Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
[News Focus] Shareholders meeting culture in Korea needs reforms
Every spring, investors flock to annual shareholders meetings eager to gain a better insight into their companies and their plans for the year. But many South Korean firms have been receiving flak for the opaque nature of such meetings. Critics say the absent CEOs, run-of-the-mill presentations and even snubbing of shareholders at many meetings shows a lack of willingness to communicate. On March 20, over 1,000 investors rushed to attend Samsung Electronics’ 50th shareholders meeting at its he
Industry April 1, 2019
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Firms delay filing of annual reports on stricter audit law
The number of South Korean firms that have delayed the filing of their annual reports this year nearly doubled compared to last year, data released by the nation’s main bourse operator showed Friday, in a phenomenon sparked by the reinforced external audit act. According to the Korea Exchange, seven Kospi- and Kosdaq-listed firms recently requested to extend the deadline for the filing of annual reports by one week to April 8, citing their failure to receive auditors’ opinions on the
Market March 29, 2019
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Financial firms compete to take charge of Labor Ministry’s W28tr funds
South Korea’s financial firms are set to compete this week to be picked as outsourced chief investment offices in charge of the government’s unemployment and industrial accident insurance funds worth a total of 28 trillion won ($24.6 billion), sources said Wednesday. The Ministry of Employment and Labor will choose one brokerage and one asset management firm from a pool of bidders, to respectively manage a state-owned 10 trillion won unemployment insurance fund and an 18 trillion won
Market March 27, 2019
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NPS votes against Hanjin, SK chairmen's board reappointment
South Korea’s state pension operator on Tuesday decided to vote against Hanjin Group and SK Group’s chairmen continuing their terms, citing concerns of possible damage to corporate value and infringement of shareholder rights. The announcement came as a result of a meeting of the NPS’ fund management committee, which is the group’s highest decision-making body, on Tuesday afternoon. The meeting was a follow-up from the first of such meeting held Monday, as they were unable to reach a decision a
Industry March 26, 2019
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Mirae Asset to expand presence in Asia: founder says in letter to employees
South Korea’s Mirae Asset will make a foray into the Japanese market by the end of the year, while expanding its business in China and India, its founder said in an email to employees on Monday. “Demand for global financial products will only continue to grow,” wrote Park Hyeon-joo from New York, on his last leg of a business trip around the world, in his first letter to the employees in two years. After stepping down as chairman of Mirae Asset Financial Group in Korea las
Market March 26, 2019
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Hyundai AutoEver’s IPO to help Hyundai Motor heir solidify control
Hyundai Motor Group’s IT services unit plans to go public on South Korea’s main bourse this week, which is expected to turn the odds further in favor of heir apparent Chung Eui-sun, according to analysts Monday. Hyundai AutoEver won approval for an initial public offering on the Kospi bourse earlier this year with the price per share being set at 48,000 won ($42.28). It aims to raise around 168.4 billion won through the listing scheduled for Friday. The IPO is expected to play a key
Market March 25, 2019
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Korea widens tax evasion crackdown on ‘Seungri scandal’
South Korea’s tax authorities have launched an industrywide tax evasion probe into local entertainment and nightclub businesses, fueled by scores of allegations surrounding K-pop star Seungri’s sex bribery scandal. The National Tax Service said Friday it had launched a crackdown on 21 nightlife businesses suspected of evading taxes. The NTS is to cooperate with prosecutors on obtaining warrants for search and confiscation, it added. (Yonhap)Though the NTS has yet to confirm, industry watchers s
Industry March 24, 2019
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BOK chief rules out rate cut for time being
Hours following the US Federal Reserve’s decision to leave its key interest rate unchanged, Bank of Korea Gov. Lee Ju-yeol ruled out the possibility of a policy rate cut in the near future, early Thursday.“The US’ current wait-and-see mode will help stabilize the global financial markets and has given us some room to maneuver regarding our monetary policy,” Lee told reporters at the headquarters of the nation’s central Bank in Seoul. “However, now is not the r
Economy March 21, 2019
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Mirae Asset Global seeks to build balanced global portfolio
Mirae Asset Global Investments is seeking to further solidify its presence in the overseas financial markets by strengthening its global portfolio. The South Korea-based asset management company has made bold moves in recent years and left footprints both in advanced and developing markets. One example was its decision to acquire Global X, a US-based sponsor of exchange-traded funds, in 2018. It also set up a joint venture with a Vietnamese state-run investment corporation and became the f
Market March 20, 2019
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Airline stocks fall on Boeing 737 Max storm
Hit by waves of concern prompted by last week’s deadly crash of a Boeing 737 Max 8 jet and a possible spike in oil prices, South Korean airline stocks took a dive throughout Wednesday’s trading. Asiana Airlines, the nation’s second-largest carrier by sales, closed 0.37 percent lower from the previous day, trading at 4,050 won ($3.58) per share. Budget airlines T’way and Jin Air also slipped 1.35 percent and 0.64 percent to 8,010 won and 23,450 won, respectively. Tho
Market March 20, 2019
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Talks for alternative trading system rekindle in Korea
Companies have recently restarted discussions on creating an alternative trading system in South Korea, encouraged by the government and financial sector’s moves to encourage more active trading.Neoframe, a local IT firm and home trading system developer, said Monday it had developed an ATS platform that provides the same service as the Korea Exchange, the operator of the nation’s main stock exchange.But the company will need to work with financial partners to run a trading system.Kn
Market March 19, 2019
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Overseas securities firms struggle in S. Korea
Overseas financial firms are losing their grip on the South Korean securities market, and their lackluster performance is making possible newcomers nervous amid concerns there will a mass withdrawal from the local market. Natixis, a France-based financial services provider, had announced last year its plans to enter the local securities market by the first half of 2019, but it is now reportedly skeptical. Its shift in attitude apparently stems from the almost $300 million loss from its portfolio
Market March 18, 2019
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Kumho Tire to delist from London bourse
South Korea’s second largest tire maker Kumho Tire has decided to delist its shares from the London Stock Exchange for cost efficiency, the firm said in a regulatory filing Friday. Its 76,034 shares are scheduled to be pulled out of the bourse on April 30, after which Seoul will be the only market where it will be listed, according to officials. Struck by the struggling replacement tire market last year, Kumho Tire had reported an operating loss of 89.9 billion won ($79.1 million) in
Market March 15, 2019
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[Newsmaker] Prosecutors raid Seoul bourse on Samsung’s accounting probe
Prosecutors raided South Korea’s main bourse on Friday, as part of a probe concerning the accounting fraud by Samsung BioLogics.Officials of the Seoul Central District Prosecutors’ Office were sent to search the Korea Exchange in western Seoul, officials said. The raid, which reportedly started late Thursday, was part of a probe into Samsung BioLogics, which allegedly violated accounting rules by deliberately overstating the value of affiliate Samsung Bioepis ahead of its initia
Market March 15, 2019
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Hyundai Card to provide IT system for IBM Japan affiliate
Hyundai Card, South Korea’s credit card service provider, has been selected to provide its cloud-based credit card IT system to an affiliate of IBM Japan, the firm said Thursday. Exa Systems, a Japan-based major information technology solutions provider, will now utilize Hyundai Card’s Hyundai-Advanced Library System, which was developed in consideration of Japan’s pursuit of a “cashless society,” according to the Seoul-based firm. The system was also developed ahea
Market March 14, 2019
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