South Korea Financial News

By Hyunsu Yim

While India has not said the new requirement is aimed at China, more than half of its roughly $10 billion in annual imports of personal computers and tablets are Chinese-made. Relations between the countries have deteriorated since mid-2020, when Chinese and Indian troops clashed on LAC and 24 people were killed. Several Indian government officials, who asked not to be named, said the licensing measure aimed to address a trade imbalance with China. Here are some other Chinese trade and investment ventures affected by Indian measures since 2020:

Japanese Prime Minister Fumio Kishida says he has high hopes to discuss further strengthening of three-way strategic cooperation with the United States and South Korea at a summit hosted by President Joe Biden at Camp David later this month

Three members of the United States Senate have reportedly sent a letter to the White House and Treasury Department in an effort to crack down on North Korea using cryptocurrency to fund its nuclear program and evade sanctions.

A string of random stabbings in South Korea has inspired online threats of copycat attacks and unnerved the country of 52 million, pushing officials to consider adding new criminal punishments such as life imprisonment without parole. Lawmakers and local media have referred to the knife-wielding incidents as “Don’t Ask Why" crimes, given the lack of clear motives behind the violence and indiscriminate victim targeting. South Korea, where strict firearm laws block nearly all civilians from gun ownership, had recently reported a decade-low level of crime, with its murder rate dropping to 1.3 homicides per 100,000 people, according to the latest government data.

stock prices soar and fall as the LK-99 video went viral. The investor attention prompted Shanghai-listed Benefo, which rose 34% in recent days, to clarify that it has no related work now to room-temperature superconductivity.

Last month, a team of South Korean scientists claimed they engineered a superconducting material, dubbed LK-99, that works under ambient temperature and pressure. In layman's terms, the team allegedly created a material allowing electrical currents to flow without resistance or energy loss. Previously, such types of materials were only thought to have functioned at absolute zero temperatures.

jobless benefits increased slightly last week, while layoffs dropped to an 11-month low in July, labor department report showed. A separate report showed that the US services sector slowed in July. Investors will now focus on the jobs report for July that is due on Friday.

Fitch's downgrade of US long-term credit rating. BSE Sensex fell 542 points, or 0.82%, to at 65,240. NSE's Nifty declined 144 points, or 0.74%, to end at 19,381.

World Scout Jamboree in Buan, South Korea has been marred by the scorching heat, with hundreds of participants suffering from heat exhaustion. On the first night of the event, about 400 cases were reported, and many were treated at a makeshift hospital at the campsite. The temperatures in North Jeolla province, where the jamboree is taking place, have soared to 35°C (95°F) amid a heatwave warning. Scouts from countries like the US, Bangladesh, and the UK have been affected, with the UK contingent being the largest with around 4,500 participants out of the total 43,000 in attendance. The UK Foreign Office stated that they are closely monitoring the situation and have consular officials on-site to support the attendees. They are in regular contact with Scouts UK and the relevant Korean authorities to ensure the safety of British nationals. A fire service official revealed that most of the scouts who required medical attention had mild symptoms like headaches, dizziness, and nausea, and they have mostly returned to their campsites.

The South Korean cryptocurrency exchange Upbit overtook both Coinbase and OKX in terms of spot trading volume for the first time, according to data published on Aug. 3 from CCData. 

South Korea on Thursday when a man rammed a car onto a sidewalk and then stepped out of the vehicle and began stabbing people near a subway station in the city of Seongnam. Yoon Sung-hyun, an official from the southern Gyeonggi provincial police department, said at least nine people were stabbed and four others were injured by the vehicle.

The artificial intelligence (AI) chip developer Tenstorrent, announced the closing of a $100 million funding round on Aug. 3 which was led by major manufacturing companies Samsung and Hyundai, among others. 

The fate of Group H will be determined on August 3. Both matches will be played on August 3 at 3:30 PM (India time). The match against South Korea is crucial for Germany, two-time World Cup champions.

Apple AirTag 2 may go into mass production by the fourth quarter of 2024. Currently, the Cupertino-based company sells the first-generation Apple AirTag, which was launched back in April 2021. While an update is due for the tracker, the specifics of what to expect from the next-generation AirTag remain uncertain.

savings account, in collaboration with Goldman Sachs, has surpassed $10 billion in customer deposits. The account, which became available in April, allows Apple Card users to earn an annual percentage yield of 4.15 per cent on their savings. According to Reuters, to prevent clients from transferring their funds to other high-yield alternatives, U.S.

music festival starting in northern Germany on Wednesday was forced to cap attendance after heavy rains turned its outdoor venue into a muddy quagmire. Organisers of the annual Wacken Open Air (W:O:A) bash, featuring 150 bands on eight stages over four days, said the event would go forward as planned but with only around 60 percent of the 85,000 ticket-holders after imposing an entry freeze. In messages to «dear metalheads» on social media, the promoters said they regretted having to cap the total audience at the around 50,000 fans who were already present, calling the situation «very sad». «We tried everything but unfortunately we are unable to allow anyone else onto the Holy Ground,» they said, referring to the sprawling rural venue. «There is no other way,» they added, calling it the «first time we've taken this decision in the history of the W:O:A.»

Nirvana frontman Kurt Cobain is among the top lots to be sold at Kruse GWS Auction later this month, and could fetch upward of $200,000. Doodles, still photographs and even swimming goggles from the American rocker are also included in the sale. «I think we are going to see some great activity on that guitar,» said lead auctioneer, Brigitte Kruse. «I would expect this one to probably fall in the couple of hundred thousand range conservatively,» Kruse said. The 'Artifacts of Hollywood & Music' online sale, on August 26, will feature over 350 lots from singers, actors and movie costumes.

South Korean music group Tomorrow X Together is set to take the stage at the upcoming Lollapalooza music festival in Chicago, US, as a first-time headliner. Also called TXT, the band first performed at the gala in 2022. According to a press release, TXT will become the second K-pop act after BTS member j-hope to headline the festival, scheduled to run from August 3 to August 6 this year. The group — comprising Soobin, Yeonjun, Beomgyu, Taehyun and HueningKai — will perform at Lollapalooza 2023 on August 5 from 8.30 pm to 10.00 pm. The performance will be available for live viewing for global fans everywhere on Weverse Live, YouTube, and Hulu (only in the US), the release said. At the gala, the quintet will be accompanied by a live band and will present a set-list of songs from their discography.

global markets, after Fitch Ratings cut the sovereign credit rating of the US, the world's largest economy, by one level from the highest AAA to AA+. The selloff on account of the unexpected downgrade resulted in the Nifty closing below a key support of 19,560, which analysts said has opened up the likelihood of the index dropping another 2-3% unless there is an immediate rebound.NSE's Nifty fell 207 points, or 1.05%, to close at 19,526.55. BSE's Sensex declined 676.53 points, or 1.02%, to end at 65,782.78.

Fitch downgraded the United States to AA+ from AAA, citing expected fiscal deterioration over the next three years as well as growing government debt. Meanwhile, private payrolls data in the US showed that the companies added 324,000 new jobs last month, much higher than the consensus estimates. In Asia, investors will focus on the Caixin private survey for China’s service sector activity in July.