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South Korea's new president, Lee Jae-myung, is advancing a pro-cryptocurrency agenda, including lifting the ban on spot ETFs and establishing a stablecoin market linked to the won. His administration aims to enhance regulations on stablecoins and improve exchange transparency, reflecting a significant shift in political attitudes towards crypto.Despite past regulatory challenges, South Korea's crypto market has shown resilience, with about 20% of the population engaged in exchanges. The country is positioning itself as a leader in crypto governance through a balanced regulatory approach that supports innovation while ensuring investor protection.
South Korean tech giants Naver and Kakao are enhancing collaborations with US firms to bolster their positions in the global AI sector. Naver plans to establish a US-based investment arm, Naver Ventures, while Kakao is partnering with OpenAI to develop new AI products, reflecting their contrasting strategies in AI development.
South Korea's new President Lee Jae-myung may delay trade negotiations with the US as his administration reviews strategies amid economic pressures. With the economy projected to grow only 0.8% this year, Lee emphasizes the importance of trade discussions, particularly in light of historical patterns and previous agreements that yielded mixed results. His recent election provides a strong mandate, yet the leadership vacuum from recent resignations complicates the negotiation landscape.
President Trump has threatened to impose a 25% tariff on imported iPhones and other smartphones, targeting companies like Apple and Mattel amid ongoing legal challenges regarding his authority to do so. This move follows Apple's decision to shift some iPhone production from China to India, highlighting the complexities of global supply chains. Proposed tariffs could lead to significant price increases for consumer electronics, disproportionately affecting lower-income Americans and potentially reducing GDP and job numbers in the U.S.
Hyundai and GM Korea unions are demanding significant wage increases and bonuses amid potential US tariffs on auto imports. Hyundai's union seeks 30% of the company's 2024 net profit as bonuses, while GM Korea's union requests 15% of net profit and a bonus of 500% of monthly wages. These demands come as both automakers face declining exports and changing consumer spending habits, complicating their financial outlook.
[Bloomberg]
Tesla is exploring entry into the Indian market but has no plans for local manufacturing, focusing instead on showroom operations, according to Union Minister HD Kumaraswamy. The Indian government is targeting companies like Mercedes Benz, Hyundai, Kia, and Volkswagen to establish manufacturing in the country under a new scheme promoting electric vehicle production. This initiative allows global manufacturers to import electric four-wheelers at a reduced customs duty, provided they invest significantly in India.
South Korea has witnessed its first institutional cryptocurrency sale following the lifting of a previous ban. This marks a significant milestone in the country's evolving stance on digital assets, paving the way for increased participation in the crypto market.
South Korea has recorded its first institutional cryptocurrency sale since partially lifting its ban, with humanitarian group World Vision Korea selling 0.55 ETH for $1,396.50 on the Upbit exchange. This follows the Financial Services Commission's announcement allowing qualified non-profits and registered exchanges to trade crypto, marking a significant step in the country's gradual regulatory evolution. The move reflects a broader global trend towards integrating cryptocurrencies into mainstream finance, with institutional interest expected to grow significantly by 2025.
Samsung is reportedly in advanced discussions to invest in Perplexity AI, aiming to integrate its AI-powered search features into the Galaxy S26 series. This partnership could transform how users search and interact with their devices, potentially reducing Samsung's dependence on Google. Plans include preloading Perplexity's app and AI assistant on future smartphones and incorporating its search tools into the Samsung Internet browser.
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