Vietnam Proposes $2b Northeastern Casino Resort: VnExpress
Vietnam's Ministry of Finance is proposing an investment policy for a 51.5 trillion dong ($1.98 billion) luxury casino complex in the northeastern province of Quang Ninh, home to Unesco World Heritage Site Ha Long Bay, VnExpress International news website reported.
The proposal was submitted to Prime Minister Pham Minh Chinh, it said, citing information from the ministry.
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News24
5 hours ago
- News24
Market fall-out as Trump doubles steel, aluminium tariffs
• For more financial news, go to the News24 Business front page. Shares in South Korean and Vietnamese steelmakers, major Asian exporters of the metal to the United States, dropped on Monday after US President Donald Trump said he would double tariffs on imported steel and aluminium to 50%. Trump announced on Friday the new steel and aluminium levies, which take effect on June 4, intensifying a global trade war just hours after he accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals. Steel industry experts said while the increased tariff would cause significant disruption for major exporters to the US, the rates could go down in light of some of Trump's trade policy reversals. "Frequent shifts in the Trump administration's tariff policies introduce considerable uncertainty regarding the actual impact ... I think the final result will be far lower than initially projected, especially concerning its duration," said Chelsea Ye, senior analyst at metals research firm McCloskey. South Korea's Industry Ministry said on Monday it will respond to the 50% tariff on steel products as part of its trade discussions with Washington in order to minimise the impact on industry. South Korea was the fourth-biggest exporter of steel to the United States last year, behind Canada, Mexico and Brazil, according to American Iron and Steel Institute data. South Korea's Industry Ministry said in a statement that it had held an emergency meeting with officials from the country's major steelmakers, including POSCO and Hyundai Steel . Shares of South Korean steelmakers lost ground on Monday, with POSCO and Hyundai Steel falling 3% and SeAH Steel Corp down 6.3% in morning trade. In Vietnam, major steelmakers Hoa Sen Group and Nam Kim Steel fell 2.8% and 3.4% respectively. Vietnam Steel Corp also fell 2.7%. Vietnam's exports of steel and steel products to the U.S. fell 27% in the first four months of this year, government data showed. The 50% tariffs will add to the challenges facing Korean steel exporters, which have refrained from sharply boosting exports to the US to avoid Washington's scrutiny, despite rising US steel prices, an industry executive told Reuters. "It will be a burden to exporting companies, if there are no additional steel price increases in the U.S," he told Reuters, asking not to be identified due to the sensitivity of the issue. Despite tariffs, South Korea's steel shipments to the United States rose 12% in April from a year earlier, according to trade data. Steel and aluminium tariffs were among the earliest Trump imposed when he returned to office in January. The tariffs of 25% on most steel and aluminium imported to the US went into effect on March 12. Industry officials said the tariffs have increased US steel prices, affecting several sectors, including home appliances, cars, and construction. Trade talks South Korea, a major US ally, has called for an exemption from tariffs on steel, autos and others items, during talks with the United States. Seoul agreed in late April to craft a trade package by the end of the 90-day pause on Trump's reciprocal tariffs in July, but it has been difficult for negotiators to make big decisions due to a political leadership vacuum ahead of elections on Tuesday. In late March, Hyundai Steel announced a plan to build a $5.8 billion factory in Louisiana in response to US tariffs, but the factory will not open until 2029. In April, Hyundai Steel's bigger rival POSCO signed a preliminary deal to make an equity investment in the factory project. In India, which relies heavily on the US for aluminium exports, industry experts also warned of a major hit. "This is going to have a detrimental impact," B.K. Bhatia, director-general at the Federation of Indian Mineral Industries, the country's leading mining body, told Reuters. "The US is the biggest market for Indian aluminium. Government has been negotiating so we are hopeful that with talks, the tariffs will come down." The US is the world's largest steel importer, excluding the European Union, with a total of 26.2 million tons of imported steel in 2024, according to the Department of Commerce. As a result, the new tariffs will likely increase steel prices across the board, hitting industry and consumers alike. "The latest hike will prompt these sellers to renegotiate with their US buyers on how to and who will shoulder the extra 25% cost," said Thaiseer Jaffar, founder of Dubai-based steel industry event organiser Global Steel Summit.
Yahoo
8 hours ago
- Yahoo
PingPong Expands Leading B2B Cross-Border Payments Platform Into Malaysia, Further Unlocking Southeast Asia For Enterprise Clients
PingPong has been granted a Money Services Business Licence Class B from Malaysia's central bank, Bank Negara Malaysia, unlocking a USD $445 billion economy for enterprises, financial institutions, and SaaS companies expanding into and out of Malaysia. This follows PingPong's recent expansion into Indonesia and existing presence in Vietnam, Thailand, Singapore, and the Philippines, further expanding PingPong's comprehensive portfolio of over 60 global licences. KUALA LUMPUR, Malaysia, June 2, 2025 /PRNewswire/ -- PingPong, the world-leading provider of cross-border embedded payment solutions for enterprises, is pleased to announce that it has been granted a Money Services Business Licence from Malaysia's central bank, Bank Negara Malaysia. This latest licence further enhances PingPong's extensive portfolio of over 60 global licences, unlocking even more cross-border opportunities for enterprises on PingPong's platform. Malaysia offers significant growth opportunities for enterprises looking to scale in Southeast Asia. Its GDP is expected to reach $445 billion USD by the end of 2025 and grow by 33% by 2030, reaching $600 billion USD. International trade is a significant part of Malaysia's wealth, valued at 132% of GDP in 2023. Financial services and fintech companies are thriving across Southeast Asia, with Malaysia emerging as a key player. The country ranks third in the region in terms of the number of fintech companies it has, and it is poised for significant growth. Malaysia's fintech sector is projected to double, from $54 billion USD in 2025 to $111 billion USD by 2030, reflecting a robust compound annual growth rate (CAGR) of 16%. Its strategic location, high digital adoption rate, and robust financial sector have made it one of the key growing countries in Southeast Asia. Jianqin Shu, Partner and APAC General Manager at PingPong, said, "As one of the most strategically positioned and rapidly growing economies in Southeast Asia, Malaysia presents an incredible opportunity for enterprises scaling their global operations. Securing a Money Services Business licence positions PingPong at the heart of this growth, empowering us to support Malaysia's expanding fintech and financial services ecosystem, meeting the rising demand for efficient, compliant cross-border payment solutions. This milestone enables us to extend our global reach further and provide enterprises with end-to-end, one-stop payment services." This approval from Bank Negara Malaysia further adds to PingPong's significant portfolio of over 60 global licences across the United States, EU, UK, Hong Kong, mainland China, Canada, Australia, Japan, Singapore, Indonesia and other countries and regions worldwide. About us PingPong was founded in New York in 2015, with the goal of solving the immense challenge of scaling enterprise businesses globally. Fast forward to today, and PingPong has become one of the world's leading global cross-border payments platforms, processing more than $250 billion USD. Our API-first cross-border payments platform integrates with enterprises to send, manage, and receive money faster on a global scale. PingPong currently has 37 offices in 15 countries and 1,500 employees. Our international presence helps businesses solve complex payment needs in every major economy across all time zones. Logo - Sign in to access your portfolio
Bloomberg
10 hours ago
- Bloomberg
Philippines Eyes India, Thailand Rice to Cut Vietnam Reliance
The Philippines, the world's top rice importer, plans to look beyond its dominant supplier, Vietnam, to ensure steady supplies and competitive prices at home. The agriculture department is in talks with private importers on purchases from producers like India, Pakistan, Cambodia and Myanmar, Agriculture Secretary Francisco Tiu Laurel said in an interview on Friday. There may also be a 'deal' with Indonesia and Thailand, he added.
