Good morning. Nippon Steel has completed its acquisition of U.S. Steel, days after securing a national-security agreement with the Trump administration that cleared the way for the deal to move forward.

• Investment stateside: The deal, which President Trump has described as a partnership, will preserve U.S. Steel’s incorporation in the U.S., as well as its headquarters in Pittsburgh. The agreement also calls for Nippon Steel to invest roughly $11 billion across U.S. Steel’s domestic operations over the next three years, a move the companies say will protect and create more than 100,000 jobs. 
   
• Board rules: As part of the agreement, a majority of U.S. Steel’s board, along with its chief executive and key management personnel, will be U.S. citizens. U.S. Steel will also retain the ability to produce and supply steel domestically to meet U.S. market demand, while Nippon Steel agreed not to interfere with U.S. Steel’s ability to pursue trade remedy actions under U.S. law.
   
• Golden share: The deal between Nippon Steel and the U.S. government provides Trump and his successors broad authority to regulate Nippon Steel’s operation of U.S. Steel. Collectively, Trump’s authority has come to be known as a “golden share” in U.S. Steel. Trump will be able to appoint a member to Nippon Steel’s U.S. board. The U.S. president would have to approve any closures of existing U.S. Steel plants, transfer of steel production out of the country and reductions in financial commitments made by Nippon Steel, the companies said. 

U.S. closes Toyota foreign bribery probe.

Toyota said the U.S. Justice Department ended an investigation into whether a Thai subsidiary of the automaker violated antibribery laws.

The department told Toyota this month it closed the probe, according to a securities filing on Wednesday. Prosecutors had been investigating the matter since at least April 2020, when the company self-disclosed potential violations to prosecutors and the Securities and Exchange Commission, according to the filing.

Malaysia probing reports of Chinese firm’s use of Nvidia AI chips.

Malaysia said it is looking into media reports that a Chinese company in the country used servers equipped with Nvidia and artificial-intelligence chips to train large language models.

The Ministry of Investment, Trade and Industry is “in the process of verifying the matter with relevant agencies if any domestic law or regulation has been breached,” it said in a statement Wednesday.

• President Trump gave TikTok another 90-day reprieve Thursday.
   
• G7 allies launched a coordinated barrage of new sanctions against Russia at their summit in Canada.
   
• Alphabet’s Google suffered a setback in its yearslong battle against an antitrust fine.
   
• Sanofi and Regeneron Pharmaceuticals said they got Food and Drug Administration approval for anti-inflammatory drug Dupixent as a treatment for a rare skin disease, adding an eighth indication in the U.S. for their blockbuster medicine.
   
• The European Union will gradually phase out all imports of Russian gas and oil by the end of 2027.
   
• The European Union said it plans to exclude Chinese companies from the bloc’s government purchases of medical devices after concluding that EU manufacturers don’t have equal access in China, widening trade tensions between Brussels and Beijing.
   
• A conservative policy proposal to eliminate a class of export control licenses could lead to compliance headaches, experts said.
   
• A global financial standards-setter has expanded its requirements for messages that accompany cross-border transactions.
   
• Rio Tinto agreed to pay $138.75 million to resolve a class-action lawsuit that alleged the company concealed problems during the expansion of a giant copper mine in Mongolia.
   
• Canada’s antitrust watchdog recommends the government ease restrictions on foreign investment in the country’s airline sector to stimulate competition.
   
• Russian designated persons and their enablers “currently pose the most significant threat to compliance with U.K. financial sanctions, including for art market participants and high value dealers,” according to a threat assessment published Wednesday by the U.K. Office of Financial Sanctions Implementation.

Trump privately approved of attack plans for Iran but has withheld final order.

President Trump told senior aides late Tuesday that he approved of attack plans for Iran, but was holding off on giving the final order to see if Tehran would abandon its nuclear program, three people familiar with the deliberations said.

Since his private instructions in the White House Situation Room to the military, Trump has disclosed publicly that an attack is an option. “I have ideas on what to do but I haven’t made a final—I like to make the final decision one second before it’s due,” he told reporters Wednesday.

• Why Iran’s ‘Axis of Resistance’ Is Missing in Action
• Israeli Strikes Shake Foundation of Iran’s Theocratic Rule

UBS among companies hit by data leak After cyberattack on procurement firm.

UBS Group, Pictet and Implenia said they were among the companies affected by a cyberattack on procurement firm Chain IQ.

Swiss financial groups UBS and Pictet said Wednesday that no client data was involved in the cyberattack, while construction company Implenia said it assumed no sensitive data was affected.

• When China-owned bargain site Temu last week entered into a data-storage deal with Oracle, the move echoed TikTok’s travails in trying to address U.S. data-privacy concerns.
   
• Overseas investment by businesses around the world is at risk of falling for a third straight year as rising tariffs and geopolitical tensions freeze big decisions about where to locate factories, the United Nations warned.
   
• Summer is coming. So is the heat and humidity: Dangerously high temperatures and extreme humidity are forecast to affect millions in the U.S. beginning Friday and into next week, according to the National Weather Service.
   
• Corporate America is convinced: Fewer employees means faster growth.
   
• Canada unveiled on Thursday policies to support the domestic steel sector, including a curb on imports. The sector faces financial duress due to President Trump’s hefty 50% tariffs on the metal.
   
• Israel’s conflict with Iran is costing the country hundreds of millions of dollars a day, according to early estimates, a price tag that could constrain Israel’s ability to conduct a lengthy war.
   
• Japan’s consumer inflation gathered pace in May, but that may not bring a rate hike closer, as the Bank of Japan waits to see how U.S. trade talks unfold.

How hackers are turning tech support into a threat.

Hackers in recent months have disrupted retail sales in the U.K. and U.S. and stolen hundreds of millions of dollars from crypto holders by targeting the outsourced call centers that many American corporations use to save costs.

The hacks are often meticulously researched and use a variety of techniques, but they have one thing in common: low-level workers who staff call centers and have access to the kind of sensitive information that criminals need to commit crimes.

• An Austin startup has gotten U.S. clearance to build a “guideway” on which autonomous hybrid shuttles would ferry freight between Mexico and Texas in an effort to speed up trade.
   
• Private equity accounts for about half of the companies in the “shadow IPO pipeline,” setting the stage for what could be a busy second half of companies going public.
   
• An Israeli startup is rethinking how to tackle two of the planet’s most stubborn environmental threats—toxic algae that can lead to dead zones in oceans and rising carbon levels.
   
• The ad world is obsessed with industry news videos from two 27-year-old guys.

• Home Depot has made an offer for building-products distributor GMS, kicking off a potential bidding war between the home-improvement giant and serial dealmaker Brad Jacobs, according to people familiar with the matter.
   
• Progressive governors around the country have extended state-funded healthcare to undocumented immigrants, aiming to get closer to universal insurance coverage. Now, some are being forced to roll back or freeze the programs because of budget woes and unexpectedly high enrollment.
   
• Democrats and clean energy advocates are ratcheting up pressure on a handful of Republican senators to salvage billions of dollars in projects, ahead of an expected vote next week on President Trump’s megabill that targets critical subsidies for elimination.
   
• The State Department will review the social-media accounts of foreign student-visa applicants, and applicants will be expected to have all social-media profiles set to “public.”
   
• Two days into his reign, the new American pope spoke softly to a hall full of red-capped cardinals and invoked the digital-age challenge to human dignity he intended to address with the power of his 2,000-year-old office: artificial intelligence.

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