South Korea factory activity shrinks for 5th month but at milder pace, PMI shows
The Purchasing Managers Index (PMI) for manufacturers in Asia's fourth-largest economy, released by S&P Global, edged up to 48.7 in June, from 47.7 in May.
The index has stayed below the 50-mark, which separates expansion from contraction, since February.
"Manufacturing output and sales both decreased, albeit at a softer rate than that seen in May, as firms signalled pockets of improvements in the domestic market," said Usamah Bhatti, economist at S&P Global Market Intelligence.
South Korea's consumer sentiment reached a four-year high in June, buoyed by political stability following a snap presidential election on June 3 that ended six months of uncertainty, according to an earlier central bank survey.
In Tuesday's survey, business sentiment regarding the year-ahead outlook for output rebounded from the previous month to its strongest since May 2024, as firms reported reduced concerns about global economic risks.
However, while output and new orders fell at a milder pace, new export orders declined slightly faster due to weaker sales across key markets such as Japan, China and the United States, the survey found.
South Korea's new administration, led by President Lee Jae Myung, has pledged short-term measures to support the economy as tariff negotiations continue with Washington.
A senior South Korean trade official said on Monday that Seoul will seek an extension to the 90-day pause on U.S. tariffs, set to expire next week, as talks are expected to continue beyond the deadline.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Record
an hour ago
- Daily Record
Aldi 'launch' rival to M&S's strawberry sandwich and fans are loving it
Aldi has never been one to shy away from poking fun at its competitors. When Marks and Spencer reckon they're ahead of the game, Aldi is always ready with a clever marketing trick up their sleeve. It's been a tricky few months for M&S after a cyber attack forced the retailer to axe all online orders. The fallout led to M&S making a loss on this year's profits by around £300million. The high street favourite also faces legal action from Scottish customers after it was confirmed the data breach saw personal information stolen. Things seem to be improving for M&S, with a partial return to online sales last month and Chief Exec Stuart Machin said to have reported to shareholders that all online orders and shopping operations should be back up and running in August. But despite all the good press around the buzzworthy strawberry sandwich, M&S has again become the butt of the joke after Aldi - once again - re-launched their supermarket feud, reports the Mirror. The budget retailer is known for its witty social media banter, especially at the expense of M&S, and took another cheeky yet amusing dig at their rival. Following the Colin Vs Cuthbert caterpillar cake debacle, Aldi has now taken aim at the strawberry and cream sandwich. True to form, Aldi responded to M&S's new creation by 'launching' their own spoof sando, mocking their rival's posh version. The German supermarket's version features carrots and cream on a soft sweetened loaf. They shared their new concoction on social media, parodying the iconic M&S slogan - just to twist the knife a bit further. They wrote: "This is not just any sando... this is a Carrot and Creme Sando. 500K likes and we'll make it happen." Although it's not a legitimate item yet, Aldi may have to stock it if they reach their 500,000-like target. M&S had popularised the slang term 'sando' when they introduced their Chicken Katsu Sando last year, and Aldi's engagement in the viral sensation has won over shoppers with their playful jab at their rival. One fan remarked on the post: "Can always count on Aldi to have a sense of humour," prompting Aldi to respond: "Love a good bit of tomfoolery." Another keen Aldi enthusiast added: "I've been waiting for Aldi's response on this," while a third quipped: "Guaranteed to make you see in the dark!" Aldi humorously guaranteed: "100% night vision or your money back." A fourth joked: "Easy now, wouldn't want any beef in that sandwich," prompting a cheeky retort from Aldi: "Oh, we've always got beef!". This follows Aldi's playful name change at one of their Manchester stores in anticipation of the Oasis reunion concert. The supermarket paid homage by altering the name of its Bury New Road store in Prestwich to 'Aldeh'. The brand explained that the temporary rebranding is a nod to the Mancunian way of pronouncing its name and serves as a tribute to the Gallagher brothers and the city's rich musical legacy. Aldi has announced that the sign will be proudly displayed during Oasis ' eagerly anticipated return to Manchester. It has been hinted that fans have already lined up outside the store to snap pictures with the new sign in honour of the band. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'.
Daily Mail
an hour ago
- Daily Mail
SSP shares soar as Caffe Ritazza owner preps £1.2bn IPO for Indian JV
SSP Group shares jumped on Wednesday after the food retailer revealed a roughly £1.2billion valuation for its Indian joint venture business ahead of an IPO. The Upper Crust and Caffe Ritazza owner said the initial public offering of Travel Food Services (TFS) has a price band of 1,045 to 1,100 Indian Rupees per share. This implies a market valuation of between 137.6 billion and 144.8 billion Indian Rupees, or about £1.17billion to £1.23billion at current exchange rates. SSP initially hoped the listing would occur during the spring, following the filing of a draft red herring prospectus with the Indian regulatory authorities in December. It intends to purchase 1 per cent of TFS's issued share capital for around £12.5million, which will take its overall stake in the business to above 50 per cent. Shares in the London-listed firm soared 8.5 per cent to 188.5p by mid-Wednesday afternoon, making them the FTSE 250 Index's biggest riser. Headquartered in Mumbai, TFS operates dozens of lounges and hundreds of quick-service restaurants across 14 airports in India and three in Malaysia. In addition to in-house brands like and Dilli Streat, the group runs franchise outlets of famous global food-to-go companies, including KFC, Domino's Pizza, and Jamie Oliver's Pizzeria. It is co-owned by SSP and K Hospitality, an Indian food service business with over 500 locations, whose shareholding entity is the Kapur Family Trust. Trading in TFS shares is set to begin on the Indian stock exchanges on 14 July. Once the IPO is completed, SSP's deputy chief executive, Jonathan Davies, and Asia-Pacific boss, Jonathan Robinson, will join TFS's board. SSP's announcement comes as the company embarks on a cost-cutting programme to improve margins and returns amidst more challenging economic conditions. 'Recent geopolitical events have led to a heightened level of uncertainty across some of our travel markets, in particular in North America,' the firm told investors in May on the release of its half-year results. For the six months ending March, the group's turnover increased by 9 per cent to £1.6billion, supported by the acquisition of the Midfield Concessions business in Denver. In the UK and Ireland, SSP's revenue rose by 15.4 per cent to £892.5million thanks to continued growth in rail commuter numbers and strong demand in the air channel. Its operating profits also climbed by 20 per cent to £45million, although on a statutory basis, they slumped by around three-quarters to £15million due to costs from an IT transformation project and the recognition of impairment charges.
BBC News
2 hours ago
- BBC News
Alexander Dennis extends deadline to save under-threat bus jobs
The bus builder Alexander Dennis (ADL) is to allow more time for efforts to save the jobs of workers in Falkirk and Larbert.A consultation on its plans to end manufacturing in Scotland, which would result in the loss of 400 jobs, will now run for an extra means the new deadline is 15 the Scottish government said officials had met the company to discuss the possibility of a furlough scheme. Alexander Dennis last month announced plans to stop manufacturing in central Scotland. Instead it is proposing to centralise bus building in union Unite had called on the company to extend the mandatory consultation period to allow more time to try to save the Scottish Thomson, the union's Scottish secretary, welcomed the said: "Unite was pushing hard for this extension because it buys more time for proposals to be brought forward which can help secure immediate and long-term orders. "We continue to work with Alexander Dennis and the Scottish government to explore viable options which can retain the skilled workforce at Falkirk and Larbert, including the use of a time-limited furlough scheme supported by government."Staff are currently on a two-week annual break linked to the local holiday in Scottish government said efforts to try to find a solution would continue. Furlough talks In a letter to Holyrood's Economy and Fair Work Committee, Finance Secretary Shona Robison mentioned a time-limited furlough scheme. The aim would be to avoid redundancies before work on new orders confirmed officials had met ADL to discuss a potential company furlough given the green light it would be the business' offer to its employees to prevent compulsory redundancies among the manufacturing scheme would be administered by the said: "We are in discussions with ADL on the potential for the government to support the company's scheme for a defined period."Robison said officials from both the Scottish and UK governments were continuing to meet regularly to discuss the situation. Last week the firm's managing director, Paul Davies, told a Holyrood committee it would need to win orders for at least 70 new buses this year before it could keep its Scottish sites Davies said the company would then need to win 300 additional orders next he warned this alone might not be enough to keep the Falkirk and Larbert operations Scarborough operation has the capacity to produce around 1,200 buses a Davies was asked what it would take to keep production in told the committee the issue was demand and that the company did not have sufficient volume in the order book to sustain two manufacturing sites in the was then asked if the company could give an absolute commitment to keep Falkirk and Larbert open if it secured a sufficient number of new Davies could not give this and said there were wider implications for the company to consider. The extension to the consultation period provides a little breathing space and adds to the possibility the jobs will be it is far too early for anyone fighting to save the jobs to solution will be complex. It is likely to involve the company, unions and both the Scottish and UK particular Alexander Dennis will need to see a pipeline of work big enough to justify both the Scottish and Scarborough operations.A furlough scheme only becomes a realistic proposition if it might bridge a short gap - perhaps three months - until work on new orders begins. Any such scheme would not be designed to run indefinitely.
