From Import Car Graveyard to Cradle... Hyundai's Insight on 'De-Chinaization' [3-Minute Brief]

[At a Glance]
① US, China EV Fire Probability Lower Than Gasoline Cars
② US DOJ Summons Nvidia... AI Chip Antitrust Investigation
③ Financial Supervisory Service Chief "Mortgage Repayments Prioritized for Genuine Borrowers"

MARKET INDEX

- US New York Stock Exchange's three major indices closed mixed

- July job openings hit lowest in three and a half years

- Nvidia fell 1.7% again following the previous day

TOP 3 NEWS

■ EV fire probability in US, China, Norway lower than internal combustion engine vehicles

- US insurer's investigation by fuel type
- 2.51 cases vs 153 cases per 10,000 vehicles
- In China, 10.96 cases vs 1.5 cases

■ US Department of Justice issues subpoena to Nvidia... AI chip antitrust investigation planned

- Investigation into Nvidia's antitrust violations
- Nvidia controls 90% of AI semiconductor market
- "Using competitors' products may disadvantage customers"

■ Financial Supervisory Service chief: "Monthly 12 trillion KRW bank mortgage loan repayments should be lent first to real demand borrowers"

- On the 4th, on-site meeting with household loan real demand borrowers
- "Concerns about balloon effect, financial sector cooperation needed"
- "Firmly maintain household loan management policy"

Graphic News: 'Import car graveyard' China dependence ↓… Hyundai's masterstroke

- Sales plummeted after THAAD incident… lowered dependence on China

- Targeting emerging markets in US, Europe, India, Latin America

- Asset restructuring according to sales volume… factory sales

Law That Pays

■ Startups angry over 'Stock Eat-and-Run Prevention Act'

- Expanded to pre- and post-disclosure system… report at least 30 days in advance
- Startups: "Stock options are a great motivator… hard to attract talent"
- "Intention is to inform in advance to avoid losses… burden must be accepted"
☞Read article: https://www.asiae.co.kr/article/2024090414085120919

■ Punishment for embezzling gambling funds through 'ghost accounts'

- Guilty verdict under 'Act on the Regulation of Concealment of Crime Proceeds'
- Possible punishment for 'pressing' crime of intercepting ghost account money
- Strengthened punishment for account holders… confiscation and recovery of gambling funds
☞Read article: https://www.asiae.co.kr/article/2024090414152866228

■ "T-mep M&A expected in first half of next year" - Attorney Choi Hyo-jong participating in rehabilitation procedure association

- Attorney Choi: "Concerns about mass defaults if ARS extended… urgent suspension needed"
- Private equity submitted non-disclosure letter of intent (LOI) assuming rehabilitation
- "M&A expected to be completed in first half of next year after rehabilitation starts"
☞Read article: https://www.asiae.co.kr/article/2024090414202693815

※ 'Law That Pays', a content partnership corner between Asia Economy and Legal Newspaper, is published every Tuesday and Thursday.

Term in the News: Deepfake-based technology 'Generative Adversarial Network (GAN)'

Speech video of former U.S. President Obama created using GAN technology. Photo by YouTube

- AI competition reduces errors… performance improves through learning

- Nvidia releases 'images of non-existent people'

- Misused for digital sex crimes… countries propose countermeasures

Today's Key Schedule

○ Domestic

- 08:00 Q2 GDP

○ Overseas

- 05:30 US Petroleum Association weekly crude oil inventory

- 10:30 Australia July trade balance

- 21:15 US August ADP nonfarm employment change

- 21:30 US initial jobless claims

- 22:45 US August services PMI

- 23:00 US August ISM non-manufacturing PMI

◇ Lunch & Commute Weather

○ Lowest temperature 24℃(▲2℃) ｜ Highest temperature: 32℃(▼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.