Police Seek Arrest Warrant for Hybe Chairman Bang Si-hyuk Over Alleged Unfair Stock Trading
KOSPI Hits New Peak; US Limits Intelligence Sharing; New BOK Chief Vows Cautious Policy
Quick Look
- South Korean police filed for an arrest warrant for Hybe chairman Bang Si-hyuk on suspicions of unfair stock trading, allegedly deceiving investors in 2019 before the IPO to pocket nearly 200 billion won in illegal profits.
- Meanwhile, the KOSPI breached a pre-Middle East-crisis high, the US partially limited intelligence sharing on North Korea-related technology, and the new BOK chief vowed cautious monetary policy.
AI-generated summary
SEOUL -- South Korean police filed for an arrest warrant for Hybe chairman Bang Si-hyuk on suspicions of unfair stock trading, allegedly deceiving investors in 2019 before the company's initial public offering to pocket nearly 200 billion won (US$135.9 million) in illegal profits.
Meanwhile, the benchmark KOSPI breached a pre-Middle East-crisis high and is poised to reach a new high amid hopes for U.S.-Iran peace talks and the revival of a tech rally. After opening higher, the KOSPI hovered around the 6,340-point level at around 11:20 a.m., up nearly 2 percent from the previous session's close, after reaching an intraday high of 6,361.17.
The United States has partially limited South Korea's access to intelligence on North Korea-related technology collected via satellites, military officials said Tuesday, following a controversy over the unification minister's disclosure of information on the North's nuclear facility.
New Bank of Korea Gov. Shin Hyun-song on Tuesday vowed to pursue a prudent and cautious monetary policy amid heightened uncertainties stemming from the ongoing crisis in the Middle East.
U.S. Treasury Secretary Scott Bessent said South Korea and the United States have finalized a cooperation framework on critical minerals, expressing expectations that it will help address non-market policies and unfair trade practices.
