South ​Korean exports nearly doubled in October, marking the sharpest jump in more than 50 years, as continued demand for AI products ⁠propelled shipments of the country’s chips, government data showed on Sunday.

Exports from Asia’s fourth-largest economy, a bellwether for global trade, ​rose 93.7% from the same month ​last year ⁠to $115.28 billion, slightly higher than a median 93.2% rise forecast in a Reuters poll of economists.

The surge, boosted by having more working days than a year earlier due to the timing difference in the Chuseok holidays, exceeded September’s 83.7% gain and was the strongest since January 1974.

Riding the global boom in AI investment, South Korea’s economy grew faster than expected in the third quarter on strong semiconductor exports and investments, with chipmakers Samsung Electronics and SK ⁠Hynix ⁠posting surging profits.

“With exports continuing solid growth of more than $110 billion in October, it is becoming certain that annual exports of $1 trillion will be reached within November,” said Kim Jung-kwan, the minister of trade, industry and resources.

South Korea’s exports for the January-October period totaled $930 billion. Annual exports of more than $1 trillion will make South Korea the fourth country in the world to reach the milestone, ⁠after the U.S., China and Germany.

Overseas sales of semiconductors jumped 259.4% in October to $56.44 billion, as prices and volume remained high on continued facility investment by ​global big tech firms in the competition for AI industry leadership, the ​trade ministry said.

Computer sales spiked 496.6% on increasing server demand for AI services.

Shipments to China rose 133.6%, while those ⁠to ‌the U.S. ‌grew by 185.8%, to Europe by 56.4% and ⁠to Southeast Asia by 128.0%.

South Korea’s ‌imports rose 36.0% to $72.78 billion, after rising 26.0% in September, to post the ​biggest annual increase since January ⁠2022 on higher crude oil prices, as well ⁠as demand for semiconductor manufacturing equipment and automobiles.

The nation posted a ⁠monthly trade ​surplus of $42.50 billion, narrower than a record $49.97 billion surplus in the previous month.

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Türkiye and Kazakhstan are deepening defense cooperation through ongoing initiatives and steps taken by the leading companies, as the two countries also aim to increase trade volume to $15 billion (TL 749.01 billion).

Türkiye is known for contributing to the defense needs of friendly and allied countries, while its approach to defense cooperation with Turkic states goes beyond simply selling products. Lasting partnerships are being established through local production, technology sharing, maintenance and repair capabilities, and long-term institutional cooperation.

Defense industry cooperation is a key pillar of bilateral ties with Kazakhstan, a top Turkish defense official said recently, as President Recep Tayyip Erdoğan hosted Kazakh President Kassym-Jomart Tokayev and his delegation prior to the Turkic states summit.

“We will diversify and deepen our areas of cooperation with friendly and brotherly Kazakhstan within the framework of a win-win approach,” Haluk Görgün, the head of the Presidency of Defense Industries (SSB), said.

Accordingly, a series of concrete steps have been taken in defense industry cooperation with Kazakhstan, building on ties that date back many years.

Projects in Kazakhstan

Leading Turkish defense companies such as Aselsan, Turkish Aerospace Industries (TAI) and Otokar have investments and major projects underway in Kazakhstan.

One of the most tangible examples of Türkiye’s defense industry investments in Kazakhstan is the Kazakhstan Aselsan Engineering (KAE) joint venture, established between Aselsan and Kazakhstan Engineering, Kazakhstan’s state-owned defense industry company.

KAE manufactures day and night vision systems, thermal imaging sights, electro-optical reconnaissance and surveillance systems, remote-controlled weapon systems, professional radio and communication systems, as well as electronic board assemblies and infrared lenses.

Through this partnership, cooperation has moved beyond the sale of ready-made defense products from Türkiye, contributing instead to the development of production infrastructure, technical expertise and local industrial capabilities in Kazakhstan.

Kazakhstan to be new home for Anka drones

Another major area of defense industry cooperation between the two countries involves unmanned aerial vehicles (UAVs).

Kazakhstan, which has strengthened its air force with Anka unmanned aerial vehicles, developed by TAI, is preparing to become the platform’s new production base abroad, according to the report by Anadolu Agency (AA) on Saturday.

A memorandum of understanding (MoU) was signed between TAI and Kazakhstan Engineering on the production, maintenance and repair of Anka stealth drones in Kazakhstan.

Most recently, in May, an agreement on establishing a joint venture (JV) for the production and maintenance of Anka UAVs was implemented.

In line with this, to support the goal of local production, TAI and Kazakh Civil Aircraft Repair Plant No. 406 established a partnership under the name TA-406.

The two sides are said to be continuing their work on joint production. Mutual site visits have been conducted, while discussions on the feasibility study are ongoing, according to AA.

Once this process is completed, Kazakhstan will become the first country outside Türkiye to manufacture Anka UAVs.

Similarly, Otokar, one of Türkiye’s leading land vehicle manufacturers, has also expanded its presence in Kazakhstan beyond the sale and export of armored vehicles.

Establishing a permanent presence through its Otokar Central Asia company, Otokar has positioned Kazakhstan as a hub for its operations in the Central Asian market.

Lifting trade with Kazakhstan

At the same time, Türkiye and Kazakhstan aim to reach $15 billion in bilateral trade volume, for which they need to diversify the products traded, facilitate mutual market access and involve more companies in trade, a head of a business council said.

“To achieve this target, we need to diversify the products traded, facilitate mutual market access and involve more companies in bilateral trade. While increasing Türkiye’s share in the Kazakhstan market, we also attach importance to the balanced development of two-way trade,” said Selçuk Yüce, head of the Türkiye-Kazakhstan Business Council at the Foreign Economic Relations Board (DEIK).

Yüce noted that manufacturing, mining, agriculture and food processing stood out among the key sectors.

“I also consider health care, chemicals, pharmaceuticals and medical equipment manufacturing among the priority areas. We can bring Türkiye’s expertise in these fields together with Kazakhstan’s needs,” he told AA, in remarks published on Sunday.

“Energy, logistics and digital technologies are other sectors that could provide a broader foundation for our economic partnership,” he added.

He also recalled that the bilateral trade volume reached approximately $10 billion based on the 2025 figure and added that the priority was to make this growth stable and sustainable.

Middle Corridor

Yüce, also noting the strategic importance of the Middle Corridor, said: “Extending from China through Kazakhstan, the Caspian Sea and the South Caucasus to Türkiye, this route contributes to the diversification of trade corridors.”

However, he argued that geographical advantages alone are not enough for a corridor to become a preferred route.

“Regular services, predictable delivery times and competitive transportation costs are also necessary. Therefore, it is important for investments in ports, railways and logistics centers to go hand in hand with the digitalization of customs procedures,” he noted.

Linking China and Europe via the Caucasus, the Middle Corridor trade route is gaining in geopolitical and economic importance, especially following the escalation of the conflict in the Middle East.

Türkiye and Kazakhstan stand among the key players and the countries along the corridor route.

Türkiye has appointed new leadership at the top of the country’s market regulator, including a new chief following a recent investment fund crisis, according to the decision published in the Official Gazette on Sunday.

Muhsin Atcı has been ​named the new chair ‌of the Capital Markets Board (SPK), with Ersin ​Başar Ekmekci ​appointed as deputy chair, ⁠according to the decision signed off by President Recep Tayyip Erdoğan.

Atcı’s predecessor, Mahmut ​Sütçü, was dismissed ​from his post as ‌SPK ⁠chair on Oct. 20 amid the turmoil affecting the country’s stock exchange and the liquidation of a number of funds.

The crisis began in the middle of September after several funds said they could not meet investors’ redemption requests during a market sell-off. That prompted a wide investigation into suspected price manipulation in a number of thinly traded stocks.

SPK quickly suspended trading in 131 funds run by seven asset management companies and placed them into liquidation.

Atcı was previously head of the country’s ​tax audit ​board.

The ⁠Official Gazette decision ⁠also appointed Yasemin Girici as a ⁠member ​of the ​board.

Atcı has spent his 23-year career in tax enforcement, rising through the ranks to lead the Tax Inspection Board (VDK) in October 2023.

Along the way, he oversaw audits of some of the country’s largest companies, building extensive experience in complex corporate and financial investigations.

He also has a master’s degree in development policy from Duke University and a graduate degree in financial economics from Boston University.

Girici served as a director on the board of the European Bank for Reconstruction and Development (EBRD), representing Türkiye, Romania, Azerbaijan, Moldova, Kyrgyzstan and Algeria.

She holds a master’s degree in economics from Rutgers University in the U.S.

The new names, with years of professional experience, including in auditing procedures, are seen as helping restore confidence in the market, increasing deterrence in auditing and protecting investors.

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Muhsin Atcı has been ​named as the new chair ‌of the Turkish market regulator, Capital Markets Board (SPK), with Ersin ​Başar Ekmekci ​appointed as deputy chair, ⁠according to a ​decision published in ​the country’s Official Gazette on Sunday.

Atcı’s predecessor, Mahmut ​Sütçü, was dismissed ​from his post as ‌SPK ⁠chair on Oct. 20 amid the turmoil affecting the country’s stock exchange and the liquidation of a number of funds.

The crisis began in the middle of September after several funds said they could not meet investors’ redemption requests during a market sell-off. That prompted a wide investigation into suspected price manipulation in a number of thinly traded stocks.

SPK quickly suspended trading in 131 funds run by seven asset management companies and placed them into liquidation.

Atcı was previously head of the country’s ​tax audit ​board.

The ⁠Official Gazette decision, signed ​by President Recep Tayyip ​Erdoğan, ⁠also appointed Yasemin Girici as a ⁠member ​of the ​board.

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Britain’s competition watchdog Friday launched an investigation into whether Meta was imposing “exploitative” new terms allowing it to use media content for its own products, including AI, without giving publishers adequate choice.

The probe will examine whether the “terms and conditions” from the U.S. technology giant “unfairly harm news publishers and other content businesses,” the Competition and Markets Authority said in a statement.

The CMA said the new terms, which the Facebook and Instagram parent had planned to introduce on Nov. 20 before putting it on hold, could amount to an abuse of its dominant position in the market.

The watchdog will determine whether “Meta is abusing a dominant position by imposing exploitative terms on publishers and advertisers.”

Meta’s new terms could allow it to access and use content from news publishers’ websites to develop and provide its own products, including its AI features.

A Meta spokesperson said “we’ve already committed not to change our terms without consulting publishers and other stakeholders.”

“We welcome the opportunity to explain our approach to the CMA,” they added.

Thousands of U.K. businesses rely on Meta to reach customers and audiences, meaning an unfair imposition of the new terms could breach competition law.

“We’ve heard concerns from news publishers and other businesses and are acting swiftly to investigate whether Meta’s proposed changes may breach competition law,” said CMA chief executive Sarah Cardell.

A Norwegian court this week temporarily banned Meta from enforcing the new user terms after ten media outlets argued it would threaten their rights to their content.

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The world’s largest cryptocurrency exchange, Binance, has been hit by a cyberattack that affected an estimated $6.3 billion in funds, in a record digital asset theft.

Here’s what we know so far:

What happened?

About $6.3 billion of cryptocurrencies were drained from wallets that Binance uses ​to process transactions, according to the exchange and expert analysis of blockchain records.

Binance said in a statement on the social media platform X that it initially thought the attack involved a compromised laptop. “However, our subsequent ⁠investigation has uncovered additional points of breach,” it added, without ⁠elaborating.

The exchange operates a secure asset fund for users, a $1 billion bitcoin reserve designed to protect customers in the event of a security breach, according to its website.

Co-CEO Richard Teng said losses would be covered by ​the fund and company resources.

According to U.S. blockchain analytics firm TRM Labs, the attackers compromised ​Binance’s “signing ⁠infrastructure,” which authorizes transactions, allowing them to issue instructions that emptied the affected wallets.

The bulk of the heist unfolded in about 20 minutes, blockchain records show, beginning shortly after 2000 GMT on Thursday.

Once the funds were moved, the attackers raced to shift them beyond the reach of Binance counterparties and stablecoin issuers, which have frozen roughly half of the stolen assets.

An unusual feature of some cryptocurrencies, including major stablecoins such as Tether’s USDT and Circle’s USDC, is that their issuers can freeze them remotely.

“In layman’s terms, the attacker may not have stolen the vault key, they may have hijacked the system that tells the vault to release money,” said Joshua Chu, a Hong Kong lawyer who works on crypto cases.

Who is behind it?

Several U.S. blockchain analysis firms said the attack bears similarities to previous operations attributed to North Korean hackers.

Teng said Binance’s investigation had not yet identified the attackers, ⁠while ⁠North Korea routinely denies involvement in cyberattacks and cryptocurrency thefts.

TRM said the breach shared characteristics with last year’s attack on crypto exchange Bybit, which the FBI attributed to North Korean hackers. The firm said it was highly confident the same group was behind the Binance theft.

Chainalysis said funds stolen in an attack last month on Bitget were being mixed with proceeds from the Binance breach.

Where’s money?

About half the stolen assets were stablecoins that have since been frozen by issuers including Tether, Circle, Ripple and World Liberty Financial, the Trump family’s crypto venture.

That doesn’t mean the coins will be returned to Binance, but it significantly ⁠limits the attackers’ ability to convert them into cash.

TRM said some of the funds had already been posted as collateral to borrow ether and estimated that about $2.4 billion worth of bitcoin and ether is beyond reach.

“No company issues bitcoin or ether and no company can freeze either one,” said ​Patrick Tan, general counsel of ChainArgos, a blockchain intelligence firm in Singapore.

“The bitcoin and ether can be stopped only if the ​attacker sends them to a crypto-asset exchange or broker that is able and willing to freeze them, or if law enforcement obtains the private keys.”

Market participants said the attackers would likely mix the stolen coins with other assets or ⁠use lesser-known coins and exchanges ‌to try to move the proceeds.

“The more time passes, the less likely they will ⁠be able to fold those funds into other exchanges or payment providers – they ‌essentially get blacklisted,” said Bernardo Brites, CEO of Trace Finance, a stablecoin infrastructure company.

“In reality a lot of the proceeds of hacks … (can only be laundered) in the ​first few hours, but after that happens, ⁠you have a lot of different players who know those are marked funds … and they ⁠usually sit there for years.”

What next?

The theft is the latest in a series of major digital asset breaches. Attackers stole $2.9 ⁠billion of cryptocurrency across nearly 150 ​incidents last year, according to TRM Labs.

The attack has also rattled confidence in the sector. Cryptocurrencies fell on Friday and the total market value of stablecoins declined, suggesting investors were pulling money from digital assets.

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