Articles by Choi Ji-won
Choi Ji-won
jwc@heraldcorp.com-
[Photo News] Hana Bank forex contest
Hana Bank, a major commercial lender in South Korea, held the final round of its 19th annual foreign exchange contest on Friday, aimed at enhancing employee expertise in the forex field. The event capped a seven-month journey that began with a record 8,000 participants in the preliminary round. In the picture, Hana Bank CEO Lee Seung-lyul (second row, fifth from left) poses with executives and the top 10 finalists at the bank’s Myeongdong headquarters in Seoul on Friday. (Hana Bank)
Industry Dec. 8, 2024
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Korea’s finance chief sending out emergency letters to reassure foreign investors
South Korea's finance minister has sought to reassure foreign investors and global financial institutions through emergency letters and meetings, as political tensions intensify following President Yoon Suk Yeol's martial law declaration. An official from the Ministry of Economy and Finance confirmed that the ministry is continuing to send out emergency letters to major economies, financial regulators and investors to assure them that "the nation’s political, economic and na
Economy Dec. 6, 2024
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'Value-up' gone up in smoke? Political crisis deepens 'Korea discount'
South Korea’s stock market was already on fragile ground before President Yoon Suk Yeol’s unexpected martial law declaration further undermined the government’s yearlong push to boost corporate value. Foreign investors sold a net 200 billion won ($141 million) on the benchmark Kospi within the first two hours of Thursday’s trading, extending the 400 billion won offloaded the previous day after the six-hour martial law announcement. As of 3 p.m., foreign investors had dump
Economy Dec. 5, 2024
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South Korea braces for prolonged market turmoil, pledges 'unlimited liquidity'
Six hours of unexpected martial law have rattled local markets, with volatility expected to persist despite the lifting of the emergency measure. In response to potential aftershocks, local authorities have pledged comprehensive actions to ensure normal operations and stabilize volatility, including the government's commitment to injecting "unlimited liquidity." "The foreign exchange market and overseas trading of Korean stocks, unsettled by last night’s martial law dec
Economy Dec. 4, 2024
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Korea's cypto prices plunge, exchanges paralyzed amid martial law declaration
Cryptocurrency prices plunged and exchanges were paralyzed after South Korean President Yoon Suk Yeol unexpectedly declared martial law on Tuesday night. As of 11:30 p.m. Tuesday, Bitcoin, the world's largest cryptocurrency, was trading at around 120 million won ($83,767), down nearly 8 percent from the previous day. Bitcoin, which hovered at approximately 131 million won as of 10:30 p.m. when Yoon announced martial law, briefly plummeted nearly 30 percent to a low of 93.5 million won. Bitc
Economy Dec. 3, 2024
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Toss Securities hits W30tr in overseas trading volume
Toss Securities, the brokerage arm of fintech giant Viva Republica, announced Tuesday that its monthly overseas stock trading volume reached a record 30.54 trillion won ($21.75 billion) in November. According to the company, the total monthly trading volume of overseas transactions, combining both sales and purchases, marked a second consecutive monthly increase after reaching 21 trillion won in October. This milestone makes Toss Securities the first Korean brokerage to surpass 30 trillion won i
Industry Dec. 3, 2024
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MBK accused of misusing confidential reports in hostile takeover bid of Korea Zinc
MBK Partners, the private equity firm seeking to take over Korea Zinc, the world’s largest zinc smelter, faces accusations of betrayal for allegedly misusing confidential reports to launch a hostile bid against the company. According to reports from the local investment industry on Monday, MBK had been among the potential partners for Korea Zinc’s ambitious “Troika Drive” and other new business initiatives in 2022. The firm reportedly gained access to sensitive informatio
Industry Dec. 3, 2024
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Global startup accelerators flock to Seoul for Foster Bridge summit
Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an
Industry Dec. 2, 2024
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Woori Bank boosts internal verification at overseas branches
Woori Bank is enhancing its internal controls by implementing a fingerprint authentication system in the software used at its international branches, the lender said Sunday. Woori Bank is the first Korean commercial bank to adopt this technology for its overseas operations. The system uses advanced encryption to securely manage data through fingerprint verification, allowing employees to access the bank's computerized system and perform tasks. This innovation is aimed at preventing financ
Industry Dec. 1, 2024
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FSS chief intensifies probe into Young Poong for accounting flaws
South Korea’s top financial regulator is intensifying its investigation into Young Poong amid growing concerns over the company’s environmental violations and potential improper collusion with private equity firm MBK Partners, as tensions rise in its continuing dispute with Korea Zinc. Lee Bok-hyun, head of the Financial Supervisory Service, said Thursday that the agency had launched a probe into Young Poong after uncovering accounting irregularities, including unrecognized impairmen
Industry Dec. 1, 2024
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Most foreign-owned land held by US citizens, houses by Chinese
The amount of property and land owned by foreigners in Korea has inched up this year, with Chinese nationals owning the majority of homes, but Americans owned the majority of land. The Ministry of Land, Infrastructure and Transport released Friday a report on foreign-owned real estate, which showed that approximately 93,000 foreign nationals owned 95,058 homes in Korea as of the end of June, accounting for 0.49 percent of the total housing stock. This represents a 3.9 percent increase -- by 3,60
Economy Nov. 30, 2024
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Woori Bank taps corporate banking expert as next CEO
Woori Financial Group has nominated Jeong Jin-wan, Woori Bank's vice president overseeing banking for small and medium enterprises, to be the bank's next chief executive officer, Friday. The decision follows a two-month management succession process initiated in late September, in line with financial authorities' governance regulations. The group’s subsidiary CEO recommendation committee selected the vice president leading Woori Bank's Small and Medium Enterprises Group
Industry Nov. 29, 2024
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[Contribution] Fair taxation in era of global economy
By Choi Jae-bong The presence of global brands, such as for automobiles, footwear and food products, has become an inseparable part of our daily lives. From consumer goods to global platform corporations, multinational enterprises have firmly embedded themselves into the global economy, which is now entirely ordinary to us living in this era. MNEs play a pivotal role in the global economy, driving technological innovation, creating jobs and fostering industrial development across various sec
Economy Nov. 29, 2024
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IBK to launch Korea's first banking subsidiary in Poland
The Industrial Bank of Korea is nearing the final steps to open a subsidiary in Poland next year. The state-run lender said Thursday that the Polish Financial Supervision Authority, or KNF, had authorized its application to set up a corporate entity, making it the first Korean bank to mark such a milestone. IBK in May 2023 opened its first office in Wroclaw, in a venture to establish Poland as the bank's foothold for European expansion. In March, it filed its application for the local subsi
Industry Nov. 28, 2024
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Mirae Asset sets up Indian brokerage with Sharekhan acquisition
South Korean brokerage Mirae Asset Securities announced on Thursday that it has completed the acquisition of Indian brokerage house Sharekhan Limited, marking a significant milestone in its Indian operations. It marks the first time a Korean company has acquired an Indian brokerage firm. Mirae Asset achieved this in just six years since entering the Indian market in 2017. The acquisition follows the Korean brokerage's stake purchase agreement with Sharekhan Limited, signed last December. Si
Industry Nov. 28, 2024