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Mirae Asset Securities’ unexpected zero allocation in SpaceX’s June initial public offering is shaping how Korean financial firms approach the next major US listing: artificial intelligence vanguard Anthropic. As the US company moves toward an IPO, Korean asset managers and brokerages are taking a cautious approach, industry sources said Thursday. Rather than trying to secure shares before the listing, most plan to buy the stock on the open market afterward. At least six Korean asset managers ar
Korea Eximbank signed a pact with the African Development Bank to expand financing for African projects in artificial intelligence, critical minerals and green infrastructure, the state lender said Thursday. Korea Eximbank Chairman and President Hwang Ki-yeon and AfDB President Sidi Ould Tah signed the agreement Wednesday in Seoul during the eighth Korea-Africa Economic Cooperation Ministerial Conference. Under the agreement, the two institutions will seek to expand joint financing in areas incl
South Korean retail investors may have cooled on single-stock leveraged ETFs at home after regulators tightened trading rules, but their appetite for leveraged bets has not disappeared. Instead, much of that demand has flowed into US-listed products. Koreans now own unusually large portions of several leveraged ETFs, giving them an outsized presence in corners of the US market — and potentially contributing to trading volumes that recently disrupted daytime access to popular products. The cleare
Samsung’s two insurance arms left the door open Thursday to overseas deals potentially worth up to 9 trillion won ($6.6 billion), stopping short of denying reports linking them to major acquisitions in the UK and US. Samsung Fire & Marine Insurance is reportedly considering taking control of London-based specialty insurer Canopius, while Samsung Life Insurance is said to be weighing the purchase of about 15 percent of US financial group Principal Financial Group. In separate regulatory filings,
US investment giant Capital Group has returned as a major shareholder in Shinhan Financial Group, lifting its stake above 5 percent as the Korean banking group steps up shareholder returns. According to a regulatory filing Wednesday, Capital Research and Management Company, a Capital Group affiliate, held 23.57 million shares in Shinhan Financial, which translates to a 5.02 percent stake. The holding makes the manager the third-largest shareholder in Shinhan Financial, behind the National Pensio
Woori Financial Group Chairman Yim Jong-yong and 55 other senior executives have purchased company shares as the group expands its nonbanking operations and integrates its two life insurers. Yim bought 5,000 shares Aug. 24, shortly after Woori Financial completed its acquisition of Dongyang Life Insurance and announced plans to merge it with ABL Life Insurance, the company said Wednesday. The shares were purchased at 31,800 won ($23.26) apiece, bringing Yim's holdings to 15,000 shares. The other
Finance Minister nominee Lee Hyung-il on Wednesday laid out a growth-focused policy agenda that also emphasizes capital market reform and stronger economic policy coordination. Lee, currently first vice finance minister, met with reporters in Sejong for the first time since his ministerial nomination Sunday. At the briefing, he identified lifting Korea's potential growth rate and reducing polarization as his two top economic priorities. "We need to accelerate the economy's growth momentum and fi
South Korea wants to move another wave of public institutions out of the capital region. But unions representing financial regulators and policy bodies warn that decentralization could slow crisis response, weaken oversight and drive skilled employees out. The dispute is intensifying as the government prepares the second phase of its decadeslong effort to spread jobs and economic activity beyond Seoul. A road map initially expected in September may now come in October or November, as the governm
The Export-Import Bank of Korea said Tuesday it has donated 100 million won ($70,825) to the Korean Red Cross to support relief efforts following a powerful earthquake in Colombia. The funds will provide emergency supplies and other assistance to affected communities. More than 50,000 people were affected by the magnitude 7.4 earthquake and subsequent aftershocks, according to the bank. “We hope the donation provides some comfort and practical support to those who lost their homes and livelihood
The Export-Import Bank of Korea said Monday it would provide $1 billion in financing to Swiss commodities giant Glencore in return for a stable supply of copper to Korean companies. Glencore operates mines and smelters that produce copper, zinc and nickel worldwide. Its trading network handles more than 60 commodities through long-term relationships with thousands of customers and suppliers. The financing will support Glencore’s general corporate operations, while the company will supply copper
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