The South Korean government is to revise the inheritance tax scheme that imposes up to a 60 percent tax for big companies here as part of the government’s tax code revision slated for late July, Finance Minister Choi Sang-mok said Thursday. “I personally prioritize the inheritance tax reform, which requires more deliberation," Choi said when asked about the government's priority regarding tax reform at a forum hosted by the Korea News Editors' Association. “The i

Economy June 27, 2024

Mirae Asset Securities, South Korea's largest stock brokerage company, has been achieving feats in global markets through localization schemes coupled with strategic takeovers of local players. As of March this year, it operates a total of 12 overseas subsidiaries, spanning the US, Brazil, the UK, Greece, Mongolia, India, Indonesia, Vietnam, Singapore, Hong Kong and China. In recognition of Mirae Asset Financial Group’s robust global growth, Chairman Park Hyeon-joo is to receive the I

Industry June 26, 2024

Kakao Bank, the internet banking arm under Korean tech behemoth Kakao, introduced its new Dollar Box feature on Tuesday, in hopes of bringing the US greenback into users' everyday life. “The most sought-after foreign currency in Korea is the US dollar. It is a key currency that is acknowledged as a safe-haven asset to all,” Oh Bo-hyun, who heads the bank’s foreign exchange division, said at a press event held in southern Seoul. “Through Dollar Box, users can use US d

Industry June 25, 2024

Mirae Asset Global Investments, Korea’s leading asset management firm, will launch a new covered call exchange-traded fund that generates monthly income to target investors who are seeking steady income to prepare for retirement. The asset manager is to list the Tiger US Nasdaq-100+ 15% Premium Daily Option ETF on the Korea Exchange on Tuesday. The 100 billion won ($72 million) ETF product tracks US large-cap index Nasdaq-100, which consists of the 100 largest nonfinancial companies listed

Industry June 24, 2024

Cushman & Wakefield Korea, the local arm of the global commercial real estate services firm, is launching a more integrated facility management service next month to better meet the growing demand from corporate clients. The service, called Integrated Facilities Management or IFM, ranges from janitorial, cleaning and food management to disaster prevention and data centers. “The IFM service was not available in Korea as many of our clients were foreign companies that were renting small-

Industry June 24, 2024

Hana Financial Group Chairman Ham Young-joo discussed the importance of green financing with Australia’s high-ranking government official in a meeting held in Canberra, the firm said Sunday. Ham met with Alex Heath, the first assistant secretary of the Australian Treasury’s climate and energy division, during his three-day visit to the country as part of efforts to expand the firm’s global presence. "Hana Financial has achieved nearly 45 percent of what was announced in it

Industry June 23, 2024

SK Group Chairman Chey Tae-won’s high-profile divorce from his estranged wife Roh Soh-young took an unexpected twist after the Seoul high court made a rare rectification of a mistake in its ruling that ordered the chaebol chief to pay $1 billion in property division to the wife. On Monday, the appellate court corrected numerical errors in its written judgment for the divorce settlement of Chey and Roh, but upheld its overall ruling involving the record-high divorce settlement. Earlier in t

Industry June 19, 2024

Hana Financial Group Chairman and CEO Ham Young-joo met with overseas investors in Hong Kong via a two-day event to promote the banking group's strategies to elevate its corporate and shareholder values, the firm said Wednesday. At the event that took place Monday and Tuesday, Ham stressed how the market value of the financial group has increased since the announcement of the capital management and shareholder return plan in early 2023. It was the first global investor relations event for H

Industry June 19, 2024

South Korea is to introduce a separate visa track for foreign nationals who aspire to become K-pop stars in a move to attract more tourists from overseas, the Finance Ministry announced Monday. The ministry released a set of measures to help bring more foreign visitors to the country such as streamlining the entry process and offering incentives for using public transportation during a meeting of economic affairs ministers. The measures were based on the concern that the country’s tourism

Economy June 17, 2024

Korea's crypto data aggregator BlockSquare Seoul said Thursday that it plans to update its market analysis features in July to offer more detailed investment information for its users. Currently, the company provides market intelligence service under the name Retri, suggesting the best time to buy and sell cryptocurrencies by reading their price movements and transaction flows. Following the July update, the Retri service will offer more sophisticated real-time data updates on price project

Industry June 13, 2024

Hana Financial Group has launched a team of honorary ambassadors composed of college students to promote the financial conglomerate, the firm announced Thursday. The 50 student representatives belong to the 18th team of the Smart Ambassador program. A total of 963 college students have participated in the program since it was launched in 2012. This year, one in 13 applicants was selected for the program. The team will promote the banking group's brand for three months until the end of Augus

Industry June 6, 2024

The Korea Listed Companies Association said Monday it has launched guidelines for listed firms to offer their corporate information in English and increase accessibility for foreign investors. The guidelines offer a standardized form for articles of incorporation, including key details about a company, the general purpose of the corporation, the type and number of shares, the board election process and more. The association has shared the standard form for articles of incorporation since 1980 bu

Market June 5, 2024

Stock prices of oil- and gas-related companies went on a roller coaster ride Tuesday, amid investors’ interest in the discovery of possible oil reserves off the East Coast following President Yoon Suk Yeol’s announcement the previous day. With the government approving exploratory drilling for a potential 14 billion barrels of crude oil and natural gas reserve at Yeongil Bay in Pohang, North Gyeongsang Province, investors flocked to energy-related shares listed on the Korean bourse.

Market June 4, 2024

Asia's largest private equity firm MBK Partners is to push for the sale of Homeplus Express, a supermarket unit of Homeplus, according to industry officials Monday. The firm has kicked off the process by selecting Morgan Stanley as the sales manager for the deal. The details of the sales plan have not been released yet. Though the market had projected that the equity house would be eyeing an exit on Homeplus soon, the sales plan has been limited to its unit Homeplus Express for the time bei

Industry June 3, 2024

While the US Securities and Exchange Commission made another move to embrace cryptocurrency by approving exchange-traded funds tied to the price of ether, the most famous crypto after bitcoin, spot cryptocurrency ETFs remain out of reach for South Korean investors. On May 23, the US SEC gave the green light for eight spot ether ETFs, potentially paving the way for the funds to begin trading later this year. The decision came four months after its landmark approval on spot bitcoin ETFs. For Korea

Market June 3, 2024