Mirae Asset’s spot gold ETF tops $2.5b in net assets

The spot gold exchange-traded fund operated by Global X Australia has garnered over $2.5 billion (3.6 trillion won) in net assets, backed by rising demand for the safe-haven precious metal, Mirae Asset Global Investments announced Wednesday. Global X Physical Gold is a spot gold ETF operated by Global X Australia under South Korea's leading asset manager, Mirae Asset Global Investments. Launched in 2003 by then-ETF Securities, the fund was the first ETF tied to the gold spot price. Global X Phys

Feb. 13, 2025

NPS chief investment officer to extend tenure

The incumbent chief investment officer at the National Pension Service, the world’s third-largest pension fund by total assets with nearly 1,200 trillion won ($830 billion) in its arms, is to extend his tenure for another year, backed by a robust track record, according to industry sources Wednesday. While the NPS has finalized the process to reappoint Chief Investment Officer Seo Won-joo to the position, his extended term will have to be approved by the minister of health and welfare. With the

Feb. 12, 2025

KRX CEO labels corporate reform drive a 'success'

The South Korean government’s push to boost the market value of listed companies here has been “successful” when considered apart from external factors, according to the chief of the country’s stock market operator. "Leaving out the variable of international competition, the initiative has been significantly successful in terms of resolving the (Korea) discount," Korea Exchange CEO Jeong Eun-bo said in a press conference at the bourse operator’s headquarters in Yeouido, western Seoul, on Tuesday

Feb. 11, 2025

Trump's tariff threats drive up 'kimchi premium' in Korea's crypto market

Local investors flock to virtual assets to hedge against trade war US President Donald Trump’s latest threats to impose tariffs on key trading partners have fueled the “kimchi premium,” the price gap between cryptocurrency values in South Korea and international markets. Earlier this month, when Trump announced plans to impose 10 percent tariffs on China and broad 25 percent tariffs on Canada and Mexico — which he later backtracked on — the price of bitcoin plunged on overseas exchanges. The mar

Feb. 11, 2025

ISTE enhances corporate clientele ahead of Kosdaq listing

Chip manufacturing equipment supplier ISTE announced Monday it has expanded its client base with a new deal, ahead of its Kosdaq market debut slated for Wednesday. ISTE specializes in cleaning equipment for wafer carriers and supplies its products to chip giants such as SK hynix, Samsung Electronics and SK Siltron. According to the announcement, ISTE secured a deal to provide its product to an outsourced semiconductor assembly and test company with headquarters in the US. The latest deal shows h

Feb. 10, 2025

US overnight trading platform gears up to make comeback in Korea

US alternative trading system Blue Ocean ATS hopes to resume trading service for Korean investors soon, following a six-month halt sparked by its system crash in August. Operated by Blue Ocean Technologies, the ATS provides overnight trading of US stocks, enabling Korean investors to trade during their daytime hours. “We have invested in Korea with our technology, support and compliance. I believe we are close (to recommence the service),” Blue Ocean Technologies CEO and President Brian Hyndman

Feb. 8, 2025

New bourse operator to usher in 12-hour stock trading sessions from March

Nextrade eyes 10 percent market share in three years The South Korean stock market will welcome a new bourse operator for the first time in nearly 70 years, as alternative trading system Nextrade is set to make its debut on March 4. The launch of Nextrade is poised to stir up the market by putting an end to the monopoly power that the country’s sole operator Korea Exchange has enjoyed for decades, providing extended-hours trading sessions before and after regular market hours. “We are going over

Feb. 7, 2025

Despite strong 2024, Shinhan Financial’s profit dips in Q4

Shinhan Financial Group, one of South Korea’s top four financial service providers, reported a sharp decline in profit in the last three months of 2024 on Thursday, citing increased expenses from trading and management that ate into its margins. The finance giant recorded over 4.5 trillion won ($3.1 billion) in yearly net profit in 2024. Shinhan Financial Group posted 473.4 billion won in fourth-quarter net profit, down 63.5 percent on-quarter. Compared to the same period in 2023, profit decline

Feb. 6, 2025

Top hotel chains eye Hilton Seoul redevelopment

Major hotel franchises are vying to operate a new hotel to be launched as part of the Millennium Hilton Seoul redevelopment project, betting on the site’s lucrative potential. While the redevelopment project involving the former Millennium Hilton Seoul site near Namsan and Seoul Station is underway, led by local real estate asset manager Igis Asset Management, top global hotel operators have submitted letters of intent to run the redeveloped hotel, industry sources said Thursday. Each chain has

Feb. 6, 2025

Finance association chief vows to push for spot crypto ETFs

South Korea has to embrace cryptocurrency exchange-traded funds tied to cryptocurrencies to not lag behind the sharp growth of the global virtual asset market, the chief of a local finance association said Wednesday. "The global virtual asset market is likely to further growth backed by the Trump 2.0 administration's favorable stance toward the investment vehicle," Korea Financial Investment Association Chairman Seo Yoo-seok said at a press conference held at the industry body's headquarters in

Feb. 5, 2025