However, Asia is also the region that, according to the International Energy Agency (IEA), has two growth engines: China and India, which are leading the continent’s renewable adaptation campaign. Southeast Asian countries also possess immense potential. Should the region double down on green sources to future-proof its energy security and economic outlook?

Rana Adib, the Executive Director of REN21, the global network of diverse stakeholders that enables the necessary changes to build the renewables economy for prosperous lives and societies, shared her insights on Asia’s renewable pursuit in an exclusive interview with International Finance.

An engineer by training, Rana Adib has worked in the private sector and applied research in the fields of renewable energy, energy access, waste management, and the biomethane sector. With her cross-functional profile, she likes to provide solutions that pave the way for a world built on renewable energy. She is also the chair of SLOCAT, an international multi-stakeholder partnership enabling knowledge and action for sustainable, low-carbon transport.

Here are the excerpts from the interview

With crude oil staying above $100 and disruptions in the Gulf, how do you see the global economy coping with this prolonged energy crisis?

In the short term, countries are focused on securing supply and managing demand through measures such as stock releases, subsidies and supply diversification. These can help cushion the immediate impact, but they do not address the underlying structural exposure. With around 20% of global oil trade passing through the Strait of Hormuz, disruptions quickly translate into higher energy prices, inflationary pressure and impacts on industrial competitiveness, particularly in import-dependent economies across Asia and Europe.

This situation highlights a broader point: systems that rely heavily on traded fossil fuels remain inherently exposed to geopolitical risks and price volatility.

After repeated energy shocks since 2022, do you think renewables are shifting from an option to a necessity?

Yes — increasingly, this shift is being driven by affordability, efficiency and resilience. Renewables are now among the lowest-cost sources of new power in many regions and offer greater price stability, unlike fossil fuels, whose costs are subject to global market fluctuations. As prices rise, households and industries are directly affected, while renewables combined with electrification can reduce long-term exposure to these shocks.

At the same time, energy efficiency is becoming more central. Electrified solutions such as electric vehicles and heat pumps are significantly more efficient than combustion-based systems, meaning less energy is required to deliver the same services — helping to lower costs and reduce vulnerability. Countries that rely heavily on imported fossil fuels remain structurally exposed. By contrast, systems built on renewables, electrification, efficiency and flexibility can improve resilience over time. In this context, renewables are increasingly seen not only as a climate solution, but as a key component of economic stability and energy security.

What is the likelihood of Asian governments accelerating the transition to alternatives beyond petrol, diesel, and gas?

In many cases, the current context is likely to reinforce this direction, although the transition may not be linear. Some governments may adopt short-term measures involving fossil fuels to manage immediate pressures. At the same time, the crisis is strengthening the case for electric mobility, public transport, clean electricity, storage and heat pumps, as well as for expanding domestic renewable energy supply. Given Asia’s significant reliance on imported fuels, there is a growing incentive to reduce exposure through electrification, energy efficiency and locally available renewable resources.

With global EV sales reaching 1.1 million units in February 2026, do you expect this growth to sustain or peak soon?

The outlook is likely to be more nuanced rather than indicating a clear peak. Overall, car sales may face downward pressure due to weaker consumer spending and broader economic uncertainty. However, the key trend is that the share of EVs within total car sales continues to increase. EVs represented over 20% of global car sales in 2024 and are on track to exceed 25% in 2025. In leading markets, shares are already significantly higher, including around 50% in China, while others such as South Korea (around 10%), Japan (around 2%–3%) and India (around 3%) remain at earlier stages, highlighting significant room for growth.

This suggests that accelerating investment in EVs, charging infrastructure and enabling policies could play an important role in reducing fuel import dependence and strengthening energy security.

Should automakers prioritise affordability to meet rising EV demand?

Affordability is now central to the next phase of EV adoption. Automakers are already shifting in this direction, driven by weaker consumer demand, geopolitical pressures and rising competition. At the same time, EV economics have improved significantly. In many markets, EVs are already cheaper to own and operate over their lifetime, and upfront costs are moving toward parity. The challenge is therefore no longer technology, but access — ensuring affordable options, financing and scale for mass-market adoption.

With countries like China, India, and Japan leading renewable adoption, should other Asian economies follow more aggressively?

The broader regional trend suggests increasing momentum, but the current crisis also shows that the transition is not always linear. In the short term, many countries are focused on securing fuel supply and managing demand, including subsidies, diversification, and emergency measures. However, this situation is already reinforcing the case for accelerating renewables, electrification and energy efficiency as more durable solutions.

China and India continue to drive large-scale renewable deployment, while Japan is expanding within a more constrained system. South Korea is also pursuing more ambitious renewable expansion plans, particularly in solar and offshore wind. At the same time, other Asian economies remain at earlier stages, highlighting significant room for growth. Countries that have already expanded domestic renewable capacity are generally less exposed to price volatility, which is becoming an increasingly important consideration.

Scaling up renewables, electrification, and efficiency can help reduce exposure to volatile fuel import costs, in addition to improving resilience to external shocks, supporting domestic economic development and new industries. In this context, accelerating the transition is increasingly seen not only as a climate priority, but as a strategic economic and energy security decision.

Despite leading Asia’s renewable adoption charge, Japan and South Korea are feeling the brunt of the global energy crisis, given their dependence on imported fuel. Should these nations take a hard look at their energy sourcing practices?

The current crisis underscores the structural dependence of both countries on imported fuels. Japan sources the vast majority of its crude oil (around 90%) from the Middle East, while South Korea imports roughly two-thirds from the same region, with much of this supply transiting through key chokepoints, such as the Strait of Hormuz. While both maintain strategic reserves, these provide only a short-term buffer.

Reducing this exposure over time will depend on accelerating domestic renewables, electrification, grid and storage infrastructure, and energy efficiency. More broadly, this reflects a shift in how energy security is being understood, from securing fuel supply to reducing reliance on imported fuels altogether.

Japan, after the 2011 Fukushima disaster, took a backseat in expanding its nuclear industry. Do you see things changing in this front post-Gulf crisis?

Japan’s energy policy had already begun evolving before the current crisis, with a more balanced approach that includes both renewable expansion and a gradual return of nuclear power. The current context may reinforce discussions around nuclear energy in terms of energy security. However, nuclear developments typically involve long timelines and remain subject to public acceptance considerations. In the near term, measures such as accelerating renewables, electrification and energy efficiency are likely to play a more immediate role in strengthening energy resilience.

The post Renewable shift is being driven by affordability, efficiency and resilience: Rana Adib appeared first on International Finance.

“Japanese Minister of Finance Satsuki Katayama and South Korean Minister of Economy and Finance Koo Yun-cheol expressed serious concern over the sharp depreciation of the Korean won and the Japanese yen. Furthermore, they reaffirmed that they will closely monitor foreign exchange markets and continue to take appropriate actions against excessive volatility and disorderly movements in exchange rates,” said a media note after the officials met in Tokyo.

The yen touched its lowest in 20 months on 13th March, nearing the line of 160.00 to the dollar that the market analysts think might prompt Tokyo to intervene to support the currency. ‌The ⁠won, on the other hand, breached a psychological barrier of 1,500 per dollar this month for the first time since March 2009.

The Iran war has also driven ⁠the dollar higher on safe-haven demand, apart from battering the currencies of countries heavily reliant on imported oil.

The currency is also gaining as traders reduce expectations for how much the US Federal Reserve might cut borrowing costs in 2026, as worries over rising inflation have reduced the likelihood of interest rate cuts from two before the war to none now.

Tokyo and Seoul shared the view that significant volatility had emerged in financial markets, including foreign exchange, Satsuki Katayama told a press conference after the meeting.

“The Japanese government ⁠is fully prepared to respond at any time, bearing in mind the impact that currency moves may have on people’s livelihoods amid surging oil prices, and I believe both ⁠sides share that understanding,” she added.

Yen, due to its huge trade surplus and enormous net international investment positions, was once used to enjoy unconditional safe-haven status.

However, that position is under threat now, as Joey Chew, head of Asia FX research at HSBC, told Reuters, “The yen can be vulnerable to potential oil supply shocks – it also weakened last year in mid-June amid Israel-Iran tensions.”

The post Japan, South Korea share volatile currency concerns as Yen faces stern test appeared first on International Finance.

While the Republican called the verdict a “disgrace” and decided to carry on the levies, named as “global tariffs,” through alternative means, the mechanism, since 2025, has created flutters around the world. Not only did the overall global trade flow get adversely affected, Uncle Sam’s relations with allies like Canada, the European Union, South Korea and India also faced significant headwinds.

Post the SC verdict, where are things heading now? To discuss this, International Finance caught up with Linda Middleton-Jones, an advocate and ambassador for international trade. As a founder and Managing Director of International Trade Matters with over 30 years of experience in international commerce, Linda serves as an Internationalisation Specialist for “Innovate UK,” supporting innovative tech startups in global market expansion.

Previously, as the International Trade Director for Plymouth Chamber of Commerce, she created the Manufacturing Barometer (mentioned at Davos and recorded in Hansard) and the Global Trade Blueprint based on Sensemaking principles. Named “Most Influential Businesswoman in Multi-Sector International Commerce 2022,” Linda completed certified training with MIT, The Economist and the ILM.

In this exclusive conversation, Linda discusses how the “Trump Tariffs” achieved limited success in fulfilling primary goals such as manufacturing reshoring, deficit reduction and revenue generation, while generating substantial costs for American businesses and consumers alike. She also notes that businesses dependent on imported components faced higher input costs, reducing competitiveness globally.

International Finance: What is your view on the clash between the US Supreme Court and the Donald Trump administration after tariffs continued despite the ruling?

Linda Middleton-Jones: The clash exemplifies political fragmentation overriding institutional governance—a tension familiar to companies navigating competing jurisdictions. When executive authority supersedes judicial oversight, it creates unpredictability for internationally trading businesses. From my work with UK exporters through International Trade Matters, this instability complicates strategic planning and risk assessment. Companies require regulatory certainty; when political expediency trumps constitutional frameworks, it undermines the governance pillar of ESG that businesses increasingly depend upon. This isn’t merely domestic politics—it reverberates through global supply chains, forcing trading partners to question America’s commitment to rules-based commerce. The real victims are SMEs lacking resources to pivot quickly when political whims override established frameworks.

Are tariffs the only way to address serious balance of payments deficits?

Tariffs represent the bluntest instrument in economic policy—effective perhaps for headline politics but crude for addressing structural imbalances. My experience with Innovate UK (United Kingdom’s national innovation agency) demonstrates alternative approaches: investing in innovation, enhancing productivity, supporting export capability, and improving competitiveness through skills development. Japan and Germany achieved trade surpluses through manufacturing excellence, not protectionism. Balance of payments deficits reflect deeper issues, currency valuations, consumption patterns, productivity gaps, and comparative advantages. Addressing these requires systemic change: infrastructure investment, education reform, and industrial strategy. Tariffs may temporarily reduce imports but simultaneously increase costs for domestic manufacturers dependent on global supply chains, potentially worsening competitiveness. Sustainable solutions lie in enhancing export capability, not simply restricting imports.

Have tariffs helped boost US manufacturing, trade balance, or federal revenue so far?

Evidence suggests limited success across all three metrics. Manufacturing reshoring proves slow and expensive—relocating complex supply chains requires years and substantial capital investment. The trade deficit with China decreased marginally but diverted rather than eliminated—imports shifted to Vietnam, Mexico, and other nations. Federal revenue from tariffs increased nominally but pales against broader economic costs: higher consumer prices, retaliatory tariffs damaging agricultural exports, and supply chain disruptions. Companies I work with report increased costs without corresponding domestic alternatives. The Peterson Institute estimates tariffs cost American households considerably more than the revenue generated. Manufacturing competitiveness requires workforce skills, infrastructure, and innovation investment—tariffs alone cannot substitute for a comprehensive industrial strategy. Short-term political gains versus long-term economic reality.

Do Trump’s tariffs contradict the principles of free trade?

Unequivocally, yes. Free trade principles rest on comparative advantage, specialisation, and mutual benefit through reduced barriers. Tariffs fundamentally contradict these tenets, representing protectionism regardless of justification. However, the nuanced reality acknowledges that ‘free trade’ rarely exists purely—every nation maintains strategic protections around agriculture, defence, and sensitive technologies. The question becomes whether tariffs address genuine unfair practices or simply protect uncompetitive industries. China’s state subsidies, intellectual property theft, and market access restrictions warrant a response, but blanket tariffs penalise allies and trading partners indiscriminately. WTO mechanisms exist precisely to adjudicate trade disputes through rules-based frameworks. Abandoning multilateral systems for unilateral action undermines decades of trade architecture, inviting retaliatory fragmentation that ultimately harms all participants.

Could the ruling affect the China+One supply chain strategy in the near term?

The ruling creates short-term uncertainty but is unlikely to derail China+One fundamentally. Companies pursuing supply chain diversification respond to multiple drivers beyond tariffs: geopolitical risk, pandemic lessons, intellectual property concerns, and ESG considerations regarding labour practices and critical minerals sourcing. My clients implementing China+One strategies—relocating to Vietnam, India, Mexico—cite resilience over cost optimisation. Even tariff removal wouldn’t reverse investments already committed. However, reduced tariff certainty may slow new diversification investments as companies await clarity. The strategic imperative remains: overconcentration in China presents unacceptable risk regardless of tariff policy. Geographic diversification reflects long-term risk management, not merely tariff avoidance. Political instability accelerates this trend rather than reverses it.

How have tariffs strained US ties with allies like Japan, South Korea, the UK, EU, and India?

Tariffs against allies fundamentally breach the trust underpinned by decades of partnership. Japan and South Korea, critical security partners facing China and North Korea, find themselves economically targeted alongside adversaries. The UK, seeking post-Brexit trade opportunities, encountered American protectionism rather than the promised partnership. EU relations deteriorated as tariffs on steel, aluminium, and other sectors contradicted stated alliance values. India’s retaliatory tariffs on American goods demonstrate damaged goodwill. Beyond economics, these actions signal unreliability—if America weaponises trade against allies during peacetime, what commitment remains during crises? My work shows British exporters questioning American market dependence, seeking alternative partnerships. Trust, once broken, requires years rebuilding. Allies increasingly pursue China relationships, CPTPP membership, and regional agreements excluding America, fundamentally realigning global trade architecture.

Will US allies now seek more concessions after the ruling?

Absolutely. The ruling demonstrates institutional limits on executive authority, emboldening allies to press for advantages. Japan, the EU, and others will demand tariff removals, market access improvements, and safeguards against future unilateral actions as preconditions for deeper cooperation. They recognise American political instability creates negotiating leverage—businesses and states demanding trade certainty pressure the federal government toward compromise. However, allies also pursue insurance policies: strengthening intra-regional trade, diversifying away from US dependence, and building alternative frameworks. The ruling proves America’s internal divisions, suggesting allies cannot rely upon a consistent policy. Consequently, concessions sought extend beyond immediate tariff relief toward structural guarantees and dispute resolution mechanisms limiting future executive overreach. Power dynamics have shifted—America’s allies recognise they hold cards previously underutilised.

Have these tariffs become counterproductive for the US economy?

Increasingly, evidence suggests yes. Initial objectives—manufacturing reshoring, deficit reduction, revenue generation—achieved limited success while generating substantial costs. American manufacturers dependent on imported components face higher input costs, reducing competitiveness globally. Agricultural exports collapsed under retaliatory tariffs, requiring federal bailouts exceeding tariff revenue. Consumer prices increased disproportionately, affecting lower-income households. Supply chain disruptions revealed during COVID-19 were exacerbated rather than resolved. Perhaps most damagingly, America’s reputation for rules-based trade governance suffered irreparable harm, encouraging allies toward alternative partnerships. My clients report that tariff unpredictability—more than tariffs themselves—proves most destructive, preventing long-term investment decisions. When political expediency overrides economic rationality, everyone loses. Protectionism may offer short-term political satisfaction but delivers long-term economic pain.

The post Protectionism delivers long-term pain: International Trade Matters Founder Linda Middleton-Jones appeared first on International Finance.

The pilot, launched in October 2025, was conducted in partnership with players like blockchain fintech firm Waybridge, overseas digital wallet operator Aron Group and international remittance specialist GME Remittance. The initiative aimed to test the usability of foreign currency-based stablecoins within Korea’s domestic payment ecosystem, focusing sharply on payment convenience and system stability.

“Under the pilot, stablecoins stored in overseas digital wallets affiliated with BC Card were converted into BC’s digital prepaid cards. Users were then able to make payments at domestic merchants, including convenience stores, cafes and supermarkets, using QR codes, without the need for physical cards or currency exchange,” reported The Korea Herald.

As per the BC Card, the trial addressed key limitations that have so far hindered stablecoin adoption in South Korea’s card payment environment, such as the need for real-time processing for payment approvals, cancellations and corrections.

Using the combination of the cross-border efficiency of stablecoins with the proven operational stability of the card network, BC Card’s pilot project allowed both merchants and consumers to transact in the same way as with conventional card payments.

BC Card now views the pilot project as groundwork for a future payment infrastructure rather than limiting the experiment as a short-term technical test, as it prepares for potential regulatory changes related to digital assets.

The company plans to expand cooperation with partners and gradually develop a stablecoin payment model aligned with Korea’s existing financial systems.

“Stablecoins, due to their technical characteristics, are particularly useful for cross-border payments, and have great potential to improve the domestic payment experience for foreign consumers. We will gradually prepare a stablecoin payment model that complies with the legal and institutional environment based on our card payment infrastructure,” said CEO Choi Won-seok.

The post South Korea-based BC Card experiments with foreign-currency stablecoin payments appeared first on International Finance.

Woodside Energy CEO Meg O’Neill said, “The addition of an infrastructure partner unlocks value and paves the way for other strategic equity partners.”

The Louisiana LNG project, formerly known as Driftwood, will be developed in four phases to meet the increasing demand for gas.

Woodside purchased the American natural gas company Tellurian for USD 1.02 billion in 2024. The estimated cost of the first phase is USD 16 billion. Since then, its shares have underperformed by a significant margin due to investor concerns about the capital intensity of its US expansion plan.

According to Woodside, the project’s economics and cash flow were improved by Stonepeak’s investment, which is expected to cover 75% of capital expenditures in 2025 and 2026.

“The market had put basically a discount on Woodside because of the balance sheet pressure that would happen without a selldown, and now this selldown has addressed that,” said MST Marquee senior energy analyst Saul Kavonic.

The deal also allows Woodside to make a final investment decision without locking in equity and offtake partners. Stonepeak senior managing director James Wyper said the Louisiana plant offered a good opportunity to invest in an LNG export plant nearing a final go-ahead.

As per Kavonic’s estimates, Woodside will need to sell a further 20% to 30% of its holding company stake, which includes a gas supply and LNG offtake business, to achieve its 50% selldown target. To meet this goal, the Meg O’Neill-led Woodside has so far held talks with potential buyers, including Tokyo Gas, Japan’s JERA, and Saudi Aramco-backed MidOcean Energy.

Meet Meg O’Neill

The current CEO of Woodside Energy, Meg O’Neill, has a broad and successful background that combines technical know-how with a strong dedication to leadership in the energy industry. Her father, a multi-patent holder, fostered her interest in science and engineering during her upbringing in Boulder, Colorado.

Early on in her academic career, Meg O’Neill showed a strong interest in math and engineering. She attended the Massachusetts Institute of Technology (MIT) and graduated with degrees in Ocean Engineering and Chemical Engineering. Her career in the energy sector was well-founded on these early encounters.

After a stellar 23-year career at ExxonMobil, Meg O’Neill joined Woodside Energy. She held several positions with the company in North America, Africa, Europe, and Asia during her tenure. Her time at ExxonMobil was marked by leadership, operational, and technical responsibilities that enabled her to participate in some of the company’s most significant initiatives. She contributed significantly to the development of energy operations and infrastructure in Angola, Nigeria, Tanzania, and Mozambique, among other places. Her success in the future was greatly influenced by her global outlook and in-depth knowledge of energy markets.

In 2018, Meg O’Neill moved to Woodside Energy, one of the top oil and gas firms in Australia, where she became the Chief Operations Officer. Her tenure as Woodside’s leader was characterised by change and growth. She became one of the most powerful people in the Australian energy sector when she was named CEO and Managing Director in August 2021.

Woodside became the largest energy company listed on the Australian Securities Exchange after successfully merging with BHP’s oil and gas portfolio under her direction. Meg O’Neill’s plan to transform Woodside into a more competitive force in the world energy market included this calculated action.

In addition to her involvement in numerous business and community organisations, Meg O’Neill is well-known for her dedication to diversity and inclusion. She is a member of several significant boards, such as the West Australian Symphony Orchestra and Reconciliation Western Australia, and she chairs the Australian Energy Producers (AEP), a significant industry association.

She also serves as an honorary governor of the Australian chapter of the American Chamber of Commerce. Through her active participation in Perth’s cultural scene and support of numerous initiatives aimed at enhancing industry and community relations, O’Neill demonstrates leadership that goes beyond business.

In 2024, the African Energy Chamber named O’Neill the “Energy Person of the Year” in honour of her outstanding contributions to the energy industry. This esteemed honour recognised her leadership in utilising Africa’s gas and oil resources to promote equitable economic development.

O’Neill’s continued efforts in the energy sector demonstrate her dedication to sustainability, innovation, and the development of long-term value for Woodside, as well as the communities and areas that the energy industry affects.

Woodside Continues Its Asia Push

Woodside Energy in March 2025 signed a long-term sale and purchase agreement with China Resources Gas International for the supply of LNG to China. Under the terms of the agreement, Woodside will supply approximately 0.6 million metric tons of LNG annually over 15 years, with deliveries set to commence in 2027.

The deal became Woodside’s first standalone long-term sales agreement with a Chinese buyer, apart from marking the first instance of China Resources committing to a 15-year procurement of LNG. The pact was the fourth such document the energy supplier has signed for the LNG-hungry Asian market since early 2024, as the world races towards clean energy.

In September 2024, Woodside signed an agreement to deliver 400,000 metric tons a year of LNG to Japan. The 10-year agreement with power producer JERA Co. will fulfil the latter’s first cargo in 2026 on a delivered basis. In the same year, Woodside announced another 10-year supply deal, this time involving the supply of six million metric tons of LNG to Taiwan’s national oil and gas company, CPC Corp.

“Woodside may also deliver approximately 8.4 million tonnes of LNG to CPC for a further 10 years, from 2034 to 2043, subject to conditions and agreement on terms for this period,” the venture said back then.

Woodside has already inked an agreement with Korea Gas Corp. for the supply of 500,000 metric tons a year of LNG to South Korea. The contract lasts 10.5 years on a delivered basis, starting in 2026. Signed again in 2024, this became Woodside’s first long-term agreement to supply LNG to South Korea.

Meanwhile, coming back to 2025, Woodside would sell some assets in its offshore oil and gas project in Trinidad and Tobago to London-based Perenco for USD 206 million. The sale includes the Greater Angostura project’s offshore production facilities and interests in the shallow water Angostura and Ruby fields, but excludes assets in the deepwater Calypso field.

Perenco will assume all restoration obligations, while most of Woodside’s Trinidad and Tobago-based workforce is expected to transfer to the London-based company.

Woodside had acquired these assets in 2022 through its landmark USD 28 billion merger with BHP Group’s petroleum business. The sale, effective since January 1, is expected to close in the third quarter, subject to regulatory approvals.

Image Credits: Woodside Energy

The post Business Leader of the Week: Meg O’Neill’s vision drives Woodside Energy’s LNG growth appeared first on International Finance.

Regarding worldwide auto sales, the group—which comprises Hyundai Motor and Kia—comes in third place, behind Volkswagen and Toyota.

Research and development for next-generation products, electrification, software-defined cars, hydrogen fuel-powered items, and other technologies will account for 11.5 trillion won of its planned investment.

According to a statement from the group, it would also invest 12 trillion won in regular projects like increasing the production of new models and electric vehicles and roughly 800 billion won in strategic projects like autonomous driving.

As part of this, the firm intends to construct a plant for its novel “hypercasting” electric vehicle manufacturing technology at its Ulsan production site.

Tesla’s “gigacasting” technique, which streamlines production and reduces costs by using big single parts to create large portions of automobiles, is being adopted by Hyundai and other manufacturers.

“Hyundai Motor Group is making the largest investment ever in South Korea this year because it believes that continuous and stable investments are essential to overcome the crisis and secure future growth engines in the face of growing uncertainties,” the company stated without going into detail about the situation.

Euisun Chung, the executive chair of Hyundai Motor Group, recently mentioned global conflict and recession as external dangers. In early trading, Hyundai Motor and Kia shares were up 2.3% and 3.8%, respectively, before reversing gains to settle down 0.2% and up 2.3%. The overall market ended the day up 0.03%.

Following a decline in 2024 and falling short of their goals, Hyundai and Kia announced last week that they wanted to increase their combined global sales by 2% to 7.39 million vehicles in 2025.

Domestically, political unpredictability following President Yoon Suk Yeol’s imposition of martial law and subsequent impeachment caused consumer sentiment to plummet in December to its lowest level since the COVID-19 epidemic in 2020.

President-elect Donald Trump of the United States has declared his intention to impose universal 10% taxes on imported products.

To make its cars eligible for tax benefits under the previous government, which Donald Trump has stated he will eliminate, Hyundai Motor began manufacture at a facility in the US state of Georgia last year.

In November 2024, the carmaker appointed Jose Munoz, its global chief operating officer and US chief, as co-CEO, making him the first foreigner to hold that position at a significant South Korean corporation. Company observers attributed the appointment to the manufacturer’s need to navigate potential obstacles posed by the new Trump administration.

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It’s important to understand what 6G is and how it varies from 5G before diving into the trends. 6G networks seek to push those limits even farther, offering gigabit speeds, low latency, and vast data capacity in contrast to 5G networks. Experts estimate that 6G will be a hundred times more powerful than 5G, with microsecond latency and terabit-level speed possible.

The global 6G market is expected to grow during the forecast period 2024–2035, according to TechSci Research’s “6G Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2035, Segmented By Component (Hardware, Software, and Services), By Communication Infrastructure (Wireless, Fixed), By Application (Multisensory XR Applications, Connected Robotics and Autonomous Systems (CRAS), Wireless Brain-Computer Interactions (BCI), Digital Twins, Smart Cities, Internet of Everything (IoE), Blockchain and DLT, and Others), By End User (Government, Consumer, Industrial, and Enterprise), By Region.”

The growing need for 6G communication across several industries and the emphasis on low-latency networks for applications are driving the market’s rise. Even if 6G deployment is still in the works, the market seems to be very competitive.

Because of significant expenditures and research into enabling efficient transmission of 6G data over longer distances, the industry displays fragmentation despite the small number of 6G technology and service providers now available. Radio and baseband, network disaggregation, computable topology, machine learning, multimedia, and display are a few of the important technology pillars for the next 6G platforms.

Discovering the Potential of 6G is a wireless technology that will be able to do more than 5G. Sixth-generation (6G) networks will have far larger capacity and lower latency due to their ability to operate at higher frequencies. Enabling communication with a latency as low as one microsecond is one of 6G’s primary goals.

This corresponds to a throughput of one millisecond at present, but 1,000 times faster, or 1/1000th the latency, than that. This enormous advancement in latency reduction has significant ramifications for a wide range of applications, including real-time gaming and immersive virtual reality, as well as driverless cars and highly sensitive remote control systems. Additionally, the increased capacity of 6G networks will make it possible to seamlessly integrate Internet of Things (IoT) devices, smart infrastructure, and sophisticated industrial automation systems, supporting a growing ecosystem of connected devices.

Experts estimate that 6G will offer 1 terabyte of data per second at peak speeds, which is a significant improvement over 5G. This technological quantum leap would enable new applications like high-fidelity mobile holograms, truly immersive extended reality, and the seamless fusion of the digital and physical worlds, in addition to speeding up data-driven technologies like artificial intelligence and the Internet of Things (IoT).

The Sixth Generation Marathon Leaders

As of right now, no nation can claim to have a completely functional 6G network. Still, a lot of countries are spending money on R&D to be the first with this ground-breaking technology. China is in the lead in this competition.

The country has advanced in telecommunications and plans to lead 6G technologies. China launched a satellite to test terahertz signal transmission, a step toward 6G. China wants to lead the new mobile internet with official support and investment. In addition to its rapid R&D, China has IT giants like Huawei and ZTE that manufacture advanced wireless infrastructure and devices.

China leads, but other nations are following. South Korea, a pioneer in 5G, is also researching 6G. The South Korean government has invested much in 6G technology to commercialise it by 2028.

China promotes 6G international collaboration with an open approach to telecommunications. This contrasts with the US tech blockade, which disrupted global supply lines. Future 6G will connect people, robots, and the meta-universe. Additionally, it will improve 5G application situations.

South Korea, known for its rapid 5G adoption, is a strong 6G candidate. Samsung and LG have begun 6G preparations. The government’s intentions to invest USD200 million in 6G research and development over the next decade demonstrate its commitment.

South Korea’s scientific ministry, which allocates frequency ranges, has designated its proposed 6G communication frequency bands as global standard contenders. At the ITU-hosted World Radiocommunication Conference (WRC), the country’s three frequency ranges outnumbered other nations’ 23 spectrums.

South Korea started its research later than China or the United States, but it still plans to launch 6G technology in 2026, three years ahead of China.

The United States has always led technical innovation, and 6G is no exception. Research and development have begun at major American IT corporations and universities. The FCC has declared “terahertz” wave bands experimental, allowing 6G testing. AT&T, Verizon, and the Next G Alliance are shaping 6G, which could make mobile internet and cloud computing global.

US politicians should encourage government agencies to allocate more spectrum for cellular innovation. Higher charges for idle spectrum and better spectrum use incentives can achieve this. The Department of Defence, the largest spectrum user in the country, should work with the FCC and NTIA to assess its spectrum use and develop a spectrum release strategy.

Europe isn’t idle either. Large-scale European Union (EU) initiatives like Horizon Europe promote innovation and research. Nokia, based in Finland, is driving 6G development with its involvement in the Hexa-X project, the European flagship for 6G research. EU programmes like Horizon Europe and the European Institute of Innovation and Technology (EIT) fund collaborative research initiatives, promote academia-industry-government cooperation, and advance 6G technology and standards.

In 2020, the Next Generation Mobile Networks Alliance received government funding for 6G research in Germany. In 2020, Surrey University (UK) opened a 6G Innovation Centre outside the EU. Additionally, Russia’s Skolkovo Institute of Science and Technology introduced a gadget that could develop 6G components.

Japan is another important competitor that has strong technology and innovation. Japan began 6G research in 2020, a little late. However, the nation aims to launch next-generation mobile data technologies by 2030. Like South Korea, the government has allotted a USD 9.6 billion development fund for future technologies like 6G. National industry leaders including NTT DoCoMo and Toshiba and university institutions form the Beyond 5G Promotion Consortium to push 6G. The Japanese government also plans to fund 6G technology research.

The ruling Liberal Democratic Party (LDP) in Japan plans to change Nippon Telegraph and Telephone (NTT) rules to push 6G technology. The goal is to provide NTT with the flexibility and autonomy to accelerate its research and development in this field and remove legislative hurdles that hinder its worldwide competitiveness.

The global race for 6G technology is well underway, with many countries investing heavily in research and development to be at the forefront of this next-generation wireless technology. While no nation has a fully functional 6G network at present, several countries are making significant strides in this area.

As the global competition for 6G technology continues, it’s clear that the future of wireless communications will be shaped by the advancements and breakthroughs in this area, ultimately benefiting industries, consumers, and societies worldwide.

The post IF Insights: Who is leading the global 6G race? appeared first on International Finance.

Recto stated that the country will outperform economies in the ASEAN region despite external challenges, with a projected growth rate between 5.8% and 6.3% in 2024. This was stated during the Philippine Economic Briefing in Manila. Even more optimistically, a 5.9% to 6.5% forecast is provided for 2025.

“This trajectory puts us firmly on course to become a trillion-dollar economy in less than a decade. This means that by 2033, our economy will nearly triple in size, placing us in the league of economic giants like China, Japan, India and South Korea,” Recto said, as reported by Zawya.

Going forward, the Philippines is predicted to continue growing faster than the economic superpowers in the Asian region.

“Fast forward to 2075, the Philippines will overtake France to become the 14th largest economy in the world,” Recto noted further.

The objective is achievable with the appropriate policy instruments and the government’s growth-promoting initiatives.

“We will continue bolstering growth by arresting inflation through a whole-of-government approach. Ensuring food security is our top priority,” he said.

According to the most recent data available from the Philippine Statistics Authority, the economy grew by 5.7% in the first quarter, which was slightly faster than the 5.5% growth in the fourth quarter but still fell short of the government’s target range of 6% to 7%.

Recto also mentioned that a growing number of Filipinos, who make up the majority of the labour force in the nation, are employed in formal, steady jobs.

“This is an indication of an expanding middle class and reinforces the Philippines’ path towards becoming an upper-middle-income country next year,” he said.

He stated that this growth will raise the average annual income per person in the country, almost doubling to USD 6,500 by 2030 from USD 3,541 in the previous year.

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According to a statement by the company, Hyundai Motor sold 4,216,680 vehicles last year, which is higher than the 3,942,922 units sold in 2022. The increase in sales can be attributed to the strong demand for new SUVs and the expansion of its eco-friendly model lineup.

The company’s domestic sales also recorded a 10.6% year-on-year growth, with 762,077 units sold. Meanwhile, overseas shipments increased by 6.2% to 3,454,604 units, as reported by Yonhap news agency.

A representative from Hyundai stated that the company was able to improve sales in North America and Europe by launching new models and reinforcing its eco-friendly vehicle lineup.

According to a regulatory filing by Hyundai Motor Group, they plan to sell a total of 7,443,000 vehicles under Hyundai Motor and Kia combined in 2024, which is a 1.9 per cent increase from their combined sales in 2023.

Meanwhile, Kia, which is a smaller auto affiliate of Hyundai Motor, announced that it reached a record high of 3.08 million units in sales for 2023 due to the increased demand for their SUV models overseas.

According to a statement released by Kia, the company sold 3,085,771 vehicles in the last year. This marks an increase from the 2,901,797 units sold in the previous year. The boost in sales was mainly due to the popularity of its Sportage, Seltos and Sorento SUV models. Kia’s previous record had been 3.03 million units sold in 2014.

Foreign exports rose by 6.7 per cent over the previous year, reaching 2,516,383 units. Meanwhile, domestic sales saw a 4.6 per cent increase, totalling 556,660 units.

Kia reported that the Sportage was the most popular model among foreign buyers, with approximately 520,000 units sold. In South Korea, the Sorento was the top-selling model with 85,811 units shipped.

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Trade and investment links between the Gulf state and South Korea have been steadily improving, as the non-oil commerce between the two nations reached USD 3 billion in the first half of 2023, equivalent to the same period in 2022 but up by 21% over 2021.

Apart from the CEPA, the Korea Electric Power Corporation and a consortium of Korean enterprises will also build all four units of the USD 20 billion nuclear Barakah Power Plant in Abu Dhabi, which went into service in April 2023 to assist in satisfying the Gulf nation’s electricity demands.

In fact, South Korea was one of the first countries with which the Gulf state launched CEPA talks in 2021.

Three months later, UAE revived dormant Free Trade Agreement (FTA) talks with the six-member Gulf Cooperation Council bloc.

“We resumed talks with Korea earlier this year as we were both keen to conclude a deal and advance our respective economic agendas,” Thani Al Zeyoudi, UAE minister of foreign trade, told Reuters, stating that the GCC FTA talks were ongoing.

“There were about 178 South Korean firms doing business in the UAE as of 2022, and the Korea-UAE CEPA would enhance the stability of South Korean firms entering into the UAE, while it would also support South Korean firms’ activities in the Middle East and North Africa,” South Korea’s trade ministry said in a statement.

The UAE has so far signed several CEPAs including from Israel, Turkey, India and Indonesia, as part of a strategy to diversify its economy away from oil.

The country is now hoping to secure free trade deals with six more countries by the 2023 end.

Al-Zeyoudi also revealed that the UAE was close to signing comprehensive economic partnership agreements with Thailand and Chile.

The Gulf country is also looking to reach deals with Costa Rica, Columbia and Ukraine, apart from engaging in talks with Pakistan, Serbia and Malaysia to broaden its export market.

Al-Zeyoudi recently attended the free trade agreement signing between the UAE and Georgia, a move which potentially will double the Gulf nation’s non-oil trade to USD 1.5 billion from USD 481 million by 2028.

The new deal also builds on growing UAE-Georgia economic ties that resulted in non-oil trade beyond USD 225 million in the first half of 2023, with 28% growth in the first half of 2022.

Total non-oil bilateral trade reached USD 481 million in 2022, up 115% in 2021, with the UAE now accounting for over 63% of Georgia’s trade with Arab countries.

The trade deal, which aims to eliminate/reduce tariffs on 95% of product lines, is expected to have a significant impact on non-oil trade between the two countries.

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