South Korea Financial News

China has set up the country's largest-ever semiconductor investment fund to propel development of the domestic chip industry, the latest effort from Beijing to achieve self-sufficiency as the US seeks to restrict its growth. The third phase of National Integrated Circuit Industry Investment Fund has amassed 344 billion yuan ($47.5 billion) from the central government and various state-owned banks and enterprises, including Industrial & Commercial Bank of China Ltd, according to Tianyancha, an online platform that aggregates official company registration information. The fund was incorporated on May 24.

Binance, the largest shareholder of the South Korean cryptocurrency exchange Gopax, sold the asset claims of Gopax victims at less than half their face value on May 27.

North Korean ballistic missile, reported Reuters.'Stay indoors or find shelter', the Japanese government said over its J-Alert broadcasting system, the report said.Meanwhile, North Korea has said that its attempt to put another spy satellite into orbit has failed, adding that a rocket carrying the spy satellite exploded in mid-air on Monday.Earlier, the South Korean Joint Chiefs of Staff said that the launch vehicle may have failed in flight, adding it had detected "many fragments" in the ocean from the rocket in the sea. The report further said South Korean and US intelligence agencies are investigating whether the launch had failed.“Around two minutes after it detected "what's suspected to be the North's military reconnaissance satellite...

With the dollar on the rise, American tourists can outspend the locals in some of the world’s top travel spots. Visitors to Asia, South America and Eastern Europe are upgrading their accommodations and enjoying fine dining at prices that can’t be matched back home. The strong dollar, bolstered by high interest rates and a strong economy, allows those who normally scour for budget deals to feel rich enough to reserve tables at Michelin-recommended restaurants.

The US Securities and Exchange Commission’s approval of spot Ethereum ETFs last week has ignited pressure on South Korea’s financial regulators to greenlight similar crypto exchange-traded funds.

Also Read: FPO lock-in expiry: Vodafone Idea share price to gain focus today as anchor investors' 30-day lock-in period endsThe Hyundai Motor India IPO is likely to be purely an OFS (offer for sale) by the parent and slated to be India’s largest IPO, as the South Korean auto major plans to raise between $2.5 billion to $3 billion via the issue, the report added.The IPO is likely to value the Indian arm at around $20 billion and the OFS figure as part of discussions currently is 15% which hasn’t been frozen yet, it said.However, the valuation and IPO size haven’t been finalized which may vary depending on the company strategy and market conditions, the sources told Moneycontrol.Also Read: Upcoming IPOs: Five SME issues and two new listings scheduled for this week; check full list hereAt present, the Life Insurance Corporation of India (LIC) IPO is the largest IPO in India which raised $2.7 billion in May 2022.In FY24, Hyundai Motor India was India’s second largest carmaker after Maruti Suzuki in terms of passenger sales volumes.

Leaders of China and Japan arrived in Seoul to meet separately with South Korea's president on Sunday, a day before they gather for their first trilateral meeting in more than four years. No major announcement is expected from Monday's trilateral South Korea-China-Japan meeting. But just resuming their highest-level, three-way talks is a good sign and suggests the three Asian neighbors are intent on improving their relations.

Top Events on May 26: India is all set to witness various political, international, technological, and sports events on Sunday. Congress leaders Mallikarjun Kharge and Rahul Gandhi will address poll rallies in Odisha. South Korea, China, and Japan will hold their first trilateral summit today.

Kyung-wha Kang, President and newly appointed CEO, Asia Society, a leading global think tank in an interview with ET's Dipanjan Roy Chaudhury described India as the fastest-growing economy with a lot more potential, and noted that India is diplomatically in a very sweet spot. All countries are courting India. And India has a greater role and greater space to have a voice in steering regional dynamics. Priority for Asia Society in India The Asia Society India Center fosters a nuanced understanding of Asia-Pacific affairs, with a focus on educational programming geared towards community-building in South Asia, and arts programming that encourages contemporary South Asian artists and engages arts enthusiasts and professionals. The Asia Society Policy Institute in Delhi, founded in 2022, conducts policy research and promotes increased awareness of India’s strategic priorities and decision-making. Building on the Asia Society India Center’s deep networks in business and arts, we’re working to foster more holistic engagement in India and South Asia.

South Korea on Friday imposed sanctions on seven North Korean individuals and two Russian vessels over weapons trade and other activities between Pyongyang and Moscow deemed in breach of U.N. Security Council resolutions, Seoul's foreign ministry said. The Russian vessels had been carrying a large quantity of containers between Russia and North Korea transporting military supplies in a clear violation of the United Nations Security Council resolutions, the ministry said in a statement. The United States and South Korea have accused North Korea of transferring weapons to Russia for use in its war in Ukraine. Both Moscow and Pyongyang have denied the accusations, but vowed last year to deepen military relations.

Sensex jumped 1,196.98 points, or 1.61%, to close at 22,967.65, while the Nifty 50 settled 369.85 points, or 1.64%, higher at 75,418.04.“We expect this positive momentum to continue on the back of an improving political environment, continued short covering by FIIs, and strong domestic macros. Sectors like Defence, Banking, and Railways are expected to remain in focus," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.Here are key global market cues for Sensex today:Asian markets traded lower on Friday tracking overnight losses on Wall Street.

Bloomberg reported on May 23, citing sources familiar with the situation.Also Read | West Indies vs South Africa Highlights: West Indies beat South Africa by 28 runsThis new valuation surpasses the $180 billion figure reached during SpaceX's previous tender offer. Also Read | Faked Biden Robocall Results in Charges for Democratic OperativeThe Bloomberg report suggested that the shares could be priced between $108 and $110 each.

South Korean police have arrested 19 people on fraud charges in a swoop on a social media “crypto reading room.”

Democratic People’s Republic of Korea, the citizens of this ‘hermit kingdom’ are in for a real shock. The state has introduced two new draconian laws which affect the citizen’s rights. The two new laws aim to curb South Korean influence in the north and another law is aimed at banning divorce.

South Korea has unveiled a $19 billion support package to bolster its semiconductor industry, seeking to catch up with international rivals amid soaring demand for advanced chips to power artificial intelligence and other computing. The 26 trillion won ($19.03 billion) package, announced by President Yoon Suk Yeol on Thursday, focuses largely on providing financial support through state-run Korea Development Bank for chip makers and suppliers to invest in semiconductor infrastructure in the North Asian nation.

growth in the last four months, India’s engineering exports declined in April 2024 by 3.2% to US$8.67 billion primarily due to lower shipments of metals, especially iron & steel and copper. Lower shipment of steel was mainly witnessed in Italy, Nepal, UAE, Netherlands, USA, China, and South Korea among others. Excluding the export of iron and steel, engineering exports recorded a growth of 2.61% during April 2024. A substantial 36.41% decline in exports of Iron and Steel therefore was the single most important reason behind the year-on-year decline in overall engineering exports during April 2024.

Asian shares are trading mixed, as investor sentiment in Tokyo was boosted by news in the U.S. about soaring Nvidia earnings

In synchrony with the broader national intent of India becoming a developed nation, the Insurance Regulatory and Development Authority of India (IRDA) has embraced the laudable goal of “India Insured by 2047." The objective is to ensure that “every citizen has appropriate life, health and property cover and every enterprise is supported by an appropriate solution" and to make India’s insurance sector “globally competitive," as elaborated in a press release. Enthusiasm within the IRDA is palpable. Coordinated attempts are afoot to usher in regulatory changes and push insurance companies to reach out wider, especially to the rural uninsured, and diversify their product baskets to make insurance more accessible, affordable and relatable.

South Korean police officers have arrested 28 people they suspected of orchestrating a crypto investment fraud ring.

Russia will likely open its first liquefied petroleum gas (LPG) terminal on the Pacific Ocean coast with joint investments from China by the end of 2025, two industry sources said on Wednesday. Last week, Russian Direct Investment Fund (RDIF) struck an agreement with Chinese petrochemical company Haiwei to finance the marine terminal in Russia's Far East to ship LPG. It did not provide the timings for the project completion.

Quad, Aukus, the US-Philippines-Japan trilateral and the US-Japan-South Korea trilateral. The Philippines, Japan and Australia are not treaty allies; however, each of these countries shares a bilateral treaty alliance with the US. Thus, the idea behind the Squad centres on the desire of all four democracies to deepen their level of integration beyond the hub-and-spokes format at a time when China has been militarizing the South China Sea at the expense of the rules-based order of the Indo-Pacific.