Articles by Jung Min-kyung
Jung Min-kyung
mkjung@heraldcorp.com-
NPS to actively intervene in management of Hanjin KAL
South Korea’s state pension fund said Friday it had decided to actively exercise its shareholder rights over Hanjin KAL, the holding company of the nation’s No.1 carrier Korean Air.The National Pension Service added however, drew the line at Hanjin KAL, saying that it will not be extending the appliance of the stewardship code or active involvement in management of Korean Air.Hanjin KAL will be the first case in which the NPS’ stewardship code will be applied. The code is a set of guidelines on
Industry Feb. 1, 2019
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Netmarble joins Nexon bidding war
South Korea’s leading game developer Netmarble confirmed Thursday it will participate in the bidding for fellow industry giant Nexon, as industry watchers forecast a tense battle potentially involving China’s largest gaming company, Tencent. “We have decided to form a consortium centered on South Korean capital and participate in the bidding,” Netmarble said in a statement.“The decision was made over concerns of the risk of damage that could be inflicted on the gaming industry along with possibl
Industry Jan. 31, 2019
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FSC vows to ease listing rules for 3rd bourse, rejuvenate SME investment
South Korea’s chief regulator said Wednesday that it plans to ease listing rules for the nation’s tertiary bourse, focused on startups and small and medium-sized firms, to reform the capital market and support the growth of the Korean economy. The Financial Services Commission will lower the bar for the size of the deposit that regular investors need to participate in the Konex market, FSC Chairman Choi Jong-ku said at an event in central Seoul. The required deposit will be 30
Market Jan. 30, 2019
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Meritz Securities reports record-high net profit
South Korea’s Meritz Securities said Tuesday that its annual net profit surged 22.1 percent to a record high last year, amid local securities firms’ continuing struggle to survive competition with giant investment banks. The firm said its 2018 net income amounted to 433.8 billion won ($388.4 million) compared with 355.2 billion won a year earlier. Its operating profit jumped 20 percent to 532.3 billion won, while net operating income rose 21.9 percent to 1.3 trillion won. &ldqu
Market Jan. 29, 2019
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IBK Securities mired in hiring scandal
State-run IBK Securities has been hit by a hiring scandal, as several employees have been indicted by the prosecution over charges of manipulating interview scores of certain candidates and alleged gender discrimination in the hiring process, reports said Tuesday. According to prosecutors, a 50-year-old executive director surnamed Park was indicted over allegations of violating the equal employment law, which promotes gender equality in hiring, and for obstructing business. Three others who had
Industry Jan. 29, 2019
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Foreign buying on Kospi reaches nearly W3tr
Foreign investors have net purchased nearly 3 trillion won ($2.66 billion) worth of South Korean stocks on the main bourse this month so far, data showed Sunday, adding fuel to a bear market rally. The foreign net purchase volume on the Kospi through Jan. 25 amounted to 2.9 trillion won, climbing to a 15-month high. The recent buying spree helped lift the Kospi, which closed at 2,177.73 Friday, rising 136.69 points or 6.7 percent overall since the beginning of the year. It was the highest
Market Jan. 27, 2019
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Homeplus joins European Marketing Distribution alliance
South Korean discount chain operator Homeplus has joined Europe’s largest retail alliance, the firm said Thursday, in a first for an Asian retailer. As a member of the European Marketing Distribution, Homeplus aims to deliver goods imported from the EU to Korean consumers at affordable prices while aiding Korean manufacturers in entering the European market, the company said in a statement. Homeplus CEO Im Il-soon (left) and European Marketing Distribution Managing Director Philippe Gruyters (r
Industry Jan. 24, 2019
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[News Focus] Debate over securities transactions tax grows
Amid South Korea’s efforts to revitalize the economy, debate over whether to lift the securities transaction tax has been rekindled, with the government, lawmakers, and the financial sector divided over the consequences.The issue regained attention after ruling Democratic Party Chairman Lee Hae-chan said, “It is time we take it up as an agenda item,” in response to a request to either lift or cut the tax in a rare meeting with financial firm representatives on Jan. 15. “There are various factors
Industry Jan. 23, 2019
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Kyobo Life, SBI Holdings, Kiwoon Savings mull internet-only bank
Financial institutions including Kyobo Life Insurance, SBI Holdings and Kiwoom Savings Bank are mulling jumping into South Korea’s internet-only bank business amid the state’s efforts to foster the sector, reports said Wednesday. The companies attended a briefing session Wednesday, co-hosted by the Financial Services Commission and Financial Supervisory Service to discuss the formation of the country’s third internet-only bank. The institutions admitted they had been eyeing the
Market Jan. 23, 2019
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Stocks close higher on ‘hydrogen economy’ road map
Fueled by the government’s road map to build a “hydrogen economy,” South Korea’s top automaker and hydrogen-powered car parts firms continued a two-day gaining streak.Hyundai Motor, which launched the fuel cell electric vehicle Nexo early last year, closed at 131,000 won ($116.80) per share Friday, up 1.16 percentage point from the previous close and hitting a 16-week high. Companies that manufacture or supply hydrogen electric vehicle parts also marked sharp gains.
Market Jan. 18, 2019
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Barings recommends diversified investment in US, European high-yield bonds
A global asset management firm on Wednesday suggested diversified overseas investments in US and European high-yield bonds this year to reduce risk or volatility.“The point of this is to say that there can be technically driven differences in the markets that cause one market to outperform or underperform another market … again this is all corporate credit,” said David Mihalick, head of Barings’ US High Yield Investments Group, during a press conference in Yeouido, Seoul
Market Jan. 16, 2019
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[Monitor] Volume of Korean investors’ holdings in foreign-currency securities
Holdings by South Koreans of securities in foreign currencies grew rapidly last year, data from the Korea Securities Depository showed, with local securities firms expanding relevant services for local investors. The volume of the holdings jumped 43.4 percent to $32.5 billion in 2018, from the previous year’s $22.7 billion, according to the data. It represented an almost sixfold increase over five years, as the corresponding figure for 2013 was $5.2 billion.Overall, local investors’
Market Jan. 16, 2019
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Yooshin stocks rise on possible role in inter-Korean railway project
Shares of a South Korean engineering firm skyrocketed on Tuesday on recent reports that it could handle engineering design for projects to reconnect and modernize inter-Korean railways.Shares of Yooshin Engineering, which specializes in railway design and construction, soared 29.92 percent from the previous trading in the morning, hitting a 52-week high. It was being traded at 25,400 won ($22.67) per share on the country’s tech-heavy Kosdaq bourse as of midday. Among several engineeri
Market Jan. 15, 2019
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Samsung Securities installs desk on dollar-denominated bonds
Samsung Securities has set up a special desk devoted to dollar-denominated bonds, reflecting South Korea’s growing interest in dollar assets over the US Federal Reserve’s continuing rate hike, the firm said Monday. It aims to provide better guidance to its customers by providing relevant information on the price and currency, the company said. It added that it will help investors to determine the “right timing” to purchase bonds at the market price. The brokerage ho
Market Jan. 14, 2019
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Fine dust pollution boost home appliance, personal cares stocks
Public concerns over heavy fine dust concentration in recent days have lifted stock prices of local personal care product manufacturers and home appliance makers Monday. Personal care products company Monalisa, which manufactures and distributes face masks for fine dust, jumped 11.39 percent from the previous trading day. It was traded at an opening price of 4,060 won ($3.61) per share.Firms listed on the tech-heavy Kosdaq such as Welcron and Okong, also manufacturers of protective masks al
Market Jan. 14, 2019
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