Samsung Display announced Thursday that it has appointed Yi Chung, head of mobile display business at the display maker, as its new chief executive officer. Lee has a Ph.D. in chemical engineering from Pohang University of Science and Technology. He is a seasoned expert in display technology, having accumulated extensive experience in liquid crystal display and organic light-emitting diode development and process technologies during his tenure at Samsung Electronics’ LCD Division and Samsu

South Korean brokerage Mirae Asset Securities announced on Thursday that it has completed the acquisition of Indian brokerage house Sharekhan Limited, marking a significant milestone in its Indian operations. It marks the first time a Korean company has acquired an Indian brokerage firm. Mirae Asset achieved this in just six years since entering the Indian market in 2017. The acquisition follows the Korean brokerage's stake purchase agreement with Sharekhan Limited, signed last December. Si

South Korea's top economic policymaker on Thursday welcomed the central bank's unexpected decision to cut its benchmark interest rate for the second time in a row, reaffirming the government's commitment to revitalizing economic growth. In a surprise move, the monetary policy committee of the Bank of Korea (BOK) slashed its key rate by 25 basis points to 3 percent, one month after it cut the rate by a quarter percentage point in the first pivot in its policy stance in over three y

The Bank of Korea cut its base rate by 0.25 percentage points amid heightened uncertainties following Donald Trump's victory in the US Presidential Election. On Thursday, the Monetary Policy Board members at the central bank delivered a surprise rate cut, bringing down the benchmark interest rate to 3 percent. It was the second consecutive time the BOK cut the rate, having delivered a 25 basis point rate cut in October as well. The rate cut was the first in over three years since the centra

South Korean stocks opened a tad lower Thursday, tracking overnight losses on Wall Street led by declines in big-cap tech shares. The benchmark Korea Composite Stock Price Index (Kospi) shed 3.05 points, or 0.12 percent, to 2,500.01 in the first 15 minutes of trading. Foreigners were on a selling mode, which offset buying by institutions and retail investors. Overnight, the Dow Jones Industrial Average fell 0.31 percent and the tech-heavy Nasdaq composite slid 0.6 percent as major tech shares lo

SK hynix on Wednesday announced plans to increase dividend payouts by 25 percent per share by 2027 as part of a broader strategy to boost corporate value amid the chipmaker's rapid growth in the artificial intelligence chip market. As part of its new shareholder return program, the company will raise annual dividends to 1,500 won ($1.08) per share over the next three years, up from the current 1,200 won. This will result in a total annual dividend payout of approximately 1 trillion won, SK

Lotte Group, one of South Korea's largest conglomerates, said Wednesday it will provide Lotte World Tower in Seoul as collateral for the corporate bonds of its financially-strapped chemical unit in an effort to address market concerns about a potential liquidity crisis. In a regulatory filing, the group said it will use the 123-story supertall skyscraper, one of its key assets worth 6 trillion won ($4.31 billion), as additional collateral for bonds issued by Lotte Chemical Corp. A bondholde

  Viva Republica, operator of the mobile financial service Toss, has been paving the way in shifting the dynamics of the traditional financial environment with its innovative services. With the goal of providing a full range of financial solutions through a single super app, Toss, Viva Republica has introduced a wide array of cutting-edge services, from banking and brokerage to insurance and beyond. Toss made its name in August 2021 by not charging commissions for transfers, a feat that sho

As insurance companies grapple with finding new growth drivers, Hanwha Life has shifted its focus overseas, exploring new markets and sectors while expanding partnerships. A key milestone has been reached in Vietnam, where Hanwha Life’s local subsidiary achieved its first cumulative profit since entering the market in 2008. This marks the first such accomplishment among fully owned overseas subsidiaries of a Korean insurer. Building on this momentum, Hanwha Life aims to become the fifth-la

Mirae Asset Securities, South Korea's largest stock brokerage company, has shown unparalleled performance with its aggressive global expansion strategy and significantly increased customer assets, despite the higher interest rate environment that put pressure on stock valuations. Managing the largest overseas stock balance and pension assets in Korea, Mirae Asset has generated solid profitability centered on asset management this year. Its customers’ investment returns from overse

Kakao Bank, a major online lender in Korea, is bolstering its presence in Southeast Asia with reinforced partnerships with Indonesian digital bank Superbank. The bank on Wednesday announced it has signed a contract to collaborate on developing new financial products with Superbank, a digital bank in which Kakao Bank is one of the major shareholders. According to the new contract, Kakao Bank will provide consulting for Superbank’s new financial products, leveraging its expertise in mobile

Mirae Asset Global Investments has continued to expand its presence in global markets. Of its total assets under management at 370 trillion won ($265 billion), almost 40 percent are now managed overseas. When Mirae Asset first ventured into overseas markets back in 2003, it was met with considerable skepticism. Critics doubted whether the company could compete with established giants such as Goldman Sachs and Merrill Lynch. However, Mirae Asset Founder Park Hyeon-joo recognized the long-term p

Kyobo Life Insurance, one of Korea’s leading life insurers, has launched a new life insurance plan that combines the benefits of whole life insurance with added lifetime protection for cancer and long-term care. The “Kyobo Cancer and Whole Life Care Insurance” provides financial support for policyholders diagnosed with cancer or requiring long-term care. During the premium payment period, the plan guarantees a full refund of premiums paid under the main contract, while waiving

Shinhan Financial Group is intensifying efforts to enhance its corporate value, with Chairman Jin Ok-dong leading initiatives both domestically and internationally. In November, Jin attended a joint investor relations event in Hong Kong, organized by South Korea's Financial Supervisory Service, following a similar event in New York in May. He presented Shinhan's corporate value enhancement plan, outlined strategies for strengthening South Korea's capital market, and discussed glob

Hana Financial Group recently hosted a ceremony with the Korean Ministry of SMEs and Startups to celebrate surpassing 10,000 holders of its savings accounts tailored for small and medium-sized enterprise workers. Late last month, Hana Bank launched a savings program in collaboration with the ministry to support the growth of SMEs by helping their employees build a nest egg and encouraging longer tenures with their companies. Employees who deposit at least 100,000 won ($71.6) per month can receiv

Industrial Bank of Korea is intensifying its efforts to support small businesses struggling with the economic downturn and high interest rates. Last month, the state-run lender unveiled a comprehensive support plan, extending the interest rate reduction period for government-backed small business loans by a year with a 130 billion won ($93 million) investment. It will also allocate 28 billion won to dedicated loan funds and 14 billion won to preferential rates on savings and debt restructuring

JB Financial Group is seeking another big leap under Chairman Kim Ki-hong who has recently been reappointed for the third term for his leadership in elevating the group’s financial stability and profitability. In the third quarter of this year, its return on equity reached 14.7 percent, reflecting a 2.6 percentage-point increase on-year. The company highlighted this as the highest ROE ratio among domestic financial holding companies, surpassing the double-digit target often regarded as a b

(From left) Frantz Hotton, CEO and president of Pernod Ricard Korea, Sandy Hyslop; Ballantine’s master blender; and Miguel Pascual, marketing director of Pernod Ricard Korea, pose during the launching event of Ballantine’s 40 Year Old Masterclass Collection – The Waiting, the latest release from the iconic Scotch whisky brand, in Seoul on Wednesday. (Pernod Ricard Korea)

South Korean stocks closed lower Wednesday as investors offloaded semiconductor shares amid concerns that the incoming US administration may scrap subsidies for chipmakers. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 17.3 points, or 0.69 percent, to close at 2,503.06. Trade volume was moderate at 406.3 million shares worth 8.4 trillion won (US$6 billion), with losers outnumbering winners 516 to 372. Major tech shares lost ground after a sen

Samsung Electronics, the world's leading smartphone and memory chip maker, announced a management reshuffle on Wednesday, replacing the top brass at its sluggish chipmaking business division. While retaining the company's three vice chairs for management stability, the company replaced the foundry business chief and created two new positions to enhance operational efficiency. "The company sought to overcome uncertain internal and external business challenges and aim for a new brea