Korea Development Bank to sell shares in Hanwha Ocean, paper reports
SEOUL :South Korea's state-run Korea Development Bank plans to sell its shares in Hanwha Ocean, Maeil Business Newspaper reported on Monday.
KDB plans to split its 19.5 per cent shares in the shipbuilder into multiple block sales, after a bookbuilding from Monday, the newspaper reported, without citing clear sources.
KDB was unavailable for comment after business hours.
KDB is the second-largest shareholder in Hanwha Ocean, after Hanwha Aerospace, which owns a 30.4 per cent stake, according to LSEG data.
The shipbuilder, previously Daewoo Shipbuilding & Engineering whose largest shareholder was KDB, was acquired by Hanwha Group in a takeover deal in 2022.
Hanwha Ocean shares have risen 139 per cent so far this year to their highest levels since July 2015 amid growing hopes for cooperation with the United States.
U.S. President Donald Trump, since his election victory last November, has sought cooperation with South Korean shipbuilders, such as Hanwha Ocean, which acquired a shipyard in Philadelphia last year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
3 hours ago
- CNA
US and China set for trade talks in London on Monday
WASHINGTON: Three of US President Donald Trump's top aides will meet with their Chinese counterparts in London on Monday (Jun 9) for talks aimed at resolving a trade dispute between the world's two largest economies that has kept global markets on edge. US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent the United States in the talks, Trump announced in a post on his Truth Social platform without providing further details. China's foreign ministry said on Saturday that vice premier He Lifeng will be in the United Kingdom between June 8 and June 13, adding that the first meeting of the China-US economic and trade consultation mechanism would be held during this visit. "The meeting should go very well," Trump wrote. Trump spoke to Chinese President Xi Jinping on Thursday in a rare leader-to-leader call amid weeks of brewing trade tensions and a dispute over critical minerals. Trump and Xi agreed to visit one another and asked their staffs to hold talks in the meantime. Both countries are under pressure to relieve tensions, with the global economy under pressure over Chinese control over the rare earth mineral exports of which it is the dominant producer and investors more broadly anxious about Trump's wider effort to impose tariffs on goods from most US trading partners. China, meanwhile, has seen its own supply of key US imports like chip-design software and nuclear plant parts curtailed. The countries struck a 90-day deal on May 12 in Geneva to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump returned to the presidency in January. That preliminary deal sparked a global relief rally in stock markets, and US indexes that had been in or near bear market levels have recouped the lion's share of their losses. The S&P 500 stock index, which at its lowest point in early April was down nearly 18 per cent after Trump unveiled his sweeping "Liberation Day" tariffs on goods from across the globe, is now only about 2 per cent below its record high from mid-February. The final third of that rally followed the US-China truce struck in Geneva. Still, that temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and US complaints about China's state-dominated, export-driven economic model. Trump has repeatedly threatened an array of punitive measures on trading partners, only to revoke some of them at the last minute. The on-again, off-again approach has baffled world leaders and spooked business executives. China sees mineral exports as a source of leverage. Halting those exports could put domestic political pressure on the Republican US president if economic growth sags because companies cannot make mineral-powered products. In recent years, US officials have identified China as its top geopolitical rival and the only country in the world able to challenge the United States economically and militarily.
Independent Singapore
4 hours ago
- Independent Singapore
From bromance to blow-up: Trump and Musk's bitter spat
The most ballyhooed bromance on earth blew up in spectacular fashion on Thursday when the world's most powerful leader traded barbs online with the world's richest man. In the middle of a meeting with the German chancellor, US President Donald Trump posted that he was 'disappointed in Elon', stung by the tech tycoon's unrelenting criticism of his 'big, beautiful bill'. The spat between these high-profile bromates lit up the internet, with live-blogging websites offering tweet-by-tweet updates, and others speculating—sometimes behind paywalls—on whether the erstwhile bosom buddies had become bitter enemies. Only the most incorrigible punters would dare wager whether the rift is permanent or passing. Given their mercurial temperaments, today's feud could easily become tomorrow's flirtation. Supporters of strong governance may, nevertheless, be relieved. The world's most powerful leader is still more potent than its richest man—at least for now. Musk blinked first. Musk indicated on X he is ready to relent, but the White House has turned a cold shoulder. The president reportedly continues to criticise the Tesla, X and SpaceX boss in private. Costly spat The spat could prove costly for both men. While Trump and his political action committees may not receive the $100 million or more reportedly pledged by Musk, the tycoon risks losing billions. Trump has threatened to cancel his government contracts, posting: 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it.' The rift widened after Musk lambasted Trump's signature tax-and-spending bill, calling it a 'disgusting abomination' sure to wreck the nation's finances. To add insult to injury, he claimed Trump wouldn't have won the election without his support. Trump said he was 'very disappointed in Musk,' accused him of turning 'hostile' after being turfed out of government, and charged that the billionaire was meddling in politics to further his business interests. Musk, who spent over $250 million supporting Trump's re-election bid last year and once declared, 'I love @realDonaldTrump as much as a straight man can love another man,' hit back hard. He called for Trump's impeachment and replacement by Vice President JD Vance and warned that the president's tariffs could trigger a US recession. See also Hillary Clinton urges Biden not to concede in close election He also insinuated that Trump's name appeared in sealed files relating to the late sex offender Jeffrey Epstein. Still, Musk eventually toned down his rhetoric. After threatening to decommission his Dragon spacecraft, which NASA uses to transport astronauts, he responded to a netizen urging calm with: 'Good advice… Ok, we won't decommission Dragon.' His conciliatory tone, however, received no response from the White House. Trump may struggle to find alternatives if he scraps contracts with Musk's companies. SpaceX remains the only US firm transporting astronauts to and from space. Several government agencies also depend on its Falcon rockets, in-orbit vehicles, and the Starlink network—more than 7,500 internet satellites, which Ukraine has used in its war against Russia. Media pundits are almost unanimous in concluding that the bromance was doomed from the start—doomed by two towering egos unwilling to share the spotlight. Ideological divide? But Guardian columnist Jonathan Freedland sees more than just a personality clash. He believes there is also an ideological divide. See also Trump and Biden outline competing visions for US economy Musk's opposition to Trump's 'big, beautiful bill' may be linked to its failure to extend tax credits for electric vehicles—a provision that might have boosted Tesla's sagging sales. Publicly, however, Musk has criticised the bill on fiscal grounds, warning that it will deepen the already gargantuan US deficit. In doing so, he has recast himself as a champion of traditional, deficit-conscious Republicans. Freedland notes a growing divide on the American right: between old-school conservatives who worry about fiscal responsibility, and nationalists like Trump's former strategist Steve Bannon, who support tariffs and oppose global immigration. Musk, by contrast, has argued against tariffs and in favour of keeping the US open to highly skilled, tech-savvy immigrants. He has even called for the formation of a new political party. No wonder the bromance has broken down. But then again, politics makes strange bedfellows—and anything's possible. Featured image by Depositphotos (for illustration purposes only)
CNA
11 hours ago
- CNA
Senior Taiwan official visits site of new Alaska LNG project
TAIPEI :A senior Taiwanese official said on Saturday he had this week visited the site of a potentially enormous new liquified natural gas (LNG) project in Alaska that the Trump administration has been pushing hard to allies in Asia as a supply option. Energy developer Glenfarne had said on Tuesday that 50 firms had formally expressed interest in contracts worth more than $115 billion from its Alaska LNG project, a massive infrastructure deal championed by U.S. President Donald Trump. Writing on his Facebook page, Pan Men-an, secretary-general to Taiwan President Lai Ching-te, said he had attended an energy conference in Alaska at the invitation of U.S. Secretary of Energy Chris Wright and visited the state's North Slope. Phase One of the project is expected to deliver natural gas about 1,230 km (765 miles) from the North Slope to the Anchorage region. "Despite the freezing temperatures, we talked enthusiastically about building resilience and responsibility as democratic partners in the face of global climate change and the challenges of authoritarianism," Pan wrote. "In the face of trade challenges and international turbulence, we have no choice but to rise to the occasion," he said, without mentioning whether he had signed any deals while there. The presidential office said late on Friday that Pan had been accompanied by Fang Jeng-zen, chairman of Taiwan's state-owned energy company CPC. CPC in March signed a non-binding agreement to buy LNG and invest in the project, a move Taiwan's president has said would ensure the island's energy security. If built, the Alaska LNG project will export up to 20 million metric tons of the superchilled gas a year. It would open direct access for U.S.-made LNG to Asian markets without having to go through the Panama Canal or around the Horn of Africa, reducing transit time and costs. Taiwan has pledged to massively ramp up its purchases from the United States, including energy, to reduce a yawning trade surplus that has angered Washington.
