Economy news · 1 November 2026
Binance Suffers Potentially Record $6.3 Billion Hack Blamed on North Korea
Hackers stole $6.3 billion from Binance in what analysts are calling potentially the largest cryptocurrency theft ever recorded, with US blockchain firms attributing the attack with high confidence to North Korea's elite hacking unit.
South Korea's Exports Nearly Double in October, Putting $1 Trillion Annual Record in Sight
South Korea's October exports surged 93.7 percent year-on-year to $115.28 billion, driven by a 259-percent explosion in semiconductor shipments fuelled by global AI investment, putting the country on track to become only the fourth nation to reach $1 trillion in annual exports.
Alphabet Stock Tumbles 13% as AI Costs Cannibalise Google Search Revenue
Alphabet reported a rare earnings miss with negative free cash flow of $9 billion, as heavy AI spending depressed profits and raised investor fears that Google's own AI tools are eating into its search advertising revenue.
US and Canada Work Toward Steel and Auto Tariff Relief Before Midterm Elections
Washington and Ottawa are in intensified talks to ease US tariffs of up to 50 percent on Canadian steel and 25 percent on automobiles, with negotiators hoping to reach a deal before the US midterm elections on November 3.
UAE Petrol Prices Drop for First Time in Four Months as November Rates Take Effect
The UAE cut petrol and diesel prices for November, with Super 98 falling 5.5 percent to Dh4.16 per litre — the first reduction in four months — defying expectations despite Brent crude hitting a six-month high of $117.64 a barrel in October.