[Global Finance Awards] KB Kookmin Bank increases accessibility for disabled

KB Kookmin Bank has been bolstering the accessibility of its branches for people with disabilities in the first half of 2022, as part of its initiative focusing on diversity and inclusivity. The bank said it surveyed 878 of its branches nationwide in June, measuring each facility’s readiness to greet disabled customers. Based on the survey, the bank installed ramps at the entrances of branches that lacked them. It also put a bell in place that customers could press for assistance, accordin

Nov. 29, 2022

[Global Finance Awards] Woori Financial Group ready to lead future global financial market

After gaining momentum from structural changes and the privatization process in recent years, Woori Financial Group has been actively making changes to become the global leader of the future financial market. The most evident change was made recently in November when the group launched a new Data Intelligence department with a goal to pursue development in areas of data and artificial intelligence. At the beginning of this year, the group also announced its goal to increase its combined monthly

Nov. 29, 2022

[Global Finance Awards] Qraft Technologies forays onto Wall Street with AI prowess

South Korean startup Qraft Technologies is one of the companies that has spearheaded the introduction of artificial intelligence in finance here. Since it was founded in 2016, the Seoul-based startup has proved the efficiency of AI when it comes to executing optimal equity asset allocation. The SoftBank-backed company operates four exchange-traded funds -- QRFT, AMOM, NVQ and HDIV. These funds are currently trading on, and have exposure to, North American stock bourses including the New York Sto

Nov. 29, 2022

[Global Finance Awards] Mirae Asset Securities stands tall against global peers

Mirae Asset Securities became the first in the Korean financial services and investment management industry to post an operating profit of more than 1 trillion won ($754 million) and over 10 trillion won in owned capital last year. It was a dream come true moment for Mirae Asset Group Chairman Park Hyun-joo who said the company will “open an era of 1 trillion won in operating profit and 10 trillion won in owned capital” as it acquired Daewoo Securities in 2016. Having started with a

Nov. 29, 2022

[Global Finance Awards] Mirae Asset Global Investment solidifies int'l market presence

Marking its 19th anniversary of its overseas business operations this year, Mirae Asset Global Investments has earned many titles as a first mover in the global asset management market. The investment firm kicked off its global business in Dec. 17, 2003, when it established a district office in Hong Kong. This foray came six years after the firm was established. Since then, Mirae Asset Global Investments has come a long way. The company has offices in 36 countries and invested more than half o

Nov. 29, 2022

[Global Finance Awards] Shinhan aggressively aiming for global growth

Shinhan Financial Group has been actively expanding its global outreach with its overseas operating network that spans over 20 countries. Its overseas business expansion has been carried out under three major principles -- "strengthening overseas capital market in developed markets, promoting gradual economies of scale in nonbanking sectors of developing countries and promoting digital growth of panbanking sectors of developing countries," according to the banking group. Shinhan first

Nov. 29, 2022

[Global Finance Awards] Woori Card takes deeper tap into Asian market with new subsidiary

Seeking to expand its overseas business portfolio, Woori Card kicked off its global subsidiary Woori Finance Indonesia Tbk, in Jakarta, Indonesia, this month. The subsidiary is the credit card provider’s second global endeavor, following the launch of Tutu Finance-WCI Myanmar in 2016. The card company started negotiations with Indonesian finance firm PT Batavia Prosperindo Finance Tbk in 2019 which led to the signing of a share purchase agreement with its major shareholders in March. It

Nov. 29, 2022

Businesses brace for prolonged trucker strike

Financial damages and disruptions in logistics services are anticipated to increase further among oil suppliers and businesses in the cement and construction industries if the nationwide walkout of truckers continues, industry sources said Tuesday. Some local gas stations have started to report supply shortages, and the cement industry has reported an accumulated loss of 64.2 billion won ($48.4 million) in sales already. According to a source from a local oil retailer, certain gas stations -- pa

Nov. 29, 2022

KITA hosts trade fair to boost growth

The Korea International Trade Association is hosting a two-day trade fair from Tuesday to help local companies form international partnerships with global buyers. The 2022 Korea Grand Sourcing Fair, a hybrid event held both online and offline, is taking place at the Coex Convention and Exhibition Center in southern Seoul with 211 buyers from 36 nations and around 750 Korean companies participating. Held after the COVID-19 pandemic-related travel restrictions were eased, this year’s lineup

Nov. 29, 2022

Seoul shares gain as China lockdown woes ease; Fed rate views at focus

South Korean stocks snapped a two-session losing streak to close higher Tuesday, as worries about China's strict COVID-19 lockdown policy eased with growing expectations for an eventual reopening. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index climbed 25.12 points, or 1.04 percent, to close at 2,433.39. Trading volume was moderate at 522.6 million shares worth 6.35 trillion won ($4.79 billion) with advancing issues outstripping decline

Nov. 29, 2022

Biden to visit SK Siltron’s wafer plant in Michigan

US President Joe Biden will visit SK Siltron CSS in Michigan, the American branch of silicon wafer maker SK Siltron under South Korea's SK Group, on Tuesday, according to the White House and industry sources here. The surprise visit will mark the president’s first visit to a Korean semiconductor facility in the US. The US president was expected to arrive at the plant Tuesday afternoon, the latest development surrounding his renewed push for rebuilding the US manufacturing sector. He w

Nov. 29, 2022

SK Telecom, Singapore's Singtel join hands for metaverse push

South Korean telecom giant SK Telecom said Tuesday it forged a partnership with Singapore’s largest mobile carrier Singtel to expand its metaverse service into the Asia-Pacific region. Singtel operates in 21 countries to provide mobile communication and high-speed internet services to about 770 million users around the world. Under their partnership, the two sides agreed to work together on initiating a metaverse project in Singapore and extend the project in the Asia-Pacific region overal

Nov. 29, 2022

Retail sales up 7.3% in October on growing outdoor activities

Retail sales in South Korea grew 7.3 percent on-year in October, as people's outdoor activities and demand for various services grew amid eased antivirus curbs, data showed Tuesday. The combined sales of 25 major offline and online retailers came to 14.66 trillion won ($10.95 billion) last month, compared with 13.7 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. It marked the eighth consecutive month of on-year rise, though the grow

Nov. 29, 2022

Seoul shares open almost flat on China woes, Fed's rate remarks

South Korean stocks turned a tad higher after a weak start Tuesday, amid concerns over China's strict COVID-19 lockdowns and hawkish remarks by US Federal Reserve policymakers on rate policy outlooks. After starting lower, the benchmark Korea Composite Stock Price Index rose 0.95 points, or 0.04 percent, to 2,409.22 in the first 15 minutes of trading. Protests across China against the government's aggressive COVID-19 lockdowns have sparked worries over the world's second-largest e

Nov. 29, 2022

S. Korea signals delays to crypto income tax

Financial authorities on Monday maintained their position on imposing an income tax on cryptocurrency trading from 2025, delaying the initial plan of levying a 20 percent tax starting next year. According to the Ministry of Economy and Finance, it submitted a bill to lawmakers to push back the new taxation law from 2023 to 2025. Before the end of the year, the bill has to be passed by the National Assembly for the current taxation plan to be postponed. Under the current taxation law, anyone who

Nov. 28, 2022

Seoul shares sink amid China uncertainties

South Korean stocks closed more than 1 percent lower Monday, as investor sentiment remained wary amid the extended COVID-19 restrictions in China that have stoked concerns over global supply disruptions. The local currency fell sharply against the US dollar. The benchmark Korea Composite Stock Price Index retreated 29.59 points, or 1.21 percent, to 2,408.27. Trading volume was moderate at 343.2 million shares worth 6.36 trillion won ($4.74 billion) with decliners far outnumbering gainers 703 to

Nov. 28, 2022

Volkswagen's Tiguan, affordable SUV with robust perfomance

Volkswagen Korea’s bestselling sport utility vehicle Tiguan has established its position as an affordable and robust performance-based car to Korean drivers. Since making its debut in July 2008, the Tiguan has been the German carmaker’s top-selling car here. As of November, it has sold an accumulative 59,532 units, an equivalent of 270 Tiguans every month. The Korean unit predicted the accumulative sales figure to hit the 60,000 mark by the end of this year. Volkswagen Korea said it

Nov. 28, 2022

EV industry advised to adopt battery swapping for better efficiency

The Korea International Trade Association suggested introducing battery swapping as a solution that could boost South Korea’s electric vehicle transition, the association said in a report released Monday. Battery swapping is touted as an emerging solution for EVs, particularly in China. The technology allows drivers to switch a drained battery with a fully charged one in just a few minutes, instead of having to charge the empty one at a designated station. Rolling out battery swapping in S

Nov. 28, 2022

[Photo News] In support of Busan's Expo bid

A Samsung Electronics banner promotes Busan’s bid to host the 2030 World Expo as well as its latest foldable smartphones, on the wall of the Palais Garnier opera house in Paris on Monday. The banner is being displayed this week at the general gathering of the Bureau International des Expositions, the intergovernmental body that oversees the World Expo.

Nov. 28, 2022

South Korea’s chip exports dwindle as dependence on China increases

South Korea is heavily reliant on China for its semiconductor exports, and it should diversify its overseas markets to mitigate associated risks of decline in trade with the neighboring country, a report said on Monday. According to statistics released from the Korea International Trade Association, South Korea’s semiconductor exports to China from January to September was $42 billion, rising 1.7 percentage points from the previous year becoming 40.6 percent of the country's total vol

Nov. 28, 2022