Articles by Choi Si-young
Choi Si-young
siyoungchoi@heraldcorp.com-
[Global Finance Awards] Shinhan Financial Group leads ESG investment trend
Shinhan Financial Group, South Korea’s second-largest financial company by market capitalization, is the first financial services firm in East Asia to have openly committed to carbon neutrality by 2050 -- a bold step in the global race to expand environmental, social and governance investment. “ESG investment poses an opportunity, not a risk, which means we should be able to take advantage of it,” Shinhan Chairman Cho Yong-byoung said, describing ESG investment as a vaccine th
Economy Dec. 6, 2021
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SK, Swedish private equity chiefs discuss future industries
SK Group Chairman Chey Tae-won met with Conni Jonsson, founder and chairperson of Swedish private equity firm EQT Partners, and discussed expanding ties on future industries, such as green energy and health care, officials said Sunday. In the meeting held Friday in Seoul, Chey told Jonsson about the conglomerate’s efforts in reducing carbon emissions, improving transparency in governance and creating both economic and social values, they said. “South Korea is a leader in hydrogen
Industry Dec. 5, 2021
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High earners report 19% asset increase in pandemic-hit 2021
High-income households in South Korea -- those who earn between 70 million won ($59,000) and 120 million won before tax annually -- saw their assets increase by 19 percent, or 150 million won on average, from last year, a study showed Sunday. According to the study conducted by Woori Financial Research Institute, which is run by Woori Financial Group, its 4,000 clients classified as “mass affluent” saw their assets rise to 917 million won on average. The size of debt on avera
Economy Dec. 5, 2021
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Pressure builds on stock market over omicron variant, Fed warning
Growing fear over the omicron variant and sooner-than-expected tapering by the US Fed are weighing on the South Korean stock market, analysts said Wednesday, although some say it will take longer to gauge how the impact will play out here. The nation’s main bourse Kospi hit the lowest mark of the year on Tuesday, as short sellers dumped about 1 trillion won ($848 million) on the Kospi and the junior, tech-heavy Kosdaq in their second largest sell-off this year. Stocks rebounded Wednesd
Market Dec. 1, 2021
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Sovereign fund head touts ESG, impact investment
ESG and impact investment will offer a new way for investors to make financial returns while leaving a positive, social and environmental impact, and South Korea hopes to spread the practice of “responsible investment,” Korea Investment Corporation CEO Jin Seoung-ho said Tuesday. The chief of the country’s sovereign wealth fund said ESG investment, which looks at environmental, social and governance factors, and impact investment, which aims to make money and measureable socia
Economy Nov. 30, 2021
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Foreign ownership of land rises 1.3%
The total amount of land foreigners held as of June this year rose 1.3 percent, compared to December last year, to 256.7 square kilometers. That is equivalent to 0.2 percent of South Korea’s entire land area, according to the Land Ministry on Friday. The total value was 31.6 trillion won ($26.5 billion). Foreign ownership spiked in 2014 and 2015, jumping 6 percent and 9.6 percent on-year respectively, but the annual increase has remained between 1 and 3 percent since then. US nationals
Economy Nov. 26, 2021
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Export-Import Bank offers financial support to state oil firm
The Export-Import Bank of Korea said Friday that it has signed a memorandum of understanding with Korea National Oil to offer the state-run oil company financial support worth about 1.1 trillion won ($1 billion). KNOC, established in 1979 after the energy crisis in the 1970s to oversee oil storage businesses for the country, will use the fund to invest in overseas oil exploration and production, while working to find new energy sources like wind power, the company said. “We expect to cre
Economy Nov. 26, 2021
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NongHyup says virtual human ‘hired’ for digitalization
NongHyup Financial Group said Thursday that it has “hired” an artificial intelligence-powered member of staff to work along with the lender’s human staff, as part of its effort to digitize its operations and enhance the customer experience. A virtual human figure powered by artificial intelligence will assist staff at its key subsidiary NongHyup Bank from January, officials said. This is the first time a bank has officially recognized an AI machine as a member of staff, give
Economy Nov. 25, 2021
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S. Korean economy to grow 3.2% in 2022: think tank
South Korea’s economy will grow 3.2 percent next year on consumer spending and strong exports, with pandemic restrictions expected to have eased, a local think tank said Wednesday. The benchmark Kospi will also maintain its growth momentum and hit a record high, it added. “We will see a clear surge in consumer spending early next year as the coronavirus curbs are eased. … Exports will be strong, propped up by a global economic recovery,” said Jang Geun-hyuk, a seni
Economy Nov. 24, 2021
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Dutch asset manager bets on market rebound
Companies across the globe will see their earnings return to pre-pandemic levels next year and European equity markets in particular could offer good investment opportunities, Dutch insurer NN Group’s asset management arm said Tuesday. Marco Willner, head of investment strategy at NN Investment Partners, said inflation fears, along with supply disruptions and a potential energy crisis triggered by the pandemic, still pose challenges, but inflation is transitory and the global economy has
Market Nov. 23, 2021
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Samsung Life, Korea Post launch W400b investment fund
Samsung Life Insurance said Monday that it will launch a joint fund with Korea Post to invest 400 billion won ($336 million) in foreign blue chip companies over the next 10 years, expanding cooperation in alternative investments like private equity and real estate. The country’s top insurer and the state-owned postal insurance will make investments under the recommendations of an asset management firm. A Samsung Life Insurance official declined to reveal details about the asset manager.
Economy Nov. 22, 2021
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Military undaunted as parliament suspends weapon project
The military is more committed than ever to building the first homegrown light aircraft carrier even though the National Assembly decided to cut the budget for a second straight year, saying more studies are needed to determine if the 2 trillion won ($1.8 billion) project is worth the cost. The Navy, which plans to roll out the seagoing air base by 2033 to supplement its air power against North Korea, asked for 10 billion won this year and 7 billion won next year, but was given 100 million and
Defense Nov. 18, 2021
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S. Korea sells missiles to UAE in record arms sale
The United Arab Emirates said Tuesday that it will buy mid-range missiles from South Korea in what would be Seoul’s largest arms sale worth nearly 4 trillion won ($3.5 billion). “We have reached very advanced stages in negotiations with the Korean side and are close to concluding a final agreement in this regard,” said Tariq Abdul Rahim Al Hosani, CEO of Tawazun Economic Council. The body is the chief weapons buyer for Abu Dhabi. The Middle East country would be the first to
Defense Nov. 17, 2021
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S. Korea cuts Indonesia’s payment in joint jet project
Indonesia will see its payment reduced by 100 billion won ($85 million) to 1.6 trillion won for the joint fighter jet project with South Korea, the Defense Acquisition Program Administration said Monday, a week after it reached a new deal with Indonesia amid rumors of the Southeast Asian country defaulting. The KF-21 program -- in which Indonesia seeks a 20 percent share and technology know-how while Korea holds the rest -- aims to mass produce jets as early as 2027, but Indonesia had hardly p
Defense Nov. 15, 2021
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North Koreans urged to meet economic goals
North Koreans should make the best use of the remainder of the year to support the regime’s economic plan, the official newspaper Rodong Sinmun said Friday, as the North faces a growing economic crisis. “Those who are falling behind what they are expected to do should come to their senses and respond to what our revolution demands: bold action,” the newspaper said, referring to the five-year initiative that national leader Kim Jong-un revealed in January to jump-start the econ
North Korea Nov. 12, 2021
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