Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
KB approves of Yang Jong-hee as its new chief
KB Financial Group’s shareholders approved of Vice Chairman Yang Jong-hee's appointment as the next chairman during a special shareholders' meeting at its headquarters in Seoul on Friday. The financial group's shareholders overwhelmingly supported Yang's appointment, with 97 percent of votes in favor. "Despite various challenges in the domestic economy and financial industry, there are high expectations from shareholders for KB Financial Group. I am aware of this a
Industry Nov. 17, 2023
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IMF raises South Korea's inflation forecast to 3.6% for 2023
The International Monetary Fund has upwardly revised its inflation forecast for South Korea to 3.6 percent for this year and 2.4 percent for next year, and advised the country to maintain its current interest rate policy to ensure price stability. In the IMF’s annual report released by the Finance Ministry on Friday, the IMF projected a 3.6 percent inflation rate for this year, which is 0.2 percentage points higher than the 3.4 percent projected in the IMF's October report. The IMF
Industry Nov. 17, 2023
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Ex-Shinhan chief tapped to lead Korea Federation of Banks
Shinhan Financial Group's former Chairman Cho Yong-byoung has emerged as the final nominee for the chairman position of the Korea Federation of Banks to head the association for the next three years. In a meeting held on Thursday, the KFB's Chairman Candidate Recommendation Committee chose Cho as the final candidate from a pool of six contenders for the position. The KFB is slated to hold a meeting on Nov. 27, bringing together representatives from 23 member companies to formally appoi
Industry Nov. 16, 2023
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BNK Busan Bank to pilot English-speaking services
BNK Busan Bank, a commercial lender based in the southern port city of Busan, will pilot English-speaking services at three branches in collaboration with the Busan city government, starting in January 2024. Special counters staffed by English-speaking personnel will be set up to cater to the needs of foreign customers. The selected branches are the lender's headquarters in Munhyeon-dong, the Haeundae Financial Center branch in Jung-dong and the Gwangandong Financial Center branch in Gwan
Industry Nov. 15, 2023
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Naver's QR payment service available in 42 countries
Internet giant Naver’s payment platform, Naver Pay, said Wednesday that its QR-based offline payment service is now available at Alipay Plus merchants in 42 countries, mainly catering to Korean tourists. "We are committed to actively expanding our payment service to establish it as the preferred payment method for Koreans traveling abroad," said a Naver Pay official. The 42 countries span across Asia, including China, as well as European nations, the US, and Australia. Followin
Industry Nov. 15, 2023
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Business groups demand more flexible working hour system
Korean business groups were not fully happy with the government's proposal to mostly retain the existing 52-hour workweek system on Monday, calling for further reforms. The Ministry of Employment and Labor proposed to maintain the current workweek system while applying complementary measures for some industries that require greater flexibility in working hours. The Korea Enterprises Federation, in particular, strongly criticized the proposal. “The proposal is not as comprehensive as t
Industry Nov. 14, 2023
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Bithumb to push for IPO in 2025
Bithumb, one of South Korea's four major cryptocurrency exchanges, is preparing to become the first cryptocurrency exchange to go public in Korea, in a move to expand its share in the market currently dominated by its larger peer, Upbit. "We selected Samsung Securities as our manager for initial public offering at the end of (October). We aim to go public during the second half of 2025," a Bithumb official said on Monday. The company is primarily considering a listing on Korea
Industry Nov. 13, 2023
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Korean banks to offer loans for Polish weapons deal
South Korea's top five commercial banks will provide the first tranche of a syndicated loan worth 3.5 trillion won ($2.65 billion) to the Polish government to finance a follow-up weapons purchase deal with Korean arms companies, industry sources said Friday. This decision came after South Korea's Defense Ministry asked the top five commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- to provide the lending during a meeting held on Nov. 6, as state-run banks hit their lo
Industry Nov. 12, 2023
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Global minimum corporate tax to take effect in Korea next year
Starting from 2024, multinational companies such as Samsung Electronics and SK hynix, which have overseas factories or subsidiaries, are expected to face increased tax obligations. The Ministry of Economy and Finance announced Thursday that a new law to implement the global minimum corporate tax -- which will require multinational enterprises to adhere to a minimum effective tax rate of 15 percent -- will begin as early as January 2024. Until Dec. 7, the administrative authorities will gather p
Industry Nov. 9, 2023
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Kakao Bank logs record-high net profit
Kakao Bank, an internet-only bank, announced Wednesday that it achieved a record-high net profit of 279.3 billion won ($214.12 million) during the first three quarters of the year, thanks to increased lending to borrowers attracted by its low interest rates. This represents a 37.9 percent increase from 202.5 billion won it recorded during the same period a year ago. "We pursued sustainable growth through balanced deposits and loans in the third quarter, along with stable risk management,&rd
Industry Nov. 8, 2023
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Kyobo Life chairman wins top industry honor
Kyobo Life Insurance Chairman and CEO Shin Chang-jae has been awarded the 2023 Insurance Hall of Fame Laureate award from the International Insurance Society, one of the insurance industry’s top honors. The awarding ceremony was held during the gala event of the Global Insurance Forum in Singapore on Monday. “Shin embodied the spirit of the Insurance Hall of Fame through innovative activities, insightful leadership and people-centered management,” said Josh Landau, CEO of the
Industry Nov. 7, 2023
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Kosdaq volatility persists after short selling ban
Following the implementation of the short selling ban on Monday, the secondary Kosdaq market has been on a roller-coaster run, with five-minute suspensions of trading kicking in two days in a row to tame market volatility. Sidecar curbs were triggered on the tech-heavy Kosdaq once again Tuesday, just a day after they were imposed for the first time in three years. The trading curb was applied after the Kosdaq 150 futures plummeted 6.46 percent from the previous day, as the Kosdaq 150 index had
Industry Nov. 7, 2023
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[KH Explains] Why do Woori, NongHyup hold on to North Korean operations?
In the basement of its Seoul headquarters, South Korean lender Woori Bank has been running a small office that temporarily replaces its branch in North Korea since it pulled out of the North in 2016. In an office a little over 30 square meters in size, a lone manager handles occasional visits from businesspeople who own factories at the now-shuttered Kaesong Industrial Complex, a symbol of inter-Korean business engagement in the North Korean border city of Kaesong. While inter-Korean relations r
Industry Nov. 7, 2023
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Stock market soars as short selling ban takes effect
Korean stocks surged Monday on the expectation that investors will start to cover their short positions after the country’s financial authorities banned short selling. The main Kospi bourse climbed 5.66 percent, or 134.03 points, from the previous trading day to close at 2,502.37. The secondary Kosdaq jumped 7.34 percent, or 57.4 points, to close at 839.45. Earlier in the day, the buying pressure prompted sidecar curbs on the Kosdaq for the first time in more than three years. The five-m
Industry Nov. 6, 2023
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Foreign exchange reserves fall for third consecutive month
South Korea's foreign exchange reserves fell for the third consecutive month in October, according to data released by the Bank of Korea on Friday. At the end of October, foreign exchange reserves stood at $412.87 billion, down $1.24 billion from the previous month's $414.12 billion. South Korea's foreign exchange reserves remained in ninth place among major countries in October, also for the third consecutive month. In June, South Korea surpassed Hong Kong to regain the eighth
Industry Nov. 3, 2023
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