Most Popular
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Yoon banned from leaving country
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[Exclusive] ‘Troops paused on way to Election Commission, felt something was up’
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Korean millennials, Gen Z make presence felt at protests
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Power struggle intensifies among investigative bodies over Yoon Suk Yeol’s martial law case
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‘Drag lawmakers out’: Yoon’s chilling order to commander
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'Orderly retreat' struggles to win support
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Next impeachment vote against Yoon to take place Saturday
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'Squid Game 2' will leave audience reflecting on social chaos of today
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Prosecutors tighten grip on Kim
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Ruling party lawmaker to back impeachment motion
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Samsung Display taps mobile display chief as new CEO
Samsung Display announced Thursday that it has appointed Yi Chung, head of mobile display business at the display maker, as its new chief executive officer. Yi has a Ph.D. in chemical engineering from Pohang University of Science and Technology. He is a seasoned expert in display technology, having accumulated extensive experience in liquid crystal display and organic light-emitting diode development and process technologies during his tenure at Samsung Electronics’ LCD Division and Samsun
Nov. 28, 2024
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Mirae Asset sets up Indian brokerage with Sharekhan acquisition
South Korean brokerage Mirae Asset Securities announced on Thursday that it has completed the acquisition of Indian brokerage house Sharekhan Limited, marking a significant milestone in its Indian operations. It marks the first time a Korean company has acquired an Indian brokerage firm. Mirae Asset achieved this in just six years since entering the Indian market in 2017. The acquisition follows the Korean brokerage's stake purchase agreement with Sharekhan Limited, signed last December. Si
Nov. 28, 2024
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Lotte Group to provide Lotte World Tower as collateral for Lotte Chemical amid liquidity woes
Lotte Group, one of South Korea's largest conglomerates, said Wednesday it will provide Lotte World Tower in Seoul as collateral for the corporate bonds of its financially-strapped chemical unit in an effort to address market concerns about a potential liquidity crisis. In a regulatory filing, the group said it will use the 123-story supertall skyscraper, one of its key assets worth 6 trillion won ($4.31 billion), as additional collateral for bonds issued by Lotte Chemical Corp. A bondholde
Nov. 27, 2024
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[Global Finance Awards] Viva Republica transforms financial ecosystem
Viva Republica, operator of the mobile financial service Toss, has been paving the way in shifting the dynamics of the traditional financial environment with its innovative services. With the goal of providing a full range of financial solutions through a single super app, Toss, Viva Republica has introduced a wide array of cutting-edge services, from banking and brokerage to insurance and beyond. Toss made its name in August 2021 by not charging commissions for transfers, a feat that sho
Nov. 27, 2024
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[Global Finance Awards] Hanhwa Life secures bigger footing in overseas markets
As insurance companies grapple with finding new growth drivers, Hanwha Life has shifted its focus overseas, exploring new markets and sectors while expanding partnerships. A key milestone has been reached in Vietnam, where Hanwha Life’s local subsidiary achieved its first cumulative profit since entering the market in 2008. This marks the first such accomplishment among fully owned overseas subsidiaries of a Korean insurer. Building on this momentum, Hanwha Life aims to become the fifth-la
Nov. 27, 2024
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[Global Finance Awards] Kakao Bank bolsters SE Asia foray with Superbank partnership
Kakao Bank, a major online lender in Korea, is bolstering its presence in Southeast Asia with reinforced partnerships with Indonesian digital bank Superbank. The bank on Wednesday announced it has signed a contract to collaborate on developing new financial products with Superbank, a digital bank in which Kakao Bank is one of the major shareholders. According to the new contract, Kakao Bank will provide consulting for Superbank’s new financial products, leveraging its expertise in mobile
Nov. 27, 2024
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[Global Finance Awards] Mirae Asset bolsters global presence with W370tr under management
Mirae Asset Global Investments has continued to expand its presence in global markets. Of its total assets under management at 370 trillion won ($265 billion), almost 40 percent are now managed overseas. When Mirae Asset first ventured into overseas markets back in 2003, it was met with considerable skepticism. Critics doubted whether the company could compete with established giants such as Goldman Sachs and Merrill Lynch. However, Mirae Asset Founder Park Hyeon-joo recognized the long-term p
Nov. 27, 2024
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[Global Finance Awards] Shinhan chief pushes to boost corporate value
Shinhan Financial Group is intensifying efforts to enhance its corporate value, with Chairman Jin Ok-dong leading initiatives both domestically and internationally. In November, Jin attended a joint investor relations event in Hong Kong, organized by South Korea's Financial Supervisory Service, following a similar event in New York in May. He presented Shinhan's corporate value enhancement plan, outlined strategies for strengthening South Korea's capital market, and discussed glob
Nov. 27, 2024
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[Global Finance Awards] Hana Bank supports SME workers with special savings account
Hana Financial Group recently hosted a ceremony with the Korean Ministry of SMEs and Startups to celebrate surpassing 10,000 holders of its savings accounts tailored for small and medium-sized enterprise workers. Late last month, Hana Bank launched a savings program in collaboration with the ministry to support the growth of SMEs by helping their employees build a nest egg and encouraging longer tenures with their companies. Employees who deposit at least 100,000 won ($71.6) per month can receiv
Nov. 27, 2024
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[Global Finance Awards] IBK boosts support for small businesses
Industrial Bank of Korea is intensifying its efforts to support small businesses struggling with the economic downturn and high interest rates. Last month, the state-run lender unveiled a comprehensive support plan, extending the interest rate reduction period for government-backed small business loans by a year with a 130 billion won ($93 million) investment. It will also allocate 28 billion won to dedicated loan funds and 14 billion won to preferential rates on savings and debt restructuring
Nov. 27, 2024
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[Global Finance Awards] JB Financial, buoyed by upbeat earnings, readies for big leap
JB Financial Group is seeking another big leap under Chairman Kim Ki-hong who has recently been reappointed for the third term for his leadership in elevating the group’s financial stability and profitability. In the third quarter of this year, its return on equity reached 14.7 percent, reflecting a 2.6 percentage-point increase on-year. The company highlighted this as the highest ROE ratio among domestic financial holding companies, surpassing the double-digit target often regarded as a b
Nov. 27, 2024
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[Photo News] Aged to perfection
(From left) Frantz Hotton, CEO and president of Pernod Ricard Korea, Sandy Hyslop; Ballantine’s master blender; and Miguel Pascual, marketing director of Pernod Ricard Korea, pose during the launching event of Ballantine’s 40 Year Old Masterclass Collection – The Waiting, the latest release from the iconic Scotch whisky brand, in Seoul on Wednesday. (Pernod Ricard Korea)
Nov. 27, 2024
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Samsung shakes up management, commits to reviving chip business
Samsung Electronics, the world's leading smartphone and memory chip maker, announced a management reshuffle on Wednesday, replacing the top brass at its sluggish chipmaking business division. While retaining the company's three vice chairs for management stability, the company replaced the foundry business chief and created two new positions to enhance operational efficiency. "The company sought to overcome uncertain internal and external business challenges and aim for a new brea
Nov. 27, 2024
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Samsung reveals new leadership in foundry push
Samsung Electronics on Wednesday replaced its foundry business head in its year-end leadership reshuffle and created the new president-level position of chief technology officer in an apparent move to breathe fresh air into its sluggish foundry business. The tech giant promoted Han Jin-man, executive vice president and head of Device Solutions America, to president and head of its foundry business. After joining Samsung in January 1989, Han has held various roles, including leading DRAM and flas
Nov. 27, 2024
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HD Hyundai delivers next-generation Aegis destroyer to Korean Navy
HD Hyundai Heavy Industries announced Wednesday the delivery of Jeongjo the Great, an 8,200-metric-ton Aegis destroyer, during a ceremony at its headquarters in Ulsan, some 310 kilometers southeast of Seoul. Government representatives from seven countries, including Poland, Peru and the United States, attended the event. Delegates also toured the latest frigate Chungnam, which is set to be delivered to the Republic of Korea Navy next month. Poland and Peru are emerging as potential clients for t
Nov. 27, 2024
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Samsung Electronics announces new leadership to ensure future competitiveness in chips business
Samsung Electronics Co. announced its new leadership Wednesday, focusing on the semiconductor business in an apparent move to enhance its future competitiveness in the field. Jun Young-hyun, vice chairman and head of the device solutions division, was named CEO and will also lead the memory business and Samsung Advanced Institute of Technology, the company said in a press release. To bolster technological competitiveness, the new CEO will directly manage the memory business unit. Han Jin-man, f
Nov. 27, 2024
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[India Forum] Kintex hopes to become growth platform in India
NEW DELHI -- Kintex, the operator of the convention center of the same name in Korea, hopes to function as a platform for Korean companies aspiring to forage into the burgeoning Indian market. Kintex, short for the Korea International Exhibition Center, operates a convention center under the same name in Goyang, Gyeonggi Province. It is the largest convention facility in Korea with a 108,483 square meters of space for exhibitions. In 2018, the operator received a permit to operate India’s
Nov. 26, 2024
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[India Forum] Daewoo E&C vows to build Koreatown in Haryana
GURUGRAM, India -- Daewoo Engineering & Construction Chairman Jung Won-ju, who doubles as chairman of Herald Media Group, expressed his hopes to establish India’s first Koreatown, the hub of Korean culture and commerce, in a meeting with high-profile Indian government officials. On Thursday, Jung met with Nayab Singh Saini, the chief minister of Haryana, to discuss the bilateral partnership between Korea and India. Haryana, a state in north-central India, surrounds Delhi on three sides
Nov. 26, 2024
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[India Forum] Tapping into young, growing population
NEW DELHI, India -- Korea’s leading asset manager Mirae Asset Global Investments has been rapidly expanding its presence in the Indian market, riding on the country’s strong “appetite for Korean businesses.” Recognizing the country’s growth potential, the company was the first of its peers to enter the Indian market, setting up an office in Mumbai in 2006. “When Mirae Asset came to India, it was a 100 percent foreign-owned equity,” Shrinivas Khanolkar, h
Nov. 26, 2024
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[India Forum] India, more than a manufacturing hub
NEW DELHI -- The India-Korea Business Partnership Forum 2024 held at the Yashobhoomi convention center in New Delhi on Friday highlighted India’s potential to grow as more than a manufacturing hub. South Korean tech behemoth Samsung Electronics believes Indian talent will drive innovation to take the country a step further on the global stage. “Samsung was one of the first companies to realize India's potential as a manufacturing powerhouse. Each state represents a diverse mic
Nov. 26, 2024