Most Popular
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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Controversy brews over shakeup of prosecutors amid probe of first lady
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OpenAI gives ChatGPT new powers to see, hear
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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S. Korea to inject $70m into AI-powered public education
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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Korean industries gauge impact of Biden's steep tariffs on China
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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Do Korean doctors make too much money?
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Mirae Asset Global reaps record annual profit as diversification bears fruit
Mirae Asset Global Investments, an asset management arm of investment banking group Mirae Asset, reaped a record annual profit for 2020 as its efforts to diversify its product pipeline and beef up its global profile paid off. The latest filing by the second-largest asset management firm in South Korea, overseeing 112.1 trillion won ($99 billion) in assets as of end-2020, showed that its net profit throughout last year came to 256.4 billion won, up 66.2 percent from a year prior. The figure m
March 28, 2021
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[Feature] Korean banks’ Myanmar ambition dashed by rising political unrest
The worsening turmoil in Myanmar is casting a shadow over South Korean banks’ rosy vision of gaining a foothold in the Southeast Asian region as the ongoing political unrest has either entirely or partially suspended their operations. South Korean banks have been gearing up to start business in the Myanmar market since 2012, as the quasi-civilian government undertook economic and political reforms. The administration that took power in 2011 institutionalized a new foreign investment law t
March 28, 2021
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Major banking groups hint at higher dividends at shareholders meetings
South Korea’s major banking groups expressed a willingness to review various ways to increase their dividend payouts -- including interim dividends – amid government restrictions that have placed a cap on earnings distribution, in shareholders meetings held through Friday. In an apparent bid to quell shareholders’ growing complaints over the firms’ decision to heed the Financial Supervisory Service’s earlier “recommendation” to keep their dividend payo
March 26, 2021
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YG Entertainment founder’s control shrinks after Chinese company exit
YG Entertainment founder Yang Hyun-suk’s grip on the firm has weakened after China’s ticket booking platform divested itself from the K-pop powerhouse this month. Shanghai Fengying Business Consultant Partnership has unloaded all of its 953,947 shares in YG Entertainment, dissolving a special relation status with Yang, a former CEO of the firm, a regulatory filing showed on Friday. The report showed that the combined stake owned by Yang and seven other related parties fell to 25.
March 26, 2021
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Seoul stocks advance on oil prices, recovery hopes
South Korean stocks advanced more than 1 percent Friday, as vaccine distribution spurred expectations of an economic rebound amid stable oil prices. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.68 points, or 1.09 percent, to close at 3,041.01 points. Trading volume was moderate at about 1 billion shares worth some 15.4 trillion won ($13.6 billion), with gainers outnumbering losers 544 to 291. Foreigners bought a net 296 billion won
March 26, 2021
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Friday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 13.34 points, or 0.44 percent, to 3,021.67 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 0.62 percent on improved jobless data, with the tech-heavy Nasdaq Composite and the S&P 500 adding 0.12 percent and 0.52 percent, respectively. In Seoul, top cap Samsung Electronics gained 0.37 percent, and N
March 26, 2021
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[Exclusive] Shinhan, Hana accused of indirectly financing Myanmar military businesses
Two of South Korea’s leading banks, Shinhan and Hana, have indirectly provided loans and investments to firms with links to Myanmar’s military, data exclusively obtained by The Korea Herald showed Thursday. In September 2019, Shinhan Bank’s branch in Yangon, Myanmar’s largest city, issued loans worth 847 million won ($750,000) to Myanmar Posco C&C. The coated steel company was jointly established by Posco Group’s steel sheet-making arm Posco C&C and Myanm
March 25, 2021
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Seoul stocks rebound on eased valuation pressure, virus woes
South Korean stocks snapped their four-day losing streak Thursday as investors bought undervalued shares on expectations of a rebound amid eased virus concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.98 points, or 0.4 percent, to close at 3,008.33 points. Trading volume was moderate at about 922 million shares worth some 13.1 trillion won ($11.6 billion), with gainers outnumbering losers 460 to 374. Foreigners sold a net 82 b
March 25, 2021
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[#WeFACE] Korea's fledgling market for ESG investment faces 'greenwashing' concerns
This article is part of analysis and interviews by The Korea Herald‘s finance desk staff exploring South Korea’s budding ESG investment market, as well as its potential, impact and challenges. -- Ed. The sprouting demand for responsible investing options is reshaping the capital market landscape in South Korea, as financial products associated with environmental, social and governance factors are showing fast-paced growth. The sharp upsurge in both demand and supply, on the other
March 25, 2021
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Eximbank CEO named richest public servant in finance
The state-run Export-Import Bank of Korea CEO Bang Moon-kyu was named the richest public official in a financial institution, with net worth amounting to some 5.9 billion won ($5.2 million) as of end-2020, data by the public service ethics committee here showed Thursday. The data disclosed by the committee under the Ministry of Personnel Management also took assets owned by the officials’ family members into account. The value of Bang’s net assets, including real estate, gained 8
March 25, 2021
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Female stock investors double in number in just 4 years
Amid the stock investment boom, the number of women investing in stocks in South Korea has doubled over the past four years, according to data compiled by the Korea Securities Depository on Thursday. While the number of stock investors in Asia’s fourth-largest economy recorded 9.19 million, the number of female stock traders came to 3.88 million as of the end of December last year, up from 1.94 million four years earlier, the data showed. The growth rate for female stock investors, 77.8
March 25, 2021
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Real estate investment firm Mastern launches US arm
Seoul-based real estate investment firm Mastern Investment Management said on Thursday that its subsidiary in the United States, Mastern America, began operation earlier this week. The launch will help Mastern, which was overseeing 21.7 trillion won ($19.1 billion) worth of assets as of March, to streamline its onsite due diligence for its outbound investment into the US market, enhance its capability for deal-sourcing and portfolio property management in the US and foster partnerships with US
March 25, 2021
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Number of female stock investors doubles in 4 years
The number of South Korean women investing in stocks has doubled over the past four years amid an equity investment craze, data showed Thursday. Asia's fourth-largest economy had 3.88 million female stock investors as of the end of December last year, compared with 1.94 million four years earlier, according to the data from the Korea Securities Depository (KSD). The growth rate is much higher than the 77.8 percent increase in the number of male stock investors to 5.21 million from 2.93 millio
March 25, 2021
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Seoul stocks open higher on bargain hunting
South Korean stocks opened higher Thursday after four days of losses as investors bought on expectations of stock price hikes. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.38 points, or 0.28 percent, to 3,004.73 points in the first 15 minutes of trading amid foreign buying. Stocks rebounded to positive terrain after the first five minutes, as impacts from news reports that North Korea launched two projectiles into the East Sea rapidly subsided. Market kingpin Samsung Elect
March 25, 2021
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Shareholders approve new Hana Financial chief, Mirae Asset name change
Hana Financial Investment shareholders approved the appointment of a new CEO on Wednesday -- a former vice chairman of global business at Hana Financial Group who has pledged to strengthen digital innovation and sharpen global competitiveness. As both shareholders and board members of the brokerage arm of Hana Financial Group agreed to welcome the new leader, 47-year-old Lee Eun-hyung is now the nation’s youngest chief within the securities industry. Hana Investment identified the CEO as
March 24, 2021
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NPS seeks greater say at companies amid growing shareholder activism
In a bid to uphold shareholders’ rights, South Korea’s state pension fund is seeking a greater say in companies in which it holds considerable stake, drawing market attention toward decisions it would rarely have made before. The National Pension Service said Wednesday that it had decided to vote against the appointments of some board members at the nation’s largest airline, Korean Air, at the airline’s shareholders meeting scheduled for Friday. They include Cho Won-t
March 24, 2021
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Crypto exchanges see sales surge amid hope for mega deals
Amid months of bullish cryptocurrency markets, digital coin trading volume is enjoying a stellar performance, raising expectations for a high market valuation of their businesses. The country’s two largest crypto exchange operators -- Dunamu and Bithumb Korea -- both recorded a hike in sales and revenue last year, backed by increased transactions from November, when the largest digital coin Bitcoin rose above 20 million won ($17,640) for the first time in 34 months. Dunamu, the operat
March 24, 2021
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Seoul stocks down for 4th day on virus resurgence concerns
South Korean stocks retreated for a fourth consecutive session Wednesday as concerns over the resurgence in virus cases in Europe and the United States cast doubts over a prompt recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.39 points, or 0.28 percent, to close at 2,996.35 points. Trading volume was moderate at about 965 million shares worth some 13.1 trillion won ($11.6 billion), with gainers outnumbering l
March 24, 2021
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Seoul stocks open lower on inflation doubts
South Korean stocks fell below the 3,000-point mark Wednesday despite the overnight decline in the US Treasury yields, as doubts about a quick recovery from the pandemic continued to loom heavily on investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.63 points, or 1.02 percent, to 2,974.11 points in the first 15 minutes of trading. The KOSPI got off to a weak start amid foreign and institutional selling, largely affected by the 1.12 percent overnight loss on th
March 24, 2021
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Asset managers' 2020 profits surge on stock rally
The combined net profit of asset management companies in South Korea surged 62.4 percent in 2020 from a year earlier due to a strong gain in commission fees amid a bullish stock market, data showed Wednesday. The combined net profit of 326 asset management firms came to 1.33 trillion won ($1.17 billion) last year, up 511.8 billion won from a year ago, according to the Financial Supervisory Service (FSS). Analysts attributed the jump in their earnings to the bullish run of the South Korean stoc
March 24, 2021