Ryu Yuna
Yuna Ryu covers finance, capital markets and Southeast Asian affairs.
She is drawn to the questions that numbers raise and the stories that data alone cannot answer.
Prior to journalism, she worked at Hyundai Motor Company and the Singapore Chamber of Commerce, focusing on business strategy and international affairs. She has also hosted diplomatic receptions and international conferences as an MC.
Ryu holds a master's degree in Media and Communication from Korea University, where her research focused on neuroscience-based studies of media effects.
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KOSPI falls as foreigners sell
South Korea's KOSPI fell 0.98 percent to 5,290.53 on Friday after touching an intraday high of 5,504.44, while Korea Electric Power Corp. plunged nearly 10 percent following disappointing third-quarter earnings. Foreign investors sold 550.5 billion won ($412.6 million), while retail investors bought 17.4 billion won and institutions followed with purchase of 2.1 billion won. Among the most actively traded stocks by volume, Samsung Electronics slipped 0.48 percent to 207,000 won, while Kumho Electric jumped 23.18 percent to 8,130 won and Kumho Engineering & Construction surged 29.90 percent to 11,210 won. Tags : KOSPI, Stocks, Samsung Electronics, Kumho Electric, Kumho Engineering and Construction,
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KOSPI Falls 0.98% Amid Foreign Selling; KOSDAQ Closes Higher
코스피가 외국인의 매도세에 밀려 하락마감했다. 삼성전자와 SK하이닉스 등 반도체 대형주가 동반 하락하며 지수를 끌어내렸다. 반면 코스닥은 기관의 매수세에 힘입어 상승 마감했다.On November 13, the KOSPI index closed down 52.20 points, or 0.98%, at 5,290.53, marking its second consecutive day of decline following a 0.61% drop the previous day.Foreign investors led the decline in the KOSPI, selling a net 547.5 billion won ($460 million) in the stock market. Meanwhile, individual and institutional investors bought a net 17.4 billion won and 2.1 billion won, respectively, but their purchases were insufficient to absorb the foreign selling pressure.Among the top market capitalization stocks, semiconductor-related shares saw significant declines. Samsung Electronics fell 0.96%, while SK Hynix dropped 3.03%. Other notable declines included SK Square (-3.67%) and Samsung Electro-Mechanics (-3.50%). Additionally, Samsung Biologics (-2.62%) and LG Energy Solution (-1.52%) also experienced losses.In contrast, KB Financial Group rose 4.74%, with Hyundai Motor (1.13%), Samsung Electronics preferred shares (1.31%), and Samsung Life Insurance (0.80%) also closing higher.The KOSDAQ index finished up 3.13 points, or 0.45%, at 699.66, driven by institutional buying of 126.2 billion won. However, individual and foreign investors sold a net 56.3 billion won and 75.2 billion won, respectively.Among the top KOSDAQ stocks, Rainbow Robotics rose 5.21%, while EcoPro BM (1.00%), EcoPro (0.41%), and JUSUNG Engineering (0.29%) also gained. Conversely, IOTech (-2.72%), Samchundang Pharm (-1.76%), Rino Technology (-1.71%), and Alteogen (-0.68%) showed weakness.Market sentiment was shaken by uncertainties surrounding the AI semiconductor supply chain and expectations for government measures to stabilize the market. During a capital market policy meeting, various policies were discussed, including the stabilization fund, shareholder return enhancements, and restructuring of the KOSDAQ, but no immediate market intervention plans were announced.Lee Kyung-min, a researcher at Daishin Securities, noted, "Concerns have grown regarding the AI semiconductor supply chain following allegations that Alice Huang, the former partner of Jensen Huang, the former CEO of NVIDIA, is linked to Chinese intelligence agencies, along with suspicions that NVIDIA's Blackwell chips were supplied to China's DeepSeek."He added, "While the capital market policy meeting discussed the stabilization fund, shareholder return enhancements, KOSDAQ restructuring, and measures to increase long-term investment funds, there were no immediate plans for the activation of the stabilization fund or specific execution plans, which limited the ability to meet investors' expectations for short-term market stabilization measures."* This article has been translated by AI.
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Namsan Cable Car Project Stalled for Two Years Amid Legal Challenges
The Namsan cable car project, aimed at introducing competition to the 64-year monopoly of the existing service, has been stalled for over two years. Although the city of Seoul changed park zoning regulations to allow for the construction of 30-meter towers, legal challenges have halted progress, and amendments to relax height restrictions have yet to be finalized.According to reports from the Seoul city government and the Ministry of Land, Infrastructure and Transport, construction on the Namsan gondola project has been on hold since October 2024, with no set date for resumption. The city lost in both lower court rulings regarding a lawsuit filed by the existing cable car operator, complicating efforts to resolve the monopoly issue amid disputes over regulatory compliance.Gondola Project Stalled by Height RestrictionsThe Namsan cable car has been operated by Korea Cable Car Co. since 1962. Due to the absence of a validity period or renewal process for business licenses, a single operator has maintained control for decades. The Seoul city government proposed the gondola project to enhance passenger choice and improve accessibility for individuals with mobility challenges.The gondola would connect Yejang Park in Jung-gu to the summit of Namsan, spanning approximately 832 meters. Unlike the existing cable car, which operates with two alternating cabins, the gondola would feature multiple smaller cabins, potentially tripling the transport capacity, according to city officials.The main obstacle has been securing land for the towers. Current regulations under the Urban Green Space Act limit the height of structures in urban natural parks to 12 meters. The gondola's required towers exceed 30 meters. The city sought to rezone the tower sites from urban natural park areas to neighborhood parks, but Korea Cable Car Co. challenged this decision in court, and the judiciary ruled against the city. The court found that the city had not adequately demonstrated compliance with the legal requirements for rezoning, such as assessing potential damage to green spaces or loss of recreational areas.Criticism has emerged from the city council regarding the administration's handling of the project. Park Mu-young, a city council member from the Democratic Party, criticized the city for shifting blame to the government without addressing its own failures in legal reviews that led to repeated losses in court.While Park expressed support for improving the cable car monopoly and enhancing mobility for individuals with disabilities, he stated, "The necessity of the project cannot absolve the city of its administrative shortcomings." Concerns have also been raised that if the project fails, approximately 11 billion won already invested could be lost.The city maintains that the rezoning was conducted legally and has decided to appeal the court's ruling, asserting that the changes were made to manage the park comprehensively and improve citizen mobility.“Just Change One Line of the Regulation” vs. “National Impact”Alongside the lawsuit, the city has pursued a regulatory amendment as a solution. They argue that allowing exceptions to height restrictions for public interest facilities would enable the project to proceed without rezoning.In June 2022, the Ministry of Land proposed a conditional amendment to the height restrictions for certain structures. The ministry explained that current height regulations hinder the installation of necessary facilities for disaster prevention and recreational space. However, the amendment process has not been completed since the initial proposal.Mayor Oh has been vocal in criticizing the ministry for its inaction. At a press conference on November 6, he stated, "The people at the Ministry of Land are really bad people. They could fix it with just one line of regulation, but they refuse to do so." On November 12, he reiterated on social media that the ministry acknowledged the need for amendments but has failed to advance the process.The ministry has responded that the regulations apply nationwide and require careful consideration. Minister Hong Ji-seon stated on November 11 that the ministry is not solely revising the regulation for Seoul's request but is also considering the broader implications for other urban natural parks.Feedback on the ministry's consultation process has been mixed. Disability advocacy groups have called for amendments citing accessibility and convenience for citizens, while environmental organizations and religious groups have expressed concerns about potential ecological damage and the circumvention of judicial rulings.Cable Car Re-Approval Approaches, But Gondola Timeline UncertainAnother factor intensifying the debate is the timeline for re-approving the cable car. A revised cable transport law that took effect on September 18 limits the validity period for business licenses to a maximum of 20 years and introduces a re-approval system. This provides a basis for periodic reviews of previously unregulated operations.However, the re-approval process for the existing cable car operator is separate from the regulatory issues surrounding the gondola's construction. The introduction of a re-approval system does not automatically permit the gondola's construction, nor does it guarantee the replacement of the existing operator. The ministry has clarified that the amendment to the cable transport law is aimed at addressing the issues of long-term monopolies and should be viewed independently from support for the Namsan gondola.Mayor Oh argues that without alternative options, the re-approval process will perpetuate the existing monopoly. The current cable car operator must apply for re-approval by September 18, 2027, and the city must decide on the approval and duration within six months of the application.On November 10, Mayor Oh stated on social media, "Even if the regulation is amended immediately and construction resumes, the Namsan gondola will not open until the second half of 2029."* This article has been translated by AI.