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Woori Investment & Securities Reports 47.1% Increase in First-Half Net Profit Woori Investment & Securities has reported improved performance in the first half of the year, driven by growth in non-interest income, particularly in its investment banking (IB) sector.The company announced on July 24 that its net profit for the first half of the year reached 24.7 billion won, a 47.1% increase compared to the same period last year. Operating profit also rose to 29.4 billion won, marking a 93.3% increase.First-half net operating revenue was 146.2 billion won, up 58.7% from the previous year. Net interest income increased by 17.0% to 62.3 billion won, while non-interest income surged by 110.0% to 83.9 billion won.As a result, the proportion of non-interest income in net operating revenue grew from 43% in the first half of last year to 58% in the same period this year. The company explained that this shift towards a non-interest-based revenue structure has gained momentum following a capital increase.Notably, commission income from the IB sector rose to 49.1 billion won, a 206.0% increase compared to the same period last year. Its share of non-interest income also expanded from 40% to 58%. The company attributed this growth to securing large deals based on its capital increase.Woori Investment & Securities has also continued to invest in future growth. Selling and administrative expenses increased by 46.8% to 90.9 billion won due to the establishment of its own ledger IT system and the hiring of specialized personnel.Additionally, provisions for bad debts rose to 25.9 billion won, a 62.5% increase from the same period last year, driven by asset growth from expanded operations and proactive risk management.The company stated, "Despite the increase in investment and risk management costs, profitability improved based on strengthened core competitiveness and expanded non-interest income."* This article has been translated by AI. 2026-07-24 16:24:00 -
SK Hynix ADRs Trade at Significant Premium, Experts Warn Investors SK Hynix American Depositary Receipts (ADRs) are trading at prices nearly 50% higher than their domestic shares, prompting warnings from U.S. financial experts about the unusual investment behavior of South Korean individual investors. According to Yonhap Infomax on July 24, Owen Lamont, a portfolio manager at Acadian Asset Management and an authority on behavioral finance, stated in a recent report that "the price difference between the same company's stock in the U.S. and Korea has widened too much," indicating a potential sign of market overheating.Indeed, since its U.S. listing, SK Hynix ADRs have traded at prices up to 49% higher than their domestic counterparts. In contrast, KB Financial and Shinhan Financial ADRs show little price difference compared to their domestic stocks, while the premium for Taiwan's TSMC ADR is around 15%.Lamont particularly noted the buying spree among South Korean individual investors. According to the Korea Securities Depository, domestic investors had net purchased approximately $500 million (about 690 billion won) worth of SK Hynix ADRs by July 17.He remarked, "In Korea, you can buy the same stock for $100, but in the U.S., it costs $149," calling it an economically difficult investment to justify.Lamont explained that this price discrepancy resembles phenomena observed during the dot-com bubble in 2000, when Indian IT company Infosys ADRs traded at much higher prices than their domestic shares before returning to normal levels as the bubble burst.Market analysts predict that the price difference may narrow once the conversion of domestic shares to ADRs begins on July 29. However, they caution that the complex conversion process and regulatory issues may hinder immediate resolution of the price gap.Lamont also warned that if the market cannot correct such a clear price discrepancy, it raises concerns about potential bubbles in other assets. He noted that the increasing trend of foreign companies listing ADRs in the U.S. often occurs at market peaks, suggesting that if other Asian companies like Samsung Electronics or Japan's Kioxia follow suit, careful monitoring of market overheating will be necessary, as reported by Yonhap Infomax.* This article has been translated by AI. 2026-07-24 16:24:00
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President Lee forgoes summer vacation to focus on diplomatic efforts 이재명 대통령이 여름휴가를 반납하는 대신 외교 일정을 소화하기로 했다.청와대 관계자는 24일 "대통령이 이번 여름휴가를 반납하고 '세일즈 외교'에 집중하는 것으로 대체하기로 했다"고 전했다.이 대통령은 지난해 8월 경남 거제 저도 청해대에 머물며 취임 후 첫 휴가를 보낸 바 있다.이 대통령은 이날 7박 11일 일정으로 미국 샌프란시스코, 남미, 독일을 방문하고 돌아오는 순방을 떠났다.대통령의 여름휴가는 통상적으로 7월 말이나 8월 초에 잡히는데, 공교롭게도 이 기간에 부동산 대토론회, 해외 순방, 부처 업무보고 등이 이어졌다. 올해는 휴식을 취하며 정국 구상을 하는 대신 업무에 매진하기로 했다는 것이 청와대의 설명이다.다만 이 대통령은 순방을 떠나기에 앞서 청와대 참모진과 국무위원들에게는 "모두 휴가를 다녀오라"는 당부를 전했다고 한다.강훈식 비서실장이 이날 국무위원들에게 "대통령께서 늘 강조하시듯 국정 운영은 지속 가능해야 하는 만큼 휴가를 다녀와 달라. 그래야 직원들도 쉴 수 있다"는 이 대통령의 메시지를 전달한 것으로 알려졌다.* This article has been translated by AI. 2026-07-24 16:24:00
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Nongshim to hike prices for snacks, beverages and cup noodles next month SEOUL, July 24 (AJP) - Nongshim will raise prices for a range of its products starting next month, raising concerns that other food makers could soon follow suit. The instant-noodle giant said it decided to raise factory prices for 43 brands by an average of 5.8 percent starting Aug. 1, citing soaring costs for raw materials and other ingredients driven by higher oil prices amid the prolonged conflict in the Middle East. Factory prices for cup noodles, snacks and beverages will rise by an average of 6 percent, 5.5 percent and 7.7 percent, respectively. Nongshim's popular Yukgaejang Sabalmyeon cup noodles are expected to see their retail price rise to 1,200 South Korean won (about US$0.80) from 1,100 won, while a 90-gram pack of shrimp-flavored Saeukkang will increase to 1,600 won from 1,500 won. But retail prices may vary across stores and distribution channels. The adjustment marks the company's first price hike for noodle products since March 2025, about one year and five months ago. But Nongshim said those sold in packets, which account for about 63 percent of its instant noodle sales, will be excluded from the price hike in an effort to help stabilize consumer prices and ease the burden on households. The company attributed the price hike to rising costs as soaring oil prices have pushed up the cost of packaging materials and other expenses. "We tried to cover higher costs by cutting expenses and improving internal efficiency, but weaker profits at home and rising supplier prices left us with no choice but to adjust product prices," it said. 2026-07-24 16:21:58 -
Chey divorce ruling may speed up SK Siltron sale SEOUL, July 24 (AJP) - SK Group's long-stalled sale of wafer maker SK Siltron may be back on track now that chairman Chey Tae-won owes his former wife 944 billion won, about $640 million at current rates, with a board meeting next week shaping up as the decision point. The Seoul High Court ordered Chey on Friday to pay the sum to Roh So-yeong, director of the Art Center Nabi, in the retrial of their property division suit, plus five percent annual interest from the day after the ruling becomes final. The award is down from the 1.38 trillion won an appeals court granted in 2024, but still more than 14 times the trial court's original 66.5 billion won, and it leaves Chey needing to raise cash on a scale approaching 1 trillion won. That need points to SK Siltron. Chey holds 12,975,472 shares, or 17.90 percent, of holding company SK Inc., a 29.4 percent stake in SK Siltron, preferred shares in SK Discovery and SK Chemicals, and a handful of shares in SK Telecom and SK Square. The SK Inc. stake is effectively untouchable, since selling it down would weaken Chey's control of South Korea's second-largest conglomerate, which is the market's broadly shared reading of why the wafer maker stands out as the most workable source of funds. The stock market drew its own conclusions within hours. SK Telecom jumped more than 5 percent in afternoon trading after the verdict, bucking a broad market decline driven by Middle East tensions and surging oil prices, before paring the gain to close at 100,000 won ($68.2), up 0.50 percent. The logic is straightforward. If Chey cannot sell his holding company shares, the cash has to come from somewhere, and fatter dividends from the group's cash-rich subsidiaries flowing up through SK Inc. are one of the few available channels. Hana Securities had earlier named SK Telecom its top pick, saying expanded dividends from blue-chip subsidiaries were effectively the only way to ease the group's ownership-related pressures and that the carrier, with its strong dividend-paying capacity, was likely to lead the shift. SK Inc. itself closed down 3.82 percent at 630,000 won, while SK hynix fell 8.34 percent to 1,759,000 won in a semiconductor-wide selloff. SK Group has been trying to sell SK Siltron since last year. The deal on the table covers a 70.6 percent stake, and Doosan was named preferred bidder in December, but no definitive agreement has been signed. Two things slowed the process: surging demand for artificial intelligence chips lifted SK Siltron's value beyond earlier estimates, and the group's improving balance sheet reduced the urgency to sell. Friday's ruling shifts that calculus. Chey now needs cash personally, and if his own 29.4 percent stake is folded into the transaction, the proceeds could cover a substantial portion of the settlement. The market is watching the SK Inc. board meeting scheduled for July 31 as the turning point. The board is expected to take up whether and how to proceed with the sale, and a green light would likely restart the dormant negotiations with Doosan in earnest. "The burden is lighter than after the appeals ruling, but 944 billion won is by no means a small amount," a business community source said. "Given that the chairman needs to secure cash, there is every chance the group will accelerate asset sales, including SK Siltron." One variable remains. Chey's side could take the case back to the Supreme Court, which would leave the final figure unsettled. His legal representative said after the verdict that Chey "is sorry for the concern he has caused many people throughout the divorce process" and will announce whether to appeal after reviewing the ruling. 2026-07-24 16:20:49 -
Chinese Stock Market Declines Amid Rising Oil Prices; Defense Sector Gains The Chinese stock market, which had risen the previous day, fell across the board on July 24, attributed to the surge in oil prices stemming from the Middle East.On this day, the Shanghai Composite Index closed down 1.61% at 3,814.20, the Shenzhen Component Index dropped 2.47% to 13,774.68, and the ChiNext Index fell 2.65% to 3,480.87.Brent crude oil prices reached as high as $102 per barrel during the day before trading around $100. Concerns over oil supply disruptions have intensified following attacks on Saudi oil tankers by Houthi rebels in the Red Sea and difficulties in normal navigation through the Strait of Hormuz. Iran has rejected a U.S. ceasefire proposal, and the U.S. is reportedly expanding military actions against Iran, with plans for more intense attacks than in the past, contributing to the spike in international oil prices. This surge raises fears of a resurgence in global inflation, while expectations for interest rate cuts by the U.S. Federal Reserve have virtually disappeared, with the possibility of further rate hikes being discussed. The significant drop in big tech stocks on the U.S. market the previous day also negatively impacted the Chinese stock market.Haitong Securities stated, "The stock market is expected to experience high volatility in the coming weeks, entering a period of severe turmoil. After a correction in mid-May, the Chinese stock market is likely to hit bottom and stabilize ahead of overseas markets. By August, the autumn market is expected to begin, and there is a possibility of a sufficiently positive market emerging."On this day, the defense sector showed strong performance, with companies like Changcheng Military Industry and Jianjie Industrial hitting their upper limits. Expectations are rising that military conflict between the U.S. and Iran will escalate, increasing weapon demand from Middle Eastern countries, which led to a broad rise in China's defense sector. Additionally, there are expectations that the Chinese People's Liberation Army will benefit from policies aimed at accelerating military modernization.The semiconductor equipment sector also performed well, with Zhichun Technology reaching its upper limit and Zhengfan Technology showing significant gains. According to a report from the Semiconductor Equipment and Materials International (SEMI), global semiconductor equipment sales are expected to reach $165.9 billion this year, a 23.2% increase from the previous year. Furthermore, global semiconductor equipment sales are projected to hit $229.5 billion by 2028.Meanwhile, the People's Bank of China set the yuan's central parity rate against the dollar at 6.7939 yuan, an increase of 0.0033 yuan from the previous day, reflecting a 0.05% decline in the yuan's value.* This article has been translated by AI. 2026-07-24 16:20:00
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Korean Lawmaker Apologizes After Physical Altercation Over Committee Assignments 국민의힘 내에서 국회 상임위원회 배정에 대한 불만으로 물리적 충돌이 일어나면서 파문이 커지고 있다. 정점식 원내대표의 멱살을 잡은 권영진 의원이 하루 만에 사과와 반성의 뜻을 밝혔지만, 징계 요구가 나오면서 논란이 가라앉지 않고 있다. 정 원내대표는 24일 국회에서 열린 원내대책회의에 불참했다. 회의에 참석한 정희용 사무총장은 "어제 국민께 부끄럽고 참담한 일이 발생했다"며 "상임위 배정에 불만을 품은 의원이 항의하는 과정에서 급기야 한 의원은 원내대표의 멱살을 잡았고, 이를 말리던 전임 원내대표의 멱살까지 잡는 일이 있었다"고 말했다. 이어 "항의와 물리적 행위는 분명히 구분돼야 한다. 폭력은 결코 정당화될 수 없다"며 "이런 일이 다시 반복되지 않도록 당의 명예와 품위를 훼손하는 행위에 대해 엄정하고 단호하게 대처하겠다"고 했다. 원내부대표단도 유감을 표했다. 입장문을 통해 "공당의 질서를 정면으로 부정한 야만적인 행위"라며 "이번 사안은 결코 유야무야 넘어갈 수 없다. 합당한 절차에 따라 엄중하고 단호하게 책임을 물어야 한다"며 의원총회 소집을 요구했다. 앞서 권 의원은 전날 본회의 직후 정 원내대표를 찾아가 상임위 재조정을 요구하며 강하게 항의했다. 항의하는 과정에서 물리적 충돌이 발생한 것으로 알려졌다. 권 의원 측에 따르면 상임위 배정에 희망 의사가 반영되지 않았고, 상임위 배분 원칙도 일관적이지 않아 항의했다는 입장이다. 당내에서 논란이 확산하자 권 의원은 이날 입장문을 내고 사과했다. 그는 "어제 원내대표실에서 행한 언행은 이유 여하를 불문하고 무조건 저의 부족함이고 잘못"이라며 "정 원내대표께 큰 결례를 범하고, 리더십에 상처를 드렸다. 제 불찰과 잘못을 깊이 반성하고 사과드린다"고 전했다. 권 의원은 차기 대구시당위원장도 맡지 않겠다는 뜻을 전한 것으로 알려졌다. 다만 권 의원의 사과에도 불구하고 당은 단호하게 대처하겠다는 입장이다. 박성훈 수석대변인은 기자들과 만나 "이번 사안은 당 규율과 기강이 얼마나 무너졌는지를 여실히 보여주는 장면이라는 지적이 많다"며 "당은 징계 요청서를 접수하는 대로 엄중하고 공정하게 처리하겠다"고 말했다.* This article has been translated by AI. 2026-07-24 16:12:00
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KOSPI Falls Below 6,700 Amid Global Risk Aversion Geopolitical tensions in the Middle East have led to a surge in international oil prices, triggering a wave of risk aversion in global markets. Following a decline in the New York stock market, South Korea's stock exchanges experienced significant sell-offs, with both the KOSPI and KOSDAQ dropping more than 5%.On July 24, the Korea Exchange reported that the KOSPI closed at 6,690.02, down 406.87 points (5.73%) from the previous trading day. The index opened at 7,000.78, down 96.11 points (1.35%), and continued to decline throughout the session.The drop in the New York market was attributed to rising oil prices amid escalating tensions in the Middle East, raising concerns about a resurgence of inflation. Market participants feared that higher oil prices could delay the Federal Reserve's interest rate cuts, leading to increased selling pressure, particularly in technology stocks. This risk-averse sentiment carried over to the domestic market, where foreign investors focused their selling on large-cap stocks, including semiconductors.In the securities market, foreign investors sold a net 3.2685 trillion won, while institutions sold 1.9513 trillion won. In contrast, individual investors purchased a net 5.1783 trillion won.As volatility increased early in the session, both markets triggered sell-side circuit breakers. The Korea Exchange halted the effectiveness of sell orders in the securities market for five minutes at 11:23 a.m. A similar circuit breaker was activated in the KOSDAQ at 11:47 a.m.Among the top market capitalization stocks, SK Square fell 9.17%, Samsung Electro-Mechanics dropped 8.43%, SK Hynix declined 8.34%, Samsung Electronics fell 7.59%, Hyundai Motor decreased 7.18%, LG Energy Solution dropped 5.32%, Samsung C&T fell 5.00%, Samsung Life Insurance decreased 3.49%, and KB Financial Group fell 2.72%. In contrast, Samsung Biologics rose 10.08%, buoyed by strong second-quarter results.The KOSDAQ closed at 785.00, down 46.23 points (5.56%). The index opened at 816.39, down 14.84 points (1.79%), and continued to decline.In the KOSDAQ market, foreign and institutional investors sold a net 130.4 billion won and 358.7 billion won, respectively, while individual investors bought a net 488.8 billion won.Among the top KOSDAQ stocks, Rainbow Robotics fell 16.73%, Juseong Engineering dropped 13.97%, Wonik IPS declined 11.30%, IOTechniques fell 9.13%, PSK dropped 8.73%, EcoPro BM fell 8.29%, EcoPro decreased 7.12%, Rino Industry dropped 7.04%, ABL Bio fell 2.42%, Alteogen decreased 2.28%, and Pharma Research dropped 1.67%. Meanwhile, HLB rose 4.00% amid expectations for FDA approval of its bile duct cancer treatment.Lee Kyung-min, a researcher at Daishin Securities, stated, "The domestic market retreated as risk appetite waned due to heightened tensions in the Middle East. This week, both the KOSPI and KOSDAQ have experienced extreme volatility, triggering circuit breakers for five consecutive trading days."* This article has been translated by AI. 2026-07-24 16:04:00
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Korean leaders meet Nvidia at San Francisco AI summit SEOUL, July 24 (AJP) - President Lee Jae Myung and a delegation of South Korea's leading executives and researchers are meeting Nvidia and its ecosystem partners at an AI summit in San Francisco this week to map out the country's push into artificial intelligence, the chipmaker said. The gathering builds on Nvidia founder and chief executive Jensen Huang's visit to Seoul last month, advancing what the company describes as a full-stack drive to widen Korea's AI infrastructure and expertise as the country angles to become a global hub for AI innovation. Huang is scheduled to meet Lee on the sidelines of the summit, alongside separate sessions with Korean and American business leaders. Lee departed Seoul for San Francisco on Friday at the start of a multi-nation overseas trip. On the eve of the summit, Huang hosted SK Group Chairman Chey Tae-won and teams from SK hynix, SK Telecom and Nvidia for dinner in Woodside, California — a warm-weather welcome to Silicon Valley for the visiting Korean executives. The two companies, longtime partners, said in June they would broaden their collaboration to jointly develop memory for Nvidia platforms spanning AI infrastructure, personal AI and physical AI. SK Telecom separately unveiled plans that month to build AI infrastructure supporting Korean innovation in physical AI and robotics. Nvidia and the Korea Advanced Institute of Science and Technology (KAIST) also announced a joint AI research lab in Seoul dedicated to agentic AI, the first such laboratory between a Korean university and a global technology company. 2026-07-24 16:03:16 -
Global Inflation Concerns Rise as Oil Prices Hit $100 and U.S. Imposes New Tariffs As international oil prices surpassed $100 per barrel, the United States has imposed new tariffs on key trading partners, reigniting global inflation concerns. Rising oil prices are increasing production and transportation costs, while U.S. tariffs could elevate the prices of imported goods. This situation raises the possibility that central banks in major economies may delay interest rate cuts or consider further hikes.Brent Crude Surpasses $100 Amid Middle East Shipping ConcernsOn July 23, Brent crude for September delivery closed at $100.69 per barrel, a 7.04% increase, marking the first time it has exceeded $100 since May 22. West Texas Intermediate (WTI) also rose by 6.17%, finishing at $92.19 per barrel. Both oil benchmarks have seen gains for five consecutive trading days.Concerns over potential disruptions in oil transportation due to military conflicts in the Middle East have driven prices higher. The ongoing U.S.-Iran tensions have significantly reduced shipping traffic through the Strait of Hormuz, while Yemen's Iran-aligned Houthi group reported attacks on two Saudi oil tankers in the Red Sea.If both the Strait of Hormuz and the Bab el-Mandeb Strait are blocked, two major oil transport routes from the Middle East would be simultaneously threatened. Goldman Sachs has projected that if disruptions in the Strait of Hormuz persist, Brent crude could exceed $120 per barrel in the fourth quarter of this year. They also noted that if the Bab el-Mandeb Strait and the Suez Canal experience disruptions, prices could rise further.The surge in oil prices has also impacted the global bond market. With rising energy costs potentially driving inflation higher, concerns have grown that central banks may need to maintain elevated interest rates for longer or implement additional hikes, leading to a rise in government bond yields across major economies.The yield on the U.S. 10-year Treasury note rose to 4.703% on July 23 and climbed to 4.7135% during Asian trading on July 24, the highest level in 18 months. Germany's 10-year bond yield reached 3.205%, the highest since 2011, while the U.K.'s 10-year yield rose to 5.096%, marking a two-month high.U.S. Imposes New Tariffs on 60 Countries, Including South KoreaAdditionally, the U.S. has introduced a new tariff policy that could further increase inflationary pressures. The Office of the U.S. Trade Representative (USTR) announced on July 24 that it would impose tariffs of 10-12.5% on 60 trading partners, including South Korea, under Section 301 of the Trade Act. These countries account for 99.4% of total U.S. imports.The application of tariffs varies by country. For South Korea, Japan, and Switzerland, the combined tariff rate of the existing most-favored-nation (MFN) tariff and the new tariff will be set at a minimum of 12.5%. If the existing rate is below 12.5%, the additional tariff will be adjusted accordingly; if it is already above 12.5%, no new tariff will be applied.The same method will apply to the European Union and Taiwan, but the combined tariff rate will be set at 10%. In contrast, 17 countries, including the U.K., Canada, India, and Mexico, will see an additional 10% tariff added to existing rates, while the remaining countries will face a 12.5% additional tariff.The new tariffs took effect at 12:01 a.m. Eastern Time on July 24. Notably, crude oil, key petroleum products, natural gas, and some fertilizer materials are excluded from this tariff list.Market analysts believe that high oil prices will increase global energy and transportation costs, while the new tariffs will pressure the prices of imported goods entering the U.S., contributing to inflationary burdens in different ways.The decisions of major central banks regarding interest rates have also become more complicated. The European Central Bank (ECB) held its deposit rate steady at 2.25% on July 23, cautioning that the impact of rising energy prices on inflation has not yet fully materialized. If oil prices continue to rise, there are discussions about the ECB potentially raising rates further.The Federal Reserve and the Bank of England are also expected to keep rates unchanged at their upcoming monetary policy meetings next week. However, if oil prices continue to climb, the possibility of additional rate hikes cannot be ruled out.According to Reuters, financial markets estimate about a one-third chance that the Fed will raise rates next week, with expectations for two rate hikes by January 2024 already priced in.* This article has been translated by AI. 2026-07-24 15:56:00