South Korea’s ruling Democratic Party has introduced a bill to establish a special fund that will finance a massive $350 billion investment package in the United States, including $150 billion dedicated to modernizing the U.S. shipbuilding industry.

The bill, developed jointly with the government, fulfills Washington’s primary condition for reducing tariffs on Korean automobiles and auto parts starting November 1.

Under the proposal, the fund would be financed through revenue from South Korea’s overseas assets and the issuance of government bonds on offshore markets. Seoul and Washington finalized the investment mechanism in November after three months of negotiations aimed at preventing pressure on the Korean won.

South Korea has already notified U.S. Commerce Secretary Howard Latnick of the bill’s submission and formally requested the start of the tariff-reduction process. The investment package allocates $250 billion to U.S. strategic industries and $150 billion to shipbuilding modernization — a move that could significantly reshape technological and defense cooperation between the two countries.

The bill is backed by South Korea’s Democratic Party, one of the two major political forces in the country.

The fund will be state-owned and managed by the Korean government through the Ministry of Industry and national financial institutions.

China’s Embassy in Greece has issued a strong response after U.S. Ambassador Kimberly Guilfoyle suggested in an interview with Greek TV channel ANT1 that the Port of Piraeus “might one day be put up for sale.”

Beijing called the comments a “malicious distortion of normal China–Greece commercial cooperation” and “a serious interference in Greece’s internal affairs.”

China stressed that the involvement of Chinese companies in Piraeus has been a successful model of bilateral cooperation, helping Greece recover during its debt crisis and transforming the port into one of the largest hubs in the Mediterranean and Europe.

According to the Chinese side, the partnership is based purely on mutual benefit, not geopolitical ambitions, and Chinese investors continue to expand the port’s development jointly with Greek workers.

Analysts note that the ambassador’s remarks reflect growing U.S.–China competition for influence over Europe’s strategic infrastructure, while Piraeus remains a key node of China’s Maritime Silk Road initiative.

About the Port of Piraeus:

It is the largest port in Greece and one of the biggest in the Mediterranean. Since 2016, its main container terminal has been operated by COSCO Shipping Ports, a Chinese state-owned company holding a controlling stake through its investment arm.

A serious maritime accident occurred off the coast of Guangzhou, China, where the Chinese cargo vessel Hai Li 5 collided with the Singapore-flagged container ship Wan Hai A17. As a result, Hai Li 5 sank, and two of its 15 crew members are missing. Search and rescue operations are currently underway.

According to Wan Hai Lines, the crew of the Singaporean vessel was not injured, and no fuel leaks or water pollution have been detected. The Wan Hai A17 has been detained in port pending investigation.

Authorities in Singapore and China are coordinating efforts to determine the cause of the incident.

Earlier, in June 2025, another vessel operated by Wan Hai Lines — Wan Hai 503 — suffered a major fire and was stranded at sea for more than three months before being allowed to dock at the port of Jebel Ali (UAE).

Chinese entrepreneur Ren Yuanlin, founder of Yangzijiang Shipbuilding Group, is making a major move beyond the shipbuilding industry — acquiring control of the world’s largest supplier of anode materials for lithium batteries.

A consortium of investors led by Ren is purchasing a 23.3% controlling stake in Shanshan Corp for 3.2 billion yuan ($450 million). The deal comes amid a court-supervised restructuring of Shanshan Group, which is facing a debt crisis.

Shanshan Corp holds 21% of the global market for lithium battery anode materials and 30% in display polarization films, making it a critical player in the global battery and electronics supply chain.

The acquisition marks a strategic shift for Ren Yuanlin — from shipbuilding to new energy technologies, as China continues to strengthen its leadership in the renewable energy and advanced materials sectors.

Yangzijiang Shipbuilding Group Ltd., founded in 1956 as Jiangyin Shipbuilding Factory and privatized in 1999 under Ren Yuanlin’s leadership, is China’s largest private shipbuilder. The company specializes in the construction of bulk carriers, container ships, and gas carriers and has been listed on the Singapore Exchange (SGX) since 2007.

A Dutch-flagged cargo vessel, Minervagrach, caught fire and was abandoned in the Gulf of Aden after a suspected missile attack — the first reported Houthi strike on a commercial ship in the area in nearly 14 months.

The 12,200 dwt ship, en route from Djibouti to Mumbai, was hit approximately 128 nautical miles southeast of Aden, Yemen. Operator Spliethoff confirmed that all 19 crew members — from Russia, Ukraine, the Philippines, and Sri Lanka — were evacuated by helicopter. Two sailors sustained serious injuries, according to the EU naval mission Aspides.

This incident marks the second time in a week that Minervagrach has come under suspected fire, after a near-miss was reported on September 23. The vessel is now drifting and considered a hazard to navigation.

While the ship reportedly has no ties to Israel, the Houthis have resumed attacks on merchant shipping since July, previously sinking two bulk carriers in the Red Sea. Naval forces warn of escalating risks for vessels transiting the region.