to expand from its North Sea roots into a global oil and gas company.

Harbour Energy will buy the upstream assets of oil-and-gas producer Wintershall Dea from chemicals giant BASF and investor LetterOne, which was co-founded by sanctioned Russian businessman Mikhail Fridman.

The deal will see Harbour’s operations expand across Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria, as well as the company’s carbon dioxide capture and storage licences in Europe.

BASF, a majority shareholder in Wintershall Dea, will own 46.5pc of Harbour and will be entitled to nominate two non-executive directors to the latter’s board, as part of the deal. However, it has said it wants to exit the oil and gas industry and so will be disposing of those holdings over coming years

Harbour Energy chief executive Linda Z Cook said: “Today’s announcement marks Harbour’s fourth major acquisition and the most transformational step yet in our journey to build a uniquely positioned, large-scale, geographically diverse independent oil and gas company.”

She said that adding Wintershall’s assets would increase the company’s production, “extend our reserves life, and enhance our margins and cash flow, all supporting enhanced shareholder returns over the longer run”.

Shares in Harbour Energy have surged by 17pc.

US Steel, Nippon Steel seek US security review of takeover deal


AFP
Thu, 21 December 2023 

Nippon and US Steel asked a federal interagency panel to review their proposed $14.1 billion deal following protests on Capitol Hill (Kazuhiro NOGI)

US Steel Corp and its potential buyer Nippon Steel of Japan are requesting a federal review of their proposed deal following congressional criticism that the transaction threatens US national security, US Steel said Thursday.

The companies asked the Committee on Foreign Investment in the United States -- an interagency body established to review foreign takeovers of US companies -- to evaluate Nippon's $14.1 billion takeover of Pittsburgh-based US Steel.

"We look forward to a successful review," said a statement from US Steel's press office.

"Japan is an important ally to the United States," US Steel said. "This is a strongly positive development for American steel, American jobs and America's national security."

In unveiling the transaction on Monday, the companies depicted the deal as a marriage of the holders of top industry technologies that would boost steel output and accelerate efforts towards decarbonization.

The combined company also vowed to honor contract agreements between US Steel and the United Steelworkers (USW) union.

Still, the USW ripped the proposed deal as reflective of a "greedy, shortsighted attitude" of US Steel, which dates to 1901, and questioned the ability of Nippon to honor contracts.

The transaction also drew bipartisan howls on Capitol Hill, with Pennsylvania Democratic Senator John Fetterman calling the deal "absolutely outrageous," adding that "steel is always about security as well."

Ohio Senator JD Vance and two other Republicans asked Treasury Secretary Janet Yellen, who chairs CFIUS, to block the deal, calling domestic steel production "vital to US national security."

A spokesperson for the Treasury Department declined comment.

CFIUS is required to complete a review of a transaction within 45 days. The committee can then launch an investigation of up to another 45 days.

The committee can then approve the transaction, require mitigation steps to address national security concerns or refer the transaction to the president if it determines the deal should be blocked.

jmb/acb

Nikolai Bukharin: Imperialism and World Economy (marxists.org)