Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Bithumb agrees partnership with Chinese peer BitMax
South Korean cryptocurrency exchange Bithumb said Monday that it had signed a memorandum of understanding with Chinese crypto exchange firm BitMax to roll out new crypto services and to tap into global markets together. They also agreed to jointly develop blockchain and cryptocurrency technologies and infrastructure. Founded in 2018 by CEO George Chao, Bitmax has attracted a number of Wall Street financial engineers who used to work for global financial firms, such as Barclays and Deutsche
Feb. 17, 2020
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NHN‘s Payco available on Apple platforms
Internet services provider NHN said Monday that its easy-to-use mobile payment service Payco was now available on US tech giant Apple’s platforms, including Apple Store, Apple Music and iCloud. Under the partnership, users can simply link their Payco accounts with their Apple ones via the Apple ID settings, the company said. Once their payment data is registered on one of their Apple devices, Payco subscribers can make online purchases across different iOS-powered gadgets, including t
Feb. 17, 2020
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Lime investors face tough compensation fight
Investors in beleaguered hedge fund Lime Asset Management are facing a bumpy road to get compensation for their losses. By no later than Friday, every investor in the hedge fund is expected to find out their confirmed individual losses in their combined 1.7 trillion-won ($1.4 billion) investment made under the convoluted master-feeder fund structure -- involving four master funds and 173 feeder funds as of end-2019. The losses of Lime Asset’s feeder funds may vary, but in some cases be
Feb. 17, 2020
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Hana Bank starts mobile banking service in Hong Kong
Hana Bank said Monday that it will launch its global mobile banking service in Hong Kong, making it the first Korean lender to provide such service in the global financial hub. The Global 1Q app will be available for use in Hong Kong now in addition to countries that include Canada, China, Japan, Indonesia, Brazil, Panama and Vietnam. The service was launched in Canada in 2015. The app automatically recognizes the country of the user’s current location, allowing easy access to the ser
Feb. 17, 2020
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Hyundai Capital’s ‘inclusive’ corporate culture wins local support
For a company that operates globally, it can be challenging to build a universal corporate culture while considering the needs of local staff. It has not been an easy task as well for Hyundai Capital, a South Korean auto finance firm, which operates in 11 countries. But its efforts to build an “inclusive” corporate culture and to open communication channels that allow employees to interact closely are key to its global operations, the company said Sunday. The initiative is
Feb. 16, 2020
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Individual Lime investors face losing entire principal
The entire amount of financial losses stemming from Lime’s funds is expected to rise to more than $1 billion, sparking deep distrust in private fund operatives and concerns over a lack of protective measures for individual investors. Lawsuits for damages and compensation are likely to follow en masse, after an intermediary audit on the hedge fund firm last week by the financial watchdog specified the case as alleged fraud. On Friday, the Financial Supervisory Service said Lime and it
Feb. 16, 2020
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Woori Bank merges two Cambodian subsidiaries
South Korea’s Woori Bank said Sunday it recently merged two of its Cambodian subsidiaries in an effort to provide comprehensive financial services in the Southeast Asian nation. According to the commercial lender, Cambodian financial authorities approved the merger of Woori Finance Cambodia and WB Finance earlier this month. WB Finance is the surviving entity. Woori Finance Cambodia was established after Woori acquired Cambodia’s microfinance institution Malis Finance for 5 billi
Feb. 16, 2020
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Lime Asset deliberately deceived investors in awareness of losses: FSS
South Korean fund operator Lime Asset Management and its seller Shinhan Investment deliberately duped investors by concealing their losses and continuing the sale of the related products, the watchdog Financial Supervisory Service said Friday. Based on an intermediary inspection and accounting audit, the FSS estimated that two of the disputed parent funds may suffer losses of up to 730 billion won ($617.5 million). Considering other parent funds yet under inspection, the total amount of investo
Feb. 14, 2020
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Hana Financial signs W77b deal to acquire The-K Non-Life
Hana Financial Group said Friday it had inked a sales and purchase agreement with the Korea Teachers’ Credit Union to buy a 70 percent stake in The-K Non-Life Insurance for 77 billion won ($65.1 million). This is the first acquisition deal for Korea’s third-largest banking group since the takeover of Korea Exchange Bank in 2013. The-K Non-Life will become the 14th affiliate and second insurer arm to be under Hana’s umbrella. KTCU will remain a minority shareholder of t
Feb. 14, 2020
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KDB realizes revenues on investment in BTS agency, film ‘Parasite’
South Korean state-owned lender the Korea Development Bank has borne fruit with its investment in the nation’s cultural contents, officials said Friday. Already generating profits from its investment in Big Hit Entertainment, the agency of global K-pop sensation BTS, the banking group is also expecting considerable returns from its investment in Oscar-winning film “Parasite.” KDB Capital, an affiliate of KDB, invested nearly 700 million won ($591,000), including a direct inv
Feb. 14, 2020
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KCGI-heiress coalition ups ante to dethrone Hanjin successor
A coalition of Korean Air heiress and a local activist fund Korea Corporate Governance Improvement on Thursday proposed former SK Group Vice Chairman Kim Shin-bae as an inside board director of Hanjin Group in a bid to oust the current chairman at the March shareholders meeting. Other candidates include former Samsung Electronics Vice President and head of China Bae Kyung-tae and ex-Korean Air executive Kim Chi-hoon. Hahm Chul-ho, a former Korean Air senior vice president and T’way Air CE
Feb. 13, 2020
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FSC reduces fines on DLF-selling banks, denies back-scratching
The Financial Services Commission on Thursday reduced the amount of fines imposed on Woori Bank and KEB Hana Bank over their disputed misselling of derivative-linked financial products last year. By altering the sanctions previously decided by the market watchdog Financial Supervisory Service, the regulator is being accused of playing a power game and taking sides with the industry, although it has vehemently refuted such doubts. The FSC’s advisory panel Securities and Futures Commiss
Feb. 13, 2020
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Seoul office buildings enjoy W11.5tr cash flow in 2019: Savills Korea
The office building transaction volume in major districts of Seoul came to 11.5 trillion won ($9.7 billion) for 2019, showing favorable cash flow in the city’s commercial real estate market, data showed Thursday. The figure comes amid an improved vacancy rate in prime office properties in the central, Gangnam and Yeouido business districts here, coupled with a low interest rate environment. According to real estate service firm Savills Korea’s research on Seoul prime office propert
Feb. 13, 2020
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Mirae Asset Capital to buy W40b worth of brokerage unit’s stocks
South Korea’s Mirae Asset Capital, the parent company and largest shareholder of Mirae Asset Daewoo, agreed to buy its brokerage unit’s stocks for 40 billion won ($33.8 million), officials said Thursday. According to DART -- the Financial Supervisory Service’s electronic disclosure board -- Mirae Asset Capital decided to purchase some 570 common shares of Mirae Asset Daewoo during the local stock trading sessions. The financial consulting and corporate financing company will
Feb. 13, 2020
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FSS to request probe on Woori’s alleged information-theft case
The nation’s financial watchdog plans to refer Woori Bank’s alleged information-theft case to the prosecution for investigation, according to internal documents acquired by a lawmaker Thursday. The bank’s employees allegedly changed passwords of around 40,000 customers without permission to improve its balance sheet. According to Financial Supervisory Service documents acquired by a lawmaker, the watchdog plans to send the case to “investigative authorities later on.&r
Feb. 13, 2020
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Barings Korea names CIO as co-head
Barings Asset Management Korea has named its Chief Investment Officer John Park as its joint head in a revamp to pursue efficiencies in management. Park will serve as one of BAMK’s two representative directors along with the incumbent CEO Ike Bae, as the firm adopts a multiple representative director system. The board approved the plan Wednesday. Park will lead investment management and support client relationships, while Bae will continue to lead the overall corporate management, inclu
Feb. 13, 2020
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JB Financial logs record-high net profit in 2019
JB Financial Group, the holding group of North Jeolla Province-based Jeonbuk Bank, posted a record-high net profit in 2019 on the back of its balanced business portfolio and overseas expansion. The banking group recorded 341.9 billion won ($290 million) in net profit last year, up 41.6 percent from a year earlier and hitting an all-time high, officials said Wednesday. Its BIS capital adequacy ratio -- barometer established by the Switzerland-based Bank for International Settlements to meas
Feb. 12, 2020
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Stock prices of firms behind ‘Parasite’ hit new high
Shares of both Barunson E&A, the production company of Oscar-winning “Parasite,” and the entertainment division of stationery and restaurant conglomerate Barunson hit a new 52-week high Wednesday. Barunson E&A shares touched 3,815 won ($3.24) -- up 880 won, or 29.98 percent, from the previous session. The firm had previously peaked by the daily limit of about 30 percent for two straight trading sessions. Baruson’s stock price also spiked 29.87 percent, to hit 4,435
Feb. 12, 2020
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NH Financial to expand global assets fivefold in 5 years
NH Financial Group, a major Korean banking group, vowed Wednesday to increase its global assets by nearly five times to 6 trillion won ($5.1 billion) by 2025, as part of its new global expansion strategy. According to the financial giant, its overseas assets stood at nearly 1.4 trillion won as of the end of December. It also plans to increase its net profit to 160 billion won in the same period, which came to 28.9 billion won as of December. NH Financial said it would expand its overseas
Feb. 12, 2020
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Hanhwa’s Lifeplus brand wins iF design awards
Lifeplus, a joint brand of South Korean conglomerate Hanhwa Group’s financial businesses, bagged two awards at the world’s prestigious International Forum Design Award 2020, according to Hanhwa Life, an insurance firm and a key subsidiary, on Wednesday. The brand, launched in 2017 for the conglomerate’s financial units -- including life insurance, general insurance, stock brokerage and asset management -- won the awards in the two categories of communication design a
Feb. 12, 2020