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Finance

South Korea's foreign reserves fall for first time in 7 months to $428.1 billion at end-December

South Korea's foreign exchange reserves fell in late December for the first time in 7 months, after being used to manage exchange-rate volatility. The Bank of Korea said reserves stood at $428.05 billion, down $2.6 billion from the previous month. Securities such as government and corporate bonds declined, while deposits and IMF special drawing rights rose. South Korea ranked ninth globally by reserves as of end-November.

Finance

Wall Street ends higher after Maduro ousted on Venezuela return hopes

Wall Street’s three main indexes ended higher on Jan. 5 as investor interest focused on sectors linked to a possible return of U.S. refiners to Venezuela’s oil fields after President Nicolas Maduro was ousted. The Dow closed at a record after setting an intraday high. Trump said the United States would be involved in rebuilding Venezuela’s oil industry, and estimates put the cost of restoring oil infrastructure at about $100 billion over 10 years.

Industry

SK On expands ESS portfolio with vanadium batteries

SK On and SK Innovation signed an agreement with Standard Energy to develop vanadium-ion battery-based energy storage system technology, SK On said. SK On will expand its lineup to include VIBs alongside NCM and LFP, focusing on short-duration ESS used in data centres and industrial facilities. SK On will collaborate across materials, cells and BMS, while SK Innovation will improve electrolyte additives and use recovered vanadium to cut costs.