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

Companies Oct. 25, 2023

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

Companies Oct. 23, 2023

More than 4 in 10 manufacturing business owners here say they will need more foreign workers next year, but cited language barriers and a difficult hiring process as key concerns, a survey found Sunday. The survey was conducted by the Korea Enterprise Federation, one of the major business lobbies here, with a total of 615 small and medium-sized businesses with fewer than 300 employees, in August and September. Of the total, 36.9 percent responded in favor of expanding the E-9 visa quota -- curre

Industry Oct. 22, 2023

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.

Companies Oct. 19, 2023

Central bank holds key rate at 3.5 percent for 6th consecutive time The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid mounting economic uncertainties provoked by tensions from the conflict between Israel and the Hamas militants. The six-member Monetary Policy Board unanimously voted to carry out its sixth rate freeze, keeping the benchmark rate steady since February. “The biggest reason behind the rate hold was the high uncertainties surrounding the

Economy Oct. 19, 2023

The Bank of Korea maintained its benchmark interest rate at 3.5 percent on Thursday, amid heightened economic uncertainties provoked by tension in the Middle East. Falling in line with market expectations, the central bank held the rate once again, keeping it steady since February. The BOK was pressured by rebounding inflation. Consumer prices growth in Korea stood at 3.7 percent in September and 3.4 percent in August, surging from how the figure stayed in the 2 percent range in the previous t

Economy Oct. 19, 2023

South Korea has begun the registration process for offshore financial firms to participate in interbank trades of the Korean won as part of its ongoing efforts to open up the domestic financial market to more foreign investors. Registered foreign institutions, or RFIs, will be able to participate in dollar-won spot exchanges, forex swap exchanges and forward exchanges from January next year, according to the revised Enforcement Decree of the Foreign Exchange Transaction Act that took effect on O

Market Oct. 18, 2023

Volatility in oil prices, currency add pressure on Korean economy South Korea's import prices climbed for a third consecutive month, increasing inflationary pressure on the economy, central bank data showed Wednesday. Export prices rose as well, but at a slower pace. The import price index for September stood at 139.67, up 2.9 percent from a month before. The figure has been on the rise for three straight months, following 4.2 percent and 0.2 percent increases in August and July, respective

Economy Oct. 17, 2023

The Korean government will extend the current tax cut imposed on fuel until the end of the year, considering the escalated volatility in international oil prices following the renewed Israel-Hamas conflict, the Finance Ministry announced Monday. Fuel tax reductions -- namely a 25 percent cut for gasoline as well as 37 percent cuts for diesel and butane -- which were to end in October, will last two more months through the end of this year, the ministry said. Finance Minister Choo Kyung-ho assess

Economy Oct. 16, 2023

The face of Korea’s 100 won coin -- which shows a portrait of legendary Navy Adm. Yi Sun-sin (1545-1598) from the Joseon era -- will be maintained, after a court sided with the Bank of Korea in a copyright lawsuit. The Seoul Central District Court confirmed a ruling Friday that the Bank of Korea has the right to use the portrait image of Yi, which was created by the late painter Jang Wu-seong, the BOK said. Jang’s bereaved family filed a lawsuit on Oct. 9 against the Bank of Korea,

Industry Oct. 13, 2023

Igis Asset Management, the largest real estate asset manager in South Korea, has launched a secondary fund worth $100 million in an effort to widen its investment portfolio. Igis has recently set up a private equity secondary commingled fund worth $100 million to invest in secondary blind funds managed by a global private equity firm. The name of the UK-based private equity firm was not disclosed. The $100 million investment deal also comes with secondary co-investment opportunities. A private e

Industry Oct. 12, 2023

Hundreds of students and industry insiders gathered at the 2023 Korea Herald Humanity In Tech Forum held at the Shilla Seoul to discuss the future of space exploration and its impact on humanity. “My hobby is to write science fiction novels. I was inspired by the talks given by the speakers, especially the part where Yi Soyeon said, ‘Earth is the cradle of humanity, but one cannot live in a cradle forever,’ quoting the Russian rocket scientist Konstatin Tsiolkovsky,” said

Industry Oct. 11, 2023

The conflict between Israel and Hamas militants in the Gaza Strip has raised concerns for the Korean economy as the prospect of a full-blown war in the Middle East could lead to a surge in oil prices and further pave the way for more inflationary pressures. "Though the international financial market has shown a limited response to the incident, considering it is still in the early stages, the uncertainties are very high," Finance Minister Choo Kyung-ho said at a meeting held Tuesday

Economy Oct. 10, 2023

Hana Financial Group Chairman Ham Young-joo highlighted the importance of sustainable financing during his meeting with the Dutch ambassador for sustainable development in The Hague, Netherlands, Friday. The Hana chief met with Ambassador Rene van Hell as part of his visit to Europe to meet with global investors. According to Hana, Ham and van Hell agreed on the need for "green financing" to transition to a decarbonized economy, in particular cutting down on carbon emissions in asset p

Companies Oct. 9, 2023

Foreign investors dumped more than 6 trillion won ($4.44 billion) worth of shares listed on Kospi, Korea’s main bourse, in the past three months amid the slow stock market, data from the Korea Exchange showed Sunday. Non-Korean investors’ net buying on Kospi this year dropped to 7.23 trillion won on Friday after reaching the peak at 14.06 trillion won on June 16. The offloaded shares in the past three months -- worth 6.73 trillion won -- mean foreigners have sold nearly half of the

Economy Oct. 8, 2023