JSW Cement Is Said to Eye Mumbai IPO in July as Roadshow Begins

JSW Cement Ltd. has kicked off a roadshow for its planned initial public offering that could take place in Mumbai as soon as next month, according to people familiar with the matter.
JSW Cement top executives including Parth Jindal are meeting institutional investors to gauge demand and valuation, the people said, asking not to be identified because the information is private. The company may seek to raise as much as 40 billion rupees ($468 million), two of the people said.

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Washington Post

an hour ago

• Washington Post

Japan and South Korea mark 60 years of ties despite lingering tension and political uncertainty

TOKYO — Japan and South Korea are marking the 60th anniversary of the normalization of their diplomatic relations Sunday. The two Asian powers, rivals and neighbors, have often had little to celebrate, much of their rancor linked to Japan's brutal colonial rule of Korea in the early 20th century. Things have gotten better in recent years, but both nations — each a strong ally of the United States — now face political uncertainty and a growing unease about the future of their ties. Here's a look at one of Northeast Asia's most crucial relationships, from both capitals, by two correspondents from The Associated Press. South Korea's new liberal president, Lee Jae Myung , is determined to break sharply from the policies of his disgraced predecessor, Yoon Suk Yeol , who now faces a trial on charges of leading an insurrection over his imposition of martial law in December. Relations with Japan, however, are one area where Lee, who describes himself as a pragmatist in foreign policy, may find himself cautiously building on Yoon's approach. Before his removal from office in April, the conservative former president tried to repair relations with Japan. Yoon wanted to also tighten the countries' three-way security cooperation with Washington to counter North Korean nuclear threats. In 2023, Yoon announced a South Korea-funded compensation plan for colonial-era forced laborers. That decision caused a strong backlash from victims and their supporters, who had demanded direct payments from Japanese companies and a fresh apology from Tokyo. Yoon's outreach boosted tourism and business ties, but there's still lingering resentment in South Korea that Japan failed to reciprocate Seoul's diplomatic concession by addressing historical grievances more sincerely. While advocating for pragmatism and problem-solving in foreign policy, Lee has also long criticized Japan for allegedly clinging to its imperialist past and blamed that for hurting cooperation between the countries. Some experts say the stability of the countries' improved ties could soon be tested, possibly around the Aug. 15 anniversary of Korea's liberation from Japanese colonial rule at the end of World War II, when Lee is expected to publicly address the nation's painful history with Japan. Some in Seoul want Japanese Prime Minister Shigeru Ishiba to mark the anniversary with a stronger statement of remorse over Japan's wartime past to put bilateral ties on firmer ground. While wartime history will always linger in the background of Seoul-Tokyo relations, Lee and Ishiba may face a more immediate concern: U.S. President Donald Trump's rising tariffs and other America-first trade policies. South Korea's Hankyoreh newspaper in an editorial this week called for South Korea and Japan to 'collaborate immediately' on a joint response to Trump's policies, arguing that the proposed U.S. tariffs on automobiles pose similar threats to both countries' trade-dependent economies. Ishiba, eager to improve ties with Seoul, has acknowledged Japan's wartime aggression and has shown more empathy to Asian victims than his recent predecessors. His first encounter with Lee seemed positive, despite worries in Japan about South Korea's stance under a liberal leader known for attacks on Japan's wartime past. Lee, in that meeting with Ishiba at the G7, likened the two countries to 'neighbors sharing the same front yard' and called for building a future-oriented relationship that moves beyond their 'small differences and disagreements.' Ishiba and Lee agreed to closely communicate and to cooperate on a range of issues, including North Korea's nuclear and missile development. Under a 1965 normalization treaty, Japan provided $500 million in economic assistance to South Korea, saying all wartime compensation issues were settled. However, historical issues including forced labor and sexual abuse of Korean women during the war have disrupted ties over the decades, while South Korea has become an Asian power and a rival to Japan, and while Tokyo, especially during the late Prime Minister Shinzo Abe 's rule, has promoted revisionist views. Japan has since offered atonement money twice for the so-called 'comfort women,' an earlier semi-private fund and a second one unilaterally dissolved by former South Korean President Moon Jae-in's liberal government. Things have improved in recent years, and Japan is watching to see whether Lee sticks with his conservative predecessor's more conciliatory diplomacy or returns to the confrontation that marked previous liberal governments. Cooperation between the two sides is 'more essential than ever' to overcome their shared problems such as worsening regional security and Trump's tariffs that have shaken free trade systems, Japan's largest-circulation newspaper Yomiuri said in a recent editorial. At a 60th anniversary reception in Tokyo, Ishiba said that he sees 'a bright future' in the relationship. He expressed hope also for cooperation in 'common challenges' such as low birth rates and declining populations. ___ Kim reported from Seoul, South Korea.

Associated Press

2 hours ago

• Associated Press

Japan and South Korea mark 60 years of ties despite lingering tension and political uncertainty

TOKYO (AP) — Japan and South Korea are marking the 60th anniversary of the normalization of their diplomatic relations Sunday. The two Asian powers, rivals and neighbors, have often had little to celebrate, much of their rancor linked to Japan's brutal colonial rule of Korea in the early 20th century. Things have gotten better in recent years, but both nations — each a strong ally of the United States — now face political uncertainty and a growing unease about the future of their ties. Here's a look at one of Northeast Asia's most crucial relationships, from both capitals, by two correspondents from The Associated Press. The view from Seoul, by Kim Tong-hyung South Korea's new liberal president, Lee Jae Myung, is determined to break sharply from the policies of his disgraced predecessor, Yoon Suk Yeol, who now faces a trial on charges of leading an insurrection over his imposition of martial law in December. Relations with Japan, however, are one area where Lee, who describes himself as a pragmatist in foreign policy, may find himself cautiously building on Yoon's approach. Before his removal from office in April, the conservative former president tried to repair relations with Japan. Yoon wanted to also tighten the countries' three-way security cooperation with Washington to counter North Korean nuclear threats. In 2023, Yoon announced a South Korea-funded compensation plan for colonial-era forced laborers. That decision caused a strong backlash from victims and their supporters, who had demanded direct payments from Japanese companies and a fresh apology from Tokyo. Yoon's outreach boosted tourism and business ties, but there's still lingering resentment in South Korea that Japan failed to reciprocate Seoul's diplomatic concession by addressing historical grievances more sincerely. While advocating for pragmatism and problem-solving in foreign policy, Lee has also long criticized Japan for allegedly clinging to its imperialist past and blamed that for hurting cooperation between the countries. Some experts say the stability of the countries' improved ties could soon be tested, possibly around the Aug. 15 anniversary of Korea's liberation from Japanese colonial rule at the end of World War II, when Lee is expected to publicly address the nation's painful history with Japan. Some in Seoul want Japanese Prime Minister Shigeru Ishiba to mark the anniversary with a stronger statement of remorse over Japan's wartime past to put bilateral ties on firmer ground. While wartime history will always linger in the background of Seoul-Tokyo relations, Lee and Ishiba may face a more immediate concern: U.S. President Donald Trump's rising tariffs and other America-first trade policies. South Korea's Hankyoreh newspaper in an editorial this week called for South Korea and Japan to 'collaborate immediately' on a joint response to Trump's policies, arguing that the proposed U.S. tariffs on automobiles pose similar threats to both countries' trade-dependent economies. The view from Tokyo, by Mari Yamaguchi Ishiba, eager to improve ties with Seoul, has acknowledged Japan's wartime aggression and has shown more empathy to Asian victims than his recent predecessors. His first encounter with Lee seemed positive, despite worries in Japan about South Korea's stance under a liberal leader known for attacks on Japan's wartime past. Lee, in that meeting with Ishiba at the G7, likened the two countries to 'neighbors sharing the same front yard' and called for building a future-oriented relationship that moves beyond their 'small differences and disagreements.' Ishiba and Lee agreed to closely communicate and to cooperate on a range of issues, including North Korea's nuclear and missile development. Under a 1965 normalization treaty, Japan provided $500 million in economic assistance to South Korea, saying all wartime compensation issues were settled. However, historical issues including forced labor and sexual abuse of Korean women during the war have disrupted ties over the decades, while South Korea has become an Asian power and a rival to Japan, and while Tokyo, especially during the late Prime Minister Shinzo Abe 's rule, has promoted revisionist views. Japan has since offered atonement money twice for the so-called 'comfort women,' an earlier semi-private fund and a second one unilaterally dissolved by former South Korean President Moon Jae-in's liberal government. Things have improved in recent years, and Japan is watching to see whether Lee sticks with his conservative predecessor's more conciliatory diplomacy or returns to the confrontation that marked previous liberal governments. Cooperation between the two sides is 'more essential than ever' to overcome their shared problems such as worsening regional security and Trump's tariffs that have shaken free trade systems, Japan's largest-circulation newspaper Yomiuri said in a recent editorial. At a 60th anniversary reception in Tokyo, Ishiba said that he sees 'a bright future' in the relationship. He expressed hope also for cooperation in 'common challenges' such as low birth rates and declining populations. ___ Kim reported from Seoul, South Korea.

Yahoo

2 hours ago

• Yahoo

These 2 AI Stocks Give You Access to China's ‘New AI Tiger' MiniMax

Chinese AI startup MiniMax is emerging as a formidable competitor to DeepSeek, having recently launched breakthrough products, including the M1 reasoning model, which uses less than half the computing power of DeepSeek-R1. The Shanghai-based company, valued at $2.5 billion in its March 2024 funding round, is preparing for a Hong Kong initial public offering (IPO) as early as this year. MiniMax represents one of China's 'four new AI tigers' competing against Western giants, such as OpenAI. The company's latest innovations include the Hailuo 02 video generator and MiniMax Agent, which indicate it is poised to gain traction in the generative AI space. Dear Tesla Stock Fans, Mark Your Calendars for June 30 The 'Golden Era' for Tesla Starts June 22. Should You Buy TSLA Stock First? Nvidia Is Quickly Approaching a New Record High. Is It Too Late to Buy NVDA Stock? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Investors can gain exposure to MiniMax through two major stakeholders: Alibaba (BABA) and Tencent (TCEHY), both of which are strategic investors in the startup. This provides retail investors with indirect access to one of China's most promising AI companies, without requiring them to wait for the IPO. However, industry experts warn that these so-called AI tigers face sustainability challenges, with most still burning cash while seeking viable profit models beyond free trials and limited enterprise customization. Valued at a market capitalization of $593 billion, Tencent is one of the largest companies in China. In Q1, it reported revenue of $25.1 billion, a 13% year-over-year increase, while net income grew 22% to $8.5 billion. The technology giant's gross profit exceeded $14 billion for the first time, demonstrating strong operational leverage across its diversified business portfolio. Tencent's strategic AI investments are already generating tangible returns across multiple segments. Marketing services revenue accelerated 20% year-over-year, benefiting from AI-powered advertising improvements that enhanced click-through rates from historical 1% levels to 3% in certain inventories. Domestic Games achieved exceptional 24% growth, with flagship titles like Honor of Kings and Peacekeeper Elite reaching record quarterly revenues, supported by AI-enhanced user engagement and content optimization. Tencent's Weixin ecosystem, serving 1.4 billion monthly active users, is becoming the centerpiece of its AI strategy. The tech giant has integrated the Yuanbao AI assistant directly into Weixin chats, enabling context-aware responses and content discovery. Weixin Search now incorporates large language model results, while AI-powered tools help content creators generate images and video effects, significantly reducing the time required for Mini Program development. The gaming portfolio demonstrated remarkable strength, with Delta Force achieving 12 million peak daily active users and becoming the highest-ranked new mobile game released in China over the past three years. International games grew 23% year-over-year, driven by titles including PUBG Mobile and Brawl Stars. Management emphasized that current AI investments represent a long-term value creation strategy, with CEO Pony Ma noting that while near-term costs may temporarily narrow operating leverage, these investments will generate 'substantial incremental returns' over the longer term. Tencent increased capital expenditures by 91% year-over-year to $3.8 billion, primarily for investments in GPUs and servers to enhance its AI capabilities. Out of the 16 analysts covering Tencent stock, 13 recommend 'Strong Buy,' two recommend 'Moderate Buy,' and one recommends 'Hold.' The average target price for Tencent stock is $90, roughly 41% above the current price of $64. In fiscal Q4 2025 (ended in March), Alibaba grew its sales by 7% year over year to $32.6 billion. A focus on operational efficiency allowed the e-commerce giant to increase adjusted EBITDA by 36% to $4.6 billion. Alibaba's AI and cloud computing initiatives are driving momentum. Alibaba Cloud achieved accelerated 18% revenue growth, powered by sustained triple-digit growth in AI-related products for the seventh consecutive quarter. Management highlighted the expansion of AI adoption beyond large enterprises to small and medium-sized businesses, with new customers migrating from traditional offline infrastructure to cloud-based AI services across various sectors, including manufacturing, financial services, and even animal farming. E-commerce operations showed strong user engagement, with Taobao and Tmall Group's customer management revenue growing 12% year-over-year, driven by improved monetization through the Quanzhantui advertising platform and new software service fees. The platform's premium 88VIP membership exceeded 50 million users, demonstrating growing customer loyalty and spending power. International expansion accelerated through Alibaba International Digital Commerce (AIDC), which achieved 22% revenue growth driven by robust cross-border business performance. It remains on track to achieve quarterly profitability in its international e-commerce operations. Alibaba strengthened its balance sheet by divesting non-core assets, generating $2.6 billion in cash proceeds. The company returned $16.5 billion to shareholders through $11.9 billion in share repurchases and $4.6 billion in dividends, including a 5% increase in annual dividends. With a strong $50.5 billion net cash position, Alibaba is well-positioned to capitalize on AI opportunities while maintaining its commitment to shareholder returns. Out of the 20 analysts covering BABA stock, 19 recommend 'Strong Buy' and one recommends 'Moderate Buy.' The average target price for BABA stock is $162, 44% above the current price. On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on