Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
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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Japan’s export curbs bring attention to Tokyo’s capital in local market
Japan’s decision to restrict key supplies for South Korea’s semiconductor industry has shed light on the considerable size of Japanese investment in the nation’s financial market, stoking concerns over its impact on the nation’s economy if political bickering spreads to the capital market.According to data from the Korea Center for International Finance on Sunday, Japanese banks held nearly 21 trillion won ($17.6 billion) worth of outstanding loans in Korea. The instituti
Market July 7, 2019
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S. Korea, ASEAN to launch science center for cooperation
South Korea and ASEAN have agreed to establish a center for science and technology partnership to promote exchanges and policy sharing programs, the Ministry of Science and ICT said Friday. The agreement was made at the fourth meeting of the Korea-ASEAN Joint Science and Technology Committee in Indonesia. Around 30 officials in charge of S&T policies from the 10-member ASEAN nations attended the biennial event.Alongside establishing a new S&T center, they also agreed to launch an e
Economy June 28, 2019
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Divorce news rattles Song-Song couple-related stocks
Entertainment shares and others related to “Descendants of the Sun” power couple, Song Joong-ki and Song hye-kyo, displayed a weak performance Thursday following the surprise announcement of their divorce filing. Studio Dragon, the main production studio behind “Arthdal Chronicles,” closed 1.29 percent lower from the previous day’s trading at 68,800 won ($59.40). “Arthdal Chronicles” is a blockbuster historical-fantasy series starring Song Joong-ki
Market June 27, 2019
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[News Focus] Government offloading Woori stakes to elevate holding company
The government’s latest decision to dispose of its remaining stakes in Woori Financial Holdings is seen as a turning point for South Korea’s financial sector, indicating the withdrawal of decadeslong public interference triggered by the 1997 Asian financial crisis.While the financial holding company will henceforth gain further momentum in the market as a fully privatized player, state coffers will at last be able to recoup taxpayers’ money.According to the Financial Services C
Market June 26, 2019
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[Best Brand] Shinhan Card seeks to cater to customers’ lifestyles
Shinhan Card/ Credit card Shinhan Card has maintained its position as the nation’s leading credit card issuer for years, but it now aims to go a step further by integrating its services with customers’ lifestyles. The firm has the largest number of customers among credit card issuers -- around 22 million -- which it hopes to expand to 30 million by 2023. It has been offering a slew of services, such as sign-up bonuses, rewards, and original services, to evolve into a lifestyle platfo
Market June 26, 2019
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KRX helps Kosdaq firms deal with stricter audit law
The nation’s sole bourse operator has been running an accounting program that helps firms listed on the secondary bourse Kosdaq deal with the reinforced external audit act.According to the Korea Exchange, the number of Kosdaq firms that faced the risk of delisting due to disclaimer of opinion this year increased 66 percent on-year to 30 firms. A disclaimer of opinion is issued when an auditor is unable to complete the audit report due to insufficient information provided by the company.&nb
Market June 25, 2019
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Kospi to see relief rally ahead of G20 summit
South Korea’s benchmark Kospi ended higher on Monday, with cautious optimism that the US-China trade talks slated for later this week may help the index recover previously lost ground. It closed 0.03 percent or 0.71 points higher from the previous trading at 2,126.33, despite having jumped back and forth between positive and negative terrains throughout the day. The local stock market in recent months has been heavily weighed down by the US-China trade war, which has escalated a
Market June 24, 2019
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Woori acquires 65.7% stake in Kukje Asset Trust
Woori Financial Group has decided to acquire controlling stake of 65.7 percent in Kukje Asset Trust from its largest shareholder with approval from its board members, the company said Monday. The group’s latest move to acquire the privately held real estate management company comes as it aims to accelerate integration of its affiliate firms and expand its business. It plans to acquire the majority stake from the real estate management firm’s Chairman Yoo Jae-eun and associates
Market June 24, 2019
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Swiss scholars win Shin Research Excellence Award
A team of scholars from University of St. Gallen in Switzerland won the International Insurance Society’s 2019 Shin Research Excellence Award, endowed by Kyobo Life Insurance, the Korean insurer said Sunday. According to the firm, Alexander Braun, adjunct professor of risk management, Sebastian Utz, assistant professor of finance, and Jiahua Xu, a postdoctoral researcher, were awarded by the IIS for their research titled, “Are Insurance Balance Sheets Carbon-Neutral? Harnessing
Market June 23, 2019
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S. Korean IPO capital exceeds W1tr in H1
The volume of capital raised through initial public offering in the South Korean stock market surpassed 1 trillion won ($863 million) in the first half of the year, data from the Korea Exchange showed Sunday, with NH Investment & Securities leading the way among underwriters. Some 1.09 trillion won in equity capital was raised in the first half of the year, according to the nation’s sole bourse operator, a 39.6 percent increase from the same period last year. Eighteen companies j
Market June 23, 2019
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BOK chief signals rate cut on US Fed meeting results
Mere hours after the US Federal Reserve hinted at an interest rate cut, Bank of Korea Gov. Lee Ju-yeol said Thursday that South Korea would take apt measures to deal with economic shifts, hinting at mirroring the Fed’s move. The policy-setting Federal Open Market Committee on Wednesday left the key rate on hold in the 2.25-2.5 percent range, but added it “will act as appropriate to sustain the expansion,” since uncertainties of the rate outlook have increased. The Fed’s s
Market June 20, 2019
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FSS likely to launch ‘comprehensive audit’ of KRX
The nation’s financial watchdog plans to launch a “comprehensive audit” on bourse operator the Korea Exchange (KRX) by the year-end, local reports said Wednesday. If carried out, the in-depth audit will mark the first such inspection of KRX in nine years. The news comes amid the Financial Supervisory Service’s ongoing audit of local brokerages and financial institutions, following its decision to revive the comprehensive audit, which was abolished in 2015. The audit
Market June 19, 2019
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Korean commercial bank apps struggle to stave off competition
Almost two years after South Korea’s leading commercial banks launched mobile apps to attract new customers and keep existing ones, the focus is now on whether their quality matches the prestige of the banks they are attached to.To compete against fast-paced and innovative internet-only banks Kakao Bank and K-Bank, the big four -- Shinhan, KB Kookmin, KEB Hana and Woori -- have been providing low-cost services, merging separate apps into one, and even hiring K-pop celebrities as brand amba
Market June 18, 2019
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