President Yoon Suk Yeol, left, shakes hands with Netflix CEO Ted Sarandos in a meeting at Blair House in Washington on Monday. [JOINT PRESS CORPS]
Netflix announced plans to invest $2.5 billion in K-content over the next four years in a meeting between the company’s CEO Ted Sarandos and President Yoon Suk Yeol in Washington on Monday.
“We’re delighted to confirm our intent to invest $2.5 billion in Korean content, working with the creators from Korean series and films and scripted shows over the next four years,” said Sarandos to Yoon. “This investment plan is twice the amount Netflix has invested in the Korean market since we started there in 2016.”
Yoon said he had a “very meaningful” meeting with Sarandos and other top executives at the Blair House in Washington, in his first public activity as he kicked off his weeklong state visit to the United States.
“We sincerely welcome Netflix’s bold investment decision,” said Yoon, noting that Netflix would invest about 3.3 trillion won in K-content over the next four years, which “will be a massive opportunity for Korea’s content industry, its creators, as well as Netflix.”
“I have no doubt that our investment will strengthen our long-term partnership with Korea and Korea’s creative ecosystem,” said Sarandos. “We are deepening our partnership with the Korean creative industry which has produced amazing hits such as Squid Game, the Glory, Physical 100. With the partnership, we will continue to grow the global industry while sharing the joy of entertainment with Korean storytellers and their fans around the world.”
President Yoon Suk Yeol, left, chats with Netflix CEO Ted Sarandos in a meeting at Blair House in Washington on Monday. [JOINT PRESS CORPS]
Sarandos said the streaming service reached the investment decision because of its “great confidence in the Korean content industry,” adding it was also “inspired by the president’s love and strong support for the Korean entertainment industry.”
Noting the worldwide appeal of Korean shows, he said, “Thanks to the Korean creators, their compelling stories, these stories are now at the heart of the global cultural zestiest.”
More than 60 percent of 231 million Netflix subscribers in 190 countries around the world watch Korean content, according to the presidential office.
President Yoon Suk Yeol, left, and first lady Kim Keon-hee are greeted by children as they arrive at Joint Base Andrews in Maryland on Monday afternoon to kick off a weeklong state visit to the United States. [JOINT PRESS CORPS]
Earlier Monday, Yoon and first lady Kim Keon-hee arrived on Air Force One at Joint Base Andrews in Maryland to begin their two-legged trip which will also take them to Boston.
They were greeted by officials from the U.S. State Department and White House National Security Council (NSC), including Kurt Campbell, NSC coordinator for the Indo-Pacific.
On Wednesday, Yoon is scheduled to hold a bilateral summit, with U.S. President Joe Biden at the White House, followed by a joint press conference and state dinner.
The two leaders are expected to announce “major deliverables” on ways to strengthen the U.S.’ extended deterrence commitment to South Korea, National Security Advisor Jake Sullivan said in a press briefing Monday, amid the “evolving threat” posed by North Korea.
Yoon and Biden “will announce major deliverables on extended deterrence, on cyber cooperation, on climate mitigation, on foreign assistance, on investment and on strengthening our people-to-people ties,” said Sullivan.
The two leaders in a statement will indicate a “very clear and demonstrable signal of the United States’ credibility when it comes to its extended deterrence commitments” to South Korea, he said.
Sullivan however indicated that the United States opposes the idea of South Korea developing its own nuclear weapons.
He noted that economic and people-to-people ties will be “front and center” during Yoon’s visit, noting South Korea invested over $100 billion dollars in the United States in the past two years, “translating to jobs” across the United States, such as Samsung’s semiconductor fab in Texas, Hyundai’s electronic vehicle factory and new investments by SK in battery plants.
In turn, he noted that South Korea “has stood fast in support of Ukraine since Russia’s brutal invasion over a year ago” and committed to provide over $230 million in humanitarian assistance to Ukraine and joined the international community in implementing sanctions and export controls on Russia.
Sullivan said that Ukraine “is going to be an important topic of conversation” during the summit, adding that the leaders “will have a chance to talk about the military situation on the ground there.”
He added that the summit “is going to meet the very high expectations that both publics have from it” as the two sides “are reaching a new level in strength of the U.S.-ROK [Republic of Korea] alliance.”
A U.S. honor guard salutes President Yoon Suk Yeol and first lady Kim Keon-hee after their arrival at the Andrews Air Force Base in Maryland on Monday. [JOINT PRESS CORPS]
The presidential couple also attended a dinner banquet with overseas Korean compatriots later Monday.
During the meeting, Yoon highlighted the significance of the Korean community in America and their role in strengthening bilateral ties.
President Yoon Suk Yeol, center, and first lady Kim Keon-hee, left, take part in a dinner banquet with Korean compatriots at a hotel in Washington on Monday evening. [JOINT PRESS CORPS]
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
![President Yoon Suk Yeol, left, chats with Netflix CEO Ted Sarandos in a meeting at Blair House in Washington on Monday. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2023/04/25/efa75b5c-762b-43a6-8efb-202e409a916f.jpg)
![President Yoon Suk Yeol, left, and first lady Kim Keon-hee are greeted by children as they arrive at Joint Base Andrews in Maryland on Monday afternoon to kick off a weeklong state visit to the United States. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2023/04/25/f6acec8f-56a8-432a-b012-a7a9b2ce0f68.jpg)
![A U.S. honor guard salutes President Yoon Suk Yeol and first lady Kim Keon-hee after their arrival at the Andrews Air Force Base in Maryland on Monday. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2023/04/25/a2862343-a557-4d50-a0a4-f948089849cb.jpg)
![President Yoon Suk Yeol, center, and first lady Kim Keon-hee, left, take part in a dinner banquet with Korean compatriots at a hotel in Washington on Monday evening. [JOINT PRESS CORPS]](https://koreajoongangdaily.joins.com/data/photo/2023/04/25/156bd781-8519-49e9-b795-73df56b387f3.jpg)
