Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
Foreign investors on buying spree of Korean stocks amid trade row with Japan
Overseas investors have been on a buying spree of South Korean stocks this month, despite a dampening mood from the escalating Seoul-Tokyo trade row, data showed Tuesday. According to the Korea Exchange, foreign investors net purchased stocks on the benchmark Kospi worth nearly 1.8 trillion won ($1.5 billion) from July 1 to Tuesday. Separate data compiled by local brokerage Yuanta Securities showed that Korean stocks were the most popular among those categorized as emerging markets. Foreign inve
Market July 23, 2019
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Japan travel bookings by S. Koreans halve on trade row
A growing number of South Koreans are changing their holiday destinations from Japan to other countries, with a major travel agency on Monday saying demand for tours fell nearly 50 percent, along with increasing booking cancellations. A boycott of Japanese products, fueled by Tokyo’s decision to curb exports of high-tech materials to Seoul, has spread to the tourism sector, causing Koreans to turn away from the popular travel destination. Since July 8, a daily average of 500 cons
Industry July 22, 2019
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Woori Financial Group reports record-high net profit for H1
Woori Financial Group said Monday that it recorded a net profit of nearly 1.8 trillion won ($1.53 billion) for the first half of the year, marking a new high.The figure comes as the result of combined first-quarter and second-quarter net profits this year. Its second-quarter net income increased 7.2 percent on-quarter to 610.3 billion won. An official at the firm explained that they improved their financial structure by expanding core deposits and boosting noninterest income business center
Market July 22, 2019
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Stocks held by K-pop agency owners plummet
The value of stocks owned by both former and current entertainment agency owners in South Korea have dropped nearly 30 percent compared to last year, data showed Sunday, as the industry struggles to cope with a slew of scandals as well as trade tensions between Korea and Japan, a key market. According to conglomerate research firm Chaebul.com, the combined value of stocks held by seven most stock-rich entertainment agency owners fell 28.7 percent to 512 billion won ($435.5 million) as of Fr
Market July 21, 2019
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[Advertorial] LG Chem contributes to society’s sustainable development
LG Chem, the chemical and biopharma business unit of South Korea’s LG Group, has been contributing to social welfare by carrying out a slew of projects supporting education and green energy in line with the United Nation’s Sustainable Development Goals. The firm has been especially focusing on developing its program for elementary and middle school students, utilizing its expertise. It runs an experience center where students can participate in various science experiments categ
Industry July 21, 2019
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S. Korea’s top financial regulator offers to resign ahead of Cabinet reshuffle
Financial Services Commission Chairman Choi Jong-ku said Thursday he has offered to resign, to give President Moon Jae-in a wider range of options in the upcoming Cabinet reshuffle. “The term of office for a Financial Services Commission chairman is three years, but I have tendered my resignation to give (President Moon) a wider option in the reshuffle under the current situation, where Cheong Wa Dae is considering a Cabinet reshuffle,” Choi told reporters during a briefing held at t
Market July 18, 2019
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KIPO arrests counterfeiters of ‘Song Joong-ki facial masks’
Ten suspects behind the illegal manufacturing and distribution of counterfeit facial masks, which used pictures of actor Song Joong-ki without permission, were arrested on charges of trademark infringement, the Korean Intellectual Property Office said Thursday.The suspects had distributed more than 6 million sheets of counterfeit facial masks worth 20 billion won ($17.29 million) since April 2017, according to the Special Judicial Police under KIPO. All the products were seized upon their arrest
Industry July 18, 2019
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Israeli economic delegation visits Hyundai Card HQ
A 15-member economic mission from Israel visited Hyundai Card’s headquarters Wednesday, amid Israeli President Reuven Rivlin’s state visit to South Korea, the firm said Thursday. The delegation, which consisted of Israeli government officials and heads of startups in the auto-tech and ICT sector, met with Hyundai Card CEO Chung Tae-young at the firm’s headquarters in Yeouido, western Seoul. Chung joined the tour of the office, explaining the firm’s key design projec
Market July 18, 2019
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South Korean FIs nervous on trade row with Japan
With mounting anti-Japanese sentiment, financial institutions in South Korea, especially lenders, are closely monitoring how it could affect them, according to sources Wednesday. Tokyo’s decision to tighten controls on exports of key materials needed for the Korean tech industry, coupled with mounting tensions over Japan’s wartime forced labor has fueled strong anti-Japanese sentiment here in recent weeks. Of the four major commercial banks in Korea, Shinhan is known to have a s
Market July 17, 2019
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[News Analysis] Doubts cloud Seoul’s decision to take Japan trade row to WTO
Japan’s latest moves to curb exports of key materials used in South Korea’s high-tech industry is to be an agenda at the World Trade Organization’s General Council meeting next week amid mixed forecasts about the results. The Moon Jae-in administration announced Sunday that it planned to use the upcoming meeting to explain its stance on Tokyo’s decision to apply stricter export rules for three materials used for producing chips and displays, and to remove South Korea from
Industry July 16, 2019
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[Herald Interview] Mirae Asset stands tall on Wall St. amid strong rivals
NEW YORK -- Located a few blocks north of the bustling Times Square on 7th Avenue Manhattan, a South Korean brokerage is standing its ground and making inroads in the bustling financial sector.“It’s been nearly 25 years since our foray on Wall Street,” Mirae Asset Securities New York Office CEO Jae Ryu told The Korea Herald recently. “The significance of having a foothold in New York is that the office helps us expand globally and build our brand image.” But the fic
Market July 14, 2019
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Kakao Bank accounts top 10 million
Kakao Bank, one of the first internet-only banks launched in South Korea nearly 2 years ago, said Friday that its customer count surpassed 10 million the previous day. Launched in July, 2017, the online bank owned by Kakao Corp. has been outperforming its industry rival K-Bank in terms of popularity and users. Kakao and K-Bank are the nation’s only internet banks at the moment, with financial authorities currently mulling the approval of the nation’s third and fourth candidates. 
Market July 12, 2019
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Lotte shares stagger on anti-Japanese sentiment
Shares of Lotte Group subsidiaries continued to stagger Wednesday following anti-Japanese sentiments due to trade restrictions on exports of key raw materials to local tech conglomerates. The retail giant with its owner family’s roots in Japan is in hot water due to its association with popular Japanese brands including Uniqlo and Asahi.Shares of Lotte Corp., holding company of Lotte Group, closed nearly 1.5 percent lower from the previous session at 40,400 won ($34.19). Lotte Shopping, wh
Market July 10, 2019
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Korean stocks roiled by Japan’s export controls, lower odds of US rate cut
South Korean stocks suffered extended losses Tuesday, likely the result of Japan’s decision to place export restrictions on key semiconductor materials along with the growing possibility that the US Federal Reserve will leave interest rates unchanged this month. The benchmark Kospi closed 0.59 percent lower from the previous trading at 2,052.03, despite opening higher. It fell more than 2 percent Monday, the worst decline in two months, amid a strong mood of lowered anticipation of an aggr
Market July 9, 2019
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Philips Korea provides digitalized diagnosis system for Seoul St. Mary’s Hospital
Philips Korea, the local unit of Dutch health care giant Philips, said Monday it has been providing a digital pathology system that aids diagnosis of cancer for the Catholic University of Korea’s St. Mary’s Hospital since last month. The system, dubbed “Philips IntelliSite Pathology Solution,” allows the hospital’s pathology team to obtain accurate diagnosis results through a digitalized method. The team is able to manage patients’ tissue slides in the fo
Industry July 8, 2019
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