"If All Talents Go to Medical School, Who Will Develop Semiconductors?" [3-Minute Brief]

[3-Min Brief 3-Second Summary]
① Tesla Faces Multiple Setbacks, Market Cap Drops 100 Trillion Won in 2 Days
② Biden vs Trump... IRA Wins Regardless
③ China Sets Economic Growth Target Around 5% This Year

MARKET INDEX

- US New York Stock Exchange's three major indices all closed higher
- Fed Chair Powell's speech: "Interest rate cuts within the year"

- Reaffirmation of cautious stance... Reaction that no further negative factors expected

Top3 NEWS

■ Medical school enrollment increase shocks semiconductor field... Foreign media say "Temptation to refuse engineering school admission"

- Nationwide medical schools requested an increase of 3,401 students
- Semiconductor departments see a rising number of registration dropouts
- "Guiding students to become doctors rather than engineers"

■ Tesla hit by overlapping negative factors, market cap drops 100 trillion won in two days

- Consecutive setbacks in China, Germany, and others
- Decrease in shipments from Shanghai factory in China
- News of production halt due to arson in Germany

■ Biden vs Trump? "Regardless of who wins, US Inflation Reduction Act will be strengthened"

- Rematch in November election after 4 years
- 'America First' policy line regardless of winner
- "IRA will continue or be strengthened"

Graphic News: China’s economic growth target remains 5% this year

- China sets GDP growth target around 5%, same as last year
- Real estate market weakness and local government debt issues may pose challenges
- CPI target is around 3% increase... same figure for five consecutive years since 2020

Profitable Law

■ Judges and prosecutors face 'cutoff'... Only Lee Seong-yoon and Jeon Sang-beom advance to main election

- Incumbent judges and prosecutors aiming for Yeouido entry fail to overcome nomination barriers
- At least 140 legal professionals aspire for National Assembly seats in the 22nd general election
- Legal professionals like Prosecutor Lee Seong-yoon who received nominations begin preparing for the main election
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024030616494013253

■ Controversy over elite judges moving to large law firms after resignation

- Heavyweight judges are moving to large law firms one after another
- Fairness controversy involving former Public Officials Corruption Investigation Unit members who are not subject to employment restrictions
- High court judges appointed to local posts lead the 'exodus'
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024030617000047129

■ Wang Mi-yang, President of the Korean Women Lawyers Association: "We will open the 'Renaissance' era of the Women Lawyers Association"

- Passed the bar exam in 1997 and started practicing law in Seongnam, Gyeonggi Province
- The Women Lawyers Association was established in 1991 to advocate for human rights and social justice
- "We will convey the voices from the field to the National Assembly and government with delicate sensibility"
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024030617040473609

※ 'Profitable Law,' a content partnership corner between Asia Economy and Law Times, is published every Tuesday and Thursday.

Terminology in the News: 'Horizon Europe' as a justification for R&D budget increase

European Union (EU) Commission building in Brussels, Belgium.
[Photo by EPA Yonhap News]

- An R&D program providing 95.5 billion euros in support over 7 years starting from 2021
- The EU has operated a pan-European research innovation funding program since 1984
- Korea to join next year... "Possible to participate in programs funded by EU support"

Today's Key Schedule

○ Domestic
- 7th: KOSDAQ K&AR System listing, offering price 13,500 won

○ Overseas
- 00:00 Fed Chair Powell testimony
- 00:00 US Labor Department January JOLTs report
- 00:30 US crude oil inventory
- 04:00 US Beige Book
- 09:30 Australia housing loans
- 09:30 Australia trade balance

- 12:00 China February trade balance
- 16:00 Germany January factory orders
- 20:30 Brazil total debt-to-GDP ratio
- 22:15 European Central Bank (ECB) March interest rate decision
- 22:30 US initial jobless claims
- 22:30 Canada January trade balance
- 22:45 ECB press conference

◇ Lunch & Commute Weather

○ Lowest temperature 1℃(▼1℃) ｜ Highest temperature: 8℃(▼3℃)
○ Precipitation probability morning 60%｜afternoon 60%
○ Fine dust morning good｜afternoon good

OK in 3 minutes, essential time-efficient economic news. Published daily at 8 AM.