LG Electronics Is Said to Pause Work on India Unit's IPO Plans
LG Electronics Inc. has paused work on the initial public offering of its Indian unit amid market volatility, according to people familiar with the matter.
The South Korean company has told advisers it may postpone the India unit's IPO, the people said, asking not to be identified because the deliberations are private. LG Electronics may decide to resume the share sale if market conditions improve, they said.
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Miami Herald
8 hours ago
- Miami Herald
Satellite Images Show Giant Port Emerge at World's Biggest Construction Site
Satellite imagery showed advances in construction of Oxagon, a floating industrial complex that is a key component of Saudi Arabia's Neom, currently the world's largest construction site. Newsweek has contacted Neom for comment. The new port city has a strategic location in one of the world's busiest maritime trade routes connecting Asia, Africa, and Europe. Neom is the flagship element of Saudi Arabia's Vision 2030 aimed at diversifying its economy away from oil dependence. Oxagon, The Line and the Trojena Ski resort are among its most ambitious pieces. Neom has recently announced several progress reports, with a new CEO now in charge of resolving the project's budget overruns and delays amid multiple simultaneous, ambitious, and costly projects. Images captured by the Copernicus Sentinel-2 satellites showed rapid progress made on Oxagon city and port, set to become one of the world's most advanced port terminals, the facility lies on the Red Sea in northwestern Saudi Arabia. The Port of NEOM has received Saudi Arabia's first fully automated, remote-controlled cranes, marking a key step in boosting Red Sea trade, automation, and tech-driven job creation, the company announced this week on LinkedIn. The Red Sea corridor is a major shipping route linking Asia via the Indian Ocean, to Europe and Africa via the Suez Canal. Oxagon's proximity to the canal, which facilitates almost 12% of global trade, provides it with a strategic edge, according to Blackridge Research & Consulting, an Indian-based specialized market research firm. The port is part of an envisioned cutting-edge industrial city which will fully rely on renewable energy and aims to host some 90,000 inhabitants by 2030, according to the government's vision. Saudi Arabia's Crown Prince Mohammed bin Salman had announced the establishment of Oxagon in 2021. "It will contribute to Saudi Arabia's regional trade and commerce, and support creating a new focal point for global trade flows," Al-Arabiya's English website quoted him as saying. Neom's Green Hydrogen Company (NGHC) is developing the world's largest green hydrogen facility-a $8.4 billion project- at Oxagon. Melissa Blake, Port Director at Neom wrote on Linkedin: "Port of Neom is excited to receive the first batch of cranes and other cargo handling equipment as we come another step closer to delivering our vision." Saudi Arabia's Government Vision 2030's website: "Sitting at the crossroads of 3 continents, Oxagon is a place where people, nature and technology come together in harmony." Vishal Wanchoo, CEO of Oxagon said in May: "Industrial development cannot continue at the expense of people or the environment. We're offering a compact, mixed-use city where industry, nature, and community coexist." The port is planned to act as the main trade gateway to northwestern Saudi Arabia, with a smart logistics hub, connects Asia, Europe, and Africa. Related Articles Images Show Power Plant Nears Completion at World's Biggest Construction SiteNew Progress Report From World's Biggest Construction ProjectWill Saudi Arabia's Alcohol Ban be Lifted? Reports Prompt Flare-UpNew Boss Named for World's Biggest Construction Project 2025 NEWSWEEK DIGITAL LLC.
Newsweek
14 hours ago
- Newsweek
Satellite Images Show Giant Port Emerge at World's Biggest Construction Site
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Satellite imagery showed advances in construction of Oxagon, a floating industrial complex that is a key component of Saudi Arabia's Neom, currently the world's largest construction site. Newsweek has contacted Neom for comment. Why It Matters The new port city has a strategic location in one of the world's busiest maritime trade routes connecting Asia, Africa, and Europe. Neom is the flagship element of Saudi Arabia's Vision 2030 aimed at diversifying its economy away from oil dependence. Oxagon, The Line and the Trojena Ski resort are among its most ambitious pieces. Neom has recently announced several progress reports, with a new CEO now in charge of resolving the project's budget overruns and delays amid multiple simultaneous, ambitious, and costly projects. What To Know Images captured by the Copernicus Sentinel-2 satellites showed rapid progress made on Oxagon city and port, set to become one of the world's most advanced port terminals, the facility lies on the Red Sea in northwestern Saudi Arabia. Drag slider compare photos The Port of NEOM has received Saudi Arabia's first fully automated, remote-controlled cranes, marking a key step in boosting Red Sea trade, automation, and tech-driven job creation, the company announced this week on LinkedIn. The Red Sea corridor is a major shipping route linking Asia via the Indian Ocean, to Europe and Africa via the Suez Canal. Oxagon's proximity to the canal, which facilitates almost 12% of global trade, provides it with a strategic edge, according to Blackridge Research & Consulting, an Indian-based specialized market research firm. The port is part of an envisioned cutting-edge industrial city which will fully rely on renewable energy and aims to host some 90,000 inhabitants by 2030, according to the government's vision. Update🚨: Recent images posted by Giles Pendleton (Chief Operating Officer THE LINE at NEOM | Chief Development Officer) of Oxagon, showing immense progress in infrastructure works + Oxagon village is about to have more construction work coming as the site being prepared. — Saud (@Saudfromabove) April 13, 2025 Saudi Arabia's Crown Prince Mohammed bin Salman had announced the establishment of Oxagon in 2021. "It will contribute to Saudi Arabia's regional trade and commerce, and support creating a new focal point for global trade flows," Al-Arabiya's English website quoted him as saying. Neom's Green Hydrogen Company (NGHC) is developing the world's largest green hydrogen facility—a $8.4 billion project— at Oxagon. What People Are Saying Melissa Blake, Port Director at Neom wrote on Linkedin: "Port of Neom is excited to receive the first batch of cranes and other cargo handling equipment as we come another step closer to delivering our vision." Saudi Arabia's Government Vision 2030's website: "Sitting at the crossroads of 3 continents, Oxagon is a place where people, nature and technology come together in harmony." Vishal Wanchoo, CEO of Oxagon said in May: "Industrial development cannot continue at the expense of people or the environment. We're offering a compact, mixed-use city where industry, nature, and community coexist." What Happens Next The port is planned to act as the main trade gateway to northwestern Saudi Arabia, with a smart logistics hub, connects Asia, Europe, and Africa.
UPI
a day ago
- UPI
Lee Jae-myung, Trump speak on phone, reaffirm U.S.-South Korea alliance
New South Korean President Lee Jae Myung appears at a news conference at the presidential office in Seoul, South Korea, on Wednesday, his first remarks after being inaugurated earlier in the day. Photo by Ahn Young-joon/EPA-EFE/pool June 7 (UPI) -- South Korea's President Lee Jae-myung spoke for the first time with U.S. President Donald Trump late Friday as both leaders agreed to further strengthen their nations' alliance. Lee, who took office Wednesday, talked with Trump in a 20-minute phone call, according to the presidential office of South Korea. The White House has not confirmed the conversation, and the president, who is in New Jersey this weekend, hasn't posted about the call on Truth Social. The two presidents agreed to strive toward reaching a mutually acceptable trade agreement, including on tariffs. Trump has imposed 10% baseline tariffs on most trading partners. On April 2, Trump said the Republic of Korea would face a 49% duty but one week later he paused it for three months along with the other worst offenders in the trade imbalance. South Korea's tariffs on imported agricultural goods average 54%. Trump congratulated Lee on his election victory, and the new leader expressed his gratitude, according to the office. Lee noted the importance of the alliance, which forms the foundation of Seoul's diplomacy. The phone call was "conducted in a friendly and candid atmosphere," as they shared anecdotes and experiences from their election campaigns, according to South Korea's presidential office. They exchanged views on their assassination attempts last year and political challenges, in addition to discussing their their golf skills and agreed to play a round together. Trump invited Lee to the White House and the Group of Seven summit in Alberta, Canada, from June 15-17. South Korea is not a G7 member state, but the nation attended them group's meetings in 2021 and 2023. Korea's neighbor, Japan, is a member of the G7. Yonhap reported the South Korea government is in consultations for Japanese Prime Minister Shigeru Ishiba and Chinese President Xi Jinping to speak to their leader. It has not been decided whether Lee will attend the North Atlantic Treaty Organization leaders' summit in the Netherlands on June 24 and 25, according to the presidential office. Lee, the Democratic Party liberal candidate, won in a landslide over Kim Moon-soo of the conservative People Power Party. He was inaugurated the next day on Wednesday. South Koreans turned out in record numbers in a snap election triggered by the impeachment and removal of Yoon Suk Yeol in April after a botched martial law decree. Some 35.24 million voters cast a ballot, representing a turnout of 79.4% -- the highest mark since an 80.7% turnout in 1997.
