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Beijing Says Samsung Encouraged to Invest More in China

FILE PHOTO: The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo
FILE PHOTO: The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo
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Beijing Says Samsung Encouraged to Invest More in China

FILE PHOTO: The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo
FILE PHOTO: The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo

Chinese Premier Li Qiang told Samsung Chairman Jay Y. Lee on Sunday that China welcomed further investment by the Korean conglomerate, state news agency Xinhua reported, as foreign businesses in the Chinese market struggle to navigate geopolitical uncertainties.
The meeting in Seoul between China's second highest-ranking official and the Korean executive took place ahead of a summit between Li, South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida, the first three-way talks by the Asian neighbors in more than four years, Reuters reported.
Samsung Electronics has over the past six years invested $24 billion in the Chinese market, a company executive was quoted as saying in a November report by state-run China Daily.
But the Korean tech giant has seen its business face growing challenges amid US-China tensions as it navigates export controls Washington has rolled out to cut off China's access to cutting-edge chips.
Li's choice to meet with a Samsung executive echoed earlier remarks the Chinese leader gave during a bilateral meeting with Yoon, where he encouraged more Korean enterprises to invest and do business in China and urged Beijing and Seoul to cooperate on maintaining the stability of industrial supply chains.

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OPEC Oil Output Rises for Second Month in June

FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger//File Photo
FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger//File Photo
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OPEC Oil Output Rises for Second Month in June

FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger//File Photo
FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger//File Photo

OPEC oil output rose in June for a second consecutive month, a Reuters survey found on Tuesday, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider OPEC+ alliance.
The Organization of the Petroleum Exporting Countries pumped 26.70 million barrels per day (bpd) last month, up 70,000 bpd from May, according to the survey based on shipping data and information from industry sources.

The increase comes despite OPEC+, which comprises OPEC and allies such Russia, deciding last month to extend most of its output cuts until the end of 2025 to bolster the market in the face of tepid demand growth, high interest rates and rising US production.
Nigeria raised output by 50,000 bpd and there were smaller increases from Iran and Algeria as oilfield maintenance was completed. The largest drop, of 50,000 bpd, was in Iraq, though the country is still exceeding its OPEC+ target.
OPEC pumped about 280,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq still accounting for the bulk of the excess, the survey found.
Among those not required to cut output, Iranian output reached 3.2 million bpd. That matched a rate posted in November 2023, which was the highest since 2018, according to Reuters surveys.
Iran is selling crude oil to 17 countries, Oil Minister Javad Owji was quoted as saying by the semi-official Mehr News Agency on Tuesday, indicating that some states may not be honoring US sanctions that remain in place.