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  • May 13, 2025

South Korea to help small, medium-sized firms hit by tariffs

South Korea has prepared support measures for small and medium-sized firms expected to be hurt by U.S. tariffs, the government said on Wednesday. The measures include financing support worth 4.6 trillion won ($3.25 billion), subsidies to ease the burden of logistics costs, and other policies to help expand export markets. While their exports accounted for 17% of South Korea's total exports in the first quarter, 81% of small and medium-sized enterprises considered themselves vulnerable to 25% tariffs introduced by the Trump administration in April but later suspended for 90 days, the government said in a statement.

  • May 13, 2025

Oil dips as traders watch for jump in US crude stockpiles

SINGAPORE (Reuters) -Oil prices retreated on Wednesday as traders eyed a potential jump in U.S. crude inventories, though prices held near two-week highs amid relief after the United States and China agreed to temporarily lower their reciprocal tariffs. U.S. West Texas Intermediate (WTI) crude slipped 32 cents, or 0.5%, to $63.35. The two largest economies agreed on Monday to pause their trade war for at least 90 days, with the United States cutting tariffs to 30% from 145% and China slashing duties on U.S. imports to 10% from 125%.

  • May 13, 2025

California approves State Farm's request for 17% premium increase for homeowners

California's top insurance regulator said Tuesday that State Farm can soon start raising premiums by 17% for all of its home insurance customers in the state to help the insurer rebuild its capital following the Los Angeles wildfires. State Farm has argued the emergency rate hikes are necessary to help the company avoid a “dire” financial crisis that could force them to drop more California policies. The state's largest home insurer said it was already struggling financially before this year but the LA fires, which destroyed more than 16,000 buildings in January, have made things worse.

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