Articles by Choi Ji-won
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Choi Ji-won
jwc@heraldcorp.com-
First vice finance minister tapped as FSC chief
First Vice Finance Minister Kim Byoung-hwan has been nominated to lead the Financial Services Commission, South Korea's top financial policy-making unit, the presidential office announced Thursday. In nominating Kim, the office noted, "With his exceptional insights into finance and macroeconomics, the nominee is well-suited to effectively advance policy tasks such as modernizing the financial industry and ensuring stability in financial markets." A 53-year-old expert in macroecono
Economy July 4, 2024
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FSS slaps record short selling fine on Credit Suisse
Global investment bank Credit Suisse affiliates have been fined a record amount for violating Korea's short selling regulations. The Securities and Futures Commission under the Financial Services Commission announced that it had decided to impose fines totaling 27.17 billion won ($19.5 million) on two affiliates of UBS AG -- formerly Credit Suisse -- for illegal short selling amounting to 100 billion won discovered earlier this year. This is the largest fine imposed since the penalty system
Economy July 3, 2024
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Korea to provide W25tr support for debt-laden small business owners in H2
The South Korean government has unveiled a set of economic measures for the second half, focusing on helping small business owners grappling with debt as the economy continues to show uneven recovery. President Yoon Suk Yeol introduced a 25 trillion won ($18 billion) support package for small business owners and the self-employed burdened by loans, and called for structural measures during a meeting to discuss the direction of economic policy in the second half held at Cheong Wa Dae on Wednesd
Market July 3, 2024
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Hana Bank’s extended forex trading kicks off on smooth run
Hana Bank’s foreign exchange trading room in Seoul, the largest in South Korea, completed its first extended trading session on Tuesday. Starting Monday, Korea extended its foreign currency trading hours, pushing the closing time from 3:30 p.m. to 2 a.m. the following day. This move is part of Korea’s strategy to enhance its financial market and attract more foreign capital, with won-dollar trading now available until 5 p.m. in London and 1 p.m. in New York. Additionally, foreign fin
Economy July 2, 2024
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Kyobo Life chief honored for ethical entrepreneurship at Geneve Forum
Kyobo Life Insurance CEO and Chairman Shin Chang-jae's ethical business practices received global recognition at the Geneve Entrepreneurship Forum on Thursday. The leading life insurer in South Korea said Monday that Shin was awarded the Global Ethics & Stakeholder Commitment Award at the annual entrepreneurship forum held at the International Labor Organization headquarters in Geneva. Each year, the International Council of Small Business gathers distinguished entrepreneurs, legislator
Industry July 1, 2024
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Short selling ban hinders Korea’s MSCI index upgrade
South Korea retained its emerging market status by Morgan Stanley Capital International, with the ongoing short selling ban cited as a hindrance to the country's efforts for a status upgrade. "The recent short selling ban introduces market accessibility restrictions," MSCI said Thursday when announcing the results of its market classification review for the global standard indexes. In part, the New York-based index provider acknowledged and welcomed the recently proposed measures
Economy June 21, 2024
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NongHyup Bank, Bankcow partner up on tokenized securities
NongHyup Bank has teamed up with local livestock fractional investment platform Bankcow to expand their business enabling customers to pool their funds to invest in livestock raised on Korean farms. The bank announced on Thursday that it has entered a strategic business agreement with Stockeeper, the operator of Bankcow, to collaborate on securities token offerings (STOs). "Through this business agreement, our goal is to enhance convenience and security for investors using our fractional in
Industry June 20, 2024
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Korea declares full-fledged war to combat low birth rate
President Yoon Suk Yeol declared a "national emergency on population" Wednesday, rolling out measures to expand cash support for newborn babies and reverse the declining birth rate trend. "The population crisis caused by extremely low birth rates is the foremost and critical issue for South Korea," Yoon said, adding that the rapid population decline has now become a matter "prompting concerns about the very survival of South Korea." Yoon made the announcement during
Economy June 19, 2024
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Banks ramp up services for growing foreigner market
South Korean banks are bolstering their services for foreigners to tap into the rapidly expanding foreign customer market. Shinhan Bank recently pioneered a service among local commercial banks that allows foreign residents in Korea to conveniently apply for new check cards online through its mobile app SOL Bank. With its newly implemented foreign identification verification system, foreigners aged 17 or older with valid domestic identification documents, like an alien registration card or domes
Industry June 16, 2024
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Korea's short selling ban extended to March 2025
South Korea's ban on the short selling of stocks is set to be extended until March next year. The projected deadline was discussed during a government-parliament meeting between the country's top financial regulators and the ruling People Power Party on Thursday to discuss the enhancement of short selling regulations. "We have proposed extending the short selling ban until March 2025, after the development of the computerized monitoring system," said lawmaker Jeong Jeom-sig,
Economy June 13, 2024
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Shinhan Card partners with Canada's Alberta to boost tourism
South Korean card issuer Shinhan Card is collaborating with regional Canadian governments and state-run tourism promotion agencies for local tourist marketing, starting with Alberta. Shinhan Card, the card arm of Korean finance giant Shinhan Financial Group, announced on Tuesday that it has signed a strategic partnership agreement with the Government of Alberta, Canada, to jointly develop services and launch marketing initiatives targeting tourists visiting Alberta. The signing ceremony took pla
Industry June 12, 2024
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KDB chief pledges W100tr high-tech fund, sticks to Busan relocation
The chief of the state-run Korea Development Bank on Tuesday unveiled plans to provide 100 trillion won ($72.5 billion) in policy funds for the development of high-tech industries while continuing efforts to push for the relocation of headquarters to Busan. KDB Chairman Kang Seog-hoon made the announcement during his second-anniversary press conference held at the bank's headquarters in Yeouido, Seoul, and called for swift legal revisions to implement the plans. "We are currently prepa
Economy June 11, 2024
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Banks to allow staff up to 5 years of child care
More local banks are implementing so-called optional "parental resignation" programs as internal welfare measures, as one attempt to address the nation's notoriously low birth rate problem. According to industry sources, Woori Bank recently received applications for parental resignations with the guarantee of re-employment. A total of 35 employees applied, and they are scheduled to resign at the end of this month to begin a maximum two and a half years of unpaid child care leave.
Industry June 11, 2024
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400,000 minors own Samsung Electronics shares worth W1.54tr
The number of underage stakeholders in Samsung Electronics, the country's largest company by market capitalization, has surged nearly 21 times in four years, reaching almost 400,000. According to the Korea Securities Depository's securities data portal, as of the end of last year, there were 391,869 Samsung Electronics shareholders under the age of 20, making up 8.38 percent of the total 4,672,130 shareholders. The total value of Samsung Electronics shares owned by these underage inves
Market June 10, 2024
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S. Korea, Japan, China CEOs want enhanced economic cooperation
Major business leaders in South Korea, Japan and China unanimously agreed on the need to enhance economic ties, with the highest expectations placed on economic revitalization and supply chain stability, a recent survey conducted by the Korea Chamber of Commerce and Industry revealed Sunday. The findings come from an on-site survey conducted at the trilateral business summit held on May 27 in Seoul, with 136 business leaders responding regarding their views on economic cooperation. The survey hi
Economy June 9, 2024
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