IMF slashes Korea's 2023 economic growth outlook to 1.7%

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20h

South Korean woman conned out of US$50,000 by fake Elon Musk she fell in love with on Instagram

scmp.com/news/asia/east-asia/article/3260197/south-korean-woman-conned-out-us50000-fake-elon-musk-she-fell-love-instagram

Quick Glance: South Korean Woman Falls Victim to $50k Elon Musk Deepfake Scam

A South Korean woman was convinced to invest 70 million won ($50,770) after watching a fabricated video portraying someone who looked like Elon Musk, the CEO of Tesla, as reported locally on Tuesday.

Jeong Ji-sun, identified by the pseudonym at KBS, disclosed her experience as a victim of a romance scam on KBS's 'In-Depth 60 Minutes.' During the episode on April 19, Jeong narrated her initial interactions with the scammer posing as Musk.

Jeong's initial hesitations dissipated swiftly. The scammer forwarded his identification and a workplace photo to Jeong. Moreover, he discussed aspects such as his children and commuting to Tesla or SpaceX via helicopter. He further mentioned his sporadic outreach to fans.

The program highlighted the prevalent use of AI in these romance scams. The swindler engaged in a form of deception known as 'pig butchering,' as explained by the producer. This approach involves gradually enticing victims to increase their contributions to an apparently legitimate investment before the perpetrator vanishes.

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21h

SK Hynix to invest $3.86 bln in DRAM chip production in South Korea

reut.rs/3Ux58yf

Quick Glance: SK Hynix Anticipates Full Chip Recovery Post Q1 Profit Surprising AI Boom

SK Hynix anticipates a complete recovery in memory chips due to AI demand, achieving its highest profit in nearly two years by selling advanced DRAM chips with High Bandwidth Memory (HBM) for generative AI chipsets.

The company surpassed expectations for an operating profit of 1.88 trillion won by LSEG SmartEstimate, stating that the memory market is entering a full recovery cycle.

SK Hynix is the biggest beneficiary of the explosive increase in AI adoption, serving as the main supplier of HBM chips for Nvidia's graphic processing units training AI systems.

To outpace competition, SK Hynix announced a $3.87 billion investment to construct an advanced chip packaging plant in Indiana with an HBM chip line and research and development for AI products.

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4h

South Korea Q1 GDP growth smashes estimates, but outlook's uncertain: The South Korean economy grew at the fastest pace in more than two years in the first ...

reuters.com/markets/asia/south-korea-q1-gdp-13-qq-beating-forecast-2024-04-24/

Quick Glance: South Korea Q1 GDP Growth Exceeds Estimates

The South Korean economy grew faster than expected in the first quarter, driven by an increase in domestic consumption and robust exports. However, the sustainability of the recovery was questioned.

GDP for the January-March quarter grew by 1.3%, marking the sharpest expansion since the fourth quarter of 2021 and surpassing all forecasts.

Growth in domestic demand was the main factor behind the stronger-than-expected GDP, with private consumption increasing by 0.8%. Analysts expressed uncertainty regarding the long-term strength of economic growth.

Despite a rebound in exports and an increase in government spending, uncertainty remains regarding inflation outlook and monetary policy, as the Bank of Korea reconsiders its economic growth projections for 2024.

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19h

Record giant HYBE audits 'NewJeans' label as infighting returns to K-pop: South Korea's largest music company is auditing the management of one of its labels as ...

reuters.com/lifestyle/record-giant-hybe-audits-newjeans-label-infighting-returns-k-pop-2024-04-24/

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Apr 22

Is South Korea’s economic miracle over?: Decades of growth are tapering off as the country struggles to reform its model and reduce its dependence on ...

ft.com/content/b34e8bc8-9f78-45c8-a15b-3df9cdfd858f

Quick Glance: The Future of South Korea's Economy: An Analysis

South Korea's economy is facing challenges as the country strives to adapt its traditional growth model and reduce its reliance on manufacturing.

A massive investment in chip factories in Yongin aims to strengthen the position of South Korea's semiconductor industry, while economists express concerns about future growth.

With an aging population and declining productivity, South Korea is at risk of economic challenges as the government clings to proven growth drivers.

South Korean companies must assert themselves in a changing global economic landscape and increase their innovation capacity to secure future growth.

Last Updated	Jan 31 23
Total Articles	1

IMF slashes Korea's 2023 economic growth outlook to 1.7%: