Latest news with #CEOSummit
Korea Herald
6 days ago
- Business
- Korea Herald
S. Korea to expand APEC cooperation amid global trade shifts: trade minister
South Korea is set to expand cooperation with countries in the Asia-Pacific Economic Cooperation region to navigate recent changes in the global trade environment driven by the rise of trade protectionism, the trade minister said Tuesday. "Considering South Korea's heavy dependence on trade and the manufacturing industry, the recent changes in the global trade environment are expected to have a bigger impact on our economy," Trade Minister Yeo Han-koo said during his special address to a general assembly of the Pacific Economic Cooperation Council held in Seoul. The PECC is an official policy think tank for APEC that played a key role in its establishment in 1989. "The global trade environment is undergoing a structural transition," Yeo said, citing the security-driven approach to economic issues, the weaponization of trade interdependence, and innovation in artificial intelligence and digital technologies as main reasons for the change. To respond to these challenges, Yeo said his country plans to expand cooperation with the Global South, including the Association of Southeast Asian Nations and India. The goal is to diversify its supply chains and export destinations, while devising integrated policy on trade, industry and security issues. Seoul also aims to take the lead in global efforts to shape new trade norms in areas such as climate change, supply chains and AI, he explained. "We are now at a turning point where the traditional framework of trade, which has enabled global economic growth, is undergoing a fundamental shift," Yeo said, noting "the creative and practical cooperation of APEC member economies is more necessary than ever." The PECC meeting brought together some 200 officials from the governments, companies and academia of the APEC member economies to discuss changes in global trade, the development of AI and demographic shifts, according to Seoul's industry ministry. The ministry said it is preparing a series of international business events, such as the Invest Korea Summit and the CEO Summit to be hosted by the Korea Chamber of Commerce and Industry, to be held before the upcoming APEC summit in Gyeongju, about 330 kilometers southeast of Seoul, in October. (Yonhap)
Korea Herald
15-07-2025
- Business
- Korea Herald
Lee sends APEC invitation letters to 20 countries
President Lee Jae Myung sent invitation letters Monday to 20 member economies of the Asia-Pacific Economic Cooperation ahead of the 2025 event hosted by South Korea in Gyeongju, North Gyeongsang Province, scheduled from Oct. 31 to Nov. 1, Lee's spokesperson Kang Yu-jung said Tuesday. According to Kang, some of the leaders who received formal invitations "already expressed their willingness" verbally to attend the event, without elaborating which countries she was referring to. She added that some non-APEC members were invited to visit Gyeongju, naming the United Arab Emirates as an example, but clarified that North Korea was not among them. This year's event will discuss ways to boost regional connectivity and developments in digital innovation and foster prosperity, according to Lee's office. Lee's letter also highlighted the APEC's role in sustainable economic growth and prosperity. The letters would be the first official invitation sent by Lee, who was inaugurated in early June after the impeachment of disgraced former President Yoon Suk Yeol over his botched martial law imposition. The upcoming event will host some 4,000 representatives of the governments from the member economies, and they will be among some 30,000 participants in the event. The focus is on whether leaders of the major economies, such as the United States and China get together, raising the anticipation that they could meet in person amid intensifying trade conflict. The main event will also be accompanied by the APEC Business Advisory Council meeting and the CEO Summit. Also, a week before the main event, Gyeongju will host APEC Senior Officials' Meetings, as well as a ministerial-level meeting of foreign affairs and trade. South Korea is one of the 21 APEC member economies. It last hosted an APEC Economic Leaders' Meeting in Busan in 2005.
Leader Live
19-06-2025
- Business
- Leader Live
UK interest rates kept on hold with Bank alert to ‘highly unpredictable' world
The Bank's Monetary Policy Committee (MPC) decided to keep rates unchanged at 4.25%. In a split vote, with six members opting to hold and three preferring to cut, the MPC said a 'gradual and careful approach' to reducing borrowing costs continued to be the right course of action. Bank governor Andrew Bailey said: 'Interest rates remain on a gradual downward path, although we've left them on hold today. 'The world is highly unpredictable.' He added that there were 'signs of softening in the labour market' – referring to indicators including slower hiring and wage growth easing – which were being closely watched to see how far they feed into UK inflation. The committee said it was alert to concerns about conflict in the Middle East, which has escalated in recent days with attacks between Israel and Iran. In the minutes of the MPC's meeting, it noted that there had been 'rapid geopolitical developments', adding: 'Energy prices had risen owing to an escalation of the conflict in the Middle East. 'The committee would remain vigilant about these developments and their potential impact on the UK economy.' It echoes similar remarks made by the US's central bank which also opted to keep interest rates on hold on Wednesday. Global oil and natural gas prices have surged in recent weeks, which threatens to push up energy costs in the UK. Furthermore, the MPC noted that Donald Trump's tariff policy was posing risks to global trade and continuing to create uncertainty. But it said that deals struck between the US and other countries, including the UK, meant that the direct impact of the 'trade shock' on global growth could be smaller than it had forecast last month. Meanwhile, the decision to keep rates on hold came as UK Consumer Price Index (CPI) inflation remained above the Bank's 2% target level, coming in at 3.4% last month. The jobs market was also starting to cool, with the rate of unemployment ticking up and pay growth starting to ease. The Bank said its network of agents had found that cost pressures from the beginning of April – including national insurance contributions rising – had put pressure on firms to recover them by raising prices. As well as price hikes, it noted that businesses had been leaning on other actions to mitigate costs, including reducing their workforce, staff hours, salaries, and absorbing into profits. The Monetary Policy Committee voted by a majority of 6-3 to keep interest rates at 4.25% Find out more: — Bank of England (@bankofengland) June 19, 2025 It also pointed to waning business sentiment amid weak growth in the UK economy, with demand not expected to recover until 2026. Rachel Reeves said the Government respected the Bank's decision as she spoke at The Times CEO Summit. Speaking in central London, the Chancellor said: 'We respect independent economic institutions, and the Bank has got an incredibly important but difficult job to do. 'We want them to set the monetary policy that is appropriate for meeting the inflation target, because we also saw in the last parliament a double-digit inflation which was so challenging for businesses, but also family finances, which also has a knock on impact on business.' Ms Reeves, a former economist at the Bank, insisted the four interest rates cuts made under Labour were 'a world away from the previous parliament, when interest rates went up so sharply because of the poor economic mismanagement of prime ministers and chancellors'.
Powys County Times
19-06-2025
- Business
- Powys County Times
UK interest rates kept on hold with Bank alert to ‘highly unpredictable' world
UK interest rates have been left on hold as the Bank of England said it was keeping watch on a 'highly unpredictable' world amid rising energy prices. The Bank's Monetary Policy Committee (MPC) decided to keep rates unchanged at 4.25%. In a split vote, with six members opting to hold and three preferring to cut, the MPC said a 'gradual and careful approach' to reducing borrowing costs continued to be the right course of action. Bank governor Andrew Bailey said: 'Interest rates remain on a gradual downward path, although we've left them on hold today. 'The world is highly unpredictable.' He added that there were 'signs of softening in the labour market' – referring to indicators including slower hiring and wage growth easing – which were being closely watched to see how far they feed into UK inflation. The committee said it was alert to concerns about conflict in the Middle East, which has escalated in recent days with attacks between Israel and Iran. In the minutes of the MPC's meeting, it noted that there had been 'rapid geopolitical developments', adding: 'Energy prices had risen owing to an escalation of the conflict in the Middle East. 'The committee would remain vigilant about these developments and their potential impact on the UK economy.' It echoes similar remarks made by the US's central bank which also opted to keep interest rates on hold on Wednesday. Global oil and natural gas prices have surged in recent weeks, which threatens to push up energy costs in the UK. Furthermore, the MPC noted that Donald Trump's tariff policy was posing risks to global trade and continuing to create uncertainty. But it said that deals struck between the US and other countries, including the UK, meant that the direct impact of the 'trade shock' on global growth could be smaller than it had forecast last month. Meanwhile, the decision to keep rates on hold came as UK Consumer Price Index (CPI) inflation remained above the Bank's 2% target level, coming in at 3.4% last month. The jobs market was also starting to cool, with the rate of unemployment ticking up and pay growth starting to ease. The Bank said its network of agents had found that cost pressures from the beginning of April – including national insurance contributions rising – had put pressure on firms to recover them by raising prices. As well as price hikes, it noted that businesses had been leaning on other actions to mitigate costs, including reducing their workforce, staff hours, salaries, and absorbing into profits. The Monetary Policy Committee voted by a majority of 6-3 to keep interest rates at 4.25% Find out more: — Bank of England (@bankofengland) June 19, 2025 It also pointed to waning business sentiment amid weak growth in the UK economy, with demand not expected to recover until 2026. Rachel Reeves said the Government respected the Bank's decision as she spoke at The Times CEO Summit. Speaking in central London, the Chancellor said: 'We respect independent economic institutions, and the Bank has got an incredibly important but difficult job to do. 'We want them to set the monetary policy that is appropriate for meeting the inflation target, because we also saw in the last parliament a double-digit inflation which was so challenging for businesses, but also family finances, which also has a knock on impact on business.' Ms Reeves, a former economist at the Bank, insisted the four interest rates cuts made under Labour were 'a world away from the previous parliament, when interest rates went up so sharply because of the poor economic mismanagement of prime ministers and chancellors'.
Cision Canada
16-06-2025
- Business
- Cision Canada
Phoenix to Host SEMICON West 2025 for the First Time, Showcasing Arizona's Critical Role as a Semiconductor Manufacturing Hub
Event registration now open, with expanded programming and support from key Arizona partners MILPITAS, Calif., /CNW/ -- SEMI, the industry association serving the global semiconductor and electronics design and manufacturing supply chain, today announced strategic partnerships for this year's SEMICON ® West with Alliance Sponsors Arizona Commerce Authority (ACA), Greater Phoenix Economic Council (GPEC), and Visit Phoenix. These collaborations reflect a shared commitment to accelerating Arizona's semiconductor growth and ensuring a strong global industry presence when SEMICON West debuts in Phoenix, Arizona, this October 7-9 at the Phoenix Convention Center. Registration is open – early-bird rates end June 27. "Bringing SEMICON West to Phoenix speaks to the prominence of Arizona in the global semiconductor landscape," said Joe Stockunas, president of SEMI Americas. "With strong support from the state and local governments and organizations like the ACA, GPEC, and Visit Phoenix, Arizona has successfully attracted such major industry players as Intel, Taiwan Semiconductor Manufacturing Company (TSMC), Amkor, and more than 100 companies in the semiconductor ecosystem. As the industry continues on its path toward $1 trillion in global revenue, Arizona has solidified itself as a key state driving growth and innovation." SEMICON West brings together global leaders from across the microelectronics industry to address critical industry priorities – from advanced manufacturing and supply chain resilience to sustainability and workforce development. Themed Stronger Together – Shaping a Sustainable Future in Talent, Technology, and Trade, SEMICON West 2025 will feature opportunities to network with more than 700 companies across two levels of the Phoenix Convention Center. This year's event is expected to be the largest SEMICON West exhibition in two decades, with approximately a 25% expansion over 2024. Exhibition space sold out in November 2024 and 285 companies remain on the waiting list. "As North America's leader in new semiconductor investment, Arizona is perfectly positioned to convene the chip industry's brightest minds and shape the future of this all-important technology," said Sandra Watson, President and CEO of the Arizona Commerce Authority. "We are incredibly grateful to SEMI for their commitment to Arizona and look forward to working with all our partners to make this year's conference the biggest and best SEMICON West yet!" Program highlights include: CEO Summit Keynotes: Industry experts and government leaders will offer insights into global trends impacting semiconductors. SEMI Workforce Development Pavilion: A space connecting job seekers with employers and showcasing strategies to build the industry's talent pipeline. Focused Forums: Sessions on Cybersecurity, Smart Data/AI, Smart Manufacturing, Smart Mobility, Smart MedTech, and Sustainability. Technical Tracks: Including the Test Vision Symposium, Advanced Packaging, and additional tracks covering critical areas of microelectronics innovation. Supply Chain Sessions: Focused on strengthening global semiconductor supply chains and strategies for building long-term resilience SEMI Market Symposium and the Bulls and Bears Panel: Expert analysis and forecasts on market dynamics. SEMI Leaders & Legends Honors Dinner: Held at the Heard Museum in Phoenix, we will recognize outstanding executives who have shaped the semiconductor industry and include a special presentation of the inaugural 2025 SEMI Silicon Medal. Invited guests include SEMI member company executives from around the world and public officials from Arizona. Canyon on Third: An open-air networking and entertainment hub on 3 rd Street. SEMIquest: An immersive, hands-on pop-up exhibition that introduces students, educators, and families to the world of semiconductors. Together, the ACA, GPEC, and Visit Phoenix are helping to amplify the visibility of SEMICON West in its new host city*, expand engagement with key stakeholders, and support meaningful collaboration across the broader semiconductor ecosystem. Since 2020, Arizona has secured more than 40 semiconductor expansions, $202 billion in capital investment, and nearly 16,000 industry jobs with more on the horizon. For more information, please visit the SEMICON West website. For press interested in attending SEMICON West 2025, please contact Sherrie Gutierrez at [email protected]. *SEMICON West will continue to be held at the Moscone Center in San Francisco on alternating years, including in 2026. About SEMI SEMI ® is the global industry association connecting over 3,000 member companies and 1.5 million professionals worldwide across the semiconductor and electronics design and manufacturing supply chain. We accelerate member collaboration on solutions to top industry challenges through Advocacy, Workforce Development, Sustainability, Supply Chain Management and other programs. Our SEMICON ® expositions and events, technology communities, standards and market intelligence help advance our members' business growth and innovations in design, devices, equipment, materials, services and software, enabling smarter, faster, more secure electronics. Visit contact a regional office, and connect with SEMI on LinkedIn and X to learn more. About Arizona Commerce Authority The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit and follow the ACA on X @azcommerce. About Greater Phoenix Economic Council The Greater Phoenix Economic Council (GPEC), globally recognized as a top economic development organization (EDO), works to attract and grow quality businesses and advocate for the competitiveness of Greater Phoenix. A data-driven regional EDO, GPEC works with 22 member communities, Maricopa and Pinal counties, and more than 220 private investors to accomplish its mission and serve as a strategic partner to companies across the world as they expand or relocate to Greater Phoenix. Over the past 35 years, GPEC has fueled the regional economy by helping over 1,000 companies, creating nearly 190,000 jobs and $69.4 billion in capital investment. Greater Phoenix is in a relentless pursuit of innovative and entrepreneurial-focused companies looking to thrive and scale in a vibrant, dynamic region. There is an undeniable spirit about Greater Phoenix; one rooted in strength, collaboration and resilience. Greater Phoenix is Greater Together. For more information about GPEC and how we can assist your businesses, visit Visit Phoenix is a non-profit organization that promotes the Greater Phoenix community to a global audience of travelers and books conventions into the Phoenix Convention Center and area hotels and resorts. Visit Phoenix cultivates and maintains relationships with convention and meeting planners, journalists and influencers, travel agents and tour operators. Association Contact
