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The Bank of Korea will launch a digital currency pilot program, “Project Han River,” from April 1 to June 30, distributing digital currency to seven banks for use by 100,000 individuals at various retailers via QR code. Participants can register starting March 25, with a holding limit of 1 million won and a total cap of 5 million won. The initiative aims to streamline payment processes and reduce transaction fees while addressing issues like benefit fraud.
LG Innotek plans to mass-produce key components for humanoid robots by 2026, with production volumes potentially increasing tenfold annually from 2027 or 2028. CEO Moon Hyuk-soo highlighted the company's focus on robot hands, joints, and camera components as a significant growth opportunity. He also addressed concerns about potential tariffs on products made in Mexico and predicted a recovery in EV demand by the end of 2025.
Kevin Sneader of Goldman Sachs warns that while the US economic outlook is dimming due to trade tensions, Asia tends to overreact to market noise. He identifies three key risks for the region: significant tariffs, geopolitical uncertainty, and a domestic slowdown in China. Despite these challenges, Sneader encourages investors to remain diversified and not overlook opportunities in the US market.
The prepaid card market is projected to grow from $24.91 billion in 2024 to $28.37 billion in 2025, driven by regulatory changes, consumer preferences, and financial inclusion initiatives. By 2029, the market is expected to reach $46.16 billion, with trends highlighting enhanced security, sustainability, and digital wallet integration. The increasing use of prepaid cards for online purchases and innovative products like Neokred are further fueling this growth.
AI chip startup FuriosaAI has reportedly declined an $800 million acquisition offer from Meta. The company aims to maintain its independence and continue its growth trajectory in the competitive AI landscape. This decision highlights FuriosaAI's commitment to its vision and future potential.
Citigroup has lowered its price target for Costco Wholesale Corporation to $927 from $1,060 while maintaining a neutral rating. Costco specializes in distributing a wide range of products and services at discount prices through a network of 890 warehouse stores across various countries, with the majority of net sales coming from product sales. As of January 2024, the United States accounts for 72.4% of net sales, followed by Canada at 13.7%.
Korean AI chipmaker FuriosaAI has turned down an $800 million acquisition offer from Meta Platforms Inc., choosing to remain independent and focus on growth. Founded eight years ago and led by June Paik, the company specializes in AI inference semiconductors and is currently engaging with clients like LG AI Research and Saudi Aramco. FuriosaAI plans to close an extended Series C funding round soon and is considering a future initial public offering.
The Computer & Communications Industry Association (CCIA) has raised concerns over South Korea's ban on exporting high-precision map data, arguing it unfairly disadvantages international providers against local firms. The Korean government has not approved any export applications from foreign companies, jeopardizing an estimated $130.5 million in annual revenue for US mapping services. Additionally, the CCIA criticized South Korea's Cloud Security Assurance Program for creating further barriers for US cloud service providers.
South Korea's Constitutional Court reinstated Prime Minister Han Duck-soo as acting president by overturning his impeachment, while the court has yet to rule on President Yoon Suk Yeol's impeachment. The ruling may embolden Yoon's supporters amid ongoing political strife following his controversial martial law declaration. Han emphasized the need for national unity and urgent attention to global trade issues after his reinstatement.
Jim Cramer expressed strong support for American Express (AXP) while criticizing the Trump administration's handling of tariffs, emphasizing the need for clearer communication to the public about their impact. He noted that many companies are struggling, creating a negative atmosphere for consumer spending and travel, which could lead to bankruptcies. Cramer highlighted the disparity in tariffs against American goods and the lack of a coherent strategy from the administration to address these issues.
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Bank of Korea launches digital currency pilot program for real-world testing
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lg innotek to start mass production of humanoid robot parts by 2026
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