Samsung Biologics to Split Into Bio CDMO and Holding Company
Samsung Biologics Co. said it plans to carve its business into a contract drug manufacturer and a holding firm which will manage its subsidiaries through a spin-off.
The new holding company, tentatively named Samsung Episholdings Co., will directly manage units including Samsung Bioepis Co., the South Korean contract drug maker said in a Thursday regulatory filing.
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News24
12 minutes 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.
Associated Press
an hour ago
- Associated Press
Atua AI Expands Multichain Intelligence with Modular Infrastructure Innovations
Next-Gen Architecture Enables Scalable AI Deployment Across Blockchain Ecosystems Singapore, Singapore--(Newsfile Corp. - June 2, 2025) - Atua AI (TUA), the decentralized AI-powered productivity platform, has expanded its multichain capabilities through the launch of modular infrastructure innovations designed to optimize performance, adaptability, and intelligence across decentralized networks. The update provides Web3 developers and enterprises with enhanced tools for deploying flexible, AI-driven solutions across multiple blockchains. [ This image cannot be displayed. Please visit the source: ] Scalable multichain intelligence powered by modular AI infrastructure To view an enhanced version of this graphic, please visit: With this modular infrastructure upgrade, Atua AI introduces a more granular system architecture that allows its core AI modules-such as Chat, Writer, and Classifier-to operate independently, synchronize across chains, and dynamically scale based on workload. Each module can now be deployed in isolation or in combination, allowing users to tailor automation workflows for specific tasks, chains, or governance structures. This advancement empowers builders to harness real-time intelligence across Ethereum, BNB Chain, XRP Ledger, and other major blockchains while maintaining low latency, cost-efficiency, and operational control. It supports diverse use cases from decentralized finance to NFT content generation, offering enterprises the flexibility to scale operations securely and efficiently. Atua AI's commitment to modular design ensures a future-ready infrastructure capable of meeting the evolving needs of decentralized applications. This innovation strengthens its position as a leading provider of AI-powered tools built to scale with the multichain internet. About Atua AI Atua AI offers AI-powered productivity and creativity tools in the Web3 space. Its features include Chat, Writer, Imagine, Voiceover, and Classifier-all designed to empower users with intelligent, decentralized solutions for content creation, coding, analysis, and more. Media Contact Dorothy Marley KaJ Labs +1 707-622-6168 [email protected] Social Media To view the source version of this press release, please visit
Bloomberg
an hour ago
- Bloomberg
US-Europe Air Travel Is Recovering, British Airways Owner Says
IAG Chief Executive Officer Luis Gallego says the weaker demand for transatlantic routes has shown signs of easing over the past three weeks. According to Gallego, IAG noticed 'several weeks' of demand softness in its economy cabins from the US, though the situation is now recovering. IAG owns airlines such as British Airways, Spain's Iberia and Ireland's Aer Lingus. Gallego speaks to Bloomberg's Guy Johnson on the sidelines of the International Air Transport Association (IATA) annual meeting in New Delhi, India. (Source: Bloomberg)
