5 best news for July
Canada will launch a program for permanent residence of Ukrainian refugees
The Canadian government is launching a new immigration program for Ukrainian refugees. It will allow Ukrainian families in the country to obtain the status of permanent residents.
This was said by the Minister for Immigration Sean Fraser. As the minister explained, Canada will provide salvation to separated families, thanks to this reunification program, and will help them settle down in new communities in the country.
Ukrainians who live in Canada with temporary status and have one or more family members in this country will be eligible to participate in the program. The launch of the program is scheduled for October this year. The program will be free and will be valid for a year.
China has invited the world’s biggest investors to a rare “symposium” to persuade them to return
The meeting will discuss the challenges faced by global fund managers investing in China. The meeting comes as investors and banks warn of declining confidence in China’s economic outlook. The country’s post-pandemic recovery is rapidly losing momentum, and Sino-US relations are at a low ebb over national security issues – including Taiwan, US export bans on advanced technology and China’s state-run industrial policy.
The meeting, with a clear agenda to discuss the challenges facing global fund managers investing in China, is rare and reflects Beijing’s desire to build confidence among foreign investors, the three sources said.
Major foreign and Chinese fund managers such as private equity firms and their investors or limited partners, including sovereign wealth funds and pension funds, are expected to attend the meeting.
Participants will also be invited to provide suggestions for solutions to the challenges facing their business in China and share their own views on the economy.
POSCO plans to increase steel production to 52 million tons by 2030. The company also aims to triple consolidated operating profit
The South Korean steel company POSCO plans to increase its global steel smelting capacity to 52 million tons per year by 2030. This is reported by SteelMint.
POSCO also aims to achieve combined sales of 100 trillion won ($78.7 billion) by 2030 and triple its consolidated operating profit compared to 2022. In addition, the company will strengthen its profitability by expanding the production of sheet electrical steel.
POSCO considers strengthening the competitiveness of its steel business as a long-term strategy. It is aimed at quantitative expansion and improvement of product quality. In particular, POSCO plans to increase steel production capacity at foreign assets in the period 2022-2030 from 5 million tons/year to 10 million tons/year. This growth will be driven by new investments in India, Indonesia and North America.
The company will also focus on selling low-emission products. By 2030, it is planned to produce 10 million t/year of such steel, including with the help of an electric arc furnace at the Kwanyan plant, which should be put into operation in 2026.
It will be recalled that POSCO plans to invest $92 billion in environmental projects by 2030. More than 60% of the budget or 73 trillion won ($56 billion) will be invested in local enterprises, mainly in production complexes in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province. The remaining funds will be directed to foreign projects.
As GMK Center reported, in May of this year, POSCO Group announced that it had completed the construction of a new integrated plant for the processing of high-strength steel (“Giga Steel”), which is used in the automotive industry, in China’s Jiangsu Province.
European natural gas prices fall as supplies from Norway surge – Bloomberg
European natural gas prices fell as supplies from Norway surged thanks to the end of major maintenance. The benchmark contract was down 7.5% after suffering its biggest weekly drop of 22% this year on Friday. Work at the Nyhamna gas processing plant ended on Saturday as scheduled. The shutdown has lasted more than a month longer than originally planned, and the delays have led to periods of intense market volatility in recent weeks.
“Norwegian gas supplies are critical to maintaining balance in a fragile market as Europe rebuilds its energy security in the absence of most pipeline supplies from Russia. Flows of liquefied natural gas have decreased compared to previous months, but continue to play a key role,” the newspaper writes.
Hyundai will help rebuild Boryspil airport after the war
The South Korean company Hyundai Engineering and Construction will join the reconstruction of Boryspil International Airport after the end of the Russian-Ukrainian war.
This was reported by The Korea Herald. According to the agreement, Hyundai E&C will restore the airport runways and the new cargo terminal at Boryspil Airport.
The company is currently conducting a feasibility study on the construction of a cargo terminal.
Hyundai E&C said it will use its technology and experience gained while participating in construction projects at Incheon International Airport, Singapore’s Changi Airport and Peru’s Chinchero International Airport.
Starting with the airport expansion project, Hyundai E&C is also looking to get involved in reconstruction projects in other industries.
Hyundai E&C will cooperate with Ukraine to restore not only the country’s transport infrastructure, including airports and railways, but also its energy infrastructure,” said the company’s general director Yoon Yong-jun.
Background. Earlier, in April, Hyundai E&C and its American partner Holtec International signed an agreement on cooperation with NAEK Energoatom regarding the construction of small modular reactors in Ukraine.