Articles by Im Eun-byel
Im Eun-byel
silverstar@heraldcorp.com-
Big 5 banks brace for losses from foreign real estate projects
South Korea’s top commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- are facing a potential risk of suffering losses in overseas real estate investments amid a slowdown in the global property market following persistent high rates. The balance of overseas real estate funds sold by the five banks stands at 753.1 billion won ($580 million), according to financial authorities. Of the amount, fund products worth 257.1 billion won are set to expire next year. With the global r
Economy Dec. 18, 2023
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MBK ups ante in Hankook bid
Seoul-based private equity firm MBK Partners is gearing up for a second round in a battle for control of Hankook & Co., the holding company behind Korea's largest tire maker, Hankook Tire & Technology. On Friday, MBK said through Ventura, a special purpose company set up for the bid, that it has raised its offer for the public tender for Hankook & Co., from 20,000 won ($15.34) to 24,000 won per share. "This would be the first and last price raise," MBK said in a statem
Companies Dec. 17, 2023
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IMF chief calls for regulatory efforts to control crypto assets
Regulating digital currency is a major priority on the global agenda, International Monetary Fund Managing Director Kristalina Georgieva said at an international conference held in Seoul on Thursday. "We must consider the effects if crypto assets become widespread. The scenario is not far-fetched," Georgieva said in her opening speech at the event co-hosted by the Ministry of Finance, Bank of Korea, Financial Service Commission, and the International Monetary Fund. The event was held u
Economy Dec. 14, 2023
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[Herald Interview] Constantine eyes Korean partnership for Canada project
Constantine Enterprises CEO Robert Hiscox pinned high hopes on the company’s latest condominium development project near Toronto, which could become the beginning of a potential partnership with two Korean partners, Daewoo Engineering & Construction and Hyundai Asset Management. Hiscox and Rogers Communications Chairman Edward Rogers co-founded the real estate company Constantine Enterprises back in 2013. The company works as a developer, construction builder and manager of property pr
Companies Dec. 13, 2023
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[Herald Interview] Canada’s Rogers bets big on population boom
An expansion of the business into the real estate market and beyond comes as Rogers Communications Chairman Edward Rogers, who leads the Canada-based technology and media company, bets high on the country’s burgeoning economy. Rogers has been focusing on diversifying his business outside of the core telecom space, co-founding the real estate development and management firm Constantine Enterprises with his longtime friend Robert Hiscox in 2013. “It was to take advantage of the amazing
Companies Dec. 13, 2023
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Mirae Asset Securities acquires Indian brokerage firm
Mirae Asset Securities has acquired Sharekhan Limited, India’s major brokerage firm, in a $370 million deal to bolster its expansion in the world’s fifth-largest economy. The firm has signed a share purchase agreement with BNP Paribas SA for the acquisition of Sharekhan Limited, according to an announcement made by Mirae Asset Securities on Tuesday. The French banking giant has sold its entire stake in the retail brokerage firm, eight years after the acquisition in 2015. Founded in 2
Companies Dec. 12, 2023
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BlockSquare Seoul helps crypto investors reduce risks
BlockSquare Seoul is working to strengthen its service lineup to support investors in mitigating risks and increasing profit in cryptocurrency trading. The company provides charts which show the price fluctuation of major cryptocurrencies and assess risks, bid prices and liquidation attempts. The charting service, like the cryptocurrency market, operates on a 24-hour basis. The charts further speculate future price movements by using data generated from real-time market monitoring. The chartin
Companies Dec. 12, 2023
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[Herald Interview] 'Reunification could damage S. Korea’s sovereign rating'
North Korea is the only potential trigger for a downgrade of South Korea’s current sovereign rating of AA -- the third-highest level on the S&P Global Ratings table, an expert from the credit appraiser said. If reunification of the Korean Peninsula is to happen -- though it is a very “unlikely scenario” -- South Korea’s sovereign rating could take a hit, according to Kim Eng Tan, senior director for the sovereign ratings team in Asia-Pacific. "(Reunification) i
Economy Dec. 12, 2023
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[Herald Interview] BlockSquare CTO on importance of real-time data in navigating crypto market
Speed and accuracy in processing real-time data are key requisites for interpreting the volatile cryptocurrency market, said Won Hyuk, chief technical officer at BlockSquare Seoul. The crypto trading assistance company has created a charting tool for investors, which helps with trading analysis. Its AI-powered Goya algorithm suggests the best time to buy and sell, reading into the market price fluctuation of cryptocurrencies. “We convert figures from orderbook, on-chain data and liquidatio
Companies Dec. 12, 2023
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[KH Explains] Banks, regulators trade blame for snowballing ELS losses
Korea is in the middle of blame-shifting, as banks face more than 3 trillion won ($2.28 billion) in losses combined in the first half of next year from the sales of equity-linked securities tied to a Hong Kong index. Financial authorities are considering creating guidelines for compensation regarding the sales of ELS products tracking the Hang Seng China Enterprises Index, seeing the possibility of banks’ misselling. The value of ELS products sold by Korea’s five major banks set to m
Market Dec. 6, 2023
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McKinsey names 2 new partners at Seoul office
Global consulting firm McKinsey & Co. on Monday said it has promoted two associate partners, Kim Gi-hong and Moon Ho-joon, as partners. Having studied engineering at Seoul National University, Kim joined McKinsey & Co. in 2016 and has pursued a career across energy and infrastructure. Kim's experience involves leading diverse projects on strategic and practical proposals for oil refinery, petrochemical and construction businesses, and proposing management reforms for companies. Ki
Companies Dec. 5, 2023
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Tire tycoon's family feud rekindled
A sibling feud over the management of Hankook & Co., the holding company behind the world’s sixth-largest tiremaker, Hankook Tire & Technology, has been reignited, as the older of the two brothers has joined hands with a major private equity house to shore up his stake. Asia's largest private equity firm MBK Partners announced through a regulatory filing Tuesday that it has launched a public tender for Hankook & Co., offering 20,000 won ($15.23) per share under a goal to
Industry Dec. 5, 2023
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Fractional art market opens up to lure new investors
Art Together, a subsidiary under major Korean art auctioneer K-Auction, announced Monday it has submitted its registration statement for fractional investments in Yayoi Kusama's 2002 artwork, “Pumpkin,” to the country’s top regulator, the Financial Supervisory Service. Art Together purchased the painting from renowned British auction house Christie’s for 1.09 billion won ($835,000) and has set the subscription price at 1.18 billion won, allowing retail investors to s
Market Dec. 4, 2023
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[KH Explains] Why foreign investors continue to be net buyers despite short selling ban
Contrary to concerns that the short selling ban would lead to an exodus of foreign funds, offshore investments have flooded into Korea over the past month backed by dovish expectations on US interest rates and a chip recovery. Last month, financial authorities in Korea announced a complete ban on short selling from Nov. 6 until the end of June 2024, in a bid to ensure a "fair playing field" for investors. While market watchers predicted that implementing a short selling ban would drive
Market Dec. 3, 2023
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KB Kookmin Bank CEO seeks 2nd term
KB Kookmin Bank CEO Lee Jae-keun has been nominated for a second term as the head of the nation’s top lender, KB Financial Group said Thursday. In a meeting held earlier in the day, the group’s CEO candidate recommendation committee named Lee as the sole and final candidate as the bank’s next CEO. Lee, 57, has been holding the top post since January 2022. Lee is recognized for his experience in crucial posts, such as sales, finance, strategy and more, and for his understanding
Companies Nov. 30, 2023
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