This is the main news by media at this time on August 18, delivered by Infostock Daily.
▲ Even with the highest profits… Receive voluntary retirement until ’30s’
Banks have made the most profits in recent years, but paradoxically, in this boom, even young bank employees in their 30s are voluntarily packing their bags through voluntary retirement. Improved conditions for voluntary retirement based on soaring profits, a tendency to rush to design the ‘second act of life’, and an increase in the fire group (those who want to retire early) are cited as backgrounds. According to the financial sector on the 17th, the labor and management of Shinhan Bank recently agreed on the conditions for voluntary retirement and decided to accept applications for voluntary retirement for about three days from this weekend (based on business days) to the beginning of next week at the earliest. It is the first time in two years since 2021 (224 people in the first half, 133 people in the second half) that Shinhan Bank is carrying out voluntary retirement in the second half of the year separately from early retirement at the beginning of the year.
The 10-year U.S. Treasury yield is at its highest level in 15 years.
On the 16th (local time), the 10-year U.S. Treasury yield hit a 15-year high. According to the US electronic trading platform Tradeweb and the Wall Street Journal (WSJ), the 10-year US Treasury yield closed at 4.258% on this day. This is the highest level since June 2008 based on closing prices, the WSJ said. June 2008 was the time right before the US Federal Reserve (Fed) implemented an ultra-low interest rate policy due to the Lehman Brothers crisis (September 2008).
▲ China, angry at US sanctions… Intel Acquisition Tackle
US semiconductor company Intel has abandoned its plan to acquire Tower Semiconductor, an Israeli foundry (semiconductor consignment production) company. This is because it has not been approved by Chinese regulators. On the 15th (local time), Intel announced that it would terminate the contract to acquire Tower Semiconductor. In February of last year, Intel signed a contract to acquire Tower Semiconductor for $5.4 billion (about 7.2 trillion won). Tower Semiconductor is a company that produces semiconductors and integrated circuits used in automobiles, consumer goods, and medical and industrial equipment.
▲ “Sorry for the drop in stock price” REITs management company sweating from shareholders
Commercial real estate-centered REITs (real estate investment trusts) prices are bottoming out as working from home has become commonplace even after Corona 19 due to the continued interest rate hike in the United States. It is to the point that REIT management companies are reassuring investors by sending a letter to shareholders, saying, “The current decline is not permanent.” In the industry, it is said that the real estate undervaluation phase can eventually be overcome only after hitting the bottom. As telecommuting becomes more common than expected, strategies are being suggested to invest in assets that can be used for a variety of purposes, not just commercial ones.
▲ MG Damage Insurance ‘insolvent financial institution designation cancellation lawsuit’ lost in the first trial
JC Partners, the major shareholder of MG Insurance, lost a lawsuit filed by the Financial Services Commission claiming that the designation of MG Insurance as an insolvent financial institution was unfair. On the 17th, the 12th Administrative Division of the Seoul Administrative Court (presiding judge Jeong Yong-seok) dismissed the plaintiff’s claim against MG Insurance and its major shareholder, private equity firm JC Partners, against the Financial Services Commission to revoke the designation decision as an insolvent financial institution. Previously, the Financial Services Commission reported that MG Insurance’s liabilities exceeded its assets by about 120 billion won in April of last year, and designated it as an insolvent financial institution under the Financial Industry Structure Improvement Act.
▲ Chairman Seo Jeong-jin, “Celltrion merger, wise and good decision” Confidence
On the 7th, Celltrion Group Chairman Seo Jeong-jin explained the motivation and purpose of the merger of Celltrion, Celltrion Healthcare, and Celltrion Pharmaceuticals through an online meeting. A step-by-step merger blueprint was also revealed. The Celltrion Group announced that Celltrion will proceed with the first stage of merging with Celltrion Healthcare in the second half of this year, followed by the second stage of merging the merged corporation with Celltrion Pharmaceuticals in the first half of next year. The date of the merger between Celltrion and Celltrion Healthcare is set for December 28th, and new shares are scheduled to be listed on January 12th next year. The plan is to merge Celltrion Pharmaceuticals within six months.
▲Bitcoin ‘Black Friday’… It fell 10% in one day to the $25,000 level.
The price of Bitcoin (BTC) fell by about 10% in one day, hitting the dreaded ‘Black Friday’. It fell below $28,000 for the first time in about two months. At 7:15 am on the 18th, the Bitcoin price based on CoinMarketCap is $26,230, down 9.37% from the same time the day before. The domestic price based on Upbit is 36.6 million won, which is a decrease of about 6.2% compared to the same time the previous day. The ‘Kimchi Premium’, where domestic prices are higher than overseas prices, continues, so caution is required.
▲ ‘Superconductor roller coaster’ until when… The theme stock fluctuates ‘body aches’
Superconductor theme stocks, which continued to march at the upper limit, produced a sharp decline the day before. The roller coaster market continues, with stock prices skyrocketing and plummeting according to related news. In the process, companies that said they have nothing to do with superconductor stocks are also suffering from increased stock price volatility. According to the Korea Exchange on the 18th, stocks classified as superconductor theme stocks plunged the previous day. Seonam closed at 7,330 won, down 3140 won (29.99%) from the previous trading day, and four stocks including Wonik P&E (-29.99%), LS Cable & System Asia (-29.98%), and Kookilshindong (-29.87%) hit the lower limit. It is.
▲SK On, Ford, and EcoPro BM to build a cathode material plant in Canada with an investment of 1.2 trillion won
SK On will build a battery cathode material plant in Canada with Ford, a finished car company, and Ecopro BM, a cathode material producer. Cathode material is a key material that determines battery performance. It is a paving stone for the three companies to join hands to strengthen the value chain from core materials for batteries to electric vehicles. SK On announced that the three companies officially announced the construction of a cathode material plant at a hotel in Becancois, Quebec, Canada on the 17th (local time) with Korean and Canadian government officials present. The three companies will invest a total of 1.2 billion Canadian dollars (about 1.2 trillion won) to build a joint factory on a 278,000㎡ (84,000 pyeong) site in the Becancois industrial complex. Ecopro BM’s local corporation, ‘Ecopro Cam Canada’ established in February, runs the plant, and SK On and Ford invest in it.
▲ Kakao Bank, which has grown rapidly as Judam, threatens local banks
Kakao Bank posted the best performance in the first half of this year. It is an analysis that the expansion of low- and medium-credit loans and housing mortgage loans (share deposit) was effective along with various savings and savings products. In particular, Judamdae is the ‘first class contributor’ who led the first half of Kakao Bank. This is the result of a combination of interest rate competitiveness and the convenience of ‘non-face-to-face’. Kakao Bank, which has established itself as the strongest internet bank, is now threatening local banks. Kakao Bank’s net profit in the first half was 183.8 billion won, surpassing Kyongnam Bank (161.3 billion won) and Kwangju Bank (141.6 billion won). Its influence in financial markets is also expected to grow.
▲Even if the standing auditor for 10 years from the Financial Supervisory Service… Bank embezzlement incidents that pop up every day
It was found that a former member of the Financial Supervisory Service monopolizes standing audit, which is the core of bank internal control. However, large-scale embezzlement incidents and corruption by bank employees continue. For Woori Bank, Kookmin Bank, Daegu Bank, and Kyongnam Bank, where large-scale embezzlement and cheating by employees were recently discovered, a former member of the Financial Supervisory Service has been serving as a standing auditor for several years. After examining the history of standing auditors in the banking sector for the past 10 years, it was found that the ‘sweeping of auditors’ from the Financial Supervisory Service is intensifying.
▲ HMM and Pan Ocean frantically buying ships… I’m worried about this situation to come
Shipping companies that enjoyed unprecedented shipping specialties due to COVID-19 are continuing their investments even in the tunnel of recession. HMM, the largest shipping company in Korea that has been put up for sale, as well as Pan Ocean, which is trying to acquire it, are starting to grow in size. It is a preparation work to survive the future ‘cold weather’. According to the semi-annual report announced by HMM (011200) on the 18th, a total of six vessels were delivered in the first half of this year. One 2100 TEU container ship ‘HMM Mongla’ and five bulk carriers were brought in. This brings HMM a total of 72 container ships and 33 bulk carriers owned or leased.
▲”Flee” investors who withdrew their money from China, went to Vietnam and India
As concerns about a slowdown in the Chinese economy have grown recently, the money withdrawn from Chinese funds is flowing to other supply chains, such as India and Vietnam. The same goes for yield. Returns on funds in China are negative, while returns on funds in India and Vietnam are in the double digits. Experts predict that growth in India and Vietnam will continue. According to FnGuide, a fund evaluation company, on the 17th, as of the previous day, only Vietnam and India funds among emerging market funds had inflows over the past three months. 28.9 billion won in Vietnam funds and 47.4 billion won in Indian funds. During this period, 105.2 billion won was outflowed from Chinese funds.
▲ The sound of the middle wallet closing… ‘Good and bad’ export emergency
As fears of deflation (D) in China, Korea’s largest trading partner, spread, exports were put on another emergency. Rather than seeing the expected effect of China’s reopening (resumption of economic activity), expectations for good news from China are quickly cooling. This is because major indicators such as consumption, investment, and exports in China all slowed down last month amid US containment, and a phenomenon of low inflation appeared following the economic recession. It sounds like China’s wallet is closing. The government, which had predicted that the monthly export growth rate would turn positive from September at the earliest with the resumption of the Chinese economy, seems to be very nervous about this unusual sign. Experts agreed that by the end of the year, ‘useable cards’ should be prepared in advance to prepare for prolonged sluggish exports.
▲ I just broke my subscription passbook… Interest rate ‘up to 4.3%’ Preferential interest rate for loans
The interest rate for the subscription bankbook is raised to a maximum of 4.3%, and the period of holding the bankbook for the spouse at the time of subscription can be combined up to 3 points. When receiving government housing purchase loans, the benefits of subscription bankbooks are greatly increased, such as applying a preferential interest rate of up to 0.5%p (point) depending on the bankbook holding period. The Ministry of Land, Infrastructure and Transport announced on the 17th that it would strengthen the benefits of comprehensive housing subscription savings (subscription savings) with this content. As a follow-up measure in accordance with the economic policy direction in the second half of last month, the system was improved by reflecting the point that the subscription savings interest rate is low compared to the market and is less effective.
▲ Yoon Ho-young, CEO of KABIN, who is unfair, “It’s less than 2% of Judamdae… It’s not the main culprit of household debt.”
Kakao Bank CEO Yoon Ho-young drew a line when domestic household loans increased for four months in a row, and Internet banks’ non-face-to-face home mortgage loan products were cited as the cause of the surge in household loans. It is an explanation that it accounts for an insignificant portion of the overall market and is working hard to ’embrace low and medium credit’, which is the goal of establishing an internet bank. At a meeting with reporters before attending the ‘bank president meeting for strengthening internal control and household loan management’ held at the Bank Association in Myeong-dong, Seoul on the morning of the 17th, CEO Yoon said, “The share of Kakao Bank Judamdae in the entire market is less than 2%.” He said, “What are we (the increase in household loans) the main culprit?”
▲’G2 risk’ hits the Korean economy… “Deep, long-lasting, low-growth concerns”
The ‘G2 (US-China) risk’, which has increased uncertainty in the global economy every time it has been waging a trade war, is devouring the Korean economy in a different way. The conflicting trends between China, which is said to be in the beginning of a recession, and the United States, which is in an overheated economy, are bringing dark clouds of sluggish exports, high exchange rates and high prices to the Korean economy. According to the government on the 17th, the Ministry of Strategy and Finance is closely monitoring the Chinese economy, which has raised concerns about deflation (price decline amid economic recession). An official from the Ministry of Strategy and Finance said, “We are looking at how the direction of the Chinese economy and whether or not the US will raise interest rates will affect the domestic real and financial markets.”
▲ ‘U.S.-China risk’ Won/dollar exchange rate exceeds 1340 won… “Looks over 1360 won”
Volatility in the domestic financial market is increasing due to concerns about the Chinese real estate market and the prolonged US monetary tightening. The KOSPI broke the 2500 line during the intraday, and the won/dollar exchange rate touched 1343 won, a related point in three months. According to the Korea Exchange on the 18th, the closing price of the KOSPI on the previous day fell 5.79 points (0.23%) from the battlefield to 2519.85, closing down for 5 consecutive trading days. The index opened at 2512.92, down 12.72 points (0.50%) from the battlefield, and then increased the drop and fell below the 2500 line during the intraday. It is the first time in three months since May 17 that the KOSPI index fell below the 2500 line during the intraday. However, as the selling trend of foreigners subsided, the 2500 line, which collapsed during the intraday, recovered.
▲ Overwhelming financial power Ilchiwoljang Coupang Play… Local OTT, Tteoltteoreum
Coupang Play, Coupang’s online video service (OTT), is growing rapidly. The number of monthly active users (MAU) has exceeded 5 million. However, the eyes of the native OTT industry looking at Coupang Play, which is strengthening its position based on the parent company’s financial power, are complicated. According to the mobile index of big data platform company IGA Works on the 17th, the number of monthly active users (MAU) of Coupang Play reached 5,198,554 between the 1st and 23rd of last month. It is third after Netflix (11,745,325 people) and Teabing (5,221,802 people). In January of this year, the MAU difference between Teabing and Coupang Play was about 750,000, but it decreased significantly to about 23,200 last month. However, in the case of daily active users (DAU), there were 1.28 million Teabing last month, 1.04 million Wave, and 670,000 Coupang Play.
▲ Assets of 180 trillion Chinese financial companies are also in crisis… “Terrible time for Xi Jinping”
China, Korea’s largest trading partner, has weakened its basic economic stamina, including exports, consumption and investment, and the real estate market, which accounts for 25% of its gross domestic product (GDP), is shaking. However, the fire is moving to the financial market. On the 17th, foreign media such as Bloomberg said, “Zhongzhi Group, an asset management company that rolls more than 1 trillion yuan (about 180 trillion won), announced to investors that ‘the company is facing a liquidity crisis and will conduct debt restructuring’. did,” he reported. The company is well-known in China enough to be called the ‘Chinese version’ of Blackstone, the world’s largest private equity fund, and has focused on investing in the real estate sector with a real estate trust company as a subsidiary.
▲ HMM takeover battle, the world’s 5th largest shipping company is also reviewed
The world’s 5th largest shipping company and Germany’s largest container shipping company, ‘hapag-Lloyd’, appeared in a bid to acquire HMM (formerly Hyundai Merchant Marine), the largest shipping company in Korea. It is interpreted as a move to raise the global market share to the top 3 by increasing the fleet through the acquisition of HMM. As a result, the battle for the acquisition of HMM, which was predicted to be conducted mainly by domestic companies such as Dongwon, Harim, and LX Group, has grown.
▲ TSMC, which is building a plant in Arizona, USA, is struggling with manpower problems
Taiwan TSMC, which is building a foundry (semiconductor consignment production) plant in Arizona, USA, is suffering from a labor shortage and facing opposition from local labor groups. TSMC delayed the completion of the factory by one year for the reason of ‘lack of skilled manpower’ and announced that it would dispatch manpower from Taiwan, but it is from the rise of local workers and American politicians. According to foreign media such as the South China Morning Post (SCMP) on the 17th, the local union ‘Arizona Pipe Trade 469’ told the petition platform Voter Voice, “More than 500 EB-2 work visas requested by TSMC to prevent American workers from losing their jobs from foreigners. Please block issuance.”
▲Chairman Gyeok-ho Shin’s long-cherished wish, Dong-bin Shin solved it
The construction of Busan Lotte Tower, the third tallest building in Korea, has finally begun. A long-cherished wish that lasted for 23 years, spanning two generations, from the late Founder Gyeok-Ho Shin, Honorary Chairman of Lotte Group to Chairman Dong-Bin Shin, has finally been fulfilled. Lotte Shopping held a groundbreaking ceremony at the Busan Lotte Tower construction site at 11:00 am on the 17th with Busan Mayor Park Hyung-joon, Lotte Shopping Vice Chairman Kim Sang-hyun, Lotte Department Store CEO Jung Joon-ho, and architect Kengo Kuma in attendance. Busan Lotte Tower, which will be built on the 67th floor (height 342.5m), is the third tallest building in Korea, following Lotte World Tower (555m) in Jamsil, Seoul and LCT Landmark Building (411m) in Busan.
Reporter Yoon Seo-yeon [email protected]
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