Articles by Choi Ji-won
Choi Ji-won
jwc@heraldcorp.com-
From K bank to Shift Up, major players to heat up IPO market
South Korea's initial public offering market is set to maintain its momentum in the latter half of the year, driven by the stock market recovery, as well as the successful listings of big names earlier this year. Having shaken off last year's slump, the total amount raised through IPOs stood at 1.6 trillion won ($1.16 billion) as of end-May, accounting for over 40 percent of the previous year's annual total of 3.86 trillion won. Just in June, an additional 700 billion won is expected to flood in
Market June 9, 2024
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Samsung Fire & Marine convenes global insurance conference in Incheon
Samsung Fire & Marine Insurance, the nation's leading non-life insurer, gathered insurance experts from inside and outside the country to share insights about the industry and Korea's insurance landscape at the Korea International Insurance Conference. The inaugural event, held Tuesday and Wednesday at the Mohegan Inspire Resort in Yeongjongdo, Incheon, marked the first global insurance conference in Korea, according to the Samsung Group subsidiary. "With the insurance industr
Industry June 6, 2024
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FSS chief vows to normalize PF, stock short sales in his final year
Lee Bok-hyun, head of South Korea’s Financial Supervisory Service, reaffirmed his commitment to resolving ongoing issues, including real estate project financing risks and overhauling the short-selling system, and pledged to accelerate the digitization of finance during the remainder of his term. "Reflecting on the past two years, despite the challenges posed by rising inflation and interest rates, I believe we worked tirelessly to achieve stable financial conditions and foster compas
Economy June 4, 2024
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Oil, gas stocks skyrocket on massive drilling prospects
Stock prices of oil- and gas-related companies spiked Monday, following President Yoon Suk Yeol's approval for exploratory drilling of potentially massive reserves of natural resources off the country's southeastern coast. Out of 10 stocks that hit upper price limits on Monday, seven were related to oil and gas. The benchmark Kospi was up 1.74 percent from the previous day. Shares of the state-run Korea Gas Corp. surged by 29.9 percent to close at 38,600 won ($28). Other shares in the
Market June 3, 2024
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Toss Bank outpaces bigger rivals in workers' pay
Internet-only lender Toss Bank led the local banking industry by paying its employees the highest salaries last year, surpassing even the nation's top five commercial banks. According to recent management disclosure reports from the Korea Federation of Banks, Toss Bank, operated by financial technology company Viva Republica, boasted an average annual salary of 126.2 million won ($92,000) for employees in 2023, a notable 11.5 percent increase from the previous year's 113.14 million won
Industry June 3, 2024
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NPS targets 5.4% return from fund operations over next 5 years
The government has set a target return rate of 5.4 percent for the National Pension Service fund operations over the next five years. On Friday, the NPS announced that its Fund Management Committee had approved the midterm asset allocation plan for the 2025-2029 period, establishing a target return rate of 5.4 percent. In accordance with the committee's decision earlier this month to increase the long-term allocation of investments in high-risk assets to 65 percent, the target asset proport
Economy May 31, 2024
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Chubb unites Korean insurance arms under 'Lina' brand
US insurance group Chubb is uniting its three Korean affiliates under the Lina brand, seeking to create synergies by integrating brand identities. Ace American Fire and Marine Insurance Company Korea, Chubb's general insurance subsidiary, announced Friday that it will rename its brand from Ace General Insurance to Lina General Insurance starting Saturday, aligning with Chubb Korea's other affiliates -- Lina Life Insurance and Lina One. "The unified 'Lina' brand embodies
Industry May 31, 2024
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Toss Bank racks up profits for third quarter in row
Toss Bank has achieved its third consecutive quarter of net profit, fueling anticipation for the internet-only bank's first profitable year in 2024. The bank announced on Friday a net profit of 14.8 billion won ($10.72 million) in the first quarter, marking a turnaround from the net loss of 28 billion won recorded in the same period last year. This figure nearly doubled from the 8.6 billion won logged in the third quarter of the previous year, when the online bank first reported a quarterly
Industry May 31, 2024
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Nvidia dethrones Tesla as Korea's top stock pick
US chip giant Nvidia has become South Korea's most-owned foreign stock, replacing Tesla in the top spot after four years. As of Thursday, South Koreans held a combined $11.07 billion worth of Nvidia stocks, according to the Korea Securities Depository's securities information portal. This figure surpassed $10.67 billion in Tesla shares. Nvidia has dethroned Tesla as the top stock pick among Korean investors for the first time since July 2020, when the world's biggest electric vehi
Market May 30, 2024
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Finance minister hints at tax incentives for local firms
The South Korean government is ramping up discussions on specific tax incentives aimed at enhancing the market value of local companies, with plans to conduct public hearings over the next two months. "We talked about tax incentives for the Value-up Program on several occasions. But now is the time for us to discuss more specific plans," Finance Minister and Deputy Prime Minister Choi Sang-mok told reporters on Monday. "Throughout June and July, we will host public hearings to del
Economy May 28, 2024
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S. Korea’s finance chief in talks for China visit
South Korean Finance Minister and Deputy Prime Minister Choi Sang-mok said Monday that he is in talks for bilateral meetings with his Japanese and Chinese counterparts following this week’s trilateral summit of the three countries in Seoul. “Upon the invitation from the Chinese government, we are discussing detailed schedules for a possible visit to China. I expect to discuss diverse issues, including supply chains,” the nation’s top policymaker said at a press conference
Economy May 27, 2024
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Banks to resume compensation talks for ELS losses
Major local banks are expediting compensation procedures for losses tied to Hong Kong-linked derivative products, with some poised to distribute payments this week. KB Kookmin Bank, the largest seller of equity-linked securities tracking the troubled Hang Seng China Enterprises Index, will officially begin negotiations for voluntary compensation with clients starting Monday, an official from the bank said Sunday. The bank plans to address accounts based on their order of maturation, starting wit
Industry May 26, 2024
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[KH Explains] Hong Kong rally spurs hope for ELS loss mitigation
Hong Kong stocks surged to a 10-month high Monday, continuing a bullish rally and sparking hopes of South Korea's recovery from significant losses tied to equity-linked securities tracking the Chinese index. The Hang Seng China Enterprises Index, tracking major Chinese stocks on Hong Kong's main bourse, reached an annual high of 6,954 on Monday, setting daily records. The following day, it opened slightly lower at around 6,909, but this was still 38 percent up from January's annua
Industry May 21, 2024
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Foreign holdings of top 4 Korean finance giants hit record high
Foreign holdings in South Korean banking groups' shares have surged to a record high, driven by government and corporate efforts to boost local stock values. Industry reports indicate that the average foreign ownership of shares in four major local finance groups -- KB, Shinhan, Hana and Woori -- reached 62.7 percent Friday, marking an all-time high. This figure reflects a 3.1 percent increase from the end of last year, significantly higher than the average 1 percent increase observed on Ko
Industry May 20, 2024
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[KH Explains] Why Korea's so tough on short selling
Since November, South Korea has intensified its crackdown on illegal short selling by institutional investors, uncovering widespread practices among global banks. In an interim results announcement earlier this month, the Financial Supervisory Service revealed that all nine banks investigated had engaged in illegal short selling totaling approximately 211.12 billion won ($155.8 million) in Korean stocks. With ongoing investigations into the remaining foreign five banks, this figure is expected t
Economy May 19, 2024
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