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South Korea approves US$23.3 billion stimulus as Trump tariffs loom
South Korea 's parliament approved a 31.8 trillion won (US$23.3 billion) extra budget as new President Lee Jae-myung seeks to revive an economy struggling with weak consumption and mounting trade risks from US tariffs. Advertisement The figure is up from the 30.5 trillion won initially proposed by the government, with more money allocated for cash coupon handouts, the Finance Ministry said. Of the overall figure, 10.3 trillion won will be set aside to cover revenue shortfalls for this year's existing budget, as taxation income fell due to weak corporate performance and subdued consumer spending. The opposition party boycotted Friday's vote over policy differences. The stimulus package is the first since Lee took office last month after winning a snap vote with a pledge to boost growth. It's also the second supplementary budget this year after a 13.8 trillion won budget was approved by parliament in May. Advertisement The passage comes just days ahead of a July 9 deadline for trade negotiations with the US
South China Morning Post
an hour ago
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Hong Kong wants to be the dominant domicile for the world's biggest companies
Christopher Hui Ching-yu has recently been on a world tour, conducting roadshows in Canada, the UK and Norway, in an effort to urge global businesses to redomicile in Hong Kong The main talking point for Hui, the Secretary for Financial Services and the Treasury, has been a new law, enacted in May, that sought to make it easier for overseas companies to reincorporate in the city. Just a few days after the law came into force, Hui flew to Canada to meet senior executives from insurers Manulife and Sun Life in Toronto and urged them to move their incorporations from Bermuda to the city. The new law came at a time when changes to global tax laws had made traditional havens like Bermuda and the Cayman Islands less appealing to international businesses. Hong Kong considered this an opportune moment to have firms redomicile in the city as part of its effort to promote itself as an international financial centre. Companies interested in moving their incorporations to Hong Kong have been attracted to the city because it was a bridge to mainland China, according to analysts. Not long after Hui met Manulife president and CEO Phil Witherington and other senior executives, Manulife (International), the biggest pension provider in the city, told customers it would redomicile to Hong Kong in November.
South China Morning Post
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Chinese ambassador's ‘grandstanding' advice for Australia raises eyebrows
The Chinese ambassador to Canberra has urged Australia not to be 'incited' by Nato's support for demands by the US to raise defence spending sharply and instead should cooperate with Beijing to resolve regional disputes. Analysts say the 'unsolicited advice' is unlikely to sway Canberra and could backfire by reinforcing distrust of Beijing, ahead of Prime Minister Anthony Albanese 's visit to China and amid an ongoing debate in Australia over its defence spending. In an opinion article published in The Australian newspaper on June 30, ambassador Xiao Qian said that some countries attending events such as the G7 summit and the recent Nato meeting had 'hyped up the so-called China threat narrative' to increase defence spending and 'even incited Australia to follow suit'. 'Dramatically increasing military spending places a heavy fiscal burden on the countries involved, undermining their efforts to boost economies and improve livelihoods, and further straining a global economy already struggling with weak recovery,' he said. Australia currently spends just over 2 per cent of its GDP on defence, but is under growing pressure from the administration of US President Donald Trump to raise that to 3.5 per cent. Trump and Defence Secretary Pete Hegseth have publicly pressed allies to boost spending, with Washington linking the issue to potential trade relief and deeper cooperation within Aukus , which comprises Australia, the UK and the US. Ian Hall, an international relations professor at Griffith University, said Canberra had resisted calls from Washington to boost defence spending significantly.
