KB Financial Group reported record third-quarter profits driven by increased interest revenues from expanded loans while announcing a plan to enhance shareholder returns linked to its financial stability. The group posted a net profit of 1.61 trillion won ($1.17 billion), a 17.5 percent on-year increase, marking its best performance for the third quarter to date. Cumulatively, the year-to-date net profit reached 4.4 trillion won, up 0.4 percent from the previous year. However, compared to the

Economy Oct. 24, 2024

By Choi Jae-bong, Vice Commissioner of National Tax Service Nestled in the southeastern corner of France lies the small sovereign state of Monaco, a tranquil city-state renowned for actress Grace Kelly and Formula 1 racing. However, in 1962, this peaceful city-state found itself at the center of a tense standoff along its borders due to a conflict over taxation between French tax authorities and taxpayers. Taking advantage of the fact that Monaco has no income tax, many French taxpayers sought

Economy Oct. 23, 2024

Ten years and over a trillion won in investment — an extraordinary commitment to technology that few local finance companies can match. Hyundai Card Vice Chairman and CEO Chung Tae-young has shown that this massive bet was not a gamble but a visionary investment positioning the company for the next era as the world accelerates into the age of artificial intelligence. Last week, Hyundai Card signed a landmark deal with Japan’s Sumitomo Mitsui Card Co. to export its proprietary AI soft

Industry Oct. 22, 2024

South Korea's internet-only K bank will postpone its stock market debut to next year, due to insufficient demand. On Friday, K bank announced it is pushing back its initial public offering, which was originally scheduled for Oct. 30, to early next year. The bank also disclosed that it has filed to withdraw its securities registration with the Financial Services Commission. K bank stated in its disclosure, "The company has decided to withdraw this public offering, with the results of the rec

Industry Oct. 18, 2024

The ongoing power struggle at Korea Zinc, the world's largest zinc smelter, looks to be taking an unexpected turn, as the CEO of Trafigura, one of Korea Zinc's key partners and strategic investors, prepares to visit Seoul next month. According to local investment industry sources on Friday, Trafigura CEO Jeremy Weir, accompanied by his successor Richard Holtum -- who will assume the CEO role in January 2025 -- will meet with Korea Zinc Chairman Choi Yun-beom during the visit. Korea Zinc has conf

Industry Oct. 18, 2024

The proportion of South Korea's total corporate tax revenue that comes from foreign multinational companies, including Google and Netflix, stands at just 7 percent, one of the lowest ratios in the Organization for Economic Cooperation and Development. According to an analysis of OECD corporate tax data by Rep. Ahn Do-geol, submitted at the parliamentary audit of the National Tax Service on Wednesday, the share of corporate tax revenue from foreign multinationals in Korea is less than one-th

Economy Oct. 17, 2024

Hyundai Card announced Thursday that it has secured a global deal to sell its self-developed artificial intelligence software. The Korean card issuer signed an agreement to sell its AI software, known as Universe, to Japan's Sumitomo Mitsui Card Co., marking the first AI software export deal by a Korean financial company. While the exact financial details were not disclosed, Hyundai Card stated the deal is valued at several tens of billions of won. Universe is a hyperpersonalized platform b

Industry Oct. 17, 2024

The CEOs of major foreign insurance firms in Korea have been reappointed as they navigate challenges posed by a slowing market and local competition. Lina Life Insurance, the Korean unit of American insurance group Chubb, recently nominated current CEO and President Cho Jee-eun as the sole candidate for reappointment. Barring any unexpected issues, she is expected to secure her next term at the extraordinary shareholders meeting on Oct. 29. Fubon Hyundai Life’s Lee Jae-won and MetLife Kore

Industry Oct. 16, 2024

K bank, South Korea's first internet-only bank, has announced plans for business expansion, seeking to raise over 1 trillion won ($733.6 million) from its upcoming initial public offering. "K bank will drive inclusive and innovative finance by using the IPO funds to advance our three core growth strategies — retail, small- and medium-sized enterprises and platforms — along with risk management and technology," said CEO Choi Woo-hyung during a press conference in Seoul

Economy Oct. 15, 2024

Eight out of 10 international college students studying in Korea are willing to work in the country, yet the proportion of professional foreign laborers securing jobs remains quite low, according to a recent report by the Korea International Trade Association. The report, released Monday, noted that the number of foreign students in Korea has steadily increased over the past decade, reaching 197,000 in 2022. However, only 6 percent of these students secured employment through the E-7-1 professio

Economy Oct. 14, 2024

Samsung Electronics, South Korea’s largest chipmaker, has seen its market cap shrink by a staggering 90 trillion won ($66.6 billion) since September, largely driven by a sustained selling spree among foreign investors. According to the Korea Exchange on Sunday, foreigners have net sold 10.6 trillion won in Samsung Electronics shares over the past month, marking 23 consecutive days of selling since Sept. 3 -- just two days shy of the record 25-day selling streak set in 2022. During this per

Market Oct. 13, 2024

Toss Securities CEO Kim Seung-yeon resigned abruptly Thursday, six months before the end of his term. The firm's head of product, Kim Gyu-bin, was appointed as his successor during a general shareholders' meeting earlier in the day. Kim Seung-yeon, appointed to serve from April 2023 until April 2025, stepped down for "personal reasons," according to the company, which is the brokerage arm of fintech giant Toss. With his appointment, Kim Gyu-bin, 35, became the first securitie

Industry Oct. 10, 2024

Korea's first internet-only bank, K bank, is preparing for its upcoming initial public offering, with demand forecasting kicking off Thursday. According to its securities registration filing, K bank started a weeklong demand forecast from institutional investors on Thursday. This process allows investors to submit their desired purchase quantities and prices before the public offering, guiding the company in determining the final offering price. K bank's target price range is set betwe

Market Oct. 10, 2024

Fueled by the surge in digital content consumption during the pandemic, the global webcomic market has seen unprecedented growth in recent years, with South Korea, home to a $1.1 billion webtoon market, cementing its position as a leader in this burgeoning industry. Leveraging Korea's unmatched market data and intellectual property, Seoul-based artificial intelligence startup Toonsquare, which provides creative tools for webcomic creators, is now aiming to expand its global presence, with g

Industry Oct. 6, 2024

Despite clear signs of slowing inflation, market sentiment remains mixed regarding whether South Korea's central bank will follow the US Federal Reserve to pivot toward lowering rates this month. Statistics Korea reported that the consumer price index — a key measure of inflation — rose 1.6 percent on-year in September, down from 2 percent in August, marking the lowest level since February 2021, when it recorded a 1.4 percent increase. The last time the index fell below the 2 pe

Economy Oct. 4, 2024