Articles by Park Han-na
Park Han-na
hnpark@heraldcorp.com-
Kakao raided over suspicious SM stock purchase
Financial authorities and prosecutors jointly raided tech giant Kakao Corp. on the suspicion that it participated in stock price manipulation during its takeover of K-pop agency SM Entertainment. The Financial Services Commission on Thursday sent a team of 40 investigators to Kakao and its affiliate Kakao Entertainment in Pangyo, Gyeonggi Province to seize internal documents and other related data. Authorities are looking into the possibility that Kakao violated the Capital Markets Act when
Companies April 7, 2023
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Biz leaders circle the Earth more than 64 times to drum up Expo support
Top conglomerate leaders have traveled over 2.5 million kilometers, equivalent to the distance of 64 1/2 rounds around the Earth, to lead diplomatic efforts in support of Busan’s bid to host the World Expo 2030. Since June last year, the World Expo Bidding Committee, a business-led civilian organization made of 11 companies including SK, Samsung and Hyundai, have visited 84 countries for negotiations related to the final vote regarding the host city of the global fair, according to the Kor
Industry April 4, 2023
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Biz leaders welcome BIE delegation, reaffirm support for Busan's Expo bid
The Busan Expo bidding committee hosted a welcome lunch on Monday for delegates from the Bureau International des Expositions, who visited the port city for a six-day on-site inspection ahead of its vote for deciding the host city of the World Expo 2030. “Before their busy schedule in Seoul and Busan for the next five days, I hope the delegates have a comfortable time during this lunch. (The inspection) will be a tough process, but I want you know that Korea and Busan are ready for it,&r
Industry April 3, 2023
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Korea cuts tourist red tape, aims to triple visitors this year
South Korea will exempt visa-free foreign entrants from using the electronic travel authorization system, or K-ETA, normally required when entering the country until next year, in a bid to rekindle tourism, the Finance Ministry said Wednesday. Of 112 visa-waiver countries, the exemption scheme for the Electronic Travel Permit System will be applied to 22 select countries with a large volume of visitors and low rates of visa application rejection, including the United States, Japan, Hong K
Economy March 29, 2023
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2024 budget to boost defense, welfare spending
South Korea will continue to tighten its belt by reducing more than 10 percent of its discretionary expenditure while planning to funnel the budget into boosting national security and creating jobs for young people. Next year's budget plan is expected to remain at around 670 trillion won ($515.9 billion), up about 4.8 percent from this year's 638.7 trillion won, which was proposed as a mid- to long-term plan by the government. The budget will be earmarked for enhancing economic vital
Economy March 28, 2023
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Korea mulls measures to spur spending amid inflation woes
The government is expected to unveil its scheme to invigorate domestic spending and tourism this week, amid stagnant exports struggles, to shore up the economy. The Ministry of Economy and Finance and Ministry of Culture, Sports and Tourism are drawing up measures chiefly aimed at reviving the local tourism industry, which remains depressed in the aftermath of the COVID-19 pandemic. Authorities are looking at ways to launch a coupon program that provides a certain discount when booking hotel
Economy March 27, 2023
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New Shinhan chairman wins shareholder approval
Shareholders of Shinhan Financial Group on Thursday approved the appointment of Jin Ok-dong, its flagship banking unit’s former CEO, as the group’s new chairman. “I feel a great sense of responsibility to meet the expectations of customers and shareholders and lead the growth of Shinhan,” Jin said in his address at the general shareholders’ meeting held at the group’s headquarters in Seoul. Having worked in Japan for almost 20 years, the new Shinhan chief is c
Market March 23, 2023
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Korea, Japan to expedite trade talks after summit
South Korea and Japan are accelerating their efforts to break down bilateral trade barriers induced by a historical row and to push for revival of economic cooperation. As early as this week, Japan will wrap up procedures to lift restrictions on exports of key semiconductor materials to Korea, while Korea will withdraw its complaint filed with the World Trade Organization against the export curbs, Minister of Trade, Industry and Energy Lee Chang-yang said during a press briefing Wednesday. W
Economy March 22, 2023
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Tokyo lifts export curbs; Seoul withdraws WTO complaint
South Korea and Japan's easing of trade tensions has spurred hope among Korean businesses, as the two agreed to bolster economic ties on the sidelines of the summit talks held in Tokyo on Thursday. Earlier in the day, Japan announced it would lift restrictions on exports of key semiconductor materials to Korea, while Korea in return decided to withdraw its complaint filed with the World Trade Organization against the export curbs. Both countries also plan to continue talks to reinstate each
Economy March 16, 2023
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How will SVB collapse affect Korea?
President Yoon Suk Yeol said Monday that uncertainty in the financial market is growing due to the bankruptcy of Silicon Valley Bank, one of the largest banks in the United States. “The cause of the SVB collapse, the progress of the situation, the US authorities’ response, as well as their impact on the domestic financial market and the real economy should be closely examined by the deputy prime minister of economy and others,” he said at a meeting with senior secretarie
Economy March 13, 2023
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[Herald Interview] 'Soft power plays key role in green push'
SK Ecoplant, the green business unit of SK Group, aims to solidify its footing into the US battery recycling market this year by working with partners to make aggressive investments, the company’s investment executive said. The company has made a major transformation from a builder into an environment and energy company though an array of merger and acquisition deals worth over 3 trillion won ($2.3 billion) in Korea and abroad. “This year’s biggest goal would be supporting SK
Industry March 8, 2023
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Weak chip demand pushes economy recovery off track
Sluggish demand for chips, the country’s key export item, continues to hinder Korea from getting the economy on a recovery track, the finance minister said Thursday, Asia’s fourth-largest economy logged a fall in exports for a fifth month in a row in February due to weak global demand for semiconductors amid an economic slowdown. “Without a rebound in the semiconductor industry, limits on export recovery are inevitable for the time being,” Finance Minister Choo Kyu
Economy March 2, 2023
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[Herald Interview] Align Partners CEO faces off against SM founder, Hybe
A two-year-old activist fund that triggered a controversial corporate ownership battle between two K-pop powerhouses said it will persistently demand governance improvement of SM Entertainment until it makes substantial profit. With only a 1.1 percent stake, Seoul-based Align Partners has been shaking up the governance structure of SM Entertainment, which is behind stars like NCT, EXO and aespa, by gathering minority shareholders. Align’s shareholder campaign against the K-pop juggernaut
Market Feb. 21, 2023
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Korea logs smallest job gain in 2 years
Korea saw the smallest increase in the number of additional jobs in nearly two years in January, a sign of the toll the economic downturn has taken on the labor market. The pace of increase has slowed for eight months in a row since May last year, indicating a shrinking labor market. According to data released by the Statistics Korea on Wednesday, the number of employed people came in at 27.36 million last month, up 1.5 percent or 411,000 from a year ago. It was the lowest on-year growth
Economy Feb. 15, 2023
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Mirae Asset bolsters US market presence with ETF arm Global X
Mirae Asset Global Investments has made a big stride forward in the US exchange-traded funds market in the last five years following its acquisition of New York-based fund management firm Global X. ETF provider Global X had about 8 trillion won ($6.29 billion) in managed assets when it was taken over by the Korean asset manager in 2018, the current AUM increased by six times to 45 trillion won as of end of 2022, according to Mirae Asset Global Investments on Tuesday. Global X’s five-year c
Market Feb. 14, 2023
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