[Best Brand] Mirae Asset expands global market entry, backed by strong ETFs

ASSET MANAGEMENT MIRAE ASSET GLOBAL INVESTMENTS Under its goal of becoming a global financial company, Mirae Asset Global Investments has been expanding its presence overseas by operating over 1,700 financial products in 36 countries around the world. The asset management unit of Mirae Asset Financial Group is in its 17th year of global operation since it launched its first overseas unit in Hong Kong in 2003 and has ceaselessly made inroads across the globe including financial markets in the

June 30, 2020

[Best Brand] Shinhan Card launches credit card tailored for contactless services

CREDIT CARD SHINHAN CARD From food ordering apps to streaming platforms, non-face-to-face services have become a new norm in the coronavirus era. Joining the contactless trend, Shinhan Card, a leading card issuer in South Korea, recently rolled out a credit card that offers services and benefits for consumers who prefer mobile services over face-to-face experiences at physical stores or restaurants amid the coronavirus pandemic. The new credit card, YaY, can be issued via the card company&rs

June 30, 2020

Seoul stocks open higher on Wall Street gains

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street led by estimate-beating housing data. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.64 points, or 1.18 percent, to 2,118.12 in the first 15 minutes of trading. The Dow Jones Industrial Average spiked 2.32 percent to end at 25,595.80 on Monday (New York time), with a 1.2 percent gain on the tech-laden Nasdaq. The gain was largely attributed to a record gain in the US pending home sales. A 14

June 30, 2020

NH Bank hires ex-Samsung exec as new chief digital officer

  NH NongHyup Bank said Monday that it will hire Lee Sang-rae, a former executive of Samsung SDS as its chief digital officer, a position that has been vacant for nearly six months. Lee, 56, is the first outsider to the bank to take a senior post. The lender launched a digital finance department in 2018. Having in 1991 joined Samsung SDS, the information and communication technology service arm of Samsung Electronics, Lee climbed the corporate ladder by serving senior posts at various de

June 29, 2020

Banking, ICT giants need to open data access: FSC

South Korea’s financial regulator Monday urged financial institutions and tech companies to widen access to client information to foster personal credit information management services here, dubbed MyData. “To maximize customers interest, financial and ICT companies as well as fintech startups need to open up their data assets as much as possible,” said Financial Services Commission Vice Chairman Sohn Byung-doo.  MyData refers to a business model that offers integrated

June 29, 2020

Seoul stocks shed nearly 2% amid renewed virus fears

South Korean stocks dipped about 2 percent Monday, amid renewed fears over the coronavirus outbreak promoted by a resurgence in new confirmed cases over the weekend. The Korean won continued to rise against the US dollar. The nation’s main bourse Kospi opened sharply lower at 2,105.54 -- down 29.11 points, or 1.36 percent, from the previous session’s close. The index continued to move downward to 2,087.84 in late trading hours. It was the first time that the index has dropped below

June 29, 2020

NPS joins hands with Allianz to eye $2.3b overseas properties

South Korea’s largest institutional investor National Pension Service said Monday it has inked a partnership with Germany-based Allianz to co-invest in core real estate assets worth $2.3 billion across the Asia-Pacific region as part of its alternative investment strategy. The 50:50 fund will target properties in countries such as China, Japan, Australia and Singapore, betting on core opportunities in landmark office buildings, logistics facilities and residential complexes -- or assets c

June 29, 2020

Seoul stocks open sharply lower on renewed virus fears

South Korean shares opened sharply lower Monday amid renewed fears over the new coronavirus prompted by a spike in the number of new cases over the weekend. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 31.70 points, or 1.49 percent, to 2,102.95 in the first 15 minutes of trading. The drop is largely attributed to the resurgence in new COVID-19 cases. South Korea added 62 new cases on Sunday, including 40 local infections, raising the total caseload to 12,715. The tally m

June 29, 2020

NPS offloads 1.1m shares of Hotel Shilla in Q2

South Korea’s National Pension Service sold 1.09 million shares in the nation’s leading hospitality and duty-free operator Hotel Shilla in the second quarter, a filing showed Sunday. As of Wednesday, NPS was holding 9.73 percent voting rights in the hotel and resort unit of Samsung, down 2.74 percentage points from March 31, with 12.47 percent. From April 1 to June 24, the pension fund sold Hotel Shilla’s shares 50 times out of 78 times of its stock trading. Despite the sta

June 28, 2020

[News Focus] Chaebol ownership of corporate venture capital sparks debate

Deregulatory moves by financial authorities to allow South Korean conglomerates to own corporate venture capital firms have raised concerns over the manifold consequences of such a scheme. The Finance Ministry is set to unveil plans next month to revise the law so that Korean equivalents of Alphabet-backed GV -- formerly known as Google Ventures -- can be launched. The revision of the Fair Trade Act is expected to make significant changes in the history of corporate environment that has banned

June 28, 2020

Appetite of US investors in Korea’s stock market grows

The impact of US shareholders has grown on South Korea’s stock market, as they expand investments in large-cap stocks, according to the latest data Sunday. In a survey of shareholders from the US and China with more than 5 percent ownership in the local stock market, investors from the US marked nearly 27.71 trillion won ($23.02 billion) as of June 22, up 52.7 percent, or 18.15 trillion won from March 2016. While 45 retail and institutional investors owned over 5 percent stake in 111

June 28, 2020

NH Prime REIT to invest in NY’s 195 Broadway, Paris’ Tour Eqho

NH Prime REIT said Sunday it has decided to invest in landmark buildings in New York, Paris and Helsinki to expand its portfolio. South Korean banking group NH Financial’s real estate investment trust affiliate plans to purchase beneficiary certificates of 195 Broadway, a 29-story building in New York City with luxury brand Gucci as a key tenant and Tour Eqho in Paris that has global accounting firm KPMG taking most of the floors. It will invest in securities of Finland-based OP Finan

June 28, 2020

IPO stocks fly high, appetite for newcomers set to grow further

Newly listed stocks enjoyed substantial gains in the first half this year, fueling an investor rush amid volatile market trends, data showed Sunday. A total of 12 companies made debuts on the main KOSPI and the tech-laden KOSDAQ markets, nine of which far exceeded their IPO prices, according to the data from the bourse operator Korea Exchange (KRX). As of Friday, these firms' stock price hikes averaged as high as 52.4 percent. Among them, Leading Edge Technology Co. Ltd. closed Friday at 20,

June 28, 2020

US drug firm backed by GC LabCell attracts $78m in Series A funding

GC LabCell, a manufacturer of cell therapy products, said on Friday that its US strategic partner Artiva Biotherapeutics has raised $78 million in Series A funding round. Launched in March last year jointly by South Korean drugmaker GC Pharma and GC LabCell, Artiva focuses on research and development of cell therapy drugs and commercialization of GC LabCell’s anti-cancer drugs based on natural killer cells, a type of immune cell in the human body. Among the investors of the funding ro

June 26, 2020

Seoul stocks up 1% on tech gains

South Korean stocks closed 1.05 percent higher Friday as large-cap tech shares rallied. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) went up 22.28 points to close at 2,134.65. Trading volume was moderate at 728 million shares worth 9.4 trillion won ($7.8 billion), with gainers outpacing losers 432 to 395. Foreigners and individuals scooped up a net 61.5 billion won and 106.2 billion won, respectively, while institutions offloaded a net 163

June 26, 2020

Seoul stocks open higher on Wall Street gains

South Korean shares opened higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 15.3 points, or 0.72 percent, to 2,127.67 in the first 15 minutes of trading. On Thursday (local time), US stocks finished higher on the back of a rally in bank shares. The Dow Jones Industrial Average rose 1.18 percent, the tech-laden Nasdaq gained 1.09 percent and the S&P 500 rose 1.1 percent. In Seoul, most large caps got off to a strong s

June 26, 2020

Retail investors angry over new stock tax scheme

Market concerns grew over a new tax plan on any financial investment, Thursday, with some criticizing that the scheme imposes a heavy burden on retail investors seeking small profits. The government unveiled a set of capital gains taxation of up to 25 percent on annual capital gains worth over 20 million won ($16,600) starting from 2023, while lowering the stock transaction tax.  With individuals expressing concerns online, a petition demanding the withdrawal of the new tax scheme on

June 25, 2020

[Herald Interview] ‘Stock investing should be fun, not a battle’

What surprised John Lee, a former Wall Street fund manager who returned home six years ago, was the widespread perception among South Korean retail investors that real estate is a much safer option for investments than stocks, which they considered too risky. Six years on, things have changed, particularly in recent months with a massive inflow of retail investors to the local stock market, said Lee, now CEO of Seoul-based Meritz Asset Management. “They have learned lessons,” he sai

June 25, 2020

Seoul stocks sink 2.27% on renewed virus woes

South Korean stocks tumbled more than 2 percent Thursday as the new cases of the novel coronavirus surged, dimming investors' hopes for a quick global economic recovery, analysts said. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 49.14 points, or 2.27 percent, to close at 2,112.37. Trading volume was heavy at 1 billion shares worth 10.6 trillion won ($8.8 billion), with losers far outnumbering winners 732 to 145. Foreigners and insti

June 25, 2020

[News Focus] Tough apartment, stock rules frustrate ordinary Koreans

SEJONG -- A number of salaried people and ordinary households in South Korea have been resorting to stocks and real estate as their two main investment. But their investments according to market principles have been restricted under the Moon Jae-in administration, which has dumped a variety of regulations on the market. Following a series of regulations to the real estate market over the past three years to 2017, the Moon government is poised to tackle the stock market in terms of enhanced ta

June 25, 2020