A1. Jeonse prices fall
-A16
Yim Jong-ryong: "Organizational innovation at Woori Financial is the top priority." Named as the next chairman of Woori Financial, the first externally sourced CEO in 16 years, leading a financial group with 500 trillion won in assets. Tasks include resolving factional conflict. Likely to pursue M&A of securities and insurance firms. Subsidiary CEO appointments must also be made this month. "We will choose stability over rapid change." A1. A4. Obsessed with 'stewardship' while returns hit rock bottom… the National Pension Service with no innovation for 18 years. The National Pension Service's average annual return over the past 10 years was 4.99%, an underperformance compared with the similarly sized Canada Pension Plan Investment Board (CPPIB, 9.58% per year), California Public Employees' Retirement System (CalPERS, 7.12%), Norway's Investment Management (NBIM, 6.80%), and the Dutch public pension (ABP, 5.64%). Even Japan's public pension (GPIF, 5.30%), famous for conservative management. Since establishing the current system in 2005, it has not changed for nearly 20 years. The top decision-making body, the Fund Management Committee, is chaired by the Minister of Health and Welfare and composed not of experts but mainly of representatives. Of the 20 members: 6 government figures, 3 from employer groups, 3 from labor, 6 from regional subscriber groups, and 2 relevant experts. A Fund Committee swayed by political logic. Pressuring companies through stewardship and the like is used for political purposes every time the administration changes; reform of the decision-making system is 'put on the back burner.' U.S. recession fears materialize… earnings 'warning lights' at Apple, Alphabet, and Amazon. Big Tech hit by recession… Apple's 'earnings shock,' fourth-quarter revenue down 5.5% last year, Amazon and Alphabet also posting weak results. Ahead of Blinken's visit to China… China sent a reconnaissance device to the U.S. Will it pour cold water on hopes of improving relations? A balloon so huge it was visible to the eye, it passed over and scanned a nuclear missile silo. The military is on emergency standby, deciding not to shoot it down. Amid conflicts over semiconductors, Taiwan, and the South China Sea, "concern over provoking hawks in Washington and Beijing." Three times more than Wall Street forecast… U.S. jobs surge by 517,000. January unemployment at 3.4%, the lowest in 53 years; the increase centered on restaurants and bars since last September was a factor. The Fed's tightening could last longer than expected. (Thought) Big Tech is cutting staff, but they are all being scooped up. There also seem to be positions that grew again as COVID ended.
Naver: "Search GPT to launch in the first half"… the global 'hyperscale AI' war intensifies. Using the hyperscale AI 'HyperCLOVA' to showcase varied content search results. Domestic firms are also moving quickly on GPT. KT to commercialize its hyperscale AI 'Mideum' within the year. SKT's 'A.', LG's 'EXAONE' expanding into industrial sites and other areas. Microsoft (MS)
(Thought) Could it be used for promotion too? Let's buy MS stock. "Apple Pay is coming"… VAN companies' stock prices surge. Korea Information & Communications hit the daily limit during the session; Hyundai Card. Korea Information & Communications closed at 15,770 won, up 25.96% from the previous day. It also recorded the daily upper limit (16,270 won) during the session. Other VAN firms, Nice Information & Telecommunication (3.54%) and KG Inicis (3.09%), were also strong. The stock of Eluon (9.59%), which produces near-field communication (NFC) USIM chips, also surged that day. (Thought) Apple Pay is finally coming. Which stocks will rise? Payment-related. [Editorial] Daegu, free subway from age 70… no reason to hesitate in changing the elderly threshold.
Article posted 2023.02.03 17:54:14. The city of Daegu announced it would move to amend the ordinance to raise the free-ride subway age from the current 65-plus to 70-plus from the end of this June. It is the first among the six local governments that operate subways (Seoul, Incheon, Busan, Daegu, Gwangju, Daejeon).
(Thought) Pensions and the elderly age. Things that an aging nation must gradually change. There is not only the current debt of various public funds, but also the burden on future generations that must be eased.