Latest news with #A22
The Advertiser
03-07-2025
- Business
- The Advertiser
New South Korean leader goes bold with national finance
South Korean President Lee Jae Myung has vowed to implement a "bold" fiscal policy to boost a flagging economy after the nation's martial law crisis and tackle challenges posed by looming US tariffs and North Korea. Lee, who was elected on June 3 in a snap election, said it was his top priority to improve the lives of the people, whose faith in government had been greatly shaken by "a national crisis" that hammered Asia's fourth-largest economy. "It is a time when the proactive and bold role of national finance is more important than ever," Lee, who has pledged to implement expansionary fiscal policy, said on Thursday in his opening remarks at a news conference to mark 30 days in office. Lee's predecessor, Yoon Suk Yeol, declared martial law in December, shocking a nation that had come to pride itself as a thriving democracy having overcome military dictatorship in the 1980s and triggering an unprecedented constitutional crisis. Lee's administration has proposed $US14.7 billion ($A22 billion) of extra government spending to support sluggish domestic demand. Parliament controlled by his Democratic Party is expected to vote on the budget bill soon. The president also said in his opening remarks that he was doing his best to achieve a "mutually beneficial and sustainable" outcome from trade negotiations with the United States. South Korea is hoping to contain the impact of US President Donald Trump's threatened punishing tariffs that could weigh on an export-reliant economy with major semiconductor, auto and steel industries. Lee said tariff negotiations with the United States had "not been easy," and he could not say if an agreement was possible in time for Washington's July 8 deadline when tough reciprocal import duties are set to kick in. During high-level trade talks in June, Washington raised issues related to South Korea's non-tariff barriers, as Seoul already imposes nearly zero tariffs on US imports under a free trade agreement, a senior South Korean trade official has said. Lee, a liberal former human rights lawyer, said the alliance with the United States was the cornerstone of his foreign policy, but pledged a pragmatic approach as the basis of a speedy effort to improve ties with China and Russia. Peace with North Korea was not only a national security priority, but a crucial part of a "virtuous cycle of peace and economic growth", he said. Lee said tension with Pyongyang has had a real negative economic impact despite South Korea's strong military capabilities, funded by a defence budget larger than the North's total economic output. "Even if you're at war, you have to have diplomacy and dialogue. To completely cut off dialogue is truly foolish," Lee said when asked about his plans on relations with Pyongyang. The two Koreas remain technically in a state of war under a truce that ended fighting in 1953. He said he had been surprised by the swift response from North Korea after he suspended loudspeaker propaganda broadcasts directed across the border and said he would take additional steps to ease tensions. Under Yoon, who took a hard line against Pyongyang, the two sides scrapped a 2018 military agreement that sharply escalated hostility. South Korean President Lee Jae Myung has vowed to implement a "bold" fiscal policy to boost a flagging economy after the nation's martial law crisis and tackle challenges posed by looming US tariffs and North Korea. Lee, who was elected on June 3 in a snap election, said it was his top priority to improve the lives of the people, whose faith in government had been greatly shaken by "a national crisis" that hammered Asia's fourth-largest economy. "It is a time when the proactive and bold role of national finance is more important than ever," Lee, who has pledged to implement expansionary fiscal policy, said on Thursday in his opening remarks at a news conference to mark 30 days in office. Lee's predecessor, Yoon Suk Yeol, declared martial law in December, shocking a nation that had come to pride itself as a thriving democracy having overcome military dictatorship in the 1980s and triggering an unprecedented constitutional crisis. Lee's administration has proposed $US14.7 billion ($A22 billion) of extra government spending to support sluggish domestic demand. Parliament controlled by his Democratic Party is expected to vote on the budget bill soon. The president also said in his opening remarks that he was doing his best to achieve a "mutually beneficial and sustainable" outcome from trade negotiations with the United States. South Korea is hoping to contain the impact of US President Donald Trump's threatened punishing tariffs that could weigh on an export-reliant economy with major semiconductor, auto and steel industries. Lee said tariff negotiations with the United States had "not been easy," and he could not say if an agreement was possible in time for Washington's July 8 deadline when tough reciprocal import duties are set to kick in. During high-level trade talks in June, Washington raised issues related to South Korea's non-tariff barriers, as Seoul already imposes nearly zero tariffs on US imports under a free trade agreement, a senior South Korean trade official has said. Lee, a liberal former human rights lawyer, said the alliance with the United States was the cornerstone of his foreign policy, but pledged a pragmatic approach as the basis of a speedy effort to improve ties with China and Russia. Peace with North Korea was not only a national security priority, but a crucial part of a "virtuous cycle of peace and economic growth", he said. Lee said tension with Pyongyang has had a real negative economic impact despite South Korea's strong military capabilities, funded by a defence budget larger than the North's total economic output. "Even if you're at war, you have to have diplomacy and dialogue. To completely cut off dialogue is truly foolish," Lee said when asked about his plans on relations with Pyongyang. The two Koreas remain technically in a state of war under a truce that ended fighting in 1953. He said he had been surprised by the swift response from North Korea after he suspended loudspeaker propaganda broadcasts directed across the border and said he would take additional steps to ease tensions. Under Yoon, who took a hard line against Pyongyang, the two sides scrapped a 2018 military agreement that sharply escalated hostility. South Korean President Lee Jae Myung has vowed to implement a "bold" fiscal policy to boost a flagging economy after the nation's martial law crisis and tackle challenges posed by looming US tariffs and North Korea. Lee, who was elected on June 3 in a snap election, said it was his top priority to improve the lives of the people, whose faith in government had been greatly shaken by "a national crisis" that hammered Asia's fourth-largest economy. "It is a time when the proactive and bold role of national finance is more important than ever," Lee, who has pledged to implement expansionary fiscal policy, said on Thursday in his opening remarks at a news conference to mark 30 days in office. Lee's predecessor, Yoon Suk Yeol, declared martial law in December, shocking a nation that had come to pride itself as a thriving democracy having overcome military dictatorship in the 1980s and triggering an unprecedented constitutional crisis. Lee's administration has proposed $US14.7 billion ($A22 billion) of extra government spending to support sluggish domestic demand. Parliament controlled by his Democratic Party is expected to vote on the budget bill soon. The president also said in his opening remarks that he was doing his best to achieve a "mutually beneficial and sustainable" outcome from trade negotiations with the United States. South Korea is hoping to contain the impact of US President Donald Trump's threatened punishing tariffs that could weigh on an export-reliant economy with major semiconductor, auto and steel industries. Lee said tariff negotiations with the United States had "not been easy," and he could not say if an agreement was possible in time for Washington's July 8 deadline when tough reciprocal import duties are set to kick in. During high-level trade talks in June, Washington raised issues related to South Korea's non-tariff barriers, as Seoul already imposes nearly zero tariffs on US imports under a free trade agreement, a senior South Korean trade official has said. Lee, a liberal former human rights lawyer, said the alliance with the United States was the cornerstone of his foreign policy, but pledged a pragmatic approach as the basis of a speedy effort to improve ties with China and Russia. Peace with North Korea was not only a national security priority, but a crucial part of a "virtuous cycle of peace and economic growth", he said. Lee said tension with Pyongyang has had a real negative economic impact despite South Korea's strong military capabilities, funded by a defence budget larger than the North's total economic output. "Even if you're at war, you have to have diplomacy and dialogue. To completely cut off dialogue is truly foolish," Lee said when asked about his plans on relations with Pyongyang. The two Koreas remain technically in a state of war under a truce that ended fighting in 1953. He said he had been surprised by the swift response from North Korea after he suspended loudspeaker propaganda broadcasts directed across the border and said he would take additional steps to ease tensions. Under Yoon, who took a hard line against Pyongyang, the two sides scrapped a 2018 military agreement that sharply escalated hostility. South Korean President Lee Jae Myung has vowed to implement a "bold" fiscal policy to boost a flagging economy after the nation's martial law crisis and tackle challenges posed by looming US tariffs and North Korea. Lee, who was elected on June 3 in a snap election, said it was his top priority to improve the lives of the people, whose faith in government had been greatly shaken by "a national crisis" that hammered Asia's fourth-largest economy. "It is a time when the proactive and bold role of national finance is more important than ever," Lee, who has pledged to implement expansionary fiscal policy, said on Thursday in his opening remarks at a news conference to mark 30 days in office. Lee's predecessor, Yoon Suk Yeol, declared martial law in December, shocking a nation that had come to pride itself as a thriving democracy having overcome military dictatorship in the 1980s and triggering an unprecedented constitutional crisis. Lee's administration has proposed $US14.7 billion ($A22 billion) of extra government spending to support sluggish domestic demand. Parliament controlled by his Democratic Party is expected to vote on the budget bill soon. The president also said in his opening remarks that he was doing his best to achieve a "mutually beneficial and sustainable" outcome from trade negotiations with the United States. South Korea is hoping to contain the impact of US President Donald Trump's threatened punishing tariffs that could weigh on an export-reliant economy with major semiconductor, auto and steel industries. Lee said tariff negotiations with the United States had "not been easy," and he could not say if an agreement was possible in time for Washington's July 8 deadline when tough reciprocal import duties are set to kick in. During high-level trade talks in June, Washington raised issues related to South Korea's non-tariff barriers, as Seoul already imposes nearly zero tariffs on US imports under a free trade agreement, a senior South Korean trade official has said. Lee, a liberal former human rights lawyer, said the alliance with the United States was the cornerstone of his foreign policy, but pledged a pragmatic approach as the basis of a speedy effort to improve ties with China and Russia. Peace with North Korea was not only a national security priority, but a crucial part of a "virtuous cycle of peace and economic growth", he said. Lee said tension with Pyongyang has had a real negative economic impact despite South Korea's strong military capabilities, funded by a defence budget larger than the North's total economic output. "Even if you're at war, you have to have diplomacy and dialogue. To completely cut off dialogue is truly foolish," Lee said when asked about his plans on relations with Pyongyang. The two Koreas remain technically in a state of war under a truce that ended fighting in 1953. He said he had been surprised by the swift response from North Korea after he suspended loudspeaker propaganda broadcasts directed across the border and said he would take additional steps to ease tensions. Under Yoon, who took a hard line against Pyongyang, the two sides scrapped a 2018 military agreement that sharply escalated hostility.
Perth Now
03-07-2025
- Business
- Perth Now
New South Korean leader goes bold with national finance
South Korean President Lee Jae Myung has vowed to implement a "bold" fiscal policy to boost a flagging economy after the nation's martial law crisis and tackle challenges posed by looming US tariffs and North Korea. Lee, who was elected on June 3 in a snap election, said it was his top priority to improve the lives of the people, whose faith in government had been greatly shaken by "a national crisis" that hammered Asia's fourth-largest economy. "It is a time when the proactive and bold role of national finance is more important than ever," Lee, who has pledged to implement expansionary fiscal policy, said on Thursday in his opening remarks at a news conference to mark 30 days in office. Lee's predecessor, Yoon Suk Yeol, declared martial law in December, shocking a nation that had come to pride itself as a thriving democracy having overcome military dictatorship in the 1980s and triggering an unprecedented constitutional crisis. Lee's administration has proposed $US14.7 billion ($A22 billion) of extra government spending to support sluggish domestic demand. Parliament controlled by his Democratic Party is expected to vote on the budget bill soon. The president also said in his opening remarks that he was doing his best to achieve a "mutually beneficial and sustainable" outcome from trade negotiations with the United States. South Korea is hoping to contain the impact of US President Donald Trump's threatened punishing tariffs that could weigh on an export-reliant economy with major semiconductor, auto and steel industries. Lee said tariff negotiations with the United States had "not been easy," and he could not say if an agreement was possible in time for Washington's July 8 deadline when tough reciprocal import duties are set to kick in. During high-level trade talks in June, Washington raised issues related to South Korea's non-tariff barriers, as Seoul already imposes nearly zero tariffs on US imports under a free trade agreement, a senior South Korean trade official has said. Lee, a liberal former human rights lawyer, said the alliance with the United States was the cornerstone of his foreign policy, but pledged a pragmatic approach as the basis of a speedy effort to improve ties with China and Russia. Peace with North Korea was not only a national security priority, but a crucial part of a "virtuous cycle of peace and economic growth", he said. Lee said tension with Pyongyang has had a real negative economic impact despite South Korea's strong military capabilities, funded by a defence budget larger than the North's total economic output. "Even if you're at war, you have to have diplomacy and dialogue. To completely cut off dialogue is truly foolish," Lee said when asked about his plans on relations with Pyongyang. The two Koreas remain technically in a state of war under a truce that ended fighting in 1953. He said he had been surprised by the swift response from North Korea after he suspended loudspeaker propaganda broadcasts directed across the border and said he would take additional steps to ease tensions. Under Yoon, who took a hard line against Pyongyang, the two sides scrapped a 2018 military agreement that sharply escalated hostility.
The Sun
19-06-2025
- The Sun
Inside half-built and abandoned £40m mansion ‘bigger than Buckingham Palace' & owned by a convicted criminal
A £40million mansion in Sussex once said to be the most expensive private house built in Britain for a century remains unfinished – 40 years after work first started. Hamilton Palace near Uckfield, in East Sussex, is owned by notorious property tycoon Nicholas van Hoogstraten and is bigger than Buckingham Palace. 5 5 5 Van Hoogstraten was once dubbed Britain's youngest millionaire and has been locked in a dispute with neighbours of the property for decades. But, 40 years after work on the enormous £40 million mansion began in 1985, it remains no more than a huge shell and has been dubbed the "Ghost House of Sussex." After work halted in 2001, the mansion was mostly abandoned, unfinished and is surrounded by acres of countryside. It's been the subject of immense investment despite the fact that no one has ever lived in it. But despite its scale, there is little to hint at its presence. It is hidden away off of an unassuming junction on the A22 south of Uckfield and the house is completely obscured by a thick wooded area. The closest glimpse you can get on foot is of a gated entrance onto the estate that gives nothing away, aside from a bricked unit and a large, white container. But there is a definite sense of unease. It has been reported that stuck on the gate is a sign, written in capital letters. It baldly states: "High Cross Estate, Private Property, Keep Out." If that's not enough, multiple other signs reportedly warn of "shooting in progress", "dogs running free" and CCTV being in operation. I came home to find my nightmare neighbour knocking down my DOOR – he claimed it was his right to do it The only recent photographs of the property have been taken by drones and older photographs taken on site apparently when work was still ongoing. Those photos show an an eerie building, shrouded in scaffolding and overgrowing foliage, with discarded containers, construction equipment and other items littered throughout the grounds. It doesn't look like anything has happened at the site for a long time. Few have been inside, but one reporter who did, in 2000, when it was said to be two years off completion, described a grand central staircase and reception hall, with lift shafts already installed and expensive stone balustrades and pillars. Who is Nicholas van Hoogstraten? Nicholas van Hoogstraten is a convicted criminal. He is now 80 and goes by the name of Nicholas von Hessen. A Sussex native born in Shoreham, he owns dozens of properties in the area. He is said to have started making money selling stamps as a teenager before moving into property and, by the age of 22, had 350 properties in Sussex alone. In the 1980s housing boom he acquired more than 2,000 properties and had sold 90% of them by the 1990s. Over the past couple of decades, he has been involved in widely reported disputes with neighbours over Hamilton Palace. Low-level lighting had been installed on the roof, where there was to be a garden, and there was space for a fountain below. One entire floor was due to house van Hoogstraten's art collection. Today, the domed roof of the main building still rises over the top of the treeline and remains visible from a distance from the nearest set of houses in the hamlet of Palehouse Common. Locals have previously vented about the large area being left unused and there was a row over a public footpath that ran through it that van Hoogstraten did not want to be used. In answer to those complaints, he was quoted as saying "even the most moronic of peasants would be able to see… that we have been busy landscaping the grounds of the palace so as to prepare for scheduled works". And he has also denied that the house is falling apart. He added: "Hamilton Palace is far from 'crumbling' and was built to last for at least 2,000 years. "The scaffolding only remains as a part of ongoing routine maintenance such a property would require until completion." It has been reported the estate is now owned by his children through the company Messina Investments. 5 5
Yahoo
08-06-2025
- Business
- Yahoo
Pictures show progress of new electrical sub station
A new sub station is being built to improve electricity supply. National Grid is building a new electricity supply point at the junction of Eastbourne Road with the A22 near Uckfield. The site will allow UK Power Networks to connect to the National Grid network, as well as 'improve the electricity supply to the surrounding area and meet increased demand'. Two new substations are set to be built and two new pylons. The works are due to finish in December. Last year, Paul Alchin, project manager for the National Grid, said: 'Balfour Beatty is the main contractor for the project, which is on Eastbourne Road at the junction with the A22. Read more: Decision made on plans for 'unneighbourly and overbearing' house in back garden 'The scheme involves building two electricity substations (one for National Grid and one for UK Power Networks), two new electricity transmission pylons, and the dismantling of an existing grid pylon. 'The development will provide a new connection for our customer, UK Power Networks, and will ensure a continued safe and secure supply of electricity to local homes and businesses. 'We understand our essential work may impact the local community and we'll work hard to minimise disruption where we can. 'We'll regularly monitor construction traffic, vehicle movements, noise, dust, vibration, and light.'
West Australian
06-05-2025
- Business
- West Australian
OpenAI scraps plans to change into for-profit company
ChatGPT inventor OpenAI has reversed course on plans to transform into a for-profit company, announcing that it will remain under the control of its original US non-profit entity. The decision follows consultations with state attorneys-general in California and Delaware, who could have moved to block the restructuring. "OpenAI was founded as a non-profit, and is today overseen and controlled by that non-profit. Going forward, it will continue to be overseen and controlled by that non-profit," the company said in a statement. The reversal raises questions about the future of OpenAI's funding structure. Major investors, including Japan's SoftBank, had backed the company on the condition it would transition to a profit-driven model by the end of the year. Chief executive and co-founder Sam Altman told reporters on a call on Monday that SoftBank had no plans to reduce its funding. Microsoft, which has invested almost $US14 billion ($A22 billion) in the company, has not commented on the new plan. The profit-oriented restructuring was originally intended to attract more investors as competition in the artificial intelligence sector intensified. It came after a period of turmoil in late 2023, when OpenAI's board abruptly fired Altman, only to reinstate him weeks later following pressure from investors and staff. OpenAI's co-founders, including Altman and Tesla CEO Elon Musk, originally started it as a non-profit research laboratory on a mission to safely build artificial general intelligence for humanity's benefit. Nearly a decade later, OpenAI has reported its market value as $US300 billion and counts 400 million weekly users of ChatGPT, its flagship product. The non-profit decision marks a victory for Musk, who now runs rival AI firm xAI. Musk has been a vocal critic of the profit shift and has taken legal action to block the transformation. with AP
