Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Korea Zinc Faces Dramatic Stock Drop
Shares in Korea Zinc plunged by 29.9% on Wednesday, hitting the daily lower limit, following the announcement of a new stock issuance worth 2.5 trillion won ($1.81 billion). This development comes as the world’s largest zinc refiner grapples with an internal struggle for control of its $18 billion zinc empire against the Chang family of Young Poong.
New Stock Issuance Details
In a regulatory filing, Korea Zinc disclosed that its board approved the issuance of approximately 3.73 million shares priced at 670,000 won each—57% lower than the previous day's closing price of 1,543,000 won. Notably, 20% of these shares will be allocated to an employee ownership association, potentially strengthening the management's influence over the company.
Strategic Moves to Stabilize the Company
This announcement follows a $1.5 billion share buyback where Korea Zinc repurchased 9.85% of its shares at 890,000 won each, aiming to prevent significant stakeholders from selling their stakes to Young Poong and private equity firm MBK. The new share issuance aims to diversify the company's shareholder base and mitigate the risks associated with potential delisting from the stock market.
Out of the anticipated 2.5 trillion won raised, 2.3 trillion won will be allocated towards debt repayment. The new shares are expected to be listed on December 18.
