34 minutes ago
Hong Kong Financial Authority Considers Deepening Plan for Connectivity with China
Hong Kong's financial authorities are reportedly considering deepening some of the investment connectivity plans between Hong Kong and mainland China.
HKMA CEO Eddie Yue, speaking at the HSBC Global Investment Summit in Hong Kong, said the HKMA has the ability to expand “southbound” activity to Hong Kong, Reuters reports. Stated.
Speaking at the HSBC Global Investment Summit in Hong Kong, Yue said there could be more “southbound” activity by Chinese investors into Hong Kong's financial market.
So-called northbound transactions in the Connect scheme allow offshore investors to purchase China-listed products via Hong Kong, while southbound transactions are designed to allow China-based investors to purchase Hong Kong products.
— Reuters
5 hours ago
Shilla Hotel CEO reportedly sold $326 million worth of Samsung shares to cover inheritance tax
According to Reuters, Lee Boo-jin, CEO of South Korean hotel group Shilla Hotels, sold approximately 5.2 million shares of electronics giant Samsung Electronics in a lump sum sale of $326 million. The company sold the shares for 84,100 won per share.
Bulk sales are large securities transactions at negotiated prices that tend to protect or reduce the impact of the sale on the price of public stock.
South Korean media reported that the sale was to cover the inheritance tax burden following the death of former Samsung chairman Lee Kun-hee.
Lee is the eldest daughter of the late Lee Kun-hee and the younger sister of Samsung Electronics Chairman Lee Jae-yong.
— Lim Hui Jie, Reuters
6 hours ago
Hyundai Motors and Kia Motors partner with India's Exide Energy to produce EV batteries in India
South Korean automakers Hyundai Motors and Kia Motors have signed a memorandum of understanding with Indian battery company Exide Energy for strategic cooperation in the Indian EV market.
Exide said the two companies will work together to develop, produce and supply battery cells for Hyundai's electric vehicles in the Indian market.
Hyundai said the move positions it and Kia as “pioneers in applying indigenous batteries” to upcoming EV models in the Indian market.
Hyundai Motor stock fell 0.55% on Tuesday, while Kia Motors stock rose 0.65%.
— Lim Huijie
6 hours ago
US gives Samsung up to $6.6 billion to expand operations in Texas: Reuters
The US government plans to give South Korea's Samsung Electronics $6.6 billion in subsidies to expand chip production in Texas, Reuters reports.
The grant money will be used to build four facilities in Taylor, including a $17 billion semiconductor manufacturing plant announced by Samsung in 2021, the report said.
The subsidy will also apply to investments in undisclosed locations, and Samsung plans to more than double its U.S. investments to more than $44 billion as part of the partnership, according to the report.
Samsung shares were almost flat on Tuesday.
— Lim Hui Jie, Reuters
7 hours ago
Real estate sector outperforms even on tepid day
The S&P 500 ended Monday down slightly by 0.04%, but the real estate sector outperformed.
Apartment real estate investment trusts were the best performers in the sector, with Camden Property Trust up 5.7%. The stock marked its best trading since November 2022.
8 hours ago
Gold futures extend 2024 rally to 13.5%, near intraday record of $2,372.50 per ounce
June gold futures hit an intraday high of $2,372.50 per ounce and closed at a new record of $2,351.00, the 15th closing price of the year.
Gold also increased its year-to-date gain to 13.5%, but it is important to remember that the gold bug peaked at $3,460.77 on an inflation-adjusted basis in January 1980, when Jimmy Carter was president. There is.
Silver futures are up 15.5% year to date in 2024, and copper futures are up 9.9%. Aluminum is only 3% ahead of 2024, but still hit its highest price since February 2023 on Monday. Similarly, tin rose to its highest price since January 2023 on Monday, but jumped 18% in 2024.
All of this pales in comparison to the rocket ship known as cocoa, which hit an all-time high of $10,443 per tonne on Monday and is on track to rise 131.5% in 2024.
See chart…
Cocoa futures for July 2024.
— Scott Schnipper, Gina Francola
8 hours ago