Articles by Choi Ji-won
Choi Ji-won
jwc@heraldcorp.com-
Korean firms should brace for 'Trump risk': KITA
Fears over a future US decoupling from China and protectionist policies are looming large among South Korean companies as former US President Donald Trump emerges as the potential Republican presidential nominee in this year's election. One of the most substantial risks of a possible second term for Trump is his "America-first" policy agenda and the many geopolitical uncertainties rising from it, including the US potentially decoupling from China, according to a report released by
Industry Jan. 30, 2024
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BOK extends open market operations to non-banking entities
The South Korean central bank on Thursday said it will start to buy or sell securities with non-banking finance institutions in open markets, expanding the scope of entities subject to its key monetary policy instrument to control the money supply in the economy. With the latest change in the Bank of Korea's open market operations, local asset management firms, mutual savings banks and credit unions will now be eligible to engage in repurchase agreements (repos) for securities transaction
Economy Jan. 26, 2024
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NongHyup's new chief to push for major revamp
The National Agricultural Cooperative Federation on Thursday elected Kang Ho-dong as the 25th NongHyup chairman, marking the first time in 17 years for the cooperative to have a directly elected chairman at its helm. The federation, South Korea's biggest agricultural cooperative comprised of 2 million members, is expected to see a significant reshuffling of the federation's governance structure under the new leadership. The former head of the Yulgok Nonghyup chapter in Hapcheon-gun, So
Industry Jan. 26, 2024
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Eximbank launches Saudi desk to bolster support in Middle East
The state-run Export-Import Bank of Korea said Thursday that it has launched a Saudi Arabia desk to ramp up support for local firms expanding their businesses in the Middle East. According to the bank, the new desk will take charge of coordinating and supporting the private sector, not just within Saudi Arabia, but in the Middle East overall. While the team will be based in Seoul, an employee will be dispatched to Saudi Arabia's capital, Riyadh, and will collaborate closely to discover new
Economy Jan. 25, 2024
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[KH Explains] Financing limbo threatens W30tr Polish arms deal
South Korea's ambitious multibillion-dollar arms export deals with Poland may be at risk, as the National Assembly continues to sit dormant on a bill that must be passed in order to for the deals to come through. Having signed an initial comprehensive arms export agreement worth 17 trillion won ($12.7 billion) for tanks, howitzers and fighter jets in July 2022, the related Korean defense companies -- Hyundai Rotem and Hanwha Aerospace -- and the Polish government have been negotiating to fo
Industry Jan. 24, 2024
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Kakao Bank hits $1b in outbound remittances
South Korean internet-only lender Kakao Bank said Tuesday that the annual international transfers made on its app exceeded $1 billion last year. The figure is the highest annual overseas remittance via Kakao Bank since the company started its service in July 2017, the firm said, adding that the cumulative amount of outbound remittances on the app had reached $5.4 billion. Users of Kakao Bank can make international wire transfers to 22 countries in 12 currencies via the company's own foreign
Industry Jan. 23, 2024
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One in 10 Korean nationals work in large companies
More people work at large companies in South Korea, with the number of people employed by conglomerates reaching a record high last year. According to recent data from the Korean Statistical Information Service, the number of people working at companies with over 300 employees reached an all-time high of 3,087,000 last year. This is the first time that the figure reached the 3 million milestone since the statistics agency started compiling such data in 2004. The ratio of people working at large
Economy Jan. 22, 2024
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ELS crisis deepens as Hong Kong index sags further
Losses inflicted on Korean investors from derivatives tracking the Hang Seng China Enterprises Index are swelling even faster than expected, as the notorious Hong Kong index has dipped further recently. The HSCEI, which had remained at around 5,500 points since late 2023, has dropped dramatically in the last week or so, sinking by 11.12 percent just this year to close at around 5,127 on Friday. The plunge means a larger toll on investors here, as South Korea braces for the maturation of some 10.
Industry Jan. 21, 2024
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Toss Bank launches fee-free currency conversion service
Korean internet-only bank, Toss Bank, on Thursday rolled out its first foreign exchange service, pledging not to charge users any fees for converting foreign currencies. Under the new scheme, all users who open a foreign currency account on its banking app can exchange 17 foreign currencies in real-time and around the clock, without paying any fees for a lifetime. Until now, local banks have sometimes offered a reduction in or removal of currency conversion fees as part of special promotions. Bu
Industry Jan. 18, 2024
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Woori, BC improve profits in overseas card business
As local card issuers struggle to seek new growth engines on foreign ground, a handful saw improvements in 2023. Making a surprise breakthrough overseas last year was Woori Card, which posted a cumulative net profit of around 6.25 billion won ($4.64 million) as of the third quarter through its foreign subsidiaries in Myanmar and Indonesia. The figure was up by almost 78 percent on-year. Driving the flourish was Woori Finance Indonesia, the Korean card company's newly launched Indonesian cor
Industry Jan. 17, 2024
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KEB Hana Bank to tap into Hungary in Q1
KEB Hana Bank said on Tuesday it will open a new overseas branch in Hungary's capital Budapest within the first quarter of this year. One of South Korea's top four commercial lenders, Hana will be the third to make inroads into the Central European country, following Shinhan Bank and Woori Bank. The state-owned Korea Development Bank also operates a local branch there. This marks Hana's first new overseas branch in almost two years, since it set up a Taiwan office in April 2022. H
Industry Jan. 16, 2024
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Catastrophic losses pile up from HK-tied ELS
The equity-linked securities fiasco is turning into a reality for South Korean banks as a load of the derivative products tied to the slacking Hong Kong's benchmark Hang Seng China Enterprises Index started maturing this month. As of Friday, around 106.7 billion won ($81.14 million) in principal losses have been confirmed from the sales of the Hong Kong index-tied ELS products sold by the five major Korean commercial banks, according to sources from the financial ring on Sunday. The five ba
Industry Jan. 14, 2024
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Kakao Pay sees foreigner usage surge in 2023
Kakao Pay, the online payment service of Korean tech giant Kakao Corp., saw exponential growth in its usage by foreign nationals last year, with the volume of monthly transactions by foreigners jumping by 14 times on-year in January. According to the firm on Wednesday, numbers for transactions and monthly foreign users also increased by eight times each over the same period. The company declined to provide further details on the exact figures. The firm has partnered with 12 online payment platfo
Industry Jan. 10, 2024
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[CES 2024] Korean finance giants eye new opportunities at CES
The leaders of Hana Financial Group and Shinhan Financial Group are headed to the CES 2024, the world's largest consumer technology event slated to open in Las Vegas on Tuesday. Hana Financial Group Chairman Ham Young-joo is taking part in the tech event for his second consecutive year. This year, the Hana chief is reportedly taking with him a team of employees in the artificial intelligence sector, in line with the theme of this year's CES, which seeks to highlight the possibilities o
Industry Jan. 8, 2024
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FSS cracks down on HK-tied ELS misselling
The South Korean financial authorities are launching an official probe into the misselling of equity-linked securities tied to Hong Kong's benchmark index, with massive principal losses set to occur starting this month. On Monday, the Financial Supervisory Service is set to open an on-site investigation over 12 financial institutes suspected of violating rules while selling ELS products tracking the Hang Seng China Enterprises Index. An ELS is a type of fixed-income derivative that pays o
Industry Jan. 7, 2024
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