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Strong storms that hit South Korea’s southern coast earlier this week have shut down one of the country’s largest steel plants, raising concerns about the country’s production.
South Korea’s largest steelmakers, Posco and Hyundai Steel, suspended operations at Posco’s plants after Super Typhoon Hinnamnor flooded them, according to regulatory filings on Wednesday. Posco’s Posco plant, one of its two main plants in South Korea, houses a large portion of the group’s 40 million tonnes per year crude steel capacity.
POSCO said in the filing that three of POSCO’s blast furnaces will restart once power is restored, although the company is still reviewing the recovery date for the entire plant. Hyundai Steel said the shutdown would not hurt its profits as the company could ramp up production at two other sites in Incheon and Dangjin.
Hyundai Steel rose 5 percent in Seoul, its biggest intraday gain since March, while Posco dropped 4.2 percent. The benchmark Composite Index fell 1.5%.
The typhoon that hit South Korea early on Tuesday killed at least six people and caused flooding and power outages. Most businesses, schools and public transportation in the country returned to normal shortly after the storm.
Deadliest fire in Vietnam in 4 years: 12 dead, 11 injured in karaoke bar
A fire at a karaoke bar in southern Vietnam has killed 12 people and injured 11, a local official said Wednesday. The fire engulfed the second and third floors of the building on Tuesday night, and smoke filled the stairs, trapping customers and staff, state media reported. A local official confirmed to AFP that 12 people were killed and 11 injured in the fire.
Toronto Film Festival showcases works from Ukraine
The Toronto International Film Festival (TIFF) is spotlighting talent from Ukraine at this year’s event in solidarity with the country’s people in the wake of the Russian attacks in February. A press release from TIFF on Tuesday said it will “showcase Ukrainian filmmakers, producers, and producers through the festival’s four official selections, two film industry conferences, a publicity booth in its industrial center and a special free public. The depth and creativity of people and talent” screening.
Intelligence on foreign nuclear readiness found in Trump’s home: report
A classified document seized by the FBI at the Florida residence of former U.S. President Donald Trump describes the nuclear capabilities and military defenses of a foreign power, The Washington Post reported on Tuesday. When agents raided the Mar-a-Lago resort on Aug. 8, they found the material so sensitive that “even the FBI counterintelligence officers and DOJ attorneys conducting the review needed additional clearance to be allowed to review certain documents, ” said a government court document.
China’s zero-epidemic policy doesn’t work.Proof: Infections continue to rise
Nanjing and Wuxi, major cities in eastern China’s Jiangsu province, advised residents not to leave town during the Mid-Autumn Festival from Saturday to Monday, echoing similar advice from other cities this month. China reported a slight uptick in new cases to 1,695 on September 6 — a low level by global standards — but its “dynamic zero” COVID policy of eliminating every chain of infection means many cities are concerned Various restrictions are imposed on movement.
Gulf states ask Netflix to remove ‘offensive’ videos
The Gulf Arab state on Tuesday asked Netflix to remove “offensive content” on the streaming service, apparently targeting shows showing gay people. Read: Get free Netflix, Amazon Prime and Disney Hotstar subscriptions with this Jio plan. Los Gatos, California-based Netflix did not respond to a request for comment on Tuesday. Many Muslims consider homosexuality to be sinful. Some countries even maintain the death penalty.
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