Foreign investors snapped up investments in Samsung Electronics last year, net buying more than 16 trillion won ($12.31 billion) worth of shares, buoyed by the expectations of a recovery of the global chip industry. In 2023, foreign investors scooped up a net 16.73 trillion won of shares in Samsung Electronics, the largest amount since related data was compiled from 1999, according to the nation’s sole bourse operator Korea Exchange. It also marked a turnaround from their net selling stanc

Market Jan. 1, 2024

South Korea's Shinhan Bank said Friday its Indonesian unit, Bank Shinhan Indonesia, has won a $200 million investment from the International Finance Corp. The funding is a result of a memorandum of understanding signed between Shinhan Financial Group and the IFC in May, aiming to expand cooperation in global expansion and environmental, social and governance drives. Initially, the IFC will provide $100 million, followed by an additional $100 million financing within a year. Bank Shinhan Ind

Companies Dec. 22, 2023

The National Assembly on Thursday passed the government budget for 2024 amounting to 656.6 trillion won ($502 billion). The final package showed a 2.8 percent gain from that of last year’s, marking the smallest on-year increase for the government budget. It was down 300 billion won from the government proposal of 656.9 trillion won submitted in September. The government's fiscal soundness will continue to face challenges next year, as the proposed tax revenue stands at 612.2 trillion

Economy Dec. 21, 2023

The South Korean government will raise the threshold for major shareholders' capital gains tax to those holding 5 billion won ($3.83 million) worth of stocks from the current 1 billion won, the Finance Ministry announced Thursday. The Ministry of Finance will revise the capital gains tax regulation in the Enforcement Decree of the Income Tax Act. As it falls under an enforcement ordinance, the government does not have to earn approval from the National Assembly. Korea currently levies capit

Market Dec. 21, 2023

The Bank of Korea is proactively pushing for the introduction of a central bank digital currency to maintain its grip on the sovereign currency amid the continued digital transformation of the finance sector. The BOK has developed a two-track system for Korea's CBDC: a retail CBDC for individuals and a wholesale CBDC for institutions. It will first test out the wholesale CBDC by having banks issue tokenized deposits to some 100,000 people in the fourth quarter of 2024. “Digitalizati

Economy Dec. 21, 2023

South Korea’s top commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- are facing a potential risk of suffering losses in overseas real estate investments amid a slowdown in the global property market following persistent high rates. The balance of overseas real estate funds sold by the five banks stands at 753.1 billion won ($580 million), according to financial authorities. Of the amount, fund products worth 257.1 billion won are set to expire next year. With the global r

Economy Dec. 18, 2023

Seoul-based private equity firm MBK Partners is gearing up for a second round in a battle for control of Hankook & Co., the holding company behind Korea's largest tire maker, Hankook Tire & Technology. On Friday, MBK said through Ventura, a special purpose company set up for the bid, that it has raised its offer for the public tender for Hankook & Co., from 20,000 won ($15.34) to 24,000 won per share. "This would be the first and last price raise," MBK said in a statem

Companies Dec. 17, 2023

Regulating digital currency is a major priority on the global agenda, International Monetary Fund Managing Director Kristalina Georgieva said at an international conference held in Seoul on Thursday. "We must consider the effects if crypto assets become widespread. The scenario is not far-fetched," Georgieva said in her opening speech at the event co-hosted by the Ministry of Finance, Bank of Korea, Financial Service Commission, and the International Monetary Fund. The event was held u

Economy Dec. 14, 2023

Constantine Enterprises CEO Robert Hiscox pinned high hopes on the company’s latest condominium development project near Toronto, which could become the beginning of a potential partnership with two Korean partners, Daewoo Engineering & Construction and Hyundai Asset Management. Hiscox and Rogers Communications Chairman Edward Rogers co-founded the real estate company Constantine Enterprises back in 2013. The company works as a developer, construction builder and manager of property pr

Companies Dec. 13, 2023

An expansion of the business into the real estate market and beyond comes as Rogers Communications Chairman Edward Rogers, who leads the Canada-based technology and media company, bets high on the country’s burgeoning economy. Rogers has been focusing on diversifying his business outside of the core telecom space, co-founding the real estate development and management firm Constantine Enterprises with his longtime friend Robert Hiscox in 2013. “It was to take advantage of the amazing

Companies Dec. 13, 2023

Mirae Asset Securities has acquired Sharekhan Limited, India’s major brokerage firm, in a $370 million deal to bolster its expansion in the world’s fifth-largest economy. The firm has signed a share purchase agreement with BNP Paribas SA for the acquisition of Sharekhan Limited, according to an announcement made by Mirae Asset Securities on Tuesday. The French banking giant has sold its entire stake in the retail brokerage firm, eight years after the acquisition in 2015. Founded in 2

Companies Dec. 12, 2023

BlockSquare Seoul is working to strengthen its service lineup to support investors in mitigating risks and increasing profit in cryptocurrency trading. The company provides charts which show the price fluctuation of major cryptocurrencies and assess risks, bid prices and liquidation attempts. The charting service, like the cryptocurrency market, operates on a 24-hour basis. The charts further speculate future price movements by using data generated from real-time market monitoring. The chartin

Companies Dec. 12, 2023

North Korea is the only potential trigger for a downgrade of South Korea’s current sovereign rating of AA -- the third-highest level on the S&P Global Ratings table, an expert from the credit appraiser said. If reunification of the Korean Peninsula is to happen -- though it is a very “unlikely scenario” -- South Korea’s sovereign rating could take a hit, according to Kim Eng Tan, senior director for the sovereign ratings team in Asia-Pacific. "(Reunification) i

Economy Dec. 12, 2023

Speed and accuracy in processing real-time data are key requisites for interpreting the volatile cryptocurrency market, said Won Hyuk, chief technical officer at BlockSquare Seoul. The crypto trading assistance company has created a charting tool for investors, which helps with trading analysis. Its AI-powered Goya algorithm suggests the best time to buy and sell, reading into the market price fluctuation of cryptocurrencies. “We convert figures from orderbook, on-chain data and liquidatio

Companies Dec. 12, 2023

Korea is in the middle of blame-shifting, as banks face more than 3 trillion won ($2.28 billion) in losses combined in the first half of next year from the sales of equity-linked securities tied to a Hong Kong index. Financial authorities are considering creating guidelines for compensation regarding the sales of ELS products tracking the Hang Seng China Enterprises Index, seeing the possibility of banks’ misselling. The value of ELS products sold by Korea’s five major banks set to m

Market Dec. 6, 2023