The Bank of Korea: "If You Have Money and Live in Seoul, You Go to Prestigious Universities" [3-Minute Brief]

[At a Glance]
① "Crisis is Opportunity" K-Food Boom Targets Overseas Demand
② SK Inno-E&S Merger Approved, Launching This November
③ Banks Tighten 'Maturity and Limits' Instead of Household Loan Interest Rates

MARKET INDEX : Year to date

- US New York stock market's three major indices closed slightly higher

- Investors cautious ahead of Nvidia earnings announcement

- Average price of top 20% apartments in Seoul is 2.58 billion KRW

Top3 NEWS

■ "Crisis is Opportunity"... K-Food Craze Seeks Overseas 'Taste Buds'

- Overseas sales of snacks, ice cream, and convenience foods surged over the past decade
- Quick measures taken due to domestic market saturation and shrinking consumer base
- Ramen also entering global market, entering a second heyday

■ SK Innovation-E&S Merger Approved... 100 Trillion KRW Energy Company to Launch in November

- National Pension Service, second largest shareholder, opposed
- 85.76% of attending shareholders approved
- Merger plan approved as originally proposed

■ Banks Tighten 'Maturity and Limit' Instead of Household Loan Interest Rates... Concerns Over Impact on Real Borrowers

- Restrictions on mortgage loan maturities and limits to control household loans
- Interest rate hikes alone cannot cool down real estate frenzy
- Financial authorities' warnings against 'interest profiteering' also burden banks

Graphic News : "Average Expected Cost for Chuseok Gifts is 180,000 KRW"... Preference for Apples and Pears on the Rise

- Mixed sets of apples, beef, and fruits are most popular

- Average retail prices of fruits rising... increasing shopping basket burden

- Beef retail prices up 2.6% compared to the same period last year

the Chart : "Rich and Living in Seoul Means Going to Prestigious Universities"

- Bank of Korea: "Overheated entrance exam competition causes various social problems"

- Socioeconomic status inheritance deepens... leads to inequality

- Proposal for 'Regional Proportional Selection System' to discover local talents

Person in the News: Telegram Founder 'Pavel Durov' Arrested

Telegram and VKontakte (VK) founder Pavel Durov
[Photo by Yonhap News]

- Launched messenger service 'Telegram' while living in exile

- Guarantees freedom of expression and anonymity... secured 900 million users

- Used for drug and sex crimes... arrested on charges of neglect

Today's Key Schedule

○Domestic

- Seoul D-H Bangbae

○Overseas
- 02:00 US Petroleum Association Weekly Crude Oil Inventory

- 07:00 France Total Job Seekers

- 10:30 Australia Q2 Building Completions

- 19:00 Eurozone Finance Ministers Meeting

- 23:30 US Crude Oil Inventory

◇Lunch & Commute Weather

○ Lowest temperature 23℃(▼2℃) ｜Highest temperature: 33℃(▲1℃)
○ Precipitation probability 0% in the morning｜10% in the afternoon
○ Fine dust Good in the morning｜Good in the afternoon

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