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SEOUL, Feb. 20 (UPI) — South Korea’s benchmark KOSPI index continues to set records, driven by strong corporate performances, including semiconductor giants Samsung Electronics and SK hynix.

The index more than doubled over the past year to surpass 5,800 points Friday. Also fueling the bullish rally are Mirae Asset Securities and SK Telecom, which have invested in promising U.S. firms expected to list in the near future.

The share price of Mirae Asset Securities, South Korea’s leading brokerage house, more than tripled this year, buoyed by strong earnings. It reported $1.1 billion in net profit for 2025, up 72% from a year earlier.

In addition, observers point out the company’s investment in SpaceX, which is expected to go public this summer with a market capitalization of around $1.25 trillion, has also underpinned its stock.

In 2022 and 2023, Mirae Asset Group reportedly channeled $278 million into SpaceX, and roughly half of that came from Mirae Asset Securities, although It does not confirm the detailed figures. A listing could deliver significant windfalls for the brokerage.

Yuanta Securities analyst Woo Do-hung said that Mirae Asset Securities is likely to remain strong through SpaceX’s IPO.

SpaceX is the world’s top private aerospace manufacturer, while xAI is an artificial intelligence startup founded by Elon Musk. Earlier this month, the former acquired the latter in an all-stock deal.

“Following its merger with xAI, SpaceX’s current valuation is estimated at around $1 trillion,” Woo said in a report, expecting the figure to rise to as much as $1.5 trillion after listing, further supporting Mirae Asset Securities on the Seoul bourse.

Reflecting confidence in its long-term upside potential, Mirae Asset Securities also plans to keep holding stakes in innovative companies like SpaceX before they go public.

“We are not yet considering an exit strategy, as our investments in innovative companies remain unlisted,” CFO Lee Kang-hyuk told a conference call earlier this month.

“We aim to pursue exits at the most optimal timing and then reinvest the recovered funds into high-growth assets or use them for M&A, thus establishing a stable virtuous cycle,” he added.

Another beneficiary in the Korean stock market is SK Telecom, the country’s largest mobile carrier, which made a strategic equity investment of $100 million in Anthropic in mid-2023 through its venture arm.

Known for its Claude family of artificial intelligence models, Anthropic is also projected to go public in the coming years.

With its valuation estimated at about $380 billion, the value of SK Telecom’s stake has jumped several-fold to more than $2 billion, or nearly 20% of the company’s market capitalization.

The successful investment has bolstered its share price, which surged over 50% this year.

“The value of SK Telecom’s stake in Anthropic is estimated at around $2.1 billion,” Korea Investment & Securities analyst Kim Jeong-chan said in a report. “It has lifted SK Telecom’s valuation.”

He expected that AI-related revenue, including AI data centers and AI transformation, could put the firm on track to approach $1.4 billion in 2026 operating profit from $740 million last year.

Against this backdrop, industry watchers note that an increasing number of Korean corporations are likely to pursue long-term investments in promising startups from the advanced markets.

“As predicting the future has become increasingly difficult, companies are more often building portfolios of smaller investments rather than making large bets on a handful of prominent firms,” economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, told UPI.

“In the past, they might have made major investments in around five companies, but now it’s common to spread smaller investments across 30 firms. Even if only a few succeed, that is considered a success,” he said.

Kim noted that such a trend would accelerate across the country’s corporations with the advent of the AI era, when the future becomes even more challenging.

WASHINGTON — As progressives seek to place a new tax on billionaires on California’s November ballot, a Republican congressman is moving in the opposite direction — proposing federal legislation that would block states from taxing the assets of former residents.

Rep. Kevin Kiley (R-Rocklin), who faces a tough re-election challenge under California’s redrawn congressional maps, says he will introduce the “Keep Jobs in California Act of 2026” on Friday. The measure would prohibit any state from levying taxes retroactively on individuals who no longer live there.

The proposed legislation adds another layer to what has already been a fiery debate over California’s approach to taxing the ultra-wealthy. It has created divisions among Democrats and has placed Los Angeles at the center of a broader political fight, with Bernie Sanders set to hold a rally on Wednesday night in support of the wealth tax.

Kiley said he drafted the bill in reaction to reports that several of California’s most prominent billionaires — including Meta Chief Executive Mark Zuckerberg and Google co-founders Larry Page and Sergey Brin — are planning to leave the state in anticipation of the wealth tax being enacted.

“California’s proposed wealth tax is an unprecedented attempt to chase down people who have already left as a result of the state’s poor policies,” Kiley said in a statement Wednesday. “Many of our state’s leading job creators are leaving preemptively.”

Kiley said it would be “fundamentally unfair” to retroactively impose taxes on former residents.

“California already has the highest income tax of any state in the country, the highest gas tax, the highest overall tax burden,” Kiley said in a House floor speech earlier this month. “But a wealth tax is something unique because a wealth tax is not merely the taxation of earned income, it is the confiscation of assets.”

The fate of Kiley’s proposal is just as uncertain as his future in Congress. His 5th Congressional District, which hugs the Nevada border, has been sliced up into six districts under California’s voter-approved Proposition 50, and he has not yet picked one to run in for re-election.

The Billionaire Tax Act, which backers are pushing to get on the November ballot, would charge California’s 200-plus billionaires a onetime 5% tax on their net worth in order to backfill billions of dollars in Republican-led cuts to federal healthcare funding for middle-class and low-income residents. It is being proposed by the Service Employees International Union-United Healthcare Workers West.

In his floor speech, Kiley worried that the tax, if approved, could cause the state’s economy to collapse.

“What’s especially threatening about this is that our state’s tax structure is essentially a house of cards,” Kiley said. “You have a system that is incredibly volatile, where top 1% of earners account for 50% of the tax revenue.”

But supporters of the wealth tax argue the measure is one of the few ways that can help the state seek new revenue as it faces economic uncertainty.

Sanders, an independent from Vermont who caucuses with the Democrats, is urging Californians to back the measure, which he says would “provide the necessary funding to prevent more than 3 million working-class Californians from losing the healthcare they currently have — and would help prevent the closures of California hospitals and emergency rooms.”

“It should be common sense that the billionaires pay just slightly more so that entire communities can preserve access to life-saving medical care,” Sanders said in a statement earlier this month. “Our country needs access to hospitals and emergency rooms, not more tax breaks for billionaires.”

Other Democrats are not so sure.

Gov. Gavin Newsom, who is eyeing a presidential bid in 2028, has opposed the measure. He has warned a state-by-state approach to taxing the wealthy could stifle innovation and entrepreneurship.

Some of he wealthiest people in the world are also taking steps to defeat the measure.

Brin is donating $20 million to a California political drive to prevent the wealth tax from becoming law, according to a disclosure reviewed by the New York Times. Peter Thiel, the co-founder of PayPal and the chairman of Palantir, has also donated millions to a committee working to defeat the proposed measure, the New York Times reported.

Oxlade-Chamberlain has been training with Arsenal in recent months and thanked the Premier League leaders for helping him to hit the ground running in Glasgow.

“It means a lot,” he said after his dramatic return to competitive action.

“I have to say a big thank you to everyone at Arsenal, giving me the chance to keep my fitness up, and an even bigger thanks to the manager here for giving me the chance to put on this kit and play for this amazing club.

“When you get those opportunities, you want to be able to pay back with moments of quality like that.

“It’s been difficult. Sometimes the way things go in football, especially when you cross that 30-years-of-age barrier, you’re not as valuable as you once were in a business sense.

“I knew I still had a lot to give and training every day for the last three months where I was training gave me the confidence that I can still offer a lot to the game.

“I’m delighted to be here and have the opportunity to do that and help these boys.”

The 32-year-old’s last-gasp goal takes Celtic within a point of Rangers – who drew 1-1 at Motherwell – in second and closer to Hearts, while O’Neill’s side carry that game in hand over both.

“Tonight is a great start for me, but more importantly keeps our goals alive and keeps us going in the right direction,” Oxlade-Chamberlain added.

He says he leapt at the chance to move to Parkhead, with a wee push from his dad.

“It’s an amazing opportunity. When it came up, I didn’t doubt it for one second,” he said.

“My dad’s from an era where this club means a lot. He was straight away telling me ‘I’ll get you in the car and drive you up there myself’.

“It’s a great start, but I know there’s a lot more to it than 13 minutes.”

SEOUL, Feb. 10 (UPI) — South Korea’s Mirae Asset Securities said it posted a record bottom line last year, based on solid performances across its business sectors, including brokerage, wealth management and trading.

The Seoul-based company said Monday it netted $1.1 billion in the 2025 profit, up 72% from a year earlier, as assets under management rose 25% to $410 billion. Among them, 14% was operated in the global markets.

The pretax profit from its brokerage business jumped 43% year-on-year thanks to a bullish stock market, which saw the country’s benchmark KOSPI surge more than 75% last year.

Those from its wealth management and trading divisions rose 21% and 14%, respectively.

Another key contributor to the results was its global business, of which pretax profit doubled to $342 million. Mirae Asset Securities noted that its investments in such innovative companies as SpaceX and xAI boosted profitability.

“Since our founding, we have strategically reinvested capital secured through globally diversified investments, building a virtuous circle that has led to meaningful achievements,” Mirae Asset Securities said in a statement.

The share price of Mirae Asset Securities climbed 11.25% on the Seoul bourse Monday before dipping 2.43% Tuesday.

The largest brokerage house of South Korea is a representative subsidiary of Mirae Asset Group, one of the country’s leading financial conglomerates.

Feb. 5 (Asia Today) — South Korea’s Board of Audit and Inspection said Thursday it will begin a first-half audit of public institutions’ asset management, including the sale of broadcaster YTN, amid allegations that some state-linked assets were disposed of at below-market prices.

The audit agency released its 2026 annual plan and said it will focus on high-risk areas tied to financial soundness, including large public-sector projects, asset sales and the operations of overseas offices.

A Board of Audit and Inspection official said the agency will conduct a comprehensive review of cases in which assets were sold or leased at low prices without sufficient valuation, citing claims that public institution assets, including YTN, were subject to “fire-sale” pricing.

YTN became the center of controversy in October 2023 over allegations of forced privatization and a rushed or preferential sale after a 30.95% stake held by KEPCO KDN and the Korea Racing Authority was transferred to the Eugene Group, according to the report.

President Lee Jae-myung ordered ministries in November 2025 to halt and reexamine state asset sales, the report said.

The audit plan also includes reviews described as “visible to the public,” covering illegal drug customs clearance management, defect handling in multi-unit housing and the operation of information security certification systems.

In addition, the agency said it will conduct “innovation support audits” in new technology areas such as artificial intelligence and research and development. The plan also calls for an audit of relaxation facilities, including a cypress sauna and a bedroom, installed at the Yongsan presidential office during former President Yoon Suk Yeol’s tenure, according to the report.

An audit agency official said the board will aim to drive institutional changes that the public can feel.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260206010002246