Articles by Choi Ji-won
Choi Ji-won
jwc@heraldcorp.com-
Toss Securities names new CEO
Toss Securities CEO Kim Seung-yeon resigned abruptly Thursday, six months before the end of his term. The firm's head of product, Kim Gyu-bin, was appointed as his successor during a general shareholders' meeting earlier in the day. Kim Seung-yeon, appointed to serve from April 2023 until April 2025, stepped down for "personal reasons," according to the company, which is the brokerage arm of fintech giant Toss. With his appointment, Kim Gyu-bin, 35, became the first securitie
Industry Oct. 10, 2024
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Will K bank make W5tr jackpot debut?
Korea's first internet-only bank, K bank, is preparing for its upcoming initial public offering, with demand forecasting kicking off Thursday. According to its securities registration filing, K bank started a weeklong demand forecast from institutional investors on Thursday. This process allows investors to submit their desired purchase quantities and prices before the public offering, guiding the company in determining the final offering price. K bank's target price range is set betwe
Market Oct. 10, 2024
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[Herald Interview] Toonsquare aims to open new era for webtoon creation with AI
Fueled by the surge in digital content consumption during the pandemic, the global webcomic market has seen unprecedented growth in recent years, with South Korea, home to a $1.1 billion webtoon market, cementing its position as a leader in this burgeoning industry. Leveraging Korea's unmatched market data and intellectual property, Seoul-based artificial intelligence startup Toonsquare, which provides creative tools for webcomic creators, is now aiming to expand its global presence, with g
Industry Oct. 6, 2024
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Market uncertain on Korea's October rate cut despite slowed inflation
Despite clear signs of slowing inflation, market sentiment remains mixed regarding whether South Korea's central bank will follow the US Federal Reserve to pivot toward lowering rates this month. Statistics Korea reported that the consumer price index — a key measure of inflation — rose 1.6 percent on-year in September, down from 2 percent in August, marking the lowest level since February 2021, when it recorded a 1.4 percent increase. The last time the index fell below the 2 pe
Economy Oct. 4, 2024
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Kospi slump hits retail investors hard in Q3, but foreign investors gain
Local retail investors experienced significant losses from Korean shares in the third quarter while foreign investors fared relatively well amid the Kospi’s bearish trend in the period, market data showed on Thursday. According to the Korea Exchange, the most purchased stock by South Korean retail investors from July to September was Samsung Electronics, the world’s largest memory chipmaker, with net purchases totaling 7.82 trillion won ($5.9 billion). Following Samsung, SK hynix, th
Market Oct. 3, 2024
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Korea Zinc's tender offer, Young Poong's second filing further bring feud to head
Korea Zinc, the world's largest zinc smelter, is launching a tender offer to repurchase shares valued at up to 3.1 trillion won ($2.25 billion) to defend its position in the ongoing management dispute with Young Poong, its largest shareholder, and private equity firm MBK Partners. Korea Zinc Chairman Choi Yun-beom announced Wednesday during a press conference in Seoul that the company’s board has resolved to initiate this tender offer for treasury shares. Choi said the tender offer ai
Industry Oct. 2, 2024
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Financial firms turn to carbon trading for growth, ESG goals
The local carbon trading market is set for a boost early next year, with an influx of financial firms joining as players and securities firms expanding their roles as transaction brokers. Effective Feb. 7, 2025, the government has amended the Enforcement Decree on the Allocation and Trading of Greenhouse Gas Emission Permits, allowing financial institutions -- such as asset managers, banks and insurers -- to participate. These firms will be required to trade through brokers. The revision also es
Economy Sept. 26, 2024
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K-water unveils digital innovations at Beijing forum
Korea Water Resources Corporation, or K-water showcased Wednesday its cutting-edge "super gap" technologies and a range of innovations to tackle water-related risks at the 3rd Asia International Water Week in Beijing, marking a significant step toward securing leadership in the global water technology market. At the six-day event, K-water, Korea's state-run water management agency, hosted a special session focused on climate change and the advancement of digital water management w
Industry Sept. 25, 2024
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Bank of Korea eyes rate cut after US Fed's historic pivot
Following the US Federal Reserve's historic half-point rate cut, expectations are rising that South Korea may follow suit, while closely monitoring its overheated real estate market and soaring household debt. On Wednesday, following a two-day Federal Open Market Committee meeting, the Fed cut its benchmark rate by 50 basis points, marking its first reduction in over four years since the COVID-19 pandemic outbreak in 2020 and the first half-point cut since the 2008 global financial crisis.
Economy Sept. 19, 2024
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Fintech rivals K bank, Toss gear up for IPOs
South Korea’s online banking firm K bank is gearing up for what could be one of the biggest market debuts this year, while its crosstown rival Toss seeks to follow suit in 2025. The country's first internet-only lender K bank is taking the final steps for its listing on the benchmark Kospi at the end of October. K bank said on Sept. 13 it filed a securities registration statement with the Financial Services Commission for review. It plans to offer 82 million new shares, with a target
Industry Sept. 18, 2024
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Woori injects W100b to support restructuring of high-risk PF projects
Woori Financial Group, one of South Korea’s top five financial conglomerates, announced on Wednesday it created a 100 billion won ($75 million) fund to provide liquidity to the struggling real estate project financing (PF) sector. The fund was raised through contributions from the group’s subsidiaries, with flagship Woori Bank contributing the bulk at 90 billion won. Woori Asset Management, Woori Financial Capital and Woori Investment & Securities each contributed 5 billion won,
Industry Sept. 18, 2024
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KB bolsters ties with Cambodia
KB Financial Group Chairman Yang Jong-hee met with Hun Sen, president of the Cambodian Senate, on Wednesday to discuss potential collaborations aimed at advancing financial development in Southeast Asia and enhancing KB’s presence in the region. The meeting was held at the Inspire Entertainment Resort in Incheon during Hun Sen’s visit to Korea for the 25th World Knowledge Forum, where he was a speaker. During their discussion, Yang and Hun Sen agreed to strengthen cooperation to impr
Industry Sept. 11, 2024
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BIS raises alarm on Korea's surging household credit
The Bank for International Settlements has cautioned that South Korea’s expanding private sector credit is beginning to weigh on economic growth, with further increases posing additional risks. The Switzerland-based consortium of central banks recently published a report indicating that while rising private sector credit can boost economic activity in emerging markets, exceeding certain levels may lead to growth deterioration. The report described a "U-shaped" relationship betwee
Economy Sept. 11, 2024
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Minister pushes for inheritance tax overhaul
The South Korean government is stepping up efforts to overhaul its inheritance tax system next year, with the Finance Ministry preparing a bill to tax the inheritors instead of the estate that is being inherited. "To enhance fairness and ensure consistency in taxation, as well as align with global trends, the government plans to shift to an inheritance acquisition tax system," Finance Minister and Deputy Prime Minister Choi Sang-mok said Monday in a meeting with journalists at the gove
Economy Sept. 10, 2024
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[Hello India] India makes fresh overture to lure Korean financial firms
India’s financial regulators boasted their fast-growing economy and young workforce at a rare investment forum held in Seoul on Friday, making a fresh overture to lure Korean investments. The event, co-hosted by Korea’s Financial Supervisory Service and the Embassy of India here, featured key officials from Indian financial regulatory bodies and drew around 140 executives from Korean financial institutions. “India is emerging as a global production hub with remarkable growth i
Economy Sept. 8, 2024
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