Business
German automaker Volkswagen AG reached an agreement on Monday to sell its Osnabrück assembly plant to Israeli private equity firm Aurelius Capital and the German state of Lower Saxony. Under the preliminary arrangement, the new owners will transform the vehicle manufacturing complex into a dedicated facility for security and defense production. This significant move marks the first large-scale industrial transformation of a German automotive factory into a military hardware supplier amid ongoing restructuring within Europe’s automotive industry. Israel Aurelius German state to take over VWs Osnabrueck plant defense projects to supply air defense equipment for European security markets.
Egypt’s net international reserves reached a record $57.2 billion in August 2026. Compared to August 2025, the total reserve level is $7.9638 billion higher than the $49.2507 billion recorded in that month. This marks an annual increase of roughly 16.2%. At the end of December 2025, Egypt’s net international reserves stood at $51.4516 billion. Consequently, reserves have grown by around $5.76 billion, or 11.2%, during the first eight months of 2026. Official monthly data show a consistent rise in reserves every month since January, with gains persisting through August.
South Korea and partner nations across Africa are set to establish a groundbreaking framework for economic cooperation centered on artificial intelligence and technological advancement during the 8th Korea-Africa Economic Cooperation Ministerial Conference in Seoul. This significant ministerial meeting marks two decades since the bilateral platform’s launch, uniting cabinet ministers, development financiers, and industry leaders in technology. Confirmed plans reveal Korea and Africa will explore new avenues for deploying AI digital infrastructure along emerging trade corridors, reviewing their two-decade history of joint investments.
South Korea’s consumer prices increased by 3.1% in August compared to the previous year, driven by rising fuel and mobile service costs. Energy expenses, particularly petroleum products, surged, while mobile phone service charges also saw a significant rise. Core inflation, which excludes food and energy, reached 3.4%, marking the strongest annual reading since May 2023. Prices for industrial goods and services increased, while agricultural product prices fell. Overall, South Korea’s inflation accelerated to 3.1% in August, with varying price movements across different sectors.
Korea’s August exports reached $98.25 billion, driven by a 68.7% surge in chip exports. Semiconductors saw a 209% increase, reaching a record-high of $46.65 billion. Other sectors like energy and chemicals also contributed to the growth, with petroleum product shipments rising 65.3% to $6.84 billion. Exports to China and the United States saw significant increases, with Chinese exports surging 119.3% to $24.1 billion and US exports rising 89.3% to $16.5 billion. Minister Kim Jung-kwan noted that non-semiconductor exports grew by 20%, reflecting a broader recovery across secondary industries.
India’s economy grew 7.8% in Q1 FY27 as manufacturing, services and investment expanded. According to the Ministry of Statistics and Programme Implementation, the real gross domestic product (GDP) reached ₹81.36 lakh crore for the quarter, compared to ₹75.46 lakh crore in the same quarter last year. Nominal GDP climbed to ₹88.27 lakh crore, representing a 10.3% increase from ₹80 lakh crore. The real gross value added (GVA), another indicator of economic activity, grew by 8.2% to ₹73.82 lakh crore, while nominal GVA rose by 11.5% to ₹80.53 lakh crore.