Today, we should start by looking at the news. It seems that our team leader, Kwon Soon-woo, is not viewing this picture very positively. Welcome, Kwon Soon-woo, our reporter team leader. Hello, I'm Kwon Soon-woo from Sanp T. Does this even make sense? Why? If you show it too obviously, it becomes too noticeable. The viewers might feel uncomfortable. I understand; I will hold back a bit. But that's not the important part. We need to hear the first news today. By the way, how old was he when he was handsome? Wait, middle school second year? Please don't say that; it might actually harm the situation. Don’t men generally not care much about appearance? Is that so? Do you have any interest in that, among the guys?

I’m really worried. I don't want to get involved with the acorn keys, and I’m not even at the level of dealing with acorns. Anyway, let's start with the news. Let's take a look at last week's closing of the New York stock market. The Dow Jones increased by 0.13%, the Nasdaq by 0.51%, and the S&P 500 by 0.47%. Last week was truly a tumultuous week, with significant drops followed by substantial rises. If we look at the weekly returns, it seems to be roughly flat. Although there were considerable declines, there was a slight rebound, and it seems to have ended just below that level. The S&P 500 saw a drop of -4.25% last week, but after rebounding, it closed with a decline of -0.04%. The Nasdaq fell by 6.36% and managed to recover slightly, ending with a decline of 0.18%. In fact, this is the U.S. stock market.

However, the doctor will come out later and give us some insights on KOSDAQ and KOSPI. Our country has experienced much greater volatility. In terms of growth, Japan seems to have had the largest fluctuations. While Japan has seen significant drops, it has also experienced substantial gains. The Japanese market has been quite dynamic, whereas we have seen many declines and only slight recoveries, which is indeed disappointing. If we compare volatility, Japan appears to have had slightly larger swings.

As for the tech stocks, all of the Magnificent Seven, except for Nvidia, closed with gains when viewed on a weekly basis. Recently, stocks like Lila 1 have shown a sharp increase of about 10%. Typically, Korean investors, especially those investing in U.S. stocks, tend to favor semiconductor stocks, particularly in artificial intelligence.

Ilari also showed quite decent performance. There was a feeling that people's psychology was a bit light. For instance, regarding the interest rate in September, when asked what the CME FedWatch would indicate for the interest rate in September, it seemed likely that it would increase by about 25 basis points, with a probability of 50.5%. This means that the chance of a 25 basis point hike was slightly higher than that of a 50 basis point cut. The CME, or Chicago Mercantile Exchange, is generally seen as a place where private entities vote on interest rates. 

The reason I mention this is that during the time when we were worried about a recession and the stock prices plummeted, what did everyone say? They were calling for a 50 basis point cut in September, then a 20, then a 50, and finally a 25. After the index rebounded a bit, people started saying that maybe a 50 basis point cut was a bit too much. They quietly shifted to a 25 basis point cut. But the truth is, among ourselves...

It's not just talk. The CM gift market, which is voted on by so-called market experts, shows that when stock prices drop a bit, people say the world is ending, but as soon as they rise a little, they think, Well, 25 basis points isn't so bad, is it? People are all pretty much the same. Experts aren't really that different. So, we see a market that is being staged in this way. It seems that even experts find it very difficult to make predictions in such a market. 

Now, regarding companies like Eli Lilly and Novo Nordisk, it appears that their products are selling well overseas. The overseas growth rate was reported to be incredibly high in the latest results. Personally, I thought that only people in North America would use them and that the growth rate in Asia would be relatively stagnant, but it turns out that overseas sales are doing quite well.

It is said that Eli Lilly's Maun Jara will soon land in the country. I feel like the trend has not yet subsided. The rise in popularity is indeed due to weight loss drugs. There are many people in our country who are waiting for it. So, I understand why that is. Shall we take a look at the first news? It's because of diabetes, right? Many people seem to be diagnosed and receiving treatment for diabetes, so they are using it. That's how insurance works. However, if you stop taking the medication, it seems that the symptoms come back quickly. I think managing it is better than not losing weight at all. Hyundai Motor Company announced the battery manufacturer on Friday. Where in our car is the battery?

This is what we talked about last week with Mr. Kim, regarding whether the battery is included. We need to put the battery manufacturer's name behind it. So, how will that be made public? First, if you go to the company’s website, you can simply click on Find My Battery Manufacturer, and it will show up right away. It will be displayed in plain text. For example, the Ioniq 5 uses an SK battery, the Ioniq 6 also uses SK. Previously, it was using LG Energy Solution, and in the case of the GV60, it uses SK as well. It goes on like this. For the Kona, it uses a CATL battery. Hyundai has announced the manufacturers for 13 electric vehicle models, including 10 vehicle types from Hyundai and three from Genesis. Except for the Kona, it appears that all are using Korean batteries. In fact, when Hyundai releases a vehicle, the battery manufacturer's name usually comes out when reporters cover it, so it’s generally known where they come from.

I know, but they just don't officially talk about it. Most people are aware of where it is. And now, Kia is also expected to make an announcement soon. In the case of Kia, I haven't looked into it in detail, but even without closely examining it, I know the price of the Niro Hybrid. However, we can find out where it is, as they don't completely hide it. 

Previously, there were discussions about SsangYong Motor's KG Mobility using BYD batteries. At that time, the prices of vehicles from KG Mobility were relatively low, so most consumers were somewhat aware that they were using BYD batteries. However, the arguments from those who opposed the battery real-name system were based on certain grounds regarding the system.

I oppose the idea of holding the consumer responsible for what is inside the battery. Ultimately, the manufacturer should take responsibility for it. After all, it is Hyundai that will bear the final responsibility. So, is there really a need for consumers to know where it comes from? This raises some questions. Previously, the CEO of Mercedes-Benz made a statement suggesting, We will take care of our batteries, so you just buy Mercedes. This implies that if something happens, the responsibility lies with Mercedes. However, if we implement a battery identification system, it might actually create a loophole for the company to evade responsibility. I have some concerns that this could lead to a careless transfer of responsibility, as consumers might not know which battery they purchased.

Consumers are concerned about whether battery companies should be held accountable. In other words, car manufacturers are responsible for verifying the batteries and taking responsibility for them. There was some worry that this responsibility could be shifted to battery manufacturers. However, no one outright denies the necessity of a battery real-name system. After all, who wouldn’t want to know what is installed in their own car? But when you think about it, very few components in a car reveal their brands. That’s true. For instance, what brand of car seat do you use? Almost none. Tires, yes, you can identify the tires. You can tell what kind of tires they are, right? Yes, that’s correct. You can see if they are Korean tires or Continental. And as for brake pads, you only know them when they are Brembo, right? Because if you see a red brake pad between the tires...

Brembo is known for its red color, while the yellow is less recognized, and I’m not particularly interested in the rest. Oh, really? I thought they all had the same visibility. Yes, there are those aspects. However, batteries are extremely important, and it seems that consumers were largely unaware that Mercedes uses a Parashute battery, which has been quite shocking. The reason I mention this is that, from an industrial competition perspective, the battery issue may have a significant impact. 

Automakers are mostly trying to internalize battery production, but they don’t really want to do everything themselves. The main reason is to increase their negotiating power with battery companies.

Battery manufacturers are pushing for their own resources, and through their own research, they need to have a better understanding of batteries. I want to present the idea that if you don't provide me with the necessary support, I might just use my own resources as a negotiating card. Surprisingly, Tesla produces a lot of batteries. Among the battery parts and materials companies in our country, there are quite a few that supply to Tesla, although this is not widely discussed. However, it's not that Tesla wants to directly become a battery company; rather, it's about gaining an advantage in negotiations with other battery companies. 

For instance, Hyundai is directly manufacturing hybrid batteries and tends to alternate between using LG Energy Solution and SK On. This is a way of increasing their negotiating power. By making battery companies public, if consumers develop a preference for certain battery manufacturers, it could impact the automotive companies.

There are some aspects that are somewhat unfavorable in negotiations. If consumers are dissatisfied, they should be able to cut ties easily. However, if consumers begin to recognize and prefer certain batteries, it tends to weaken the negotiating power of car companies. When we look at Mercedes-Benz, we see that it was once a lesser-known company, Farasis, which had the potential to be acquired as a subsidiary. By investing in this company, they aimed to grow it and use it as a bargaining chip to negotiate with other companies. When Farasis held its Power Day, there was a significant drop in stock prices for battery companies worldwide. At that time, Volkswagen announced that it would internalize 80% of the batteries used in its various vehicle models. However, this internalization is more about controlling the supply chain rather than simply producing the batteries themselves.

I was planning to do it through a company called Volta. Volkswagen is the largest shareholder there. However, after going through this cycle, all the European car companies and our domestic parts manufacturers are struggling. The reason is that Chinese companies are causing oversupply, and they keep leveraging this situation. Everyone knows that there's an oversupply of batteries right now. South Korea definitely has superior quality and productivity, yet they keep attracting Chinese companies. As a result, there are quite a few accidents. Mercedes-Benz is a typical example of this, and Northvolt, which is essentially a subsidiary of Volkswagen, also uses equipment from Chinese companies, saying that if we use this, it will be cheaper.

It's cheaper, but they keep trying to negotiate, and when that doesn't go well, they end up changing the equipment for Korean batteries and other things late in the game. So if we calculate the situation here, with the reality of battery manufacturing taking shape, in terms of the industrial structure, when we look at the competition between car manufacturers and battery companies, Korean battery companies might have a slight advantage. From the perspective of car manufacturers and battery companies, it seems that battery companies can have a bit more leverage, indicating some changes in the industry. Now, if we consider the perspective of Korean batteries, if Chinese batteries are prominently featured, it doesn't look good if they're just stuck there. So, from the standpoint of Korean companies, there is a favorable aspect, but we can't only focus on the advantages and remain hopeful.

Then, what are the disadvantages? Let me mention one more advantage. Among the discussions happening now, there are talks about limiting charging to 90%. This is similar to what we used to hear about Samsung phones, right? The battery fire incidents typically occurred when the battery was fully charged. The biggest disadvantage of reducing the charge to 90% is that the driving range decreases. If the condition of the driving range is the same, a battery with a higher energy density is more advantageous. Yes, that's right. Therefore, the ternary battery is relatively advantageous when charged to 90% because it has a higher energy density compared to lithium iron phosphate. I mentioned two advantageous aspects of our country's batteries and lithium iron phosphate in China. As I mentioned earlier, I cannot only talk about the good points.

If we continue to talk about battery stability, considering the form factor, prismatic batteries are the most advantageous. Prismatic batteries are sturdier than pouch cells, so they have an edge in terms of stability. Among the three major companies in South Korea, Samsung SDI and SK Innovation mainly use pouch cells, while LG Chem has the option for prismatic cells. However, SK Innovation currently does not have a prismatic model available. In China, prismatic batteries are the main focus, which might give companies like CATL an advantage. Regarding battery manufacturers, we can make judgments based on various factors, but if Mercedes-Benz is questioning whether they know about other components, they should remember that the battery is also our responsibility.

There was a significant issue in the underground parking lot, right? The damage caused by that was enormous. So, does that mean that Mercedes-Benz is going to take full responsibility? That's not the case. Even now, there are many strange lawsuits being filed. For example, insurance companies are preparing to sue Mercedes-Benz. If an insurance company pays out, they can't just ask the consumer to reimburse them. So, there is still a lot of legal controversy regarding who is responsible for this. When it comes to automobiles, it’s about who will take responsibility. I mentioned earlier that they claim they will take responsibility, but they are leveraging this situation while also sourcing from battery companies in our country.

You see, this is cheap, so they are trying to make it even cheaper here in the delivery. In order for them to take the lead in negotiations, it's advantageous for consumers not to know what the battery is. Well, that makes sense, right? At first, they might use this a lot, and then say, Hey, bring it back with this quality. They would set the price accordingly, and when the car companies have the option to choose, it creates a favorable situation for them. That's why they are trying to keep that part a bit hidden. 

And then they won’t say, Well, I can change everything in my house too, right? 

Well, yes, that's correct. So, for example, if there’s an accident where something got dented, there will be discussions about who is responsible—whether the insurance company will take responsibility or not. But outside of pure vehicle defects, the possibilities for consideration are very limited.

Unless it was something that was accidentally set on fire, this should be considered a vehicle defect. If that defect is not the responsibility of the battery company, then it seems that Mercedes-Benz would have to take full responsibility. However, there hasn't been any clear statement from them indicating they will take responsibility. But regardless, even if Mercedes-Benz does take responsibility, they will seek reimbursement from the battery company, as responsibility is always determined in such cases. There’s no need for consumers to get involved in that. It seems they don't want to disclose this information, likely to maintain their negotiating power from an industrial perspective. This is something that has traditionally occurred in the industry; for instance, during the heyday of the IBM PC, Intel didn't openly discuss their CPU supply agreements.

At that time, Intel had a marketing strategy where they promoted Intel Inside. They stated that as long as the product had Intel inside, it didn't matter what the rest of the components were. Companies like Hewlett-Packard also used similar marketing tactics, suggesting that if the exterior said Hewlett-Packard, consumers didn't need to worry about what CPU was inside. This discussion is from the perspective of industrial competitiveness, not consumer rights. From the consumer rights perspective, it is certainly important to have the right to know, and it doesn't make sense not to disclose what components are inside. There is that aspect to consider. Additionally, I would like to mention that the Seoul city government has announced that by the end of next month, only electric vehicles with a charge level below 90% will be allowed to enter underground parking lots in multi-family housing complexes.

There has been an announcement regarding a notification. How can I confirm it? If it is charged below 90%, it can be done outside. Consumers can know this. Yes, I can know. My car is now at 90%, right? Yes, yes. But if it is around 92%, it doesn’t go in. No, that’s not it. It can be controlled by software. I want to explain a bit about that. What this means is that only electric vehicles charged to 90% or less can enter this area. I mentioned that this was too lengthy today, but the car companies can lower the charge limit to below 90%. This is because it is controlled by software. If the software simply sets a limit of 90%, it will just be 90%. It's like how they can mechanically prevent you from going over 120 km/h. You can charge it to 100%, but how can it be limited to 90%?

It is about forcing people, right? But policy-wise, it can be said that the software itself should allow for 90%. However, the reason we are not discussing this in the context of automobiles is that, although it can be controlled by software, when it was first created, the driving range was already announced and certified by the Ministry of Land, Infrastructure and Transport. If a car is certified to have a certain driving range, and then that range is reduced later, it becomes illegal. Right? And it constitutes consumer deception. Even though it can be done that way, car companies, based on my research, will likely try to approach this in a way that allows consumers to make choices. Whether it’s 90% or 100%, they will want to establish it in a way that they would have to recertify if they change it. So, if consumers choose, they might say, “We’ll reduce it to 90%.” That’s the kind of discussion we’re having.

I am going back and forth. So, if we fill it up to 100%, we can drive 500 km, but if the consumer only wants 90%, we can fill it to 90%, which would allow the car to drive 450 km. I will lower the price for the existing car as well. So, I wanted to mention that there are some reductions. I will proceed quickly. I felt that our bank has had a lot of embezzlement incidents. This might be an exaggeration, but it seems that if the upper water is rotten, the lower water is also rotten. There was a news report about this last time as well. Our bank has had many incidents of embezzlement, and this time, what happened is that a loan of 60 billion won was executed to the relatives of former Woori Financial Group Chairman Son Tae-seung. Out of that, 35 billion won...

The loan was issued inappropriately. They borrowed 60 billion won for something related to real estate, which is crucial. Almost half of that, 26.9 billion won, has already faced issues with defaults and delinquencies. The Financial Supervisory Service has discovered that Woori Bank's parent company, Woori Financial, executed loans amounting to 61.6 billion won to relatives of the former chairman. Before Son Tae-seung took office, there was only about 4 billion won in loans, but after he became chairman, loans to nine borrowers totaled 16.2 billion won. Including various factors, that brings the total to 61.6 billion won across 42 transactions related to relatives. It has also been found that the authenticity of some documents that should have been verified was not checked. Despite the submission of documents suspected to be falsified, the loans were executed without proper verification. The Financial Supervisory Service reports that there are also suspicions of forgery and fraud. When executing these loans, the collateral value was questionable, as seen in the registration records.

The actual transaction price on the registration is only about 2 billion won, but the sales price on the contract is set at 3 billion won. Additional loans were executed based on this, and collateral was established for assets that had no value. Regarding this, Woori Bank mentioned that the problematic loans were handled at the branch level, and those involved have already faced dismissal and disciplinary action. If we look at it this way, former Chairman Son Tae-seung has already retired. It is truly absurd how such incidents can occur within a bank. Every time an accident happens, there are talks of reform and the need for fundamental measures to prevent recurrence. However, it seems that these issues stemmed from the involvement of the chairman's relatives, raising serious questions about the effectiveness of the internal management system.

A significant incident has occurred that raises doubts about what has been done. We were told to take out a loan, and the bank kept asking for this document and that document. We had to go through so many hoops just to get approved. Even when submitting the paperwork, we were anxious, wondering if it would go through or not. The chairman seemed to have no problem approving hundreds of billions, but it's surprising that internal controls are lacking. For such a massive loan authority, there should be certain criteria and conditions in place, but it seems they weren't functioning properly. I wonder if this is too extreme, but I once spoke with the vice president of a financial holding company, and he mentioned that his son got a job at another bank. When I asked why, he said it was because his son couldn't get a job at their own bank.

He said he didn't know much about it. Oh, he didn't know that his son had gotten a job. No, the father didn't know which bank his son had gotten a job at. It's even our own bank. Yes, so he found out and told his son to leave. I'm really sorry, but he then got a job at another bank. That's impressive. So, I mean, it's a problem that they can't get a loan at that bank just because they're related to the chairman of the holding company, but if someone is in a position of a certain level, shouldn't they have a higher standard of ethical awareness than the average person? I was reminded of the Q10 incident. Why is it that people criticize others for using someone else's money as if it were their own to enrich themselves? In fact, this is not much different from using someone else's money as if it were your own.

It seems that this is a typical case of someone using other people's money as if it were their own. As a result, there are bad loans that won't be repaid, leading to losses for the bank, which ends up bearing the entire burden. Meanwhile, they sell ELS (Equity-Linked Securities). If my son receives a 3% return, I will accept it, but I will make sure he doesn't receive it. I will officially declare that. My son is still very young.

Now, due to time constraints, I will briefly share the last news headlines. The e-commerce sector is showing some turbulence due to the TIF (Transaction Information Fraud) incident. Interestingly, large companies like Lotte and Shinsegae are increasing their market share in e-commerce. This is likely because there have been issues with payment trust recently.

There are some aspects to consider. Additionally, Coupang and Naver already have a relatively high market share. Last week, Coupang increased its membership fees, which seems to have had some timing-related impact. While it's not directly related, recently, Naver Pay has been increasing its market share. I wanted to share that news as well. 

As for Coupang, regarding the TIF (Trade Investment Fund), they need to return the notes that haven't been repaid. They are currently proposing to convert those into shares. They are offering their own stock and suggesting, How about participating as investors in a new company we will create? Most of the creditors are thinking, What’s going on with this new company for sellers?

I will share the news that stocks are being given away. That's interesting. I must reiterate that such solutions are far from practical. It is quite fascinating, indeed. We should send Team Leader Kwon Soo off and invite Director Park Byeong-chang here. Thank you, Team Leader. Yes, thank you, thank you. See you. Park Geun-young, Lee Seon-hyuk, and Seo Kyung-in, please create healthy investment habits with the meticulous guidance of investment masters Yeom Seung-hwan. Check the 3% membership on the 3% app.

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