Latest News
-
Taiwan's Evergreen claims ship struck by unknown object near Oman
The Taiwanese firm said that a ship owned by?Evergreen Marine, which was struck by an unknown object near Oman has now safely departed the?Strait?of Hormuz. The company made a statement at the Taiwan Stock Exchange, stating that the starboard side?bridge of Ever Lovely, which is owned by its Singapore subsidiary, had been hit by an unknown object just 3.6 nautical mile off Oman’s Khawr Naiwah. After a?initial crew inspection, damage was discovered around the bridge windows. The crew, vessel, and cargo were all safe. The company reported that the main engine, navigation instruments and seaworthiness are all working normally. The'ship' was said to be following the route recommended by the British Navy agency UKMTO while passing through the strait. UKMTO said on Thursday that an Omani cargo ship reported a suspected attack while it was attempting to pass through the Strait of Hormuz.
-
IAEA announces that repairs have been completed at Zaporizhzhya Nuclear Plant
The?U.N. The?U.N. The repairs were carried out in two separate locations: the switchyard at the Zaporizhzhya thermal power plant, which supplies electricity to the ZNPP via the backup 330 kV Ferosplavna-1?line, according to the agency. The Dniprovska Line has not been brought back to operation yet due to?extensive damages at its connecting substation. The International Atomic Energy Agency's Rafael Mariano Grossi stated in a statement that the line had been repaired but still needed to be brought back into operation. The agency stated that repairs to the substation are ongoing but not expected to be completed in the near future.
-
Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro Mibe, the chief executive of Honda Motor, received support from shareholders at the annual meeting held on Friday for his reappointment as a member of the Japanese automaker’s?board after apologizing to them for the poor financial performance. Honda has been forced to restructure its electric vehicle business, which cost more than $9 billion dollars in restructuring costs. It is also facing competition from Chinese competitors. Mibe apologized to shareholders at the beginning of the meeting for the concern and inconvenience caused due to the net loss in the financial results from the previous fiscal year. In addition to Mibe, Honda shareholders also approved 10 other nominees for the board, nine of whom were up for re-appointment, and one who was a new?director. Glass Lewis and ISS had advised that all directors be supported. Honda, amidst a rollback of EV subsidies, decided to write down its EV-linked debt. The market share for battery-powered vehicles in the U.S. was far below what the company had forecasted, Mibe explained. This meant that the planned models would require large incentives. Mibe stated that if the company had sold its planned EVs it "would have meant the automotive business staying in the negative for at least five, and possibly even seven years," adding that this would have created a very?critical situation within the company. REIGNATION CALLOUTS People familiar with the situation have said that Mibe's mishaps in recent months has attracted scorn from retired Honda executives. Former chief executive Nobuhiko Kawasmoto visited Tokyo headquarters in April and urged him to resign. Former?executives criticised Mibe's neglect of China, the largest auto market in the world, as well as its failed bets on EVs, which led to Honda's loss, and showed a growing dependency on the motorcycle division. A shareholder filed a motion near the end of the meeting calling for Mibe to be fired. However, the chief executive refused 'to put the matter to a vote.' He said that the topic was not on 'the agenda. Mibe stated that talks between Nissan Motors and Mitsubishi Motors regarding cooperation on next-generation vehicles technologies, which have been ongoing since mid-2024 are at an advanced level.
-
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or on individual stocks. AIR FRANCE KLM: The Franco-Dutch carrier?Air France KLM?has successfully issued EUR 500 million senior notes under?its EMTN Program?with a 5-year maturity and a fixed coupon annual of 4.250%. These notes will be used primarily to fund general corporate purposes. LE SLIP FRANCAIS: French underwear manufacturer Le Slip Francais plans to trade its shares on the Paris stock exchange on Bastille Day, July 14. Michelin: The French tire manufacturer Michelin plans to phase out its BFGoodrich tire factory in Tuscaloosa in early 2027. LVMH/MARIE BRIZARD/PERNOD - The head of Paris police announced on Thursday that Parisians would be prohibited from drinking alcohol in public starting at midday on Friday to curb health problems arising from the current heatwave in France and Europe. VINCI: French construction and concessions group Vinci has won a EUR210m ($238.98m) contract for the second building at the new 'Reims Hospital. EUR157m was allocated to Vinci Construction, and the project will last 45 months. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX ?sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 ?sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street report ..... Nikkei 225............. Tokyo ?report............ London report ........... Xetra ?DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report .....
-
Bangladesh calls on China to reduce the trade gap
?Bangladeshi Premier Minister Tarique Rahman?met?with Chinese president Xi Jinping on?Friday in?Beijing, where he urged a reducing of the trade deficit, diversification exports, and China's assistance in implementing major projects in his country. Rahman began a three-day visit to China on Wednesday. It is his first trip since becoming prime minister. Dhaka wants to strengthen its ties with China. It is one of the largest trading partners and development financiers. Rahman's visit is also of a broader diplomatic nature, as he seeks to maintain a balance between ties with Beijing and New Delhi. He was seen to be closer to India than his predecessor Sheikh Hasina. While relations between Dhaka & New Delhi have improved since Rahman's appointment, there are still disagreements. Rahman said that China could diversify Bangladesh's exports in order to reduce Bangladesh’s trade deficit. According to a report from a media pool, Rahman stated that "we request China to import our fresh mangoes, jackfruits, guavas, aquatic products such as?raw leather and jute products, and pharmaceutical products." He added that Bangladesh needed China's help in "implementing our major signature projects as well as upgrading and modernising our existing industrial unit," Bangladesh joined China's Belt and Road Initiative, Xi Ji's flagship development and infrastructure strategy aimed at connecting Asia with Africa and Europe in 2016. China is willing and able to support Bangladesh in importing more high-quality products, supporting Chinese companies in investing in Bangladesh and expanding cooperation in emerging industries like new energy, digital economy, and artificial intelligence. State media reported that Rahman met Premier Li?Qiang Thursday, where they signed several cooperation agreements to strengthen bilateral ties. Bangladesh owes China $6,2 billion according to World Bank data. The Asian Infrastructure Investment Bank in Beijing has also lent another $2.3 billion. Delhi has only lent $1.6 billion to its neighbor. Data from the American Enterprise Institute shows that Chinese companies have invested an additional $7.7 billion in Bangladesh's Energy Sector. Around half of this amount was spent on energy. Chim Lee is a senior analyst with the Economist Intelligence unit in Beijing. Lee explained that Bangladesh was a challenge because it didn't offer the same type of logistics corridor as Central Asia or Myanmar. Reporting by Joe Cash, Farah master and the Beijing Newsroom. Editing by Muralikumar Anantharaman & Lincoln Feast.
-
Honda CEO apologizes for loss of company, gains investor support at annual meeting
Toshihiro?Mibe, Honda Motor's Chief Executive Officer,?won the support of shareholders at its annual meeting on?Friday after apologizing to them for their poor financial performance. Honda wants to recover from strategic mistakes after posting its first annual loss for'seven decades' last month. The company was hurt by $9 billion in restructuring costs and competition from Chinese competitors. Mibe told shareholders that the financial results of the previous fiscal year had a net loss. Honda shareholders also approved 10 other nominees for the board, including nine directors who were up for reappointment, and one new director. (Reporting and editing by Thomas Derpinghaus; Daniel Leussink)
-
Taiwan and Japan are affected by torrential rains caused by a passing storm
Tropical storms passing through Taiwan caused torrential?rains? that shut down southern Taiwan, forcing more than 5,000,000 people to miss work or school. Japan also issued flood and landslide alerts. The outer bands of Typhoon Mekkhala - now a tropical storm - are bringing heavy rains to some parts of Taiwan. This is especially true in Kaohsiung and Tainan in the south. On Friday, the governments of three Taiwanese regions with more than five million residents ordered all offices and schools to close. Flooding in Tainan caused a section of main north-south rail line to be closed. Japan also experienced heavy rains and strong winds, resulting in high-level alerts for flooding, landslides and swollen riverbeds. 2.2 million residents were ordered to evacuate. The Japan Meteorological Agency has warned of heavy rainfall across western Japan, caused by a stationary seasonal front and warm moist air that feeds into it. According to the Japanese land ministry, more than 200 flights have been cancelled, and dozens of trains lines have been halted. Many expressways were also closed. Toyota closed a factory located in Kyushu, a southern region, on Thursday afternoon. The decision to resume production for the second shift was expected later. No casualties were reported in Taiwan but authorities are evacuating 200 residents of two townships in Hualien County, which is downstream from a barrier lake that's rapidly filling up in the mountains. When?rocks or landslides, or other natural blockages create a dam across the river, usually in a valley. This dam blocks and holds back water. It can even stop natural drainage. In Hualien, another barrier 'lake' breached during Super Typhoon Ragasa and unleashed a wall of mud and water into homes. Rain will continue to fall over Taiwan for the next few weeks, but it should gradually decrease. Taiwan relies on the summer and fall typhoon seasons to replenish its reservoirs following a typically dry winter. Reporting by Ben Blanchard, Chang-Ran Kokiya and KantaroKomiya in Tokyo. Editing by Shri Navaratnam & Christopher Cushing.
-
Southern Taiwan rail line and southern Taiwan shut down by torrential rain caused by a passing typhoon
A typhoon passing through southern Taiwan caused torrential rains, forcing more than 5 million people to miss work or school. Flooding also cut off a section of the main rail line. While Typhoon Mekkhala is currently over the Ryukyu islands in southern Japan, it did not directly landfall on Taiwan. However, its outer bands brought heavy rains to some parts of the island. All three governments, where more than 5 million people reside, have ordered that offices and schools be closed on Friday. The separate high-speed rail line did not report any problems, but a section of Tainan's main north-south line was closed due to severe flooding. Authorities in Hualien County on Taiwan's East Coast are evacuating almost 200 residents of two townships in the mountains below a barrier lake that is rapidly filling. When rocks, landslides, or other natural obstructions form a dam across a stream, usually in a valley, they block and hold back the water, hindering, or even stopping, "natural drainage". In a different part of Hualien, 19 people were killed last year when a barrier lake burst its banks due to Super Typhoon Ragasa. The wall of water and mud that engulfed homes was caused by the breach. It is predicted that rain will continue to fall over Taiwan at least for the next week. However, it will gradually ease. Taiwan relies on a traditional summer and fall typhoon to replenish its reservoirs following a typically dry winter. (Reporting and editing by Shri Navaratnam.)
Trump tells South Korea that he wants to meet Kim in North Korea this year.
Donald Trump, the U.S. president, said on Monday that he would like to meet North Korean leader Kim Jong Un in this year. He also stated that he is open to more trade discussions with South Korea despite his new criticisms of their visiting Asian ally.
Trump told reporters that he would like to meet Kim Jong Un this year in the Oval Office, as he welcomed South Korea’s new President, Lee Jae Myung to the White House. "I am looking forward to meeting Kim Jong Un at the appropriate time."
Trump and Lee met for the first time in tense conditions. Trump complained vaguely about a "Purge" or "Revolution" in South Korea via social media, before later retraction as a possible "misunderstanding" among the allies. The two sides are still arguing over the details of the trade agreement they signed in July, which spared South Korean exports from harsher U.S. duties. They also continue to argue about nuclear energy and military spending.
Lee, after meeting Trump, attended a business conference with CEOs from South Korean firms and over 20 U.S. companies, including Carlyle Group Nvidia Boeing GE Aerospace Honeywell General Motors. Korean Air, South Korea's flag-carrier, is expected to place an order for 100 Boeing aircraft, according to sources.
KIM IGNORES TRUMP'S CALLS
North Korea didn't immediately respond to an inquiry for a comment on Trump’s remarks.
Kim has refused to respond to Trump's repeated requests to resume the direct diplomacy that he conducted during his term of office from 2017-2021, which failed to produce a deal to stop North Korea's nuke program. North Korea's rhetoric is escalating, with Kim promising to accelerate his nuclear program while condemning U.S. and South Korea military exercises. Kim oversaw the testing of new air defenses systems at the weekend. Lee, in the Oval Office of the White House, avoided the dramatic confrontations that marked the February visit by Ukrainian president Volodymyr Zelenskiy and the May visit by South African President Cyril Ramaphosa.
Lee used a strategy that has been well-worn by Trump's visitors from abroad. He talked golf, and praised the interior design and peacemaking of the Republican President. He had told reporters that he read the 1987 presidential memoir "Trump: the Art of the Deal" to prepare.
The liberal South Korean encouraged Trump's engagement with North Korea.
Lee, in Korean, said: "I hope that you will bring peace to the Korean Peninsula. It is the only nation divided in the world. I want you to meet Kim Jong Un and build a Trump World in North Korea, so that I can go golfing there. You can be a true world-historic peacemaker."
South Korea's economy is heavily dependent on the U.S. Washington provides its security through troops and nuclear deterrence. Trump called Seoul a money machine that benefits from American military protection.
DIFFICULT ISSUES
Trump has been pressuring Seoul to reach a trade agreement and discuss issues related the bilateral military alliance.
Trump said to reporters that after meeting Lee: "I believe we have a trade deal done." "They had some issues with it, and we stuck to our guns." They're going to do the deal they agreed on." He didn't elaborate and the White House didn't immediately respond to an inquiry for comment.
Trump told Lee that he would share "intelligence" he received regarding South Korean investigations, which he claimed targeted churches and military bases. The White House didn't respond to an inquiry for further information. The police in Seoul raided Sarang Jeil Church this month. It was led by Jun Kwang-hoon who had been leading protests to support Yoon Suk Yol, Lee's former predecessor. In July, prosecutors who were investigating Yoon's attempted declaration of martial law executed a search warrant at the Korean portion of a joint military base operated by the United States. South Korean officials said that U.S. soldiers and equipment were not searched.
The far-right in South Korea, particularly evangelical Christians and Yoon's supporters, view him as a victim to communist persecution.
Trump is expected to press Lee to increase defense spending and to maintain the 28,500 U.S. soldiers in South Korea.
When asked if he'd reduce these numbers to give the U.S. greater regional flexibility, Trump replied: "I don’t want to say it now," but suggested that Seoul could give the U.S. ownership over the "land we have the fort on," an apparent reference Camp Humphreys - a U.S. Army Garrison in South Korea.
Lee said to reporters that it would be hard for Seoul to accept U.S. requests to adopt "flexibility", a reference to the use of U.S. troops for a broader range of operations including China-related threat. Lee is trying to find a balance between cooperating with the U.S. and not antagonizing China - Seoul's main trade partner. As he was on his way to Washington, Lee sent a delegation to Beijing to call for normalized relations.
Lee will highlight South Korea's anticipated U.S. investment when he visits the Hanwha Group's shipyard in Philadelphia on Tuesday.
Trump will attend the Asia-Pacific Economic Cooperation Summit in South Korea from October 30-November 1. Reporting by David Brunnstrom in Washington, Idrees Al, Steve Holland, Trevor Hunnicutt, and David Shepardson, and Josh Smith in Seoul, Hyun-Joo Jin, Jumin Park, and Jack Kim; Writing by Josh Smith; Editing and editing by Lincoln Feast; Ed Davies, Michael Perry and Rod Nickel
(source: Reuters)