Articles by Choi Ji-won
Choi Ji-won
jwc@heraldcorp.com-
BNP Paribas, HSBC face record fines for naked short selling
South Korea's financial regulator on Monday said it had imposed its largest ever fine on two Hong Kong-based investment banks for illegally practicing short selling on the domestic stock market. The Financial Services Commission said its Securities and Futures Commission decided during a meeting on Friday to fine the Hong Kong unit of French investment bank BNP Paribas and its securities affiliate operating in Korea as well as HSBC's Hong Kong arm 26.52 billion won ($20.35 million) for
Industry Dec. 25, 2023
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Kim In wins KFCC chairman post through first direct election in history
The Korean Federation of Community Credit Cooperatives, the nation's primary mutual financial institution, said Thursday that its acting president, Kim In, has been voted as the new chairman. This is the first time that the KFCC has voted its head through a direct election system in the institution's 60-year history. Until now, 350 representatives were selected to indirectly elect the president. Beating eight other candidates, Kim secured the top post by winning 539 votes out of the 1,
Industry Dec. 21, 2023
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Banks draw up largest-ever support plan for small businesses
Local banks rolled out 2 trillion won ($1.53 billion) in cash funding to relieve individuals and small businesses having trouble paying back loans or debts amid the prolonged economic downturn. The measure comes in a month since the commercial banking sector and the financial authorities put their heads together to find means to reduce the burden for small companies and share the banks' profit gained from excessive interest rate. The biggest part of the new plan is the 1.6 trillion won inte
Economy Dec. 21, 2023
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Kakao Pay's Siebert takeover plan falls through
Kakao Pay, the online payment unit of South Korean tech giant Kakao, has axed plans to expand its ownership of stocks of US brokerage firm Siebert Financial amid ongoing regulatory risks at Kakao. The tech firm said in a public disclosure Wednesday it has arrived at a mutual consensus with Siebert to end their agreement to purchase a second round of stocks in the company, which had been slated to happen next year. Kakao Pay in May purchased a 19.9 percent stake in the New York-based firm through
Industry Dec. 20, 2023
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[KH Explains] What’s behind life insurance companies' rush into senior care industry?
Insurance companies are seeking to capture business opportunities in the senior care and retirement community industry with the country quickly approaching having the world's oldest population. Tucked into a quiet neighborhood in central Seoul, KB Financial's arm for senior nursing care, KB Golden Life Care, will launch a five-story housing complex at the end of this month. The retirement community -- KB Pyeongchang County -- will house 164 sets of senior residents as either singles or
Industry Dec. 20, 2023
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IMF chief warns against premature monetary easing
International Monetary Fund Managing Director Kristalina Georgieva said it is too early for central banks to go easy on inflation control despite signs of recovery. “We have seen through history that at this very last moment of controlling inflation, some countries prematurely declare victory,” the IMF chief said during a press conference held in Seoul Friday. Georgieva’s remarks come on the heels of the US Federal Reserve’s monetary policy meeting Wednesday, during which
Economy Dec. 15, 2023
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Korea to improve market access for foreign investors
South Korea is lowering the bar considerably for foreign investors to enter the local capital market with several new measures -- including the abolishment of a cumbersome registration policy -- set to come into effect Thursday. The new measures are being implemented in around a year since local financial regulators announced them in January, as part of their efforts to attract more overseas investment and meet global standards. Among the reforms is the abolition of a 30-year-old registration po
Economy Dec. 13, 2023
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Korea's trade to turn around in 2024 on tech recovery
While South Korea's trade balance is likely to record a surplus next year after three years of struggle, experts warned that the country should brace for worsening global economic instability and geopolitical complications. At a seminar held by the Korea International Trade Association on Tuesday in Seoul, experts presented outlooks for next year's export environment and trade issues related to the US presidential election, along with geopolitical risks. Overall, Korea's trade is
Economy Dec. 12, 2023
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China’s Alipay+ posts whopping 700% growth in Korea this year
Alipay+, the cross-border payments solutions run by China's Ant Group, saw phenomenal growth in its usage in Korea this year -- almost a 700 percent jump in the monthly numbers -- with the return of foreign tourists and the expansion of its service among the local stores. Danny Chung, the general manager of Ant Group in Korea, Australia, New Zealand and Mongolia, shared the performance and the company's plans Monday during a roundtable meeting with local journalists held in Seoul. Duri
Industry Dec. 11, 2023
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Banks mull W2tr in cash back for small-business owners
Local banks are considering a financial support program worth 2 trillion won ($1.52 billion) for owners of small businesses by giving back a part of their loan payments, amid prolonged inflation and high interest rates. The measure was discussed Thursday during a task force meeting of local financial institutions and regulatory bodies aimed at finding means to support the public livelihood, industry sources said Sunday. The first of the collective efforts is set to be a cash-back rewards scheme
Economy Dec. 10, 2023
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[KH Explains] After roller-coaster year for K-pop stocks, what to expect next year?
It was a rough year for K-pop, with big firms' shares taking a roller-coaster ride despite outstanding performances, hitting an annual peak in the summer and plummeting in recent months. But the bumpy ride is set to settle down for the most part, with major risk factors being resolved and individual firms pushing through with their global business ventures for long-term qualitative growth, industry watchers say. YG Entertainment finally came out of the shadows on Wednesday, when it anno
Industry Dec. 7, 2023
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'Making economy more dynamic a top priority': finance minister nominee
South Korea's finance minister nominee on Tuesday said strengthening economic stabilization efforts for citizens' livelihoods while continuing the government's drive for reform would be the key priorities under his leadership. Choi Sang-mok, the nominee for the country’s top economic policymaker, made the remark during his first gathering with the local press Tuesday, following his nomination by the presidential office Monday. The former senior presidential secretary for eco
Economy Dec. 5, 2023
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Yoon’s chief economist tapped as finance minister
Choi Sang-mok, the former senior presidential secretary for economic affairs, has been nominated as the new finance minister who doubles as the deputy prime minister, according to the presidential office on Monday. Born in 1963 in Seoul, Choi studied law at Seoul National University and earned a doctorate in economics at Cornell University. He passed the civil service examination in 1985. He is known as an "orthodox economic bureaucrat" who has a strong understanding of economic poli
Economy Dec. 4, 2023
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Short selling ban important for Korean market development: FSC
South Korea's recent temporary ban on stock short selling is aimed at reinforcing the Korean market's fairness and the advancement of the market system, a top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young made the remark as he addressed foreign correspondents in Seoul, acknowledging the rising fear among global investors following the country's comprehensive ban of all short selling trades. According to Kim, financial regulators disc
Economy Dec. 1, 2023
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Toss Bank logs first quarterly profit
Toss Bank, a Korean internet-only bank, saw its first quarterly profit in the third quarter. The company on Thursday announced it logged a net profit of 8.6 billion won ($6.65 million) in the third quarter, shifting from a net loss of 10.5 billion won the previous term. This marked the first time the company posted a quarterly profit since its launch in October 2021. The company attributed the growth to increased interest revenue during the pandemic when mobile banking services saw an influx of
Industry Nov. 30, 2023
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