Seoul policy chief resigns after investments controversy

SEOUL: The top policy adviser to South Korea's president has resigned, officials said on Tuesday (Sep 1), following criticism over highly speculative investment products tied to the nation's AI chipmakers and launched under his leadership.Kim Yong-beom's resignation came a day after President Lee Jae Myung's administration announced a sweeping cabinet reshuffle, including new finance and defence ministers, in an apparent bid to shore up its approval ratings.Kim submitted his resignation on Monday, and Lee accepted it, a presidential spokesperson told a press briefing.South Korea's main bourse in late May launched single-stock leveraged exchange-traded funds (ETFs) tracking Samsung Electronics and SK hynix - both major suppliers of advanced memory chips for the booming AI industry. Introduc