Latest by
-
SK Hynix Shares Rise While Leveraged ETF Plummets Nearly 40% SK Hynix's stock price has increased by over 6%, yet a single-stock leveraged exchange-traded fund (ETF) tracking it has seen a nearly 40% drop. This decline is attributed to a normalization process following a price distortion that occurred just before the previous day's market close. As of 9:35 a.m. on June 9, the 'ACE SK Hynix Single-Stock Leveraged' ETF was trading at 18,335 won, down 38.88% (11,665 won) from the previous trading day. In contrast, the underlying asset, SK Hynix, was trading at 2,035,000 won, up 6.49% (124,000 won). Despite SK Hynix closing down 7.68% the previous day, the ETF had surged by 49.7% to close at 30,000 won. This was in stark contrast to other leveraged ETFs from different management firms, which fell by 15-16% on the same day. Industry analysts believe that a lack of bids from liquidity providers (LPs) during the simultaneous auction at market close led to a surge in market orders, causing the price to significantly exceed its net asset value (NAV). Approximately 47,000 shares were executed during the simultaneous auction, resulting in the price spike. Market observers interpret the previous day's surge as a temporary supply-demand distortion rather than a reflection of the underlying asset's value increase, leading to the sharp decline as prices returned to normal levels. Investors who purchased near the previous day's closing price faced significant valuation losses within just one day. Korea Investment Trust Management stated, "The price surged due to market orders being executed in a situation where LP bids were absent just before market close. We will review the LP bidding system to prevent similar occurrences in the future."* This article has been translated by AI. 2026-06-09 09:45:00 -
Chinese president drops denuclearization from North Korea summit agenda SEOUL, June 09 (AJP) - Chinese President Xi Jinping completely excluded references to denuclearization and the Korean Peninsula during his summit with North Korean leader Kim Jong-un in Pyongyang on Monday. The omission marks a fundamental realignment in how Beijing treats its neighbor, pivoting from managing regional security to utilizing the country as an active strategic asset against South Korea and its allies. This strategic shift dismantles the long-standing framework for peaceful regional disarmament. By prioritizing institutionalized bilateral ties over regional stability, Beijing is providing diplomatic cover for Pyongyang while actively undercutting international efforts to counter its nuclear ambitions. The state visit on June 8 marked the first time the Chinese leader traveled to Pyongyang in seven years. During talks at the Kumsusan Guest House, Xi proposed expanding official exchanges across diplomacy, law enforcement and military affairs. The two countries agreed to fully reopen border ports and resume international flights and passenger trains to significantly boost human and economic interaction. Official Chinese state documents from previous encounters heavily featured the term peninsula, including nine mentions during the 2019 summit. The official Chinese briefing for the latest meeting completely replaced regional security terminology with language emphasizing sovereign state relations and global initiatives. This integration deepens a northern trilateral alignment connecting North Korea, China and Russia, which directly challenges the security cooperation of South Korea, the United States and Japan. In a commentary published in the Rodong Sinmun newspaper on the day of his arrival, Xi emphasized that both countries must jointly safeguard their sovereignty, security and development interests. The new alignment echoes a recent joint statement between China and Russia that explicitly opposed diplomatic isolation and economic pressure aimed at North Korea. The direct involvement of top defense officials during the talks indicated an immediate acceleration in trilateral military cooperation. Chinese Defense Minister Dong Jun and North Korean Defense Minister No Kwang-chol both attended the summit. Analysts suggest this defense framework could pave the way for high-level personnel exchanges or joint naval drills among North Korea, China and Russia at facilities like Wonsan Port. Such maneuvers would serve as a direct counterweight to the joint maritime training conducted by South Korea and its partners. On the economic front, Beijing indicated a greater willingness to bypass international trade restrictions to revitalize the North Korean economy. The two sides discussed linking development strategies and expanding practical cooperation in trade, agriculture, construction, science, technology and public health. The cross-border agreements are expected to revive several stalled infrastructure projects. These initiatives include opening the New Yalu River Bridge, renewing the ten-year usage rights for Rajin Port and developing the Tumen River maritime exit project recently negotiated between Beijing and Moscow. Xi concluded the state visit by calling for grand celebrations to mark the 65th anniversary of the bilateral treaty of friendship, cooperation and mutual assistance. 2026-06-09 09:42:46 -
ITCEN Global Launches Open Innovation Program to Discover Global AI and Web3 Startups ITCEN Global is set to engage in strategic investments and collaborations with promising domestic startups based on its key subsidiaries, aiming to accelerate its entry into the global market. On June 9, ITCEN Global announced the launch of its open innovation program, "2026 ITCEN Open Innovation," which seeks to discover and nurture promising startups in the fields of artificial intelligence (AI) and Web3. The program is co-hosted with the Draper Startup House Korea Center, a global accelerator network led by Silicon Valley venture investor Tim Draper. This initiative involves five core subsidiaries of ITCEN Group: ITCEN N Tech, ITCEN CTS, ITCEN Cloit, ITCEN PNS, and Credder. ITCEN Global plans to organically connect the business capabilities and infrastructure of its subsidiaries to collaborate on joint ventures with selected startups. It will also serve as a control tower to drive global expansion. Recently, ITCEN Group has been restructuring its business portfolio, moving away from a focus on system integration (SI) to developing its own solutions and services based on AI and Software as a Service (SaaS). By leveraging the innovative technology screening capabilities of Draper Startup House, ITCEN aims to quickly integrate external technologies into its operations and enhance its technological competitiveness in the global market. The final selection will include around ten startups, which will receive tailored investment reviews from ITCEN Global, along with opportunities for club deal investments through Draper Startup House. Additionally, they will benefit from a customized acceleration program designed to help them establish a foothold in the global market, as well as step-by-step proof of concept (PoC) projects with ITCEN Group subsidiaries to validate practical business opportunities. With this program, ITCEN Global aims to enhance its open innovation framework and accelerate the growth of the domestic startup ecosystem while building a global new business portfolio. An ITCEN Global representative stated, "ITCEN Global is the central axis driving the group's global expansion, providing a platform for domestic startups to leap onto the global stage in partnership with Draper Startup House's venture network. We will focus on creating technological and business synergies that resonate in the global market, beyond mere financial support, to deliver tangible results." Meanwhile, ITCEN Global has also been working with the Gyeonggi Creative Economy Innovation Center to discover startups in next-generation technology fields such as AI, SaaS, and Web3. The TIPS public discovery program, "2026 Unicorn Bridge with ITCEN," received applications from 222 companies, an increase of about 18% compared to the previous year.* This article has been translated by AI. 2026-06-09 09:42:00 -
KOSPI claws back about half of Monday's rout on retail buying SEOUL, June 09 (AJP) -South Korea's benchmark KOSPI rebounded nearly 4 percent at the opening bell Tuesday as retail investors rushed in to buy stocks battered in the previous session's 8 percent selloff. The buying centered on the country's memory-chip giants. SK hynix jumped 6.2 percent to 2,030,000 won ($1,326.2) after sliding nearly 8 percent a day earlier, while Samsung Electronics rose 4.0 percent to 307,250 won following a roughly 10 percent plunge. The KOSPI was up 3.3 percent at 7,732.74 as of 9:30 a.m. The breadth of the rebound reflected the scale of Monday's rout, with 767 stocks advancing against just 111 decliners, a near-complete reversal from the previous session when losers outnumbered gainers by more than 20 to one. The recovery quickly unwound Monday's sector rotation. NAVER, which had surged 9.2 percent as investors sought refuge from the chip selloff, retreated at the open, while semiconductor shares led the rebound. The reversal suggested investors viewed Monday's plunge less as a fundamental reassessment and more as a bout of panic selling, with bargain hunters returning to the artificial intelligence-driven chip trade that had been dumped a day earlier. Domestic retail investors drove the recovery. Individuals bought a net 343.8 billion won worth of shares in early trading, while foreign investors sold a net 196.4 billion won and institutions unloaded 152.1 billion won in the opposite scene of the previous session. The divergence suggested the rebound was being sustained primarily by domestic conviction rather than a return of foreign capital, raising questions about its durability if overseas selling persists. The gains followed a steadier session on Wall Street overnight. The Nasdaq Composite rose 220.2 points to 25,929.7 as U.S. semiconductor shares recovered part of Friday's sharp losses, although the Dow Jones Industrial Average slipped 80.8 points to 50,786.0. The KOSDAQ, home to many technology and biotechnology firms, rose 3.6 percent to 944.4, while the KOSPI 200 advanced 4.4 percent to 1,238.5. The won remained under pressure despite what traders viewed as official efforts to slow its decline. The dollar traded at 1,532.9 won, up 5.1 won from the previous session. 2026-06-09 09:37:30 -
Knowledge Industry Center Market Continues to Struggle with Declining Transactions The national knowledge industry center market remains in a state of stagnation. In the first quarter of this year, both transaction volume and value saw significant declines compared to the same period last year, and are now at half the levels seen two years ago, indicating a prolonged market cooling. On June 9, Real Estate Planet released its "2026 First Quarter National Knowledge Industry Center Transaction Trends Report," which revealed that the total number of transactions nationwide was 561, with a transaction value of 242.3 billion won. In the first quarter of this year, transaction volume decreased by 24.9% from the previous quarter (747 transactions) and by 34.8% from the same period last year (861 transactions). The transaction value also fell by 18.9% from the previous quarter (298.8 billion won) and by 36.3% from the same period last year (389.4 billion won). Notably, compared to the first quarter of 2024 (1,014 transactions and 442.7 billion won), transaction volume dropped by 44.7% and transaction value by 45.3%, effectively halving. Transactions in the knowledge industry center sector have been on a downward trend for six consecutive quarters since reaching 1,024 transactions in the third quarter of 2024. In contrast, prices have seen a slight increase. The average price per 3.3 square meters of knowledge industry centers nationwide rose to 15.99 million won, up 3.1% from the previous quarter (15.52 million won) and 1.6% from the same period last year (15.73 million won). The decline in the metropolitan market has been particularly pronounced. In the first quarter, transaction volume in the Seoul, Gyeonggi, and Incheon areas totaled 495 transactions, with a transaction value of 191.3 billion won, accounting for 88.2% and 79.0% of the national totals, respectively. However, compared to the previous quarter, transaction volume fell by 19.0% and transaction value by 27.4%, while year-on-year comparisons showed declines of 35.3% and 45.2%, respectively. Conversely, non-metropolitan areas exhibited mixed trends. Transaction volume decreased to 66 transactions, down 51.5% from the previous quarter, while transaction value increased to 50.9 billion won, a 44.0% rise during the same period. Year-on-year, transaction volume fell by 31.2%, but transaction value rose by 63.4%. In Seoul, the first quarter saw 132 transactions with a total value of 89.3 billion won, representing declines of 19.5% and 22.6% from the previous quarter, respectively. Among districts, Geumcheon-gu recorded the highest number of transactions at 43, followed by Yeongdeungpo-gu with 33 and Guro-gu with 20. In terms of transaction value, Yeongdeungpo-gu led with 26.4 billion won, showing a significant recovery with a 57.1% increase in transaction volume and a 95.9% increase in transaction value compared to the previous quarter. Gyeonggi Province also continued to experience a decline in transactions. In the first quarter, transaction volume was 331, down 18.5% from the previous quarter and 38.4% year-on-year. The transaction value was 93.7 billion won, a decrease of 29.5% from the previous quarter and 52.0% from the same period last year. By city, Seongnam-si topped the charts with 62 transactions and a transaction value of 18.8 billion won. Notably, Seongnam-si showed relative strength among major metropolitan areas, with a 72.2% increase in transaction volume and a 22.5% increase in transaction value compared to the previous quarter. Jung Soo-min, CEO of Real Estate Planet, stated, "The first quarter of the national knowledge industry center market has recorded a decline in transaction volume for six consecutive quarters due to weakened demand, and the scale of transactions has shrunk to half compared to two years ago. With the announcement of a temporary measure allowing the conversion of knowledge industry centers in general industrial areas to officetels until 2027, the actual impact of this policy will need to be monitored in relation to future supply and vacancy trends." Meanwhile, a report published in May by the Korea Real Estate Development Association's Research Institute indicated that the vacancy rate for knowledge industry centers in the metropolitan area has reached approximately 55%. The ongoing high vacancy rates, coupled with sluggish transactions, unsold inventory, and falling prices, suggest that the stagnation in the knowledge industry center market is deepening.* This article has been translated by AI. 2026-06-09 09:36:00 -
Korean Won Falls Against Dollar Amid Government Intervention The won-dollar exchange rate is declining due to active intervention by foreign exchange authorities. As of 9:17 a.m. on June 9, the exchange rate in the Seoul foreign exchange market is 1,531.3 won per dollar. The rate opened at 1,529.4 won, down 5.6 won from the previous session. This decline is interpreted as a result of the authorities' strengthened commitment to managing the exchange rate. On June 7, they held an emergency meeting to address market conditions and stated they would respond strictly to speculative trading. Following a spike in the exchange rate to the 1,550 won range the previous day, the Ministry of Economy and Finance and the Bank of Korea issued verbal interventions, asserting they would not tolerate excessive volatility and one-sided movements compared to fundamentals. The National Pension Service, a major player in the foreign exchange market, has also resumed currency hedging, contributing to the decline in the exchange rate. Reports of the National Pension Service restarting its halted forward foreign exchange sales since the beginning of the year led to a widening drop in the exchange rate during overnight trading. In overnight trading, U.S. stocks rebounded, particularly in technology and semiconductor sectors. The Dow Jones Industrial Average closed down 80.77 points (0.16%) at 50,786.01. The S&P 500 index rose 21.99 points (0.30%) to finish at 7,405.73, while the Nasdaq Composite gained 220.23 points (0.86%) to close at 25,929.66. International oil prices moderated their gains, with Brent crude for August delivery closing up 1.25% at $94.25 per barrel, and West Texas Intermediate (WTI) for July delivery rising 0.84% to $91.30. Investor sentiment improved slightly following news that Israel and Iran agreed to halt further attacks after recent exchanges of fire over the weekend. Min Kyung-won, an economist at Woori Bank, stated, "Today, the won-dollar exchange rate is expected to decline as the conflict in the Middle East subsides and the dollar weakens. The authorities' stabilization measures are also likely to suppress the expansion of offshore long positions, supporting the drop in the exchange rate."* This article has been translated by AI. 2026-06-09 09:33:00 -
David R. Iverson Named Deputy Commander of Pacific Air Forces David R. Iverson, the Deputy Commander of U.S. Forces Korea and Commander of the 7th Air Force, will transition to the role of Deputy Commander of Pacific Air Forces in Hawaii. The U.S. Department of Defense announced on June 8 that Secretary of Defense Pete Hagel had revealed the military nominations made by President Donald Trump. According to the announcement, Iverson has been nominated for the position of Deputy Commander of Pacific Air Forces at Joint Base Pearl Harbor-Hickam with the rank of lieutenant general. He must undergo a confirmation process by the U.S. Senate before officially taking the position. Currently, Iverson holds multiple roles, including Deputy Commander of U.S. Forces Korea, Commander of the Combined Forces Air Component Command, and Commander of the 7th Air Force at Osan Air Base. He assumed command of the 7th Air Force in January 2024, marking his first assignment in Korea. Notably, he is the second generation in his family to lead U.S. Air Force operations in Korea, following his father, Ronald Iverson, who served as the 7th Air Force Commander from October 1994 to October 1997. A veteran pilot with over 5,400 flight hours in F-15 fighter jets, Iverson was commissioned in 1991 after completing the Reserve Officer Training Corps at the University of Virginia. Iverson's successor was announced on May 5, when President Trump nominated David G. Shoemaker, a brigadier general, for promotion to lieutenant general and appointment as Deputy Commander of U.S. Forces Korea. Shoemaker is currently serving as the Deputy Commander of the 9th Air Force under U.S. Central Command at Al Udeid Air Base in Qatar. A graduate of the U.S. Air Force Academy in 1994, he has over 2,000 flight hours in aircraft including the T-37, T-38, and F-16A/B/C/D. Shoemaker has also served three times at Kunsan Air Base in Korea, holding positions such as Chief of Standardization and Evaluation for the 8th Operations Group, Operations Officer for the 35th Fighter Squadron, and Commander of the 8th Fighter Wing.* This article has been translated by AI. 2026-06-09 09:33:00 -
Woori Bank's London Trading Center Receives UK Approval, Set to Open This Month Woori Bank announced that its London Trading Center has received approval from the UK government, allowing it to support foreign investment in Korean won. The center aims to expand its non-interest income base by connecting local capital markets with the domestic financial market.On June 9, Woori Bank revealed that the London Trading Center has obtained the necessary licenses for client-facing derivatives trading and securities management from UK financial authorities.To enhance accessibility for foreign investors to the domestic foreign exchange and capital markets, Woori Bank began establishing the London Trading Center in January of last year. The application was submitted to UK authorities in July of the same year, and final approval was granted approximately ten months later.The London Trading Center plans to offer package trading that combines Korean Treasury bond investments with currency hedging for foreign investors. It will also provide foreign exchange and interest rate derivative services to Korean companies operating in the region. The center is expected to commence operations later this month after completing internal procedures.A Woori Bank official stated, "With the approval of the London Trading Center, we have created an environment where foreign investors can more easily invest in domestic won assets. We will serve as a bridge to help foreign investors invest in domestic won assets conveniently and efficiently."* This article has been translated by AI. 2026-06-09 09:33:00 -
U.S. Military Disables Iranian-Bound Tanker, Strengthens Maritime Blockade The U.S. military has disabled a tanker bound for Iran, halting its voyage. This incident brings the total number of civilian vessels neutralized since the U.S. implemented a maritime blockade against Iranian ports to seven. On June 8, U.S. Central Command (CENTCOM) reported that American forces targeted the Palauan-flagged tanker M/T Marivex in the Gulf of Oman. CENTCOM stated, "The vessel attempted to navigate toward an Iranian port in violation of the blockade." CENTCOM explained that F/A-18 Super Hornet fighter jets from the aircraft carrier Abraham Lincoln fired precision-guided munitions at the Marivex's engine room and steering area. When the crew did not comply with U.S. directives, the military responded by limiting the ship's navigational capabilities. CENTCOM confirmed that the Marivex is no longer heading toward Iran. Reuters, citing Indian shipping authorities, reported that a fire broke out on the Marivex, but all 24 Indian crew members are safe. However, there is a discrepancy regarding the ship's nationality; while Reuters identified it as Madagascar-flagged, CENTCOM confirmed it as Palauan-flagged. The U.S. maritime blockade against Iran has been in effect since April 13. CENTCOM noted that it has neutralized seven vessels for noncompliance and redirected 134 ships that followed orders. Humanitarian aid vessels, numbering 42, have been allowed to pass.* This article has been translated by AI. 2026-06-09 09:33:00 -
SK hynix to Begin Wage Negotiations This Month Amid Industry Focus on Compensation SK hynix will commence its wage and collective bargaining negotiations this month. Following the recent wage agreement at Samsung Electronics, there is growing interest in compensation standards within the semiconductor industry, and SK hynix is expected to face demands for wage increases and improved welfare during this year's negotiations. According to industry sources, SK hynix announced its plan to conduct this year's negotiations by the end of June during a communication event held at its Cheongju campus. The company addressed internal concerns regarding delays in the negotiation schedule by clarifying the start date. Wage increases and welfare improvements are anticipated to be the main issues in this year's negotiations. After restructuring its performance bonus system last year, SK hynix may focus more on basic wage and working conditions this year. Previously, SK hynix established a system to allocate 10% of its operating profit for performance bonuses through labor-management discussions, suggesting that wage increases and welfare improvements may take precedence over performance bonus calculations in this year's negotiations. However, the recent tentative agreement between Samsung Electronics and its labor union, which includes a 6.2% wage increase and the introduction of a special management performance bonus system for the semiconductor sector, could influence SK hynix employees to demand compensation levels that reflect those of their competitor. SK hynix operates under a dual union system. The union representing technical office workers under the Korean Confederation of Trade Unions and the union for full-time workers at the Icheon and Cheongju plants affiliated with the Federation of Korean Trade Unions are both expected to engage in wage negotiations. During the event, messages were conveyed in light of recent labor disputes among major domestic companies. Kwak No-jung, CEO of SK hynix, stated, "The difficulties in labor relations among domestic companies have become an issue. We must respond well to various internal and external situations to ensure greater development next year." Kwak also emphasized the importance of not becoming complacent with current successes in the AI semiconductor boom. He remarked, "While the company is doing well now, we must consider the next 10 to 15 years. In the AI era, a single mistake could lead to difficulties. It is time to gather the wisdom and capabilities of all employees to prepare for the next phase of growth." SK hynix holds quarterly events where the CEO communicates directly with employees. This event at the Cheongju campus was broadcast live to all domestic sites.* This article has been translated by AI. 2026-06-09 09:27:00