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In July 2026, South Korea’s vehicle exports experienced a 7.0% year-on-year growth, reaching a record-high value of US$6.24 billion. This figure marked the highest export total ever recorded for July. According to the Ministry of Trade, Industry and Resources, the exports surpassed the previous July record of US$5.90 billion set in 2023, with July 2025 exports amounting to US$5.83 billion. Domestic vehicle sales saw a modest increase of 0.5%, totaling 139,000 units, while production climbed 11.3% to 352,000 vehicles.

U.S. ultra-low sulfur diesel futures surged 7.4% on Monday, closing at $4.19 per gallon, marking the largest single-day increase since July 13. Early trading on Wednesday pushed the contract close to $4.28 per gallon, while European diesel refining margins stayed at historic highs after nearly a 10% rise on Monday. Diesel prices remain elevated as tight US and European fuel supplies pressure markets.

Gold advanced for a third consecutive session on Tuesday, building on a significant rebound from the previous week. The spot price increased 1% to $4,432.74 per ounce by 0217 GMT, reaching its highest point since June 5 and surpassing the seven-week high achieved last week. U.S. gold futures also rose 1.7% to $4,492.60. This upward movement followed gains on Friday and Monday, as global bullion markets responded to U.S. economic indicators and interest rate expectations.

Official data revealed that Denmark’s annual consumer price inflation decreased to 1.7% in July from 1.9% in June. The consumer price index rose by 1.3% from June, according to Statistics Denmark. Meanwhile, core inflation held steady at 2.3%, unchanged from the previous month. The primary contributor to July’s inflation was the hospitality sector, with restaurants and hotels making the largest overall impact, driven mainly by higher rental prices for holiday homes.

According to recent findings from Triodos Bank, Europe’s intense summer heat and drought conditions could lead to a decrease of approximately 1% in the EU’s economic output by 2026. This projected loss is roughly €180 billion and aligns closely with the European Commission’s current growth estimate for the bloc. In May, the Commission predicted that EU gross domestic product would expand by 1.1% this year, illustrating the magnitude of weather-related damages as highlighted in the bank’s analysis.

The prices of fresh vegetables have surged in South Korea as ongoing extreme heat has led to a decline in shipments and caused damage to farm production nationwide. According to data from Korea Agro-Fisheries & Food Trade Corp., spinach reached 1,978 won per 100 grams on Aug. 7, marking a 152.3% increase compared to the previous month. Ten cucumbers cost 8,313 won, a rise of 54.8%. Blue lettuce increased by 41.7%, and zucchini climbed 46.6% to 1,504 won.

According to the revised agreement, the core satellite constellation will grow from 282 planned units to 348 operational spacecraft. The updated network design incorporates 330 satellites in higher low Earth orbit alongside 18 satellites in medium Earth orbit, with optional orbital slots set aside for specialized mission needs. The agreement confirms the critical timeline for manufacturing satellites, procuring launches, constructing secure ground segments, and delivering operational connectivity services. Initial satellite launches are scheduled for 2029, allowing participating member states to access early sovereign connectivity shortly afterward. This expansion directly responds to rising security concerns and the evolving operational needs of Europe’s defense landscape. The updated architecture enhances the baseline satellite hardware with technical improvements, and an additional 66 low Earth orbit satellites are incorporated specifically for defense agencies, national security, and emergency responders. Technical assessments indicate that this architectural upgrade will increase secure government communication capacity by 60 percent within the EU and by 54 percent globally, enhancing regional operational effectiveness during emergencies and critical infrastructure crises. EU Commission Formalizes Contract for IRIS2 Satellite Network Growth The SpaceRISE consortium, responsible for the main development and 12-year operational management, comprises major European satellite operators such as SES, Eutelsat, and Hispasat. The public sector implementation is closely coordinated with the European Space Agency, which offers engineering expertise and launch support. Manufacturing activities involve a broad network of European aerospace companies, including Thales Alenia Space, Airbus Defence and Space, and OHB, with telecommunications firms Orange and Deutsche Telekom

In June, South Korea achieved a record current account surplus of $49.73 billion, driven largely by a significant increase in semiconductor exports. The Bank of Korea reported that this figure surpassed the previous monthly high of $38.61 billion recorded in May. June marked the first month where the surplus exceeded $40 billion. The surge was primarily fueled by robust goods exports, with technology shipments expanding at a much faster rate than imports.

Eurozone manufacturing output accelerated in July while new orders and exports stayed weak. The survey’s output index advanced to 52.9 from 51.7, reaching a peak not seen since March 2022. Although production growth outpaced the overall manufacturing environment, companies relied heavily on orders received in previous months. New orders saw only slight increases and lagged behind the rate of production. Export orders declined once more, with drops in France, Spain, Italy, and Austria outweighing gains elsewhere in the currency area.

EU launches the Scaleup Europe Fund with a €5 billion target to finance late-stage European companies across strategic technology sectors. The post EU opens Scaleup Europe Fund with €5 billion target appeared first on Arabian Observer: Observe more. Understand Arabia..