Chung Mong-joon pays tribute to Henry Kissinger

Chung Mong-joon, the honorary chairman of the Asan Institute of Policy Studies, paid tribute on Thursday to the late Henry Kissinger, expressing deep sorrow over his passing that was announced late Wednesday. “Henry was a giant in global affairs; his insight and dedication have left an indelible mark on how we approach international peace and stability," said Chung in a statement. Renowned for his role as the national security adviser and secretary of state during the Richard Nixon an

Nov. 30, 2023

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

Nov. 30, 2023

KB Kookmin Bank CEO seeks 2nd term

KB Kookmin Bank CEO Lee Jae-keun has been nominated for a second term as the head of the nation’s top lender, KB Financial Group said Thursday. In a meeting held earlier in the day, the group’s CEO candidate recommendation committee named Lee as the sole and final candidate as the bank’s next CEO. Lee, 57, has been holding the top post since January 2022. Lee is recognized for his experience in crucial posts, such as sales, finance, strategy and more, and for his understanding

Nov. 30, 2023

KITA holds sourcing fair to support exporters

The Korea International Trade Association held the Korea Grand Sourcing Fair 2023 at Coex in southern Seoul on Wednesday and Thursday as part of its efforts to help domestic exporters enter overseas markets. According to KITA, this year’s event was attended by 152 buyers from 26 countries, who conducted more than 2,300 consultations with nearly 800 Korean companies. In particular, the proportion of buyers from the US, Vietnam, India, China and Japan, all key export markets, made up more th

Nov. 30, 2023

[Exclusive] PUBG developer wins lawsuit against Chinese copycat in US

South Korean game developer Krafton has won a copyright lawsuit against Chinese game maker NetEase to put an end to a five-year legal battle as a US court sided with Krafton. According to a ruling by the Superior Court of the State of California for the County of San Mateo, the court said that NetEase’s mobile games “Knives Out,” “Rules of Survival” and “Survivor Royale” were similar to Krafton’s battle royal shooter PlayerUnknown’s “Ba

Nov. 30, 2023

Celltrion's Zymfentra to make US debut in February

Celltrion Healthcare, Celltrion Group's sales arm, announced Thursday that the company’s autoimmune disease treatment Zymfentra will make its debut in the US market on Feb. 29 next year. Zymfentra, which is also known as Remsima SC, is a subcutaneous injection formulation of Celltrion's infliximab Remsima, a treatment for patients with rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis and psoriasis in adult patients. Zymf

Nov. 30, 2023

[KH Explains] KG Mobility looks to turn to annual profit for 1st time in 7 years

KG Mobility is hoping to finish 2023 strong to end the year with a profit for the first time since 2016 on strong sales overseas and the automaker’s bestselling sport utility vehicle Torres. According to a regulatory filing, the Korean carmaker has logged accumulative revenue and operating profit of almost 3 trillion won ($2.32 billion) and 42.4 billion won, respectively, in the first three quarters of this year. The revenue from the period of January to September saw a 24.6 percent jump o

Nov. 30, 2023

KT CEO carries out first organizational revamp

South Korean telecommunications giant KT Corp. on Thursday conducted the first organizational restructuring and executive shakeup since the company’s new chief, Kim Young-shub, took office in August. The telecom carrier has also set a new vision of a “digital innovation partner that creates a better future for customers” with the aim of becoming a global leader specializing in information and communication technology services. “We expect this year’s reshuffle will b

Nov. 30, 2023

BOK holds key rate steady, cuts 2024 growth outlook

The Bank of Korea kept the base rate unchanged at 3.5 percent for the seventh straight time on Thursday, unable to either cut or raise the rate as Korea stands the test of the shaky economy. The six members of the monetary policy board unanimously voted for a rate freeze at the last rate-setting meeting held this year, according to BOK Gov. Rhee Chang-yong. The BOK’s Monetary Policy Decision statement showed the board will “maintain a restrictive policy stance for a sufficiently long

Nov. 30, 2023

Corning appoints company veteran as new Korea head

US tech giant Corning Inc. said Thursday that it had appointed Vaughn Hall, its international vice president, as the president of Corning’s Korea Region and Corning Precision Materials. Starting his career at Corning in 1995 as a senior engineer in the company's Harrodsburg plant in Kentucky, Hall has served a number of leadership roles in production management of the company's glass business in the US and Asia, including Japan, Taiwan and China. "As we celebrate 50 years in

Nov. 30, 2023

[Herald Interview] Samyang CEO envisions elevating K-food as global cultural content

In the journey to establishing Samyang Roundsquare's global presence with its ramyeon products, CEO Kim Jung-soo has played a pivotal role. Taking on the position of CEO in September, Kim has been a key figure in the family-owned Samyang Group's leadership since 2017, being the daughter-in-law of Samyang Foods' founder, Chun Joong-yoon. Kim envisions the global market growth not merely as a culinary delight but as a cultural phenomenon extending beyond food. For example, the "

Nov. 30, 2023

Spicing up the world: Samyang’s Buldak series makes global waves

South Korean food giant Samyang Roundsquare, under the leadership of CEO Kim Jung-soo, has been avidly pursuing its global market strategy, particularly focusing on key regions such as China and the US. With China contributing to 35 percent of overseas sales, the company is intensifying efforts to expand to the US, Europe and Southeast Asia, identified as the next growth drivers. During China's Singles Day shopping festival from late October to November, Samyang Roundsquare reached record s

Nov. 30, 2023

[Global Finance Awards] Shinhan chief makes big ESG push

Shinhan Financial Group's efforts to make a sustainable financial ecosystem have gained global momentum this year under the leadership of Chairman Jin Ok-dong, who took the top post in March. On his first overseas business trip in April, Jin headed to Japan, his country of expertise with almost 20 years of work experience there. During his stay, he met with business and government leaders there to seek digital and ESG (environment, social and governance) cooperation and other possibilities

Nov. 30, 2023

[Global Finance Awards] Going global essential in era of digital finance

By Yoo Chang-jo Professor of marketing at Dongguk University The rapidly evolving landscape of technology-driven finance demands a global perspective and competitive edge. Recognizing the role of financial institutions in this dynamic environment, The Korea Herald's Global Finance Awards, now in its seventh year, continues to honor those at the forefront of innovation and service in the Korean financial sector. This year’s awards were categorized into the Financier of the Year, In

Nov. 30, 2023

[Global Finance Awards] Kyobo's new child insurance plan offers lifetime coverage

Kyobo Life Insurance, one of Korea's leading life insurers, has launched a cost-effective renewable child insurance product that provides lifetime coverage starting from the prenatal period to facilitate the healthy growth of children. The new plan offers tailored protection against major health conditions and diseases throughout one’s life cycle from pregnancy and childbirth to adolescence. Upon turning 30, subscribers can transition to adult coverage, renewing the period up to the a

Nov. 30, 2023

[Global Finance Awards] Woori ramps up global foray to become Asia’s leading bank

Buoyed by its rapidly expanding global presence, Woori Bank has vowed to achieve up to 25 percent of its net profit from overseas sales by 2030. As of November, Woori runs 469 global branches across 24 countries. Its global division logged an annual asset growth of 9 percent over the last three years, reporting a net profit of $340 million in 2022. To continue the upward trend, it plans to pour resources into its three units in the burgeoning Southeast Asian market -- Indonesia, Vietnam and Ca

Nov. 30, 2023

[Global Finance Awards] Mirae Asset Securities pioneers global expansion

Mirae Asset Securities, a leading brokerage house based in Korea, has been expanding its presence in the global financial market, backed by its burgeoning overseas operations. With 12 branches and three offices located out of Korea, the firm boasts a vast overseas network across 11 regions including Hong Kong, Singapore, Vietnam, Indonesia, India, Mongolia, China, the US, the UK, Greece and Brazil. The equity capital held by its overseas subsidiaries surpassed $3 billion as of June, according to

Nov. 30, 2023

[Global Finance Awards] Kakao Bank at forefront of inclusive finance

Kakao Bank, Korea’s largest internet-only bank, has been leading efforts to achieve financial inclusivity in the industry, by developing various customer-friendly products and services. Since its founding in 2017, it has been catering to diverse financial needs by rolling out innovative savings accounts such as group savings accounts, 26-week and one-month installment deposit accounts, as well as tailored loan products for those with low credit scores. Buoyed by its user-friendliness and

Nov. 30, 2023

[Global Finance Awards] JB Financial shapes future of digital banking

JB Financial Group has accelerated its digital transformation efforts to bring more convenient options to a broader customer base by seeking innovative collaboration projects. Under the leadership of Kim Ki-hong, the group's chairman, the group has achieved record earnings over the past few years. To further expand its presence in the market and customer base, the banking group also tapped into the fintech and online banking industries. In July, it inked a partnership agreement with Seoul-b

Nov. 30, 2023

[Global Finance Awards] KB grows strength by leaps and bounds

KB Financial Group has solidified its status as a leading banking conglomerate by diversifying its revenue streams and strengthening its business portfolio beyond traditional lending activities. For two consecutive years, the group achieved net profits exceeding 4 trillion won ($3.1 billion) since 2021. It regained its title as the country's leading financial group in 2017, when its net profit surpassed 3 trillion won for the first time in its history. Its stellar performance stemmed from

Nov. 30, 2023