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Reporter : Lee Min-hyung
Sun, December 3, 2023 | 20:35
BNK, JB, DGB feared to suffer earnings fall on weak non-banking portfolio
Provincial banking groups such as BNK, JB and DGB Financial Group are forecast to suffer an earnings fall this year due to their weak non-banking business structures. Last year, the three financial holding firms generated robust profit growth, which was driven by improved loan-to-deposit margins amid global monetary tightening.
Mirae Asset chief donates dividends from asset management arm
Mirae Asset Financial Group Chairman Park Hyeon-joo on Monday donated all the dividends - 1.6 billion won ($1.21 million) worth - he received from the group's asset management arm, Mirae Asset Global Investments. Park has continued the donation campaign since 2010 when he pledged to put all his dividends received from the company toward the younger generations. The total dona...
Klaytn seeks to become versatile, sustainable blockchain
Klaytn, an open-source public blockchain developed by Korea's largest mobile platform operator Kakao, is seeking to become a more versatile public mainnet used in areas encompassing games, non-fungible token (NFT) and metaverse, Klaytn Foundation Director Sam Seo said in a recent interview. “Our primary goal is to keep sophisticating our blockchain network in a more sustainab...
Financial firms on track to scout top executives from rival firms
Financial firms here are scouting top executives from their competitors, in a move to add fresh energy to their corporate culture and embrace diversity in their hiring practices. KB Kookmin Bank recently appointed ex-NH Financial Group Chairman Son Byung-hwan as a new outside director. The lender has so far focused on hiring experts in the academic circle, but is now moving t...
Koreans go on revenge spending spree in Q1 as social distancing fizzles out
Lee Jin-seok, a 35-year-old office worker, increased his spending on trips after the government lifted the outdoor mask mandate in January. He plans to increase the frequency of trips not just in Korea, but also to neighboring countries despite the cost burden. Lee said he will continue traveling abroad, because the COVID-19 pandemic prevented him from doing so for the past t...
HYBE shares soar after Jimin of BTS tops Billboard chart
Shares of HYBE, the agency of K-pop superstar BTS, is on a robust rally after its member, Jimin, topped the Billboard Hot 100 chart with his new single. The stock price of Korea's most valuable entertainment company extended a surprising winning streak for three consecutive trading days until Thursday. According to data from the Korea Exchange, HYBE shares jumped 11.43 percen...
Busan activates WAVE platform for World Expo 2030 bid
The nation's southeastern port city of Busan has pledged to raise global awareness of WAVE - a collective intelligence platform - in an aggressive bid to host the World Expo 2030. WAVE was established by the Korea Chamber of Commerce and Industry (KCCI), with a view to helping resolve challenges facing humanity - such as climate change and education.
Why are securities stocks plunging despite market rebound?
Securities stocks here are extending dismal performances. This is happening despite clear signs of a rebound in the local stock market, as investor sentiment has yet to recover due to weak earnings outlooks of brokerage houses and financial uncertainties overseas sparked by the sequential collapse of major financial institutions in the U.S. and Europe, analysts said.
'Korean capital markets set to stabilize amid growing hope of rate freeze'
Korea's capital markets will gain gradual traction for a soft landing, as the Bank of Korea (BOK) is forecast to end its rate hike cycle at the current level amid diminishing inflationary woes here, analysts said Tuesday. Even if local financial markets are still clouded with uncertainties ahead of a full-fledged recovery, market participants will slowly regain their confiden...
Securities firms reduce dividends amid earnings declines
Korea's major securities firms have reduced their 2022 year-end dividend offerings by as much as 55 percent amid a prolonged stock market slump, data showed Monday. According to data from the Financial Supervisory Service (FSS), all of the listed brokerage houses here - except for Meritz Securities - decided to cut their dividends.