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☆ Hyundai Motor posts record Q2 profit on strong U.S. sales, to boost hybrid lineups
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: +1 min

Hyundai Motor reported record quarterly profit and revenue on Thursday on strong sales of high-margin cars and said it would expand hybrid lineups to brace for possible changes in U.S. electric vehicle policies following the election. But Hyundai also warned of an uncertain outlook due to intensifying price competition as inflation and high interest rates squeeze consumers. Hyundai reported a net profit of 4 trillion won ($2.9 billion) for the April-June period, up 23% from a year earlier and easily beating the 3.4 trillion won average of 21 analyst estimates compiled by LSEG SmartEstimate. The net profit was its highest quarterly since the previous record high set in the Q2 2022. Domestic vehicle sales in South Korea, Hyundai's second-biggest market, slumped 10% in the second quarter, extending from a 16% drop in the previous quarter, as consumers continue to grapple with surging inflation and a weak economy.

Persons: LSEG SmartEstimate, Hyundai's Organizations: Hyundai, New York, Hyundai Motor, Ford, Nissan, Tesla, Kia Corp Locations: U.S, South Korea

☆ Nvidia supplier SK Hynix to build $6.8 billion chip plan in South Korea
▼ + stars: | 2024-07-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

SK Hynix logo displayed on a phone screen as seen in this illustration photo taken in Krakow, Poland on January 30, 2023. Memory chip giant SK Hynix on Friday said it plans to invest 9.4 trillion Korean won ($6.8 billion) to build a new semiconductor manufacturing plant in an emerging chip hub in South Korea. Earlier this year, SK Hynix committed 120 trillion won to build 4 fabs in the Yongin cluster. South Korea is also home to Samsung, the world's biggest memory chip maker. SK Hynix has been riding the AI wave and its partnership with Nvidia, this week reporting that second-quarter profit came in at its highest level in six years.

Persons: SK Hynix Organizations: SK Hynix, SK Hynix's, South Korea's SK Hynix, Nvidia, SK, Samsung Locations: Krakow, Poland, South, Seoul, South Korea

Chuo Ward, Tokyo, Japan - February 23, 2018; Top luxury shopping streets with multi colored neon signs. For the first half of the year, luxury group LVMH this week reported " exceptional growth in Japan arising in particular from purchases made by Chinese travelers." SHANGHAI — Luxury brands are seeing a surge in sales in Japan, largely driven by purchases from Chinese travelers taking advantage of a weak yen, according to earnings results this month. The income segment covers families in mainland China earning at least 30,000 yuan a month ($4,140, or about $50,000 a year). besides Hong Kong, across most luxury brands."

Persons: Yves, Yves Saint Laurent, Trip.com, Xiao Hong Shu, netizen, Oliver Wyman, Louis Organizations: Yves Saint, Burberry, U.S, Federal Reserve, Bank of Japan, South, Japan National Tourism Organization, CNBC Locations: Chuo Ward, Tokyo, Japan, Ginza, China, Southeast Asia, SHANGHAI, South Korea, Weibo, Sapporo, Hong Kong, Malaysia, France, Asia

☆ European drug regulator rejects Alzheimer's treatment Leqembi from Biogen, Eisai
▼ + stars: | 2024-07-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

European drug regulators on Friday rejected the Alzheimer's treatment Leqembi from Biogen and Eisai , creating another hurdle for the companies as they scramble to boost uptake of the therapy in the U.S. But it almost always follows the drug regulator's recommendations. The European Medicines Agency's human medicines committee recommended against granting marketing authorization for Leqembi. Leqembi and Kisunla are milestones in the treatment of Alzheimer's after three decades of failed efforts to develop medicines that can fight the fatal disease. In 2021, the European Medicines Agency rejected Aduhelm.

Persons: Eisai, Leqembi, Eli Lilly, Kisunla, Aduhelm Organizations: U.S, European Commission, U.S . Food, Drug Administration, Medicines, European Medicines Agency, Alzheimer's Locations: Biogen, U.S, Japan, South Korea, China, Israel, Europe, Alzheimer's Europe

☆ North Korea's economy is booming thanks to its arms trade with Russia
▼ + stars: | 2024-07-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

North Korea's GDP grew 3.1% in 2023, according to central bank estimates. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNorth Korea's growing trade ties with Russia are paying off, helping end a three-year downturn, according to the South Korean central bank. The bank's annual report, cited by Bloomberg, found that North Korea's 2023 GDP grew 3.1% in real terms. Since North Korea does not offer official data, indicators tracked by its southern neighbor are relied on instead.

Persons: — Organizations: Bank, Service, Bloomberg, Business Locations: Korea, Russia, Ukraine, Korean, North Korea

☆ Is 100 Days Enough Time to Pick a Leader? Around the World, Yes.
▼ + stars: | 2024-07-26 | by ( Josh Holder | Keith Collins | ) www.nytimes.com time to read: +4 min

Is 100 Days Enough Time to Pick a Leader? But in many other democracies, an official election period sets out when candidates can debate, make speeches and run political ads (often with strict spending limits). “We know from other countries that 100 days is plenty of time for a healthy campaign,” said Mr. Tama. “Most campaigns in different countries are in the range of a few weeks to several months.”Even in India, the largest democracy in the world, the official campaign only starts a little over a month before voting begins. And in India in 2014, Narendra Modi had six months after his party chose him as leader to wage his successful campaign for prime minister.

Persons: Kamala Harris, Mexico Claudia Sheinbaum, Philippines Ferdinand Marcos Jr, Justin Trudeau, Italy Giorgia Meloni, Brazil Luiz Inácio Lula da Silva, Anthony Albanese, France Emmanuel Macron, Indonesia Joko, Keir Starmer, India Narendra Modi, Korea Yoon Suk Yeol, Japan Fumio Kishida, Donald J, Trump, Jordan Tama, “, ”, Tama, Biden’s, Lyndon B, Johnson, Harris, Narendra Modi Organizations: Voters, American University, American, United, Electoral College, Labour, Conservative Locations: Mexico, Philippines, Italy, France, Indonesia, India, Korea, Japan, Canada, United States

☆ Many early-adopting EV owners around the world want to gas up again
▼ + stars: | 2024-07-25 | by ( Kaya Ginsky | ) www.cnbc.com time to read: +6 min

Many U.S. EV owners, in particular, are having second thoughts. EV adoption has slowed in the U.S., even as the recent earnings and delivery reports from both GM and Ford showed sizable increases in EV sales. Ford said EV sales were up 60%, to nearly 24,000 units, but CEO Jim Farley described a "more realistic and sharpened" EV plan during its earnings call. Drury said that some distinctions are becoming clear between all EV owners and those who are most satisfied. As battery range and density increase, and EV charging infrastructure improves, and prices continue down, Brauer said the picture should brighten for EV sales.

Persons: Scott Olson, Ford, Jim Farley, Tesla, Mary Barra, Edmunds, EVs, Ivan Drury, it's, I'm, Drury, Karl Brauer, they're, Brauer, Barra Organizations: Getty, McKinsey, U.S, EV, GM, Ford, Gallup, CNBC, ICE Locations: Chicago , Illinois, ICEs, Australia, Brazil, China, Germany, Norway, France, Italy, South Korea, U.S, , California

☆ US indicts North Korean hacker accused of helping extort US hospitals
▼ + stars: | 2024-07-25 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +2 min

CNN —The US Justice Department on Thursday announced the indictment of an alleged North Korean government-backed hacker for allegedly participating in a scheme to break into US hospital computer systems and extort them for ransom. The hacks of health care providers locked up medical records and disrupted health care services in the US, US officials said. Thwarting North Korean hacking and money laundering has become a national security priority for the Biden administration. CNN previously reported on how South Korean spies and American companies try to intercept cryptocurrency stolen by North Korean hackers. Another CNN investigation identified one cryptocurrency entrepreneur who said his firm had unwittingly sent a North Korean IT worker tens of thousands of dollars.

Persons: Biden Organizations: CNN, US Justice Department, North, Court, District of, The State Department, North Korean, State Department, United Nations, cyberattacks, White Locations: Korean, Rim, Florida and Kansas, Arkansas and Connecticut, Colorado, District of Kansas, Rim ., North Korean

☆ SK Hynix stock: Today's correction is a 'buying opportunity,' analyst says
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSK Hynix stock: Today's correction is a 'buying opportunity,' analyst saysSanjeev Rana, CLSA head of Korea research, says the Nvidia supplier's stock "is taking a big hit today. I don't think this is related to results," adding that the company's "sequential earnings growth should be very strong" in the coming quarters.

Persons: Sanjeev Rana, CLSA Organizations: SK Hynix, Nvidia Locations: Korea

☆ Who will light the Olympic cauldron? Here are 10 potential candidates
▼ + stars: | 2024-07-25 | by ( Mark Puleo | ) www.nytimes.com time to read: +7 min

The lighting of the Olympic cauldron is a spectacle steeped in both tradition and secrecy. With just one day until the opening ceremony, the identity of the individual who will light the cauldron remains unknown. The 25-year-old led France to 2018 World Cup triumph, becoming the second teenager in history (after Pelé) to score in a final, then led France to another World Cup final in 2022. He was the team’s leading scorer during its 1998 World Cup title run and later transitioned to coaching after retirement. AdvertisementTony ParkerTony Parker had his number retired before a French Olympic tuneup game earlier this month.

Persons: Tony Estanguet, —, Marie, José Pérec Marie, José Pérec, Loup Gautreau, Pérec, Estanguet, Zinedine Zidane, Ballon, Zidane, headbutting Italy’s Marco Materazzi, Kylian, Mbappé, Real Madrid Omar Sy, Sy, Lupin, Haakon, Chung Sun, Emmanuel Macron, Macron, Thierry Henry Thierry Henry, Nicolas Tucat, Henry, Victor Wembanyama, Thomas Pesquet, Pesquest, Martin Fourcade Fourcade, Tony Parker Tony Parker, Maxime Gruss, Tony Parker, Star, Joel Embiid, Jean, Pierre Siutat, Athletic Embiid, Embiid, “, Weis, Naomi Osaka, Yuna Kim, Cordeiro de, Vladislav Tretiak, Wayne Gretzky, Steve Nash, Christian Petersen Organizations: Getty, Summer Games, headbutting, Real Madrid, Games, Globe, French, Arsenal, France, France’s U21, Space, Getty Images, San Antonio Spurs, NBA, FIBA, French Federation of Basketball, Athletic, Philadelphia 76ers, Blues, spurning Locations: Paris, France, AFP, Barcelona, Atlanta, Guadeloupe, Norway, South Korea, Pyeongchang, United States, French, Cameroon, spurning France, Tokyo, Rio de Janeiro, Cordeiro de Lima, Sochi, London, Vancouver

☆ Japan's Nikkei tumbles more than 2% as Asia-Pacific markets fall, tracking Wall Street sell-off
▼ + stars: | 2024-07-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets saw a sell off on Thursday, tracking losses on Wall Street as the S&P 500 and Nasdaq Composite saw their worst days since 2022. The broad market index lost 2.31%, closing at 5,427.13, while the tech-heavy Nasdaq slid 3.64% to end at 17,342.41. Meanwhile, Tesla shares declined 12.3% — their worst day since 2020 — on weaker-than-expected results and a 7% year-over-year drop in auto revenue. Over in Asia, investors will assess South Korea's advance second-quarter GDP numbers, which came in slightly below expectations. South Korea's GDP grew 2.3% year on year, lower than the 2.5% expected by economists polled by Reuters.

Persons: — Organizations: Nasdaq, Dow Jones, Tech, Nvidia, Meta, Reuters Locations: Seoul . Asia, Pacific, Asia

☆ The Olympics will challenge mobile-network providers to satiate 15 million attendees' hunger for internet connectivity
▼ + stars: | 2024-07-25 | by ( Chris Stokel-Walker | ) www.businessinsider.com time to read: +7 min

The Olympics will challenge wireless providers as 15 million people seek internet access at once. To meet that expectation, telecommunications companies must bolster Paris' 5G network, the technology system that powers users' mobile-internet access. Harnessing private 5G infrastructureOrange is installing cellphone antennas on boats and extension units in sporting venues to bolster its 5G network. It uses 5G's network-splicing capabilities to reserve a part of the public 5G network for private use. To support the 2024 Olympics' connectivity needs, network providers must prepare to rely on 5G's strength.

Persons: —, they'll, Bertrand Rojat, Rojat, wouldn't, Stephen Giles, Giles, Katherine Ainley, Leila Jordan Organizations: Service, Olympic Games, KT Corp, Olympic, Broadcasters, Prix, UEFA European Football, Stade de France, Rugby, Cisco, NTT Data, International Olympic Committee, Ericsson Locations: Paris, South Korea, Tokyo, France, Orange, French, Ireland

☆ NORAD says it tracked Chinese and Russian long-range bombers off Alaska
▼ + stars: | 2024-07-25 | by ( ) www.cnbc.com time to read: +3 min

Two Chinese and two Russian long-range bombers were tracked flying over international waters near Alaska and U.S. and Canadian fighter jets were sent up in response, their joint aerospace command said. The Chinese and Russian military activity Wednesday was not seen as a threat, the North American Aerospace Defense Command, known as NORAD, said. China and Russia confirmed Thursday that they had conducted a joint air patrol over the Bering Sea, which divides Russia and Alaska. Russian fighter jets and strategic bombers were joined by Chinese strategic bombers in the exercises, which lasted more than five hours, the ministry said. A photo released by the Russian Defense Ministry showed a Russian Su-30 fighter jet escorting a Chinese bomber.

Persons: Vladimir Putin, Xi Jinping, Zhang Xiaogang, Zhang Organizations: Sputnik, of, North American Aerospace Defense Command, NORAD, Russian Defense Ministry, China's Defense Ministry, North American U.S . Air Defense, Japan's Defense Ministry, Coast Guard Locations: Russian, Tiananmen, Beijing, Alaska, U.S, Canadian, China, Russia, Bering, North America, Pacific, Chukchi, Bering Strait, Japan, Korea

☆ North Korea’s trash balloons fall near South’s presidential office
▼ + stars: | 2024-07-24 | by ( Yoonjung Seo | Brad Lendon | ) edition.cnn.com time to read: +4 min

The discovery at the presidential office Wednesday came after South Korean authorities warned the public to beware of falling objects as suspected North Korean trash balloons moved south toward the northern area of Gyeonggi province. “While monitoring trash balloons sent by North Korea in cooperation with the Joint Chiefs of Staff today, we identified trash that fell in the presidential office area in Yongsan,” the presidential security service said later in a statement. “North Korea’s actions clearly violate international law and seriously threaten the safety of our citizens,” JCS said in a statement after an earlier balloon incident. Despite repeated North Korean warnings, the South Korean activists were “not stopping this crude and dirty play” she said. The South Korean Defense Ministry said the US planes will join with South Korean F-15, F-16 and FA-50 fighters in exercises that will end August 8.

Persons: –, Kim Jong, Kim Yo Jong, ” Kim Yo Jong, “, Washington Organizations: South Korea CNN, South, North, Joint Chiefs of Staff, Korea’s, Chiefs of Staff, South Korean, North Korean, Korean Central News Agency, US Marine Corps, Suwon Air Base, South Korean Defense Ministry, US Defense Department, Marine Corps, ” Locations: Seoul, South Korea, South, Gyeonggi province, North Korea, Yongsan, Pyongyang, South Korean, North Korean, North Korea’s, United States, ” North Korea, North

☆ Europe's AI-powered Google Translate rival DeepL launches traditional Chinese language in Asia push
▼ + stars: | 2024-07-24 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Traditional Chinese is a written form of Chinese used in Taiwan and Hong Kong. Both locations are key business hubs for technology and finance — a factor that attracted DeepL to launch its latest language in those markets. DeepL, one of Europe's high-profile AI companies valued at $2 billion , sells translation software aimed at businesses rather than everyday consumers. German artificial intelligence translation startup DeepL on Wednesday launched traditional Chinese as a language option as it looks to expand its presence in Asia. With the launch of traditional Chinese, the firm is looking to help some of its international customers more effectively communicate with clients or employees in Taiwan or Hong Kong.

Persons: DeepL, Kutylowski, Mark Zuckerberg's Organizations: Wednesday, CNBC, Google, Microsoft, Ventures Locations: Taiwan, Hong Kong, Asia, The Cologne, Germany, Japan, Korea

☆ Asia markets open lower as traders assess Aussie business activity data, U.S. tech earnings
▼ + stars: | 2024-07-24 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets fell on Wednesday as traders assessed July business activity data from Australia, tech earnings from the U.S. and awaited Japan PMI readings. Late Tuesday, automaker Toyota said it will buyback 806.85 billion yen ($5.17 billion) of its shares from major Japanese banks and insurers, including Tokio Marine , Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group . Heavyweight Samsung Electronics plunged 1.8%, even as Reuters reported that chip giant Nvidia had cleared its chips for use in a processor for the China market. The South Korean electronics company is still grappling with a strike from its largest workers union, with talks on Tuesday yielding no results, according to the National Samsung Electronics Union, which has about 30,000 members. Hong Kong Hang Seng index futures were at 17,474, just marginally higher than the HSI's last close of 17,469.36.

Persons: Topix, Australia's Organizations: Sydney Opera House, Japan PMI, Nikkei, PMI, Toyota, Tokio Marine, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Samsung Electronics, Reuters, Nvidia, National Samsung Electronics Union, Juno Bank . Hong Locations: Asia, Pacific, Australia, U.S, Japan, China, Korean, Juno Bank . Hong Kong

☆ China Unexpectedly Cuts Interest Rate as World Markets Sag
▼ + stars: | 2024-07-24 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s central bank on Thursday cut a key interest rate, in Beijing’s second move this week to try to offset a weakening economy and a housing market crisis. The unexpected action came as stock markets fell sharply across most of Asia in early trading, in an echo of Wall Street’s sharp drop the day before. Market indexes were down 1 to 3 percent in Australia, Japan, South Korea and Hong Kong. That could reflect a favorable response by investors to the central bank’s rate move, or a sign of intervention by the Chinese government, which plays an extensive role in the country’s stock markets. As markets opened in China on Thursday, the People’s Bank of China, the central bank, reduced its interest rate for one-year loans to commercial banks to 2.3 percent, from 2.5 percent.

Organizations: People’s Bank of China Locations: Asia, Australia, Japan, South Korea, Hong Kong, Shanghai, Shenzhen, China

☆ 2024 Paris Olympics viewer’s guide: NBC’s plans, Snoop Dogg, and the big ratings question
▼ + stars: | 2024-07-24 | by ( Richard Deitsch | ) www.nytimes.com time to read: +18 min

Follow our Olympics coverage in the lead-up to the Paris Games. The Paris Games will have more programming hours on the NBC broadcast network than any previous Olympics. NBC is upping its celebrity presence for its Olympic coverage in Paris, headlined by Snoop Dogg. “Research shows that it is a challenge to keep viewers after 10 p.m. ET,” NBC Olympics producer Rob Hyland said. NBCUniversal owns the U.S. media rights to the Olympic Games through 2032, so Paris (2024), Milan-Cortina (2026), Los Angeles (2028) and Brisbane (2032).

Persons: Peacock, Molly Solomon, NBC’s, “, ” Solomon, Solomon, Snoop, Snoop Dogg, Christian Petersen, Kelly Clarkson, Peyton Manning, Mike Tirico, Alex Cooper, Leslie Jones, Kevin Hart, Kenan Thompson, Colin Jost, Cooper, Simone Biles, Manning, Ryan Crouser, Jones, Katie Ledecky, Sha’Carri Richardson, Lily Collins, Anna Hall, Ledecky, LeBron James, Sydney McLaughlin, Kelly Campbell, Peacock’s, Scott Hanson, Andrew Siciliano, Jac Collinsworth, Matt Iseman, Akbar Gbajabiamila, ”, Al Michaels, Mark Lazarus, Sanya Richards, Ross, Rowdy Gaines, Tim Daggett, Laurie Hernandez, Samantha Peszek, Misty, Julie Foudy, Dwyane Wade, LaChina Robinson, Michael Phelps, Dan Hicks, Gaines, Maddie Meyer, they’ll, Rob Hyland, Andres Cantor, Rebecca Lowe, Craig Melvin, Ahmed Fareed, Damon Hack, Maria Taylor, Cara Banks, Laura Britt, Trenni Casey, Lindsay Czarniak, Carolyn Manno, Kathryn Tappen, John Roethlisberger, “ John, He’s, …, breaststroker Lilly King wagged, Ryan Murphy, Sunny Choi, Victor Montalvo, Joe Gesue, Ron Vaccaro, NBCU, it’s, NBCUniversal, Rick Cordella, Dan Goldfarb, Stuart Franklin Organizations: Paris, NBC, Paris Games, U.S, Tokyo Olympics, Olympics, NBC Olympics, NBC’s, Getty, NBC Sports, Tokyo Games, Beijing, Games, USA, CNBC, Golf Channel, Telemundo, Universo, NBCOlympics.com, “, ”, NFL, NBCUniversal Media, Paris La Défense, Research, Olympic, Grand Palais, Concorde, NBC Sports ’, Olympic Games, Cortina Locations: Paris, Beijing, Pyeongchang, South Korea, Central, Pacific, U.S, Paris ”, Teahupo’o, Tahiti, Rio de Janeiro, Brazil, China, Rio, Tokyo, Peacock, United States, Versailles, Grand, London, Russian, Norway, South Carolina, Milan, Los Angeles, Brisbane, French

☆ North Korean Trash Balloons Hit South Korean President’s Compound
▼ + stars: | 2024-07-24 | by ( Choe Sang-Hun | ) www.nytimes.com time to read: +1 min

Weeks into North Korea’s campaign of launching balloons loaded with trash across the world’s most heavily armed border, some of them hit a symbolically significant target in South Korea on Wednesday: the presidential office in the heart of Seoul, the capital. North Korea has released more than 3,000 of the trash balloons since May, many of which have reached the South after floating across the Demilitarized Zone between the two nations. On Wednesday, for the first time, some of them landed inside the sprawling compound in central Seoul that includes the office of President Yoon Suk Yeol. The authorities did not say exactly how many had reached the compound, one of the most tightly guarded places in South Korea. The team found “nothing dangerous or contaminating,” South Korea’s presidential security service said in a brief statement.

Persons: Yoon Suk Organizations: Officials Locations: South Korea, Seoul, North Korea

☆ U.S., Japan to hold high-level security talks on nuclear deterrence
▼ + stars: | 2024-07-23 | by ( ) www.cnbc.com time to read: +3 min

Foreign and defense ministers from Japan and the United States will hold security talks on July 28 that for the first time will cover "extended deterrence", a term used to describe the U.S. commitment to use its nuclear forces to deter attacks on allies. Foreign and defense ministers from Japan and the United States will hold security talks on July 28 that for the first time will cover "extended deterrence," a term used to describe the U.S. commitment to use its nuclear forces to deter attacks on allies. U.S. Defense Secretary Lloyd Austin will also hold three-way talks with his counterparts from Japan and South Korea. The security talks with Japan will also include efforts to deepen cooperation between defense industries and upgrade command structures to improve coordination between their militaries . "These historic 2+2 talks will cement our shift from a focus on Alliance protection to one of Alliance projection," U.S. ambassador to Japan Rahm Emanuel said.

Persons: Pacific Affairs Daniel Kritenbrink, we're, Antony Blinken, Lloyd Austin, Rahm Emanuel Organizations: U.S ., U.S, State, East, Pacific Affairs, U.S . Defense, Japan, United States, Alliance, East Asia, Self Defense Forces Locations: Japan, United States, Washington, Tokyo, U.S, China, Russia, North Korea, East Asia, South Korea, Pacific, Asia

☆ Asia-Pacific markets trade higher, tracking Wall Street gains
▼ + stars: | 2024-07-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

A general view of the Lotte tower amid the the Seoul city skyline and Han river during sunset. Hong Kong's Hang Seng index futures were at 17,741, higher than the HSI's last close of 17,635.88. South Korea's Kospi rose 1.01%, while the small-cap Kosdaq climbed 1.22%. South Korea's producer price index in June rose 2.5% year-on-year, compared to a 2.3% climb in May. According to economists polled by Reuters, the country's consumer price index is expected to climb 2.7% year-on-year.

Persons: Australia's, Narendra Modi's, —, Samantha Subin, Hakyung Kim Organizations: Nikkei, Barclays, Traders, Reuters, Nasdaq, Dow Jones Locations: Seoul, India, Asia, U.S

☆ Founder of South Korea’s Kakao arrested for suspected stock manipulation
▼ + stars: | 2024-07-23 | by ( ) edition.cnn.com time to read: +2 min

Seoul, South Korea —The billionaire founder of South Korean tech giant Kakao Corp, Kim Beom-su was arrested on Tuesday on accusations of manipulating stocks during the acquisition of a K-Pop agency last year. The case is the latest legal twist for Kakao, which runs South Korea’s largest chat app, after the company and another executive went on trial last year for alleged wrongdoing during the same acquisition. Any case against him could jeopardize Kakao’s investments into artificial intelligence as well as its overseas expansion plans, industry experts said. The high-profile tech entrepreneur is the largest shareholder of Kakao Corp, with a 24% stake that he and affiliated entities control. Kakao Corp shares dropped 3.4% during morning trade to the lowest since November, after falling 24% year-to-date.

Persons: Kim Beom, su, Kim, Brian Kim, Jakub Porzycki Organizations: South, Kakao Corp, Prosecutors, SM Entertainment, Seoul Southern, Court, Detention, KakaoBank Corp Locations: Seoul, South Korea, South Korean, Korean, Kakao

☆ CNBC Daily Open: Tech rebounds, CrowdStrike tumbles, Wiz rejects Google
▼ + stars: | 2024-07-23 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wiz walks awayCloud security startup Wiz rejected a $23 billion acquisition offer from Google, opting instead to pursue an IPO. The move allows Warner Bros. to retain some of its NBA broadcasting rights. However, the NBA may not want Warner Bros. as a media rights partner and could reject the company's matching rights, which could lead to a legal tussle.

Persons: Kamala Harris, Russell, CrowdStrike, George Kurtz, Mark Green, Andrew Garbarino, Wiz, Hai Precision Industry —, Hong Organizations: New York Stock Exchange, CNBC, Tech, Nvidia, Nasdaq, Dow Jones Industrial, Homeland Security, Microsoft, Delta Air Lines, Google, NBA, Warner Bros, Discovery, National Basketball Association, Amazon Prime, Taiwan Semiconductor Manufacturing Corp, Hai Precision Industry, CSI, U.S Locations: New York City, U.S, Asia, Pacific, Taiwan

☆ South Korean court approves arrest warrant for Kakao founder
▼ + stars: | 2024-07-23 | by ( ) www.cnbc.com time to read: +1 min

A South Korean court approved early on Tuesday a prosecution request for a warrant to arrest Brian Kim, the billionaire founder of tech giant Kakao Corp, on accusations of stock manipulation during a 2023 acquisition. It is the latest legal twist for Kakao after the company and an executive went on trial last year for alleged wrongdoing during the same acquisition. Prosecutors say Kim was involved in manipulation of the stock price of SM Entertainment in February last year to hinder a competitor, Hybe, from acquiring the K-Pop agency. Not yet formally charged, Kim has denied the accusations, saying he has never ordered or tolerated any illegal activity, the company said in a statement. The high-profile tech entrepreneur is the largest shareholder of Kakao Corp, with a stake of 24% controlled by him or affiliated entities.

Persons: Brian Kim, Kim Organizations: Kakao Corp, Prosecutors, SM Entertainment

☆ Taiwan stole America’s chip industry according to Trump. But that’s not true
▼ + stars: | 2024-07-23 | by ( Wayne Chang | ) edition.cnn.com time to read: +7 min

Industry experts tell CNN that, far from stealing, Taiwan grew its own semiconductor industry organically through a combination of foresight, hard work and investment. The only possible strength that Taiwan had, and even that was a potential one, not an obvious one, was semiconductor manufacturing,” he said. Billionaire Morris Chang, chairman and founder of Taiwan Semiconductor Manufacturing Company, in Hsinchu, Taiwan, on October 6, 2017. It now produces more than 90% of the world’s advanced chips, according to the Semiconductor Industry Association. “Taiwan has very good tech talent and an environment for research, development and investment.

Persons: Donald Trump, Morris Chang, Chang, “, ”, Billionaire Morris Chang, Wang, Christopher Miller, Miller, TSMC, ” Konrad Young, ” Young, Cho Jung, ” Cho, Trump, Trump’s, Joe Biden, Young Organizations: Taiwan CNN — Former, Bloomberg Businessweek, Republican, Industry, CNN, Taiwan Semiconductor Manufacturing, Intel, Motorola, Texas, Computer, Taiwan Semiconductor Manufacturing Company, Bloomberg, Getty, Semiconductor Industry Association, Technology, Samsung Electronics, US, Trump Locations: Taipei, Taiwan, United States, Mountain View , California, Hsinchu, Washington, “ Taiwan, China, ”, South Korea, Arizona

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