Mirae Asset Global Investments, Korea’s leading asset management firm, has significantly expanded its global footprint, now managing over 580 exchange-traded funds with net assets totaling 170 trillion won ($133 billion). Since launching its first exchange-traded fund, Tiger ETF in 2006, Mirae Asset has grown into a formidable player in the global market, overcoming initial industrial skepticism toward a domestic financial firm. In 2011, it became the first Korean asset manager to list on

The Bank of Korea looks increasingly likely to push back the start of its interest rate-cutting cycle as late as October as the country enters the last mile in its inflation fight while the US dials back its rate cut forecasts, experts said Thursday. The country’s recent data showing signs of weakening inflation, coupled with a rebound in exports, has increased anticipation for rate cuts by the Bank of Korea. The borrowing rates were kept at 3.5 percent for the 11th consecutive session i

Shinhan Bank announced Thursday that it participated in the "Korea-Kazakhstan Business Forum" in Astana, hosted jointly by the governments of both countries the previous day. As the sole commercial bank in the Korean delegation, Shinhan Bank signed two significant agreements during the forum. One was signed with the European Bank for Reconstruction and Development to enhance partnerships and financial support in Kazakhstan, while the other agreement involved cooperation with CU Centr

South Korea's ban on the short selling of stocks is set to be extended until March next year. The projected deadline was discussed during a government-parliament meeting between the country's top financial regulators and the ruling People Power Party on Thursday to discuss the enhancement of short selling regulations. "We have proposed extending the short selling ban until March 2025, after the development of the computerized monitoring system," said lawmaker Jeong Jeom-sig,

Finance Minister Choi Sang-mok on Thursday called for beefing up an "external safety net" to better respond to uncertainties regarding interest rates in the United States and other nations. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve's rate-setting meeting Wednesday, where it kept the benchmark interest rate at between 5.25-5.5 percent for a seventh straight time. The Fed also signaled fewer rate cuts than previously estimate

Bill rekindles debate over shareholder protection vs. managerial autonomy

The chief of the state-run Korea Development Bank on Tuesday unveiled plans to provide 100 trillion won ($72.5 billion) in policy funds for the development of high-tech industries while continuing efforts to push for the relocation of headquarters to Busan. KDB Chairman Kang Seog-hoon made the announcement during his second-anniversary press conference held at the bank's headquarters in Yeouido, Seoul, and called for swift legal revisions to implement the plans. "We are currently prepa

The number of enterprises founded by those aged 60 and above marked a record-high number in the first quarter this year, government data showed Tuesday, despite the overall number of new businesses continuing to decline. According to Statistics Korea, a total of 276,000 new companies were founded in the first quarter, excluding those related to real estate. Of those, 38,000 were founded by people aged 60 and older, marking the highest figure ever. It was also the first time ever that new enter

The financial regulator said Monday it plans to develop a real-time monitoring system for naked stock short selling by March next year. The plan comes amid an ongoing ban on stock short selling, which was originally set to end at the end of this month. "A considerable amount of time is required to develop a centralized naked short selling monitoring system, as well as an effective algorithm to detect illegal stock short selling," the Financial Supervisory Service said in a press releas

Major business leaders in South Korea, Japan and China unanimously agreed on the need to enhance economic ties, with the highest expectations placed on economic revitalization and supply chain stability, a recent survey conducted by the Korea Chamber of Commerce and Industry revealed Sunday. The findings come from an on-site survey conducted at the trilateral business summit held on May 27 in Seoul, with 136 business leaders responding regarding their views on economic cooperation. The survey hi

President Yoon vows to dial up trade and investment, shrink economic distance with African nations

South Korea's economy grew at the fastest pace in over two years in the first quarter of the year as the recovery in exports continued and private spending remained firm, central bank data showed Wednesday. The country's real gross domestic product -- a key measure of economic growth -- increased 1.3 percent on-quarter in the January-March period, matching an earlier estimate, according to preliminary data from the Bank of Korea. The first-quarter expansion compares with the 0.5 percen

Lee Bok-hyun, head of South Korea’s Financial Supervisory Service, reaffirmed his commitment to resolving ongoing issues, including real estate project financing risks and overhauling the short-selling system, and pledged to accelerate the digitization of finance during the remainder of his term. "Reflecting on the past two years, despite the challenges posed by rising inflation and interest rates, I believe we worked tirelessly to achieve stable financial conditions and foster compas

Yoon banks on Africa's youngest population, abundant resources

Financial feasibility remains uncertain as each well costs 100 billion won ($72.6 million) to drill, with no guarantee of viable reserves