Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
Kyobo Life CEO joins father to win top industry honor
Kyobo Life Insurance CEO Shin Chang-jae has been named as the recipient of the 2023 Insurance Hall of Fame Laureate award by the International Insurance Society, the company said Wednesday. The latest feat is especially meaningful for the 70-year-old CEO as he follows in his father's footsteps to win the top industrial honor. His late father Shin Yong-ho was the founder of Kyobo Life, and won the same award in 1996. The company said it is the first case that both a father and son have bee
Industry March 22, 2023
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Apple Pay makes Korean debut after 10-year wait
Global tech giant Apple kicked off its mobile payment service Apple Pay in Korea on Tuesday, with more than 170,000 iPhone users rushing for registration earlier in the day. “We're so thrilled to bring Apple Pay to our users here in Korea with Hyundai Card as our first issuer,” Duncan Olby, who is in charge of Apple’s digital wallet services outside America, said in a press conference held at the Hyundai Card Understage in Itaewon, central Seoul. “Users can start p
Industry March 21, 2023
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[K-Financiers] IBK to expand loans for SMEs in Indonesia
This is the third installment of a series of interviews on chiefs who run overseas units of Korean asset management, banking and securities companies, examining their key strategies for global expansion. -- Ed. IBK Bank Indonesia, buoyed by upbeat sales in recent years, is now ready to focus on a burgeoning niche in the largest economy in Southeast Asia -- loans for small- and medium-sized enterprises. “We aim to innovate the corporate finance market in Indonesia by using Korea&rsquo
Industry March 20, 2023
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FTC vows to curb market power abuses by global tech giants
Fair Trade Commission Chairman Han Ki-jeong on Monday vowed that the antitrust regulator will seek ways to protect Korean consumers from the possible negative influence of the EU’s new law targeting global big tech companies. The EU’s Digital Market Act, which will come into force this year, aims to prevent global tech giants from abusing their market power and ensure a higher degree of competition. This law includes tighter restrictions on collecting data. If companies fa
Industry March 20, 2023
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Number of working Koreans past 60 hits record high
A retired police officer, who wished to be identified by his last name Park, 63, believes “60 is the new 40.” “After retiring from my job I started watching over kids as a ‘school sheriff’ at an elementary school nearby. I just was not used to staying at home without a job,” Park told The Korea Herald. Last month, the number of overall employed workers increased by 310,000 on-year, and this rise was largely led by workers like Park, who are in their 60s, a
Industry March 19, 2023
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KB, KCCI join hands to offer special loans to SMEs
KB Financial Group has signed a memorandum of understanding with the Korea Chamber of Commerce and Industry jointly to provide special loans for small and medium-sized enterprises making environmental, social and corporate governance efforts. KB Financial Group Vice Chairman Yang Jong-hee and Woo Tae-hee, executive vice chairman of the KCCI, gathered at the KCCI headquarters in Seoul on Thursday to sign the memorandum. "Based on this MOU, KB Financial Group plans to provide various and ex
Market March 16, 2023
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Toss Securities names TikTok marketing exec as new CEO
Toss Securities announced Tuesday that it has named Kim Seung-yeon, general manager of TikTok’s Southeast Asia global business solution, as its new CEO. Born in 1980, Korean American Kim is known to be a marketing expert with over 15 years of experience in the field. “Our current CEO Oh Chang-hoon wants to focus on his original CTO position and contribute to the firm further in that capacity. Although Oh still has remaining tenure, we have decided to name a new CEO,” a To
Industry March 14, 2023
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[KH Explains] Will Apple Pay-backed Hyundai Card renew credit card rivalry?
Ahead of the long-awaited Korean debut of Apple Pay later this month, all eyes are on whether Hyundai Card, the official partner of the mobile payment service for iPhones, will raise its market share to outpace bigger rivals Shinhan Card and Samsung Card. Credit card companies compete head-on in a crowded market here. According to the Credit Finance Association, Shinhan Card was the largest credit card issuer with 19.6 percent as of the fourth quarter of last year, closely followed by Samsun
Industry March 13, 2023
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BlackRock emerges as Samsung Securities’ 3rd-largest shareholder
US-based investment management firm BlackRock has become the third-largest shareholder of South Korean brokerage house Samsung Securities, a filing showed Thursday. BlackRock’s 12 affiliated entities hold a total of 5.46 percent stake (4.87 million shares) in Samsung Securities as of Feb. 28, according to a disclosure filed with the Financial Supervisory Service. A minority shareholder with at least 5 percent of shares in a company is subject to filing obligations as a block holder of th
Industry March 10, 2023
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JB rejects activist fund’s request for dividend expansion
South Korea’s JB Financial Group said Thursday that it is against activist fund Align Partners’ demand for dividend expansion. Align Partners, which holds a 14 percent stake in JB, is the financial firm's second-largest shareholder. “In order to boost shareholder benefits in a sustainable way, excessive dividend expansion could hurt corporate value as well as shareholder interests,” JB said in a statement. The latest announcement comes after Align Partners submitte
Industry March 9, 2023
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Finance minister pledges deregulation at AmCham meeting
Finance Minister Choo Kyung-ho on Wednesday pledged to continue efforts to eliminate regulations that do not fit global standards. “The Korean government will work on removing hurdles that hinder US business operators from establishing Korea as a regional headquarters in the Asia-Pacific region,” Choo said at a special luncheon event held at the Grand InterContinental Seoul Parnas Hotel on Wednesday. “To turn Korea into a No. 1 foreign investment destination, we will strive to
Industry March 8, 2023
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Kakao offers W1.25tr to buy SM shares
IT giant Kakao on Tuesday announced a tender offer for SM Entertainment’s shares held by minority shareholders at a price higher than what Hybe previously offered amid an intensifying race to win over the management rights of the K-pop powerhouse. Kakao and its subsidiary Kakao Entertainment offered 150,000 won ($115.55) per share with a goal to additionally secure up to 35 percent (some 8.3 billion shares) of SM Entertainment. This tender offer begins on Tuesday and ends on March 26. Th
Industry March 7, 2023
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Hybe's plan to take over SM via tender offer fails
K-pop powerhouse Hybe’s initial plan to gain stable management control over rival company SM Entertainment by buying more shares through a tender offer fall through. On Feb. 10, Hybe announced a tender offer for SM Entertainment’s shares held by minority shareholders. It offered 120,000 won ($92.60) per share with a goal to additionally secure up to 25 percent (5,951,826 shares) of SM Entertainment. The tender offer ended March 1. Hybe was only able to acquire 233,817 shares throug
Industry March 6, 2023
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9 in 10 experts predict housing slowdown this year
More than 90 percent of real estate experts predicted a decline in housing prices this year, while 1 in 2 said the housing market could see a rebound next year, according to a KB Financial Group report released Sunday. The report said transaction prices of houses nationwide fell 1.8 percent last year, a first in 10 years. Daegu showed the highest decline with 5.2 percent, followed by Daejeon with 4.4 percent and the greater Seoul area with 2.7 percent. The number of transactions also plunged alm
Industry March 5, 2023
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Internet-only K-Bank reaps record profits
K-Bank, a South Korean internet-only bank, posted record-high profits last year, extending gains after it swung to black for the first time in 2021. The bank recorded a net profit of 83.6 billion won ($63.7 million) in 2022, marking a 272 percent increase from the previous year's net profit of 22.5 billion won, according to K-Bank on Thursday. K-Bank’s net profit in 2021 was a turnaround from a loss of 105.4 billion won in 2020. It was the first annual net profit that the internet-o
Industry March 2, 2023
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