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TOKYO — Japanese automakers Honda and Nissan have announced plans to work toward a merger that would form the world’s third-largest automaker by sales, as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors Corp.

Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal as the industry is being squeezed by discount chains and other competition. Public companies are under a lot more scrutiny and, if private, the Nordstroms may have more leeway in reviving a department store chain that, like others, has looked to revive lackluster sales for years. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, or about $4 billion in all, representing a 42% premium on the company’s stock as of March 18, when reports of a potential transaction was reported by the media. The Nordstroms will also pick up more than $2 billion in debt. Rivals like Macy’s and Kohl’s have been pressured by major investors to make huge changes in order to return more profit to shareholders.

Under Joe Biden's direction, the US Trade Representative (USTR) launched a probe Monday into China's plans to globally dominate markets for legacy chips—alleging that China's unfair trade practices threaten US national security and could thwart US efforts to build up a domestic semiconductor supply chain. Unlike the most advanced chips used to power artificial intelligence that are currently in short supply, these legacy chips rely on older manufacturing processes and are more ubiquitous in mass-market products.

Beleaguered automaker Nissan is going to throw its lot in with Honda. The two Japanese OEMs want to merge by 2026, creating the world's third-largest car company in the process. In fact, earlier this year the two signed memorandums of understanding to create a strategic partnership focused on software and electrification.

Although the details remain in flux, the transition team reviewing NASA and its activities has begun to draft potential executive orders for changes to space policy under the Trump Administration. Sources familiar with the five people on the team, who have spent the last six weeks assessing the space agency and its exploration plans, were careful to note that such teams are advisory in nature.