>>Biden: Nippon Purchase Of US Steel "Deserves Scrutiny"
(Washington, DC) -- President Biden believes Japanese steelmaker Nippon Steel's plan to buy U.S. Steel "deserves scrutiny." A top White House official said on Thursday that Biden is concerned about potential national security and supply chain issues. White House National Economic Adviser Lael Brainard said Biden "has been clear" that his administration welcomes international manufacturers creating jobs for American workers, but he's concerned about a foreign entity buying what Brainard called "an iconic American-owned company." The United Steelworkers union opposes the sale and a number of Rust Belt politicians want the Committee on Foreign Investment in the U.S. to determine whether the sale should be blocked on national security grounds.
>>In Spite Of Climbing Prices Last Month, Home Sales Are Up
(New York, NY) -- Home sales inched slightly higher in November even as prices continued to climb and buyers paid mortgage rates that were at their highest levels of the year. Sales of existing homes rose point-eight-percent last month to a seasonally adjusted annualized rate of three-point-eight million units, ending a five-month slide. Sales were still weak, even though closed deals of existing homes beat expectations. Elevated prices, together with the average rate for a 30-year fixed rate mortgage nearing eight-percent in October, have created the least affordable market in several decades. Mortgage rates reached a 23-year high seven-point-seven-nine percent at the end of October. Since then the average rate for a 30-year, fixed-rate loan has fallen to six-point-nine-five percent according to Freddie Mac.
>>FTC Proposes New Rules To Curb Monetizing Kids' Data
(Washington, DC) -- The Federal Trade Commission is proposing new rules to put more limits on tech companies' collection and use of children's data, particularly when used for targeted advertising. In announcing the proposed new rules on Wednesday, FTC Chair Lina Khan said kids must be able to play and learn online "without being endlessly tracked by companies looking to hoard and monetize their personal data." The proposed rule changes would bar tech companies from keeping data indefinitely, and education tech companies would have to get school approval to collect kids' data, which couldn't be used for commercial purposes. The FTC will take public comment for 60 days after the proposals are posted in the Federal Register.
>>Honda Recalls More Than 2.5 Million Vehicles
(Torrance, CA) -- Honda is recalling more than two-and-a-half-million vehicles due to possible issues with fuel pumps. The recall includes the 2018 through 2020 models of Honda Accords, Civics and CR-Vs. Also part of the recall are some models of Acura MDX and RDX SUVs along with TLX and ILX sedans. The carmaker said the fuel pump inside the vehicle could fail and lead to an increased risk of a crash due to a stalled engine. Affected owners will receive a notification letter in February and dealers will replace the fuel pump module for free.
>>Hyperloop One Is Shutting Down
(Los Angeles, CA) -- The high-speed transportation startup Hyperloop One is shutting down. "Bloomberg" says Hyperloop is selling off its assets, closing its offices and laying off its workers by the end of the year. The company's goal was to move passengers between cities through tubes called "hyperloops" at speeds of up to 700 miles per hour. The report says the remaining intellectual property of Hyperloop One will go to its majority stakeholder, a port operator in Dubai.
