Business
Gold prices moved slightly higher on Thursday as a softer US dollar bolstered the precious metal ahead of upcoming US inflation data. Spot gold increased by 0.3% to $4,414.28 per ounce by 0419 GMT. Meanwhile, US gold futures for December delivery dipped 0.1% to $4,457.20. The early gain maintained spot gold above the $4,400 mark after a sharp reversal during Wednesday’s trading session.
The Panama Canal might see its daily vessel movements reduced to approximately 29 ships in February or March 2027 if drought conditions persist, according to the canal’s new administrator. Ilya Espino de Marotta assumed her role on Sept. 7 and highlighted the potential impact amid El Niño’s influence on reservoir levels. The canal depends heavily on freshwater from rainfall-fed lakes to operate its locks, and the Panama Canal Authority has already initiated phased capacity reductions due to lower-than-expected precipitation in the watershed.
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.
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.
In August, South Korea’s foreign exchange reserves experienced their largest monthly growth on record, reaching $442.28 billion at the end of the month. This marked a $14.33 billion rise from the previous month and is the highest monthly jump since the reserve data series started in 1971. Foreign securities accounted for 87.5% of the total reserve holdings, increasing by $7.07 billion in August. The surge in reserves brings South Korea closer to pre-decline levels following the peak in October 2021.
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.