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Banking stocks, long considered major beneficiaries of the government's "value-up" (corporate value enhancement) policies, have been battered by the fallout of the martial law crisis. Over 11 trillion won evaporated from the market capitalization of South Korea’s four largest banks in just three days, with their stock prices plummeting further than the KOSPI index. The sell-off by foreign investors, which saw approximately 2.4 trillion won withdrawn, signals growing unease in the market. With President Yoon Suk Yeol's declaration of martial law escalating into an impeachment crisis, experts suggest that the resulting instability is likely to persist for some time. As of December 8, the KOSPI index closed at 2,428.26, a 0.56% drop from the previous day. Compared to the closing price of 2,500.10 on December 3, just before the declaration of martial law, the index has fallen 2.87%, reflecting the market’s reaction to heightened political uncertainty. The banking sector, a key target of the government’s value-up program, bore the brunt of the decline. The stock prices of the four major banks—KB Financial, Shinhan Financial, Hana Financial, and Woori Financial—plunged over three consecutive days from December 4 to 6, immediately following the martial law declaration. During this period, KB Financial fell 15.7%, Shinhan Financial 9%, Hana Financial 7.88%, and Woori Financial 5.87%, highlighting the sector’s vulnerability to political risk. The combined market capitalization of the four financial giants shed over 11 trillion won in the same timeframe, with individual losses as follows: KB Financial (-6.26 trillion won), Shinhan Financial (-2.57 trillion won), Hana Financial (-1.49 trillion won), and Woori Financial (-750 billion won). Foreign investors’ exodus from banking stocks has been particularly striking. From December 4 to 6, they offloaded a total of 2.37 trillion won worth of shares, including significant stakes in KB Financial (222.4 billion won), Shinhan Financial (93.5 billion won), Hana Financial (40 billion won), and Woori Financial (14.3 billion won). This sell-off in the banking sector far exceeded the overall net foreign outflow of 1.08 trillion won from the KOSPI market during the same period, underscoring the intense pressure on financial stocks. The martial law crisis has cast a shadow over the government’s value-up initiatives. Kim Do-ha, an analyst at Hanwha Investment & Securities, explained, “The sharp decline in bank stocks stems from the expansion of political uncertainty following the declaration and subsequent lifting of martial law, coupled with doubts about the execution of the value-up policy.” Financial institutions have scrambled to restore confidence, with IBK Industrial Bank announcing a plan on December 5 to increase its dividend payout ratio to up to 40%. However, most experts view these measures as insufficient to mitigate the crisis. The outlook for banking stocks remains grim. The crisis has exacerbated a strong-dollar trend, weakening the Korean won and amplifying foreign investor concerns. Analysts believe these factors will continue to weigh on the market in the near term. Kim Ji-won, an analyst at KB Securities, noted, “The political uncertainty has heightened foreign investors’ selling pressure, particularly in financial stocks where foreign ownership is high. As long as the political situation remains unstable, the stock market will likely follow suit.” As the political turmoil unfolds, the banking sector faces a prolonged recovery process, with little optimism for a quick rebound in sight. kimka@chosunbiz.com
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Timmermans sees VVD increasingly moving towards PVV, "fuels division in this country"Pune, Nov 23 (PTI) Many candidates in western Maharashtra who had switched over from other parties ahead of the assembly elections suffered defeats, in what could be a public message against political opportunism. Former state minister Harshvardhan Patil, who recently joined Sharad Pawar’s NCP (SP), lost in Indapur to sitting Congress MLA Dattatray Bharne fielded by Ajit Pawar-led NCP by a margin of 19,410 votes. Bharne polled 1,17,236 votes compared to 97,826 votes by Patil. Notably, Patil had left the Congress before the 2019 state elections to join the BJP but was similarly defeated by Bharne, who was then with the undivided NCP. In Kolhapur’s Kagal constituency, Samarjeet Ghatge, another turncoat, was trounced by NCP minister Hasan Mushrif by 11,581 votes. Ghatge had moved from the BJP to NCP (SP) before the elections. Meanwhile, in Tasgaon of Sangli district, former BJP MP Sanjaykaka Patil, who joined NCP to contest the polls, was defeated by Rohit Patil by 27,644 votes. Rohit Patil, son of former home minister R R Patil, polled 1,28,403 votes, while Sanjaykaka Patil secured 1,00,759 votes. (This story has not been edited by THE WEEK and is auto-generated from PTI)SAN DIEGO, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a class action was filed on behalf of persons and entities that purchased or otherwise acquired ASP Isotopes Inc. (NASDAQ: ASPI) securities between October 30, 2024 and November 26, 2024. ASP Isotopes is a development stage advanced materials company focused on the production, enrichment, and sale of isotopes. For more information, submit a form , email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that ASP Isotopes Inc. (ASPI) Misled Investors Regarding its Uranium Enrichment Technology and Facility According to the complaint, during the class period, defendants failed to disclose that the Company: (1) overstated the potential effectiveness of its enrichment technology; (2) overstated the development potential of its high assay low-enriched uranium facility; and (3) overstated the Company’s nuclear fuels operating segment results. Plaintiff alleges that on November 26, 2024, market research firm Fuzzy Panda Research published a report that alleged the Company is “using old, disregarded laser enrichment technology to masquerade as a new, cutting-edge Uranium enrichment.” The report revealed a series of experts interviewed stated the Company’s reported cost estimates and timeline for building its HALEU uranium facilities was misleading to the point of being “delusional.” The report further alleged the Company had significantly overstated the significance of its agreement with TerraPower, which was only a “non-binding” memorandum of understanding entered into to “put pressure on [TerraPower’s] real suppliers.” The report quoted a former TerraPower executives as stating that ASP Isotopes was “missing the manufacturing; They are missing the processes as well; They still have to develop the HALEU...the most important part.” On this news, the Company’s stock price fell $1.80 or 23.53%, to close at $5.85 per share on November 26, 2024, and continued to fall on the subsequent trading date, falling $0.83 or 14.19%, to close at $5.02 per share on November 27, 2024. What Now: You may be eligible to participate in the class action against ASP Isotopes Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 3, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here . All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders. To be notified if a class action against ASP Isotopes Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af960bd5-1ae2-4ed3-afe3-591b09ab920b
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Senior General Min Aung Hlaing highlighted that corruption can not only hinder the achievement of national development goals but also harm the rule of law, peace and stability. Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing said so in his speech marking the International Anti-Corruption Day ceremony at the Myanmar International Convention Centre I in Nay Pyi Taw yesterday morning. Speaking on the occasion, the Senior General pointed out that corruption can not only hinder the achievement of national development goals but also harm the rule of law, peace and stability. He noted that corruption is rooted in government bodies and the private sector, as well as non-profit charity organizations in developed and developing countries worldwide. The Senior General disclosed that the government strives to combat corruption with goodwill for the State by implementing the missions and visions to decline corruption, shape a corruption-free society and protect the public interest. He unveiled that the Ministry of Education and the Ministry of Science and Technology jointly organize edutainment programmes and youth discussions at basic education schools and universities to promote the youths’ righteousness and integrity. According to the Anti-Corruption Law, he stressed that action will be taken against offenders in corruption cases and their property based on corruption will be confiscated under the law. The Senior General underscored that as corruption is a global problem harming the rule of law and democracy worldwide, justice disappears in society, causing harm to the nation and the general public. In accord with the motto of the Anti-Corruption Commission “Eliminating Corruption, Prosperous Nation”, the Senior General urged the entire people to cooperate with the government in operating anti-corruption measures to ensure the prosperity of society as well as the entire nation. The Senior General unveiled the signboard of the opening ceremony to mark International Anti-Corruption Day and presented prizes to winners in the poster, video and article contests to mark the significant day. Commission Chair U Sis Aye reported to the Senior General on the work progress of the commission and its plans. The Senior General and dignitaries watched a video clip on International Anti-Corruption Day and viewed round documentary photos in combatting corrupted measures. Also present at the ceremony were SAC Joint Secretary General Ye Win Oo, council members, union-level dignitaries, union ministers, the Nay Pyi Taw Council Chairman, senior Tatmadaw officers from the Office of the Commander-in-Chief, the commander of Nay Pyi Taw Command, deputy ministers and officials of Anti-Corruption Commission. — MNA/TTAGeorgia quarterback Carson Beck has been ruled out for the second half of Saturday's SEC Championship Game against Texas after being injured on the final play of the first half. Texas' Trey Moore forced a fumble on Beck's pass attempt, appearing to injure the Georgia quarterback's throwing arm. Beck remained motionless on the field for a short time before joining the team in the locker room. Coach Kirby Smart told ESPN at halftime that Beck was done for the day. During the third quarter, Beck was seen with ice on his right elbow. Beck completed 7 of 13 passes for 56 yards and was sacked once before exiting. Georgia backup Gunner Stockton entered and led Georgia on a 10-play, 75-yard opening second-half drive, giving the Bulldogs their first lead at 10-6. Bulldogs punter Brett Thorson injured his left knee in the third quarter and was ruled out of the contest. He was taken off on a cart. --Field Level Media
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