Samsung Electronics Throne Title... Will It Be Lost to SK Hynix? [3-Minute Brief]

[At a Glance]
① Lee Jae-yong Denies Foundry Spin-off Rumors
② South Korea Records Four Consecutive Months of Current Account Surplus
③ US Harris Expresses Commitment to Taxing the Wealthy

MARKET INDEX

○ New York stock market's three major indices all closed higher
○ Tech stocks showed strength as Middle East tensions eased
○ Probability of November rate freeze rises to the 20% range

TOP 3 NEWS

■ Lee Jae-yong dismisses foundry spin-off rumors: "We are eager to grow"

○ Draws a clear line against spin-off rumors raised in the industry
○ Continues to emphasize commitment to the foundry business
○ Investment expected to continue, including Texas plant

■ Semiconductors lead, smartphones push... Current account surplus for four consecutive months

○ August current account surplus of $6.6 billion, four months in a row
○ Surplus amount decreased compared to previous month, increased compared to last year
○ Semiconductors and IT devices like mobile phones drive the surplus

■ Harris on '60 Minutes': "Will strengthen US economy through taxing the wealthy"

○ Appeared on CBS news program '60 Minutes'
○ Proposes 'wealth tax' as a funding source for economic pledges
○ "My plan is to invest in small and medium-sized enterprises"

the Chart: HBM slump and Nvidia delivery delays... SK Hynix reversal 'just ahead'

- Semiconductor slump, which accounts for 60% of earnings, impacts results
- Samsung surpasses SK Hynix in operating profit
- SK Hynix may lose No.1 position in memory market

Profitable Law

■ "Only some of the increasing bankruptcies use procedures... Prepaid fees should be reduced to help companies"

- Corporate and personal bankruptcies rising worldwide... only some use bankruptcy procedures
- "Debtors should be able to easily use the system"
- Expect many companies to use it if prepaid fees are lowered
☞ Read article: https://www.asiae.co.kr/article/lawtimes/2024100912372760589

■ Prosecutors head to 'industrial sites' to investigate technology leaks... first step is Hyundai Motor

- Overseas leakage of core industrial technology causes national damage
- Losses over six years since 2018 reach about 25 trillion won
- Prosecutors visit industrial sites directly to respond to technology leak crimes
☞ Read article: https://www.asiae.co.kr/article/lawtimes/2024100912384663934

■ "Korea should take the lead in Asia Intellectual Property (IP) Court"

- Seminar held for resolving international IP disputes
-"Need an Asia-centered patent dispute resolution body
-to counter US and Europe-centered ecosystem"
☞ Read article: https://www.asiae.co.kr/article/lawtimes/2024100912412368930

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

Term in the News: China's youth unemployment 'Lanweiwa'

In February, university students attended a job fair in Wuhan, China.
[Photo by AFP Yonhap News]

- A term referring to highly educated unemployed youth in China
- Metaphor for apartments left unfinished and abandoned due to halted construction
- Graduate school enrollment has greatly increased due to tightened job market

Today's Key Schedule

○Domestic

10th: KOSDAQ WAEJILINK subscription, public offering price 12,000 won

10th: KOSDAQ Shinhan No.14 SPAC subscription, public offering price 2,000 won

10th: KOSDAQ Lumir subscription, expected public offering price 16,500~20,500 won

Seoul D.H. Daechi Edelweiss

○Overseas

01:00 Atlanta Fed Q3 GDPNow

02:00 US 10-year Treasury auction

03:00 US Federal Open Market Committee minutes

09:30 Australia August building approvals

21:00 Brazil August retail sales

21:30 US September Consumer Price Index

21:30 US initial jobless claims

◇ Lunch & Commute Weather

○ Low temperature 15℃(▲2℃) ｜High temperature: 22℃(▼2℃)
○ Precipitation probability morning 60%｜afternoon 60%
○ Fine dust morning good｜afternoon good

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