Business

KOSPI Falls More Than 5% as Investors Lock In Profits After Friday’s Record-Breaking Rally Across Seoul

Published

15 hours ago

3 August 2026

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South Korea’s benchmark KOSPI index fell 5.36% on Monday, dropping 353.68 points to trade at 6,241.77, as investors locked in profits following the index’s historic single-day surge just two trading sessions earlier.

The index opened sharply lower Monday, initially falling 3.6% before extending losses to as much as 4.25%, dropping 280.05 points to 6,315.4 shortly after 9:15 a.m. local time, according to the Korea JoongAng Daily. The pullback continued through the morning session, pushing the decline past 5% by early afternoon.

Monday’s retreat came directly on the heels of Friday’s record-breaking rally, when the KOSPI surged 17.91% in a single session, the largest one-day percentage gain in the index’s history, following blockbuster earnings from Microsoft, Amazon and Meta Platforms that had eased broader concerns about the sustainability of artificial intelligence infrastructure spending. That Friday rally itself followed a brutal three-session stretch in which the KOSPI had plummeted more than 17%, at one point falling roughly 40% from its June peak.

Notably, Monday’s decline came even as Wall Street posted a positive session heading into the new trading week, with robust earnings from Amazon continuing to fuel investor optimism toward the broader artificial intelligence sector. That divergence between a positive US session and a sharply negative Korean one underscored how much of Friday’s historic rally had been driven by profit-taking and short-covering dynamics specific to the Korean market, rather than a durable, fundamentals-driven shift in sentiment toward Korean chip stocks.

The current bout of extreme volatility fits a broader pattern that has defined South Korean equity markets throughout 2026. The Korea Exchange has repeatedly triggered trading halts, including both sell-side sidecars, which temporarily suspend program sell orders, and circuit breakers, which pause all trading entirely, on numerous occasions this year. By late June, the exchange had already logged close to 30 sidecar activations and five circuit breakers for the year, a pace that had already surpassed the KOSPI’s prior annual record of 26 sidecar halts, set during the 2008 global financial crisis.

Much of the extreme volatility has been driven by the outsized weighting of Samsung Electronics and SK Hynix within the index. The two chipmakers together account for roughly half of the KOSPI’s total market capitalization, meaning sharp swings in either stock, in either direction, tend to translate directly into equally dramatic swings for the headline index. Both companies have repeatedly whipsawed between steep declines and sharp rebounds in recent weeks, tracking a broader global reassessment of artificial intelligence-related chip demand and valuations that has played out across markets in the United States and Asia alike.

Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong, pointed to the concentrated nature of the recent selling pressure when South Korean markets first began plunging in late July. “If you look at what is falling in the market, it has been the stocks in which you have the most leverage,” Benzimra said, according to Al Jazeera, highlighting how heavily leveraged positions tied to chip and technology stocks have amplified the scale of the market’s swings in both directions.

The scale of the recent turbulence has been extraordinary even by the standards of a market that had posted extraordinary gains over the prior 18 months. South Korean equities surged roughly 75% during 2025, driven substantially by the global boom in artificial intelligence and semiconductor demand, before extending those gains with another roughly 50% climb earlier in 2026 as global capital continued flowing into the country’s technology sector. That backdrop of extraordinary prior gains has left the index unusually vulnerable to sharp reversals whenever sentiment toward AI-related chip demand shifts, given how significantly valuations across the sector had climbed during the preceding rally.

South Korean regulators have moved to address the underlying volatility directly in recent days. New cash-deposit requirements for investors using leveraged exchange-traded funds took effect July 31, a change specifically designed to reduce the kind of mechanically amplified trading swings that have repeatedly gripped both the KOSPI and the smaller KOSDAQ index throughout the year.

With the KOSPI now retreating sharply from Friday’s historic gain, market analysts continue to caution against reading too much into any single day’s move given the scale of the index’s recent whipsaw trading. Investors are likely to remain focused in the coming sessions on further earnings reports from major global technology companies, along with any additional developments involving Samsung and SK Hynix specifically, as key factors determining whether South Korean equity markets can find a more stable footing following one of the most volatile stretches in the exchange’s history.

Business

Sebi extends PaRRVA enrollment deadline to Sep 3 for investment advisers, research analysts

Published

12 seconds ago

3 August 2026

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IDBI's unlisted share sales not a public issue: Sebi

Markets regulator Sebi on Monday extended the deadline for investment advisers and research analysts to enrol with the Past Risk and Return Verification Agency (PaRRVA) by a month to September 3, 2026.

The earlier deadline for enrolment was August 3, 2026.

The extension follows representations from industry participants and PaRRVA seeking more time for enrolment, the Securities and Exchange Board of India (Sebi) said in a circular.

“After due consideration, Sebi has decided to extend the timeline until September 03, 2026, with the objective of facilitating a smooth and seamless implementation of the framework,” the regulator said.

PaRRVA became operational on May 4 this year.

Under Sebi’s framework, investment advisers (IAs) and research analysts (RAs) wishing to communicate certified past performance data to existing or prospective clients are required to enrol with PaRRVA.
In October 2025, Sebi had stipulated that IAs and RAs seeking to communicate such performance data must enrol with PaRRVA within three months of its operationalisation.Those failing to enrol within the prescribed period would not be permitted to communicate certified past performance data to clients.

Subsequently, in April, the regulator set August 3 as the deadline for enrolment following the operationalisation of PaRRVA from May 4.

The latest circular has now extended this deadline to September 3.

Business

First two deaths reported in Michigan

Published

6 minutes ago

3 August 2026

NewsAdmin

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Michigan health authorities on Monday reported the first two deaths from the ongoing cyclospora outbreak.

The Michigan Health Department said that both individuals had “significant underlying health conditions” that may have been affected by cyclosporiasis and dehydration, citing medical records. Michigan health officials said that cyclosporiasis is generally not considered life threatening, and it is unusual for fatalities to occur in the U.S.

Michigan has reported 11,234 cases and 193 hospitalizations tied to the outbreak.

Based on reported cases, the state seems to be the hardest hit by the outbreak, and its number of reported cases has outpaced those reported by the Centers for Disease Control and Prevention.

The CDC has received more than 6,700 laboratory-confirmed cases since May 1, according to the agency. That count does not include cases that have not been confirmed by a laboratory, which includes many reported by Michigan and Ohio, among other states. The CDC has been updating its case count on a weekly basis, while Michigan has been reporting every weekday.

In mid-July, Taylor Farms recalled iceberg lettuce from central Mexico that was believed to be the source of the outbreak. The recall included bagged salads sold in grocery stores and served in restaurants, including Yum Brands’ Taco Bell.

Cyclospora, a waterborne parasite, is often found on fresh produce, like iceberg lettuce, herbs and raspberries. Outbreaks are more common during the summer, although the ongoing outbreak is the worst in recent history.

The Food and Drug Administration is also investigating at least one more outbreak of cyclosporiasis.

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Business

Walmart Bettergoods pistachio nut butter recalled over Salmonella

Published

13 minutes ago

3 August 2026

NewsAdmin

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Walmart shoppers in 19 states are being urged to check their pantries after a Walmart-exclusive pistachio nut butter was recalled over potential Salmonella contamination.

New York-based Botticelli Foods voluntarily recalled one lot of Bettergoods Pistachio Nut Butter after routine testing “identified the presence of Salmonella,” the U.S. Food and Drug Administration (FDA) announced Monday.

The product, manufactured in Italy by Gustibus Alimentari S.r.l., was sold exclusively at Walmart and distributed to stores in 19 states, officials said.

MILLIONS OF PRESCRIPTION EYE DROPS RECALLED NATIONWIDE OVER CONTAMINATION CONCERNS

pistachio nut butter jar with pink label

Walmart Bettergoods Pistachio Nut Butter recall affects products sold in 19 states after Salmonella was found during routine inspection, the FDA said. (U.S. Food and Drug Administration / Fox News)

The affected lot was distributed to Walmart stores in Alabama, Alaska, Arizona, Colorado, Florida, Georgia, Idaho, Kansas, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, Oregon, South Dakota, Tennessee, Washington and Wyoming.

The safety alert applies only to lot LB028ACP04, according to the FDA.

The affected item comes in 6.7-ounce glass jars with an expiration date of Jan. 28, 2027, and a Universal Product Code (UPC) of 194346207961.

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	110.70	-0.50	-0.45%

Federal regulators said Walmart was notified of the potential contamination on July 17, 2026, after Salmonella was detected in three jars during a routine inventory inspection conducted by the Florida Department of Agriculture and Consumer Services (FDACS) at a Walmart store.

No illnesses have been reported in connection with the recalled product.

MORE THAN 120K REFRIGERATORS RECALLED AFTER 34 FIRES AND ONE REPORTED DEATH

A worker stocks a shelf in a grocery aisle at a Walmart store in Columbus, Ohio, US, on Friday, Nov. 28, 2025. (Brian Kaiser/Bloomberg via Getty Images / Getty Images)

Customers who purchased the affected nut butter should stop consuming it immediately and return it to a Walmart store for a full refund, officials said.

According to the recall notice, consuming food contaminated with Salmonella can cause serious and sometimes fatal infections, particularly in young children, older adults, frail individuals, people with weakened immune systems, and other vulnerable populations.

Symptoms of infection may include fever, diarrhea, nausea, vomiting and abdominal pain. In rare cases, the bacteria can enter the bloodstream and cause more severe illnesses, including arterial infections, endocarditis and arthritis.

A Walmart store front in Long Island, New York

The exterior of a Walmart store in East Meadow, New York, on Sept. 16, 2025. (Howard Schnapp /Newsday RM via Getty Images / Getty Images)

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Consumers seeking more information about the recall can contact Botticelli Foods at quality@botticellifoods.com or 631-543-7000, ext. 203, Monday through Friday from 9 a.m. to 5 p.m. EDT.

Botticelli Foods did not immediately respond to a request for comment from FOX Business.

Business

Trump blasts Exxon, Chevron for making ’too much money,’ demands lower gasoline prices

Published

19 minutes ago

3 August 2026

NewsAdmin

Trump blasts Exxon, Chevron for making ’too much money,’ demands lower gasoline prices

Business

Denmark targets August 21 for second Security Council UN chief poll

Published

26 minutes ago

3 August 2026

NewsAdmin

Denmark targets August 21 for second Security Council UN chief poll

Business

Fun Spot America Fayetteville shuts down after 36 years of operation

Published

32 minutes ago

3 August 2026

NewsAdmin

Fun Spot America Fayetteville shuts down after 36 years of operation

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An Atlanta-area amusement park that was the home of the largest zero-G stall roller coaster in the country closed for the last time on Sunday.

Fun Spot America Atlanta’s location in Fayetteville had its final day of operation on August 2, after the amusement park had been in operation for 36 years.

It opened as Dixieland Fun Park in 1990 under different ownership, and it was later renamed Fun Junction USA before it was acquired by Fun Spot in 2017. The company’s plan to close the park was announced in late June.

The park was known for the ArieForce One, which claimed the title of being the largest zero-G stall ride in the country.

ATLANTA-AREA AMUSEMENT PARK WITH LARGEST ZERO-G STALL ROLLER COASTER IN AMERICA TO CLOSE

A roller coaster ride at Fun Spot America in Orlando

Fun Spot America’s theme parks in Kissimmee and Orlando, Florida, will remain open. (Ricardo Ramirez Buxeda/Orlando Sentinel/Tribune News Service via Getty Images)

The ArieForce One features a 146-foot first drop at an 83-degree angle, with the ride reaching a top speed of 64 mph, according to Fun Spot America. It has a height requirement of 48 inches and lasts about 100 seconds.

It reaches a maximum vertical G of 3.75, with a minimum vertical G of minus 1 and a max lateral G of plus or minus 1.25 G.

Fun Spot America Theme Parks owner and CEO John Arie, Jr., told USA Today that the Fayetteville location struggled to rebound in the wake of the COVID-19 pandemic despite the opening of the new ride, which was named in honor of his father.

DISNEYLAND VISITORS FACE GROWING WAVE OF RIDE CLOSURES, SHOW SHUTDOWNS HEADING INTO SUMMER 2026

Fun Spot America Atlanta CEO John Arie Jr.

John Arie Jr., owner and CEO of Fun Spot America, said the company hopes to find a buyer for its famous roller coaster. (Dewayne Bevil/Orlando Sentinel/Tribune News Service via Getty Images)

Arie said in the interview that the roller coaster is too large to fit at either of the company’s Florida theme parks, so they will look to find a buyer for the ride.

He told the outlet he was thankful for the employees, who the company is helping with resumes, recommendations and potential job opportunities at the company’s locations in Central Florida, adding that he hopes the park’s patrons will visit Fun Spot’s other theme parks.

“From my family to yours, we thank everybody that’s come to this Fayetteville location, and we hope that we’ve earned your business to visit us in Florida if you ever come down to Central Florida, and we’ll always do our best to have your family have the best experience on our properties,” Arie told USA Today.

SIX FLAGS TO SELL 7 AMUSEMENT PARKS IN DEAL WORTH MORE THAN $330M

Fun Spot America said it will honor season passes and gift cards at its other theme parks in Florida. (Hans Gutknecht/MediaNews Group/Los Angeles Daily News via Getty Images)

Fun Spot America opened its first theme park in 1979 with its Orlando location. It also operates an amusement park in Kissimmee, Florida.

The company’s Orlando and Kissimmee locations will remain open, and will honor season passes and gift cards.

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Business

Douglas Dynamics, Inc. (PLOW) Q2 2026 Earnings Call Transcript

Published

39 minutes ago

3 August 2026

NewsAdmin

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Operator

Good day, and welcome to the Douglas Dynamics Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Nathan Elwell, Vice President of Investor Relations. Please go ahead.

Nathan Elwell
Vice President of Investor Relations

Thank you. Welcome, everyone, and thank you for joining us on today’s call. Before we begin, I would like to remind you that some of the comments that will be made during this conference call, including answers to your questions, will constitute forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters that we have described in today’s press release and in our filings with the SEC. Please note the quarterly fact sheet can be found on our IR website.

Joining me on the call today is Mark Van Genderen, President and CEO; and Sarah Lauber, Executive Vice President and CFO. Mark will provide an overview of our performance, followed by Sarah reviewing our financial results and guidance. After that, we’ll open the call for questions.

With that, I’ll hand the call over to Mark. Please go ahead.

Mark Van Genderen
President, CEO & Director

Thanks, Nathan, and welcome to our call, everyone. We’re pleased to report that both segments performed well in Q2, resulting in a record quarter for the

Business

Tech millionaires use donor-advised funds for tax savings and giving

Published

45 minutes ago

3 August 2026

NewsAdmin

Tech millionaires use donor-advised funds for tax savings and giving

Businessman working in the office

Pixelfit | E+ | Getty Images

The surge in IPOs and valuations for private tech companies is creating a secondary boom in donations of shares to donor-advised funds, or DAFs, according to a new study.

Three quarters of the gifts to DAFgiving360 over the past 12 months were noncash assets, according to the donor-advised fund, which is affiliated with Charles Schwab. Noncash assets include everything from shares in public and private companies to real estate, art and collectibles, crypto and other holdings.

Julie Sunwoo, president of DAFgiving360, said gifts of private company stock have been especially strong, as artificial intelligence giants like Anthropic and OpenAI skyrocket in value and more companies stay private for longer.

“This year we had more inquiries about private-business interests and pre-IPO shares than ever before in any other year,” Sunwoo said.

DAFs have special appeal for tech workers and holders of private shares. The funds allow donors to make a charitable gift, take an immediate tax deduction, and decide later where and when to give the shares to a specific charity. Donors who own shares of a private or public company that have gained value can gift the shares to the DAF without paying a capital gains tax on their sale.

DAFs are also attractive to tech workers who tend to be younger, since they can make the donations now and wait until their later years to decide on the individual grant recipients.

Large DAFs, like those affiliated with Schwab, Fidelity and Vanguard, also have expertise valuing private shares and other assets. They have large market-making operations and relationships with private companies that make it easier for them to sell the private shares.

Sunwoo said generally, DAFs seek to sell noncash assets given to the fund within six months.

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“We have the infrastructure and the expertise to help people liquidate those assets in time and redeploy them to charity,” Sunwoo said. “It is often an individual plan with the [private] company that we are working with to figure out the best time frame and the best solution.”

The SpaceX initial public offering earlier this year — and potential IPOs of Anthropic and OpenAI — could unlock even more value. Many employees of tech firms have large gains in their employee stock. Some private companies restrict or ban the donation of their private shares to charities or trusts. With public stock, many employees can now donate the stock to a DAF without paying the capital gains tax.

The deduction on the gift can also be used to offset capital gains taxes owed on shares they may sell.

“We help take in appreciated assets, help people liquidate them, and help people get that money then out to charities,” Sunwoo said. “The IPO activity that we’ve seen is creating wealth moments for people often in their peak earning years, so they’re looking for ways to make an impact with the money that they suddenly come upon.”

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Business

Pet Food Processing Exchange readies for year 3

Published

52 minutes ago

3 August 2026

NewsAdmin

Pet Food Processing Exchange readies for year 3

Building on the momentum from the first two years, this year’s edition offers ample education and networking opportunities.

Business

Welsh aviation firm being acquired in a deal worth hundreds of millions of pounds

Published

58 minutes ago

3 August 2026

NewsAdmin

Newport-based AerFin is being acquired by Japanese firm Orix Aviation

AerFin.(Image: Rhys Cozens)

Welsh headquartered aviation maintenance, repair and overhaul company, AerFin is being acquired by a Japanese venture in deal worth hundreds of millions of pounds.

Newport headquartered AerFin, a leading aftermarket specialist that buys, sells, leases and repairs aircraft, engines and parts, is being acquired by Japanese firm Orix Aviation. Subject to regulatory approval the deal is expected to be finalised towards the end of the year.

The deal comes after AerFin, which also has operations in Miami, Singapore and Dublin, posted strong financials in 2025 with revenues climbing 25% to around £276m and Ebitda up 33% to more than £52m. The value of the deal has not been disclosed, but with debt, is understood to be around £475m.

Last year Aerfin completed a relocation from Bedwas to a new larger HQ and maintenance facilities at Indurent Park in Newport.

The deal provides an exit for AerFin’s private equity backers and majority owner CataCap. Of AerFin’s global workforce of more than 230 around half are based in Newport.

Established in 1991, Orix Aviation owns and manages aircraft and provides comprehensive asset management services to Japanese and international investors and funds through its full-service operating lease platform.

Chief executive of AerFin Simon Goodson said; “I am delighted that AerFin is joining the Orix Group, a business that shares our values and belief in trusted partnerships, flexible solutions and finding the way ahead for our customers.

“I would like to take this opportunity to thank our founder Bob James (who set up the business in 2010 originally in Cardiff) for his vision and tenacity, our departing majority shareholders CataCap for their outstanding custodianship and guidance, and of course our customers, employees and partners who have made our business what it is today.

“Wales has played a defining role in AerFin’s growth story. From our beginnings in Cardiff, through our time headquartered in Caerphilly, to our Newport headquarters today, we have built a global aviation business with Welsh talent, ambition and values at its core.

“This agreement is a major milestone for AerFin, but it is also a reflection of the expertise, commitment and commercial strength we have developed here in Wales. As part of Orix Aviation, we will have the backing to keep growing internationally while remaining proud of where our journey began.”

James Meyler, chief executive of Orix Aviation, said: “The acquisition of AerFin is a significant milestone for Orix Aviation and Orix Group as we expand our capabilities across the aircraft lifecycle.

“AerFin has built a leading aviation aftermarket platform, supported by an experienced management team, deep technical expertise and a global customer network. Together, we will be well positioned to deliver additional value for customers and investors, while supporting a more sustainable aviation industry through the reuse and optimisation of aircraft assets.”

Peter Ryttergaard, co-founder and partner at CataCap, said: “AerFin has been an outstanding success story, and we are proud of what has been achieved during our ownership. The team has built a leading business through their expertise, entrepreneurial spirit, and unwavering focus on its customers and people.

“We have always sought to support businesses with strong cultures and ambitious growth plans, and AerFin has exceeded our expectations on both fronts. As the company enters its next phase, we believe Orix Aviation is the right long-term owner to support that journey. “

AerFin founder Mr James “Having built AerFin from the ground up and spent my career in the aviation MRO sector, I recognise a strong leadership team and a long-term home when I see one. Simon Goodson has led the business brilliantly through this transition, and I have every confidence in him and the wider team as they take AerFin into its next chapter.

“CataCap have been an excellent partner throughout this journey, fully supportive, engaged, and genuinely invested in what we’ve built together. Oirx Aviation bring exactly the support, reputation and long-term commitment this business deserves, and I am delighted AerFin has found such a natural home to continue its growth.”

ORIX Aviation was advised by Goldman Sachs International as sole financial advisor, Gibson, Dunn & Crutcher as legal counsel, EY as financial due diligence advisor and PwC as tax due diligence advisor.

AerFin was advised by Rothschild & Co as sole financial advisor, Baker McKenzie as legal counsel, KPMG as financial and tax due diligence advisor and BCG as commercial due diligence advisor. Osborne Clarke and Liberty Corporate Finance acted respectively as legal counsel and financial advisors to the management team.