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The Ministry of Economy and Finance released the April issue of Economic Outlook (Green Book), (Green Book), on April 12th. According to the Green Book, due to the recovery in the semiconductor industries, there has been a clear upward trend in South Korea's manufacturing production and exports. Manufacturing production and exports remain major engines of economic recovery. Data show that South Korea's manufacturing production rose 5.1% year-on-year in February, and its exports in March increased by 3.1% year-on-year, maintaining a consecutive growth for 7 and 6 months respectively.

(Overseas Network)

France's finance ministry plans to raise its deficit target for 2024 to 5.0-5.1% of gross domestic product (GDP), up from a previous target of 4.4%, due to a rapid deterioration in the public finances, Les Echos reports. The deficit target for 2025 has also been raised to 4.1%, up from 3.7% previously.

(Overseas Network)

Japan's Consumer Affairs Agency surveyed 6,795 functional food products (1,693 companies) reported on June 12, according to an article published by the Asahi Shimbun on June 13. The results showed that medical professionals had previously sent reports to the companies in question regarding 117 cases of damage to health involving 18 products. However, the causal relationship between the health damage and the foods is unclear.

Reference News Network

South Korea to extend fuel tax cut two months to June amid Mideast tensions

Yicai Global

In 2023, the number of copper cable thefts from PV power plants in Japan hit a record high, the Nikkei reported on the 12th. Behind the frequent thefts is the soaring copper price. The three-month copper price on the London Metal Exchange is currently hovering around US$9,000 per ton, about 40% higher than five years ago, and even exceeded US$10,000 per ton at one point in 2022.

Reference News Network

2023 was one of the gloomiest years for world trade in living memory, with the value of trade flows falling by 5% and trade volumes declining by 1.2%, according to the latest Global Trade Outlook and Statistics report published on Friday by the World Trade Organization.

Reference News Network

U.S. Steel shareholders voted overwhelmingly in favor of Nippon Steel Corp.'s takeover bid for the company on Friday, with nearly 100% of the votes cast accepting the offer, Kyodo News reported from Pittsburgh, Pennsylvania. More than 98% of the company's shares voted in favor of the proposal at a special shareholder meeting, according to preliminary results released by U.S. Steel, approving the merger with the Japanese steel giant in a deal worth $14.1 billion.

Reference News Network

OpenAI has announced its expansion into Asia with the opening of its first office in the region in Tokyo, Japan, and will release a customized model of GPT-4 optimized for Japanese. Tadao Nagasaki, former president of Amazon Web Services (AWS) Japan, will lead OpenAI's Japan operations.

Yicai Global