[3-Min Brief] 30s Who Are Good at Coins Have 12.4 Billion Won Each in Their Bank Accounts

[3-Min Brief 3-Second Summary]
Workers Hit Again, Squeezing Income Tax
Avante 290K, Porsche 130K, Will Car Tax Change?
‘Sweet Returns’ Tanghulu Craze Raises Diabetes Risk

Two-line News

■ Overseas Virtual Assets Unveiled…131 Trillion KRW, 7.7 Billion KRW Per Person
○ National Tax Service discloses overseas financial account reports…Individuals and corporations total 130.8 trillion KRW
○ Average reported amount for people in their 30s is 12.4 billion KRW…Under 20s also account for 14.7%, analysis shows
☞Read more: https://m.asiae.co.kr/article/2023092011423881817

■ "Only Office Workers Got 'Completely Drained'…" Wage Income Tax Collected More Than Last Year
○ Amid this year’s record tax revenue shortfall, cumulative wage income tax in July increased by 100 billion KRW compared to last year
○ Wage tax’s share relative to national tax increased by 4.6% in 5 years…Corporate tax and capital gains tax sharply decreased
☞Read more: https://m.asiae.co.kr/article/2023092015502498914

■ 'Largest Embezzlement Incident Ever'…Gyeongnam Bank PF Embezzlement Amount 300 Billion KRW
○ Financial Supervisory Service’s emergency on-site investigation finds overall failure of internal control functions
○ Embezzled funds used for real estate purchases, children’s overseas education, gold bars, stock investments, etc.
☞Read more: https://m.asiae.co.kr/article/2023092011561008540

■ "The Returns Are Sweet" Diabetes-themed Stocks Smile Amid Tanghulu Craze
○ Popularity of Chinese snack Tanghulu with sugar syrup boosts diabetes-related stocks
○ Domestic blood glucose meter leader i-SENS’s stock price jumps 53% in 6 months
☞Read more: https://m.asiae.co.kr/article/2023092015302725505

■ Avante 290,000 KRW, Porsche 130,000 KRW? Car Tax to Be Overhauled
○ Car tax designed based on engine displacement…Possibility of reform focusing on vehicle price
○ “Expensive cars pay more”…Electric car owners paying around 100,000 KRW expected to oppose
☞Read more: https://m.asiae.co.kr/article/2023092023290815343

MARKET INDEX

○ US Federal Reserve holds hawkish benchmark interest rate steady...New York’s three major indices close lower
○ Powell: Ready to raise rates further if deemed appropriate
○ Indicates possibility of future hikes, leading to declines mainly in rate-sensitive tech stocks
☞Read more: https://m.asiae.co.kr/article/2023092107065048948

the List: Will MS Become No.1 by Market Cap?

○ Microsoft (MS) aims to take the top spot from Apple in market capitalization
○ Apple at $2.8 trillion (3,725 trillion KRW), MS at $2.4 trillion (3,192 trillion KRW)
○ MS’s cloud computing and AI especially attract investors

Graphic News: Airfare to Rise Again Next Month…High Flight Expected to Continue

○ Last month’s international airfare up 26% compared to 2020…due to rising international oil prices and fuel surcharges
○ Explosive travel demand post-endemic, airlines struggling to keep up
☞Read more: https://m.asiae.co.kr/article/2023092000120104436

Company in the News: Yosemite, Cancer Treatment VC Founded by Jobs’s Son

○ Venture capital specializing in cancer drug development founded by Reed Jobs, son of Steve Jobs
○ Focus on cancer drug development influenced by father Jobs’s death from pancreatic cancer
○ Named after Yosemite National Park…a place Jobs and his family often visited after marriage
☞Read more: https://www.asiae.co.kr/en/article/2023092015223196679

Attention! Today’s Schedule

○Domestic
-14:00 State Affairs Ministers Meeting
-15:00 Marcom Ericsson Google Vice President visits Korea Communications Commission
-18:00 Ministry of Trade, Industry and Energy, Display Day

○Overseas
-20:00 UK BOE Interest Rate Decision
-21:30 US Initial Jobless Claims
-23:00 Eurozone ECB President Lagarde Speech
-21~24 World’s three major game shows ‘Tokyo Game Show 2023’ held
-21~22 Bank of Japan Monetary Policy Meeting

▷One-line Comment : The Bank of England (BOE), which has raised the base rate 14 consecutive times, is expected to raise by 0.25% again…August inflation rate lowest in 18 months, likely the last hike

○Today’s Subscription
-21~22 Doosan Robotics IPO subscription

◇Lunch & Commute Weather

○ Lowest temperature 18℃ (3℃▼) ｜Highest temperature: 24℃ (1℃▲)
○ Precipitation probability morning 60%｜afternoon 20%
○ Fine dust morning good｜afternoon good