Here’s the latest news roundup from various media outlets on September 26, presented by Infostock Daily:
1. The Ministry of Land, Infrastructure and Transport revealed the top 20 construction companies with the most apartment defects over the past five years. GS Engineering & Construction ranked first, with Daewoo Engineering & Construction and Lotte Engineering & Construction also in the top 10.
2. Amazon has decided to invest up to $4 billion in Antropic, a competitor to OpenAI’s ChatGPT. This investment by the world’s largest e-commerce company aims to support the development of artificial intelligence technology.
3. Huawei recently held a new product launch event but remained silent about the performance of its latest smartphone, the ‘Mate 60 Pro.’ The device is rumored to have used SK Hynix products for DRAM and NAND, leading to curiosity among consumers.
4. Doosan Robotics, expected to have the biggest IPO in the second half of the year, continues to allocate public stocks. Investors are eagerly awaiting the first day of listing to see if the stock price will exceed the public offering price.
5. Domestic defense companies have won a secondary arms export contract to Poland, estimated to be worth up to 30 trillion won. However, it is uncertain whether the contract can be completed within the year due to the challenges in expanding government support for arms exports.
6. Hyundai Motor Company may sell its factory in St. Petersburg, Russia, to a Russian company following the war between Russia and Ukraine. Russian Industry Minister Denis Manturov stated that all decisions regarding the acquisition of Hyundai Motors have already been made.
7. Nikola shares rose more than 11% amid the growing popularity of electric vehicles. Tesla, Amazon, and Nvidia also experienced a rise in their stock prices.
8. Ford Motor Company has temporarily suspended the construction of a joint battery plant in Michigan, USA, in collaboration with China’s CATL. The company aims to ensure competitive operations before proceeding with the construction.
9. WeMakePrice CEO Kim Hyo-jong is serving in multiple roles within the Q10 Group, which includes Timon, WeMakePrice, and Interpark Shopping. The appointment of representatives from other companies to the ‘auditing’ position has drawn criticism for potential conflicts of interest.
10. Shareholders of Celltrion and Celltrion Healthcare are raising objections to the merger of the two companies. The objections will be reviewed before a special general meeting of shareholders. Celltrion is taking measures to prevent the exercise of stock purchase rights from exceeding 1 trillion won.
11. Tesla has unveiled a humanoid robot that can perform complex tasks using its five fingers. The robot has learned each process through artificial intelligence and can handle objects with precision.
12. The loan delinquency rate of Korea’s five largest banks has increased more than 1.5 times in just one year. This indicates the impact of high interest rates on the financial sector and the deteriorating loan quality.
Here’s the top news from every media company on 26 September, brought to you by Infostock Daily.
▲List of the top 20 construction companies with the most complex apartment defects revealed
The construction company with the most defects in apartment complexes over the past five years was found to be GS Engineering & Construction. In addition, major construction companies such as Daewoo Engineering & Construction and Lotte Engineering & Construction were also in the top 10. On the 25th, the Ministry of Land, Infrastructure and Transport revealed the processing status of defect requests received by the Defects Review and Dispute Mediation Committee between 2019 and last month and the top 20 companies with the most defects. This is the first time that the list of construction companies has been published. The Mediation Committee is an organization that receives applications from landlords or tenant representative associations and determines whether there are deficiencies.
▲Amazon invests KRW 5 trillion in ‘ChatGPT Competitor’ Antropic
Amazon, the world’s largest e-commerce company, has decided to invest up to $4 billion (about 5.35 trillion won) in Antropic, a competitor to OpenAI, which developed ChatGPT. According to Reuters and Bloomberg on the 25th, Amazon invested $1.25 billion (about 1.67 trillion won) as an initial investment in artificial intelligence (AI) startup Antropic, and plans to increase the investment up to $4 billion in the future in accordance with certain conditions. He said he intended to do so. Through this, Amazon will own a minority stake in Antropic.
▲Huawei said it was a “victory in Chinese semiconductors”… I kept my mouth shut when introducing the new product.
Reuters reported that although China’s Huawei held a new product launch on the 25th, it kept quiet about the performance of its surprise ‘Mate 60 Pro’ smartphone, raising consumer curiosity. Despite US sanctions, the Mate 60 Pro, released at the end of last month, is known to have used SK Hynix products for DRAM and NAND, and SK Hynix is trying to find out what happened. According to Reuters, Huawei’s new product launch held in Shenzhen, China on this day attracted a lot of attention amid expectations that Huawei would reveal the specifications and performance of its latest smartphone, the ‘Mate 60 Pro’, which was surprisingly released at the end . month.
▲ Doosan Robotics continues to allocate public stock… Ant expectations are high
Doosan Robotics, which is considered to be the biggest IPO in the second half of the year, is allocating shares one after another. Investors who have been allocated stocks are paying attention to see if the stock price on the first day of listing will be four times the public offering price. According to the financial investment industry, the results of the subscription allocation of the seven securities companies that subscribed to Doosan Robotics on this day are presented to investors. Subscriptions for Doosan Robotics were previously made by seven securities firms, including Mirae Asset Securities and Korea Investment & Securities, who are joint lead managers for the listing, KB Securities and NH Investment & Securities, who are underwriters on the joint, and Kiwoom, Shinyoung , and Hana Securities, who are underwriters.
▲ A secondary arms export contract to Poland worth up to 30 trillion was won, which is expected to expire within the year
The second contract for the export of weapons to Poland by domestic defense companies, estimated to be worth up to 30 trillion won, is expected to expire within the year. Financial support from the government is essential for arms exports, but it is difficult to expand support capacity. A high-ranking official from a government-run bank told the Hankyoreh on the 25th, “Realistically, it is difficult to complete a second contract for Polish defense industry exports within this year.” “The government’s safety line is trying to push for it, but the work level is being overwhelmed by the easing of soundness regulations on state-run banks to support private companies.” “This is because it takes time to expand bank capital,” he said.
▲ Hyundai Motors selling Russian factory? Russian Industry Minister: “All decisions have been made”
There is a possibility that Hyundai Motor Company will sell its factory in St. Petersburg, which was closed following the war between Russia and Ukraine, to a Russian company. According to local Russian media, Minister Denis Manturov met with reporters at the Innoprom Industrial Exhibition in Kazakhstan on the 25th (local time) and said, “All decisions regarding the acquisition of Hyundai Motors have already been made,” adding, “At least according to what the company said directly, it will be discontinued soon.” “This will come out,” he said.
▲ Nikola jumps 11% amid strong electric vehicles… Tesla, Amazon, and Nvidia also rise
New York’s three major stock market indexes rose together for the first time in five days. Despite concerns about a federal government shutdown (temporary work stoppage by the federal government) and an increase in government bond yields, it rose slightly. The 10-year US Treasury yield hit its highest level since 2007. Amazon and Nvidia showed strength. Nikola shares rose more than 11% while electric vehicle stocks also showed strength.
▲ Ford ultimately halts construction of a joint battery plant in Michigan with China’s CATL
Suddenly, Ford Motor Company suspended its plan to build a car battery factory in Michigan, USA, in collaboration with the Chinese battery company CATL. According to the Associated Press on the 25th (local time), Ford announced on this day that it will suspend the construction of the battery plant being built in Marshall, Michigan until it is confident that it can be operated competitively . However, the company explained that this is not the final decision regarding investing in the business. Previously, in February, Ford announced that it would join forces with CATL and invest $3.5 billion (about 4.7 trillion won) to build a battery plant in Marshall, Michigan.
▲ WeMakePrice CEO Kim Hyo-jong even thanked Timon … Q10 ‘Octopus-like Concurrent Jobs’ Group Why?
Q10 Group, which is growing in size by acquiring domestic e-commerce companies one after another, including Timon, WeMakePrice, and Interpark Shopping, is assigning professional managers to ‘octopus-style concurrent jobs’ in several affiliated companies, draw attention to the background. In particular, there is a critical opinion that there is a risk of conflict of interest by appointing representatives from other companies to the ‘auditing’ position, which has the responsibility and authority to check the control of the majority shareholder. According to the Supreme Court and related industries on the 26th, WeMakePrice CEO Kim Hyo-jong also serves as the CEO of Geosys, the operator of Q10, and CEO Kim is also responsible for Timon’s audit.
▲Opposition to the Celltrion merger begins… Uncertain merger with stock prices falling
According to the Financial Supervisory Service on the 26th, Celltrion and Celltrion Healthcare will receive objections to the merger from existing shareholders by the 20th of next month before a special general meeting of shareholders to approve the merger plan of the two companies. Shareholders who have submitted objections can exercise their right to buy shares from the 23rd of next month to November 13th. Celltrion Healthcare and Celltrion are currently publicizing their post-merger blueprint to ensure that the size of the stock purchase rights exercise does not exceed KRW 1 trillion.
▲In the middle of a strike by the United States Auto Workers Union… Tesla launches a human-like robot
A humanoid robot uses its five fingers to separate blocks of different colors and place them in different bowls. Even if the position of the block changed along the way, the robot picked up the block and moved it without shaking. When the block I put down fell, I picked it up again and turned it so that the uneven side was facing up. Tesla added, “The Optimus neural network artificial intelligence (AI) has learned each process on its own using only images.”
▲The delinquency rate of the five main banks ‘rises’ 1.5 times… 1 The financial sector is also suffering a ‘shock wave’ due to high interest rates
They found that the loan delinquency rate of Korea’s five largest banks increased more than 1.5 times in just one year. It seems that banks, which are the main financial institutions, are also unable to avoid the shock wave of steep interest rate hikes. As loan quality continues to deteriorate due to the increase in the interest burden and overlapping real estate financial risks, tensions over credit management in the banking sector are expected to increase. According to the financial industry, at the end of the first half of this year, the loan delinquency rate of five banks, including KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup Bank, averaged 0.28%, up 0.11 percentage points ( p) compared to the same period last year.
▲ Despite slow sales of electric vehicles… Why Samsung SDI is confident of being No. 1 in terms of profit margin
Recently, as the growth of the global electric vehicle market has slowed, profitability concerns have increased for domestic battery companies. However, Samsung SDI, which focuses on premium electric vehicles and records the highest profit among the three major domestic battery companies, is predicted to retain the highest profit even in the era of popularizing electric vehicles in the future. Samsung SDI also records a superior performance compared to its competitors in the ESS (Energy Storage System) market, which battery companies see as a future growth engine, thanks to the knowledge it has accumulated over a long period of time.
▲ Global shipping rates, even at 900, are at risk of ‘collapse’… “Even if the supply decreases, there is no demand.”
Global shipping rates have plunged and entered the loss zone. Despite being peak season, the shipping market is sinking, with container freight rates falling and bulk freight rates lower than expected. The industry believes that the shipping industry has worsened due to the global economic downturn, especially in China. According to the shipping industry, the Shanghai Container Freight Index (SCFI), a global container freight rate index, recently recorded 911.71, down 3.11% from the previous week. It has fallen for three weeks in a row, falling below the 1,000 mark, which is considered the break-even point of the shipping industry, and now even 900 units are at risk of falling.
▲ Ants flock to ‘bond investment’, buying 27 trillion won this year alone
Recently, the number of general investors turning their attention to bonds, which have been considered the exclusive preserve of high net worth individuals, has been increasing rapidly. This is due to the increase in investment convenience together with the increase in bond yields. According to the Korea Financial Investment Association, the bonds purchased by individuals from the beginning of the year to the 22nd of this month amounted to 27.5915 trillion won, which is much higher than last year’s net purchase by individuals (20.6113 trillion won).
Reporter Seoyeon Yoon email@example.com
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