[Global Finance Awards] Mirae Asset Securities pioneers global expansion

Mirae Asset Securities, a leading brokerage house based in Korea, has been expanding its presence in the global financial market, backed by its burgeoning overseas operations. With 12 branches and three offices located out of Korea, the firm boasts a vast overseas network across 11 regions including Hong Kong, Singapore, Vietnam, Indonesia, India, Mongolia, China, the US, the UK, Greece and Brazil. The equity capital held by its overseas subsidiaries surpassed $3 billion as of June, according to

Nov. 30, 2023

[Global Finance Awards] KB Bank retains No. 1 spot with customer-first strategy

KB Kookmin Bank has been striving to be a first mover that takes initiatives in the banking industry and develops innovative financial services by growing in line with its customers. For nine consecutive years, KB Kookmin Bank has ranked at No. 1 in the banking category of the National Customer Satisfaction Index, and once again secured first place in the latest report, released in early November. With “kookmin” meaning “people” in Korean, KB Kookmin Bank CEO Lee Jae-keun

Nov. 30, 2023

BlockSquare Seoul reads crypto market trends

BlockSquare Seoul, under the wing of its holding company Youth Meta, provides virtual currency trading assistant services based on algorithms powered by artificial intelligence technology. Founded in 2016, the firm’s robo advisor, Goyabot, offers market prediction for some 180 cryptocurrencies, speculating future price movements by using data generated from real-time market monitoring. Goyabot predicts crypto price fluctuations by analyzing buy and sell orders entered on exchanges, trans

Nov. 29, 2023

[Herald Interview] Decoding crypto through charts

The answers are all out there in the charts for Iron Won, who leads Youth Meta, the holding company of crypto trading service operator BlockSquare Seoul. After a prolonged period of uncertainty in the cryptocurrency market, the crypto winter seems to have come to an end. As market sentiment lightens up, Won has one piece of advice for investors -- to predict market trends by tracking asset movements. “It is nearly impossible for an average person to approach the crypto market, as it is exp

Nov. 29, 2023

[Herald Interview] Korea ramps up high-tech IP protection and leak crackdown

The Korean Intellectual Property Office, under the leadership of Commissioner Lee Insil, has been implementing multiple measures to support high-tech industries by speeding up patent processes, particularly in semiconductors and displays, while also tackling technology leakage and enhancing international intellectual property protection. This follows President Yoon Suk Yeol’s announcement made last month to invest 25 trillion won ($19.2 billion) in 12 key strategic technologies over the

Nov. 28, 2023

2 Taiwanese display firms ordered to pay damages to LG for price-fixing

Two Taiwanese display makers have been ordered to pay a combined 32.8 billion won ($25.1 million) in damages to LG Electronics Inc. for fixing the prices of LCD panels, sources said Monday. The Seoul Central District Court recently delivered the ruling in a compensation suit filed by LG and six of its overseas branches in January 2014 against AUO Corp. and HannStar Display Corp., both based in Taiwan. AUO, formerly AU Optronics Corp., and nine other LCD manufacturers and distributors were accuse

Nov. 27, 2023

Samsung Electronics makes final pitch in Paris for Busan's bid to host 2030 World Expo

Samsung Electronics Co. has been making its final pitch for Busan's bid to host the 2030 World Expo with displays in Paris, company officials said Sunday. Samsung has displayed a message of support for the southeastern port city's expo bid across billboards at various places in France's capital, including Paris Charles de Gaulle Airport, major shopping areas and tourist attractions, according to the officials. Samsung has also put up a giant advertising post promoting its latest f

Nov. 26, 2023

Two CEOs to lead Mirae Asset Global Investments

Mirae Asset Global Investments, an asset management company under Mirae Asset Financial Group, named two vice chairs, Choi Chang-hoon and Rhie Chun-yong, as chief executive officers of the firm in a shareholders meeting Thursday. Choi, who has held the co-CEO post since 2021, will serve another term. His efforts were appreciated for having secured investment stability by strengthening the diversity of the real estate investment portfolio in and out of Korea, the firm said. With 25 years of exper

Nov. 23, 2023

Dunamu CEO set for third term

Lee Sirgoo, CEO of Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, was officially tapped by board members to lead the fintech firm for another three-year term, it said on Wednesday. Lee, who has been serving his second term at the company, was first named its chief in 2017. The appointment is to be finalized through approval at a shareholders meeting, set to take place on Dec. 5. If approved, Lee’s term will last until December 2026. “I decided to assume

Nov. 22, 2023

T1's fourth LoL win to pump up valuation

T1, the world’s top League of Legends esports company, is anticipated to reach a higher valuation and near the financial break-even point next year after winning the 2023 World Championship title, SK Telecom’s investment arm and T1’s majority shareholder SK Square said Monday. This victory was T1's fourth World Championship title and follows their two Mid-Season Invitational wins, another international LoL tournament hosted by Riot Games. Formed as a joint venture between

Nov. 22, 2023

Lotte Chemical swings to Q3 net profit on narrowed losses in basic chemicals division

Lotte Chemical Corp. said Thursday it swung to a net profit in the third quarter from a year earlier due mainly to narrowed losses in the basic chemicals business division. Lotte Chemical shifted to a net profit of 32.77 billion won ($25 million) in the three months ended Sept. 30 from a net loss of 31.07 billion won in the same period last year, the company said in a statement. "On top of reduced losses in the basic chemicals division, the bottom line was buoyed by increased sales of high-

Nov. 9, 2023

Kakao Bank's Q3 profit jumps 21% on higher interest income

South Korean online lender Kakao Bank said Wednesday its net profit jumped 21 percent from a year earlier in the third quarter, helped by higher interest income. Third-quarter net profit came to 94.5 billion won ($72.7 million), up 21.2 percent from a year earlier, Kakao Bank said in a regulatory filing. Revenue surged 59.4 percent on-year to 656.6 billion won, with operating income growing 21.9 percent on-year to 127.5 billion won, it said. In the first nine months of the year, Kakao Bank said

Nov. 8, 2023

Hahn & Co. to acquire SKC’s fine ceramics biz for W360b

Hahn & Co., one of the largest private equity firms in Korea, announced Tuesday it had signed a definitive agreement with SKC, a semiconductor material arm under SK Group, to acquire its fine ceramics business for 360 billion won ($267 million). The company said SKC is a major player in the semiconductor industry with its fine ceramics business producing high-purity quartz and silicon carbide consumable materials crucial for manufacturing advanced chips. “SKC’s fine ceramics busi

Oct. 31, 2023

Korea Investment & Securities joins hands with Carlyle

South Korean brokerage house Korea Investment & Securities has partnered with global private equity firm Carlyle Group, seeking to globalize its investment portfolio. The Korean firm said Monday it signed a strategic partnership with Carlyle Group, a global private equity firm with $385 billion of assets under management as of June. Korea Investment & Securities CEO Jung Il-moon and Harvey Schwartz, CEO of Carlyle Group, attended a signing ceremony held Friday in Seoul. Through the par

Oct. 30, 2023

Shinhan Card's Kazakh unit secures $60m funding from IFC

Shihan Finance, Shinhan Card’s subsidiary in Kazakhstan, has secured a $60 million investment from the International Finance Corporation, the Korean car issuers under Shinhan Financial Group said Wednesday. The latest funding is the first of its kind announced since Shinhan Financial Group and the IFC signed a memorandum of understanding in May this year to cooperate in environmental, social and governance projects. Of the $60 million, some $20 million will be used first to fund the compan

Oct. 25, 2023

Hyundai Motor partners with IUCN for forest project in Vietnam

Hyundai Motor Co. said Wednesday it has partnered with the International Union for Conservation of Nature for a forest restoration project in Vietnam. The company's Vietnamese joint venture HTV and the IUCN, along with Seoul-based development non-governmental organization Good Neighbors International, signed a memorandum of understanding Tuesday for the mangrove tree forest project in Ca Mau province in Vietnam's Mekong Delta region. Through the partnership, Hyundai will plant mangrove

Oct. 25, 2023

Korean Air to retain Asiana workers after takeover: sources

Korean Air Co. has decided to retain workers of Asiana Airlines Inc. on condition that Asiana agrees to sell its cargo business to win antitrust approval from European Union regulators for the two carriers' merger, industry sources said Monday. According to the sources, Korean Air, the larger of South Korea's two full-service airlines, plans to seek approval for the decision to retain Asiana Airlines' workers at a company board meeting scheduled next Monday. The decision comes as

Oct. 23, 2023

Mirae Asset seeks generational change in leadership reshuffle

Mirae Asset Financial Group announced a massive reshuffle at the executive level on Monday, signaling a generational shift in leadership as its founding members are to step down. Mirae Asset Securities CEO and Chairman Choi Hyun-man, the group’s No. 2 man, will leave the firm 26 years after he co-founded the group together with Group Chairman Park Hyeon-joo back in 1997. Having served top posts at key affiliates, Choi was named the chairman of the brokerage firm in December 2021. Along wit

Oct. 23, 2023

Mirae Asset Securities to buy back shares worth W60b

Mirae Asset Securities, Korea's largest investment bank and securities firm, said it plans to initiate a share buyback program worth 60.2 billion won ($44 million) in an effort to boost shareholders’ value, the firm said Wednesday. The firm will repurchase its 10 million shares, which is equivalent to some 2.1 percent of the market cap, over a three-month period from Thursday to Jan. 18 through intraday trading. The firm’s market cap stands at 3.83 trillion won as of Thursday.

Oct. 19, 2023

Kia management, union reach tentative wage deal to avoid strike

The management and labor union of Kia Corp., South Korea's second-largest automaker, have reached a tentative wage deal to avoid a partial strike, according to the company Tuesday. The agreement was reached after unionized workers of Hyundai Motor Co. voted last month to accept this year's wage deal, averting a strike for the fifth consecutive year. Unionized workers of Kia had planned to go on a partial strike from this week unless it reached a wage deal. The union plans to vote wheth

Oct. 17, 2023