
South Korea July consumer inflation +2.1% y/y, as expected
On a monthly basis, the consumer price index rose 0.2%, the fastest in four months, after no change in the previous month.
The numbers were roughly in line with median forecasts of 2.13% and 0.22% tipped in a Reuters poll of economists.

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The Independent
5 minutes ago
- The Independent
Urgent warning made over UK pensions
An industry expert has warned that the UK state pension age may need to rise to 80 without significant reforms, as the current system is becoming unaffordable. The state pension age is already scheduled to increase from 66 to 67 by 2028, with a further rise to 68 expected to be brought forward from 2046. The Office for Budget Responsibility projects the annual cost of the state pension could reach £200 billion by 2073, representing 7.7-8.4 per cent of GDP by the 2070s. Pensions expert Jack Carmichael suggests the cost could be even higher than official projections, potentially necessitating a state pension age of 80 to maintain affordability. To manage spiralling costs, the government may be compelled to either raise the state pension age more rapidly or reform the triple lock mechanism.


Reuters
6 minutes ago
- Reuters
Trump again threatens 'very substantial' tariff hikes for India over Russian oil
WASHINGTON/NEW DELHI, Aug 5 (Reuters) - U.S. President Donald Trump said on Tuesday he would increase the tariff charged on imports from India from the current rate of 25% "very substantially" over the next 24 hours, in view of New Delhi's continued purchases of Russian oil. He also said a "zero tariff" offer for imports of U.S. goods into India was not good enough, alleging that India was "fuelling the war" in Ukraine. Trump's threat to India over its purchases of Russian oil started on July 31, when he announced a 25% tariff for Indian goods, along with an unspecified penalty. "They're fuelling the war machine, and if they're going to do that, then I'm not going to be happy," Trump told CNBC in an interview on Tuesday, adding that the main sticking point with India was that its tariffs were too high. "Now, I will say this, India went from the highest tariffs ever. They will give us zero tariffs, and they're going to let us go in. But that's not good enough, because of what they're doing with oil, not good." An Indian government source said that India's purchases of Russian oil have helped to stabilise global oil prices by easing the pressure on supplies from other regions. India, the world's third biggest oil importer and consumer, buys more than a third of the oil it needs from Russia. "If we stop buying Russian oil, who will replace those barrels to maintain balance (in the market) and at the same time prevent the prices from shooting up? We don't want a repeat of 2022 when prices shot up to $137 a barrel," the source said, referring to the oil market spike around the time when Moscow's invasion of Ukraine began. The official spoke on condition of anonymity because the source was not authorised to speak to the media. Trump's latest comment followed a similar threat on Monday, which prompted India's Foreign Ministry to say the country was being unfairly singled out over its purchases of Russian oil. "It is revealing that the very nations criticising India are themselves indulging in trade with Russia (despite the Ukraine war)," it said in a statement issued late on Monday. "It is unjustified to single out India," it added. The EU conducted 67.5 billion euros ($78.0 billion) worth of trade with Russia in 2024, including record imports of liquefied natural gas that totalled 16.5 million metric tons, the Indian ministry said. The United States continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilisers and chemicals, it added, without giving a source for the export information. The U.S. embassy and the EU's delegation in New Delhi did not immediately respond to a request for comment. Both the United States and EU have reduced their trade ties with Russia since it launched its full-scale invasion of Ukraine. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1% from a year ago, according to data provided to Reuters by trade sources. It has faced pressure from the West to distance itself from Russia over the Ukraine war. New Delhi has resisted, citing its longstanding ties with Moscow and economic needs. India's National Security Adviser Ajit Doval is likely to go ahead with a scheduled visit to Russia this week, two government sources said. Foreign Minister S. Jaishankar is expected to visit in the coming weeks. The sudden rift between India and the U.S. has been deepening since July 31. Trump has said that from Friday he will impose new sanctions on Russia as well as on countries that buy its energy exports, unless Moscow takes steps to end the war with Ukraine. The trade tensions have caused concern about the potential impact on India's economy. The equity benchmark BSE Sensex .BSESN closed down 0.38%, while the rupee dropped 0.17% versus the dollar.


Reuters
8 minutes ago
- Reuters
Barcode scanner maker Zebra in $1.3 billion deal to buy Elo Touch, boosts forecasts
Aug 5 (Reuters) - Barcode scanner maker Zebra Technologies (ZBRA.O), opens new tab is expanding its retail-focused business with a $1.3 billion buyout of touchscreen maker Elo Touch Solutions, after upbeat second-quarter results fueled by growing sales of its devices. Shares of the company rose nearly 7% in premarket trading on Tuesday as it raised its annual targets for revenue and profit, also benefiting from the acquisition of Slovakian 3D imaging company Photoneo. As more businesses digitize operations, demand has grown for Zebra's handheld computers, barcode scanners and tracking devices that help store workers manage inventory, warehouse staff move goods and delivery teams monitor shipments. The all-cash deal for Elo Tech, expected to close in 2025, will help Zebra offer frontline workers Elo's self-service kiosks, payment terminals and touchscreen systems. "This acquisition represents the next step in our journey to accelerate the connected frontline," Zebra CEO Bill Burns said, adding it would expand the company's addressable market by $8 billion. Elo Touch, whose products are used by companies such as JCPenny, has annual sales of about $400 million. Its buyout will immediately add to Zebra's earnings and generate about $25 million of additional core profit three years after close. Zebra's performance in the April-June quarter also benefited from lower-than-expected tariffs, with the company diversifying its supply chain across China, Vietnam, Malaysia and Mexico. It had raised prices on most North America products in April, in anticipation of cost pressures from tariffs. The company expects annual sales growth of between 5% and 7%, compared with a prior forecast of 3% to 7%. Annual adjusted profit per share is expected to be between $15.25 and $15.75, up from $13.75 to $14.75. Sales jumped 6.2% in the second quarter to $1.29 billion, in line with estimates. Adjusted profit was $3.61 a share, above estimates of $3.32, according to data compiled by LSEG.