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Commercial and residential buildings are illuminated at dawn in Seoul, South Korea, on Saturday, Oct. 21, 2023. South Korea has prepared a financial support program of 75.9 trillion won ($56.97 billion) for companies increasing investment in key sectors as well as small businesses struggling with the impact of high interest rates. Asia-Pacific markets extended losses on Thursday, tracking Wall Street's moves ahead of a slew of economic data from the region on Friday. Japan's Nikkei 225 fell more than 2%, while the broader Topix dropped 1.4% in early trading. Japan and South Korea will release industrial production figures on Friday, and China will release the official purchasing managers index for May.
Organizations: Nikkei Locations: Seoul, South Korea, Asia, Pacific, Japan, China, Tokyo
The South Korean marines were sent in after monsoon rains flooded a rural section of the country’s heartland last July. When the ground gave way, five of them were swept away in the churning brown water and one, Lance Cpl. Nearly a year later, the death of the 20-year-old marine has become an impeachment threat for South Korea’s leader, President Yoon Suk Yeol. The South Korean military is no stranger to tragic accidents, but this latest episode has evolved into the first major political crisis for Mr. Yoon since his party’s crushing defeat in parliamentary elections last month. The career military officer who investigated Lance Corporal Chae’s death has accused the Defense Ministry of whitewashing the probe and absolving top military brass of responsibility — all under pressure from Mr. Yoon.
Persons: Lance Cpl, Chae Su, Yoon Suk, Yoon, Corporal Chae’s Organizations: South, Defense Ministry Locations: United States, Korea, China
South Korea has a fertility crisis, with the capital Seoul particularly hard-hit. The city is proposing $730 incentives for reversing vasectomies and tubal ligations. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementLast year, South Korea's capital earned an unwelcome distinction: the least fertile city in the least fertile country in the world. Now Seoul is seeking solutions, including offering up to $730 each to 100 people to reverse their vasectomies or untie their tubes.
Persons: Organizations: Service, The Washington Post Locations: Korea, Seoul
Chey Tae-won, billionaire and chairman of SK Group, prepares to leave after speaking during the Nikkei Forum Future of Asia in Tokyo, Japan, on Thursday, May 23, 2024. Shares of SK Inc., one of South Korea's biggest conglomerates, surged as much as 16% on Thursday after a court reportedly ordered the company's chairman to pay $1 billion to his wife in a divorce lawsuit. Chey Tae-won was told by a Seoul court to pay 1.38 trillion Korean won to his estranged wife, Roh Soh-yeong. Prior local reports suggested Roh was seeking around 2 trillion won as part of a settlement and some of Chey's shares in SK Inc. The final settlement is lower, perhaps explaining the jump in SK Inc. shares, which eventually closed more than 9% higher in Seoul.
Persons: Chey Tae, Roh, yeong, Chey, Roh Tae Organizations: SK Group, Nikkei, SK Inc, CNBC, SK Hynix, SK Telecom, South Locations: Asia, Tokyo, Japan, South, Seoul
CNBC Daily Open: Dow drops, Nvidia couldn't save Nasdaq
  + stars: | 2024-05-30 | by ( Abid Ali | )   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. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter.
Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Robert Isom, Vasu Raja, Raja, Korea's Kospi, Hang Seng, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, American Airlines, Treasury, Nikkei, China's CSI, Dow Locations: New York City, Disney, Asia, Pacific, Japan, South Korea, China
South Korea sent out a government emergency disaster alert urging citizens to refrain from touching the objects and to report any more incidents to the military. South Korea's defense ministry told NBC News that no human waste was found, but said that North Korea did send human waste via balloon in 2016. According to the Yonhap news agency, this is the largest number of balloons from North Korea since similar incidents between 2016 and 2018. "These acts by North Korea violate international law and threaten our people's safety," said South Korea's Joint Chiefs of Staff, urging North Korea to cease its "inhumane and vulgar behaviors" immediately. In early May, North Korean defector-turned-human rights activist Park Sang-hak sent 20 balloons carrying 300,000 leaflets condemning North Korean leader Kim Jong Un.
Persons: Park, hak, Kim Jong Un, Kim Jong, — Stella Kim, Michael Fiorentino Organizations: NBC News, South Korean, Chiefs of Staff, South, North Locations: North Korea, Cheorwon, South Korea, SEOUL, It's, Gyeonggi, Gangwon, South Gyeongsang, Korea, Pyongyang, North Korean, Seoul, London
North Korea floated hundreds of balloons filled with garbage and feces across the border south. North Korea had vowed retaliation after South Korean activists sent anti-Pyongyang leaflets. AdvertisementNorth Korea floated balloons carrying garbage and feces into South Korea last week, officials in Seoul said. The obnoxious floating orbs were an apparent retaliation against South Korean activists who'd previously flown anti-Pyongyang leaflets and USB drives containing K-pop music over the border. Days before the balloons landed in South Korea, a North Korean official vowed retaliation via "paper and filth," The Wall Street Journal reported.
Persons: , who'd Organizations: South, NBC, Service, North Korean, Street Journal, Business Locations: Korea, North Korea, Pyongyang, South Korea, Seoul
The Japanese government chief spokesperson did not say how often Chinese ships entered Japan’s territorial waters, though foreign ships are allowed “innocent passage” through such waters. A contiguous zone extends another 12 nautical miles beyond a country’s territorial waters, the area that stretches 12 nautical miles from the shore. Foreign warships are allowed into contiguous zone waters – so the Chinese Coast Guard hasn’t broken any international agreements – but the continuous presence of the Chinese vessels there is seen as a provocation. It has frequently dispatched China Coast Guard and other government vessels to the waters around the islands to assert those claims. Hayashi, the Japanese government spokesperson, said Monday that Tokyo is answering the Chinese presence around the islands with vessels of its own.
Persons: Tokyo’s, , Yoshimasa Hayashi, Hayashi, Fumio Kishida, Li Gongmin, , ” James Brown, ” Hayashi, Lai Ching, China’s, Thomas, Ferdinand Marcos Jr, Thomas Shoal, CNN’s Himari Semans Organizations: South Korea CNN, China Coast Guard, East China, Chinese Coast Guard, Ministry, Temple University, CNN, Coast Guard, Communist Party Locations: Seoul, South Korea, East, Japan, China, Tokyo, Japanese, China’s, Beijing, United States, Washington, Taiwan, Philippines, South China, Philippine, Singapore
North Korea has resumed an unusual operation to show anger at South Korea: dumping trash from the sky across the world’s most heavily armed border. Between Tuesday night and Wednesday, the South Korean military said that it found 260 balloons drifting across the Demilitarized Zone, the buffer between the two Koreas. Soon, residents across South Korea, including some in Seoul, the capital, reported seeing plastic bags falling from the sky. The South Korean military said the garbage was released by timers when the balloons reached its airspace. Its unusual offensive this week prompted South Korea to send a cellphone alert to residents living near the inter-Korean border to refrain from outdoor activities and watch out for unidentified objects falling from the sky.
Organizations: South Korean, South Locations: Korea, South Korea, Seoul, North Korea
CNN —Lexi Thompson will retire from professional golf at the end of the 2024 season, calling time on a decorated career at the age of 29, the American announced on Tuesday. And of course, I look forward to a little time for myself.”Thompson became the youngest to ever compete at the US Women's Open in 2007. “You haven’t always been easy on me, or fair for that matter, but through all the ups and downs, you’ve given me a platform to inspire others and positively impact the world,” Thompson said in her letter. Stephen Dunn/Getty Images‘A whirlwind of constant attention, scrutiny and pressure’Thompson spoke through tears during a press conference at Pennsylvania’s Lancaster Country Club, US Women’s Open host, on Tuesday. 1 and the US Women’s Open tournament favorite Nelly Korda.
Persons: Lexi Thompson, , ” Thompson, , Leo, Streeter Lecka, Thompson, agonizingly, South Korea’s, Stephen Dunn, ’ Thompson, , I’ll, We’re, we’re, that’s, David Cannon, Rose Zhang, Rory McIlroy, Max Homa, Matt Rourke, Nelly Korda, “ She’s, ” Korda, she’s, Corpuz, She’s, Michelle Wie West, Annika Sörenstam, Thompson’s, Suzann, fairways we’ve Organizations: CNN, American, Floridian, Kraft Nabisco, Chevron, , USA, Solheim, Olympic, US, LPGA, Aramco, European, South, Pennsylvania’s Lancaster Country Club, PGA, Shriners, PGA Tour, Locations: Instagram,
Union at Samsung Electronics in South Korea to take strike action
  + stars: | 2024-05-29 | by ( )   time to read: +1 min
Samsung Electronics' union in South Korea has declared it will start taking strike action, including advising members as an initial protest to take annual leave on June 7, a union official said during a live-streamed press conference on Wednesday. Samsung Electronics' union in South Korea has declared it will start taking strike action, including advising members as an initial protest to take annual leave on June 7, a union official said during a live-streamed press conference on Wednesday. The union accounts for about 28,000 workers, or more than a fifth of the company's total workforce, according to union officials. A group of union officials made the announcement while holding a banner which read: "We can no longer tolerate labor repression, union repression." More than 2,000 unionized workers of the South Korean technology giant gathered in Seoul last week to hold a rare rally to demand better wages.
Organizations: Samsung Electronics, Wednesday Locations: South Korea, Seoul
Bangkok CNN —Thailand’s former Prime Minister Thaksin Shinawatra has been indicted on lese majeste charges, authorities said Wednesday, in the latest twist in a decades-long political saga in the Southeast Asian kingdom. The case, filed by police, alleged Thaksin violated Thailand’s notoriously harsh royal insult law during an interview he gave in 2015 to the South Korean newspaper Chosun Ilbo. “The attorney general has decided to indict Thaksin on all charges,” spokesperson Prayuth Bejraguna, told reporters Wednesday. Earlier this month, the death of a young Thai activist in pre-trial detention for lese majeste charges shocked many in the country and sparked renewed calls for justice reform. A push to reform the lese majeste laws gained significant traction ahead of the 2023 general election, which saw the progressive Move Forward Party win the most votes.
Persons: Bangkok CNN —, Thaksin Shinawatra, Thaksin, Thailand’s, Prayuth Bejraguna, , Thaksin’s, Paetongtarn, Chiang Mai, majeste, King Maha Vajiralongkorn, King Bhumibol Adulyadej Organizations: Bangkok CNN, South Korean, Chosun Ilbo, Manchester City Football Club, Thai Lawyers for Human Rights, Party, Constitutional Locations: Bangkok, Thailand, Thai
Seoul, South Korea CNN —North Korea has adopted a new strategy to contend with its southern neighbor: sending floating bags of trash containing “filth” across the border, carried by massive balloons. South Korean authorities said the balloons, which landed in several locations, were filled with "filth and garbage." “All responsibility arising from the North Korean balloons lies entirely with North Korea, and we sternly warn North Korea to immediately stop its inhumane and low-level actions.”Local governments also sent messages to residents in the northern Gyeonggi and Gangwon provinces to warn of the “unidentified objects,” and advised against outdoor activities. Earlier this year a South Korean research group has released rare footage that it claimed showed North Korean teenagers sentenced to hard labor for watching and distributing K-dramas. But the situation in North Korea deteriorated in the following years and diplomatic talks fell apart – prompting strict rules to snap back into place in the North.
Persons: , Kim Kang Il, KCNA, Staff “, ” Kim, Kim Jong Un, Kim Jong Organizations: South Korea CNN, South Korean, country’s, Chiefs of Staff, United Nations Command, Korea’s, Chiefs, Staff, North Korea’s, National Defense, South, South Korea’s, Reuters, North, Fighters Locations: Seoul, South Korea, Korea, North Korea, Gyeonggi, Gangwon, Korean, South, China
Investor darling Nvidia is dominating headlines once again after its earnings last week surpassed expectations on the back of the artificial intelligence boom. Morgan Stanley notes that the reaction to Nvidia's first quarter results is "very telling on how much buying power still exists in the market." Here are seven of Morgan Stanley's overweight-rated stocks to play these AI themes: Overweight-rated stocks Among Morgan Stanley's list of AI stock opportunities are South Korean tech giant SK Hynix and Taiwanese chipmaker Taiwan Semiconductor Manufacturing Company . SK Hynix stocks are held in the iShares MSCI South Korea ETF (8.4% weight) and Franklin FTSE South Korea ETF (8.3% weight). Shares in TSMC are included in the iShares MSCI Taiwan ETF (25.1% weight) and Franklin FTSE Taiwan ETF (22.2% weight) Beyond the headline-makers, Morgan Stanley also sees potential in Japanese manufacturer Advantest Corp .
Persons: Morgan Stanley, Nvidia's, Hopper, Morgan Stanley's, Morgan, Goldman Sachs, — CNBC's Michael Bloom Organizations: Nvidia, SK Hynix, Taiwan Semiconductor Manufacturing Company, Korea ETF, Franklin FTSE, Franklin FTSE South Korea ETF, Advantest Corp, Japan Equity, JPMorgan BetaBuilders Japan, Alchip Technologies, Technology, Memory Technology, Micronics Locations: Asia, Korean, Korea, Franklin FTSE South, Taiwan, Franklin FTSE Taiwan
Samsung Electronics' union threatens first ever walkout next week
  + stars: | 2024-05-29 | by ( )   time to read: +4 min
A Samsung Electronics union in South Korea will begin escalating strike action next week by staging the first ever walkout over demands for higher wages, union officials said on Wednesday. The National Samsung Electronics Union (NSEU), which has about 28,000 members, or more than a fifth of the company's total workforce, said it will stop work for one day on June 7 as part of broader protest measures. Samsung Electronics said in a statement on Wednesday: "We will sincerely engage in discussions with the union." Responding to Wednesday's proposed strike, a coalition of five unions at Samsung affiliates including another Samsung Electronics union questioned the intention behind the strike plan, indicating they would not join the move. Shares of Samsung Electronics closed down 3.1% on Wednesday, compared with the benchmark KOSPI's 1.7% fall.
Persons: Son Woo, mok, NSEU, Wednesday's, Jay Y, Lee Organizations: Samsung, Samsung Electronics, National Samsung Electronics Union, South, Workers Locations: Seoul, South Korea, Hwaseong
Samsung at the Mobile World Congress 2023 on March 2, 2023, in Barcelona, Spain. (Photo by Joan Cros/NurPhoto via Getty Images)South Korean authorities are investigating Samsung, after assessing that two workers at one of the tech giant's plants were exposed to radiation. The two patients, who are hospitalized, were showing "abnormal" symptoms of radiation exposure in their fingers, the Nuclear Safety and Security Commission in South Korea said in a Google-translated statement on Wednesday. The prospective radiation exposure incident took place at Samsung's Giheung plant, which is around 25 miles south of the South Korean capital of Seoul. The exact cause of the radiation exposure is not known at this time, with the Nuclear Safety and Security Commission carrying out an ongoing probe.
Persons: Joan Cros Organizations: Samsung, Mobile, Getty Images, Nuclear Safety, Security Commission, CNBC Locations: Barcelona, Spain, South Korea, Samsung's, Seoul
Seoul/Hong Kong CNN —A labor union representing tens of thousands of workers at Samsung Electronics in South Korea has called a one-day strike next week, in what would be the first such walkout at the smartphone and chipmaking giant. The Nationwide Samsung Electronics Union (NSEU) said on Wednesday during a press conference streamed on its official Youtube channel that its 28,000 members — just under a quarter of the company’s total workforce in the country — would strike on June 7, following failed negotiations over pay and bonus arrangements. Son Woomok, leader of the Nationwide Samsung Electronics Union, speaks to CNN on May 29, 2024. The vast majority of the world’s advanced microchips are made in just two places: Taiwan and South Korea. Taiwan’s industry is larger and more dominant, something South Korea is keen to challenge.
Persons: , , Woomok, Yoonjung Seo, chipmaker Organizations: Hong Kong CNN, Samsung Electronics, Nationwide Samsung Electronics Union, CNN, Samsung, Wall Street, Intel Locations: Seoul, Hong Kong, South Korea, Taiwan
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. Nvidia's stock rose 2.6% on Friday, contributing to a 15% surge for the week, while the Nasdaq led major indexes with a 1.41% weekly gain. Nvidia CEO's net worth soarsNvidia CEO Jensen Huang's net worth soared to over $90 billion as better-than-expected earnings sent the company's stock soaring to a record high. Last Thursday, the stock rose more than 9% to close at nearly $1,038 per share.
Persons: Elon Musk, The Beverly Hilton, Jensen, Huang, Glass Lewis, Obama, Weizhen Tan Organizations: SpaceX, Tesla, The Beverly, CNBC, Nasdaq, Dow Jones, Treasury, Nvidia, Investors, Google, Nikkei, Bank of Japan's, CSI Locations: Beverly Hills , California, U.S, Texas, Asia, Pacific
Read previewNorth Korea said on Monday that its latest spy satellite launch failed, with its rocket exploding during the first stage of flight that evening. The attempted space launch has been blasted by South Korea, which they said North Korea warned them about. It further warned that North Korea appeared to have launched the satellite using technology from its international ballistics missile programs. But South Korea has been warning that Pyongyang is still able to pull off satellite launches with Russia's help. North Korea has denied its participation in any arms exchange with Moscow.
Persons: , Minoru Kihara Organizations: Service, Korean Central News Agency, National Aerospace Technology Administration, Business, KCNA Watch, North, KBS, Seoul, Pacific Command, UN, US Locations: Korea, Seoul, Pyongyang, Japan, South Korea, North Korea, Beijing, Ukraine, Russia, Moscow
Miss Kim brought in $1.89 million in sales in 2023 and made a net profit of $101,553 for the fiscal year from August 2022 to July 2023. "I started wondering, if I had Korean food or Asian food and I was able to tell this story…what would that look like?" In the fiscal year from August 2016 to July 2017, Miss Kim brought in $699,877 in sales, according to Kim. Doing away with tippingToday, Miss Kim is profitable and thriving, with total sales of $1.89 million in 2023. When Miss Kim first opened, "we decided that we're going to do away with tipped credit and pay people living wage."
Persons: Ji Hye Kim, Kim, Ann Arbor, Miss Kim, Young Kim, Hye Kim Kim, Paul Saginaw, Ari Weinzweig, Zingerman's, Hye Kim, she'd, It's, Kim didn't, Zach Green, Marisa Forziati Organizations: CNBC, U.S, University of Michigan, Dancing Sandwich Enterprises, Miss Locations: South Korea, New Jersey, Ann, Zingerman's, Ann Arbor, Michigan, New York, Saginaw, Korea, Ann Arbor , Michigan, gochujang, U.S, United States, Miss
And that was despite Russian space experts recently arriving to guide North Korea's space program, South Korean news agency Yonhap reported a day before the failed launch, citing a senior defense official who was not named. It's unclear exactly how many technicians were sent to North Korea, when they might have arrived, or how they might have advised Pyongyang. Yonhap reported that North Korea's space rockets also likely face issues with their second and third-stage engines. South Korea has for months said that North Korea's sole successful satellite launch of 2023 came off the back of Russian assistance. The US Indo-Pacific Command noted that Pyongyang's Monday launch appeared to use technology related to North Korea's ballistic missile program.
Persons: , Yonhap, Vladimir Putin, it's Organizations: Service, Korea, Business, South Korean, Russian Ministry of Foreign Affairs, Business Insider, North, Pacific Command, United Nations Locations: Korean, North Korea, Pyongyang, Russia, North, Ukraine, Moscow, South Korea, Seoul
The Melbourne skyline is reflected in the Maribyrnong River in the early morning light on April 18, 2023. Asia-Pacific markets were range bound on Tuesday as investors assess comments from the European Central Bank officials signaling that rate cuts may be on the horizon for the world's largest economic bloc. Japan's Nikkei 225 also was trading close to the flatline, with the broad based Topix also near flat. In a speech Monday, Olli Rehn, ECB governing council member and head of Finland's central bank, stressed inflation in the euro area was falling in a "sustained way." Inflation in the euro zone held steady at 2.4% in April, marking the seventh straight month it has been below 3%, despite a slight rebound in December.
Persons: Kospi, Olli Rehn Organizations: European Central Bank, Nikkei Locations: Melbourne, Maribyrnong, Asia, Pacific, Australia
Shares of two of South Korea's largest K-pop companies fell on Tuesday after industry giant Hybe is said to be pushing for a $50 million sale of its stake in SM Entertainment. Kospi-listed Hybe's stock slid as much as 2.4%, while SM Entertainment — which is listed on the Kosdaq —saw its shares plunge as much as 5.74%. That puts the sale price per share at between 91,968 to 90,531 won. This means the total transaction value would come up to about 68 billion won, or about $50 million. Before the transaction, Hybe held a 12.45% stake in SM.
Persons: Hybe Organizations: SM Entertainment, Chosun Ilbo, South Korean, SM, CNBC Locations: Korean
The global semiconductor industry is set to experience "groundbreaking changes," Citi said, naming stocks to play the theme. Here are six stocks from Citi's list, which stand out for having substantial upside potential, according to FactSet's consensus price targets. Nvidia Among Citi's list of top stocks is investor darling Nvidia . Samsung Electronics and SK Hynix South Korean tech giants Samsung Electronics and SK Hynix also made Citi's list. Citi also noted that SK Hynix is looking forward to stronger supplies of HBM3E chips through to 2025, "in line with the customer's roadmap."
Persons: Atif Malik, ASMPT, Kevin Chen, Takayuki Naito, Ibiden, Hynix, Peter Lee, — CNBC's Michael Bloom Organizations: Citi, Nvidia, Tokyo Stock Exchange, Franklin FTSE, Franklin FTSE Hong Kong ETF, BlackRock Future Tech ETF, Samsung Electronics, SK Hynix South, SK Hynix, Korea ETF, Franklin FTSE South Korea ETF Locations: Hong Kong, Franklin FTSE Hong, SK Hynix South Korean, Korea, Franklin FTSE South
North Korea attempted to put a military reconnaissance satellite into orbit on Monday, the South Korean military said, but the rocket carrying the satellite exploded midair shortly after takeoff, marking the country’s third failed attempt to put a spy satellite into orbit. Kim Jong-un, the leader of North Korea, has made deploying a fleet of spy satellites one of his latest ​military ambitions. North Korea ​has said it needs satellites to ​increase its ability to monitor and target its enemies and to make its nuclear deterrence more credible. After two failed attempts, North Korea placed its first spy satellite into the or​bit last November. On Monday, North Korea said it would launch the first of the three before June 4.
Persons: Kim Jong, North Korea ​, ​ Mr, Kim Organizations: South Korean Locations: Korea, North Korea, United States, Asia, Pacific
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