Experts in global business diplomacy on Thursday discussed emerging lobbying trends and assessed the readiness of Korean companies to navigate complex geopolitical developments, offering strategies for more effective lobbying. This discussion was a key part of the annual The Korea Herald HIT Forum, held this year at the Korea Chamber of Commerce and Industry in Seoul. The event's theme, "Business Diplomacy — Navigating business through mega election year," underscored the ch

Industry Sept. 5, 2024

Brad Garlinghouse, CEO of San Francisco-based Ripple Labs, on Tuesday sharply criticized US Securities and Exchange Commission Chair Gary Gensler over the recently concluded legal tug-of-war with the regulator. Reflecting on Ripple’s recent legal win against the SEC, Garlinghouse doubted Gensler’s tenure would continue regardless of the outcome of the US presidential election, saying, "I'll make a gentleman's bet that won't happen," during a press conference

Industry Sept. 3, 2024

South Korean and Mongolian government officials discussed opportunities for cooperation in green energy, mineral resources and trade, emphasizing a shared vision for mutual growth and strategic partnership at the 2024 Korea-Mongolia Vision Forum held Tuesday in Ulaanbaatar, Mongolia. About 250 representatives from the government, state-run organizations and academic and political sectors attended the event co-hosted by the Ahnsei Foundation, Herald Corporation, Yonsei University and Korea Univer

Economy Sept. 1, 2024

The terms of the CEOs at South Korea's five major commercial banks all end on Dec. 31, and speculation is mounting over their reappointments. Strong earnings across the sector, driven by high revenue and profits, may boost some CEOs' chances for an extension. However, others face uncertainty due to ongoing financial scandals and management issues, prompting regulators to call for tighter oversight. Additionally, CEOs' relationships with their respective holding group will also be

Industry Aug. 29, 2024

Woori Financial Group has finalized a deal to acquire Tongyang Life Insurance and ABL Life Insurance, marking its reentry into the insurance sector after 11 years. The group announced Wednesday that its board of directors has resolved to incorporate Tongyang Life Insurance and ABL Life Insurance as subsidiaries and has signed the stock sale agreements. Woori will acquire a 75.34 percent stake in Tongyang Life for 1.28 trillion won ($958 million) and the entirety of ABL Life for 265.4 billion won

Industry Aug. 28, 2024

Shinhan Bank, one of South Korea's five major commercial banks, is enhancing services for foreign customers with the introduction of a new speech-to-text interpretation service at its brick-and-mortar branches. On Wednesday, the bank announced the launch of its "Banking for Everyone" service, designed to assist foreign customers facing communication challenges due to language barriers or disabilities. The service converts spoken language into text for both bankers and customers vi

Industry Aug. 28, 2024

Fubon Hyundai Life Insurance, the Korean unit of Taiwan's Fubon Financial Group, is making steady progress in solidifying its foothold in South Korea under the robust leadership of CEO Lee Jae-won. Establishing a presence in Korea is no easy task for a minor foreign insurer, yet Fubon Hyundai Life has been on an upward growth trajectory as it approaches its sixth anniversary next month. Notably, the company has effectively shifted from a sole focus on retirement pensions to offering more di

Industry Aug. 27, 2024

The Ministry of Economy and Finance has proposed a 677.4 trillion won ($509.2 billion) budget for next year, focusing on fiscal consolidation while bolstering public welfare and investing in strategic emerging industries. The budget, proposed by the finance ministry and endorsed by the Cabinet on Tuesday, represents a 3.2 percent hike from this year, reflecting the government's commitment to spending control and improved fiscal health. "Once known for its strong fiscal soundness, Korea

Economy Aug. 27, 2024

Nearly three months after the government launched the "Corporate Value-up Program" in May, participation by South Korean companies remains minimal. As of Friday, just eight companies had released value enhancement disclosures, representing a mere 0.3 percent of the 2,585 firms listed on the Kospi and Kosdaq, according to Korea Exchange data. Including the 10 firms that have preannounced disclosures, just 0.7 percent have joined the program. The "value-up" initiative, rolled o

Economy Aug. 25, 2024

Kim Dong-sun, the youngest heir of Hanwha Group and vice president of Hanwha Galleria, has initiated a public tender offer to increase his control over the retail subsidiary. According to a regulatory filing released Friday, Kim has offered to purchase 34 million shares, representing 17.54 percent of Hanwha Galleria, from Aug. 25 to Sept. 11. The offer price is set at 1,600 won ($1.19) per share, a 23 percent premium over the previous day's closing price of 1,303 won. The filing noted that

Industry Aug. 23, 2024

The South Korean government is ramping up financial aid to address the rapidly growing unpaid bills from Qoo10 Group’s e-commerce subsidiaries, which have now exceeded 800 billion won ($600 million). On Wednesday, the Finance Ministry announced that overdue payments to vendors on Tmon and WeMakePrice, the two struggling online marketplaces owned by Singapore-based Qoo10, have reached 818.8 billion won as of Monday. The unpaid bills have tripled in less than a month due to transaction delay

Industry Aug. 21, 2024

Singapore-based logistics company Qxpress is set to separate from its financially troubled parent, Qoo10 Group. According to the local investment industry Tuesday, private equity firms that have invested in Qxpress are reportedly gearing up to convert their holdings of exchangeable bonds and convertible bonds into common stock on a large scale, initiating the procedure to take over management control of the logistics subsidiary from Qoo10 to restore normal operations. Investments totaling approx

Industry Aug. 20, 2024

The average earnings of bankers at South Korea's four major banks in the first half of this year amounted to 60.5 million won ($45,300), surpassing the pay at some of the country's largest companies. According to recent public disclosures reported by the banks to the Financial Supervisory Service, Hana Bank led the pack, offering 67 million won on average to its employees over the first six months. KB Kookmin Bank and Woori Bank followed at 60 million won each, while Shinhan Bank provi

Economy Aug. 19, 2024

South Korea’s Shinhan Financial Group has opened its new Vietnam headquarters in Ho Chi Minh City’s Thu Thiem financial district, bringing its subsidiaries together under one roof, the company said Sunday. On Thursday, Shinhan’s five Vietnamese subsidiaries — Shinhan Bank, Shinhan Finance, Shinhan Life, Shinhan Securities and Shinhan DS — relocated to The Mett Building, a landmark in the new urban area of Thu Thiem. The opening ceremony was attended by key executive

Industry Aug. 18, 2024

Nearly 70 percent of foreign investors expect South Korea's government-led Corporate Value-up Program to have minimal or moderate impact on the capital market, according to a recent Bank of America survey. The survey, conducted earlier this month with around 200 Asian fund managers, revealed that 22 percent foresee "no significant impact" from the program, a 6 percent increase from July's results. Meanwhile, 44 percent anticipate a "moderately positive impact," whil

Market Aug. 16, 2024