Articles by Choi Ji-won
Choi Ji-won
jwc@heraldcorp.com-
[KH explains] Why Korea has been so quick to adopt ‘global minimum tax’
South Korea has become one of the first countries to implement the so-called “global minimum tax rule” this year, which aims to ensure companies pay at least 15 percent tax on corporate income, regardless of where they operate. The initiative aligns with international efforts to tackle tax avoidance by major corporations, as they often seek refuge in low-tax jurisdictions. Korea is one of about 20 nations to adopt the new rule so far, while some countries, including the US, are still
Economy Feb. 27, 2024
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Kyobo Life secures most-admired insurer title for 2nd consecutive year
Kyobo Life Insurance has been named the nation's most-admired life insurer for the second consecutive year, reflecting CEO and Chair Shin Chang-jae's steadfast commitment to a sustainable management philosophy. The Kyobo subsidiary announced it received the honor on Tuesday from the Korea Management Association Consulting, marking its second straight year being recognized as the top life insurer at KMAC's most-admired companies ceremony. This year, Kyobo Life also secured a place
Industry Feb. 27, 2024
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New regulation on housing loans comes into force
South Korea has tightened household debt regulations with the introduction of "stress interest" to the debt service ratio system across the banking sector, effective Monday. The Financial Services Commission has implemented the stress DSR system, which imposes surplus interest -- called stress interest -- to reflect potential future interest rate hikes when the borrower executes the loan. The DSR gauges the amount a borrower has to pay for principal and interest relative to annual inco
Industry Feb. 26, 2024
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Regulators warn of possible risks from foreign real estate investment
South Korean regulators warned Thursday of increasing risks in the domestic financial sector due to overseas real estate investments, with around 2.46 trillion won ($1.85 billion) exposed to potential risk, while also aiming to reassure the public that the impact on the overall industry will be limited. The Financial Supervisory Service issued the statement following its assessment of local financial institutions' investments in real estate overseas, amid some concerns about the cooling of
Economy Feb. 22, 2024
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Korea to facilitate easier currency trading for foreigners
Foreigners seeking to invest in the Korean capital markets will be able to exchange foreign currencies for Korean won more easily starting in the next quarter, according to the South Korean government on Wednesday. The revision comes as part of the government's efforts to enhance efficiency and stability of securities settlement and foreign exchange trading for offshore investors. The Finance Ministry, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Servic
Economy Feb. 21, 2024
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US commercial property crisis looms over Korea
The downturn in the US commercial property market, which has already hit banks in New York, Japan and Europe, is beginning to loom over South Korea, with around 1 trillion won ($750 billion) in losses already confirmed by the big financial conglomerates. The total amount of overseas commercial real estate exposures (risks inherent in investments) by the five major Korean financial companies has reached 20.39 trillion won so far, according to data received from the companies and compiled by Rep.
Economy Feb. 18, 2024
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Toss Securities logs first annual profit
Toss Securities saw its first profitable year since it started service three years ago by logging 1.53 billion won ($1.15 million) in net profit last year, it said on Thursday. Sales rose by 58 percent on year to 202 billion won in the same period, with the operating loss narrowed by 31.3 billion won to 900 million won. The firm attributed its first profitable year to transaction volume expansion, which led to improved earnings from the trading commission. Domestic and overseas market transactio
Industry Feb. 15, 2024
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Mobile payment surges by W17tr in 2023
The local mobile payments market continued its relentless expansion last year, swelling by a whopping 17 trillion won ($12.72 billion) on year. The total amount of mobile payments made through four major companies providing the service locally -- Samsung Pay, Naver Pay, Kakao Pay and NHN Payco -- tallied 147.79 trillion won last year, according to Financial Supervisory Service data obtained by lawmaker Oh Gi-hyoung of the Democratic Party of Korea. The number has climbed steeply in recent year
Industry Feb. 14, 2024
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CEOs, top executives to be held accountable for financial misconduct
Executives of financial companies will be held accountable for misconduct within their assigned areas of responsibility starting in July. The Financial Services Commission announced guidelines on Tuesday for the new "responsibilities map" system, requiring financial institutes to detail responsibilities for executives, including chief executive officer. In December, the National Assembly passed a revised bill for the Act on Corporate Governance of Financial Companies, introducing the
Industry Feb. 13, 2024
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DGB seeks approval to convert to commercial bank
DGB Daegu Bank, a regional lender, has sought regulatory approval for its transition to a commercial bank, with plans to commence nationwide operations as early as April. The bank's parent company, DGB Financial Group, on Wednesday announced it had applied with the Financial Services Commission to alter the banking subsidiary's status. If the lender gets the green light, it will mark the country's first new commercial bank since the establishment of the Peace Bank of Korea in 1992
Economy Feb. 8, 2024
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Kakao Bank racks up record earnings on mortgage sales
Kakao Bank, South Korea's internet-only bank, announced on Wednesday it achieved a record-high net profit of 354.9 billion won ($267.67 million) last year, a 34.9 percent increase from a year earlier. Its operating profit also soared by 35.48 percent to 478.5 billion won. The online lender's credit expanded mainly on housing mortgage loans, the firm explained. In the fourth quarter, Kakao Bank's deposit balance was approximately 47.1 trillion won, increasing by 14 trillion won fro
Industry Feb. 7, 2024
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Woori mulls acquiring Korea Foss Securities
Woori Financial Group is actively considering the acquisition of local online brokerage firm Korea Foss Securities, in a move to add a missing puzzle piece -- a securities arm -- as a leading banking giant. "We are reviewing all potential companies (for acquisition) to make inroads into the (securities) industry, with the brokerage mentioned among them," the group's Chief Financial Operator Lee Sung-wook said Tuesday during the company's conference call. Speculation about the
Industry Feb. 6, 2024
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FSS officials to visit Hong Kong in short selling probe
South Korean financial regulators are set to collaborate with their counterparts in Hong Kong as part of its ongoing investigation into illegal short selling involving Hong Kong-based companies. The Financial Supervisory Service on Monday announced plans to dispatch working-level officials to Hong Kong in early February to facilitate this cooperation. FSS Chief Lee Bok-hyun disclosed this initiative during a meeting with local journalists at the agency's headquarters in Seoul, where he outl
Economy Feb. 5, 2024
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Analysts upbeat on Kakao; battery sector outlook gloomy
Despite lingering management risks, tech giant Kakao may see a surprise increase in its stock price this year, with analysts bullish on its advertising and commerce businesses. According to market intelligence firm FnGuide, Kakao's target price, provided by more than three analysts, was 69,458 won ($51.90) as of Sunday, up 10.6 percent from 62,783 won recorded at the end of last year, marking the highest increase rate among the target prices of the top 20 firms listed on the Korean stock ma
Market Feb. 4, 2024
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[Photo News] IBK chairman starts second year at helm
Industrial Bank of Korea Chairman and CEO Kim Sung-tae convened a meeting with top executives from the bank's subsidiaries and branches at the IBK training center in Chungju, North Chungcheong Province, on Friday, marking the start of his second year in office. Emphasizing the bank's pivotal role in "driving Korea's economic growth by leveraging policy financing for small and medium-sized enterprises," Kim underscored the importance of boosting support for small business
Industry Feb. 4, 2024
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