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On December 10th, Kim Jong-hwa, a member of the Bank of Koreas Monetary Policy Committee, stated on Wednesday that the foreign exchange control agency needs to take action to curb the depreciation of the won against the US dollar, as this could reignite inflationary pressures and weaken retail purchasing power. Kim said, "As the foreign exchange control agency, we cannot stand idly by and do nothing about the high exchange rate; we need to consider measures from a supply and demand perspective." Kim is one of the seven voting members of the Bank of Koreas Monetary Policy Committee. He added, "With the appreciation of the exchange rate, exporters with insufficient currency hedging capabilities or small and medium-sized enterprises (SMEs) unable to pass on increased intermediate product costs to consumers will face difficulties. A rising exchange rate will also lead to increased inflation and decreased purchasing power."On December 10th, Nintendos Japanese stock price fell as much as 4.7%, hitting its lowest level since May, due to market concerns that soaring prices of components such as memory chips could erode its profits. The rapid increase in memory costs could squeeze the profit margins of the new Switch 2 game console, and rising accessory costs could dampen market demand. According to market research firm TrendForce, the price of the 12GB RAM (Random Access Memory) module used in the Switch 2 rose by 41% this quarter. The price of NAND flash memory in the new console also rose by nearly 8%, which also affected the cost of additional memory cards. Affected by the escalating memory supply crisis, investor optimism about the Switch 2 has weakened, and Nintendos stock price fell in seven out of eight trading days in December, wiping out approximately $14 billion in market capitalization.According to Yonhap News Agency, South Korean President Lee Jae-myung stated that developing the industrial economy is crucial, and the semiconductor industry is precisely where South Korea has a competitive advantage. The government will do its utmost to promote the development of the semiconductor industry.TSMC: Cumulative sales of NT$3.47 trillion from January to November, up 32.8% year-on-year.Vanke A shares hit the daily limit, with a turnover exceeding 1.7 billion yuan; Vanke Enterprise (02202.HK) is currently up 13%.

Ukraine Will Block A Crucial Russian Gas Transit to Europe, Blaming Russia

Charlie Brooks

May 11, 2022 09:46

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Ukraine said on Tuesday that it will cease the flow of gas via a transit point that, according to Kiev, sends over one-third of the fuel piped from Russia to Europe through Ukraine. Kiev blamed Moscow for the action and said it would redirect the flows elsewhere.


Even after Moscow's invasion, Ukraine has remained a significant transit route for Russian gas to Europe.


The operator of Ukraine's gas infrastructure, GTSOU, has declared "force majeure" and will cease shipments through the Sokhranivka route as of Wednesday. "Force majeure" is a provision triggered when a firm is affected by circumstances beyond its control.


However, Gazprom (MCX:GAZP), which has a monopoly on Russian gas pipeline exports, said that it was "technologically impossible" to move all volumes to the Sudzha connecting point farther to the west, as GTSOU requested.


GTSOU CEO Sergiy Makogon told Reuters that Russian occupation troops have begun transporting gas flowing through Ukraine to two rebel territories supported by Russia in the country's east. He failed to provide proof.


The company stated that it was unable to operate at the Novopskov gas compressor station due to "the interference of the occupying forces in technical processes," adding that it could temporarily redirect the affected flow to the Sudzha physical interconnection point, which is located on Ukrainian territory.


Ukraine's suspension of Russian natural gas shipments via the Sokhranivka route should have no effect on the local Ukrainian market, according to Yuriy Vitrenko, the president of the state-owned energy business Naftogaz.


The national gas company of Moldova, a tiny country on Ukraine's western border, said that neither GTSOU nor Gazprom had notified them of a supply interruption.


Russian army and separatist militants have controlled the Novopskov compressor station in the Luhansk area of eastern Ukraine since shortly after Moscow launched a "special military operation" in February.


GTSOU said that it is the first compressor in the Ukraine gas transit system in the Luhansk area, the transit route for about 32,6 million cubic metres of gas per day, or a third of the Russian gas transported to Europe through Ukraine.


To fulfill its "transit responsibilities to European partners in full," GTSOU said that it will "temporarily move unavailable capacity" to the Sudzha interconnection point.


Gazprom said it had received information from Ukraine that the nation will cease gas transit to Europe through the Sokhranivka interconnector at 7:00 a.m. on Wednesday local time.


The Russian corporation said that it observed no evidence of force majeure or impediments to business as usual. Gazprom emphasized that it was fulfilling its commitments to European gas purchasers.


As punishment for the invasion of Ukraine, the United States has pushed other nations to reduce their reliance on Russian energy and has prohibited Russian oil and other energy imports.


Ned Price, a spokeswoman for the U.S. State Department, said that Tuesday's declaration does not alter the "as soon as feasible" schedule for reducing global dependency on Russian oil.

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