“KEPCO 30 trillion won in deficit” … Review of 10 times increase in electricity rates, etc.

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The government is reviewing a plan to raise electricity rates based on overall cost to prevent KEPCO’s deficit of up to 30 trillion won this year. In this case, the maximum increase in electricity rates could reach 34 won, more than 10 times higher than 3 won per kWh under the current fuel cost index. According to related ministries and industries on the 23rd, the required increase in electricity rates estimated by the Ministry of Trade, Industry and Energy and KEPCO is 33.8 won per kWh. It is a value derived by applying conversion factors and conversion factors to the average price of bituminous coal, liquefied natural gas (LNG), and crude oil for three months from December last year to February this year. It is not a measure of responding to the deficit that has occurred so far and the deficit that will occur in the future, but is simply a pure fuel cost adjustment unit price calculated according to the increase in international fuel prices.

Woongjin Energy, unable to find a new owner, goes bankrupt… Application to abolish the rehabilitation procedure with the court [조선비즈]

It has been confirmed that Woongjin Energy, the only solar ingot and wafer producer in Korea, has given up the recovery process and is going bankrupt. According to Chosun Biz coverage on the 24th, Woongjin Energy recently submitted an application for abolition of the rehabilitation procedure to the 2nd Division of Corporate Rehabilitation of the Seoul Rehabilitation Court (Chairman Seo Kyung-hwan). The court will decide whether to abolish the rehabilitation procedure after receiving opinions from the creditors’ council and stakeholders by July 5. If the court decides to abolish the rehabilitation procedure, it will move on to the bankruptcy procedure in which the company’s assets are sold and liquidated. The court believes that there is no chance that Woongjin Energy will survive any longer. At present, Woongjin Energy is said to be in such a bad state that it cannot even pay its electricity bill. In April, most of the employees were dismissed through manpower restructuring. It is known that Woongjin Energy has decided to give up its revival as the takeover of Hanwha Solutions, its last hope, has also failed.

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Kwon Do-hyung “Failure, not fraud”… ‘Inside testimony’ and ‘materials’ that overturn claims [JTBC]

CEO Kwon Do-hyeong has argued that Terra is a ‘stable coin’, that is, a stable cryptocurrency. With the technology of balancing the price, the value of 1 tera can be automatically maintained at 1 dollar. However, last month, when the promise to maintain the price was broken, the market price plummeted 99.99%. Regarding this, insiders who were responsible for the initial design of Terra have different arguments. They said that CEO Kwon did not personally hold Terra and was aware of technical deficiencies.

KOSPI, up 1% in the early market, recovering to 2,330… KOSDAQ rebounded by 2% [주요언론]

The KOSPI and KOSDAQ started on an upward trend on the 24th after three days of low-price buying. As of 9:32 a.m. that day, the KOSPI stood at 2,338.04, up 23.72 points (1.02%) from the previous day. The index opened at 2,327.11, which is 12.79 points (0.55%) higher than the battlefield, continuing a bullish trend. The KOSPI, which broke a new low for the past two days in a row as foreign sellers added to speculative trading by individuals, is trying to break out of the sharp decline on the day and rebound thanks to the strength of the US stock market.

“Expanding the trade deficit in June… Maintaining export momentum” [주요언론]

The government predicted that the trade deficit would widen in June. “In June, the number of working days decreased by two days and temporary factors such as a strike by the cargo union overlapped, resulting in stagnant exports,” said Bang Ki-seon, vice minister of the Ministry of Strategy and Finance, on the 24th. This month’s deficit will be larger than the US$1.71 billion trade deficit in May. However, Vice Minister Bang explained, “Exports have recovered rapidly since the end of the strike, and export momentum is maintained, with a double-digit increase rate on a daily average basis excluding the effect of the number of working days.”

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Emerging countries also raise interest rates amid soaring inflation… 0.75%p increase according to US Fed [주요언론]

As the US central bank, the Federal Reserve (Fed), raised the key interest rate by 0.75 percentage points at a time (‘giant step’) and accelerated monetary tightening, emerging markets are following in the process of raising interest rates. This is because not only countries are facing a surge in inflation, but if the US raises interest rates, the dollar funds spread around the world will return to the US and economic instability will inevitably increase, such as the exchange rate of their currency against the dollar soaring. Mexico’s central bank, which is adjacent to the United States, raised its key interest rate by 0.75 percentage points at a time to 7.75 percent on the 23rd (local time). Earlier, in Latin America, Argentina raised its key interest rate by 3 percentage points at a time from 49% to 52% in response to the steep inflation of more than 60% per annum on the 16th.

First confirmed case of monkey pox in Korea [주요언론]

A positive case of monkeypox has been reported in Korea. On the 21st, one Korean who entered Incheon International Airport from Germany tested positive. Monkey smallpox, which appears as a rash with fever and headache, is mainly spread through contact with an infected person, and the fatality rate is generally known to be 1 to 10%. For prevention, direct or indirect contact with infected persons, persons at risk of infection, and animals must be avoided, and rules such as the use of gloves and masks and hand washing must be observed.

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