Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
Mirae Asset Daewoo issues world’s first 3-year SRI bond
South Korean brokerage firm Mirae Asset Daewoo has simultaneously issued a three-year dollar-denominated, socially responsible investment bond and five-year senior notes, the firm said Tuesday. This makes Mirae Asset Daewoo the first among global securities firms to successfully issue a three-year overseas SRI bond while issuing both types of bonds at the same time. SRI bonds are a type of bonds with proceeds earmarked for socially beneficial or environmentally friendly projects. Proceeds
Market May 1, 2019
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FSS’ revival of comprehensive inspection of financial firms prompts concerns
South Korea’s financial regulator will take initial steps in reviving the comprehensive inspection of financial firms within the next few weeks after four years, prompting concerns the practice may keep the sector on a tight leash. The Financial Supervisory Service will launch the inspection of at least five local financial firms, starting with KB Securities in May. The confirmed list as of Tuesday included KB Financial Group, KB Kookmin Bank, KB Securities, Hanwha Life Insurance, and Meri
Market April 30, 2019
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S. Korea vows stable gas prices despite Iran sanctions
Addressing the latest spike in gas prices, stemming from the uncertainty associated with tighter US sanctions on Iranian oil, South Korea’s chief economic policymaker vowed Monday to bring stability to the domestic market while at the same time bracing for the full impact of the sanctions. “To brace for the possibility of a short-term spike in global oil prices, we plan to revitalize the use of budget gas stations and e-commerce to boost competition in the local oil market as efforts
Economy April 29, 2019
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[News Focus] Never-ending debate over low-dividend policies in Korea
With heightened awareness here on increasing governance transparency and boosting investors’ rights, large businesses have been facing mounting pressure on all fronts, including the ways they conduct shareholders meetings, reform the power structure and dole out dividends.Since 2016, when a firm is spotted on the National Pension Service’s radar for paying “stingy” dividends to investors, they run the risk of being added to a blacklist that is disclosed to the public. And with the world’s third-
Industry April 28, 2019
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[Herald Interview] Korea aims to go global with IP system
South Korea recently signed a memorandum of understanding worth $3.2 million with Saudi Arabia to help establish an ecosystem for intellectual property. It was an outcome of efforts by Asia’s fourth-largest economy in expanding global partnership to share its intellectual property system, according to the chief of the nation’s top IP office. “The deals with the United Arab Emirates and Saudi Arabia will work as a prime opportunity to promote our IP administration service to the world,” Korean In
Industry April 24, 2019
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Chinese characters, Korean history outdated: survey
South Korean companies no longer see knowledge of Chinese characters and Korean history as necessary skills to include in resumes, a poll showed Monday.Obtaining respective qualifications concerning knowledge of Chinese characters and Korean history had been considered by local job seekers as quintessential specifications for employment for decades.The research, conducted by job researcher Saramin, involved 385 local firms. (Yonhap)Of the surveyed firms, 73.2 percent acknowledged there were qual
Industry April 22, 2019
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JYP chief becomes top stock-rich K-pop agency owner
JYP Entertainment founder and Chief Communications Officer Park Jin-young topped the list of stock-rich entertainment agency owners in Korea, data showed Sunday, amid the industry’s struggle to recover from an ongoing sex scandal involving multiple K-pop stars. The value of JYP stocks held by Park had increased 1 percent, or 1.9 billion won ($1.7 million), from the end of 2018, to 192.2 billion won as of Thursday, according to conglomerate research firm Chaebul.com. Park is the largest sha
Market April 21, 2019
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[News Analysis] High inheritance tax fuels chaebol monopoly
Following the death of Hanjin Group Chairman Cho Yang-ho last week, the inheritance tax his bereaved family will have to pay is in the spotlight, with estimates suggesting as much as 200 billion won ($175 million).According to analysts, the lofty taxes could shrink the owner family’s stake. However, they also note that it is unlikely, reminding that the high inheritance tax rate is actually what drives the obsessive culture of family-monopolized management among conglomerates here. South K
Economy April 18, 2019
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Working Koreans spend annual W1.4m on cash gifts: survey
South Koreans holding office jobs spend over 1.4 million won ($1,235) annually on cash gifts for special occasions, a poll showed Monday. The research, conducted by job research portal Saramin, involved 435 local office workers. Cash gifts cost about 73,000 won on average per event, the survey revealed, and respondents attended an average of 1.6 events per month, so their monthly expenses on such gifts totaled about 117,000 won. Of the respondents, 74.3 percent cited “maintaining conn
Economy April 15, 2019
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Brokerages to gain from oil price rally, weakened won
Local brokerages are projecting a rosy outlook with their high-risk investment products, amid an ongoing oil price rally coupled with signs of a weakened Korean currency, analysts said Sunday. “The record-high oil prices represent (a shift in investors’) preference for high-risk assets,” Oh Tae-wan, an analyst at Korea Investment & Securities, said.Last week, US oil prices rose to the highest level in more than a year with Brent crude futures, -- the international benchmark
Market April 14, 2019
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[Monitor] S. Korea likely to allocate supplementary budget below W7tr in 2019
South Korea’s Finance Minister Hong Nam-ki said Wednesday that he expects to draw up a supplementary budget worth less than 7 trillion won ($6.1 billion) to resolve domestic issues. The size of the budget “would not exceed 7 trillion won,” he explained, though the exact figure has yet to be confirmed. The government is expected to submit an extra budget bill to the National Assembly this month.On top of the stagnant global economy, the domestic issues include coping with fine d
Economy April 11, 2019
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Mirae Asset Global Investments boasts distinguished global portfolio
South Korea’s Mirae Asset Global Investments has been making notable strides in its global investments, which the firm attributed to more direct engagement in deals with overseas investment banks and pursuing a balanced portfolio. The Seoul-based asset management company has been clinching deals with foreign IBs through its global network and alternative investment portfolio. Its acquisition of US golf equipment brand Titleist in 2011, luxury hotel chain Four Seasons in Sydney and Fairmont
Market April 11, 2019
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Korean firms struggle to enter halal market
KUALA LUMPUR, Malaysia -- South Korean firms have been eyeing the expanding halal market for some years now, but technical difficulties in receiving certifications and a lack of expertise in attracting buyers continue to remain major hurdles.More than 20 local firms flew to Kuala Lumpur last week to participate in this year’s Malaysia International Halal Showcase -- considered the biggest annual halal trade fair in the world with participants from 700 firms in 44 countries. Malaysia is seen as a
Industry April 11, 2019
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Korea issues gov’t bonds worth record-high W48tr in Q1
The volume of fixed-income securities issued by the South Korean government reached an all-time high of 48.5 trillion won ($42.5 billion) in the first quarter, according to the Korean Financial Investment Association on Wednesday. The figure was a 42.3 percent increase from the same quarter last year. It also surpassed the record set for the previous quarterly high -- 46.4 trillion for the second quarter of 2014. Net debt issuance also posted a quarterly high with 34.07 trillion won. Net debt is
Market April 10, 2019
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Hanjin chairman’s death exposes cruel effects of owner risk on stocks
Stock prices of South Korea’s flagship carrier Korean Air and Hanjin KAL soared Monday, buoyed with grave irony by the news of Chairman Cho Yang-ho’s death earlier in the day. Analysts are seeing the price soar as the “cruel effect” of an “owner risk” -- a risk that stems from investors’ distrust in the owner of a company -- which is more defined in Korea due to massive family-owned enterprises called chaebol.As of 10:10 a.m., Korean Air shares increased
Market April 8, 2019
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