Business
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.
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.
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.
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.