Business - The Korea Times

Mirae Asset sets milestone in Australian ETF market

Mirae Asset Global Investments said Tuesday that its exchange-traded fund (ETF) in Australia surpassed 10 billion Australian dollars ($6.41 billion) in assets under management (AUM). The achievement came about three years after the asset management arm of Mirae Asset Financial Group acquired a local company, ETF Securities, in June 2022. The company was rebranded to Global X Australia. Mirae Asset Global Investments has quickly expanded its presence in Australia since then, with Global X Australia marking a more than two-fold increase in AUM, which refers to the total market value of the securities a financial institution manages on behalf of its clients. The AUM amounted to AU$4.64 billion in June 2022, before rising to AU$6.21 billion in December 2023, AU$9.13 billion in December 2024 and over AU$10 billion this year. Global X Australia’s AUM grew 22.3 percent on average annually, far above the annual growth rate of 18.6 percent recorded by all Australian ETF issuers. It ranks as the fifth-largest equity-traded fund manager on the Australian market, following Vanguard, Betashares, iSh

Apr 22, 2025By Yi Whan-woo

Mirae Asset sets milestone in Australian ETF market

Seoul shares rise for 3rd day; tariff talks in focus

Korean stocks finished slightly higher Monday as investors await upcoming tariff negotiations with the United States. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 5.0 points, or 0.2 percent, to close at 2,488.42, extending its winning streak to a third session. Trade volume was slim at 423.58 million shares worth 5.18 trillion won ($3.66 billion), with winners beating losers 499 to 370. Individuals and institutions purchased a net 185.52 billion won and 23.79 billion won worth of shares, respectively, while foreigners sold a net 288.35 billion won worth of stocks. The index opened a tad lower and had moved within a tight range throughout the session. Eyes are on the tariff talks to be held in Washington on Thursday (U.S. time), following the Donald Trump administration's announcement of a 90-day pause on the 25 percent reciprocal tariffs on Korean imports. Korea is among the first nations to sit down with the U.S. for the crucial negotiations, with Japan having begun its talks last week. Acting President Han Duck-soo acknowle

Apr 21, 2025By Yonhap

Seoul shares rise for 3rd day; tariff talks in focus

Seoul shares open tad higher amid tariff woes

Korean stocks opened slightly higher on Monday as the country is set for negotiations with the United States over the sweeping tariff scheme. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.61 points, or 0.23 percent, to 2,489.03 in the first 15 minutes of trading. Seoul's industry ministry said Sunday that the government plans to kick-start tariff negotiations with the Donald Trump administration later this week in Washington. Korea was slapped with 25 percent reciprocal tariffs, though the U.S. paused its implementation for 90 days. Market bellwether Samsung Electronics climbed 0.36 percent, and chip giant SK hynix added 0.51 percent. Top biotech firm Samsung Biologics rose 0.38 percent, while leading battery maker LG Energy Solution lost 0.74 percent. Top automaker Hyundai Motor advanced 0.64 percent, and its sister affiliate Kia grew 1.26 percent. No. 1 portal operator Naver soared 1.44 percent, while leading steelmaker POSCO Holdings decreased 0.59 percent. The local currency was trading at 1,418.85 won against the U.S. dollar at 9:15 a.m., up 4.45 won from the previous

Apr 21, 2025By Yonhap

Seoul shares open tad higher amid tariff woes

Momentum grows for tightening rules on private equity firms' leveraged buyouts

Financial authorities and lawmakers are accelerating discussions on tightening regulations on private equity firms to prevent them from abusing leveraged buyouts, industry officials said Sunday. A leveraged buyout is a strategy in which the acquirer borrows money using the target company’s assets as collateral, then repays the debt or recoups its investment by selling off or liquidating those assets. This approach has long been a key acquisition tactic in the private equity industry. The discussions have gained momentum amid controversy surrounding Homeplus, which recently entered court-led rehabilitation. MBK Partners acquired a full stake in the supermarket chain from British retailer Tesco for 6 trillion won ($4.2 billion) in 2015, with nearly half of the acquisition cost — about 2.7 trillion won — financed through loans. Since then, the firm has focused on repaying debt by selling off prime store locations and recovering its investment through dividends. Criticism has been mounting over MBK’s abrupt filing for rehabilitation for Homeplus on March 4, with many arguing that exc

Apr 20, 2025By Jun Ji-hye

Momentum grows for tightening rules on private equity firms' leveraged buyouts

Hana Financial's concert for employee families

Hana Financial Group Chairman Ham Young-joo, seventh from right, poses at a concert the group organized for family members of employees at Chungnam National University in Daejeon, Saturday. Courtesy of Hana Financial Group

Apr 20, 2025By Lee Yeon-woo

Hana Financial's concert for employee families

Eximbank, KOBC to anchor supply chain with joint maritime initiative

The Export-Import Bank of Korea (Eximbank) said Sunday that it signed a business agreement with Korea Ocean Business Corporation (KOBC) to help stabilize the maritime supply chain. The agreement, signed Friday at KOBC's headquarters in Busan, outlines cooperation to provide financial support for the shipping and port logistics industries. The goal is to enhance resilience and stability across the supply chain. As part of the partnership, the two institutions committed to collaborating and sharing information through their so-called "K-Logistics" task force team. They plan to conduct joint research, share data and analysis and explore potential joint projects aimed at strengthening maritime infrastructure. Eximbank announced that it will prioritize financial support for shipping, logistics and ship maintenance, repair and operational (MRO) sectors through its 10 trillion won ($7.02 billion) supply chain stabilization fund, approved in February to reinforce Korea's supply chain resilience. The MRO industry provides essential services for engines, equipment and components critical to the sm

Apr 20, 2025

Eximbank, KOBC to anchor supply chain with joint maritime initiative

InterviewCrosshub sets out to build borderless identity, payment ecosystem

Cross-border payments continue to face high costs, slow processing speeds, complex regulatory environments and a lack of interoperability between systems, Piero Cipollone, a member of the European Central Bank Executive Board, pointed out in a speech earlier this month. As he noted, differences between national financial systems lead travelers to experience various payment barriers, including limited payment options and high currency exchange fees. In addition, mobile payment services such as Apple Pay and Alipay operate on a country-specific basis, making them less accessible to foreigners staying in a country for a short period. This inconvenience is exactly what Crosshub set out to solve. Founded in May last year, the Korean startup is developing a global seamless payment solution that integrates identity verification with payments, allowing users to continue using their preferred payment methods across borders — overcoming the limitations of each country’s financial regulations and payment networks. “Our IDBlock is a next-generation hybrid identity authentication system, built

Apr 19, 2025By Jun Ji-hye

Crosshub sets out to build borderless identity, payment ecosystem

Hana Financial hosts art fair for people with developmental disabilities

Hana Financial Group held Hana Artverse, an art fair for people with developmental disabilities, on Thursday to provide a platform for artistic expression, the group said. The event held for the fourth year is part of Hana's commitment to promoting mutual, inclusive growth and awareness of disabilities. A total of 877 people applied for the top award, up 1.5 times compared to the previous year. The event had 30 winners, who will receive a combined 10.6 million won ($7,466) in prize money. Hana Financial Group Chairman Ham Young-joo said painting can be a great way to portray their lives, especially for people with developmental disabilities wishing to tell their stories. “The work of painting in itself can help share messages of hope,” he said. “Hana Financial will continue to stand by these artists through their lifelong journey of hopes and dreams in a world free of prejudice and discrimination. We are committed to enhancing social understanding and awareness of disabilities.” The winning works will be on display at Hana Bank headquarters gallery until Friday. They will then be m

Apr 17, 2025By Lee Kyung-min

Hana Financial hosts art fair for people with developmental disabilities

BOK holds key rate steady amid weak won, Trump tariffs; growth outlook likely to be lowered

Korea's central bank kept its benchmark interest rate unchanged Thursday in a bid to support the wobbly currency and ensure financial stability, while adopting a cautious stance amid heightened uncertainty from the Donald Trump administration's sweeping tariff campaign. In a widely expected decision, the monetary policy committee of the Bank of Korea (BOK) held its key rate unchanged at 2.75 percent during a rate-setting meeting in Seoul. The decision follows a quarter-percentage-point rate cut at the previous meeting in February, which marked the third reduction since October 2024, when the BOK began its monetary easing cycle for the first time since August 2021. "Regarding Trump's tariff policy, it is as if we have suddenly entered a dark tunnel," BOK Gov. Rhee Chang-yong told a press briefing. "We are choosing to slow down and wait until things brighten up." One of the six board members dissented from the on-hold decision, while all of them expressed the need to keep open the possibility of further rate cuts over the next three months given sluggish economic growth. Thursday's decision

Apr 17, 2025By Yonhap

BOK holds key rate steady amid weak won, Trump tariffs; growth outlook likely to be lowered

JB Financial chair buys treasury stocks to show commitment to responsible management

JB Financial Group Chairman Kim Ki-hong bought 12,127 company shares to increase his stakes in the firm, demonstrating his commitment to responsible management and enhancing shareholder value, the group said Wednesday. This raises his total stake to 160,000, or 0.08 percent of the company’s outstanding shares, the largest stakes held by the heads of Korea’s top seven financial groups. “I believe my increase in stakes reaffirms confidence in the group's long-term growth and commitment to responsible management and shareholder value increase,” Kim said. This is part of a continued commitment from the chairman, who received part of his annual bonus in treasury shares. He has made large-scale treasury stock purchases since he took the group's helm in March 2019. His term was renewed for the third time recently, extending to 2028. JB's other executives and employees have also increased their stakes in the group, fostering a culture of responsible management and commitment to strengthening corporate value. In February, the group announced a corporate strategy plan, including share buybac