Browsing: Business

Eco-friendly vehicles provided the strongest lift to South Korea’s auto exports during the month. Their export value increased 25.5% from a year earlier to US$2.59 billion. Electric and hydrogen vehicle exports rose 31.9% to US$940 million. Hybrid exports advanced 22.2% to US$1.65 billion. By contrast, exports of internal combustion engine vehicles fell 3.1% to US$3.65 billion. Eco-friendly models accounted for about 41.5% of the country’s total automobile export value in July.

Diesel prices remained elevated on Wednesday as tighter refined-product supplies kept pressure on fuel markets in the United States and Europe. U.S. ultra-low sulfur diesel futures jumped 7.4% on Monday to settle at $4.19 a gallon. That marked the contract’s biggest daily gain since July 13. Early Wednesday trading put the contract near $4.28 a gallon, while European diesel refining margins remained at historically high levels after rising nearly 10% on Monday.

Europe’s extreme summer heat and drought could cut EU economic output by about 1% in 2026, according to new analysis from Triodos Bank. The estimated loss equals roughly €180 billion and is close to the European Commission’s current growth forecast for the bloc. In May, the Commission projected EU gross domestic product would rise 1.1% this year. The comparison shows the scale of the weather-related damage estimated in the bank’s analysis.

Denmark’s annual consumer price inflation eased to 1.7% in July from 1.9% in June, with core inflation remaining steady at 2.3%. Restaurants and hotels were the largest contributors to July inflation, with holiday home rental prices driving the increase. Food prices added 0.15 percentage point to the monthly rise, while clothing, hotel accommodation, and footwear prices reduced it. Higher rents were the main reason core inflation stayed at 2.3%. EU harmonised inflation in Denmark fell to 1.6% in July, down from 1.8% in June.

Gold advanced for a third consecutive session on Tuesday as bullion extended its rebound from last week. Spot gold gained 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest level since June 5. U.S. gold futures climbed 1.7% to $4,492.60. The move pushed prices above the seven-week peak recorded last week and continued a recovery that accelerated after weaker U.S. employment data.

The Ministry of Agriculture, Food and Rural Affairs linked the increases to persistent high temperatures affecting heat-sensitive vegetables. Spinach, cucumbers and zucchini grow better in cooler conditions, while extreme heat can slow growth and reduce marketable output. South Korea has endured exceptional temperatures during the current heat wave. Yangsan, in the country’s southeast, reached 42.5 degrees Celsius on Aug. 2, the highest temperature recorded nationally since weather observations began in 1904.

Under the terms of the revised agreement, the main satellite constellation will grow from 282 planned orbital units to 348 active spacecraft. The expanded network architecture integrates 330 satellites positioned in higher low Earth orbit alongside 18 spacecraft deployed in medium Earth orbit, with optional orbital elements reserved for specialized mission support. The implementation agreement confirms the definitive timeline for satellite manufacturing, launch procurement, secure ground segment construction, and operational connectivity service delivery. The primary constellation schedule establishes initial satellite launches for 2029, enabling early sovereign connectivity capabilities for participating member states shortly thereafter.

Oil prices extended their decline on Wednesday, deepening a selloff that pushed both major benchmarks to three-week lows. Brent crude futures fell 92 cents, or 1.2%, to $78.44 a barrel by 3:30 a.m. GMT. U.S. West Texas Intermediate futures dropped $1.07, or 1.4%, to $74.70. Brent had fallen more than 12% for the week. WTI had lost more than 11% over the same period.

Headline inflation across OECD economies eased to 4.2% in June 2026 from 4.6% in May, ending three straight monthly increases. The measure tracks annual changes in consumer prices across the group’s member countries. Inflation declined in 20 economies, increased in six and remained stable or broadly stable in 12. Nine OECD countries recorded inflation at or below 2%, including three where the rate stood below 1%. Energy prices drove much of the monthly easing. OECD energy inflation fell four percentage points to 11.7% year on year, after reaching 15.8% in May.

The rally followed fresh U.S. and Saudi strikes against Iran-backed groups in Iraq. Officials linked the attacks to drone strikes on Saudi oil facilities. Iran said it fired on ships in the Strait of Hormuz and at U.S. bases in Jordan. Explosions also hit a natural gas loading port in Egypt. Maritime security firm Ambrey reported drone damage to a U.S.-owned floating storage tanker at the site. Commercial traffic remained limited in key Gulf and Red Sea shipping corridors during the week.