Business
The ongoing heat wave in South Korea has led to significant increases in the prices of fresh vegetables, as prolonged extreme temperatures hinder shipments and damage agricultural yields nationwide. According to data from Korea Agro-Fisheries & Food Trade Corp., spinach was priced at 1,978 won per 100 grams on Aug. 7, representing a 152.3% surge compared to the previous month. The cost of ten cucumbers reached 8,313 won, marking a 54.8% rise. Blue lettuce saw a 41.7% increase, while zucchini climbed 46.6% to 1,504 won.
This move to enlarge the satellite constellation responds to increased security needs and changing defense operational requirements across Europe. The upgraded design features technical improvements to the baseline satellite hardware, along with an additional 66 low Earth orbit satellites dedicated to defense forces, national security agencies, and emergency responders. Technical evaluations indicate that this expansion will boost secure governmental communication capacity by 60 percent within the EU and by 54 percent worldwide, strengthening regional response capabilities during complex crises and infrastructure emergencies.
In June, South Korea achieved a historic current account surplus of $49.73 billion, driven mainly by a significant surge in semiconductor exports. The Bank of Korea reported that this figure surpasses the previous monthly record of $38.61 billion set in May. June marked the first time the monthly surplus exceeded $40 billion. The growth was largely fueled by robust goods exports, as technology shipments expanded at a much faster pace than imports.
The European Union has created the Scaleup Europe Fund, with an initial target of €5 billion dedicated to key technology firms. The European Commission finalized the fund’s legal approval on August 4, placing it within the European Innovation Council Fund. Managed by EQT, the fund can now make autonomous investments on market terms. The European Commission anticipates initial investments in the upcoming weeks, with ongoing efforts to raise additional capital toward the €5 billion goal.
In the G7 group, annual headline inflation fell to 3.0% in June from 3.5% in May, primarily driven by a 5.2-point decrease in energy inflation. Every G7 nation experienced a decline except Japan, where inflation rose slightly by 0.2 point to 1.7%. Japan’s uptick coincided with energy inflation shifting from a negative rate to nearly zero. The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
The UK economy continues to avoid recession, yet new forecasts indicate mounting pressure from global energy supply disruptions. EY has upgraded its 2026 growth projection to 0.9%, up from 0.8% in May, while maintaining its 2027 outlook at 1.2%. This optimistic forecast presumes the Strait of Hormuz will reopen by September, resulting in reduced tanker traffic. In contrast, EY’s adverse scenario anticipates a growth rate of 0.5% this year and a slight contraction of 0.2% in 2027.