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US Steel will stay in… the US

The United States of Steel will officially be our new moniker. President Joe Biden blocked the proposed $15 billion deal for Japanese-owned Nippon Steel to buy US Steel, citing national security concerns and the need to keep the steel industry held domestically.

The deal was a hot-button topic during the 2024 presidential campaign, sparking a political storm that drew criticism from much of America’s industrial heartland, Pennsylvania.

Steeling business

Both Nippon Steel and US Steel accosted the decision, saying in a joint statement that Biden’s blocking of the deal was “corrupted” and “manipulated” for political gain. The steel companies went on to say that it “reflects a clear violation of due process and the law”, sending a “chilling message” to other domestic companies and allied nations.

• The Japanese government called Biden’s decision “incomprehensible”.

• The companies said they would take “appropriate action to protect their legal rights.”

However, the United Steelworkers union, which had opposed the takeover on the grounds that Nippon would eliminate union employment at US Steel, applauded the action. Biden made the final decision after the Committee on Foreign Investment in the United States could not agree on the possible national security threats.

Rusting out

The rejection comes a year after Nippon Steel first revealed plans to acquire its iconic Pensyvania-based rival for $14.9 billion. It calls the company’s future into serious question, as the 124-year-old name that once represented the might of American industrialism now has minuscule influence compared to its glory days.

• The business has long lagged behind other European and Asian steel producers, which have become more efficient and use less labor.

• It currently relies on just 14,000 US workers, down from a record of 340,000 in 1943.

• Additionally, if the agreement, which included $2.7 billion in facility improvements, fell through, US Steel threatened to shut down some of its factories.

Looking forward: With President-elect Donald Trump ready to be sworn in office, many political commentators said the decision could be revisited once the Trump administration is in the White House.

Health

Alcohol may now have cancer warnings similar to cigarettes

Exactly 60 years after cigarettes were required to have warning labels, alcohol may have a similar fate. Dr. Vivek Murthy, the US Surgeon General, advocated for cigarette-like warning labels on alcoholic beverages to alert consumers to the elevated risk of cancer that comes with consuming them.

Deadly drink

Murthy urged Congress to change alcohol warning labels to include an elevated risk of cancer, as a 2019 survey found that less than half of American adults are aware that alcohol is a known cause of the disease.

The recommendation is supported by conclusive data that links alcohol to at least seven cancer forms, including throat, liver, and breast cancer (see the surgeon general's advisory report here).

• After obesity and tobacco, alcohol is the third most common avoidable cause of cancer in the United States.

  • Approximately 20,000 fatal instances are caused by it annually, while 13,500 are caused by drunk driving.

• There is no safe drinking level (despite the belief that everything can be done in moderation), as those who adhere to the federal dietary standards of one drink per day for women and two for men may still be at increased risk for breast, esophageal, and oral cancers.

Alcohol companies have been actively lobbying against stronger alcohol guidelines since the warning label hasn't been updated since 1988 and health experts are scheduled to amend federal dietary advice this year. It'll be a make-or-break year for Big Booze.

Stock drop: After Murthy put out the advisory, alcohol stocks dropped across the board. Jack Daniels shares fell to $36.25 (their lowest since 2017), Molson Coors fell 3.4%, and the world’s top spirits maker, Diageo, slumped 3.9%.

Cruise ships are seeing a record number of Norovirus cases

Passengers are about to give the term “poop deck” a whole new meaning. While people passing fluids through both ends is a staple of every cruise, stomach bugs on cruise ships hit a 12-year high last month, according to the Centers for Disease Control and Prevention.

Sick at sea

Nearly 900 passengers and crew members contracted the highly contagious norovirus, also referred to as the "two-bucket disease," during five outbreaks in December alone. The CDC also recorded 91 norovirus cases during the week of December 5, the most in several years.

• An outbreak is defined, according to the CDC, as 3% or more of a ship’s passengers and crew reporting symptoms to medical staff.

• Data obtained from the CDC suggests the majority of illnesses reported at sea last year were associated with norovirus.

How does it spread? Noroviruses tend to spread in close, confined spaces where people are near each other, which is why it’s long been associated with cruise ships. Additionally, it often peaks in winter and spreads mainly through food and surface contamination, particularly from raw seafood and physical contact.

• According to the CDC, there are typically between 19 and 21 million cases of norovirus sickness in the United States each year.

• In 2024, the CDC recorded 16 gastrointestinal cruise outbreaks, the most in more than ten years.

It can be deadly: Just yesterday, a man died of kidney failure after getting sick during a norovirus outbreak aboard the P&O Cruises’ Arcadia ship last fall. It left nearly 100 passengers confined to their cabins.

The good news

You can protect yourself from endless vomiting and diarrhea, thankfully. While staying away from cruise ship sushi is likely a good bet, you should still religiously wash your hands with soap and hot water, as the virus isn’t affected by hand sanitizer.

If you are infected, you shouldn’t fret: While around 20 million people are infected each year in the US, only 900 pass away from it on average, and most make a recovery after a few painful days. Just make sure you’re drinking plenty of electrolytes as you’ll be pushing things out of both ends.

• Epidemiologists have called norovirus “the perfect pathogen” due to its survivability and its ability to easily contaminate large groups of people.

  • Read more about how it spreads here.

Cruise lines are only getting more passengers: According to the Cruise Lines International Association, over 37 million people are expected to hop aboard a cruise this year, which would make it one of the most popular years in history for cruise lines.

Grab Bag

British researchers discovered a 166 million-year-old dinosaur highway

Even prehistoric creatures had to get to work on time. Quarry workers and researchers uncovered a massive “dinosaur highway” in southern England, which has almost 200 footprints that date to over 166 million years ago.

Prehistoric pathway

The age-old discovery was made by Gary Johnson, a worker at Dewars Farm Quarry in Oxfordshire, when stripping clay with a mechanical dagger. Johnson spotted a grouping of “unusual bumps” which led him to discover five more extensive trackways. Experts say the area could turn out to be one of the world’s oldest dinosaur track sites.

• Imprints from at least five different creatures, including what are thought to be four huge sauropods and one Megalosaurus, were among those found.

• Researchers scanned and produced 3D reconstructions of the prints so they could gain an understanding of the animals' migration habits and interactions with each other.

The new finding provides insight into the behavior of dinosaurs in the area during the Middle Jurassic period, when what is now England had an equatorial climate and was encompassed by warm, low-lying water.

This isn’t the first time: The track site lies near another, previously discovered, location that was found in 1997, which is how Johnson knew he was looking at dinosaur prints.

Investment bankers cashed in last year… and will for the next two

If there is one group of people you don’t need to hear brag any longer it’s this one. While the last two years saw a lot of diminishing returns and chopped bonuses, investment bankers made up for their losses in 2024… and the next couple of years might be even better.

On the come-up

JPMorgan, Goldman Sachs, Bank of America, Citigroup, and Morgan Stanley's combined investment banking revenue dropped for two consecutive years prior to 2024, from a peak of $48.9 billion in 2021 to $22.9 billion in 2023.

• Financial pundits attributed the slump to high interest rates that ravaged dealmaking and regulators blocking mergers and acquisitions (M&A).

However, as markets began to look on the upside and the Fed cut interest rates, investment bankers took full advantage:

• Wells Fargo analysts predict that investment banking revenues at the five largest banks reached nearly $30 billion last year and will hit $34 billion in 2026.

• Plus, according to Dealogic data, global investment banking income increased by 27% in the first nine months of 2024.

Big banks have continued to cash out, according to Wells Fargo analysts, who said Morgan Stanley's revenue from investment banking fees increased 56% year over year in the third quarter, while Goldman Sachs, JPMorgan, Bank of America, and Citigroup had average increases of 30%.

• Plus, with President-elect Trump ready to retake the White House, financial analysts are predicting investment bankers to get even more revenue and a massive $4 trillion haul in fees from spurred M&A transactions.

Wall Street is feeling good: According to an eFinancialCareers study of 1,700 financial services professionals, the average respondent anticipates a 50% bonus rise this year.

Fast Facts

Canned Canadian: Justin Trudeau, who has been the Prime Minister of Canada for nearly a decade, announced his resignation amid “internal battles” in the governing party and calls to step down.

Young Champ: Luke Littler, 17, won the World Darts Championship on Friday, making him the youngest victor in the history of the tournament.

Pet Poachers: Pet detectives in the UK are being overworked due to a large spike in stolen and lost pets. Dog thefts alone jumped 8% between 2022 and 2023, according to one report.

Sequel Spur: According to the New York Times, nine out of the ten highest-grossing films in the United States last year were sequels.

Mammoth Manifesting: While gardening in their backyard, a New York resident discovered a mastodon jaw—the first such find in the state in over 11 years.