Lotte Group Chairman Shin Dong-bin was the highest-paid business leader in Korea for the first half of this year, regulatory filings posted Monday by major firms in Korea showed. Shin received total compensation of 11.2 billion won ($8.37 million) from the retail giant's six affiliates in the January-June period, up from 10.2 billion won tallied a year earlier. He maintained the highest-paid business leader title for a second consecutive year. The wage reflects Shin's management perf

Business leaders have sent congratulatory messages to celebrate the 70th anniversary of The Korea Herald. – Ed. Chey Tae-won, Korea Chamber of Commerce and Industry chairman My sincere congratulations to The Korea Herald on its 70th anniversary. The Korea Herald, then The Korea Republic, was first published to introduce Korean society following the Korean War and to solidify international cooperation. The Korea Herald has witnessed the moments of reconstruction, growth and the Miracle

Bank KB Bukopin, the Indonesian subsidiary of Korean lender KB Kookmin Bank, has continued its loss-making run in the first half of the year, with its losses reaching over 1.49 trillion rupiah ($98.1 million) as of the end of May, according to data Wednesday. It also showed a notable surge from the loss of 26.82 billion rupiah recorded in the first quarter, indicating a dramatic increase in losses over just the two-month period. The incurred loss holds significance for KB Kookmin Bank, as Indone

KB Financial Group reclaimed its position as the top financial group in Korea with a net profit of 2.99 trillion won ($2.34 billion) in the first half, surpassing other players. The group's flagship KB Kookmin Bank also regained the leading bank title with a net profit of 1.85 trillion won in the same period. Although KB set aside more than 1.31 trillion won for bad debt reserves in the first half of 2023, the expansion of net interest income and robust profits from nonbanking businesses dr

SEOUL, South Korea, July 18, 2023 /PRNewswire/ -- Shinhan Bank (the first modern bank in Korea), SCB TechX (Siam Commercial Bank's technology innovation business unit), and the largest financial institution in Taiwan today announced the successful completion of a stablecoin remittance proof-of-concept (PoC) pilot. The PoC was built on the highly-efficient and eco-friendly Hedera open-source public network. The pilot achieved real-time settlement and real-time foreign exchange (FX) rate integ

South Korean stocks closed lower Wednesday with investors waiting for the release of the minutes of the US Federal Open Market Committee's June meeting this week. The local currency rose against the US dollar. After starting marginally higher, the benchmark Korea Composite Stock Price Index sank 14.31 points, or 0.55 percent, to close at 2,579.00. Trading volume was moderate at 589.2 million shares worth 10.05 trillion won ($7.7 billion), with decliners outnumbering gainers 632 to 243. Fore

South Korean stocks turned a tad lower after starting marginally higher on Wednesday ahead of the release of China's purchasing managers' index. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,591.14 in the first 15 minutes of trading. Wall Street was closed Tuesday for the Independence Day holiday. Later in the day, China is set to release the Caixin purchasing managers' index. In Seoul, most large-cap shares opened in negative terrain. Mar

South Korean stocks closed lower Tuesday as investors sought to cash in recent gains. The local currency rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index sank 9.16 points, or 0.35 percent, to close at 2,593.31. Trading volume was moderate at 662.9 million shares worth 9.02 trillion won ($6.93 billion), with decliners outnumbering gainers 586 to 292. Foreigners and institutions sold off a net 345.4 billion won worth of stocks, while retail investor

SK Square, the investment arm of SK Group, said Tuesday that it has set up a semiconductor investment company in Singapore, with a total investment of 100 billion won ($77 million) together with SK hynix, Shinhan Financial Group and LIG Nex1 and others. The new firm, TGC Square, aims to finance global and domestic chip companies specializing in manufacturing and supplying semiconductor components and equipment. The company plans to spend nearly 60 percent of its initial investment funds on Japan

Shinhan Financial Group Chairman Jin Ok-dong and Woori Financial Group Chairman Yim Jong-yong are celebrating their first 100 days in office back-to-back this week with their business focuses set on overseas operations and internal administration. While Jin has been primarily focused on global expansion, Yim's attention has been more directed toward improving overall transparency and corporate governance. Jin and Yim hit their first 100 days on Friday and Saturday, respectively. From the

South Korean stocks closed higher Friday after the country's economic data showed improvement in industrial output, private spending and facility investment. The benchmark Korea Composite Stock Price Index climbed 14.26 points, or 0.56 percent, to 2,564.28. Trading volume was moderate at 498.9 million shares worth 8.04 trillion won ($6.1 billion) with gainers outstripping decliners 612 to 260. The index opened lower on losses of large-cap tech stocks and investors' woes over expectatio

JPMorgan Chase CEO and Chairman Jamie Dimon reportedly met with the heads of the nation’s top four financial groups and Bank of Korea Gov. Rhee Chang-yong in Seoul during his two-day visit to Korea in five years, according to industry sources on Tuesday. Upon his arrival at a Seoul hotel on Monday, he met with the nation’s financial leaders, including Shinhan Financial Group Chairman Jin Ok-dong, Hana Financial Group Chairman Ham Young-joo, Woori Financial Group Chairman Lim Jong-r

With strong global demand for K-pop, share prices of major entertainment agencies are on a robust rally this year. The added market value of the four major K-pop agencies -- Hybe, JYP Entertainment, YG Entertainment and SM Entertainment -- has increased by some 8 trillion ($6.16 billion) won this year, nearing 20 trillion won. Shares of Hybe, the K-pop company behind the global boy group BTS, closed at 270,000 won on Friday. Though it is lower than the peak of 303,000 won on May 3, it marks a st

South Korean stocks rose to an over two-week high Thursday as investor sentiment was buoyed by rising hopes that Washington would reach a deal on the debt ceiling. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index rose 20.74 points, or 0.83 percent, to finish at 2,515.4. It is the highest closing point since 2,524.39 on May 2. Trading volume was moderate at 558.3 million shares worth 7.64 trillion won ($5.72 billion), with winners far outnumberin

Four Korean companies -- Hanwha Aerospace, Cosmo Advanced Materials, KT and Posco International -- were included to the Korean index powered by US index provider Morgan Stanley Capital International on Friday. The much-anticipated inclusion of battery material firm EcoPro fell through due to its recent "extreme" price surge. Hanwha Aerospace, the space business arm of South Korean conglomerate Hanwha; battery material firm Cosmo Advanced Materials; telecommunications firm KT; and Pos