Bumpy road ahead for Korean economy

As the fate of embattled President Yoon Suk Yeol is likely to stay in limbo for longer than expected, concerns are mounting over pending economic measures that need to be addressed to rev up the country’s slowing growth. After a failed parliamentary vote on his impeachment Saturday, Han Dong-hoon, leader of the ruling People Power Party, stressed Sunday that he would push for the president’s resignation. The main opposition Democratic Party called for Yoon to immediately step down, t

Dec. 8, 2024

Shinhan undertakes major reshuffle, replaces 9 CEOs

Shinhan Financial Group has embarked on a large-scale CEO reshuffle by recommending new candidates for the top positions of nine out of 13 affiliates on Thursday. Jung Sang-hyuk, the 60-year-old CEO of the group’s flagship lender Shinhan Bank, was reappointed for his second term, which will last two years. The personnel changes were focused on three pillars -- improving the organizational structure through high-intensity personnel reform, accelerating the implementation of a consistent f

Dec. 5, 2024

Korea’s sovereign rating unscathed by martial law saga

S&P Global Ratings said Wednesday that South Korea’s sovereign credit rating won’t be hurt by the brief imposition of martial law in the country the previous night. “There is no substantial reason to change Korea’s current rating since the martial law was relieved in a few hours and the country’s economy is fundamentally sound,” Kim Eng Tan, senior director of Asia-Pacific sovereign ratings at S&P, said during a seminar jointly held with NICE Investors

Dec. 4, 2024

Korea's stock markets to open as usual

South Korea's bourse operator Korea Exchange has decided to open stock markets as usual amid concerns over market volatility induced by President Yoon Suk Yeol's brief imposition of an emergency martial law declaration. Stock market indicators, which plummeted due to President Yoon's sudden declaration, showed slight stabilization after parliament voted in favor of a motion demanding the lifting of martial law. As of 2:30 am, the Kospi 200 overnight futures and options index stood at 322.80, dow

Dec. 4, 2024

Korean won hits 2-year low after Yoon declares martial law

The Korean won fell to a two-year low against the US dollar after President Yoon Suk Yeol declared emergency martial law late Tuesday. The Korean currency weakened as much as 1.4 percent and touched 1,430 won per dollar during the nighttime offshore trading. The decline followed a late-night television address by President Yoon, who claimed the move was necessary to protect the country from "anti-state" forces. The Korean won sharply dropped right after Yoon’s declaration at arou

Dec. 3, 2024

7 in 10 Korean firms say no investment plans next year

Seven out of 10 Korean conglomerates do not have or have not yet established investment plans for next year due to increasing uncertainty such as expanding geopolitical risks and heightened trade protectionism, a survey by a leading business lobbying group showed on Tuesday. The Federation of Korean Industries commissioned Mono Research to survey the domestic investment plans of the 500 largest Korean companies in terms of revenue and found that the majority of large companies are reluctant to

Dec. 3, 2024

Koramco, BGO join bidding for GIC's Seoul Finance Center

At least three asset management firms joined the race to purchase the Seoul Finance Center, a landmark office building in central Seoul, in a deal that could be worth up to 1.5 trillion won ($1.07 billion). Singaporean sovereign wealth fund GIC opened bids for the sale of the 30-story building with the deal’s financial advisor CBRE Korea on Monday. Two Korean investors -- Koramco Reits & Trust and Koramco Asset Management -- separately participated in the bid. US-based real estate in

Dec. 3, 2024

Regulator seeks to revise law to protect small shareholders

South Korea’s top financial regulator said Monday it would seek to revise the Capital Market Act to protect individual shareholders when listed companies undertake a merger and relist after a corporate spin-off. "We prepared a proposal for the revision of the Capital Market Act with the recognition that the protection of the interests of general shareholders should be strengthened to enhance the value of the capital market," Kim Byoung-hwan, chair of the Financial Services Co

Dec. 2, 2024

KB picks all-around banker to head banking unit

KB Financial Group’s decision to name its insurance unit head as the next CEO of KB Kookmin Bank has shown its willingness to optimize synergies among pan-KB affiliates. The CEO recommendation committee of KB Financial Group recommended that KB Life Insurance CEO Lee Hwan-ju lead KB Kookmin Bank on Wednesday. “We recommended Lee as a final candidate who can stably pursue substantial growth and drive consistent improvement in corporate and shareholder value through structural improv

Nov. 28, 2024

[Global Finance Awards] Mirae Asset Securities within reach of global top-tier ambition

Mirae Asset Securities, South Korea's largest stock brokerage company, has shown unparalleled performance with its aggressive global expansion strategy and significantly increased customer assets, despite the higher interest rate environment that put pressure on stock valuations. Managing the largest overseas stock balance and pension assets in Korea, Mirae Asset has generated solid profitability centered on asset management this year. Its customers’ investment returns from overse

Nov. 27, 2024