Employees of the 5 Major Banks Receiving 600 Million KRW in Severance Pay [3-Minute Brief]

[At a Glance]
① Vast Oil and Gas Reserves off Pohang Coast
② Taiwan's TSMC Lining Up Advanced Companies
③ 10 Million Won per Set... 'The Chaebol's Uniqlo'

MARKET INDEX

- US New York stock market's three major indices closed mixed
- Signs of slowdown in manufacturing following consumption
- AI leader Nvidia surged over 5%

TOP 3 NEWS

■ "Massive oil and gas deposits off the coast of Pohang"... Samsung Electronics' market cap is 5 times larger

- President Yoon held a national briefing and announced physical survey results
- Largest scale in the world by deep-sea standards, 5 times Samsung Electronics' market cap
- Leading global companies also interested... "High possibility"

■ Semiconductor powerhouse 'Taiwan'... TSMC lines up advanced companies

- Taiwan has a high proportion of system semiconductor industry
- Strong fabless-design house-foundry ecosystem
- TSMC's foundry market share in Q1 at 62%

■ "Sounds unbelievable"... Employees of the top 5 banks receive 110 million KRW annual salary and 600 million KRW severance pay

- Bank management status disclosure report
- Expansion of interest rate spread between deposits and loans, profit increase
- Employee compensation also significantly increased

Graphic News: 10 million KRW per suit, conglomerates' 'Uniqlo'

- Galleria Luxury Hall, high-end suit brands grew 12%
- Although fewer people wear suits, 'casual suits' are expanding
- Rapid increase in young 'grooming tribe' expressing taste and individuality

Law That Makes Money

■ "Basic legal studies are dying due to education focused on passing the bar exam"

- Both professors and students of basic legal studies at law schools are decreasing, leading to a 'dying state'
- Calls to designate basic legal studies courses as graduation requirements at law schools
- Some suggest practical classes be conducted separately after law school graduation
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024060314132787952

■ Strict legal principles applied to at-fault spouses also in this case

- Chief Judge Kim Si-cheol made a ruling last June breaking the usual upper limit on alimony
- Strict judgment applied to at-fault spouse in SK Group divorce lawsuit as well
- One of the nominees for the three Supreme Court justices whose terms are expiring
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024060314151298538

■ "65:35 ratio is not unusual in a 30-year marriage"

- SK divorce lawsuit resulted in 65% for Chairman Chey Tae-won, 35% for Director Noh So-young in property division
- Usually, a '50:50' ratio is applied for 30 years of marriage... 6:4 ruling in first trial as well
- "Although the amount divided was large due to the scale of assets, the division ratio is not unusual"
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024060314170606124

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

Terms in the News: The challenging 'hallucination' of AI

- AI hallucination is a phenomenon where AI answers something untrue as if it were true
- Occurs when AI does not know the correct answer and tries to find the most plausible response
- Generated when data itself is biased or logical flaws occur

Today's Key Schedule

○ Domestic
- 08:00 May Consumer Price Index
- 4th KOSDAQ Gridwiz subscription / public offering price 40,000 KRW

- Gyeonggi Shinyoung Jiwel Pyeongtaek Hwayang (9-1BL)
- Daejeon Lateras PH42
- Chungnam Gyeryong Pelipia
- Jeonbuk Eco City The Sharp 4th (16BL)
- Ulsan Ulsan Woojeong Hanla Vivaldi
- Gyeongnam Gimhae Gusan Lotte Castle Signature

○ Overseas
- 08:01 UK Retail Association May Retail Sales Status
- 10:30 Australia Retail Sales
- 12:35 Japan 10-year JGB bond auction
- 16:55 Germany May Unemployment Rate
- 20:00 Brazil Q1 GDP
- 23:00 US Department of Labor April JOLTs

◇ Lunch & Commute Weather

○ Lowest temperature 15℃(0℃) ｜ Highest temperature: 29℃(0℃)
○ Precipitation probability morning 0%｜afternoon 0%
○ Fine dust morning good｜afternoon good

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