K Wave Media Announces Investment and Strategic Partnership from Galaxy Digital to Accelerate Bitcoin Treasury Strategy
Galaxy will serve as an Asset Manager and Strategic Advisor to KWM, and will make an investment in KWM, as KWM executes its Bitcoin treasury strategy and expands access to institutional capital.
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The Star
26 minutes ago
- The Star
S&P 500 and Nasdaq rally to record highs
The S&P 500 climbed 0.78% to end the session at 6,358.91 points. The Nasdaq gained 0.61% to 21,020.02 points, while the Dow rose 1.14% to 45,010.29 points. NEW YORK: The S&P 500 and Nasdaq notched record high closes on Wednesday, lifted by Nvidia and GE Vernova, as the European Union and the US appeared headed toward a trade deal similar to an agreement President Donald Trump struck with Japan. The White House's deal with the European Union would include a broad tariff of 15% on EU goods imported into the US, two diplomats said. The rate, which could also extend to cars, would mirror the framework agreement the US has struck with Japan. The benchmark S&P 500 has now climbed about 8% in 2025, while the Nasdaq has gained almost 9%. "The key thing is the markets have confidence that the White House is going to continue to work through these trade deals," said Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report. Shares of GE Vernova surged to 14.6% an all-time high after the power equipment maker raised its revenue and free cash flow forecasts and beat Wall Street estimates for second-quarter profit. GE Vernova has gained over 80% so far in 2025, with power consumption on track to hit record highs due to growing demand from AI and cryptocurrency data centers. Heavyweight AI chipmaker Nvidia climbed 2.25% and fueled gains in the S&P 500 and Nasdaq. Tesla edged up 0.14% ahead of its quarterly report due after the closing bell. Investors will focus on the electric vehicle maker's analyst conference call. They have braced for Tesla to report a steep drop in revenue related to mounting competition, a lack of new car models and a consumer backlash against CEO Elon Musk. "What you will hear is an awful lot of discussion about the future and a broad acknowledgement that this was a terrible quarter," said Michael Green, chief strategist at Simplify Asset Management in Philadelphia. Alphabet dipped 0.58%, with the Google parent also set to report results after the close of trading. The S&P 500 climbed 0.78% to end the session at 6,358.91 points. The Nasdaq gained 0.61% to 21,020.02 points, while the Dow Jones Industrial Average rose 1.14% to 45,010.29 points, just short of its December 4 record high close. Volume on US exchanges was relatively heavy, with 19.1 billion shares traded, compared to an average of 17.7 billion shares over the previous 20 sessions. Wall Street's "fear gauge", the CBOE Volatility Index , dipped to its lowest level in over five months. Analysts on average expect S&P 500 companies to report a 7.5% increase in earnings for the second quarter, according to LSEG I/B/E/S. Microsoft, Nvidia and other technology heavyweights that have seen their valuations soar due to their leadership in AI are expected to drive much of that quarterly earnings growth. Medical equipment maker Thermo Fisher surged over 9% after beating Wall Street's estimates for second-quarter profit and revenue. Texas Instruments tumbled 13% after its quarterly profit forecast pointed to weaker-than-expected demand for its analog chips and underscored tariff-related uncertainty. Texas Instruments' report weighed on other analog chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor losing between 1% and 4.6%. In economic data, US existing home sales fell more than expected in June. Focus now shifts to Thursday's weekly jobless claims numbers and S&P Global's flash PMI data to gauge economic health in the wake of tariff uncertainties. Following a mixed set of economic data last week, traders have ruled out an interest rate cut by the Federal Reserve next week. Odds for a September reduction stand at about 58%, according to the CME FedWatch tool. Advancing issues outnumbered falling ones within the S&P 500 by a 2.1-to-one ratio. The S&P 500 posted 50 new highs and 2 new lows; the Nasdaq recorded 96 new highs and 20 new lows. — Reuters
The Star
36 minutes ago
- The Star
Sim: Comply with ruling
Goodwill: Sim (left) and Fahmi believe the additional holiday reflects the spirit of Malaysia Day. Procedures must be followed as Sept 15 is declared public holiday PETALING JAYA: Employers must comply with the public holiday declared for Sept 15 by either giving employees the day off with regular pay or pay public holiday rates if they are required to work, says the Human Resources Ministry. Minister Steven Sim said employers can also offer a replacement day off for those who are required to work on that day. He explained the implementation of the holiday is subject to provisions under Section 60D(1) of the Employment Act 1955, the Sabah Labour Ordinance (Chapter 67), the Sarawak Labour Ordinance (Chapter 76) and the Holidays Act 1951, and it must be done fairly. 'This long weekend can be used to promote wellness among workers and stimulate local economic activities. 'This, in turn, contribute positively to the community,' he said in response to the Prime Minister's announcement that Sept 15 is an additional public holiday. Sept 15 falls on a Monday, creating a long weekend as it is followed by the Malaysia Day public holiday on Sept 16. Datuk Seri Anwar Ibrahim said the gesture is to honour the unity and uniqueness that underpin the formation of Malaysia. Sim said the holiday reflects the spirit of Malaysia Day, providing an opportunity for citizens to come together and strengthen national pride. 'This will also allow the public to appreciate the country's multiracial and multicultural identity,' he added. He also called on Malaysians to embrace the occasion by fostering harmony and solidarity in conjunction with the national celebration. To support a smooth rollout, the Labour Department is ready to assist employers and workers. 'To ensure the implementation of the additional public holiday is fair and organised, the Labour Department is prepared to provide advisory services and answer queries from employers and workers regarding the implementation of this additional public holiday,' he said. Meanwhile, Communications Minister Datuk Fahmi Fadzil said the Prime Minister's announcement reflects the government's commitment to ease the people's burden with various forms of assistance. He said the government's initiative would also further boost economic growth, provide relief to the people and strengthen the country's fiscal resilience in the face of global uncertainties. 'The government will continue to balance the need to improve the country's financial position with the responsibility to safeguard the well-being of the people,' he said, Bernama reported. Fahmi, who is also National Day and Malaysia Day celebrations main committee chairman, called on Malaysians to raise the spirit of love for the country. 'This is the time for us to unite our hearts, appreciate the blessings of independence and together contribute to the prosperity of the country,' he said. He said the government would continue to strengthen the development agenda through the 13th Malaysia Plan and the 2026 Budget which is currently being worked on for the benefit of the people.
The Star
an hour ago
- The Star
The evolving face of South Korea's bank governance
SEOUL: South Korea's financial giants have been working to shed their long-standing reputation for rubber-stamp governance, as diversity and boardroom expertise have visibly improved. Yet, with chief executive officers (CEOs) and legacy ties still exerting implicit power in some high-level conference rooms, the extent to which boards can hold management accountable remains in question. All four of South Korea's top financial groups now have at least two female outside directors, with women holding an average of 32% of those seats. Shinhan leads with four of nine, followed by KB with three of seven, Hana with three of nine and Woori with two of seven. Notably, the female directors are, on average, more than a decade younger than their male peers – suggesting that gender inclusion is also fostering generational renewal. Average board ages cluster between 61 and 63, with Shinhan and Woori the youngest at roughly 61.7 years old. However, none of the boards currently includes a foreign national. The last was Stuart B Solomon, a former MetLife executive who left KB in 2022. The absence is especially striking given that foreign investors now hold an average 63% stake across the four groups – more than six times the Kospi average. While not legally mandated, foreign directors are widely seen as a marker of governance transparency and stronger representation of foreign shareholders' interests. Strengthening internal oversight was the dominant theme in board appointments across Korea's top banking groups this year. Woori made the most sweeping changes, replacing four of its seven outside directors after a high-profile internal control failure led to regulatory scrutiny. It also launched an ethics and internal control committee and revamped its audit committee. New appointees include Kim Choon-soo, a compliance specialist and former head of Eugene Group's ethical management division, and Rhee Yeong-seop, a Seoul National University professor with expertise in economics and financial regulation – both expected to strengthen the group's internal controls. To support Woori's digital transformation, technology entrepreneur Kim Young-hoon, a founding member of Daou Tech, also joined the board. Still, gaps remain. Woori's board skill matrix highlights a lack of expertise in consumer protection and legal affairs – areas that need strengthening going forward. The other three groups, with more balanced skill coverage, emphasised continuity while selectively shoring up governance capabilities. Shinhan added two new directors with deep ties to Japan, preserving its long-standing alignment with the Korean-Japanese community and maintaining the share of third-generation Korean-Japanese outside directors. New appointees include Chun Myo-sang, a third-generation Korean Japanese and certified public accountant in Japan, and Yang In-jip, a Korean national with extensive professional experience in Japan, including as a tech CEO and former chair of the Korean Business Association in Japan. This enduring alignment reflects Shinhan's founding roots – established with capital from Korean Japanese investors in the 1980s – and continues to serve as a stabilising force in its maintained board stability while adding targeted expertise. New appointees include Ewha University economics professor Chah Eun-young and E-Jung Accounting CEO Kim Sun-yeop, bolstering regulatory and audit oversight. A new internal controls committee is chaired by Lee Myong-hwal, a veteran economist and policy expert. Notably, KB limits outside director terms to five years, shorter than the industry's six-year norm, underscoring its commitment to board renewal. Hana made minimal changes but focused on governance upgrades. It established an internal controls committee and added Suh Young-sook, former chief credit officer at SC Bank Korea, as its only new outside director. Though modest in scope, the move raised Hana's female director ratio and added global credit expertise. Despite formal efforts to separate management and oversight, executive influence remains entrenched. At KB and Shinhan, the CEOs of their flagship banks – Lee Hwan-ju and Jung Sang-hyuk, respectively – sit on the holding company's board as 'non-standing' directors: non-executive, non-independent, but voting members who serve on committees. — The Korea Herald/ANN
