The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Apr. 17.
S. Korean chipmakers face uncertainty as U.S. blocks Nvidia exports to China
South Korea’s chip industry faces growing risks as the U.S. expands AI chip export bans to China, including Nvidia’s H20 accelerator, which heavily relies on Korean-made high-bandwidth memory (HBM) from SK Hynix and Samsung. With shipments halted and up to $1.6 billion in HBM exports affected, Korean firms may see a sharp drop in high-margin sales, while China’s rare earth restrictions and Nvidia’s U.S. production shift add further uncertainty.
BOK stands pat at 2.75% as external, internal risks cloud outlook
South Korea’s central bank held its key interest rate at 2.75% on April 17, pausing its rate-cut cycle amid rising currency volatility, surging home prices, and concerns over financial stability. The Bank of Korea cited external uncertainties, including U.S. trade policy and a cautious Fed stance, while political instability and weakening growth forecasts may pressure the bank to resume cuts later this year.
N. Korean workers found working illegally at Russia’s largest online retailer
Hundreds of North Korean women have been found working illegally at Russia’s largest e-commerce company, Wildberries, despite UN sanctions banning North Korean labor exports. The video evidence, reported by Russian media, comes amid deepening ties between Moscow and Pyongyang, including military cooperation and the use of student visas to bypass labor restrictions.
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