Double Profit Even When Reselling Immediately... The Crazy Economics of 'Hermes' [3-Minute Brief]

[3-Min Brief 3-Second Summary]
① Hermes Empowers Store Employees as 'Gap'
② Samyang Foods Stock Rises Amid K-Food Popularity
③ Citigroup Hit Hard by Pat Finger's Mistake

MARKET INDEX

- US New York Stock Exchange's three major indices closed mixed
- May Personal Consumption Expenditures (PCE) Price Index awaited
- Nvidia plunges nearly 7%...downtrend continues

Top3 NEWS

■ "If carbon emissions aren't reduced, clients will turn away"... Climate response critical for survival

- Increasing need for climate risk management as abnormal weather becomes reality
- US SEC to introduce climate disclosures... Domestic efforts underway
- EU and others strengthen carbon-related disclosure regulations for exporters

■ "This can't go on..." Ministry of Economy and Finance struggles with duty-free reform amid direct purchase chaos

- Government reviewing duty-free system reform for low-value imported goods
- Reform considerations driven by tax fairness
- "High possibility of focusing on VAT imposition"

■ Double profit even when resold immediately after purchase... The crazy economics of 'this bag'

- WSJ reports on the 'crazy economics' of Herm?s Birkin bags
- Bought for 16 million KRW, resold for 32 million KRW
- At Herm?s stores, employees hold the power, customers are subordinate

Graphic News: K-Food 'Renaissance'... After ramen, sauces and condiments

- Growing foreign interest in K-Food like Buldak Bokkeum Myun
- Sauce exports up 6.2% year-on-year, record high
- Samyang Foods stock price surged 233% in Q2 this year

Profitable Law

■ Will the 'Choi-No Supreme Court Appeal' go to the full bench?

- Choi Tae-won and Noh So-young's divorce case escalates to the Supreme Court
- High social attention increases likelihood of full bench review
- No precedent of property division decided by full bench
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024062415262366567

■ 'Prosecutor's intuition' finds sexual assault victim

- Defendant on trial for rape charges
- Circumstances of obstructing cohabitant witness attendance
- Additional investigation after separating the perpetrator
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024062415281883732

■ Kim Nam-geun: "Will focus on protecting SMEs and small business owners, respond to aggressive Al and Temu"

- Participated with People's Solidarity for Participatory Democracy leading livelihood legislation
- "Focus on protecting rights of SMEs and small business owners"
- Discussions ongoing on proposing amendments to the Electronic Commerce Act
☞Read article: https://www.asiae.co.kr/article/lawtimes/2024062415303297047

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

Terms in the News: Citigroup fined 128.2 billion KRW for 'fat finger' mistake

- Citigroup entered large sell orders due to employee error
- Expected to pay total fines of $92.18 million in the UK and Germany
- "Measures to strengthen systems and controls... committed to compliance"

Today's Key Schedule

○ Domestic

- 06:00 June Consumer Confidence Index
- 25th KOSDAQ SOS Lab listing, IPO price 11,500 KRW
- 25th KOSDAQ Has subscription, IPO price 16,000 KRW

- Chungbuk Hillstate Cheongju Central Phase 2
- Gyeongnam Suncheon Grand Park Xi (2BL)
- Gyeonggi Lotte Castle Winners Foret
- Seoul Dongjak Boramae Station Present

○ Overseas
- 09:30 Eurozone Finance Ministers Meeting
- 14:00 Bank of Japan Core CPI
- 20:00 FOMC member Bowman speech
- 21:30 Canada May Consumer Price Index
- 23:00 US June CB Consumer Confidence Index

◇ Lunch & Commute Weather

○ Lowest temperature 19℃(▼3℃) ｜ Highest temperature: 27℃(▼1℃)
○ Precipitation probability morning 0%｜afternoon 10%
○ Fine dust morning good｜afternoon good

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