Kakao’s financial subsidiaries gear up for 2021 IPOs

Two financial subsidiaries of South Korean mobile messenger giant Kakao are taking a step toward initial public offerings next year, picking up an additional underwriter and securing investments from a global private equity fund, according to local investment banking sources on Oct. 27. 　Kakao Pay, set for an IPO during the first half of next year, has chosen Goldman Sachs as one of its underwriters, while KB Securities selected an underwriter last month, the officials said. 　The details of t

Hanwha Asset gains PFM license for mainland China

　Hanwha Asset Management said on Oct. 27 its wholly owned Chinese unit has been granted a private fund management license for mainland China. 　A PFM license, approved by the Asset Management Association of China, allows foreign asset managers to create and sell funds investing in onshore stocks and bonds in China to local institutional and wealthy investors. 　This comes four years after South Korea’s third-largest asset management company with over 93 trillion won ($82 billion) in ass

Woori Financial’s Q3 net profit drops 1.13%

Woori Financial Group said on Oct. 26 that its third-quarter net profit dropped 1.13 percent on-year to 479.8 billion won ($425 million). 　The figure was calculated based on the respective sizes of the stakes Woori holds in its units. Under the premise that Woori holds 100 percent stake in all of its units, the figure would amount to 521.32 billion won.  　While its net profit for the July-September period fell due to reduced gains from equity ties with affiliates compared to a year ear

NH NongHyup sets up Myanmar branch

NH NongHyup Bank said on Oct. 26 it has launched its branch office in Yangon, the largest city of Myanmar to expand its presence in the Southeast Asian country. 　The establishment of Yangon-based branch came after the lender had obtained final approval from the country’s central bank in late June. It is the second regional office branch, followed after NongHyup Finance Myanmar, a microfinancing institution that has been in operation since 2016. 　The Yangon office will set a foothold

Glimpse into future of AI that talks fluently

Atlas Labs vows to challenge tech giants with AI-powered voice call application

With KF-X fighter jet, S. Korea eyes foothold in global market

Chief engineer talks about challenges and rewards of next-generation military aircraft project ahead of prototype unveiling

Digital Seoul Fashion Week to challenge convention, promote designers globally

The sudden outbreak of the pandemic frustrated the fashion industry earlier this year when the 2020 fall-winter Seoul Fashion Week was canceled just a month before it was scheduled to take place. After gearing up for the 2021 spring-summer season for months, Korea’s largest fashion event is going digital, breaking the barrier between designers and audiences. “It will be our first show to attempt to show B2B (business-to-business) and B2C (business to customer) retail models at the

AKMU Suhyun to debut solo with dance pop single ‘Alien’

AKMU’s Lee Suhyun is stepping forward to show her own colors with her first solo single “Alien.” “Working as part of AKMU, I realized my musical preference was evolving, and feeling the change, I wanted to produce something of just my taste. That was how ‘Alien’ was born,” Suhyun said in an interview with The Korea Herald ahead of the single’s official release at 6 p.m. Friday. “It’s full of unique yet peppy sounds. And I hope that,

Heir’s legal challenges cast shadow over new era at Samsung

The death Sunday of Samsung Chairman Lee Kun-hee ushers in a new era under his son, the group’s de facto head Lee Jae-yong, but the path forward for the new leader appears fraught with legal challenges. Lee Jae-yong, the 52-year-old third-generation leader of the country’s largest conglomerate, is currently standing trial in two cases that could send him back to prison and are likely to take years to reach a conclusion. At the center of the legal disputes is the process by whic

Market in close watch over Samsung inheritance tax

With heirs to the Samsung empire facing a colossal amount of inheritance tax on stocks owned by their late father Lee Kun-hee, the market is closely watching how they will raise the necessary funds to pay it. Any moves they make are likely to affect the market. Samsung Group Chairman Lee, who died Sunday, left Samsung affiliate stocks valued at 18.2 trillion won ($16.1 billion) as of Friday closing. Questions have been raised on how Lee’s heirs -- particularly his only son, Samsung Ele

Is recent slide in dollar prices undesirable?

Won-dollar rate stands in average range of 10-year data

Lee Kun-hee: Giant who took a leap forward

Late chairman touted for having led Samsung to become tech giant with intuitive vision and bold decisions