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On December 29th, silver prices retreated after hitting a record high above $80 per ounce on Monday, while gold prices also fell from near-record highs as investors took profits and a reduced perception of geopolitical risks dampened safe-haven buying. ActivTrades analyst Ricardo Evangelista stated, "Gold prices fell in early trading today after hitting record highs, mainly due to traders taking profits ahead of year-end. Initial optimism from the US government regarding progress in the Ukraine peace talks also represented a mild headwind." The market is currently focused on the release of the Federal Reserves December meeting minutes on Tuesday for clues about the interest rate outlook. UBS analysts stated in a report, "Gold is trading at a high premium, and a sudden shift to a hawkish stance by the Fed and/or large-scale outflows from major ETFs could trigger downside risks."On December 29th, Shengtong Energy announced that its stock price had increased by 213.97% from December 12th to December 29th, 2025, triggering multiple instances of abnormal stock trading fluctuations. The significant short-term price increase has severely deviated from the companys fundamentals. To protect investors interests, the company will suspend trading to investigate the stock trading fluctuations. Trading in the companys stock will be suspended from the opening of the market on December 30th, 2025 (Tuesday) and will resume after the investigation is completed and an announcement is released. The suspension is expected to last no more than three trading days.Sources say Kazakhstans oil production so far in December has fallen 6% from the November average, to 1.93 million barrels per day.On December 29th, it was reported that on December 26th, the State Administration of Foreign Exchange (SAFE) held a collective meeting for newly appointed division-level and department-level leaders for 2025. Zhu Hexin, Secretary of the Party Leadership Group and Director of SAFE, attended and delivered a speech. Zhu Hexin emphasized that, focusing on the main tasks of preventing risks, strengthening supervision, and promoting high-quality development, SAFE should enhance its sense of responsibility, improve its ability to perform its duties, work diligently and pragmatically, continuously deepen reform and opening up in the foreign exchange sector, facilitate cross-border trade and investment, prevent risks in cross-border capital flows, ensure the safety, liquidity, and value preservation and appreciation of foreign exchange reserve assets, and effectively safeguard the stability of the foreign exchange market and national economic and financial security.As of 8:30 PM Beijing time, WTI crude oil futures rose 2.15%, while U.S. natural gas futures fell 0.39%.

BTS Agency HYBE Aims to Acquire K-pop Competitor SM Entertainment

Charlie Brooks

Feb 10, 2023 11:10

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South Korean entertainment business HYBE announced on Friday that it will acquire $335 million worth of shares in rival SM Entertainment in order to bolster its dominance in the K-pop sector.


The transaction will make HYBE the top shareholder of SM Entertainment, as it acquires a 14.8% stake in its rival from the previous largest shareholder and SM founder, Lee Soo-man, for an 18.4% stake, the company stated in a statement.


"HYBE agrees completely with former Chief Producer Lee's strategic ideas, such as metaverse, a multi-label system, and the sustainable vision campaign," stated HYBE Chairman Bang Si-Hyuk.


The agency HYBE oversees the K-pop supergroup BTS. NCT and Aespa are two further popular K-pop bands that call SM their home.


Friday, HYBE also made an offer for SM shares owned by minority owners, attempting to acquire up to 25 percent of the rival agency in order to acquire managerial powers.


SM, JYP, and YG Entertainment dominated the South Korean pop music industry for many years, until the international success of K-pop boy band BTS made HYBE larger than the other three.


But over the next couple of years, all seven BTS members are slated to complete their military service, beginning with Jin, the group's oldest member, who enlisted in December. The septet will not return in its entirety until 2025.


Kim Do Heon, a music critic, believes that SM Entertainment's large portfolio may prove economically advantageous for HYBE now that the group is on hiatus.


"HYBE grew into a giant, but its flaw was that it lacked a legacy. SM is a corporation that has existed throughout the history of K-pop and will bring its legacy to HYBE "Kim stated.


As of 11:05 a.m., HYBE and SM Entertainment shares were up 6% and 16%, respectively (0205 GMT).


This Monday, the South Korean tech company Kakao Corp announced that it would purchase a 9.05 percent share in SM Entertainment in order to develop cooperative ventures, such as global K-pop auditions.

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