JULYASIA BUSINESS OUTLOOK9NEWSROOMNIPPON STEEL & SUMITOMO RENEW AGREEMENT WITH EQUINOR TO SUPPLY PIPESThe government of South Korea has arranged financial help for small businesses battling because of huge interest rates, President Yoon Suk Yeol added on Wednesday, as it changed up its estimate during the current year's financial development."Small businesses are still in difficult conditions. Amid persistently high interest rates, their interest burden has increased, while wage and rent costs are also rising," Yoon said in a speech ahead of the government's bi-annual economic policy announcement due later on Wednesday.The government has prepared a total of 25 trillion won ($18 billion) worth of support measures, Yoon said. South Korea's central bank extended its policy pause for an 11th straight meeting in May, keeping rates at a 15-year high, as it reiterated its warning on inflationary risks.The public authority has arranged a sum of 25 trillion won ($18 billion) worth of help measures, Yoon said. In May, the central bank of South Korea extended its policy pause for the eleventh time in a row, maintaining rates at a 15-year high while reiterating its concern about inflationary risks.Asia's fourth-biggest economy filled in the first quarter at the quickest pace in quite a while, on account areas of strength for of, yet there are stresses that the recovery may be uneven as exorbitant loan costs press homegrown demand. Japan's biggest steelmaker, Nippon Steel, and trading house Sumitomo Corp added that they have renewed a long-term agreement with Norway's Equinor to supply steel pipes for nine years. The pipes will be utilized in oil and gas advancement as well as carbon capture storage (CCS) in Norway and different areas. Over the last 35 years, Japanese organizations have been giving funneling items, known as oil country tubular goods (OCTG), to the Norwegian energy organization for oil and gas production.Nippon Steel and Sumitomo plan to additionally grow their long-term partnership with Equinor in the energy area, as per separate explanations from both Japanese organizations. The move follows Nippon Steel and Sumitomo getting orders from QatarEnergy in June for high-combination seamless pipes to be utilized for CCS.Nippon Steel Corporation is Japan's biggest steelmaker, settled in Chiyoda-ku, Tokyo. The organization has four business sections, including steelmaking, engineering, chemicals, and system solutions. It is the biggest maker of crude steel in Japan and the third biggest worldwideSumitomo Corporation is one of the biggest overall sg shsha general exchanging organizations, and is a broadened company. The organization was consolidated in 1919 and is a member firm of the Sumitomo Group. SOUTH KOREA ANNOUNCES FINANCIAL AID FOR SMALL BUSINESSESJULYASIA BUSINESS OUTLOOK9
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