Posco sells stake in Chinese stainless steel mill: sources
According to the sources, Posco Holdings had signed a preliminary deal to sell its 82.5 percent stake in the Zhangjiagang Pohang Stainless Steel (PZSS) steel mill to China's Qingshan Group, the No.1 stainless steelmaker there.
PZSS, set up in China's eastern Jiangsu province in 1997, has an annual capacity of 1.1 million tons.
Recently, the steel mill has been suffering losses due to oversupply and an economic slowdown in the world's No.2 economy.
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Korea Herald
12 hours ago
- Korea Herald
Noah Holdings and ARK Wealth Hosts Inaugural Global Chinese Wealth Management and Inheritance Summit in Singapore
—— Shaping Resilient and Innovative Allocation Strategies for the Future SINGAPORE, Aug. 1, 2025 /PRNewswire/ -- Noah Holdings Limited's ("Noah" or "the Company") (NYSE: NOAH, HKEX: 6686) global wealth management platform for global Chinese investors, ARK Wealth Management ("ARK Wealth"), held its inaugural ARK Global Chinese Wealth Management and Inheritance Summit (the "Summit") on August 1, 2025, at the Ritz-Carlton in Singapore. The event marks the Company's first major international event since establishing its overseas headquarters for ARK Wealth in Singapore earlier this year, and carried special significance as it coincided with Singapore's 60th anniversary of independence. To honor the milestone, Noah Philharmonic Orchestra held a charity concert at the Esplanade – Theatres on the Bay performing arts center, offering a cultural tribute to the city-state and reflecting Noah and ARK Wealth's long-term commitment to the region. Attended by approximately 500 investors, executives, academics, and wealth management professionals from across the globe, the Summit featured nearly 30 speakers who addressed key themes shaping today's financial landscape, including macroeconomic trends, investment strategies for turbulent times, multigenerational wealth transfer, and the innovation-driven structural shifts impacting capital markets. Jingbo Wang, Co-Founder and Chairwoman of Noah Holdings, commented: "For 20 years, Noah has stood by our clients through global change. Hosting this inaugural Summit in Singapore at the time of its 60th anniversary is not only a tribute to the city-state's unique role as a global financial hub, but also a reaffirmation of our long-term commitment to building trust and resilience for global Chinese investors." Zander Yin, CEO of Noah Holdings Limited, added, "This is not just a gathering; it is a strategic signal. Singapore is not only our new overseas headquarters, but also a vital hub for fostering cross-border discussions on wealth, trust, and resilience. As global Chinese investors face rising uncertainty, we believe strategic asset allocation, technological alignment, and adopting a long-term view will define the next chapter in responsible wealth management." Global Perspectives: Resilience in an Age of Economic Turbulence Renowned global speakers opened the summit by sharing their views on how investors can navigate a multipolar, fractured global economy. Jim Rogers, investor, financial commentator, and Co-Founder of the Quantum Fund reflected on recurring patterns in history and the importance of geographic diversification and contrarian investing, stressing, "History doesn't repeat word for word but the story is always familiar. Watch where the money is going, and don't be afraid to wait for the right moment." Professor Danny Quah, Li Ka Shing Professor in Economics at the Lee Kuan Yew School of Public Policy, National University of Singapore, explored Asia's growing role in the global order, stating, "The global center of gravity is moving eastward, not just economically, but also in policymaking and innovation. Multilateralism is not dead; it is being redefined. This presents both opportunity and responsibility for the region's wealth holders." In a pre-recorded fireside chat with Zander Yin, Author of The Black Swan, and Antifragile, Nassim Nicholas Taleb, explored how investors can thrive amid disorder. Drawing on his experience of living through the Lebanese civil war in the 70's, Taleb noted that crises often escape prediction, not because there are no warning signs, but because vulnerabilities are ignored. He encouraged Chinese investors to adopt barbell strategies—combining ultra-safe assets with asymmetric, high-risk bets that benefit from volatility. To build resilience in wealth structures, he emphasized the importance of decentralization, low leverage, and high optionality—principles critical to navigating an increasingly complex and fragile world. During the summit, ARK Wealth released its 2025 H2 CIO Report, outlining a fundamental shift from inflation-hedged asset allocation to a technology-deflation paradigm. The report argues that while the past two decades focused on hedging against inflation and allocating to inflation-hedged assets, the next twenty years could be defined by understanding, embracing, and capitalizing on deflation driven by technological progress. Thematic Panels: Navigating Innovation, Digital Transformation, and Global Expansion A series of in-depth panel discussions brought together leading experts to explore how emerging technologies, shifting geopolitics, renewable energy, and alternative assets are reshaping portfolios and capital allocation. Discussions spanned the resilience of private credit, the inflation-hedging qualities of infrastructure, clean energy opportunities, the evolution of digital assets and tokenization, frameworks for alternative asset allocation, and Singapore's enabling role as a launchpad for Noah's global strategy. The interactive sessions sparked valuable exchanges, with audience members gaining actionable insights for navigating the challenges and opportunities ahead. Looking Ahead The success of the inaugural Summit reflects the Company's global perspective, forward-looking approach to strategic wealth management, and its commitment to serve global Chinese investors across geographies with trust, sophistication, and long-term partnership. - End – About Noah Holdings Limited and ARK Wealth Management Noah Holdings Limited (NYSE: NOAH and HKEX: 6686) is a leading and pioneer wealth management service provider offering comprehensive one-stop advisory services on global investment and asset allocation primarily for global Chinese high-net-worth investors. Noah's American depositary shares, or ADSs, are listed on the New York Stock Exchange under the symbol "NOAH," and its shares are listed on the main board of the Hong Kong Stock Exchange under the stock code "6686." One ADS represents five ordinary shares, par value $0.00005 per share. ARK Wealth Management, a core subsidiary under Noah Holdings Limited, is a leading provider of global wealth management services, offering one-stop financial solutions for high-net-worth global Chinese families and institutions. With a client-centric philosophy that emphasizes independence and professionalism, ARK consistently innovates its product offerings and services to address the evolving needs of its clients, delivering sophisticated wealth management strategies with a goal of becoming the preferred wealth management platform for global Chinese investors. ARK Wealth Management currently has over USD 8.7 billion in assets under advisement (AUA). With service centers in multiple countries and regions, ARK's team of 140+ global investment advisors focus on providing tailored, localized financial services to clients.
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Korea Herald
2 days ago
- Korea Herald
[팟캐스트] (710) 한국 체류 외국인, 역대 최고치 273만 명 기록
진행자: 간형우, Devin Whiting S. Korea's foreign population reaches all-time high of 2.73 million 기사 요약: 국내 체류 외국인 수가 역대 최대치를 기록한 가운데, 그중 3명 중 1명은 중국인인 것으로 나타났다. [1] South Korea's foreign population has reached an all-time high of more than 2.73 million, data showed Sunday. reach: 도달하다 all-time high: 역대 최고 [2] Of the total, some 1.55 million were long-term foreign residents staying 90 days or more, who registered personal information such as name, date of birth and purpose of stay with local immigration offices. long-term: 장기적인 resident: 거주자 [3] Another 552,000 of the total foreign resident population were overseas Koreans holding F-4 visas, who established a place of residence and reported it to their local immigration office, entitling them to rights similar to those of Korean citizens, such as opening bank accounts and enrolling in the national health insurance program. overseas: 해외의 entitle: 자격을 주다 enroll: 명부에 올리다, 등록하다 [4] The largest share of foreign residents was held by Chinese nationals with 972,176, accounting for 35.6 percent of the total. They were followed by Vietnamese (341,153), Americans (196,664), Thais (173,710) and Uzbeks (98,457). share: 지분 hwkan@
Korea Herald
3 days ago
- Korea Herald
LG Energy Solution wins $4.3b battery deal, likely with Tesla
Korean battery-maker gains edge as US tariffs squeeze China's CATL LG Energy Solution has secured a 5.9 trillion won ($4.3 billion) deal to supply lithium-iron phosphate battery cells, likely for Tesla's energy storage systems, solidifying its position as the only producer of these cost-effective batteries in the US. According to LG Energy Solution's regulatory filing on Wednesday, it will supply LFP cells for a global client for three years from Aug. 1, 2027, to July 31, 2030, with the possibility of extending the contract to 2034. This agreement represents 23 percent of last year's sales revenue of 25.6 trillion won, marking the company's largest ESS contract. Assuming a price range of $85 per cell, media reports project the total supply amounts to approximately 50 gigawatt-hours worth of cells. LG Energy Solution declined to share details of the deal, citing confidentiality, but industry sources anticipate that the company will be supplying batteries for Tesla's ESS products. LG Energy Solution is currently manufacturing LFP cells for ESS in its Michigan plant, targeting the US market. Meanwhile, its LFP battery products for electric vehicles, intended for Renault Group, are slated for production at its Wroclaw facility in Poland. During Tesla's conference call for the first quarter of this year, Travis Axelrod, head of investor relations at Tesla, said, 'The impact of tariffs on the energy business will be outsized since we source LFP battery cells from China. We are in the process of commissioning equipment for the local manufacturing of LFP battery cells in the US, however, the equipment that we have can only service a fraction of our total installed capacity.' 'We've also been working on securing additional supply chains from non-China-based suppliers, but it will take time.' In response to industry headwinds from US tariffs that restrict the use of batteries and battery components sourced from China, Tesla has accelerated construction of its LFP cell manufacturing plant for ESS in Nevada, with recent reports indicating the site is nearing completion. Given Tesla's strong business relationship with China's CATL for its ESS business, a key strategy has been to incorporate equipment and battery designs from the Chinese battery behemoth at its Nevada facility. However, Tesla has recognized the limitations in expanding its battery cell capacity to meet the rapidly growing ESS market in the US, fueled by artificial intelligence data centers and the demand for reliable electricity supply solutions. Lee Ho-geun, a car engineering professor at Daeduk University, noted, 'There may be a delay before Tesla ramps up its production capacity (at its Nevada plant). This potential production gap likely prompted Tesla to turn to LG Energy Solution, which seems to have offered competitive pricing compared to tariff-impacted Chinese companies, including CATL.' Chinese-made ESS batteries imported into the US are reported to face a 40.9 percent tariff, which is anticipated to rise to 58.4 percent next year. Korean battery-makers have been pushing for local production of ESS cells in the US to brush off the current 10 percent tariff impact, which is set to increase to 25 percent starting Friday. Industry insiders project that the price of a Chinese LFP battery cell targeting the US market will increase from $73 last year to $87 by 2026. As of June, LG Energy Solution has secured multiple contracts exceeding 50 GWh capacity, with key US clients including Delta Electronics, Excelsior Energy Capital, Terra-Gen and Hanwha Qcells. According to market tracker Global Market Insights, the US ESS market is expected to grow at an average annual rate of 13.4 percent, reaching $305.5 billion by 2034 from $78.9 billion last year.
