South Korea's exports hit record high on AI boom Share South Korea's exports hit record high on AI boom on social media South Korea's exports have surged to a monthly record amid explosive demand for chips used to power artificial intelligence. Exports jumped 83.5 percent year-on-year to $120.9bn in September, eclipsing the previous monthly record of $102.25bn set in June, preliminary customs figures showed on Thursday. Total exports from January through September hit $814.5bn, During the first nine months of the year, the country recorded a trade surplus of $49.85bn. "This is a valuable achievement that once again demonstrates the strength of our industries and companies, and is thanks to the sweat and efforts of our entrepreneurs who have competed fiercely in the global market," said Kim Jeong-kwan, South Korea's minister for trade and industry, in a statement.

Artificial intelligence (AI) could trigger financial market shocks and the UK needs to be prepared for them, the governor of the Bank of England has warned. Andrew Bailey said the central bank is watching the huge amounts of money being invested in AI very carefully and cautioned that not everybody always wins. The money that has been spent on and loaned to AI firms over the last few years in the hope of large returns is causing markets to value some of them as multi-trillion dollar businesses. Asked if he believed an AI bubble could burst, Bailey said: You could see some correction of asset prices at some point. He was speaking exclusively to the BBC about what the risks and benefits of AI could be for the UK economy.

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Chinese robots have quickly entered global public consciousness in recent years, appearing as background robo-dancers in pop concerts and as humanoid marathon and sprint runners outpacing elite athletes ( 1). Domestically, robots are deployed as traffic guides and restaurant service staff, while swarms of drones entertain audiences in urban light shows or deliver takeout to high-rises ( 2, 3). These public debuts serve to both normalize automation in everyday civilian life ( 4) while projecting international soft power. Behind the public spectacle lies a bold agenda for global economic dominance. In its geopolitical contest with the United States, Beijing sees robotics as the core engine to project power and dictate the future of global supply chains ( 5).

RBA governor Michele Bullock speaks at the CEDA event on Tuesday. RBA governor Michele Bullock speaks at the CEDA event on Tuesday. RBA governor says AI is'great white hope' but its adoption is so far adding to inflation, rather than economic growth The Reserve Bank governor said AI could be a bubble and there was no evidence it is making the economy more efficient, as the Albanese government claims the technology will solve Australia's economic malaise. Ahead of an expected interest rate rise next week Michele Bullock also said the slump in house prices was deeper than others in Australia's recent history. Resurgent oil prices and inflation are weighing on markets but US tech stocks surged on Monday after Facebook owner Meta debuted its new Muse AI agent and saw its shares rise 11%.

AI's wobbly house of cards puts markets and U.S. economy at risk Protesters during a demonstration calling for a slowdown in the development of advanced artificial intelligence systems outside city hall in San Francisco on Thursday. The heads of America's leading AI development labs have started a national conversation about tapping the brakes on a technology that's offering so much promise for society, while at the same time showing it can do a frightening amount of harm. It's a debate that needs to be had, and a real solution invariably will be hard to come by. But considering the trillions of dollars of investment gains and market value that have been built on the assumption that AI will keep growing at breakneck speed for years and years to come, what happens to Wall Street -- and more importantly Main Street -- if it doesn't? "People may not fully grasp just how wound up the market and the economy is in all of this," said Jim Morrow, chief executive officer of the Boston investment firm Callodine Capital Management.

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What's happening to UK interest rates and what does it mean for mortgages? The Bank of England has kept UK interest rates unchanged at 3.75% for a sixth time in a row, keeping them at the lowest level since February 2023. Before the US-Israeli war with Iran, rates had been expected to fall in 2026, but the economic fallout from the conflict has pushed up inflation across the globe, making cuts unlikely and rises a possibility. Interest rates affect mortgage, credit card and savings rates for millions of people. What are interest rates and why do they change?

Policymakers at the Bank of England are expected to keep interest rates unchanged despite price rises accelerating due to the prolonged conflict in the Middle East. The nine-member Monetary Policy Committee (MPC) has been meeting amid a backdrop of increasing global energy prices and interest rate rises around the world. Economists expect the MPC to hold the benchmark Bank rate at 3.75% for a sixth consecutive meeting but analysts are more divided on whether the rate will need to go up before the end of the year. The Bank rate is crucial in setting the benchmark for banks and other lenders in setting interest for individuals and businesses borrowing and saving money. The latest interest rate decision will be announced by the Bank at 12:00 BST on Thursday.