Business
South Korea and partner nations across Africa are set to establish a groundbreaking framework for economic cooperation centered on artificial intelligence and technological advancement during the 8th Korea-Africa Economic Cooperation Ministerial Conference in Seoul. This significant ministerial meeting marks two decades since the bilateral platform’s launch, uniting cabinet ministers, development financiers, and industry leaders in technology. Confirmed plans reveal Korea and Africa will explore new avenues for deploying AI digital infrastructure along emerging trade corridors, reviewing their two-decade history of joint investments.
In August, South Korea’s foreign exchange reserves experienced their largest monthly growth on record, reaching $442.28 billion at the end of the month. This marked a $14.33 billion rise from the previous month and is the highest monthly jump since the reserve data series started in 1971. Foreign securities accounted for 87.5% of the total reserve holdings, increasing by $7.07 billion in August. The surge in reserves brings South Korea closer to pre-decline levels following the peak in October 2021.
South Korea’s consumer prices increased by 3.1% in August compared to the previous year, driven by rising fuel and mobile service costs. Energy expenses, particularly petroleum products, surged, while mobile phone service charges also saw a significant rise. Core inflation, which excludes food and energy, reached 3.4%, marking the strongest annual reading since May 2023. Prices for industrial goods and services increased, while agricultural product prices fell. Overall, South Korea’s inflation accelerated to 3.1% in August, with varying price movements across different sectors.
India’s economy grew 7.8% in Q1 FY27 as manufacturing, services and investment expanded. According to the Ministry of Statistics and Programme Implementation, the real gross domestic product (GDP) reached ₹81.36 lakh crore for the quarter, compared to ₹75.46 lakh crore in the same quarter last year. Nominal GDP climbed to ₹88.27 lakh crore, representing a 10.3% increase from ₹80 lakh crore. The real gross value added (GVA), another indicator of economic activity, grew by 8.2% to ₹73.82 lakh crore, while nominal GVA rose by 11.5% to ₹80.53 lakh crore.
Japan stocks remain in focus as Nikkei volatility meets rising bond yields and rate concerns. By the time markets closed on Monday, the Nikkei had regained most of its earlier losses, ending at 66,311.93, which was 93.63 points lower, or 0.14%. This closing level was well above the session’s low and represented the high point of the day. The Topix index finished at 4,156.29, up 0.23%, reversing its initial decline. Market breadth improved as trading advanced, with 131 Nikkei components gaining, 91 declining, and three unchanged. The rebound significantly narrowed a morning decline that had briefly exceeded 2%. Alongside the early dip in equities, Japanese bond yields increased. The benchmark 10-year government bond yield reached 2.95% on Monday, its highest since 1996. The two-year yield climbed to 1.73%, the highest since April 1995. Shorter-term maturities typically reflect expectations for monetary policy adjustments. As bond prices move inversely to yields, this rise indicates falling government debt prices. Additionally, markets priced in higher policy rates for Japan and the United States. Bond yields hit levels not seen in thirty years Technology stocks mainly drove the early decline in equities, following a downturn in U.S. semiconductor shares at the end of last week. The Nikkei’s weighted structure means its largest tech components heavily influence daily movements. However
Indonesia expands sports investment coordination through a new business licensing framework. This agreement unites the Ministry of Investment and Downstreaming with the Ministry of Youth and Sports around streamlined business licensing, investment promotion, and service support for companies involved in sports sectors. The collaboration will leverage Indonesia’s Online Single Submission system, known as OSS, to coordinate efforts. It also encompasses compliance oversight, regulatory alignment, and data sharing. Importantly, this framework is designed to support investment growth in Indonesia’s sports industry rather than aiming for a domestic industry worth US$521 billion. Thohir emphasized that the global sports sector is valued at about US$521 billion, roughly 8,000 trillion rupiah, with an annual growth rate of about 8%. He pointed out that this figure does not include sport tourism, which he estimated at nearly US$600 billion worldwide. Indonesian officials see both sports and sport tourism as vital economic sectors tied to events, travel, and ancillary services. The agreement establishes an administrative foundation to facilitate investments in these interconnected areas.