The Korea Herald

Yim’s chances of becoming economic chief hampered

Nov 9, 2016

Yim Jong-yong‘s chances of securing the position of deputy prime minister for the economy were hampered after President Park Geun-hye withdrew her earlier nomination of Kim Byong-joon as prime minister.Park on Tuesday gave into demands from critics and opposition to take back her surprise nominations of some of the key Cabinet positions last week. She had named Kim as the new premier along with Yim -- who is the current chairman of the Financial Services Commission -- and Park Seung-joo as the n
Dow futures, Asian shares tumble as Trump leads vote count

Nov 9, 2016

Financial markets went on a wild ride Wednesday, as Wall Street index futures and Asian stock benchmarks tumbled on the rising possibility of a Trump presidency. Shares had been higher early in Asia’s Wednesday trading session but then turned sharply as investors unloaded shares when Donald Trump first gained the lead in the electoral vote count. A Trump presidency is seen likely to bring added uncertainty on various issues, including trade policies. Pricing in a possible Trump victory, Dow f
KDB to provide 2.5 tln won to small firms

Nov 8, 2016

The Korea Development Bank, a major South Korean policy lender, plans to provide 2.5 trillion won ($2.2 billion) to 200 promising small and medium-sized companies, a senior bank official said Tuesday.Kim Keon-yeol, an executive director of the KDB, said in a seminar at the National Assembly that the proposed injection of the funds will begin next year and is meant to nurture small and medium-sized companies.Kim said nurturing small and medium-sized companies into intermediate ones has gained urg
Asset-backed securities issuance drops 25% in Q3

Nov 8, 2016

The issuance of asset-backed securities (ABS) in South Korea shrank considerably in the third quarter of 2016 from a year earlier on less issuance of mortgage-related products, government data showed Tuesday.The amount of ABS issued during the July-September period totaled 15.2 trillion won ($ 13.3 billion), down 25.2 percent on-year, according to the Financial Supervisory Service (FSS).The decline came as the state-funded Korea Housing Finance Corp. (KHFC) scaled down its issuance of mortgage-b
[Photo News] Entrepreneurship competition

Nov 7, 2016

HSBC Korea CEO Martin Tricaud (center) and JA Korea CEO Kim Tae-joon (left of center) pose with Korean high schoolers who won an entrepreneurship competition at Olympic Parktel in Seoul on Saturday. The competition offers students a chance to experience running a business and selling products in the real market, the bank said. (HSBC Korea)
[Kosdaq Star] Interflex braces for iPhone 8 in 2017

Nov 7, 2016

This is the 28th in a series of articles analyzing major companies by market capitalization traded on the tech-heavy Kosdaq market. -- Ed
Gov't in emergency mode on financial market

Nov 7, 2016

South Korea's financial authorities on Monday announced a shift to an emergency operation mode to cope with a host of challenges facing Asia's fourth-largest economy.Yim Jong-yong, tapped as the nation's finance minister, described the current situations as a crisis that's like "stepping on thin ice."Yim, chairman of the Financial Services Commission (FSC), was presiding over an emergency meeting with other top officials on finance and civilian leaders in the local market.It came amid growing wo
Korean shares open higher

Nov 7, 2016

South Korean stocks opened higher Monday on relieved investor sentiment following FBI's no charges against democratic presidential candidate Hillary Clinton in an email scandal reinvestigation ahead of this week's US presidential election.The benchmark Korea Composite Stock Price Index gained 15.88 points, or 0.80 percent, to 1,997.90 in the first 15 minutes of trading.The broad index bucked overnight losses on Wall Street. The Dow Jones industrial average lost 0.24 percent, with the tech-heavy
China-sensitive stocks plunge amid prolonged THAAD backlash

Nov 6, 2016

Four months have passed since South Korea decided to deploy a US advanced missile defense system here, but backlash from the announcement continues to weigh on shares of China-sensitive Korean companies, data showed Sunday.According to data from the Korea Exchange, the combined market capitalization of 10 representative Korean companies sensitive to China-related issues fell 22 percent to 48.23 trillion won ($42.2 billion) as of Friday, from 61.82 trillion won on July 7. On July 8, Seoul agreed
Mirae Asset Global Investments appoints new CEO

Nov 4, 2016

Mirae Asset Global Investments said Friday it has appointed Seo Yoo-seok, a veteran marketing strategist, as new CEO of the asset management business. Since joining Mirae Asset Securities in 1999, Seo headed Mirae Asset MAPS Global Investments, an investment management unit of the group, in 2011, and led the firm’s equity-traded fund business from 2012 to 2016. Seo Yoo-seokThe company also appointed vice chairman Jeong Sang-kee as CEO of Energy Infra Co., a new unit designated to run a fund in
BOK chief to attend BIS meetings this weekend

Nov 4, 2016

South Korea's central bank said Friday its governor Lee Ju-yeol is set to attend bimonthly meetings of the Bank for International Settlements in Switzerland this weekend.Lee is scheduled to leave for the northwestern Swiss city of Basel on Saturday to exchange views with his counterparts from major economies on global economic and financial market conditions at the two days of meetings that will be held Sunday and Monday, according to the bank.Lee is set to return home Wednesday.The BIS is an in
Financial watchdog's translation service for foreigners 'incomplete'

Nov 4, 2016

A phone-based translation service offered to foreign residents by South Korea's financial authorities is incomplete and not that helpful, as it has no foreign language choices, service users complained Friday.The Financial Supervisory Service launched the service earlier this week, publicizing that it's part of the government's efforts to minimize finance-related inconveniences.The FSS said foreigners can dial 1332 to reach the agency's call center and use a "three-way" translation service, supp
[Photo News] Sharing Fintech know-how

Nov 3, 2016

KEB Hana Bank CEO Ham Young-joo (right) shakes hands with Gao Zhuang, president of the Yanbian branch of the Bank of Jilin, Wednesday, after signing a memorandum of understanding to share KEB Hana’s fintech knowledge. (KEB Hana Bank)
NPS’ new investments to help boost flagging markets

Nov 3, 2016

The National Pension Service is planning to inject 1 trillion won ($880 million) into South Korea’s financial market within this month, according to the pension fund operator Thursday.The NPS is eyeing domestic value stocks, active quant funds and mid and small-cap stocks for the investment. The move is expected to help boost the flagging Kosdaq and add momentum to the overall securities markets that have recently been tumbling over unfavorable events at home and abroad.The country’s biggest ins
Household debt, US rate hike pose threats to S. Korean financial system: poll

Nov 3, 2016

Growing household debt and a looming US rate hike are two major systemic risks facing South Korea's financial system, a survey showed Thursday.The household debt issue topped the list of key systemic risks cited by market watchers at 70 percent, compared with 54 percent in April, according to the semi-annual survey conducted by the Bank of Korea.South Korea's household borrowings reached a record high of 1,257.3 trillion won ($1.149 trillion) as of end-June, according to data from the Bank of Ko