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South Korea Pitches Chip Expansion, Market Reforms at New York Summit

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South Korean President Lee Jae Myung announced plans to double semiconductor capacity and build AI supply chains, urging fresh US investment at the Korea Investment Summit in New York on Thursday.

Lee highlighted three tech megaprojects and the 7 SEED initiative targeting next-generation sectors like small modular reactors, nuclear fusion and renewables.

The president outlined key market reforms, including Commercial Act amendments on shareholder duty of loyalty, treasury share cancellations, and 24-hour forex trading.

The summit drew leaders including BlackRock's Larry Fink, Citigroup's Jane Fraser, and PIMCO's Emmanuel Roman, alongside executives from Samsung Biologics (KRX:207940), SK (KRX:034730), Hyundai Motor (KRX:005380), LG CNS (KRX:064400), Hanwha Ocean (KRX:042660), Doosan Energy (KRX:034020) and APR (KRX:278470).

What else is happening in Asia?

Asia

Beijing Compass Technology Development Seeks Up to 500 Million Yuan in Bank Credit Lines

The board of Beijing Compass Technology Development (SHE:300803) approved applications for comprehensive credit lines from three banks to fund working capital loans and related business needs, according to a Wednesday aftermarket filing with the Shenzhen bourse.The company will seek up to 250 million yuan from Agricultural Bank of China with a one-year term, up to 150 million yuan from Xiamen International Bank with a three-year term, and up to 100 million yuan from Industrial Bank with a one-year term.Shares of the investment software developer were down 2% in recent trade.

SHE:300803
Asia

Liquidators Issue Final Notice to Creditors for ST Group Units' Dissolution

ST Group Food (SGX:DRX) said liquidators have issued their final notice and report to the creditors for the liquidation of GCTea 2B and GCTea 2A, according to a Wednesday filing to the Singapore stock exchange.The liquidators also plan to file the 'Notice of Final Account' before the dissolution.Last year, the company decided to liquidate GCTea 2B and GCTea 2A as part of its strategic plans to exit from the Gong Cha Brand in the United Kingdom.

SGX:DRX
Asia

South Korean President, Trump Discuss Warships Construction

South Korean President Lee Jae Myung and U.S. President Donald Trump met on Tuesday on the sidelines of the UN General Assembly to discuss defense and industrial collaboration, including naval shipbuilding.Lee said he expects tangible results from the bilateral partnership, highlighting South Korea's growth strategy in semiconductors, artificial intelligence, and the "7 SEED" initiative targeting small modular reactors, nuclear fusion, and renewables, according to a press release from the South Korean president's office on Wednesday.

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