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☆ US junk debt issuers use window to extend liabilities but at higher costs, Morgan Stanley report says
▼ + stars: | 2023-09-15 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

REUTERS/Lee Jae-Won/File Photo Acquire Licensing RightsSept 15 (Reuters) - U.S. junk-rated companies are using a more favorable debt issuance window this year to extend billions of dollars of short-term liabilities. Twelve high-yield issuers have raised $9.6 billion this week, making it the busiest week since November 2021, according to JPMorgan (JPM.N). Ninety of these borrowers used the money raised to refinance, the report noted. Junk bond issuers are now paying roughly 100 to 300 basis points more in coupons on new refinanced debt relative to in-place coupons, according to the report. But the opportunity to refinance is not open to all junk-rated issuers.

Persons: Lee Jae, Morgan Stanley, Matt Tracy, Nick Zieminski Organizations: REUTERS, JPMorgan, CCC, Thomson Locations: Seoul

☆ Hedge funds drop short trades on U.S. regional banks - Goldman
▼ + stars: | 2023-09-04 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

The ratio of long trades compared with short positions on U.S. regional banks has risen by 26% since a year low in mid-July 2023, when traders were mostly short the sector, the bank said. An index of U.S. regional bank stocks (.SPLRCBNKS) has recovered roughly 20% of its value from a two-year low hit in May following the failure of Silicon Valley Bank (SIVBV.UL), Signature Bank (SBNY.PK) and First Republic (FRCB.PK). Reuters GraphicsShort positions on larger U.S. banks have also declined since mid-July, with hedge fund long positions rising about 14% against short bets, the Goldman note showed. Most of the stock buying on U.S. regional banks comprised of hedge funds buying back stock that was borrowed for the purpose of short bets, or so-called short covering, Goldman said. Across broader U.S. financial services, hedge funds finished August with net long positions, the note said.

Persons: Lee Jae, Goldman Sachs, Janet Yellen, Goldman, Nell Mackenzie, Dhara Ranasinghe, David Holmes Organizations: REUTERS, U.S, Silicon Valley Bank, Signature Bank, Reuters, Thomson Locations: Seoul, . U.S, Silicon

☆ South Korea opposition leader starts hunger strike over government policy
▼ + stars: | 2023-08-31 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

Lee Jae-myung, leader of South Korea's Democratic Party, speaks at campaign rally while campaigning for the presidential election in Seoul, South Korea March 8, 2022. Lee Jae-myung, leader of the Democratic Party of Korea, listed an assortment of reasons for his protest at a news conference, without saying how long his hunger strike would last. South Korea has said it neither supports nor agrees with Japan's action, unlike China, which opposed the plan. Yoon's approval ratings slipped slightly to 34% according to a Gallup poll released on Friday, with foreign policy and the Fukushima water issue cited as factors behind his high disapproval ratings. Opposition leader Lee has had his own problems since becoming the head of his party a year ago, just months after he lost the presidential election.

Persons: Lee Jae, myung, Kim Hong, Lee, Yoon Suk Yeol, Hyunsu Yim, Simon Cameron, Moore Organizations: South Korea's Democratic Party, REUTERS, Rights, Democratic Party of Korea, Gallup, Thomson Locations: Seoul, South Korea, Rights SEOUL, Japan, China, North Korea

Legal experts say that if California wins, it could embolden other states to take action against lenders that make high-interest loans to low-income borrowers using what critics call "rent a bank" partnerships. Several nonbank lenders have already exited California, said Saunders, whose group tracks high-interest lenders. In California, OppFi took the unusual step of preemptively suing to try to block the state from taking action. Federal law allows state-chartered banks to lend across state lines at the interest rate legal in their home state. California has urged Dillon to recognize that OppFi decides who to lend to and has a deal with the bank to purchase the loans.

Persons: Lee Jae, Timothy Dillon, Lauren Saunders, California's, OppFi, Saunders, Dillon, Allard Chu, That's, Ron Vaske, Ballard Spahr, Jody Godoy, Andy Sullivan Organizations: REUTERS, California Department of Financial Protection, Los Angeles Superior, California, Federal Reserve, National Consumer Law Center, EasyPay Finance, FinWise Bank, FinWise, Thomson Locations: Seoul, California, Chicago, Utah, U.S, In California, Colorado, New York

☆ Protests mount in South Korea over Japan's plan to release Fukushima water
▼ + stars: | 2023-08-23 | by ( Jack Kim | ) www.reuters.com time to read: +3 min

Conservative President Yoon Suk Yeol's government has come under criticism as it defended the position that its own assessment found no problems with the scientific and technical aspects of Japan's plan. Democratic Party members and Foreign Minister Park Jin clashed in parliament over the possibility of direct impact to South Korea. [1/5]A woman holds up a placard during a protest against Japan's plan to release treated wastewater from the Fukushima nuclear power plant into the ocean, in central Seoul, South Korea, August 22, 2023. REUTERS/Kim Hong-Ji Acquire Licensing RightsJapan has said that the water release is safe. South Korea said it accepted IAEA's conclusion.

Persons: Japan's, Yoon Suk, Yoon, Lee Jae, myung, Park Jin, Kim Hong, Lee, Jack Kim, Gerry Doyle Organizations: Democratic Party, pollster Media Research, South, Foreign, REUTERS, Japan, International Atomic Energy Agency, IAEA, assailing, Korea Federation, Environmental, Fisheries, Thomson Locations: SEOUL, South Korea, Japan, Korea's, Seoul, Korea, China, assailing Tokyo, Pacific

Household debt ticked up 0.1% to $17.06 trillion, as mortgage balances - the biggest portion, and typically the biggest driver, of overall household debt - were largely unchanged. But the quarter-to-quarter trend appeared less alarming, with New York Fed researchers noting a leveling out near pre-pandemic levels in the most recent two quarters. New York Fed researchers attributed the decline to the timing of the academic year, as well as to some small forgiveness programs kicking in. Overall mortgage balances ticked down to $12.01 trillion, from $12.04 trillion in the prior quarter, reflecting some changes in credit reporting that are expected to reverse next quarter, New York Fed researchers said. Originations rose about 11% to $179 billion, reflecting the sharp rise in car prices; the number of newly opened loans remains below pre-pandemic levels, the report said.

Persons: Lee Jae, Ann Saphir, Paul Simao, Jonathan Oatis Organizations: REUTERS, New York Federal Reserve Bank, Fed, New York, Reuters, New York Fed, Mortgage, Auto, Thomson Locations: Seoul, U.S

☆ US dollar stumbles, drops to more than one-year low as inflation eases in June
▼ + stars: | 2023-07-12 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

[1/2] U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. The greenback also hit its lowest against the Swiss franc since early 2015 after the inflation report. Data showed core U.S. consumer prices rose just 0.2% in June, compared with forecasts for a gain of 0.3%. The monthly rise in core prices was the smallest since August 2021. Against the yen, the dollar dropped to a six-week low of 138.17 yen .

Persons: Lee Jae, Simon Harvey, Jordan Rochester, Sterling, Gertrude Chavez, Dreyfuss, Ann Saphir, Chris Reese, Andrea Ricci Organizations: REUTERS, Swiss, Swiss National Bank, Nomura, Bank of England, Thomson Locations: Seoul, Swiss, U.S, London, Norwegian, Swedish, United States

☆ US dollar plunges to more than one-year low as inflation eases in June
▼ + stars: | 2023-07-12 | by ( Gertrude Chavez-Dreyfuss | ) www.reuters.com time to read: +3 min

[1/2] U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. The greenback also hit its lowest against the Swiss franc since early 2015 after the inflation report. "The Fed may have talked itself into a corner with a July 26th rate hike. Against the yen, the dollar dropped to a six-week low of 138.17 yen . The pound is being driven by expectations for the Bank of England to deliver more rate rises to tame UK inflation, which is the highest of any major economy.

Persons: Lee Jae, Simon Harvey, Brian Jacobsen, Sterling, Gertrude Chavez, Dreyfuss, Chuck Mikolajczak, Ann Saphir, Chris Reese Organizations: REUTERS, Swiss, Swiss National Bank, Core, CPI, Annex Wealth Management, Bank of England, Thomson Locations: Seoul, Swiss, Core U.S, U.S, London, Norwegian, Swedish, Menomonee Falls , Wisconsin, New York, San Francisco

☆ IAEA chief in South Korea to allay Fukushima water dump concerns
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

No expert behind the IAEA's Fukushima report disagreed with the content, Grossi told news agency Yonhap on Saturday, hinting at his comment during an interview with Reuters one day earlier. Prior to that, Grossi said during a Friday press conference in Japan that he wanted to also meet with the opposition party in South Korea which has been critical of the discharge plan. South Korea's government said on Friday it respected the IAEA's report and that its own analysis had found the release will not have "any meaningful impact" on its waters. But the plan has stirred anger and concern among South Koreans, prompting some shoppers to buy up sea salt. Despite South Korea's assent for the plan, a ban on food and seafood products from the Fukushima region would remain in place.

Persons: Rafael Grossi, Grossi, Yonhap, Yoo Suk Yeol, Lee Jae, myung, Hyunsu Yim, Richard Chang, Kim Coghill Organizations: United Nations, South, International Atomic Energy Agency, IAEA, Reuters, Opposition Democratic Party, International Tribunal, Thomson Locations: SEOUL, South Korea, Japan, Seoul's, Tokyo, South, Fukushima

☆ China envoy in South Korea warns of 'wrong bets' over Sino-U.S. rivalry
▼ + stars: | 2023-06-09 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

SEOUL, June 9 (Reuters) - South Korea might be making "wrong bets" in the Sino-U.S. rivalry, the Chinese ambassador in Seoul said, urging Seoul to stop "decoupling" from China and restore economic and diplomatic ties. Xing blamed Seoul for creating "difficulties" for bilateral ties by failing to respect Beijing's core interests, including Taiwan, while being influenced by the United States. Frankly, the blame does not lie with China," he said, according to a statement released by the embassy. Xing warned against making the "wrong judgment" on China because of the "interference of external factors" such as U.S. pressure. "In a situation where the United States is pressuring China with all its might, some are betting that the United States will win and China will lose.

Persons: Xing Haiming, Lee Jae, myung, Yoon Suk, Xing, Yoon, Hyonhee Shin, Gerry Doyle Organizations: China, Reuters, Thomson Locations: SEOUL, South Korea, U.S, Seoul, China, Taiwan, United States, Beijing

SEOUL — The emergency siren began wailing at 6:32 a.m. Several minutes later, personal cellphones around Seoul were screeching with a government alert urging residents to “prepare to evacuate,” children and the old and weak first. For a half an hour on Wednesday morning, confusion and panic swept across this city of 10 million as news spread that North Korea had fired a rocket. Then, the next wave of messages hit: The South’s home ministry issued a notice saying the earlier alert was a “false alarm.”Anxiety soon turned into anger and exasperation. “They messed up big time,” said Lee Jae, an office worker in Seoul who woke up to the sirens. South Koreans, who have grown inured to North Korea’s frequent provocations, were met with a disturbing taste of how their country might respond to a major military attack on Wednesday when their government caused confusion with its public alert system at a time of heightened tension in the region.

Persons: ”, Lee Jae Locations: SEOUL, Seoul, North Korea, North

Last year the former leader of Yoon’s party hit out at what he said was the “evil influence” YouTube channels. “After President Yoon Suk Yeol came to power, there have been many cases where the presidential office filed complaints to the media,” Jung said. It has since consistently ranked top in terms of real-time daily viewership on YouTube in South Korea. To Professor Jung, it’s a success that demonstrates “voices cannot be silenced.”Kim, meanwhile, hopes to build a show with as much recognition as any on traditional media. “I will create a type of press that has not yet existed on YouTube,” Kim said.

☆ Samsung union threatens first strike in company's history as pressure mounts after profit plunge
▼ + stars: | 2023-05-04 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Samsung is facing a testing time with profit slumping due to weak demand for its memory chips. An influential Samsung Electronics workers union on Thursday warned that its members could walk out over a wage dispute in what could be the South Korean tech giant's first strike in its history. The National Samsung Electronics Union claims that Samsung management has cut the union out of wage negotiations. If the walkout goes ahead, it would be the first strike since the founding of Samsung Electronics in 1969. Samsung Electronics encompasses Samsung's consumer hardware, semiconductor, display and mobile carrier businesses.

Hyundai and partner SK On, a battery unit of SK Innovation Co Ltd (096770.KS), will set up a new battery manufacturing plant in the state of Georgia, the companies said, formalising an earlier provisional agreement. Accompanying Yoon on the trip are top executives of some of South Korea's biggest companies, including Hyundai Motor Group Executive Chair Euisun Chung. Rivals General Motors Co (GM.N) and Samsung SDI (006400.KS) said they would invest over $3 billion to build a joint venture EV battery manufacturing plant in the United States. That compared with a Refinitiv SmartEstimate for first-quarter profit of 2.3 trillion won from 16 analysts. Hyundai and Kia cars are competitive in the U.S., based on their prices and a favourable exchange rate, he added.

☆ China Development Forum: Li Qiang rolls out the welcome wagon for foreign companies
▼ + stars: | 2023-03-28 | by ( Laura He | ) edition.cnn.com time to read: +4 min

“China’s economy has been deeply integrated into the global division of labor.”Li pledged that the country will align with international economic and trade rules, give equal treatment to foreign investment and facilitate trade and investment by removing government controls. Worries about foreign investmentConcerns about foreign capital leaving China have grown. To boost business confidence, China’s new economic leadership is trying to reassure foreign business and the domestic private sector. “You are not foreigners, but family,” Wang Wentao, the commerce minister, told attendees at the China Development Forum. In a meeting with Cook on Monday, he said China is willing to “provide a good environment and services” for foreign enterprises including Apple.

☆ World-class ships and new supersonic jets mark the quiet rise of a new defense industry powerhouse in Asia
▼ + stars: | 2023-03-10 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +9 min

South Korea's defense industry has seen meteoric growth in recent years. 2023 is also shaping up to be a good year for South Korea's defense industry. South Korea's defense industry was originally tailored to meet the country's own needs, and Seoul assisted its growth with subsidies and other incentives. As South Korea's defense products increased in quality, so too did its exports. The South Korean defense industry's most anticipated product might be the KF-21 Boramae, a multi-role combat jet optimized for air-superiority missions.

☆ S.Korean labour minister defends longer work week as helpful for mothers
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

“We’ll introduce bold measures to help cut working hours during pregnancy or while raising children,” the minister, Lee Jung-sik, told a media briefing when asked whether the labour reform proposal will help tackle South Korea's fertility crisis. Critics of the measure, however, have said that the measures will hurt, not help, working mothers and other women. It would supersede a 2018 law that limited the work week to 52 hours - 40 hours of regular work plus 12 hours of overtime. "It will make it legal to work from 9 a.m. to midnight for five days in a row. There is no regard for workers' health and rest," the Korean Confederation of Trade Unions said in a statement.

☆ South Korean prosecutors seek to arrest opposition leader in graft probe
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 16 (Reuters) - South Korean prosecutors on Thursday requested an arrest warrant for the head of the main opposition Democratic Party, Lee Jae-myung, in an investigation into development projects and bribery allegations. Lee, who was mayor of the city south of Seoul from 2010 to 2018, has denied any wrongdoing. The Democratic Party denounced prosecutors' move, calling it an "unprecedented act of violence to incapacitate the opposition party and eliminate the president's political enemy." Lee lost to President Yoon Suk-yeol, a former prosecutor-general, in the March presidential election by a margin of just 0.7%. ($1 = 1,281.3900 won)Reporting by Soo-hyang Choi and Hyonhee Shin; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

On Monday, South Korean President Yoon Suk Yeol announced that the United Arab Emirates had pledged a staggering $30 billion in investment in the Asian country. The news came after the leaders of the two nations held talks in Abu Dhabi on Sunday, in a landmark trip that marked the first-ever state visit to the UAE by a South Korean president, according to a statement from Yoon’s office. In total, representatives from approximately 100 South Korean companies traveled with the president, according to his office. Some South Korean firms also agreed to build farms for tomatoes and strawberries in the UAE, a country that relies heavily on imports of agricultural products. Going forward, South Korea “will be a key partner in the global supply chain,” using its expertise in sectors such as semiconductors and steel-making to help stabilize supply chains, he pledged.

☆ U.S. dollar likely to remain strong in 2023 amid recession fears
▼ + stars: | 2022-12-08 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

NEW YORK, Dec 8 (Reuters) - A breathtaking surge in the U.S. dollar trampled foreign currencies, gouged corporate profits and gave investors one of the year’s few winning trades. Investors flocked to the dollar — a popular destination during uncertain times — to shelter from market volatility spurred by surging global inflation, spiking energy prices and Russia’s invasion of Ukraine. A stronger dollar makes U.S. exporters' products less competitive abroad while hurting U.S. multinationals that need to exchange their earnings into dollars. REUTERS/Lee Jae-Won/File PhotoNike (NKE.N), IBM (IBM.N) and Meta Platforms (META.O) were among the broad range of companies that warned of a hit from a stronger dollar this year. Nearly 80% of strategists polled by Reuters said there was little scope for dollar upside based on monetary policy.

☆ Neymar and Danilo back with Brazil against South Korea
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

DOHA, Dec 5 (Reuters) - Brazil forward Neymar will start for the five-times champions in their World Cup last-16 match against South Korea on Monday after recovering from an ankle injury. Full back Danilo was also cleared to play and will start on the left side of defence, as both Alex Sandro and Alex Telles were ruled out by injuries. Centre back Eder Militao, who replaced Danilo at right back against Switzerland, will play against South Korea in the same role. Brazil: Alisson; Eder Militao, Thiago Silva (captain), Marquinhos, Danilo, Casemiro, Lucas Paqueta, Neymar, Vinicius Jr., Raphinha, Richarlison. South Korea: Kim Seung-gyu, Kim Moon-hwan, Kim Min-jae, Kim Young-gwon, Kim Jin-su, Lee Jae-sung, Jung Woo-young, Jeong Woo-yeong, Hwang In-beom, Son Heung-min (captain), Hwang Hee-chan, Cho Gue-sung.

☆ Despite stark gender inequality in South Korea, hostility to feminism is growing
▼ + stars: | 2022-12-04 | by ( Haeryun Kang | ) www.nbcnews.com time to read: +8 min

SEOUL, South Korea — Lee Yunju has poked her head in the feminism aisle of the library at her university in Daegu, South Korea. President of South Korea Yoon Suk Yeol. In South Korea, it’s the gender issue.”To some, the gender ministry is a symbol of what they see as the excesses of feminism. The gender ministry was founded in 2001 under the Kim Dae-jung administration, South Korea’s first left-leaning government. The gender ministry aims to protect the marginalized in our society.

[1/5] South Korean President Yoon Suk-yeol speaks at an interview with Reuters in Seoul, South Korea, November 28, 2022. REUTERS/Daewoung KimSEOUL, Dec 4 (Reuters) - South Korean President Yoon Suk-yeol on Sunday ordered preparations for widening a back-to-work order beyond the cement industry amid a prolonged truckers' strike. Thousands of South Korean truckers have been on strike for more than 10 days, with negotiators for the government and unions making no progress on disagreements over minimum pay rules. The Korean Confederation of Trade Unions, an umbrella group, is planning a general strike for Tuesday. The government has said it would not expand a minimum pay system for truckers beyond a further three years.

☆ Ronaldo leads Portugal against South Korea after injury scare
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

Portugal, needing only a draw to be sure of top spot in Group H and mindful of the risk of yellow-card suspensions in the next round, have brought Diogo Dalot and Antonio Silva into the defence. Matheus Nunes, Vitinha and Joao Mario come into the midfield in place of Bernardo Silva, William Carvalho and Bruno Fernandes -- who scored twice in the 2-0 win over Uruguay -- while Ricardo Horta replaces Joao Felix up front. South Korea's Portuguese coach Paulo Bento left out central defender Kim Min-jae, who was an injury doubt, and replaced him with Kwon Kyung-won, while Lee Jae-sung and Lee Kang-in were drafted into midfield. The Koreans, with one point so far, must beat Portugal and hope the result of Ghana's match with Uruguay goes their way in order to reach the last 16. TeamsSouth Korea: Kim Seung-gyu, Kim Moon-hwan, Kwon Kyung-won, Kim Young-gwon, Kim Jin-su, Lee Jae-sung, Lee Kang-in, Jeong Woo-yeong, Hwang In-beom, Son Heung-min, Cho Gue-sungPortugal: Diogo Costa, Diogo Dalot, Pepe, Antonio Silva, Joao Cancelo, Matheus Nunes, Ruben Neves, Vitinha, Joao Mario, Cristiano Ronaldo, Ricardo HortaWriting by William Schomberg and Anita Kobylinska; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ Jay Y. Lee Formally Becomes Samsung’s Leader
▼ + stars: | 2022-10-27 | by ( Jiyoung Sohn | ) www.wsj.com time to read: 1 min

Jay Y. Lee had been serving as the de facto head of Samsung. SEOUL— Samsung Electronics Co. has officially appointed Lee Jae-yong as executive chairman, an elevation in title that formalizes the all-encompassing role he has played for years at South Korea’s largest business conglomerate. The 54-year-old Mr. Lee—who goes by Jay Y. Lee in the West—had previously held the title of Samsung Electronics vice chairman. He takes over a position previously held by his father, Lee Kun-hee, who died two years ago and had been incapacitated after a 2014 heart attack.

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