South Korea’s exports in July dropped by the fourth-largest amount among the Organization for Economic Cooperation and Development's member countries, hit by China's sputtering economy, while its imports showed the sharpest fall among them, data showed Sunday. Korea’s export volume in July dropped by 15.5 percent on-year, according to data compiled by the OECD. The drop was the fourth largest among the 38 OECD countries excluding Colombia, whose data has not been added yet.

SHANGHAI, Sept. 22, 2023 /PRNewswire/ -- At its "F5G Evolution, Bringing Intelligence Everywhere" Summit held during HUAWEI CONNECT 2023, Huawei shared its F5G application practices with global customers and partners in industries spanning electric power, education, real estate, manufacturing, and healthcare. Furthermore, it launched a variety of innovative products and solutions. Richard Jin, President of Huawei Optical Business Product Line, said in his keynote speech, "Amid i

South Korean oil refiner S-Oil held the company’s annual charity event, dubbed “Sharing Songpyeon with S-Oil,” on Friday, for the upcoming Chuseok holiday. S-Oil CEO and some 100 employees made songpyeon -- traditional half-moon-shaped rice cakes served during Chuseok -- and 500 gift packages, spending 50 million won ($37,400) in total. “Korea’s Chuseok is a meaningful holiday that celebrates a plentiful harvest with families, gathering together to eat special foods

President Yoon Suk Yeol signed off on the appointments of Kim Dong-cheol as the new CEO of Korea Electric Power Corp., also known as Kepco, and Bang Moon-kyu as trade minister this week, the very two figures in charge of the highly explosive issue of electricity rate hikes. The idea of raising electricity rates is a sensitive topic for the government as many households find the sharp increase in August's electricity bills hard to swallow. This year’s lengthy heat waves forced many hou

SHANGHAI, Sept. 21, 2023 /PRNewswire/ -- At HUAWEI CONNECT 2023, Huawei launched the intelligent architecture and intelligent E&P solution for the oil and gas industry. Huawei's intelligent architecture for oil and gas is made up of six intelligent segments. Every segment involves hierarchical decoupling. The architecture is compatible with mainstream third-party frameworks and can interconnect with existing or newly built third-party platforms and data lakes. Based on large models,

Financial Minister Choo Kyung-ho said Thursday high interest rates could persist for longer than expected in response to the US Federal Reserve’s decision to hold its policy rates steady earlier in the day. The US Federal Open Market Committee kept its policy rates unchanged at 5.25-5.5 percent, maintaining the rate gap between South Korea and the US at up to 2 percentage points. The Bank of Korea’s current base rate stands at 3.5 percent. “The FOMC decision shows high rates co

JAKARTA, Indonesia, Sept. 21, 2023 /PRNewswire/ -- From September 6th to 8th, the 43rd ASEAN Summit and the 26th ASEAN-China Summit were held in Jakarta. During these events, four proposals were presented to build a stronger ASEAN-China community with a shared future. As part of the sustainable development segment of the summit, LONGi was invited to participate in the Indonesia Sustainable Development Forum and engaged in in-depth discussions with local government officials, multinational orga

ADM partners with Golden Agri-Resources (GAR) and Tzu Chi Indonesia to expand the reach of rural development initiatives. The programme will enhance access to childcare and promote sustainable rural entrepreneurship in Indonesia's Riau province. JAKARTA, Indonesia, Sept. 21, 2023 /PRNewswire/ -- Three regencies in Indonesia's Riau province will benefit from enhanced funding for rural development programmes, following an agreement signed today by humanitarian organisation Tzu Chi Indone

COP28 President-Designate Dr. Sultan Al Jaber addressed world leaders at the UN Climate Ambition Summit as part of the UN General Assembly, issuing a rallying cry to the international community to move from agreements to action on global climate change. His intervention follows the latest data from the Global Stocktake which confirmed "the world is falling short, and we are running out of time". Speaking at the UN Secretary General's climate summit he emphasised that "Clima

Finance Minister Choo Kyung-ho said Thursday the government will closely monitor rising global economic uncertainties, after the US central bank decided to hold its key rates overnight. The US Federal Reserve on Wednesday announced the decision to hold the rate steady between 5.25 percent and 5.50 percent. It raised the rate by a quarter percentage point to the current level in July. "As shown in the recent FOMC meeting, the possibility over the protracted high interest rates have moved up

South Korea's producer prices expanded 0.9 percent on-month in August on the back of higher global oil prices, the central bank said Wednesday. The producer price index, a major barometer of consumer inflation, came to 121.16 last month, up from 120.08 tallied in July, according to the data from the Bank of Korea. From a year earlier, it rose 1 percent. It marked the sharpest on-month growth since a 1.6 percent rise tallied in April 2022. Producer prices are one of the key indicators that d

President Vladimir Putin will meet China's Xi Jinping for talks in Beijing in October, Russia said on Tuesday, Putin's first known trip abroad since an arrest warrant was issued against him over the deportation of children from Ukraine. Nikolai Patrushev, a close Putin ally and the secretary of Russia's Security Council, said Russia and China should deepen cooperation in the face of the West's attempt to contain them both. He was quoted by the Interfax news agency as saying t

The South Korean government confirmed Tuesday that it had transferred to Qatar Iranian funds frozen in South Korean banks under US sanctions, as part of a prisoner swap deal that led to the US and Iran releasing five of each other’s detainees. Tehran’s access to $6 billion in oil revenue had been frozen since May 2019, when Washington, after scrapping the 2015 nuclear agreement with Iran, stepped up pressure to block hard currency from flowing into the Middle Eastern country. “

DUBAI, United Arab Emirates — Iran and the United States will exchange prisoners on Monday after some $6 billion once frozen in South Korea reached Qatar, a key element of the planned swap, officials said. Iranian Foreign Ministry spokesman Nasser Kanaani was the first to acknowledge the swap would take place Monday. He said the cash sought for the exchange was now in Qatar. An individual with direct knowledge of the deal, who spoke to The Associated Press on condition of anonymity given t

South Korean stocks tumbled more than 1 percent Monday led by sharp losses in semiconductor and tech shares ahead of a US rate-setting meeting. The local currency gained ground against the dollar. The benchmark Korea Composite Stock Price Index lost 26.56 points, or 1.02 percent, to finish at 2,574.72, erasing the previous session's 1.1 percent jump. Trading volume was moderate at 408.4 million shares worth 8.6 trillion won ($6.5 billion), with decliners outpacing winners 548 to 330. Offsho