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☆ Stocks making the biggest premarket moves: Joby, Micron, Wells Fargo, Freyr Battery and more
▼ + stars: | 2023-06-29 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading. Joby Aviation — Joby shares gained another 17% premarket. The aviation company announced a $100 million equity investment from South Korea's SK Telecom, expanding an existing partnership. Wells Fargo , JPMorgan Chase , Bank of America — The banks moved higher after passing the Federal Reserve's annual stress test Wednesday. Wells Fargo and Bank of America gained nearly 2%, while JPMorgan rose 1.6%.

Persons: Wells, Charles Schwab —, Morgan Stanley, Adam Jonas, Berkshire Hathaway, Overstock, Richard, —, Macheel, Jesse Pound, Sarah Min, Michael Bloom, Brian Evans Organizations: Aviation, New York Stock Exchange, Joby, South Korea's SK Telecom, Micron Technology, Micron, JPMorgan Chase, Bank of America, Federal, JPMorgan, Citizens, Providence, Occidental Petroleum —, Petroleum, Berkshire, Warren Buffett, Virgin Galactic —, Virgin Galactic Locations: New York, South, Wells Fargo, Providence , Rhode Island, Wednesday's, Virgin

☆ UAW rips Biden administration on US loan to Ford joint venture battery plant
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The $9.2 billion low-cost government loan for the BlueOval SK joint venture is the biggest ever from the government auto lending program that will help finance construction of three plants in Kentucky and Tennessee. The joint venture is building battery plants in Kentucky and Tennessee. The UAW and Senator Bernie Sanders in April criticized a General Motors (GM.N)/LG Energy Solution (373220.KS) joint venture battery plant for paying workers much less than GM assembly plant employees even though it benefits from hefty U.S. government tax credits. Union workers at a nearby Ohio GM assembly plant that closed in 2019 made at least $32 an hour. The Energy Department last year awarded $2.5 billion to help finance construction of Ultium's new lithium-ion battery plants, including Warren, from the same program used for the Ford loan.

Persons: Francois Lenoir, Shawn Fain, Fain, Joe Biden’s, Ford, Biden, Bernie Sanders, Warren, David Shepardson, Aurora Ellis, Mark Porter Organizations: Ford, REUTERS, United Auto Workers, UAW, U.S . Energy Department, Ford Motor, Korea's SK, JV, Detroit Three automakers, BlueOval SK, SK, South Korea's SK Innovation, Motors, LG Energy, JV Ultium, Ohio GM, The Energy Department, Thomson Locations: Brussels, Belgium, Francois Lenoir WASHINGTON, Kentucky, Tennessee, South, America, Warren , Ohio, Ohio

☆ Ford, SK joint venture set to receive $9.2 billion US government loan for battery plants
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, June 22 (Reuters) - The U.S. Energy Department on Thursday said it intends to loan a joint venture of Ford Motor (F.N) and South Korean battery maker SK On up to $9.2 billion to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky. The conditional commitment for the low-cost government loan for the Blue Oval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. SK On is a unit of South Korea's SK Innovation (096770.KS). The joint venture is building battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 80 gigawatt hours annually. Reporting by David Shepardson; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: David Shepardson, Toby Chopra Organizations: U.S . Energy Department, Ford Motor, SK, Blue Oval SK, Technology Vehicles Manufacturing, South Korea's SK Innovation, Thomson Locations: Korean, Tennessee, Kentucky, South

☆ Ford-SK venture to get $9.2 billion US loan for battery plants
▼ + stars: | 2023-06-22 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, June 22 (Reuters) - The U.S. Energy Department plans to lend up to $9.2 billion to a joint venture of Ford Motor (F.N) and South Korea's SK On to help it build three battery plants in Tennessee and Kentucky. The conditional commitment for the low-cost government loan for the BlueOval SK joint venture comes from the government's Advanced Technology Vehicles Manufacturing (ATVM) loan program. The joint venture is building three battery manufacturing facilities in Kentucky and Tennessee capable of collectively producing more than 120 gigawatt hours annually, the Energy Department said. This is the sixth loan for battery supply chain projects from the ATVM program. Last year, the department awarded a joint venture of General Motors (GM.N) and LG Energy Solution (373220.KS) $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities.

Persons: Jigar Shah, Dave Webb, Robert Rhee, Ford, Jim Farley, Tesla, David Shepardson, Toby Chopra, David Evans, Alexander Smith Organizations: U.S . Energy Department, Ford Motor, Korea's SK, BlueOval SK, Technology Vehicles Manufacturing, SK, South Korea's SK Innovation, Energy Department, Energy, Ford, Lincoln, Republican, Republicans, Biden, General Motors, LG Energy, Ultium Cells, Thomson Locations: Tennessee, Kentucky, South, United States, KS, Ohio , Tennessee, Michigan, Fremont , California

☆ SK Signet to launch EV chargers with Tesla's charging standard
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Electric-vehicle (EV) charger maker SK Signet (260870.KN) said on Thursday it was adding products compatible with the North American Charging Standard (NACS), after major U.S. automakers Ford (F.N) and GM (GM.N) said they were adopting Tesla's (TSLA.O) model of charging. Electric vehicle charging companies are cautiously embracing Tesla's charging technology as the main U.S. standard, as they are in danger of losing out on customers if they offer only the Combined Charging System (CCS). Earlier this week, EV charging equipment makers Blink Charging (BLNK.O), ChargePoint (CHPT.N) and Tritium (DCFC.O) said they will offer chargers with Tesla's connector. The White House aims to spur deployment of hundreds of thousands of chargers, which it sees as integral to EV adoption. SK Signet will continue to provide customers with the option of other widely used standards for EV charger connections, including the CCS, CHAdeMO and the Megawatt Charging System.

Persons: Samrhitha, Maju Samuel Organizations: SK Signet, American, U.S, Ford, GM, South Korea's SK Group, EV, Tesla, CCS, CHAdeMO, Thomson Locations: U.S, South, Bengaluru

☆ TrendForce says SK Hynix to raise China legacy chip output capacity
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] Memory chips by South Korean semiconductor supplier SK Hynix are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/Illustration/File PhotoSEOUL, May 4 (Reuters) - South Korea's SK Hynix Inc (000660.KS) plans to expand its legacy chip production capacity at its chip manufacturing facilities in China, market research firm TrendForce said. The world's second-biggest memory chip maker's long-term strategy involves shifting its capacity expansion back to South Korea, while its China chip production site caters to domestic demand in China and the legacy DRAM memory chip market, the TrendForce report said. SK Hynix did not immediately respond to a Reuters request for comment on Thursday. Last year, SK Hynix said it had received authorisation from the U.S. Commerce Department for a year to supply equipment needed for chip production in facilities in china, without seeking additional licensing requirements.

The firm's loss widened as a global economic slowdown worsened a memory chip glut during the first quarter, prompting sluggish demand and falling prices, SK Hynix said. However, "we expect revenue to rebound in the second quarter after bottoming out in the first, driven by a gradual increase in sales volume," SK Hynix said. Such cuts will reduce inventory across the industry and improve market conditions from the current quarter, SK Hynix said. The loss is the biggest since SK Group acquired Hynix in 2012, and is the second in a row after the fourth quarter's 1.9 trillion won loss. SK Hynix shares traded up 2.1% versus a 0.2% decline in the wider market (.KS11), after the firm flagged a market rebound.

The money will be used for operational funds such as buying chip production materials, SK Hynix said in regulatory filing on Tuesday. SK Hynix's deal was the largest convertible bond in the Asia-Pacific region, excluding Japan, in a year, according to Refinitiv data. SK Hynix did not respond immediately to a request for comment on the demand. Shares in SK Hynix fell as much as 4% in Tuesday trade, while the wider market (.KS11) rose 0.4% as of 0238 GMT. SK Hynix posted a record quarterly operating loss of 1.7 trillion won ($1.38 billion) in the September-December quarter.

☆ SK Hynix to seek further exemption from US chip curbs against China -CEO
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

SEOUL, March 29 (Reuters) - South Korea's SK Hynix Inc (000660.KS) will ask the United States for a year's further exemption from chip curbs against China, the chief executive of the world's No. In October last year, SK Hynix said it had received authorisation from the U.S. commerce department for a year to supply equipment needed for chip production in facilities in China, without seeking additional licensing requirements. The United States announced curbs on exports of chip-making equipment to China, requiring licenses for U.S. companies to export advanced chips and chip-making equipment in a bid to slow China's technological advance. On Wednesday, the company it would pursue previously announced plans to build an advanced chip packaging plant in the United States as the review process ends. Reporting by Hyunsu Yim; Additional Reporting by Heekyong Yang; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Chinese chipmaking equipment manufacturers filling void left by U.S. export restrictions
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +5 min

Naura's most advanced etching machine supports 55 nm and 28 nm chipmaking technology, well behind the leading edge of chip manufacturing. The firm also makes deposition machines, which apply chemicals and gases to silicon wafers throughout the chipmaking process. It produces machines that can service the 14 nm to 28 nm process nodes of its deposition machines. ADVANCED MICRO-FABRICATION EQUIPMENT INC CHINA (AMEC) (688012.SS)AMEC makes etching equipment used to remove excess material from the surface of silicon wafers. BEIJING E-TOWN SEMICONDUCTOR TECHNOLOGY CO LTD (BEST)BEST produces degumming equipment used to remove photoresist chemicals during the lithography process.

☆ South Korean startup rival to Nvidia seeks $400 million valuation and plans new A.I. chip
▼ + stars: | 2023-03-01 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Sapeon was spun off from South Korea's SK Telecom in 2022 and is raising outside investment. BARCELONA, Spain — Sapeon, a South Korean artificial intelligence chip startup headquartered in California, is raising a funding round that puts its valuation above $400 million, its CEO told CNBC. The startup is backed by massive South Korean firms SK Telecom, memory-chip maker SK Hynix and SK Square, an investment company spun off of SK Telecom. But a number of established players such as AMD and startups like Sapeon, are looking to challenge Nvidia. Analysts at Bernstein expect ChatGPT to be a multi-billion dollar boon for chipmakers looking to fuel these AI models.

☆ Factbox: Potential winners and losers from the new U.S. EV charging standards
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +5 min

EV CHARGING COMPANIES: Many, including Volkswagen's (VOWG_p.DE) Electrify America, ChargePoint(CHPT.N) and EVGo (EVGO.O), will accelerate the rollout of chargers due to the federal funding. U.S. EV AUTO SECTOR: The rollout of more charging stations will encourage EV adoption in the United States. INTERSTATE HIGHWAY REST STOPS: They could see an influx of investment as companies establish charging stations along heavily traveled routes. TESLA: Under the new charging standards, the White House said EV market leader Tesla (TSLA.O) has agreed to open part of its U.S. charging network to EVs made by rivals. EV CHARGING COMPANIES: While the charging companies get financial support in their expansion efforts, only a handful of the dozen who commented to the Biden administration ahead of Wednesday's announcement said that they could meet the "Buy American" standards under the proposed timelines.

☆ SK Innovation battery unit SK On aims to raise up to $2.4 bln -sources
▼ + stars: | 2023-02-10 | by ( Kane Wu | ) www.reuters.com time to read: +2 min

SK On in December raised 2.8 trillion won from SK Innovation and 800 billion won from financial investors including Korea Investment Private Equity. A spokeswoman declined to comment on valuation but said SK On expects an additional 500 billion won from private equity funds this year as part of last year's fundraising. SK Innovation was not immediately available for comment. SK Innovation on Tuesday said it would focus spending on growing SK On this year even as the business was taking longer than it expected to turn a profit. SK On will eventually launch an initial public offering, as per an agreement with financial investors, SK Innovation said in November.

[1/2] Memory chips by South Korean semiconductor supplier SK Hynix are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. SK Hynix flagged lower chip prices in the current quarter. For the fourth quarter ended December, SK Hynix swung to a worse-than-expected 1.7 trillion won ($1.38 billion) operating loss, from 4.2 trillion won profit a year earlier. Analysts had expected a 1.3 trillion won operating loss, according to Refinitiv SmartEstimate. On its earnings call, SK Hynix said it will focus its resources on advanced chips to prepare for a market upturn in 2024.

☆ Morgan Stanley has a ‘simple’ tech playbook, names TSMC and others as stocks to buy right now
▼ + stars: | 2023-01-27 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Despite the recent rally, few believe the downturn in tech has bottomed — but Morgan Stanley believes investors should not sit on the sidelines. Stay invested even if a recession strikes Morgan Stanley believes investors should continue to selectively own Asia tech names even if a widely anticipated recession materializes, given the sector's historical resilience. Stock picks Morgan Stanley recommends investing in commodity and consumer cyclical companies "that will likely be first to come out of the downturn." Morgan Stanley also likes Samsung Electronics on the back of its market share gains, dividend support and potential for growth through M & A. Morgan Stanley has a price target of 700 Taiwan dollars ($23.10) on TSMC, which implies an upside of around 40%.

☆ China is still racing to develop its own mRNA jabs. But they won't use foreign vaccines to fight COVID because of 'national pride,' says South Korea's top vaccine maker.
▼ + stars: | 2023-01-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

It hasn't yet approved any mRNA vaccines. But SK Bioscience says China is unlikely to source foreign COVID-19 vaccines, due to "national pride." SK Bioscience has developed its own COVID-19 vaccine, which is now being used in South Korea. "China has administered 3.4 billion doses of COVID vaccines for its people, covering over 90% of its population," said Liu. Even so, Chinese drugmakers are racing to produce mRNA vaccines against COVID-19.

☆ South Korea's SK On plans a new, lower cost EV battery by 2025
▼ + stars: | 2023-01-06 | by ( Joseph White | ) www.reuters.com time to read: +2 min

Tesla Inc (TSLA.O) and EV startup Rivian (RIVN.O) also have announced plans to use LFP batteries. LFP batteries can be produced at lower cost, but deliver less range than comparable nickel-cobalt EV batteries. LFP batteries made in China can have a 20% cost advantage over nickel cobalt batteries. Battery makers and automakers are expanding EV battery capacity globally, and some industry analysts have questioned whether that could result in oversupply. Raising the capital required to fund investments in capacity and new chemistries is one of SK On's main challenges, Lee said.

☆ South Korea's SK Group may sell some Southeast Asia assets
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 26 (Reuters) - South Korea's second-largest conglomerate SK Group (034730.KS) said on Monday it is considering selling some of its assets in Southeast Asia and reinvesting in other businesses in countries in the region, including Vietnam. An SK Group spokesperson said in a statement the conglomerate plans to decide which assets to potentially sell depending on buyers' offers, and is considering reinvesting some of the proceeds from any stake sales in local firms. The statement didn't disclose details of which assets might be sold. The comments came after South Korean newspaper the Korea Economic Daily reported SK's plans late on Sunday citing unnamed investment banking sources. Assets held by SK Group's Southeast Asia investment firm that could be sold, according to the paper, include stakes in Vietnam's Vingroup (VIC.HM), Masan Group (MSN.HM), retail pharmacy chain Pharmacity, retailer VinCommerce and consumer retail platform The Crown X.

☆ A China ‘spending boom?’ Your guide to emerging market investing in 2023
▼ + stars: | 2022-12-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +9 min

"We're going to have a spending boom in China, at least in the first half of the year," said Mehran Nakhjavani, emerging market strategist at MRB Partners. How to play emerging markets in 2023 Regardless, there are several ways for investors to get exposure to emerging markets. Perhaps the easiest way is by investing in the iShares MSCI Emerging Markets ETF (EEM). Another vehicle through which to play emerging markets is the First Trust Emerging Markets Small Cap AlphaDex ETF (FEMS) . The fund is the best-performing emerging markets ETF this year, according to Morningstar, with a year-to-date return of just over 1%.

☆ Chief of South Korea's SK Group told to transfer property of $51 mln in divorce
▼ + stars: | 2022-12-06 | by ( Hyunsu Yim | ) www.reuters.com time to read: 1 min

SEOUL, Dec 6 (Reuters) - A South Korean court ordered the chairman of No. 2 conglomerate SK Group to transfer 66.5 billion won ($50.68 million) in a division of property, as part of a divorce ruling on Tuesday. It was not immediately clear if the transfer by Chairman Chey Tae-won would include stock in the group's holding company, SK Inc (034730.KS). Kim Hyeon-jung, a judge of the Seoul Family Court, said the estranged wife, Roh Soh-yeong, would also receive alimony of 100 million won. Chey holds 17.5% of SK Inc, the company's regulatory filings show, with a value of 2.7 trillion won at Monday's closing price.

☆ Chipmaker STMicro sees sales growth slowdown in fourth quarter
▼ + stars: | 2022-10-27 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +2 min

Bigger rival Texas Instruments Inc (TXN.O) earlier this week that it expected demand across most of its end markets to decline, while South Korea's SK Hynix Inc (000660.KS) warned of an "unprecedented deterioration" in memory chip demand. STMicro said it expected fourth-quarter sales to edge up by 1.8% from the previous quarter to about $4.4 billion. Co-controlled by the Italian and French governments, STMicro said demand rose across all its products in the third quarter, beating market expectations. Net revenue in the third quarter rose to $4.32 billion, above the company's own guidance and the $4.24 billion analyst consensus compiled by Visible Alpha. Reporting by Mathieu Rosemain; Editing by Muralikumar Anantharaman, Subhranshu Sahu and Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Investors looked beyond the bleak outlook to welcome the aggressive investment cut, sending SK Hynix shares 1.7% higher in a bet the scale of the action would help control chip oversupply and prop up chip prices. SK Hynix said its operating profit fell to 1.66 trillion won ($1.16 billion) in the July-September quarter, from 4.2 trillion won a year earlier. The result was below analysts' expectations of a 1.87 trillion won profit, according to Refinitiv SmartEstimate. SK Hynix said its 2022 investment is expected to be at the "upper range of 10-20 trillion won ($7-14 billion)", meaning 2023 investments could fall below 10 trillion won. SK Hynix also warned of uncertainties involving its chip plants in China due to U.S. export restrictions on advanced chip equipment to China aimed at slowing Beijing's technological advances.

☆ Chipmaker UMC cuts capex in readiness for prolonged downturn
▼ + stars: | 2022-10-26 | by ( Sarah Wu | ) www.reuters.com time to read: +3 min

The company has revised 2022 capital expenditure down to $3 billion, compared with a previous plan for $3.6 billion, said finance chief Chitung Liu. However, expansion in Singapore and Tainan in southern Taiwan are progressing as planned to meet long-term supply commitments, Wang said. However, UMC will continue to monitor developments and "take risk-management measures as necessary", he added. Shares in UMC closed 3.4% down on Wednesday and have fallen about 41% this year. ($1 = 32.1210 Taiwan dollars)Reporting by Sarah Wu Additional reporting by Ben Blanchard Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ SK Hynix Q3 profit plunges as economic downturn hurts chip demand
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] Memory chips by South Korean semiconductor supplier SK Hynix are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. REUTERS/Florence Lo/IllustrationSEOUL, Oct 26 (Reuters) - South Korea's SK Hynix Inc (000660.KS) posted a 60% drop in third-quarter profit, missing estimates as red-hot inflation hurt demand for electronic devices and memory chips that go in them. The world's second-biggest memory chipmaker said on Wednesday its operating profit fell to 1.66 trillion won ($1.16 billion) in the July-September quarter, from 4.2 trillion won a year earlier. Analysts expected a profit of 1.87 trillion won, according to Refinitiv SmartEstimate. Prices of DRAM chips, used in devices and servers, fell around 20% in the third quarter from the second, SK Hynix said.

☆ Stay invested in chip stocks, says one fund manager — who reveals how he’s trading the sector
▼ + stars: | 2022-10-21 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The MSCI Semiconductor Index , a benchmark for chip stocks that's down by 43% this year, reflects the wider market's sentiment toward a potential slowdown in economic growth. In such an environment, some investors have begun to ask whether it might be prudent to dump chip stocks in favor of companies in other outperforming sectors. The portfolio manager revealed that he prefers holding on to Taiwan Semiconductor Manufacturing Company despite a 35% decline in the company's shares this year. The chip sector has historically run in boom and bust cycles. During economic growth, consumer demand for computers, laptops, and phones outstrips semiconductor manufacturing capacity, making the sector very profitable.

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