The Korea Times

Korea seeks to boost foreign investment through APEC meetings in Gyeongju

The Lee Jae Myung administration plans to use the upcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in Gyeongju, North Gyeongsang Province, from Oct. 31 to Nov. 1, as a key opportunity to attract foreign investment, government officials said Friday. They said this year’s APEC events are expected to go beyond being a mere diplomatic gathering, serving instead as a practical stage for realizing the government’s vision of an innovation-driven economy. In particular, both the government and industry are ramping up efforts to accelerate foreign direct investment (FDI) in high-tech industries such as artificial intelligence (AI) and semiconductors. During the events, Lee plans to hold direct meetings with executives from global companies such as Amazon Web Services and Renault to attract investment in Korea’s industrial ecosystem. According to presidential office insiders, Lee views the APEC meetings as a turning point for expanding FDI in Korea. The four-day APEC CEO Summit, which begins Tuesday, ahead of the Economic Leaders’ Meeting, is expected to serve a

Oct 24, 2025By Jun Ji-hye

Korea seeks to boost foreign investment through APEC meetings in Gyeongju

Banking & Finance

MBK rejects tax evasion allegations against chairman

MBK Partners denied allegations of domestic tax evasion involving the firm and its chairman, Michael ByungJu Kim, emphasizing that all taxes have been duly paid in full compliance with relevant domestic and international laws. A company official said Friday that the private equity firm has consistently filed and paid corporate and income taxes in every country where it operates, including Korea. “The chairman has also met his tax obligations in accordance with Korean law and the standards of the relevant tax authorities,” the official said. “Claims that he engaged in tax avoidance through nonresident filings are entirely unfounded.” The statement came in response to allegations raised Thursday during a National Assembly audit by the Strategy and Finance Committee, where lawmakers from the ruling Democratic Party of Korea (DPK) accused Kim, a U.S. citizen, of evading taxes in Korea. Lawmakers, including Rep. Chung Il-young, argued that Kim has earned significant profits domestically while paying little to no taxes, urging that he be summoned to testify and that a comprehensive tax

Oct 17, 2025By Jun Ji-hye

MBK rejects tax evasion allegations against chairman

Cryptocurrency

World's largest crypto exchange Binance approved to enter Korean market

The world’s largest cryptocurrency exchange, Binance, has officially entered the Korean market after completing its acquisition of local crypto exchange GOPAX, more than two years after the initial deal, according to financial authorities and industry officials Friday. With final approval from financial authorities, attention is now focused on whether this move will disrupt the domestic market dominated by Upbit and Bithumb. Competition in user services is also expected to intensify. The Financial Intelligence Unit (FIU) under the Financial Services Commission, Korea’s top financial regulator, approved GOPAX’s executive change filing late Wednesday night, enabling Binance to take effective control of the exchange. Binance became GOPAX’s largest shareholder in February 2023 by acquiring a 67 percent stake. The company then submitted the executive change notification to the FIU in March 2023, but domestic regulators had not processed the filing for two and a half years. Authorities had been cautious in reviewing the notification, citing concerns that Binance’s acquisition of GOPA

Oct 17, 2025By Jun Ji-hye

World's largest crypto exchange Binance approved to enter Korean market

Banking & Finance

Mirae Asset's Global X surpasses $73 bil. in US assets under management

Mirae Asset Global Investments’ exchange-traded fund (ETF) arm Global X has reached $73.5 billion in assets under management (AUM) in the United States, the company said Thursday. The milestone comes seven years after Mirae Asset acquired the firm in 2018, during which Global X’s assets have grown 13-fold, cementing its status as one of the top managers in the world’s largest ETF market. As of Wednesday, Global X oversees 101 ETFs in the United States with total assets of $73.5 billion. At the time of the acquisition in 2018, the company’s AUM was around $10 billion, which rose to $42.4 billion by the end of 2023 and $53.9 billion by the end of 2024. The latest total represents a 13-fold increase, reflecting an average annual growth rate of 37.7 percent over the past five years — nearly double the U.S. ETF market’s average of 20.2 percent during the same period. Global X has been recognized by U.S. investors for its distinct and forward-looking ETF product lineup. Its flagship "Global X Defense Tech (SHLD US)" ETF has posted a strong performance compared with peers, driven by a

Oct 16, 2025By Jun Ji-hye

Mirae Asset's Global X surpasses $73 bil. in US assets under management

Others

Builders face setbacks as gov't introduces new measures to slow housing market

Construction companies face a negative business outlook as the government’s new real estate regulations announced Wednesday are expected to curb home sales and delay redevelopment projects, analysts said Thursday. The new rules, aimed at reining in soaring housing prices in the Seoul metropolitan area, expand regulated zones to all of Seoul and 12 areas in Gyeonggi Province, sharply reducing loan limits and imposing stricter residency requirements. Bae Se-ho, an analyst with iM Securities, said the expansion of regulated areas poses challenges for builders, as it increases the likelihood of applying the presale housing price cap and could slow the pace of redevelopment projects. “When an area is designated a speculative overheated zone, private land may also be subject to the price ceiling. In Seoul, more than 80 percent of new housing comes from redevelopment projects, and applying the ceiling could reduce project profitability and significantly delay progress,” he said. “Considering the sharp rise in construction costs since 2021, which has already substantially weakened redeve

Oct 16, 2025By Jun Ji-hye

Builders face setbacks as gov't introduces new measures to slow housing market

Banking & Finance

MBK chairman apologizes for Homeplus fiasco during first appearance at Assembly audit

Michael ByungJu Kim, chairman of MBK Partners, Homeplus’ largest shareholder, made his first appearance at a National Assembly audit Tuesday, offering a public apology for the corporate rehabilitation case of the country’s second-largest supermarket chain. “We regret causing concern to the public,” he said during an audit by the Assembly’s National Policy Committee. “We are committed to fulfilling our social responsibility toward Homeplus employees and stakeholders.” Homeplus, which filed for corporate rehabilitation in March amid a liquidity crunch, has been unable to secure a new owner for more than seven months. The situation has drawn national attention, particularly after the decision to close 15 stores nationwide that failed to reach rent agreements, sparking strong backlash from local residents. In addition to the Homeplus case, the private equity firm has been involved in other high-profile matters, including the management rights dispute with Korea Zinc, in which it joined forces with Young Poong to oust company Chairman Choi Yun-beom. MBK has also faced criticism

Oct 14, 2025By Jun Ji-hye

MBK chairman apologizes for Homeplus fiasco during first appearance at Assembly audit

Law & Crime

Cosmetic treatments disguised as pain therapy: 131 caught in insurance fraud scheme

A total of 131 individuals, including a clinic director, were allegedly involved in an insurance fraud scheme that disguised cosmetic procedures such as Botox injections as pain treatments, according to police and financial authorities, Tuesday. The Seoul Metropolitan Police Agency and the Financial Supervisory Service (FSS) said the clinic director had been referred to prosecutors on charges of violating the Special Act on the Prevention of Insurance Fraud, the Medical Service Act and the Act on the Aggravated Punishment of Specific Economic Crimes. In addition, 130 patients who received the procedures were also referred to prosecutors without detention for their involvement. Police found that the director had been operating a clinic registered as specializing in dermatology and orthopedics since 2019, while performing non-insured cosmetic procedures such as filler and Botox injections, as well as other skin treatments. He allegedly falsified medical records to make these procedures appear as physical therapy or pain-relief injections covered by insurance. The investigation also revealed

Oct 14, 2025By Jun Ji-hye

Cosmetic treatments disguised as pain therapy: 131 caught in insurance fraud scheme

Banking & Finance

Euljiro 4-ga Station becomes Kbank Station: Internet bank secures subway naming rights

Kbank has become the first internet-only bank in Korea to secure naming rights for a subway station in Seoul, the company said Tuesday. Euljiro 4-ga Station on lines 2 and 5 will be co-branded as Euljiro 4-ga (Kbank) starting this December under its contract with Seoul Metro. The name will be displayed across various transit platforms, including subway signs, train announcements and route maps. The agreement is set to last three years through the end of 2028. The station renaming is expected to provide subway riders with regular exposure to the bank’s brand, boosting both its visibility and customer familiarity. Kbank’s headquarters is located in the Euljiro area, a key business hub in central Seoul, home to numerous financial institutions and corporate headquarters. The area also attracts a vibrant crowd of young people and office workers thanks to its trendy dining spots. Notably, Euljiro 4-ga Station, where lines 2 and 5 intersect, serves as a bustling transfer point with heavy foot traffic. In addition to the station naming initiative, Kbank stands out as the only internet-only ba

Oct 14, 2025By Jun Ji-hye

Euljiro 4-ga Station becomes Kbank Station: Internet bank secures subway naming rights

Banking & Finance

Robo-advisers shine in retirement pension market with returns surpassing major indices

Robo-advisers (RAs) are increasingly making their mark in the retirement pension market as their algorithms become more sophisticated, achieving returns that outperform major global indices, industry officials said Monday. RAs are artificial intelligence-powered services that automatically diversify investments based on an individual’s risk profile. According to the robo-adviser testbed operated by Koscom, an IT system provider owned by the Korea Exchange, two algorithms from NH Investment & Securities led the pack with six-month returns of 61.03 percent and 58.75 percent among 170 commercially available actively managed retirement pension RAs as of Friday. Samsung Securities’ algorithm followed closely, gaining 56.46 percent over the same period. Advisory firms and companies specializing in RAs have also posted impressive results. ML Investment Advisory’s product recorded a six-month return of 44.15 percent, while artificial intelligence (AI) company Quantec’s product gained 38.72 percent. These RA algorithm returns have outperformed major global indices. Over the same period, the

Oct 14, 2025By Jun Ji-hye

Robo-advisers shine in retirement pension market with returns surpassing major indices

Banking & Finance

Insurance CEOs to be grilled at upcoming parliamentary audit over high-cost disaster policies

Lawmakers are set to target flood and windstorm insurance during a parliamentary audit scheduled for Tuesday, summoning CEOs of major property insurers over high premiums. While the insurance industry argues that flood and windstorm insurance should not be compared directly with other public insurance programs, lawmakers note that, like similar policies, government funds subsidize part of the premiums. They plan to press insurers on their justification for the high rates. Reps. Suh Bum-soo and Park Duk-hyum of the main opposition People Power Party called DB Insurance CEO Jeong Jong-pyo, KB Insurance CEO Koo Bon-wook and NH NongHyup Property & Casualty Insurance CEO Song Chun-soo to appear before the National Assembly’s Public Administration and Security Committee audit. These three companies together dominate the flood and windstorm insurance market. The lawmakers claim that insurers have been reaping excessive profits, citing the relatively low loss ratios compared with crop disaster insurance. According to data they provided, the average net loss ratio for seven insurers offering fl

Oct 13, 2025By Jun Ji-hye

Jun Ji-hye

Read more

Korea seeks to boost foreign investment through APEC meetings in Gyeongju

MBK rejects tax evasion allegations against chairman

World's largest crypto exchange Binance approved to enter Korean market

Mirae Asset's Global X surpasses $73 bil. in US assets under management

Builders face setbacks as gov't introduces new measures to slow housing market

MBK chairman apologizes for Homeplus fiasco during first appearance at Assembly audit

Cosmetic treatments disguised as pain therapy: 131 caught in insurance fraud scheme

Euljiro 4-ga Station becomes Kbank Station: Internet bank secures subway naming rights

Robo-advisers shine in retirement pension market with returns surpassing major indices

Insurance CEOs to be grilled at upcoming parliamentary audit over high-cost disaster policies

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