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A Supreme Court ruling against Samsung Securities over its 2018 “ghost shares” scandal has raised the stakes for Korea’s brokerages, showing that internal control failures can trigger civil liability to investors as well as regulatory penalties and trading losses. The top court on Wednesday ordered Samsung Securities to pay about 1.86 billion won ($1.31 million) in damages to the National Pension Service, upholding the compensation awarded by a lower court. The NPS had initially sought 29.9 bill
Viva Republica, the operator of South Korean fintech giant Toss, reported an over 50 percent increase in revenue in the first half of the year, driven by growth across its in-app services. Consolidated revenue stood at 1.89 trillion won ($1.34 billion), up 53.2 percent from a year earlier. Consolidated operating profit rose 59.2 percent to 246.1 billion won, while net profit jumped 120.2 percent to 232.8 billion won. Revenue growth outpaced the increase in expenses, driving both top-line growth
With the acquisition of KDB Life, Korea Investment Holdings is set to broaden its business portfolio beyond its brokerage-led operations, marking a major step in its push to strengthen its presence across the financial sector. Policy lender Korea Development Bank selected Korea Investment Holdings as the preferred bidder for KDB Life, the finance group announced through a regulatory filing Thursday. The deal involves 116.32 million common shares in KDB Life, representing a 99.75 percent stake. T
Samsung Life Insurance and Samsung Fire & Marine Insurance earned a combined 3.27 trillion won ($2.3 billion) in the first half, with both posting double-digit profit growth despite sharply different earnings drivers. Samsung Life reported 1.89 trillion won in net profit attributable to controlling shareholders, up 35.8 percent from a year earlier, according to disclosures released Thursday. Consolidated net profit rose 33.8 percent to 1.97 trillion won. Samsung Fire’s net profit attributable to
The Korea Agro-Fisheries & Food Trade Corporation (aT) said Thursday it held an online briefing with the Ministry of Agriculture, Food and Rural Affairs on non-tariff barriers to Korean food exports to Southeast Asia for food exporters and industry officials. The briefing, held Wednesday, was organized to help Korean exporters proactively respond to regulatory changes in Indonesia and Vietnam, two major export markets for Korean food products. The Korea Food Research Institute and local experts
Hanwha Life Insurance said its major overseas businesses generated a combined net profit of 103 billion won ($72.7 million) in the first half, nearing the 117.8 billion won they earned for all of last year as its push to diversify beyond insurance began to pay off. The overseas operations accounted for about 11 percent of Hanwha Life's consolidated net profit of 904.5 billion won for the six-month period. Its Vietnamese life insurance unit posted 32 billion won in net profit, up 23 percent from
Kolmar Korea posted record revenue and profit for the second straight quarter, crossing 100 billion won ($70.7 million) in operating profit for the first time as demand for skincare and suncare products surged. The company reported Wednesday that consolidated revenue for the April-June period rose 17.9 percent from a year earlier to 861.3 billion won, while operating profit climbed 50.2 percent to 110.3 billion won. Both are record highs. First-half revenue reached nearly 1.6 trillion won, with
Mirae Asset Securities’ quarterly profit eclipsed three of South Korea’s four largest banking groups, trailing only industry leader KB Financial, as investment gains and overseas growth lifted net income close to 2 trillion won ($1.4 billion). The brokerage earned 1.91 trillion won in the second quarter, surpassing Shinhan Financial’s 1.82 trillion won as well as Hana Financial and Woori Financial. Shinhan, KB, Hana and Woori make up Korea’s four dominant banking groups. Mirae Asset Securities a
Benjamin Graham, widely regarded as the father of securities analysis, famously observed, “In the short run, the market is a voting machine, but in the long run, it is a weighing machine.” His words underscore a fundamental truth: While market valuations may be swayed in the short term by investor sentiment and popularity, over time they tend to converge toward intrinsic value. Some have voiced concerns about the recent short-term volatility in Korea’s stock market. Yet in the long run, it is th
The Bank of Korea should keep raising interest rates after its first hike in more than three years, as strong growth and persistent inflation outweigh recent stabilization in the won and stock market, a senior central bank official said Tuesday. "Looking ahead, growth is expected to remain solid on the back of unprecedented income growth, while underlying inflationary pressures persist and financial stability risks could increase," BOK Senior Deputy Gov. Ryoo Sang-dai said at a press conference
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