South Korea · Country watch
KOSPI Plummets, LS Electric Secures US Deal
KOSPI plunges over 5% amid foreign sell-off; LS Electric lands major US contract, boosting its cumulative orders with Bloom Energy.
In this briefing LS Electric · Bloom Energy · Lee Jae-yong · Hong Ra-hee · Samsung Electronics · KOSPI
Regulation
Nothing significant reported today.
Disruption
Nothing significant reported today.
Internal tension
Nothing significant reported today.
Safety & health
Nothing significant reported today.
Companies
LS Electric secures $138.7 million US contract
LS Electric announced on Tuesday a $138.7 million contract with Bloom Energy to supply switchgear and distribution transformers. This deal brings LS Electric's cumulative orders from Bloom Energy to over $500 million since April last year, The Korea Herald reports. The contract involves supplying power equipment for a major technology company's data center in Pennsylvania.
Impact LS Electric strengthens its foothold in the US market with a significant contract, enhancing its order book.
Sources: Korea.net ↗, The Korea Herald ↗
Samsung chairman receives $1.94 billion in shares
Samsung Electronics Chairman Lee Jae-yong will receive shares worth 2.6 trillion won ($1.94 billion) from his mother, Hong Ra-hee. This transfer, disclosed in a regulatory filing on Tuesday, involves approximately 11.16 million shares, representing a 0.17% stake in the company. The Korea Herald reports that this transaction will increase Lee's direct stake in Samsung Electronics.
Impact Samsung Electronics sees a shift in shareholding as Lee Jae-yong's stake increases, potentially affecting corporate governance.
Sources: Korea.net ↗, The Korea Herald ↗
Markets
KOSPI plunges over 5% amid tech sell-off
The Korea Composite Stock Price Index (KOSPI) fell by more than 5% on Tuesday, driven by a sell-off in technology stocks and renewed concerns over artificial intelligence and inflation. The index dropped 348.89 points, or 5.46%, to close at 6,035.35, according to The Korea Herald. Foreign investors were significant sellers, contributing to the decline, while the Korean won weakened against the US dollar.
Impact Investors in South Korean equities face significant losses as KOSPI drops over 5% due to foreign selling.
Watch Major corporate earnings reports and US inflation data release.
Sources: The Korea Herald ↗, Korea.net ↗, The Korea Herald ↗
Trade
Nothing significant reported today.
Politics
Nothing significant reported today.
Also today in South Korea
- IMF raises Korea's growth forecast to 3.3% as chip exports outweigh war impact — Korea.net
- HD Hyundai, Siemens launch joint center for digital shipbuilding — Korea.net
- 1 in cardiac arrest, 7 injured in knife attack in Incheon — Korea.net
- US hopes diesel deal can 'soften' Moscow — The Korea Herald
- Cyberattack targeting refrigeration systems hits 700 supermarkets, French gov't says — Korea.net
- World Health Organization disease reports — Korea.net
- Queensland parliament updates: Labor leader and Child Safety minister in question time firing line — Herald News
- Algorithm off-switch to face delay as Coalition, Greens prepare inquiry — Herald News
Sources in this briefing
Sources: each headline links to the original article on the publisher's site.
The same day elsewhere
- Argentina: Gas Subsidy Cuts; Paraná River Floods; Inflation Rises
- Brazil: Lula's SME Credit Boost, New Consumer Rules
- Canada: Ontario Drug Rule, TC Energy Deal, Alberta Vote
- China: HK Green Trading Pilot, Mainland Stocks Fall
- Colombia: Coal Exports Resume, Power Rationing Deadline Set
- Germany: IMF Boosts German Growth, Starlink Sabotage Arrests
- Egypt: Egypt's Trade Deficit Widens, Journalists Detained
- Spain: Madrid Metro Safety Risk, ID Finance Raises €545M
- France: IMF Lowers France Growth, Cyberattack Hits Supermarkets
- United Kingdom: Cyberattack Hits UK Fashion Brands, Scottish Economy Rebounds
- Indonesia: IHSG Declines, Minimum Wage Proposal, Forest Fires
- Israel: Ben-Gurion Bomb Threat, Israir Freezes Morocco Sales
- India: IMD Weather Alert, Delhi Protests Impact Business
- Iraq: Iraq Customs Revenue Rises, Telecom Faces Subscriber Loss
- Iran: Iran-Azerbaijan Agreements, Dollar Declines
- Italy: New Road Code, Budget Delays, Cybersecurity Concerns
- Japan: Nikkei Plunge, Hokkaido Storm Warning, BOJ Rate Relief
- Kenya: Nairobi Water Shutdown, KRA Revenue Surge
- Lebanon: Lebanon Seeks IMF Support, US Revives Framework Deal
- Morocco: Pharma Price Revisions, Treasury Deficit Drops
- Mexico: Senate Tightens Customs Law, Sheinbaum Offers Tax Incentives
- Malaysia: MyEG Investigation; Malaysia Airlines Cancels Flights
- Nigeria: US Blacklists Nigeria, Tinubu's Legislative Push
- Netherlands: Albert Heijn Cyberattack, Dutch Economy Growth Revised
- Poland: Senate Passes Internet Bill, RCB Alert Ends
- Portugal: Portugal Inflation Rises, Madeira Launches SMS Alerts
- Russia: Moscow Exchange Falls, IMF Oil Price Forecast
- Senegal: Senegal Water Disruptions, Flood Audit Ordered
- Syria: Fuel Arrivals in Baniyas, Currency Pressure Rises
- Turkey: IMF Revises Turkey's Growth, Kocaeli Traffic Ban
- Ukraine: Ukraine Delays Payments, Train Disruptions Persist
- United States: Six Flags Closes Rides, Measles Spurs Vaccinations
- Vietnam: Techcombank Boosts Capital, US Increases Vietnam Pepper Imports
- South Africa: Supplement Crackdown Risks R22bn Industry, Water Disruption