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The Korea Herald

Finance

January 28, 2020
Mobile payment accelerates demise of coins, banking branches

Last year, the number of newly minted coins hit the lowest value on record and the number of banking branches continued to drop, according to data on Monday. The Bank of Korea, the nation’s central bank, said newly issued coins last year amounted to some 36.4 billion won ($30.9 million) in value...
January 22, 2020
Shinhan chief gets suspended sentence over influence-peddling charges

Shinhan Financial Group Chairman Cho Yong-byoung on Jan. 22 received a suspended sentence on influence-peddling charges in the flagship banking unit’s recruiting scandal, even as his leadership remains unscathed. The Seoul Eastern District Court handed the 63-year-old executive a six-month pris...
January 20, 2020
S. Korea considering imposing 20% tax on cryptocurrencies

South Korea’s Finance Ministry is considering imposing a 20 percent tax on income from cryptocurrency transactions, officials said Jan. 20. The Ministry of Economy and Finance recently ordered its office of income tax to review a taxation plan for cryptocurrencies, according to officials. Previou...
January 06, 2020
Apple most favored by Korean investors among foreign stocks in Q4: data

Apple Inc. was the top pick by South Korean investors among foreign companies during the fourth quarter of last year as local investors joined the rush to buy shares in the U.S. tech giant on hopes of it making a rally, data showed on Jan. 6. Apple outperformed all other market-leading tech shar...
December 26, 2019
Financial stability of households worsens despite slowing debt growth: BOK

South Korean households have become less fiscally sound despite their debt growing at the slowest pace in over 15 years, a central bank report said Dec. 26. Outstanding household debt, including credit spending, came to 1,572.7 trillion won ($1.35 trillion) as of end-September, up 3.9 percent f...
December 24, 2019
Brokerages‘ net profit down 28.5% in Q3

South Korean and foreign securities firms saw their combined net profit fall 28.5 percent in the third quarter from a quarter earlier due in part to declines in commission fees, data showed Dec. 24. The combined net profit of 56 local and foreign brokerages in Korea stood at 988.9 billion won (...
December 16, 2019
Korean hydropower project in Solomon Islands wins $240m investment pledge

The Tina River Hydropower Project, an infrastructure development project in the Solomon Islands involving South Korean companies, has secured a combined $240 million investment pledge from six investors, the project organizers announced on Dec. 16. Participating financial institutions include the ...
December 11, 2019
Funds’ net asset value tops W660tr in Nov.

The value of South Korea’s investment funds exceeded 660 trillion won ($553 billion) last month, driven by an increase in money market funds and real assets funds amid lingering uncertainties from the Sino-American trade negotiations, data showed on Dec. 11. The net asset value of the funds ca...
December 08, 2019
Foreign investors’ bond holdings hit 6-month low

Foreign investors in South Korea continued to recoup investments from the local bond market for three consecutive months, dragging the amount of locally listed bonds held by them to the lowest level in six months, according to the financial regulator on Dec.8. The latest data of the Financial Supe...
December 04, 2019
NPS picks 5 local partners to earmark W200b for startup investment

South Korea’s pension fund National Pension Service said on Dec. 4 it has picked five investment houses and earmarked some 200 billion won ($167.6 million) for its investment in startups, in a bold move to increase exposure to alternative assets. Knet Investment Partners, Premier Partners, IMM In...
December 03, 2019
3 S. Korean institutional investors declare end to coal exposure

Three South Korean institutional investors on Dec. 3 declared an end to coal exposure in their portfolios. This comes in line with the global push for responsible investment principles, such as environmental, social and governance criteria. DB Insurance, the Korea Teachers’ Credit Union and the ...
December 02, 2019
FSS warns financial firms of seeking short-term gains

South Korea’s financial watchdog chief expressed concerns Dec. 2 over financial companies’ practices of seeking short-term gains, citing the recent misselling of derivative products that led to huge losses for investors. Financial Supervisory Service Gov. Yoon Suk-heun said in a meeting with ...
November 29, 2019
NPS defers shareholder activism guidelines

South Korea’s National Pension Service decided on Nov. 29 to hold off on plans to implement guidelines to influence its portfolio firms’ behavior amid controversy surrounding the guidelines. After a meeting of the NPS’ Fund Management Committee in Seoul, the world’s third-largest pension fund ...
November 28, 2019
JB Financial chief boosts motivation of entry-level staff

JB Financial Group Chairman Kim Ki-hong shared his vision in the changing industry landscape with new staff, the company said Nov. 28. Kim urged some 90 entry-level employees of Jeonju-based Jeonbuk Bank and Gwangju-based Kwangju Bank to maximize their potential by developing key skills and compe...
November 26, 2019
AMCs’ Q3 profits down on falling investment income

Asset management companies in South Korea saw their combined third-quarter profit fall on-quarter, hit by a sharp decline in their investment income, data showed Nov. 26. The combined net profit of 275 AMCs came to 206.4 billion won ($175 million) in the July-September period, compared with a p...

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