标签： Asia

South Korea’s HD Hyundai Heavy Industries, the world’s largest shipbuilder by orders, is actively negotiating the acquisition of a U.S. shipyard, according to a senior executive. The move aligns with the company’s ambitious goal to generate $2.2 billion in annual revenue from warship sales to the U.S. Navy by 2035. Woo-maan Jeong, head of planning and management for HD Hyundai’s naval and special ship unit, revealed the strategy during an interview at the company’s Ulsan headquarters. He emphasized the necessity of establishing a U.S. manufacturing base to capitalize on President Donald Trump’s efforts to revitalize the American shipbuilding industry. Jeong noted the widening naval capability gap between the U.S. and China, coupled with insufficient U.S. warship production capacity, as key drivers for this initiative. Despite challenges such as a skilled labor shortage and restrictive U.S. immigration policies, HD Hyundai remains optimistic about its prospects. The company recently launched an 8,200-metric-ton Aegis-equipped destroyer in Ulsan, showcasing its advanced shipbuilding capabilities. The vessel, delivered in just 18 months, symbolizes U.S.-Korea cooperation, utilizing combat systems from American firms like Lockheed Martin. HD Hyundai’s merger with affiliate HD Hyundai Mipo further strengthens its position in the warship market. While U.S. laws like the Jones Act and Byrnes-Tollefson Amendment pose hurdles, Jeong expressed confidence in potential legislative amendments to facilitate foreign participation in U.S. shipbuilding. The U.S. remains an unparalleled market for warships, and HD Hyundai is determined to navigate these challenges to secure its foothold.

Anglo American PLC (AAL.L) announced on Thursday a reduction in workforce at its Brisbane office and nearby coal mines in Queensland, Australia, as part of its strategy to streamline operations and address the dual pressures of declining coal prices and escalating costs. The exact number of job cuts remains undisclosed, but the move follows a similar decision by BHP Group Ltd (BHP.AX), which recently eliminated 750 positions at a coking coal mine in the same region due to unfavorable market conditions and increased state royalties. Ben Mansour, Vice President for People and Corporate Relations at Anglo American Australia, emphasized that these adjustments are crucial for the sustainability of the company’s steelmaking coal operations in Central Queensland. He noted that the majority of the reductions were achieved through voluntary redundancies. According to Australia’s ABC News, citing the Isaac Regional Council, approximately 200 positions at Anglo American were impacted. The company operates five coal mines in Queensland’s Bowen Basin, which specialize in steelmaking coal. Last year, Anglo American divested a 33% stake in one of its Australian steelmaking coal mines for $1.1 billion to concentrate on its core copper assets. This announcement comes on the heels of a proposed merger with Canada’s Teck Resources Ltd (TECKb.TO), potentially marking the second-largest mining deal in history. The developments underscore the ongoing challenges faced by the coal industry amidst shifting market dynamics and regulatory pressures.

Toyota Motor Corp has announced a major recall of 591,377 vehicles in the United States following concerns raised by the National Highway Traffic Safety Administration (NHTSA). The recall, issued on September 18, 2024, addresses a critical software flaw in the instrument panel display that fails to show essential information such as vehicle speed, brake system status, and tire pressure warnings. This malfunction, which occurs during vehicle startup, significantly increases the risk of accidents or injuries. Affected models include the Venza, Highlander, Lexus, Tacoma, and GR Corolla. The NHTSA emphasized the urgency of the recall, urging owners to address the issue promptly. Toyota has yet to release specific details on the repair process but assured customers that solutions will be provided through authorized dealerships. This recall underscores the growing importance of software reliability in modern automotive systems and highlights the challenges automakers face in ensuring vehicle safety amidst increasing technological complexity.

SEOUL, Sept 18 (Reuters) – In a significant cybersecurity incident, South Korean credit card firm Lotte Card, majority-owned by private equity fund MBK Partners, revealed on Thursday that a hacking attack had compromised the personal data of approximately 2.97 million customers. CEO Cho Jwa-jin disclosed during a press conference that among the affected individuals, around 280,000 had sensitive information exposed, raising concerns about potential card fraud.

China’s SAIC Motor, one of the nation’s largest state-owned automotive companies, is set to significantly reduce its 49% stake in its Indian joint venture with JSW Group, according to sources familiar with the matter. The decision comes as the venture, JSW MG Motor, continues to face financial losses and regulatory challenges exacerbated by political tensions between China and India. SAIC will cease further investment in the venture but will continue to supply technology and products. The move underscores the broader impact of geopolitical friction on business operations, particularly after India imposed restrictions on Chinese investments in 2020 following a border standoff. Despite recent diplomatic efforts to ease tensions, progress in business relations remains stagnant. JSW Group has proposed acquiring most of SAIC’s stake to become the majority shareholder, but disagreements over valuation have stalled negotiations. Additionally, JSW’s pursuit of a partnership with Chinese automaker Chery to develop its own-brand vehicles has further strained relations with SAIC. The venture, valued at $1.2 billion, has struggled to meet expectations despite its growth in India’s electric vehicle market, where it ranks second behind Tata Motors. The Indian government is currently reviewing a $240 million investment proposal from JSW MG Motor for EV manufacturing, with concerns over the repatriation of profits to China adding complexity. As competition in India’s auto market intensifies, particularly with Tesla’s recent entry, the future of SAIC’s presence in the region remains uncertain.