South Korea's Lee Jae-myung urges approval of US$22.4b supplementary budget
South Korean President Lee Jae-myung has called on parliament to swiftly approve a US$22.4 billion supplementary budget aimed at reviving the economy. Seeking support from lawmakers for his first budget proposal, Mr Lee called the situation "desperate" – with stagnant growth, high inflation and difficult times for small businesses. Mr Lee's budget request is expected to pass as his Democratic Party holds a majority in the 300-seat parliament. Lim Yun Suk reports.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
3 hours ago
- CNA
Fintech firm Pine Labs seeks up to $6 billion valuation in India IPO, source says
Indian fintech firm Pine Labs' [ initial public offering could be worth about $1 billion and the company is seeking a valuation of up to $6 billion, a source familiar with the matter said on Thursday. Pine Labs is looking to issue fresh shares worth 26 billion rupees ($304 million) while existing investors including Peak XV, PayPal and Mastercard will sell up to 147.8 million shares, draft papers filed with the market regulator showed. The company, which competes with Paytm and Walmart's PhonePe, is seeking a valuation of between $5 billion and $6 billion, according to the source, who did not want to be identified. The company was last valued at $5 billion when it raised funds in 2022. Pine Labs offers full-stack payment solutions such as point-of-sale machines to merchants for card payments. It will use the IPO proceeds to invest in overseas units, develop technology and pare down debt. India's IPO market has had a slow start to the year, but foreign investors are now returning to local stocks after a major exodus, attracted by big-ticket block trades, often a precursor to a recovery in IPOs. IPO proceeds from Indian issues are down 4.2 per cent so far this year compared to a year earlier, while the number of issues have fallen 29 per cent, data from LSEG up to mid-June showed. Still, the stock market is gathering steam as concerns around global trade uncertainties ease. The benchmark Nifty 50 is up 8 per cent this year, but remains 3 per cent below its record highs hit last September. Six IPOs are open for bids this week, including HDB Financial's $1.5 billion offering, the biggest ever by an Indian non-bank lender. Pine Labs posted a revenue of 13.41 billion rupees in fiscal year 2024, up from 12.91 billion rupees in 2023, while its losses widened to 1.87 billion rupees from 562 million over the same period, according to its prospectus. Morgan Stanley, Citi and Jefferies are among the bookrunners for the offering.
CNA
3 hours ago
- CNA
Banyan Group founder Ho Kwon Ping on how businesses can foster social cohesion
Law Minister Edwin Tong said Singapore must guard its multicultural society as social cohesion does not happen by chance. This, as economic disruption and digital disinformation are deepening social divides within and between nations. He was speaking at the close of the International Conference on Cohesive Societies, attended by more than 1,000 thought leaders from 50 countries. Mr Ho Kwon Ping, founder and executive chairman of Banyan Group, shared how businesses can play a part in fostering social cohesion.
CNA
4 hours ago
- CNA
Insight 2025/2026 - Indonesia's Brain Drain
46:47 Min Insight 2025/2026 This year, the hashtag #KaburAjaDulu trended on Indonesian social media. It means "Just Run Away First", a call to young Indonesians to leave the country. What is behind their discontent? Insight 2025/2026 About the show: INSIGHT is a one hour long hard current affairs programme that aims to open the minds of viewers to the political, social and economic realities facing today's societies. Every week, a team of producers will bring forward compelling arguments, impartial analysis and penetrating insights into topical issues of the day. What's on the menu are topics of concerns that have set the region talking as well as changing trends and events which impact Asia and beyond. INSIGHT will get you closer to the heart of the issues with insightful interviews and engaging conversations, bringing to you the real story from behind extraordinary experiences.
