Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
Mirae Asset’s Canadian subsidiary’s asset under management exceeds W20tr
Mirae Asset Global Investment’s Canadian subsidiary Horizons ETFs’ assets under management have exceeded 20 trillion won ($16.4 billion), showing more than a sixfold increase in the last decade. On Monday, the Korean asset manager said Horizons ETFs’ assets under management had reached $18.1 billion, or 22.2 trillion won. The figure has increased more than sixfold since Mirae Asset acquired Horizons ETFs in 2011, when it was managing assets of 3.6 trillion won. Horizons ETFs
Market April 4, 2022
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[Newsmaker] 65% of Millennials, Gen Z choose ethical consumption over price
Some 65 percent of South Korean millennials and Generation Z said they would buy products manufactured by ethical businesses even if they are more expensive than nonethical ones, a survey showed Sunday. In a survey conducted by the Korea Chamber of Commerce and Industry with 380 young people last month, 64.5 percent of respondents said they would choose products from businesses that uphold environmental, social and governance values over price. Some 4 percent said they are willing to pay ove
Industry April 3, 2022
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Equity, bond funds remain sluggish over fears of rate hikes
South Korean equity and bond funds have disappointed investors in the first three months of the year, with many seeing noticeable losses in profitability, data showed Sunday. Equity funds with over 1 billion won ($819,000) in assets saw an average 7.89 percent loss in profitability since the beginning of the year as of Sunday, data provided by local financial market FnGuide showed. Korean index funds, which closely tracks local stock market indexes saw an 8.59 percent profitability loss in the
Market April 3, 2022
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[MARKET EYE] S. Korea’s crypto market on path to gain more legitimacy
South Korea’s cryptocurrency market is on a solid path to becoming further legitimized with banks calling for authorization to enter the business and the incoming president pledging to ease regulations. Asia’s fourth-largest economy’s crypto market is booming, with Koreans having invested a total 52.8 trillion won ($43.6 billion) in the digital asset class last year in terms of the combined size of the accounts held by five major crypto exchanges, watchdog Financial Superviso
Market March 31, 2022
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Will KDB bail out SsangYong Motor under new administration?
After another failed attempt by SsangYong Motor to find a new owner, now all eyes are on whether the state-run Korea Development Bank will change its mind and bail out the ailing carmaker under the incoming Yoon Suk-yeol administration. SsangYong Motor, the Korean unit of Indian auto giant Mahindra & Mahindra, on Monday called off its merger and acquisition talks with Edison Motors, a local electric bus maker, after Edison missed a March 25 deadline to pay for the deal price worth 304.8 bi
Economy March 29, 2022
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Banks raise loan limits as household debt growth curbs
South Korean banks have started raising the maximum amount consumers can borrow under a loan to the level before financial regulators intervened to curb the nation’s household debt growth. The move comes as the nation’s household debt growth has recently shown signs of slowing down. As of Monday, the top four banks here – KB Kookmin, Shinhan, Hana and Woori – have either started raising the limits for its overdraft accounts or its most popular loans for customers who a
Market March 28, 2022
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New Hana Financial chief vows to put firm on the map
The new chairman of Hana Financial Group on Sunday pledged to help the group become Asia’s top financial company by improving its global profile, nonbanking investment and digital finance. “At this time when the financial industry is at an inflection point of blurring boundaries, an accelerating aging population and slowing growth, I will (help the company to) improve shareholders and corporate value and establish a transparent, fair and stable governance structure,&rdqu
Business March 27, 2022
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Union-backed outside director fails again to enter KB boardroom
Efforts by KB Financial Group union members to get an outside director recommended by them fell through for the fifth time on Friday, with the majority of the banking group’s shareholders voting against the plan. The proposal by the union members and KB’s group of employee shareholders – which owns a combined 1.73 percent stake in the firm – to push former Export-Import Bank of Korea Vice President Kim Young-su to become one of the group’s outside directors failed
Market March 25, 2022
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Ham Young-joo named new chairman of Hana Financial Group
Shareholders of Hana Financial Group have officially elected Vice Chairman and sole chairman-nominee Ham Young-joo to lead the company for the next three years, the firm said Friday. Ham’s nomination was supported by the majority of the shareholders at Hana including its largest shareholder the National Pension Service, which owns 9.19 percent in the banking group. Foreign stakeholders, owning a combined 67.53 percent, also voted for Ham, according to Hana. The NPS is Korea’s large
Market March 25, 2022
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BOK chief nominee vows balanced policy against growing inflation risks
South Korea’s central bank chief nominee Rhee Chang-yong on Thursday pledged to carry out a balanced monetary policy as the nation deals with a growing economy and inflation risks. Rhee, director of the Asia and Pacific department at the International Monetary Fund, and tapped by outgoing President Moon Jae-in as the next Bank of Korea governor, expressed concerns of existing external uncertainties -- including the Russia-Ukraine crisis -- that have been fueling high inflationary pressure
Economy March 24, 2022
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Court temporarily suspends punishment imposed on Hana chairman-nominee
The Seoul High Court on Thursday temporarily suspended the punishment imposed by financial authorities on Hana Financial Group Chairman-nominee Ham Young-joo for improper sales of derivatives-linked products. The decision follows Ham’s move last week to file an appeal against a lower court’s ruling that found him guilty of the charges. The Seoul High Court accepted an injunction to delay the implementation of the Financial Services Commission’s punishment, imposed in 2020,
Market March 24, 2022
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Outgoing BOK chief concerned over high inflationary pressure
South Korea’s central bank chief Lee Ju-yeol on Wednesday expressed concerns of the lingering woes stemming from COVID-19, including the high inflationary pressure, as he prepares to wrap-up eight successful years as the Bank of Korea governor. “Looking back, my past eight years as BOK governor were full of unexpected events starting with the Sewol Ferry disaster -- which happened only 15 days after I took office -- MERS, Brexit, US-China trade war, Japan’s export restri
Economy March 23, 2022
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Moon taps IMF director as new central bank chief
President Moon Jae-in on Wednesday tapped Rhee Chang-yong, director of the Asia and Pacific department at the International Monetary Fund, as the nation’s next central bank chief, but the nomination set off a new war of words as President-elect Yoon Suk-yeol’s office said it wasn’t consulted on the selection. Rhee’s nomination comes on the heels of an apparent weekslong power struggle between the outgoing Moon and the incoming Yoon administrations on naming key staff me
Economy March 23, 2022
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5 S. Korean CEOs earned more than W10b in 2021: data
Five South Korean CEOs took home more than 10 billion won ($8.2 million) last year, bolstered by either the exercise of stock options or large compensation packages, data released as of Tuesday showed. The data excludes those who received retirement packages. CJ Group Chairman Lee Jay-hyun earned a total of 21.86 billion won last year, his salary nearly doubling from the previous year and ranking atop the list, data from the Financial Supervisory Service showed Monday. Lee received a 3.
Industry March 22, 2022
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Korean banks expand financial services for foreigners
South Korean banks are notorious among foreign residents here seeking loans and other financial products for their stricter screening and frequent rejections compared to Korean customers. But they have recently started to acknowledge that foreigners here could diversify their revenue sources. At the vanguard of the change is JB Financial Group, a more regional business compared to the four major commercial banking groups here -- KB, Shinhan, Hana and Woori -- but nonetheless has a strong net
Market March 21, 2022
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