South Korean stocks rose this week after US forces moved into Baghdad, boosting optimism a swift victory over Iraq will help the global economy. Exporters such as Samsung Electronics Co and Hyundai Motor Co gained.
The KOSPI index climbed 4.5 percent for the week, the best performing index in the region. LG Card Co and Kookmin Bank advanced after a financial regulator report showed a drop in overdue credit-card payments and lenders bought bonds from credit-card companies.
Japan's stock benchmarks declined for a second week. Shares of some of the nation's largest companies such as Toyota Motor Corp slid on concern that companies rushing to return part of their pension funds to the government are pushing prices lower.
The Nikkei 225 Stock Average lost 3.2 percent this week, with the Nikkei closing at its fourth 20-year low since the beginning of March. The benchmark rounded off its worst week in 10. The TOPIX lost 1.7 percent.
Indexes in Hong Kong and Singapore declined for the week, led by Cathay Pacific Airways Ltd and Singapore Airlines Ltd, Ltd, after a deadly flu-like disease forced both carriers to cut flights because of a decline in travel.
Samsung Electronics, which generates about a fifth of its sales in the US, was the biggest boost to the Kospi. The stock added 0.5 percent to 285,000 won this week. Hyundai Motor Co, South Korea's largest automaker, jumped 7.5 percent to 26,550 won, becoming the fifth-largest contributor to the index's gain.
LG Card Co and Kookmin Bank advanced after a financial regulator report showed a drop in overdue credit-card payments and lenders bought bonds from credit-card companies.
Kookmin Bank, the largest shareholder of Kookmin Credit Card Co, gained 4.1 percent to 1,300 won.
Contract chipmaker United Microelectronics Corp (UMC, 聯電) yesterday said it has signed a memorandum of understanding (MOU) with Polar Semiconductor LLC to collaborate on the production of 8-inch wafers in the US. The collaboration aims to strengthen 8-inch wafer manufacturing in the US amid Washington’s efforts to increase onshore manufacturing of semiconductors, contribute to supply chain resilience against shifting geopolitical dynamics, and ensure a secure domestic supply of power semiconductors critical to automotive, electric grids, robotic manufacturing and data centers, the companies said in a joint statement. Under the MOU, Polar and UMC will identify devices for Polar to manufacture at
TARIFF TALKS: The US secretary of commerce is eyeing more than US$300 billion in investments and said Taiwan would train US workers, but Taipei has denied the latter US Secretary of Commerce Howard Lutnick said the US is expecting a large investment pledge from Taiwan in trade talks, while President William Lai (賴清德) listed areas that need improvement in order for projects to be completed. “We’re in the midst of discussions,” Lutnick said on Wednesday. “But the fact is, this administration’s goal is to bring semiconductor manufacturing to America.” Lai on Wednesday said Taiwan is supportive of US President Donald Trump’s goal of reindustrializing the US, including efforts to ramp up semiconductor production. Such a goal would require the US to reduce its reliance on Taiwan as a key source
The demise of the coal industry left the US’ Appalachian region in tatters, with lost jobs, spoiled water and countless kilometers of abandoned underground mines. Now entrepreneurs are eyeing the rural region with ambitious visions to rebuild its economy by converting old mines into solar power systems and data centers that could help fuel the increasing power demands of the artificial intelligence (AI) boom. One such project is underway by a non-profit team calling itself Energy DELTA (Discovery, Education, Learning and Technology Accelerator) Lab, which is looking to develop energy sources on about 26,305 hectares of old coal land in
Netflix on Friday faced fierce criticism over its blockbuster deal to acquire Warner Bros Discovery. The streaming giant is already viewed as a pariah in some Hollywood circles, largely due to its reluctance to release content in theaters and its disruption of traditional industry practices. As Netflix emerged as the likely winning bidder for Warner Bros — the studio behind Casablanca, the Harry Potter movies and Friends — Hollywood’s elite launched an aggressive campaign against the acquisition. Titanic director James Cameron called the buyout a “disaster,” while a group of prominent producers are lobbying US Congress to oppose the deal,
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