Mirae Asset’s Canadian subsidiary’s asset under management exceeds W20tr

Mirae Asset Global Investment’s Canadian subsidiary Horizons ETFs’ assets under management have exceeded 20 trillion won ($16.4 billion), showing more than a sixfold increase in the last decade. On Monday, the Korean asset manager said Horizons ETFs’ assets under management had reached $18.1 billion, or 22.2 trillion won. The figure has increased more than sixfold since Mirae Asset acquired Horizons ETFs in 2011, when it was managing assets of 3.6 trillion won. Horizons ETFs

MarketApril 4, 2022

[CONTRIBUTION] Key to successful digital platform government through lens of big data

Each time a new presidential administration took office, promises surrounding information technology were repeatedly made in a bid to appeal to the public. The military regime and the Kim Young-sam administration’s pledges to foster an information and communications network were followed by the Kim Dae-jung administration’s policies to promote venture businesses. President Roh Moo-hyun envisioned the transition to an e-government, Lee Myung-bak outlined an IT convergence plan, Park

TechnologyApril 4, 2022

Listed firms' on-year net profit jumps 160% in 2021

The net profit of listed firms on South Korean main bourse expanded 160.56 percent last year despite the pandemic, the bourse operator said Monday. The consolidated net profit of 595 firms listed on the benchmark KOSPI totaled 156.6 trillion won (128.6 billion) in 2021, up from 60.1 trillion won the previous year, according to the data compiled by the Korea Exchange (KRX). A total of 595 out of 676 listed companies submitted their consolidated financial statements for the fiscal year of 2021 tha

EconomyApril 4, 2022

BOK should make more accurate assessments of markets ahead of rate-setting meeting: official

The Bank of Korea (BOK) should step up efforts to make more accurate assessments of current economic and financial situations ahead of next week's rate-setting meeting, the central bank's acting chief said Monday. BOK Vice Gov. Lee Seung-heon, who is serving as acting chair of the central bank after Lee Ju-yeol left office last week, made the call in an internal meeting with senior officials, according to the bank. The chief post is not expected to be filled until the rate-setting meet

EconomyApril 4, 2022

FTC chief to attend global antitrust regulators' meeting this week

South Korea's antitrust chief plans to participate in a global meeting of regulatory authorities this week to discuss merger guidelines and competition policy, her office said Monday. Joh Sung-wook, chairperson of the Fair Trade Commission (FTC), will take part in the Enforcers Summit on Monday (US time) to be co-hosted by the US Federal Trade Commission and the Justice Department (DOJ), according to the FTC. The summit will be attended by Lina M. Khan, chair of the US antitrust body, DOJ Assist

EconomyApril 4, 2022

Seoul stocks open lower amid uncertainty over Ukraine crisis

South Korean stocks opened lower Monday as investors unloaded large-cap shares, including tech issues, amid lingering uncertainties over the Ukraine crisis and inflation. The benchmark Korea Composite Stock Price Index lost 11.51 points, or 0.42 percent, to trade at 2,728.34 points as of 9:15 a.m. Investors took to the sidelines as the ongoing crisis surrounding Ukraine has deepened concerns over soaring energy prices and inflation. Moscow said Sunday that it attacked and destroyed key energy fa

MarketApril 4, 2022

Bumpy road ahead for SBW’s SsangYong Motor bid

Ssangbangwool Group, best known for its underwear business, is joining an estimated 1 trillion won ($819 million) bidding war to acquire debt-ridden carmaker SsangYong Motor whose takeover deal with Edison Motors has recently been called off.  Ssangbangwool, or SBW, plans to turn in a letter of intent this week to the lead manager of the deal, EY Hanyoung, by forming a consortium led by subsidiary Kanglim, a maker of special-purpose vehicles like firetrucks and cranes.  Other than Ka

IndustryApril 3, 2022

[Newsmaker] 65% of Millennials, Gen Z choose ethical consumption over price

Some 65 percent of South Korean millennials and Generation Z said they would buy products manufactured by ethical businesses even if they are more expensive than nonethical ones, a survey showed Sunday. In a survey conducted by the Korea Chamber of Commerce and Industry with 380 young people last month, 64.5 percent of respondents said they would choose products from businesses that uphold environmental, social and governance values over price. Some 4 percent said they are willing to pay ove

IndustryApril 3, 2022

Equity, bond funds remain sluggish over fears of rate hikes

South Korean equity and bond funds have disappointed investors in the first three months of the year, with many seeing noticeable losses in profitability, data showed Sunday. Equity funds with over 1 billion won ($819,000) in assets saw an average 7.89 percent loss in profitability since the beginning of the year as of Sunday, data provided by local financial market FnGuide showed. Korean index funds, which closely tracks local stock market indexes saw an 8.59 percent profitability loss in the

MarketApril 3, 2022

‘Workcation’: Mixing work, vacation for both productivity, creativity

Oh Chung-hee, a product designer at Korean fintech startup Toss, was at first reluctant to go on a two-week “workcation,” worrying it was going to be a hassle. But her worries melted away soon after she arrived at the company’s workcation site in the southern coastal region of Namhae, South Gyeongsang Province. Instead of going to work on a jam-packed bus or subway like others in Seoul, Oh started her day by enjoying the vast open scenery and fresh air. “Changing the wo

TechnologyApril 3, 2022

Pulmuone completes 2nd tofu plant in China

Korea’s food giant Pulmuone said Sunday it has completed the construction of its second tofu factory in China, as it looks to accelerate its expansion in the growing market there. Located in the eastern Beijing of Pinggu, the new factory can produce 1,800 kilograms of tofu annually, increasing the productivity by 400 percent compared to the old factory. The second factory will produce a variety of tofu for soup, salad and steamed dish, tofu noodle, and soybean milk, according to the com

ConsumerApril 3, 2022

Korean Air named cargo operator of 2022

National flag carrier Korean Air was selected as cargo operator of the year for 2022 for addressing global cargo capacity shortages with new gateways and freighters, Air Transport World announced Friday. Korean Air has “continued to go from strength to strength, remaining at the forefront of addressing the global cargo capacity shortages resulting from the pandemic,” noted ATW, a publication for the global aviation industry. Korean Air opened two gateways in the United States to a

MobilityApril 3, 2022

Hyundai, Kia's US sales down 3.7% in Q1

Hyundai Motor Co. and its affiliate Kia Corp. said Saturday their combined sales in the United States fell 3.7 percent in the first quarter compared with a year ago due to the prolonged pandemic and chip shortages. The corporate duo sold a total of 322,593 vehicles in the US in the first three months of this year, according to the companies' sales data. In March alone, the two automakers sold a combined 123,507 units, a 14.8 percent decline from a year earlier. Hyundai's US sales in the fir

MobilityApril 2, 2022

[Interactive] Grain import prices soar 47% over 2 years

  　South Korea’s import prices of grain has jumped nearly 50 percent over the past two years to a near nine-year high amid the prolonged coronavirus pandemic, data showed. 　Prices of imported grains came to $386 per ton in February, up 26 percent from a year earlier and 47.4 percent from two years earlier, according to the data from the Korea Customs Service and industry sources. 　The February per-ton import price represented the highest level since it reached $388 in May 2013. 　Last

BusinessApril 2, 2022

Kyobo Life Insurance hits snag over options contract row

Kyobo Life Insurance, Korea’s third-largest insurance company by assets, said Friday that a private equity firm-led consortium is threatening to derail its efforts to go public. The consortium is compelling the insurance company to honor an options contract that Kyobo says could undermine its CEO, the largest shareholder. The consortium -- led by equity firm Affinity Equity Partners -- signed a put option agreement with Kyobo Life Insurance CEO Shin Chang-jae in 2012.

MarketApril 1, 2022

Samsung CEO tells staff to ‘call me by my initials’

Samsung Electronics is one of many South Korean companies who have taken on reforming the use of honorific titles in the workplace, aiming for a more horizontal culture and removing hurdles that might have stifled employees’ creativity. The tech giant appears to have made a step toward this goal recently, namely from upper management.　 Samsung co-Chief Executive Officer Han Jong-hee told staff to call him by the initials of his given name rather than honorific expressions for his job ti

IndustryApril 1, 2022

Underwear maker shares jump on bid to acquire SsangYong Motor

Shares of underwear maker Ssangbangwool rose about 29 percent Friday, as the company announced its bid to acquire SsangYong Motor, a debt-ridden carmaker whose recent takeover by a local electric carmaker fell apart. The company’s shares closed at 1,010 won ($0.83), up 29 percent from Thursday’s closing on the benchmark Kospi board. Ssangbangwool’s key subsidiary Kanglim, which trades on the junior Kosdaq, saw its shares rise by 30 percent. Kanglim manufactures special vehicle

MarketApril 1, 2022

Medytox files complaint with ITC against Hugel over botox dispute

South Korean botox maker Medytox has filed a complaint with the US International Trade Commission against its local rival Hugel over allegations of stealing its bacteria and manufacturing processes, the company said Friday. According to Medytox, the company lodged the complaint on Wednesday against Hugel, Hugel America and Croma-Pharma GmbH with top global law firm Quinn Emanuel Urquhart & Sullivan leading the litigation. Croma-Pharma, an Austrian family-owned company based on north of Vie

IndustryApril 1, 2022

KakaoBank tops in worker productivity

Employees at South Korean mobile lender KakaoBank have higher productivity than their peers at the country’s four banking giants, data showed Friday. A KakaoBank employee was estimated to have earned 349 million won ($280,000), higher than the average figures for Hana Bank and Shinhan Bank, at 315 million won and 271 million won, respectively.  Worker productivity of the other two giants -- KB Kookmin Bank and Woori Bank -- on average was 245 million won and 229 million won, respect

EconomyApril 1, 2022

Trade deficit seen despite record-high exports in March

SEJONG -- Korea’s monthly exports recorded an all-time high in March on the back of robust performance in outbound shipments of semiconductors and petrochemicals, state data showed Friday. But the nation saw its trade balance in the red, as imports also increased to a record high last month in the wake of a spike in international raw materials prices. According to the Ministry of Trade, Industry and Energy, the country recorded $63.4 billion in exports for March, up 18.2 percent from a y

EconomyApril 1, 2022