South Korea’s won fell beyond 1,000 to the US dollar on Friday for the first time in more than three weeks on signs economic growth is faltering.
The currency posted its biggest weekly loss in a month after Finance Minister Kang Man-soo said on Tuesday that the slowing world economy and record oil prices will make the target of 6 percent expansion this year “difficult” to achieve.
The won fell 0.9 percent to 1,000.70 against the dollar, taking the decline for the week to 2.5 percent, Seoul Money Brokerage Services Ltd said. The five-day loss is the biggest since Monday.
The Singapore dollar fell 0.1 percent to S$1.3514.
The Philippine peso completed its first weekly drop in three on speculation accelerating inflation will make the nation’s fixed-income assets less attractive.
The currency fell 0.8 percent this week to 41.910 in Manila, the Bankers Association of the Philippines said. The peso may weaken to 42.50 in the next two months, Ravelas said.
The New Taiwan dollar was little changed at NT$30.285 on Friday, Taipei Forex Inc figures show.
The Malaysian ringgit traded at 3.1415 on Friday, against 3.1430 on Wednesday. Vietnam’s dong was at 16,109.50 from 16,106.00.
Authorities have detained three former Taiwan Semiconductor Manufacturing Co (TMSC, 台積電) employees on suspicion of compromising classified technology used in making 2-nanometer chips, the Taiwan High Prosecutors’ Office said yesterday. Prosecutors are holding a former TSMC engineer surnamed Chen (陳) and two recently sacked TSMC engineers, including one person surnamed Wu (吳) in detention with restricted communication, following an investigation launched on July 25, a statement said. The announcement came a day after Nikkei Asia reported on the technology theft in an exclusive story, saying TSMC had fired two workers for contravening data rules on advanced chipmaking technology. Two-nanometer wafers are the most
Tsunami waves were possible in three areas of Kamchatka in Russia’s Far East, the Russian Ministry for Emergency Services said yesterday after a magnitude 7.0 earthquake hit the nearby Kuril Islands. “The expected wave heights are low, but you must still move away from the shore,” the ministry said on the Telegram messaging app, after the latest seismic activity in the area. However, the Pacific Tsunami Warning System in Hawaii said there was no tsunami warning after the quake. The Russian tsunami alert was later canceled. Overnight, the Krasheninnikov volcano in Kamchatka erupted for the first time in 600 years, Russia’s RIA
CHINA’s BULLYING: The former British prime minister said that he believes ‘Taiwan can and will’ protect its freedom and democracy, as its people are lovers of liberty Former British prime minister Boris Johnson yesterday said Western nations should have the courage to stand with and deepen their economic partnerships with Taiwan in the face of China’s intensified pressure. He made the remarks at the ninth Ketagalan Forum: 2025 Indo-Pacific Security Dialogue hosted by the Ministry of Foreign Affairs and the Prospect Foundation in Taipei. Johnson, who is visiting Taiwan for the first time, said he had seen Taiwan’s coastline on a screen on his indoor bicycle, but wanted to learn more about the nation, including its artificial intelligence (AI) development, the key technology of the 21st century. Calling himself an
South Korea yesterday said that it was removing loudspeakers used to blare K-pop and news reports to North Korea, as the new administration in Seoul tries to ease tensions with its bellicose neighbor. The nations, still technically at war, had already halted propaganda broadcasts along the demilitarized zone, Seoul’s military said in June after the election of South Korean President Lee Jae-myung. It said in June that Pyongyang stopped transmitting bizarre, unsettling noises along the border that had become a major nuisance for South Korean residents, a day after South Korea’s loudspeakers fell silent. “Starting today, the military has begun removing the loudspeakers,”
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