ºÚÁϳԹÏÍø

The Biden administration made new tax credits available for companies that generate clean electricity and argued it would be a mistake for President-elect Donald Trump to try to undo them.

WASHINGTON — President Joe Biden is moving to ban new offshore oil and gas drilling in most U.S. coastal waters, an effort to block action by the incoming administration to expand offshore drilling.

Nippon Steel Corp. and U.S. Steel Corp. jointly filed lawsuits in a last-ditch effort to preserve the planned merger of the companies, which was blocked last week by President Joe Biden.

The tax credit created by President Joe Biden’s signature climate law now includes a carve-out that will benefit some existing nuclear power plants.

Biden announced his formal decision on Jan. 3 after the case was referred to him by a U.S. security review panel, ahead of a deadline early next week.

China plans to tighten export restrictions on certain technology used to make battery components and the processing of two crucial metals amid rising trade tensions globally.

Biden is set within days to issue the executive order barring the sale of new drilling rights in portions of the country’s outer continental shelf, according to people familiar.

News of the latest incursion follows the White House announcement on Dec. 27 that nine telecommunications firms had been breached by a state-sponsored Chinese hacking group.

Initial applications for U.S. unemployment capped 2024 at an eight-month low, reflecting the muted levels of job cuts in a labor market that has remained surprisingly resilient.

The proposal is aimed at addressing concerns raised by CFIUS, which said last week that the Japanese company’s takeover of U.S. Steel would lead to a decline in American steel output.