Woori Financial Group announced Friday its cumulative net profit stood at 2.65 trillion won ($1.9 billion), marking a 9.1 percent surge from the same period last year. The figure surpasses last year’s yearly earnings of 2.5 trillion won. The financial service provider posted 903 billion won net income in the third quarter, marking a 0.6 percent increase year-on-year. The figure is slightly higher than the market estimate of around 890 billion won. Cumulatively, the year-to-date net profit

Shinhan Financial Group, one of the country's top financial providers, posted lower-than-expected earnings for the July-September quarter, hit by the derivative fiasco from its brokerage arm. The financial group announced Friday that its net profit for the third quarter recorded 1.23 trillion won ($885 million), marking a 3.9 percent increase year-on-year. The figure, however, is slightly lower than the market forecast of around 1.3 trillion won. It also lost 186.9 billion won or 13.1 perce

The Korean government is to tighten the monitoring of cross-border trading of virtual assets, including cryptocurrency, through a revised law set for enactment by the latter half of 2025. "The government will push for the revision of the Foreign Exchange Transactions Act related to virtual assets through discussions with relevant departments and legislation, with the aim to implement the changed measures within the latter half of next year,” Finance Minister Choi Sang-mok said at a pr

Shares of Korea Zinc, the world’s largest zinc smelter, jumped almost 30 percent on Thursday amid speculation that the prolonged power struggle between the current management and the MBK Partners-Young Poong coalition could push the share price up further in the coming weeks. The shares of Korea Zinc closed at 1.13 million won ($825), up 262,000 won or 29.91 percent from the previous day, hitting the upper circuit limit. The uptick comes after the tender offer of the current management clo

London-based hedge fund Palliser Capital was recently found to have held a stake of more than 1 percent in SK Square, the investment arm of SK Group, for years, triggering speculation about another round of activist campaigns against the nation’s second-largest conglomerate. According to industry sources on Thursday, the fund -- founded by Chief Investment Officer James Smith, who previously worked at Elliott Investment Management -- held several meetings with SK Square executives recently

Hana Financial Group said Tuesday that it is ramping up efforts to offer more tailor-made services for senior customers under the new brand name Hana The Next. The new launch, a collaboration of its key affiliates including Hana Bank, Hana Securities and Hana Insurance, will cover both financial and non-financial areas from retirement planning to consultations on inheritance and gift taxes to health care. The first customer is TV celebrity Kang Ho-dong, who has also been named as the brand ambas

The recent inclusion on the World Government Bond Index, a global benchmark for bond investments, proves South Korea is headed in the right direction in its efforts to improve its foreign exchange market, an official from the Finance Ministry said Monday. On Oct. 9, the Financial Times Stock Exchange Russell announced that Korea has been added to the WGBI. The inclusion came more than two years after Korea was put on the watchlist in September 2022. In the announcement, FTSE Russell stated that

Iranian lender Bank Mellat may have to consider pulling its operations out of South Korea with its hands tied here due to the looming fears of secondary boycott actions from the US. “With the upcoming US presidential election, the pressure on Iran will only escalate. Bank Mellat may have to consider closing its operations in Korea,” an official from Bank Mellat’s Seoul branch said. The official explained the Seoul unit has not been able to fully operate, as Korean companies, in

Hanwha Investment & Securities, under the wings of South Korea's defense-to-energy conglomerate Hanwha Group, announced Thursday, that it has completed the acquisition of Indonesia’s Ciptadana Securities. Completion of the deal comes over a year after the brokerage house signed an underwriting agreement to acquire an 80 percent stake in Ciptadana Securities for around 49 billion won ($35.7 million) in June 2023. It won final approval from the Indonesian financial authorities last

London-based activist investor Palliser Capital is on its way to challenge South Korean chip-to-energy conglomerate SK Group, having secured a stake of over 1 percent in its investment arm SK Square. Having built a stake in SK Square over the past two years, the British activist fund is pushing for changes in the company to improve its market valuation, according to a report from the Wall Street Journal. Though SK Square is the holding company of the group’s key chip-making affiliate SK hy

Singapore-based activist fund Flashlight Capital Partners has offered to acquire Korea Ginseng Corp., an affiliate under South Korea's dominant tobacco company KT&G, at the price of nearly 2 trillion won ($1.47 billion). KT&G called it a “unilateral” offer. Korea Ginseng Corp., under the wings of KT&G, is the company behind the well-recognized red ginseng brand, JungKwanJang. “The acquisition offer was unilaterally released without any discussion with the compa

The alliance of MBK Partners and Young Poong took the lead in the power struggle over Korea Zinc, the world's largest zinc smelter, securing an additional 5 percent stake in the company on Monday. Yet with Korea Zinc's separate tender offer lingering on the table, the conflict is likely to evolve into a prolonged proxy fight. The MBK-Young Poong coalition was able to secure over 5 percent stake in Korea Zinc through a tender offer that concluded Monday. Combined with the existing 33.1

The current management of Korea Zinc on Friday decided to up the ante to maintain control over the world’s largest zinc smelter, lifting the tender offer price to 890,000 won ($660) per share, higher than 830,000 won presented by the coalition of MBK Partners and Young Poong. While the current management of Korea Zinc, represented by Chairman Choi Yun-beom, initially targeted securing an additional 15.5 percent of the total issued shares, the target has been raised to 17.5 percent. Adding

South Korea's central bank lowered the policy rate by 0.25 percentage point on Friday, signaling the end of an era of monetary tightening that had extended over three years. The Bank of Korea’s monetary policy board slashed the base rate by 25 basis points, bringing it down to 3.25 percent. Five of the other six monetary policy board members, not including BOK Gov. Rhee Chang-yong, agreed to the rate cut, while the remaining member suggested maintaining the rate at the 3.5 percent lev

While Korea Zinc has secured the support of US private equity giant Bain Capital amid a battle for management control of the company, market watchers suggest its backing could eventually cost the troubled zinc smelter a hefty amount. To thwart the takeover attempt from the MBK Partners-Young Poong alliance, the current management of Korea Zinc has teamed up with Bain Capital, a big-name investment company with over $185 billion (250 trillion won) in assets under management. Under Chairman Choi Y

South Korea finally succeeded in joining the World Government Bond Index, a global benchmark measuring the performance of sovereign fixed income. The inclusion is expected to draw in passive foreign funds worth over $56 billion. The WGBI, managed by Financial Times Stock Exchange Russell, is one of the three key government bond indices, along with the Bloomberg-Barclays Global Aggregate Index and JP Morgan Government Bond Index-Emerging Markets. It is tracked by global funds worth over $2.5 tril

Dentlink intends to become a household name in the burgeoning dental prosthetic market, matching the fame of Align Technology, the US company behind the Invisalign clear teeth straightener, said Kook Jin-hyeok, founder and CEO of Innovaid. Kook founded Innovaid in 2021 to offer Dentlink, a unique international service connecting Korean lab technicians with overseas dental practices. Through it, dental clinics around the world can order prostheses such as zirconia crowns and implant restorations

Herald Media Group hosted Money Festa 2024 last week, a two-day event offering insights into the latest investment trends spanning from real estate to equity, shedding light on making wise investment decisions to achieve financial freedom. "Everyone dreams of a financially-free life, but the reality is harsh," Choi Jin-young, CEO of Herald Media Group, said in his opening speech at The Platz exhibition hall in Coex, southern Seoul, on Oct 1. "I hope the attendees can find the answ

The fight for management control of Korea Zinc, the world’s largest zinc smelter, has escalated into a game of chicken worth over 5 trillion won ($3.7 billion). As the bidding war heats up, its would-be controllers are at risk of falling prey to a “winner’s curse.” On Friday, the last day of the initial tender offer period launched by private equity fund MBK Partners and Young Poong, the biggest shareholder of Korea Zinc, the coalition raised its offer to 830,000 won per

South Korea-based crypto data aggregator YouthMeta is seeking a bigger footing in Japan, a country which has been showing a stronger interest in the investment tool recently, according to the company. YouthMeta provides a cryptocurrency price prediction service through its Goya Premium Chart, suggesting the best time to buy and sell more than 200 crypto assets listed on Binance. With the company having over 30,000 users across 27 countries, Japan stands out as a particularly vibrant market with