KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
South Korea is set to develop a new entertainment hub to rival Hollywood, aiming to capitalize on the global success of its pop culture phenomena like BTS, Squid Game, and Blackpink.
Key Highlights:
Entertainment City Development: The South Korean government plans to create a large-scale entertainment city by 2035, spanning 3.3 square kilometers. The city will be dedicated to film, television, music, and other arts, featuring specialized schools, content production facilities, and full-scale replicas of Joseon dynasty palaces to support film and drama production while attracting tourists.
Government's Strategic Blueprint: South Korea's Culture Minister, Yu In-Chon, stated that the government would provide the necessary infrastructure and draw a blueprint, hoping to attract investments from companies in telecommunications, internet, and financial services.
Economic Impact and Tourism Goals: South Korean content generated around 151 trillion won (US$114 billion) in revenue last year. The new entertainment hub is also intended to attract international visitors, particularly from China and Japan. The government has set a target to increase foreign tourist arrivals to about 30 million annually in the coming years.
Investment and Events: The government has pledged to establish a 100 billion won fund with foreign venture capitalists under the next year's budget to invest in South Korean content. Additionally, a large-scale Hallyu festival is planned for next summer, alongside efforts to support the export of South Korean cultural products.
Tourism Boost Initiatives: South Korea is negotiating with China and Japan to simplify visa processes to increase international tourism. The country has already eased visa requirements for travelers from the US, Japan, Taiwan, and Hong Kong, aiming to reach pre-pandemic tourist numbers and beyond.
South Korea's ambitious plan to build an entertainment city reflects its desire to solidify its position as a global cultural powerhouse and capitalize on the booming international popularity of K-pop and K-drama.
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