September 17, 2021

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EDITOR'S PICKS

• Markets 
  

  KB-Shinhan green fund to finance renewable energy project in Sweden

  　A green fund jointly invested in by two South Korean banking giants -- KB and Shinhan -- will partly finance a renewable energy project in Sweden, officials said on September 16. 　The financial holding firms invested a combined 80 billion won ($68.4 million) in the Global Green Energy Partnership Fund set up in April last year. 　Korea Midland Power, Korea Hydro & Nuclear Power and Sprott Korea Investment also joined the fund designed to facilitate development of renewable energy across t

• Markets 
  

  Cyworld, Hancom form strategic partnership

  Cyworld, the once-popular social networking service, signed a strategic partnership with Hancom, an office suite software developer in South Korea, according to both companies on Sept. 15. The partnership comes as Cyworld gears up to jump into the market with its metaverse-powered service Cyworld Z. The metaverse refers to a virtual world in which individuals can interact as avatars through different kinds of virtual technology such as augmented reality and virtual reality. The partnership ta

• Markets 
  

  S. Korea’s tax chief seeks cooperation with Denmark, Hungary

  South Korea’s tax chief met his counterparts in Denmark and Hungary to strengthen cooperation with the European agencies and discuss the future of electronic tax administration systems in the post-pandemic era, officials said Sept. 15. National Tax Service Commissioner Kim Dae-ji held a bilateral meeting with Merete Agergaard, chief of the Danish tax agency in Copenhagen, and a separate meeting in Budapest with his Hungarian counterpart, Vagujhelyi Ferenc, during his trip earlier this mon

• Markets 
  

  [Defector’s eye 2] N. Korean street kid‘s second chapter in Seoul: startup CEO

  　　This is the second installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed. 　For someone who came from an isolated and repressive state like North Korea, starting a business of their own in a free but competitive market is a mere dream. 　No matter how great their ideas are, a lack of business network, insufficient funds and immense

• Markets 
  

  Foreign investors prefer Korean stocks with high growth potential: data

  　Foreign investors put more value on high growth potential rather than stability when choosing which domestic stocks to purchase, a report showed on September 14. 　According to a report from Korea Economic Research Institute, foreigners tended to buy more shares when the firm showed an improvement in business growth. On the contrary, they reduced the volume of net purchases when the firm stabilized its business. 　The report also showed that offshore investors’ net purchase trends had a

• Markets 
  

  Rich people from non-Seoul area snapping up Seoul apartments

  　Rich people living outside the Seoul area are purchasing apartments in the capital city to secure real estate as a means for stable investment, data showed on September 14. 　According to the Korea Real Estate Board, the number of apartments bought by people residing outside of Seoul accounted for 25.3 percent of the total 131,996 apartments purchased in the city as of July. 　Compared to 19.7 percent in July 2017, the purchasing spree of cash-rich non-Seoul residents has accelerated, market in

• Markets 
  

  No. of Korean youths who gave up job seeking surges 35%

  　South Koreans aged between 15 and 29 who were unemployed, not engaged in schooling or housework, and were not seeking jobs increased some 35 percent on-year, data showed on September 14. 　As of May, 96,000 were classified as those “not in education, employment, or training” or “NEET,” data compiled by Yonhap News Agency showed. The figure increased 35.8 percent or 25,000 on-year from 71,000 the previous year. They were among a group of 278,000 people within the same age

• Markets 
  

  Bithumb, Bucket Studio to launch shopping platform

  South Korean crypto exchange Bithumb said it has joined hands with Bucket Studio, a local mobile content provider, to launch a commerce platform where customers can purchase products and services in bithumb cash. By incorporating Bithumb’s blockchain payment technology, the commerce platform, named Bithumb Live, will serve as a new online marketplace. Customers will watch a live show promoting a product -- similar to TV home shopping -- and pay with its currency, bithumb cash, later on, o