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People

Shin Jin-chang appointed vice chair of Financial Services Commission

South Korean President Lee Jae-myung on Oct. 16 appointed Shin Jin-chang, the Financial Services Commission\'s secretary general, as vice chair of the watchdog. The appointment was announced in a written briefing by senior presidential spokesperson Kang Yoo-jung. Shin, from Geumsan in South Chungcheong province, has held posts including director general for structural reform policy, and headed the financial industry and financial policy bureaus at the commission.

Industry

LG Electronics posts Q2 operating profit of 1.58 trillion won, up 147 percent year on year

LG Electronics posted its highest-ever second-quarter sales and operating profit, reporting revenue of 23.83 trillion won and operating profit of 1.58 trillion won. Sales rose 14.9 percent and operating profit jumped 147 percent from a year earlier. Revenue edged up from the previous quarter, while operating profit fell. The company said growth was led by home appliances, supported by sports events and vehicle solutions, with profitability helped by cost efforts and a one-off tariff refund.

Crypto

Bitcoin spot ETFs see inflows for sixth straight session; macro, Middle East uncertainty persists

New money has flowed into bitcoin spot exchange-traded funds for six straight sessions, helping bitcoin prices rebound. Bitcoin Magazine reported that about $1 billion has entered bitcoin spot ETFs since last Tuesday. Products run by BlackRock, Morgan Stanley and Grayscale took in more than $930 million over the period, according to Farside Investors. Markets remain cautious on direction, citing liquidation, Middle East war and inflation as pressures.