Articles by Choi Ji-won
Choi Ji-won
jwc@heraldcorp.com-
[Photo News] Seoul seeks 'best sleeper'
Seoulites continue their search for winners of quality rest. Following last weekend's zoning out contest, a best sleeper competition was held on Saturday afternoon at Yeouido Hangang Park. Starting at 2 p.m., participants napped for an hour and a half, during which their heart rates were measured every half hour. The winner was determined by the greatest difference between their baseline heart rate, measured before the nap, and their lowest heart rate during the nap. This contest was part o
Social Affairs May 18, 2024
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Korea Eximbank extends $120m loan to Cambodia for road development
The state-run Export-Import Bank of Korea said Friday it has signed an agreement to provide a $120 million loan to Cambodia to support the enhancement of the Southeast Asian country's provincial road infrastructure. Korea Eximbank President Yoon Hee-sung and ROS Seilava, secretary of state at Cambodia's Ministry of Economy and Finance, inked the contract at a ceremony held at the South Korean presidential office in Yongsan-gu, on the occasion of a summit between Korean President Yoon S
Economy May 17, 2024
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Woori partners with India’s Tata Motors in auto finance push
Woori Financial Group on Thursday announced a new partnership with Indian auto giant Tata Motors as part of its strategy to expand its presence in the global auto finance market. Woori Financial Group Chairman Yim Jong-yong and Tata Motors Executive Director Girish Wagh held an agreement signing ceremony for business cooperation at Woori’s headquarters in Seoul on Thursday. Tata Motors is a flagship subsidiary of India's top conglomerate Tata Group, accounting for around a third of th
Industry May 16, 2024
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Woori Bank joins race for 4th online-only lender
Woori Bank, a major commercial lender in South Korea, has entered the competition to secure a license for the country's fourth internet-only bank. An official from Woori Bank confirmed Tuesday that the company recently submitted a letter of intent to Korea Credit Data to join the firm's consortium to win approval to launch an internet-only bank. This marks the first time a local commercial bank has officially delivered its commitment to join the race. "Woori Bank has consistently
Industry May 14, 2024
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K bank racks up record earnings ahead of market debut
South Korea's internet-only lender, K bank, witnessed a significant improvement in its earnings as it gears up for its market debut this year. The bank announced Monday that its net profit in the first quarter surged nearly fivefold to 50.7 billion won ($37 million), from 10.4 billion won in the same period last year, reaching a new quarterly high. The bank stated the record performance results from a balanced growth in both deposit and loan balances, which increased by 25.7 percent and 6.6
Industry May 13, 2024
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Toss Securities logs record quarterly profit in Q1
Toss Securities, the online-only brokerage arm of Korean fintech giant Viva Republica, continues its upward trajectory, marking a significant milestone with its highest-ever quarterly net profit in the first quarter. The company announced Monday that its net profit soared to a record 11.9 billion won ($8.7 million) in the first quarter, rebounding from a net loss of 400 million won in the same period last year. This figure is equivalent to eight times the annual net profit of 1.5 billion won rec
Industry May 13, 2024
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Loans of self-employed swell 50% in four years
The reliance on bank loans among self-employed South Koreans has surged considerably since the onset of the pandemic, with the overall loan volume and the default rate rising steeply in the past four years. According to data from the nation's major credit ratings firm Nice, provided to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea, the outstanding loans to self-employed individuals from local financial institutions totaled 1,112.74 trillion won ($811 billion) as of t
Economy May 12, 2024
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Financial regulator to complete short selling probe this year
South Korea's chief financial regulator, Financial Supervisory Service Governor Lee Bok-hyun, said the agency plans to conclude its ongoing investigation into illegal short selling by the end of the year. He made the statement during a meeting with a group of reporters on Thursday. "We've completed investigations into some companies and made significant progress with three others. About five companies remain, and, if possible, our goal is to wrap up the investigation by the end of
Economy May 9, 2024
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Kakao Bank hits record high quarterly profit in Q1
South Korean online-only lender Kakao Bank announced Wednesday that its net profit hit a record high of 111.2 billion won ($81.44 million) in the first quarter, a 9 percent increase from the previous year. Operating profit for the same period was 148.4 billion won, up 8.8 percent from last year. The bank said it achieved balanced growth across various business sectors, driven by a steady increase in customer numbers and the successful launch of products and services. Total customer numbers grew
Industry May 8, 2024
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NPS commits record W1.5tr for alternative investments
South Korea's National Pension Service will pour a record 1.5 trillion won ($1.1 billion) in alternative assets managed by external managers this year, the largest such allocation in the fund's history. The majority of the sum, 1 trillion won, will go to private equity funds, according to a recent announcement by the NPS, marking a 25 percent increase from the previous year. In 2023, the NPS allocated 800 billion won to private equity, with Macquarie Asset Management, IMM Private Equit
Industry May 7, 2024
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Value-up program: Market disappointment does not mean a failure, just yet
The Korean government's corporate value enhancement guidelines revealed last week may have disappointed investors, yet experts believe there is room for improvement. After a three-month wait following the initial announcement of the corporate value-up program in February, the Financial Services Commission on Thursday issued several pages of guidelines detailing how companies should create their value enhancement plans and associated regulations. Under the guidelines, companies first select
Economy May 6, 2024
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Woori to re-enter brokerage business with acquisition of Korea Foss Securities
Woori Financial Group said Friday that it will launch a new brokerage arm in the third quarter by acquiring digital brokerage firm Korea Foss Securities and merging it into its existing investment banking subsidiary. The tie-up plan between Woori Investment Bank and Korea Foss Securities marks the financial giant's return to the stock trading business after a decade. Woori Financial Group's long-term goal is to become one of the country's top 10 brokerage firms within the next dec
Industry May 3, 2024
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Exports to US reach all-time high, widen gap with China
South Korea's exports increased for seven straight months, jumping 13.8 percent in April on strong chip demand and record-high automobile sales. Exports to the US, in particular, reached an all-time high, further widening the gap with China, the country's second-largest export destination. Outbound shipments came to $56.2 billion, up 13.8 percent on-year, according to data revealed by the Ministry of Trade, Industry and Energy on Wednesday. The data showed that imports rose by 5.4 perc
Economy May 1, 2024
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Financial groups maintain capital adequacy despite ELS risk
Korean banking groups maintained solid capital adequacy despite significant payouts for consumer compensation due to misselling equity-linked securities tracking a Hong Kong index. Industry sources reported that the average capital adequacy ratio, or Common Equity Tier 1, among five major Korean financial groups -- KB, Shinhan, Hana, Woori, and NongHyup -- was 12.8 percent in the first quarter of this year, a slight decline from 13 percent in the previous term and 12.9 percent from the same peri
Industry April 30, 2024
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Woori Financial jumps in race to take over Lotte Insurance
The competition to acquire Lotte Insurance, South Korea's seventh-largest nonlife insurer, is intensifying, with Woori Financial Group recently joining the race. Woori Financial Group's Chief Financial Official Lee Sung-wook stated Friday that the company is reviewing the acquisition of the insurer "to fortify our competitiveness in the nonbanking sectors." The remarks came during the company's quarterly conference call. The move represents Woori's effort to reenter
Industry April 28, 2024
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