The value of stocks owned by both former and current entertainment agency owners in South Korea have dropped nearly 30 percent compared to last year, data showed Sunday, as the industry struggles to cope with a slew of scandals as well as trade tensions between Korea and Japan, a key market. According to conglomerate research firm Chaebul.com, the combined value of stocks held by seven most stock-rich entertainment agency owners fell 28.7 percent to 512 billion won ($435.5 million) as of Fr

LG Chem, the chemical and biopharma business unit of South Korea’s LG Group, has been contributing to social welfare by carrying out a slew of projects supporting education and green energy in line with the United Nation’s Sustainable Development Goals. The firm has been especially focusing on developing its program for elementary and middle school students, utilizing its expertise.  It runs an experience center where students can participate in various science experiments categ

Financial Services Commission Chairman Choi Jong-ku said Thursday he has offered to resign, to give President Moon Jae-in a wider range of options in the upcoming Cabinet reshuffle. “The term of office for a Financial Services Commission chairman is three years, but I have tendered my resignation to give (President Moon) a wider option in the reshuffle under the current situation, where Cheong Wa Dae is considering a Cabinet reshuffle,” Choi told reporters during a briefing held at t

Ten suspects behind the illegal manufacturing and distribution of counterfeit facial masks, which used pictures of actor Song Joong-ki without permission, were arrested on charges of trademark infringement, the Korean Intellectual Property Office said Thursday.The suspects had distributed more than 6 million sheets of counterfeit facial masks worth 20 billion won ($17.29 million) since April 2017, according to the Special Judicial Police under KIPO. All the products were seized upon their arrest

A 15-member economic mission from Israel visited Hyundai Card’s headquarters Wednesday, amid Israeli President Reuven Rivlin’s state visit to South Korea, the firm said Thursday. The delegation, which consisted of Israeli government officials and heads of startups in the auto-tech and ICT sector, met with Hyundai Card CEO Chung Tae-young at the firm’s headquarters in Yeouido, western Seoul.  Chung joined the tour of the office, explaining the firm’s key design projec

With mounting anti-Japanese sentiment, financial institutions in South Korea, especially lenders, are closely monitoring how it could affect them, according to sources Wednesday. Tokyo’s decision to tighten controls on exports of key materials needed for the Korean tech industry, coupled with mounting tensions over Japan’s wartime forced labor has fueled strong anti-Japanese sentiment here in recent weeks. Of the four major commercial banks in Korea, Shinhan is known to have a s

Japan’s latest moves to curb exports of key materials used in South Korea’s high-tech industry is to be an agenda at the World Trade Organization’s General Council meeting next week amid mixed forecasts about the results. The Moon Jae-in administration announced Sunday that it planned to use the upcoming meeting to explain its stance on Tokyo’s decision to apply stricter export rules for three materials used for producing chips and displays, and to remove South Korea from

NEW YORK -- Located a few blocks north of the bustling Times Square on 7th Avenue Manhattan, a South Korean brokerage is standing its ground and making inroads in the bustling financial sector.“It’s been nearly 25 years since our foray on Wall Street,” Mirae Asset Securities New York Office CEO Jae Ryu told The Korea Herald recently. “The significance of having a foothold in New York is that the office helps us expand globally and build our brand image.” But the fic

Kakao Bank, one of the first internet-only banks launched in South Korea nearly 2 years ago, said Friday that its customer count surpassed 10 million the previous day. Launched in July, 2017, the online bank owned by Kakao Corp. has been outperforming its industry rival K-Bank in terms of popularity and users. Kakao and K-Bank are the nation’s only internet banks at the moment, with financial authorities currently mulling the approval of the nation’s third and fourth candidates. 

Shares of Lotte Group subsidiaries continued to stagger Wednesday following anti-Japanese sentiments due to trade restrictions on exports of key raw materials to local tech conglomerates. The retail giant with its owner family’s roots in Japan is in hot water due to its association with popular Japanese brands including Uniqlo and Asahi.Shares of Lotte Corp., holding company of Lotte Group, closed nearly 1.5 percent lower from the previous session at 40,400 won ($34.19). Lotte Shopping, wh

South Korean stocks suffered extended losses Tuesday, likely the result of Japan’s decision to place export restrictions on key semiconductor materials along with the growing possibility that the US Federal Reserve will leave interest rates unchanged this month. The benchmark Kospi closed 0.59 percent lower from the previous trading at 2,052.03, despite opening higher. It fell more than 2 percent Monday, the worst decline in two months, amid a strong mood of lowered anticipation of an aggr

Philips Korea, the local unit of Dutch health care giant Philips, said Monday it has been providing a digital pathology system that aids diagnosis of cancer for the Catholic University of Korea’s St. Mary’s Hospital since last month. The system, dubbed “Philips IntelliSite Pathology Solution,” allows the hospital’s pathology team to obtain accurate diagnosis results through a digitalized method. The team is able to manage patients’ tissue slides in the fo

Japan’s decision to restrict key supplies for South Korea’s semiconductor industry has shed light on the considerable size of Japanese investment in the nation’s financial market, stoking concerns over its impact on the nation’s economy if political bickering spreads to the capital market.According to data from the Korea Center for International Finance on Sunday, Japanese banks held nearly 21 trillion won ($17.6 billion) worth of outstanding loans in Korea. The instituti

South Korea and ASEAN have agreed to establish a center for science and technology partnership to promote exchanges and policy sharing programs, the Ministry of Science and ICT said Friday.  The agreement was made at the fourth meeting of the Korea-ASEAN Joint Science and Technology Committee in Indonesia. Around 30 officials in charge of S&T policies from the 10-member ASEAN nations attended the biennial event.Alongside establishing a new S&T center, they also agreed to launch an e

Entertainment shares and others related to “Descendants of the Sun” power couple, Song Joong-ki and Song hye-kyo, displayed a weak performance Thursday following the surprise announcement of their divorce filing. Studio Dragon, the main production studio behind “Arthdal Chronicles,” closed 1.29 percent lower from the previous day’s trading at 68,800 won ($59.40).  “Arthdal Chronicles” is a blockbuster historical-fantasy series starring Song Joong-ki

The government’s latest decision to dispose of its remaining stakes in Woori Financial Holdings is seen as a turning point for South Korea’s financial sector, indicating the withdrawal of decadeslong public interference triggered by the 1997 Asian financial crisis.While the financial holding company will henceforth gain further momentum in the market as a fully privatized player, state coffers will at last be able to recoup taxpayers’ money.According to the Financial Services C

Shinhan Card/ Credit card Shinhan Card has maintained its position as the nation’s leading credit card issuer for years, but it now aims to go a step further by integrating its services with customers’ lifestyles. The firm has the largest number of customers among credit card issuers -- around 22 million -- which it hopes to expand to 30 million by 2023. It has been offering a slew of services, such as sign-up bonuses, rewards, and original services, to evolve into a lifestyle platfo

The nation’s sole bourse operator has been running an accounting program that helps firms listed on the secondary bourse Kosdaq deal with the reinforced external audit act.According to the Korea Exchange, the number of Kosdaq firms that faced the risk of delisting due to disclaimer of opinion this year increased 66 percent on-year to 30 firms. A disclaimer of opinion is issued when an auditor is unable to complete the audit report due to insufficient information provided by the company.&nb

South Korea’s benchmark Kospi ended higher on Monday, with cautious optimism that the US-China trade talks slated for later this week may help the index recover previously lost ground. It closed 0.03 percent or 0.71 points higher from the previous trading at 2,126.33, despite having jumped back and forth between positive and negative terrains throughout the day.　 The local stock market in recent months has been heavily weighed down by the US-China trade war, which has escalated a

Woori Financial Group has decided to acquire controlling stake of 65.7 percent in Kukje Asset Trust from its largest shareholder with approval from its board members, the company said Monday. The group’s latest move to acquire the privately held real estate management company comes as it aims to accelerate integration of its affiliate firms and expand its business.  It plans to acquire the majority stake from the real estate management firm’s Chairman Yoo Jae-eun and associates