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South Korea and African partner nations are set to initiate a significant economic cooperation initiative centered on artificial intelligence and technology-led growth at the 8th Korea-Africa Economic Cooperation Ministerial Conference in Seoul. This event marks the 20th anniversary of the bilateral partnership, gathering cabinet ministers, development financiers, and industry leaders in technology. Confirmed official statements reveal plans for Korea and Africa to chart a new course in AI digital infrastructure, focusing on emerging trade routes and reviewing two decades of joint investments.

South Korea recorded its largest monthly increase in foreign exchange reserves in August. This marks the third consecutive month of reserve growth, following increases of $370 million in June and $590 million in July. August’s increase even surpassed the previous record of $14.29 billion, set in May 2009. Despite the growth, reserves are still below the record high of $469.21 billion reached in October 2021. These figures represent assets held within South Korea’s official foreign exchange reserves and are reported in U.S. dollars. The Bank of Korea attributed the August rise to increased foreign currency deposits, returns from reserve asset management, and exchange rate movements.

South Korea’s consumer inflation increased to 3.1% in August from the previous year, according to official figures. Rising fuel and telecom charges contributed significantly to the annual gain. Petroleum prices surged 14.2% from August 2025, adding pressure on household transportation expenses. Mobile service charges also saw sharp increases due to a low comparison base from last year, jumping 26.7% from August 2025. Core prices excluding food and energy increased 3.4% from a year earlier, the highest since May 2023. Despite inflation, fresh food prices declined slightly during August.

Exports of semiconductors, which are the main drivers of Korea’s trade success, jumped 209% year-on-year to a record high of $46.65 billion. Growth in chip shipments was supported by continued capital spending among global tech giants expanding data center networks and AI hardware. This is the third month in a row where semiconductor exports exceeded $40 billion.

ndustrial and demand indicators also posted year-on-year increases in the April-June period. Capital goods production grew 15.2%, while steel consumption increased by 8.3%. Cement production rose 8.9%, signaling activity in construction and infrastructure sectors. Sales of commercial vehicles went up 18.3%, and household vehicle registrations increased 15.9%. Exports of goods and services increased by 25.8%, while imports rose 30.5% during the same quarter. India’s Ministry of Statistics and Programme Implementation now measures national output using a 2022-23 base year. This update replaced the previous 2011-12 base, incorporating new data sources and methods. The new framework was adopted in February 2026. Its goal is to better reflect recent trends in production, spending, and economic activity. The ministry also included newer industrial production and producer price data in later GDP estimates. Resilience highlighted by Modi amid global uncertainties Modi’s remarks followed the release of India’s first official GDP estimate for 2026-27. He emphasized the 7.8% growth rate and acknowledged external pressures that impacted businesses and consumers during the quarter. Rising energy costs can influence production, transportation, and household expenses. India depends heavily on imported crude oil to meet its energy needs, exposing the economy to global price fluctuations. Despite these challenges, Modi commended the resilience and efforts of Indian citizens and businesses in driving the economy forward.

Japanese equities faced significant downward pressure on Monday as the Nikkei 225 declined nearly 2% in early trading. The index dropped 1.97% to 65,096.63 and dipped to an intraday low of 64,832.10. Technology stocks led the decline as investors responded to rising bond yields and expectations of tighter interest rate policies. Meanwhile, the broader Topix also fell early, decreasing 0.84% to 4,111.71. Simultaneously, Japanese government bond yields increased, exerting additional pressure on rate-sensitive sectors of the stock market.

Indonesia has formalized a new partnership between its investment and sports authorities aimed at boosting activities in the national sports industry. Investment and Downstreaming Minister Rosan Perkasa Roeslani and Youth and Sports Minister Erick Thohir signed the agreement on August 28. The deal emphasizes investment promotion and risk-based licensing procedures. It also links sports-related investments to Indonesia’s existing licensing system. Officials see the initiative within the context of a global sports market valued at around US$521 billion. Indonesia links sports industry investment with risk-based licensing and OSS services. The Ministry of Investment and Downstreaming together with the Ministry of Youth and Sports will oversee licensing, investment promotion, and business services. Their collaboration also covers regulatory issues, compliance checks, and data exchange related to licensing. Indonesia employs the Online Single Submission system, known as OSS, to process permits under its risk-based approach. The memorandum incorporates sports sector investments into this framework. Thohir highlighted that the global sports industry is valued at about US$521 billion, roughly 8,000 trillion rupiah. He also mentioned that the sector grows at an annual rate of about 8%. Additionally, he estimated the worldwide sports tourism market at nearly US$600 billion. Indonesian officials have linked sports activities with events, tourism, and commercial services. The agreement from August provides a formal basis for the two ministries to coordinate investments related to these areas. It also sets out where government agencies can share licensing data and responsibilities. Indonesia ties sports

The UAE and Egypt have put a five-year wheat supply agreement into effect, valued at up to US$500 million. Al Dahra Agriculture Trading will supply imported wheat to Egypt’s General Authority for Supply Commodities under the arrangement. The purchases will use financing provided through the Abu Dhabi Exports Office. The agreement gives effect to a framework established in 2023 and sets terms for wheat transactions between Al Dahra and GASC over the five-year period.

Oil prices rebound as Brent and WTI recover after Monday’s sharp decline. Brent settled Monday at $92.17 per barrel, down by $2.22, or 2.35%, from the previous close. WTI finished at $85.01 after falling $2.05, also a 2.35% drop. During the session, the U.S. benchmark touched a low not seen in a week. Prices had been climbing over the past two weeks before reversing course amid new U.S. measures related to Iran.

Alibaba Group has announced a HK$80 billion share placement to fund its expanding investments in artificial intelligence and cloud infrastructure. The company will issue 710 million new ordinary shares at HK$112.70 each, valued at approximately US$10.2 billion. All net proceeds will support the development of its comprehensive artificial intelligence capabilities, expanding and enhancing computing infrastructure that underpins AI products and cloud services. The purpose of the placement is to attract non-U.S. investors outside the United States via offshore transactions.