$56bil pay day rejected, S.Korea Martial Law and China Ban!

South Korean won tumbles to two-year low vs dollar after govt declares martial law.

South Korean President Yoon Suk Yeol declared martial law in an unannounced late-night address, citing the need to safeguard free and constitutional order.

The South Korean won dropped to a more than two-year low against the U.S. dollar, falling to as low as 1,424.46 won per dollar.

President Yoon stated that opposition parties had taken control of the parliamentary process, pushing the country into a crisis.

The declaration led to a significant decline in South Korean stocks and ETFs linked to South Korean assets.

Tesla CEO Elon Musk loses bid to get $56 billion pay package reinstated.

Delaware Court of Chancery Judge Kathaleen St. Jude McCormick reaffirmed her decision to rescind Elon Musk's $56 billion Tesla pay package.

Despite Tesla shareholders voting to reinstate the pay package in June 2024, the judge ruled that the vote did not change the outcome.

The judge found that the board was under too much influence from Musk when approving the package, and the ratification vote was not fully informed.

Musk criticized the ruling on social media, calling it "absolute corruption" and vowed to appeal the decision.

China Bans Rare Mineral Export to the U.S.

China announced a ban on the export of certain rare minerals to the U.S., including gallium, germanium, and antimony.

This move is seen as a retaliation to the Biden administration's recent export controls on chip manufacturing equipment and software.

These minerals are crucial for the production of semiconductor chips and other advanced technologies.

Both countries have framed their actions as measures to safeguard national security.

Joke of the Day!

Why don't skeletons fight each other?

Because they don't have the guts!