Articles by Im Eun-byel
Im Eun-byel
silverstar@heraldcorp.com-
Mirae Asset chief honored with AIB award
Mirae Asset Financial Group Chairman Park Hyeon-joo has been recognized by the Academy of International Business for expanding the financial service provider's scope of business on a global level. Park received the International Executive of the Year Award from the AIB on July 3. He was the first Asian financier to receive the prestigious award. He was the second South Korean entrepreneur to win the award after SK Group's late Chairman Chey Jong-hyun, the father of the current Chairman
Industry Aug. 7, 2024
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Seoul shares remain volatile after market meltdown
The South Korean stock market partially rebounded Tuesday following the previous day's massive rout, as bargain-hunting investors sought to profit. The benchmark Kospi closed at 2,522.15, up 80.6 points, or 3.3 percent, Tuesday. After opening at 2,533.34, the market showed a limited recovery. It fluctuated throughout the trading hours, but eventually lost over 10 points. Shortly after trading began Tuesday, the Korea Exchange, the nation's sole bourse operator, activated a sidecar trad
Market Aug. 6, 2024
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Woori returns to investment banking after 10-year hiatus
Woori Investment & Securities, a brokerage house under Woori Financial Group, is poised to bolster its presence in investment banking, backing the potential of its group affiliates. The securities firm, formed through the merger of Woori Investment Bank and Korea Foss Securities, officially launched Thursday. The launch comes nearly 10 years after Woori Financial Group sold its securities firm to NongHyup Financial Group in 2014. “Woori Investment & Securities will be a key affilia
Industry Aug. 5, 2024
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Investors join forces to secure Qxpress management rights: report
Qoo10 Group CEO Ku Young-bae could lose control over the group’s logistics arm Qxpress, as its financial investors are reportedly mulling taking over his management rights. According to a local news report Friday, a group of private equity firms, including Crescendo Equity Partners, Corstone Asia, Metistone Equity Partner, Cactus Private Equity and Korea Development Bank Private Equity, are discussing ways to exchange their rights in the company to common stock. The investors are said to h
Industry Aug. 2, 2024
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US Fed’s dovish signal puts Korean rate cut on table
The US Federal Reserve's signal for a key rate cut has paved the path for the Bank of Korea to embark on an interest rate-cutting cycle soon, amid concerns about surging household debts and currency volatility. After keeping the benchmark rate unchanged at a range of between 5.25 and 5.5 percent, US Fed Chair Jerome Powell hinted the Fed could bring down the rate soon on the condition the US economy follows its expected path. Fueled by the anticipation of the Fed’s rate cut, the value
Economy Aug. 1, 2024
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[KH Explains] Hanwha scion steps into spotlight amid pending succession
Hanwha Group Chairman Kim Seung-yeon’s second son, Kim Dong-won, president and chief global officer at Hanwha Life, is eyeing a bigger presence within his father’s business empire as he plays a key role in leading the global expansion of the group’s financial business. Hanwha’s succession scheme is still taking shape, with the management control highly likely to be transferred to the chairman’s three sons. The eldest, Vice Chairman Kim Dong-kwan, is projected to t
Industry July 30, 2024
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Toss Securities to launch US subsidiary this year
Toss Securities, a brokerage arm under financial technology giant Viva Republica, announced Tuesday that it plans to establish a subsidiary in the US to explore further business opportunities in the country. The US entity, a 100 percent-owned subsidiary of Toss Securities, will be founded within this year under the name of Toss Securities Americas. The establishment was approved through a board meeting of the brokerage unit. Toss Securities Chief Financial Officer Kim Kyung-soo is to serve as th
Industry July 30, 2024
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Qoo10 pressured to secure cash for troubled Korean units
While the nation’s two online shopping platforms Tmon and WeMakePrice struggle with an ongoing liquidity crisis, their Singapore-based parent company, Qoo10, is said to be securing cash worth about $50 million through an overseas affiliate, according to industry sources Sunday. The new funding scheme reportedly came as the South Korean authorities were demanding the platform operators to come up with relief measures for the snowballing complaints made by both vendors and buyers on the plat
Industry July 28, 2024
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Shareholder activism in Korea ‘partial success’: SquareWell
While shareholder activism is yet to take full hold in South Korea with only a handful of initiatives making it past the vote, activist investors seem to have gained traction here in recent years. According to London-based shareholder advisory SquareWell Partners' recent report, Korean firms are increasingly being targeted by activist investors, with the number soaring from nine in 2020 to 71 in 2023. Still, many of the recent activist campaigns have failed to win a majority of shareholder
Market July 24, 2024
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Hanwha Asset Management unveils new ETF brand Plus
Hanwha Asset Management, the sixth largest player in terms of net assets in the local exchange-traded fund market, introduced its new ETF lineup brand Plus, on Tuesday. The asset manager has changed its ETF brand name from Arirang to Plus. It was the first time for the asset manager to change its brand name since it launched its ETF product here in 2009. “Through Plus, Hanwha Asset Management will focus on supporting new technologies that enrich the future of humanity for a sustainable tom
Market July 23, 2024
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Mirae Asset to introduce Asia’s first equal-weight ETF tracking S&P-500
Mirae Asset Global Investments, a leading asset manager here, is to launch an equal-weight exchange-traded fund, suggesting a well-balanced investment strategy to its investors. Mirae Asset’s Tiger US S&P-500 Equal Weight ETF is to be listed on the Korea Exchange, the country’s sole bourse operator, Tuesday. As its name suggests, the ETF product equally tracks the stocks of 500 leading companies listed on the S&P-500 index. While most ETF products have their constituent stock
Market July 19, 2024
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Crypto investor protection law takes effect in Korea
South Korea’s first law specifically designed to protect cryptocurrency investors took effect on Friday, bringing the virtual asset industry within legal boundaries. The Virtual Asset User Protection Act aims to prevent unfair trading practices in the volatile crypto market, in response to how it was shaken by such incidents as the Terra-Luna crash and bankruptcy of crypto exchange FTX. The new law defines virtual assets as electronic tokens with economic value that can be traded or transf
Market July 19, 2024
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Asset managers rush to rebrand ETF products to spur growth
Buoyed by the sharp growth of the local exchange-traded fund market, South Korean asset managers are rushing to rebrand their product lineups, trying to target investors with a fresh edge. According to data provided by Korea Exchange, the country's sole bourse operator, the net asset of the local ETF market stood at 158 trillion won ($114 billion) as of Tuesday, marking a sharp growth from 100 trillion won in June 2023. The market grew over three-fold in size from the 52 trillion won net as
Market July 18, 2024
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Crypto exchanges step up compliance as investor protection law takes effect
Local cryptocurrency exchange operators are ramping up their regulatory measures as the introduction of the virtual asset user protection law nears in South Korea. On Tuesday, the Digital Asset Exchange Alliance, a body of five top local crypto exchange operators, introduced a guideline that advises exchanges to monitor abnormal transactions. It further released a revision of the guideline on the internal control standards of the exchange operators. The movement comes as the Act on the Protectio
Market July 16, 2024
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HD Hyundai Marine Solution secures W3b stake in AI startup
HD Hyundai Marine Solution, a ship maintenance unit affiliated with Korean shipbuilding giant HD Hyundai, has joined hands with logistics solutions provider SeaVantage, aiming to advance its maritime transport network, the company announced Sunday. HD Hyundai Marine Solution said it signed a deal with SeaVantage, agreeing to strategically invest in the startup by acquiring a 3 billion won ($2.17 million) stake in the company. Lee Ki-dong, CEO of HD Hyundai Marine Solution, Song Hyung-jin, founde
Economy July 14, 2024
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