The Korean won's brief advance into the 1,330s has quickly unwound, with the currency weakening past 1,388 per dollar Monday, losing nearly 50 won to the dollar in less than two weeks as renewed US tightening concerns and foreign stock selling have brought the 1,400 level back into view. Analysts see room for the won to weaken back above 1,400, but say such a move would not by itself signal renewed instability, with Korea's current account surplus and exporter dollar selling providing a buffer a

Hana Bank issued a $100 million digital bond through Euroclear's blockchain platform, completing the transaction on the same day in a first for Korea's foreign currency bond market. The five-year bond was issued Friday using Euroclear's Digital Financial Market Infrastructure, or D-FMI, which processes the issuance, registration and settlement of securities on a distributed ledger, the bank said Monday. The offering achieved T+0 settlement, with bond allocations and payments completed on the iss

Shinhan’s renewed Incheon mandate highlights the value of public accounts as gateways to deposits, customers and regional business Shinhan Bank’s latest win gives it another four years managing Incheon’s main treasury, an account handling nearly 15 trillion won in annual public spending. But the value of the mandate lies less in the headline figure than in the business it can help generate. Municipal treasury contracts can be costly to secure and slow to turn a profit. Banks offer competitive de

Foreign investors were net buyers of Korean stocks in August for the first time this year, snapping a seven-month selling streak, though the level remained modest after heavy selloffs in previous months. Overseas investors bought a net 344 billion won ($248.4 million) worth of locally listed shares last month, according to data released Friday by the Financial Supervisory Service. It marked their first monthly net purchase since December. The turnaround followed particularly heavy selling in rec

Shinhan Financial Group plans to make up to $200 million in financing available to financial institutions in Uzbekistan as it expands cooperation with the country and neighboring Kazakhstan. The group said Thursday it signed agreements with Uzbekistan's Ministry of Investment, Industry and Trade and Kazakhstan's state-owned development finance group Baiterek on Monday and Tuesday. Under the agreement with the Uzbek ministry, Shinhan will work toward providing the financing, jointly seek investme

Lippo General Insurance is targeting a place among Indonesia’s top five general insurers within three to five years, after an overhaul under controlling shareholder Hanwha Insurance turned its loss-making health business into its biggest earnings contributor. “Our priority is not simply to grow in size or improve our ranking,” LGI President Director Agus Benjamin said in a recent interview with The Korea Herald. “We want to achieve sustainable growth based on the profitability-focused strategy w

Members of Germany's Bundestag visited Korea's National Tax Service for the first time to discuss digital tax administration and the use of artificial intelligence, the tax agency said Wednesday. NTS Commissioner Lim Kwang-hyun met Tuesday with a seven-member delegation led by Christian Goerke, acting chair of the Bundestag's Finance Committee, at the Seoul Regional Tax Office. Lim presented Korea's strategy for using big data and advancing AI transformation in tax administration, outlining the

KB Financial Group’s surprise decision to pass over incumbent Chair Yang Jong-hee despite record earnings is reshaping expectations for year-end leadership changes across Korea’s financial industry and raising a broader question: Is strong performance still enough to win another term? The chief executives of the country’s five major commercial banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup Bank — all see their terms expire Dec. 31. While the succession of a financia

KB Financial Group Chairman nominee Lee Jae-keun on Monday framed his selection as a mandate to push the country's leading financial group beyond its record-setting performance, while signaling continuity in its overall direction. "KB posted nearly 3.9 trillion won ($2.9 billion) in net profit in the first half, its best-ever performance, while its share price has also reached a record high," Lee told reporters at the group's headquarters on his first day as final candidate nominee. "I take my s

KB Financial Group's choice of Lee Jae-keun as its next chairman nominee marks an unexpected break from continuity, putting the focus on whether the veteran banker can deliver new growth at Korea's largest financial group. The group's Chairman Recommendation Committee on Friday picked Lee, 60, currently chief business officer overseeing global, wealth management and corporate finance, over incumbent Chairman Yang Jong-hee, 65, and former Woori Bank CEO Kwon Kwang-seok, 63. The outcome defied bro

Citi Foundation said Thursday it has launched a $25 million global initiative to help young people build the skills needed for jobs increasingly shaped by artificial intelligence. The fourth Global Innovation Challenge will provide $500,000 each to 50 community organizations working to improve employment prospects for low-income youth. The programs will focus on both AI-related and human-centric skills, ranging from prompt engineering and digital content creation to problem-solving and critical

Seoul's landmark 63 Building has drawn about 300,000 visitors in the first 100 days since reopening as a revamped cultural and lifestyle complex, Hanwha Life Insurance said Thursday. The building, which reopened in June, marks its 100th day on Friday following a major renovation aimed at transforming the decades-old landmark from a destination best known for its observation deck into a venue combining art, dining, shopping and entertainment. At the center of the revamp is Pompidou Center Hanwha,

Korea Eximbank signed a pact with the African Development Bank to expand financing for African projects in artificial intelligence, critical minerals and green infrastructure, the state lender said Thursday. Korea Eximbank Chairman and President Hwang Ki-yeon and AfDB President Sidi Ould Tah signed the agreement Wednesday in Seoul during the eighth Korea-Africa Economic Cooperation Ministerial Conference. Under the agreement, the two institutions will seek to expand joint financing in areas incl

South Korea’s capital market needs consistent reforms, greater stability and broader sources of growth to attract global investors for the long term, market experts said at The Korea Herald’s HIT Forum in Seoul on Tuesday. Held under the theme “What Will Make Global Capital Stay?” the panel brought together Alexander Treves, managing director at JPMorgan Asset Management; Frank Benzimra, head of Asia equity strategy at Societe Generale; Park Jeong-woo, Nomura’s senior economist for Korea and Tai

The success of Korea's sweeping governance reforms will hinge on whether new shareholder rights translate into effective market discipline and real changes in corporate behavior, with the National Pension Fund playing a critical role, according to Lee In-hyung, vice president of the Korea Capital Market Institute. "A premium is not a status a market can assign to itself. It is a price that investors are willing to pay, and they pay when they are satisfied that the cash earnings of the company wi