UN nucear watchdog slams Iran's 'non-compliance' over non-proliferation
04:17
12/06/2025
Smoke and fire rises from India plane crash site
12/06/2025
At least 49 killed in South Africa floods
12/06/2025
Beach Boys founder Brian Wilson dies at age 82
12/06/2025
Air India plane headed for London crashes at India's Ahmedabad airport
12/06/2025
Trump says US personnel moved as Iran nuclear talks stall
12/06/2025
Spotlight on female animation directors at Annecy festival
12/06/2025
Carbon storage in spotlight at UN Ocean Summit
12/06/2025
Israeli fire kills 60 in Gaza, many near aid site, medics say
12/06/2025
Police 'becoming much more forceful' as more than 400 arrested at LA protests
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
France 24
11 hours ago
- France 24
South Korea counts on shipbuilding to ease US tariff woes
Already hit by sector levies on steel and car exports, Seoul is laser-focused on negotiations over a 25 percent country-specific tariff that has been suspended until July 8. AFP takes a look at what's going on: Why shipbuilding? In the 1970s, South Korea's military leader president Park Chung-hee accelerated the country's heavy industry, designating sectors such as steel and shipbuilding "strategically important" and rolling out state subsidies. At the same time, POSCO was founded -- now one of the world's largest steel producers -- and conglomerate Hyundai built its shipyard in southeastern Ulsan, which started to grow rapidly. European rivals struggled to keep pace. Sweden's Kockums Shipyard filed for bankruptcy in 1987 -- and in a symbolic shift of global shipbuilding power, Hyundai acquired its 140-metre (460-foot) Goliath crane for one dollar. It now towers over southern Ulsan. In the 1990s and 2000s, South Korean shipbuilders such as Hyundai Heavy Industries and Samsung Heavy Industries ramped up investment in research and development, backed by generous government subsidies. The country secured a competitive edge in high-value-added vessels, including LNG carriers, very large crude carriers, and offshore platforms. Now, South Korea ranks as the world's second-largest shipbuilding nation, trailing only behind China. Is it important? South Korea's exports hit a record high in 2024, with analysts pointing to shipbuilding as one of the key drivers. The sector accounted for nearly four percent of total exports and grew by almost 20 percent from the previous year -- reaching $25.6 billion. Shipbuilding directly employs around 120,000 workers -- roughly one percent of the country's total workforce -- with indirect employment significantly higher in industrial hubs like Ulsan. Industry data shows so far this year, new orders have exceeded 13 trillion won ($9.4 billion). In March, Hanwha Ocean secured a landmark $1.6 billion contract to build LNG carriers for Taiwan's Evergreen Marine, one of the largest single orders in the sector this year. - Why is it a 'bargaining chip'? - Trump has showed "significant interest in South Korea-US shipbuilding cooperation," said South Korea's trade, industry and energy minister Ahn Duk-geun in April. Like the Europeans, the US shipbuilding industry has lagged behind South Korea and China, and as a result, the sector is seen as a "highly important bargaining chip in trade negotiations," he added. At an APEC finance ministers' meeting in South Korea in May, US Trade Representative Jamieson Greer met Chung Ki-sun, vice chairman of HD Hyundai, the country's largest shipbuilder, before he met Seoul's top officials. "South Korea's shipbuilding and defence industries see a window of opportunity," said Kim Dae-jong, a professor at Sejong University. How does it help the US? Greer also met with the CEO of Hanwha Ocean, the first non-American company authorised to carry out a dry-dock maintenance of a US Navy vessel. The move last September was seen as significant as it signalled that Washington sees South Korea, where it already has 28,000 US troops stationed, as a strategic defence hub. With worries growing about China's expanding naval fleet and potential conflict in the Taiwan Strait, the US has begun seeking reliable overseas shipyards to support its operations in the Asia-Pacific region. The global market for ship maintenance, repair, and overhaul is projected to exceed $60 billion annually, according to industry estimates. Any problems? Despite multi-billion-dollar contracts, data suggests South Korea's shipbuilding industry is losing ground in the global race. China dominates with South Korea's market share dropping, according to industry data. Demand for eco-friendly vessels is rising, and the government need to overhaul regulations "to support the development of next-generation eco-friendly vessels," Rhee Shin-hyung, a professor at Seoul National University, told AFP. South Korea's woeful demographics also make staffing hard. In Geoje -– home to Samsung Heavy Industries -– the number of residents in their 20s and 30s has nearly halved in recent years. Orders are down in 2025 which hints that "the shipbuilding boom may end sooner than the market anticipated," warned Rhee. Global ship orders between January and April fell by almost half the volume recorded during the same period last year. Shipbuilders have been enjoying a "supercycle" but unfortunately the "peak is expected to be lower and the boom shorter-lived compared to the past," Nam Chul, vice president at HD Hyundai Heavy Industries, told AFP.
France 24
11 hours ago
- France 24
Tesla expected to launch long-discussed robotaxi service
The launch -- which comes as Musk refocuses on his business ventures following a controversial stint in Donald Trump's administration -- will employ the Model Y sport utility vehicle rather than Tesla's much-touted Cybercab, which is still under development. The long-awaited launch follows the dramatic meltdown earlier this month in relations between Musk and Trump, which saw a cascade of bitter attacks from both men. Since then, Musk has publicly expressed regret for some of his statements, while his company's Texas operation has readied the Austin push -- part of a major drive on autonomous technology and artificial intelligence that Tesla bulls believe will yield huge profits. This group includes Wedbush analyst Daniel Ives, who said autonomous technology could be a catalyst for potentially $1 trillion in additional market value or more. "There are countless skeptics of the Tesla robotaxi vision with many bears thinking this day would never come," said Ives, who predicted that Trump's administration would clear roadblocks for Tesla and pivot from the recent "soap opera." "The golden era of autonomous for Tesla officially kicks off on Sunday in Austin," Ives said in a note Friday. Business-friendly Texas But the unveiling in the Texas state capital comes amid questions about how Tesla will try to overcome criticism of Musk's activities for Trump. Tesla saw profits plunge 71 percent in the first quarter following poor sales in several markets. In picking Austin for the debut of the autonomous vehicle (AV) service, Musk is opting for a US state known for its company-friendly approach to regulation. "Texas law allows for AV testing and operations on Texas roadways as long as they meet the same safety and insurance requirements as every other vehicle on the road," the Texas Department of Transportation told AFP. An Austin website listed six autonomous vehicle companies at various stages of operation: ADMT (Volkswagen), AVRide, Tesla, Zoox (Amazon), Motional (Hyundai) and Waymo (Alphabet/Google). But the Texas legislature this year enacted a new bill that requires prior authorization from the state's Department of Motor Vehicles before companies can operate on a public street without human drivers, a group of seven Democratic lawmakers said in a June 18 letter to Tesla. Citing the enhanced system, the lawmakers asked Tesla to delay testing until after the law takes effect September 1. If Tesla proceeds with the launch this weekend, "we request that you respond to this letter with detailed information demonstrating that Tesla will be compliant with the new law," the letter said. Starting slow Musk had initially planned the launch for June 12, before pushing back, saying he was being "super paranoid" about safety. "We want to deliberately take it slow," Musk said in a May 20 interview on CNBC, telling the network that Tesla would probably only operate 10 autonomous vehicles the first week. But that number will rise to perhaps 1,000 "within a few months," Musk told CNBC. "And then we will expand to other cities.... San Francisco, Los Angeles, San Antonio." The service will be offered from 6:00 am until midnight and will be available to "early access" users on an invitation-only basis in a geofenced area, Tesla owner Sawyer Merritt said Friday on Musk's X platform, adding that Tesla had given him permission to release the information. Musk last fall unveiled the Cybercab, which has no steering wheel or pedals. But production is not expected to begin on the vehicle until 2026. Tesla's robotaxi launch comes well after Waymo's offering of commercial robotaxi service, with more US cities gradually added. The US National Highway Traffic Safety Administration (NHTSA) in October 2024 opened a probe into Tesla's Full Self-Driving (FSD) software after receiving four reports of crashes. The NHTSA on May 8 asked Tesla for additional information on its technology in light of the Austin launch. But the NHTSA does not "pre-approve" new technologies, the agency told AFP. "Rather, manufacturers certify that each vehicle meets NHTSA's rigorous safety standards, and the agency investigates incidents involving potential safety defects," the NHTSA said. © 2025 AFP
France 24
a day ago
- France 24
Turkey: 'Kanal Istanbul,' a controversial project divides the country
02:31 21/06/2025 Fete de la musique: a French celebration of music that has gone international Europe 21/06/2025 Israeli military says killed Iran's Hamas coordinator Middle East 21/06/2025 Iranians flee war-torn country in long and dangerous journey Middle East 21/06/2025 Rwanda arrests opposition leader Victoire Ingabire Africa 21/06/2025 Italy's Meloni touts €1.2 bn plan to boost Africa economies: mirage or reality? Europe 21/06/2025 Former member of the Iranian nuclear negotiating team speaks to FRANCE 24 Middle East 21/06/2025 Columbia protester Mahmoud Khalil freed from immigration detention Americas 21/06/2025 India's Modi joins crowds to celebrate world yoga day Asia / Pacific 21/06/2025 Israel-Iran war: Will Trump lose part of his supporters whatever he decides to do? Middle East
