Latest news with #Yeo
Reuters
8 hours ago
- Business
- Reuters
South Korea officials to meet US commerce secretary again for tariff talks
SEOUL, July 25 (Reuters) - South Korea's Industry Minister Kim Jung-kwan and top trade envoy Yeo Han-koo will meet U.S. Commerce Secretary Howard Lutnick in Washington again on Friday in a bid to move closer to a deal on tariffs, South Korea's presidential office said. The three met on Thursday and reaffirmed their commitment to reach a deal on tariffs by the August 1 deadline, said Kim Yong-beom, policy chief of the South Korean presidential office. During the meeting in Washington, they discussed the importance of cooperation on strategic manufacturing sectors such as shipbuilding and chips and agreed to draw up a "mutually beneficial" agreement, the policy chief told a briefing. "Our side emphasized the importance of manufacturing cooperation between the two countries and strongly requested the United States to ease tariffs on individual items such as automobiles and reciprocal tariffs," he said. Industry minister Kim and trade minister Yeo have been in Washington amid intense efforts by Seoul to reach a deal, which an official said were at the "critical final phase." Kim earlier met U.S. Energy Secretary Chris Wright and Yeo planned to hold talks with U.S. Trade Representative Jamieson Greer, the industry ministry said. Pressure on South Korea heightened this week after Japan clinched a deal with the United States, which U.S. President Donald Trump said would see Tokyo allowing greater market access for American products including autos and some agricultural products. South Korea's agricultural sector was part of the latest negotiations, according to the presidential office. The sector is important due to opposition from both farmers and the broader public to agricultural imports, amid concerns about food security and protection of the local farming community. Lutnick indicated U.S. officials were fully aware of the urgency felt by South Korean officials to get a deal, especially after Trump announced the agreement with Japan. "You can hear the expletives out of Korea when they read the Japanese deal," Lutnick said on CNBC on Thursday ahead of his meeting with Kim. "They very, very much want to make a deal," he said, referring to South Korea. Some top Seoul officials thrown into the high-stakes negotiations have been in their jobs for less than a week after new President Lee Jae Myung only recently completed his cabinet lineup. South Korea and Japan compete in areas such as autos and steel, and Japan's deal was seen by investors as a benchmark for the type of agreement Seoul should target in negotiations, analysts have said. In a blow to efforts to reach a deal, South Korea's Finance Minister Koo Yun-cheol's plan to meet U.S. Treasury Secretary Scott Bessent on Friday was postponed. The South Korean side said they were informed about the cancellation only 90 minutes before Koo was set to depart for Washington on Thursday, with the U.S. attributing the move to a scheduling conflict for Bessent. Seoul will propose to Washington an investment package plan worth at least $100 billion, which would involve major South Korean conglomerates like Samsung and Hyundai Motor Group, the Yonhap News Agency has reported. President Lee met Samsung Electronics Chairman Jay Y. Lee on Thursday and has also held talks with other business leaders, including the heads of SK Hynix, Hyundai Motor and the LG conglomerate to discuss global trade and investing in the U.S., his office said. South Korean companies are expected to be partners of the government in any investment package offered to the United States. Japan pledged a $550 billion package of investment and loans as part of its trade deal, which Lutnick said would be used "at Donald Trump's discretion." In an apparent move to calm concerns about South Korea failing to reach a deal, presidential officials in Seoul said talks were still under way "to the maximum extent possible".
Business Times
21 hours ago
- Business
- Business Times
GIC to expand AI use after initial trials to review deals yield positive results
[SINGAPORE] Artificial intelligence (AI) will have a foundational impact on the world, and offers unparalleled opportunities for investments and operations, said GIC chief executive Lim Chow Kiat. As a result, the Singapore sovereign wealth fund is looking to leverage the technology not just through investments, but also by adopting it in the company, he noted, at the release of GIC's report for the financial year ended Mar 31, 2025. Within the organisation, GIC is trialling a virtual investment committee member with its fixed income and multi-asset departments. This AI agent reviews deal terms and information and raises questions, based on public information as well as GIC's internal data. Lim said that the company has received positive feedback since it was deployed a year ago, and that GIC is now developing different personas for the AI agent to introduce additional perspectives and enable more robust discussions. 'We are applying technology to the heart of our business; we're not just using AI in the periphery of our work,' he added. 'So if it works, the value would be tremendous to us – we just have to use it with caution.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He noted that users have to be mindful to validate responses from the agent, given that a lot of large language models are designed to please the user. GIC's AI journey, which began in 2023 when it established its AI Council, was initially focused on laying the foundations for good data, tools, and governance. It is now looking to embrace and accelerate the adoption of AI, while maintaining robust governance. Granular investments in AI value chain Meanwhile, the sovereign wealth fund applies its granular approach in investments across the AI value chain, said Bryan Yeo, group chief investment officer at GIC. It breaks down the AI value chain into three categories: enablers, monetisers and adopters. Enablers are companies that build infrastructure to scale up AI capabilities, and have been a major beneficiary in recent years. Yeo noted that GIC had invested in these companies 'quite significantly' in the last five to 10 years. Monetisers are companies that create and sell AI-infused products, while many adopters are companies that are integrating AI to improve processes, boost productivity and unlock growth. As GIC is focused on long-term value, the key characteristics it looks for in companies are durable moats, differentiated technology and teams, and sound business models, said Yeo. Some companies that GIC has invested in include digital infrastructure provider Equinix; data and AI governance platform Atlan; data and AI company Databricks; and financial operations platform Ramp. GIC also uses its long-term flexible capital and its global network to enable the growth of global AI capabilities and adoption. This means that it works with companies to scale up their AI and tech capabilities, and also connects tech and AI startup founders with the multinational corporations that GIC is invested in. But AI will likely lead to a very high velocity of value creation, as well as value destruction, globally in the next five to 10 years, Yeo added. He expects to divest companies going forward if he sees a high risk of them not being able to transform and adapt to the new world, where competitors adopt AI to be more efficient, more productive and generate much greater revenues and profits. 'We are still at the very early stage of this multi-year AI evolution; so while we are hunting and looking for the opportunities, we are constantly thinking about where value is going to be diminished going forward.'
West Australian
3 days ago
- Sport
- West Australian
West Coast confirm Elliot Yeo will not feature again this season as Eagles focus on next year
Elliot Yeo will not play a game in the 2025 season with West Coast confirming they were focusing on the Eagles veteran getting in a full pre-season for next year. Yeo went down with a knee/ankle injury in a pre-season intraclub clash and was initially listed out for three to four months. However, frustrating setbacks and a second surgery in May kept pushing back the timeline, with the club now confirming he will miss the entirety of the season. 'At this stage of the season, unfortunately, we've run out of time to get Elliot back to playing,' high-performance manager Mat Inness said. 'Our focus now is on giving him the best possible lead-in to next pre-season and ensuring he's set up for a strong and uninterrupted campaign in 2026.' Having secured a three-year extension after managing 20 games last season, Yeo's loss in the midfield has proven hard to replace with Tim Kelly out of form, leaving Harley Reid exposed for oppositions to target. It also continues a miserable run for the two-time All-Australian, who has now only managed 57 games since 2019, with last year the only time he's played more than 12 games in a season in that period. He joins veterans Oscar Allen and Jake Waterman with season-ending injuries, while Dom Sheed and Jeremy McGovern were both forced into retirement due to injury/concussion. Defender/ruck Callum Jamieson is also out for at least the next week, with the 24-year-old likely fighting for his AFL career as he remains without a contract for next year. 'Cal is progressing well in his rehab from a low-level hamstring strain,' Inness said. 'He won't be available this week, but we expect him to be back in 1-2 weeks if he continues to track well.'
Perth Now
3 days ago
- Sport
- Perth Now
Yeo done and dusted as Eagles put a line through season
Elliot Yeo will not play a game in the 2025 season with West Coast confirming they were focusing on the Eagles veteran getting in a full pre-season for next year. Yeo went down with a knee/ankle injury in a pre-season intraclub clash and was initially listed out for three to four months. However, frustrating setbacks and a second surgery in May kept pushing back the timeline, with the club now confirming he will miss the entirety of the season. 'At this stage of the season, unfortunately, we've run out of time to get Elliot back to playing,' high-performance manager Mat Inness said. 'Our focus now is on giving him the best possible lead-in to next pre-season and ensuring he's set up for a strong and uninterrupted campaign in 2026.' Having secured a three-year extension after managing 20 games last season, Yeo's loss in the midfield has proven hard to replace with Tim Kelly out of form, leaving Harley Reid exposed for oppositions to target. It also continues a miserable run for the two-time All-Australian, who has now only managed 57 games since 2019, with last year the only time he's played more than 12 games in a season in that period. He joins veterans Oscar Allen and Jake Waterman with season-ending injuries, while Dom Sheed and Jeremy McGovern were both forced into retirement due to injury/concussion. Defender/ruck Callum Jamieson is also out for at least the next week, with the 24-year-old likely fighting for his AFL career as he remains without a contract for next year. 'Cal is progressing well in his rehab from a low-level hamstring strain,' Inness said. 'He won't be available this week, but we expect him to be back in 1-2 weeks if he continues to track well.'
Straits Times
4 days ago
- Business
- Straits Times
South Korea weighs painful concessions to avert Trump's looming tariffs
Find out what's new on ST website and app. US President Donald Trump's across-the-board 25 per cent tariff is set to take effect on Aug 1. South Korea will hold high-level trade talks with the US on July 25, accelerating efforts to head off sweeping tariffs by weighing politically sensitive concessions that could reshape ties between the two allies. Finance Minister Koo Yoon-cheol and Trade Minister Yeo Han-koo will meet their US counterparts, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, in a so-called '2+2' format in Washington, Mr Koo told reporters on July 22. Seoul is preparing for a diplomatic push in the final days before the Aug 1 deadline when President Donald Trump's across-the-board 25 per cent tariff is set to take effect. South Korea's foreign and industry ministers are also expected to travel to the US separately as early as this week, while National Security Adviser Wi Sung-lac recently departed for the US on his second trip in under two weeks. Trade Minister Yeo has previously addressed the difficult trade-offs required to protect South Korea's broader strategic and economic interests. While no formal offer has been extended, agricultural concessions have emerged as one of the few options under consideration. Past efforts to open the beef market sparked nationwide protests, and any shift on rice could face even stiffer resistance. 'We must make strategic judgements – protect what we must, but also consider what we can offer in the broader context of the talks,' Mr Yeo had earlier told reporters. Top stories Swipe. Select. Stay informed. Singapore S'poreans aged 21 to 59 can claim $600 SG60 vouchers from July 22 Singapore Changi Airport's passenger traffic crosses 17.5 million mark in Q2 2025 Singapore 2 charged over alleged involvement in posting of bail for man who subsequently absconded Opinion Singapore's vaping crisis lays bare the drug addiction nightmare for parents Multimedia 'It's very sad': She comforts loved ones turned away by inmates Singapore LTA seeks tailored solutions to improve Bukit Panjang LRT's maintenance inspections World Trump 'caught off guard' by Israel's strikes in Syria Singapore Ports and planes: The 2 Singapore firms helping to keep the world moving The outcome of the negotiations carries high stakes for South Korea, where exports made up more than 40 per cent of GDP last year. As a key exporter of semiconductors, smartphones, automobiles, and batteries, any disruption to Korean shipments threatens to reverberate across global supply chains. To boost its bargaining position, Seoul is also exploring participation in a US-backed Alaskan gas project, potential cooperation in shipbuilding, industrial revitalisation, and regulatory changes to improve access for US tech firms. Defence burden-sharing is another sensitive area. Mr Trump has long pushed allies to increase their financial contributions to hosting American troops, and a modest boost in South Korea's share could help reduce friction in the broader talks. So far, Mr Lee has advocated for sticking with a five-year cost-sharing deal reached in October 2024, though his team has had discussions with US counterparts on the topic. Still, the priority is protecting industrial heavyweights. Autos account for more than a quarter of South Korea's exports to the US, and the nation's carmaker Hyundai Motor faces elevated risks due to its reliance on domestic production despite recent US investment pledges. Now, Mr Trump is also escalating the pressure on sectors previously considered less exposed: semiconductors and pharmaceuticals. The president has indicated that tariffs on both drugs and chips could take effect as early as the start of August. Those measures may be imposed alongside the higher reciprocal tariffs. The scope of these new duties could be wide. Korean pharmaceutical firms such as Celltrion and SK Biopharmaceuticals are among those expressing concerns over the measure, while the proposed chip duties might impact not only components but also finished products including smartphones and laptops from Samsung Electronics. Although some analysts expect Washington may ultimately favor investment incentives or import quotas in these sectors, the risk of outright tariffs is growing. Many Korean firms have built joint ventures in the US, particularly in cars and batteries, but their core supply chains remain rooted at home. After two trips to Washington since June, Trade Minister Yeo has emphasized that the talks should not be viewed as a zero-sum game. He advocates for a 'positive-sum' outcome, in which both sides walk away with mutual gains through deeper industrial and regulatory cooperation. But scepticism is mounting as time runs short and coordination among Korean ministries remains fragmented. 'From what we're seeing, this is less of a negotiation and more of a one-sided demand,' said Mr Park Sanghyun, an economist at iM Securities. 'At best, we might be able to shave the proposed 25 per cent rate down to something below 20 per cent, but the idea of avoiding sectoral tariffs altogether seems unlikely.' BLOOMBERG
