Mirae Asset yields over 20% return from global ‘innovative firms’

Mirae Asset Global Investments, a South Korean asset management company, has harvested returns of over 20 percent a year in its stock funds dedicated to investing in innovative firms, the company said Sunday. Mirae Asset G2 Innovator Fund, investing in innovative companies in the United States, China and Taiwan, has generated some 33.02 percent of yearly returns, the highest among all Korean stock funds, according to an estimate by fund evaluator KG Zeroin on Wednesday. The secret behind the yie

July 15, 2018

Elliott starts ISD suit against Korea, claiming $770m in damage

US-based hedge fund Elliott Associates has officially filed for an investor-state dispute settlement against the South Korean government seeking $770 million in compensation for the merger between two Samsung Group affiliates, the Justice Ministry said Friday.Elliott submitted its application for arbitration claiming it has suffered $770 million due to “unfair” mediation by the Korean government in the process of approving the merger between Samsung C&T and Cheil Industries in 20

July 13, 2018

Morgan Stanley, JP Morgan expect rate hike in August

US financial services firms Morgan Stanley and JP Morgan said Friday that they expect the South Korean central bank to raise the base rate next month on a modest economic recovery and low inflationary pressure.In a monetary policy committee meeting on Thursday, the Bank of Korea held the benchmark policy rate unchanged at 1.5 percent, citing signs of an economic slowdown and uncertainties over global trade disputes.The BOK has maintained the accommodative stance for eight months since the 0.25 p

July 13, 2018

FSC rules Samsung BioLogics’ accounting breach was ‘intentional’

South Korea’s financial regulator on Thursday imposed a top-level sanction on Samsung BioLogics over a past accounting irregularity, concluding that its omission of key governance information notices was intentional, but reserved its final opinion on accounting fraud charges.The biopharmaceutical affiliate of Samsung Group is therefore to face a prosecutorial probe over the case and have its stock transactions suspended, but has so far avoided the worst scenario of being delisted.“Th

July 12, 2018

Association affirms 12 cryptocurrency exchanges’ security standards

The Korea Blockchain Association on Wednesday gave a nod to the cybersecurity standards of 12 cryptocurrency exchanges in Korea, including major players such as Bithumb, Coinone, Korbit and Gopax. This came over two months after the association launched a self-regulatory inspection in May of 14 member exchanges among the total 23, upon agreement by the exchanges.Exchanges that gained self-regulatory affirmation were 12 out of 14: Dexko, Hanbitco, OKCoin Korea, Huobi Korea, Bithumb, Upbit, Neofra

July 11, 2018

BOK likely to freeze key rate for July

The South Korean central bank is expected to hold the country's key rate at the current 1.5 percent in its upcoming monetary policy meeting amid rising uncertainties at home and abroad, market insiders said Wednesday.The Korea Financial Investment Association said that in its latest poll, 89 percent of 100 local bond traders forecast a rate freeze at the BOK meeting scheduled for Thursday.Global investment banks and credit appraisers, such as HSBC and Moody's, also expected the BOK to not move t

July 11, 2018

[Herald Interview] Crowdfunding platform Tumblbug calls for eased barriers to inbound payments

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 18th installment. -- Ed.　An online crowdfunding platform is a marketplace of ideas. And equipping that marketplace with a convenient payment tool is obviously key for the involved parties -- fundraisers with an idea and backers buying into the idea.For sponsors on Tumblbug, a startup operating an online rewards-based crowdfunding platform for content creators since 2011,

July 10, 2018

IIS honors co-authors of paper on digital insurance with Shin Award

The International Insurance Society has selected co-authors of “Digital Agendas in the Insurance Industry: The Importance of Comprehensive Approaches” as the winners of Shin Research Excellence Award this year, according to Kyobo Life Insurance Tuesday. Recipients of the annual award in 2018 are Alexander Bohnert and Albrecht Frizche, both professors at Friedrich-Alexander University in Germany, and Shirley Gregor, a professor at Australian National University.  The prize was gi

July 10, 2018

Tax revenue tallied at W31tr in May

South Korea's tax revenue was tallied at 31 trillion won ($27.9 billion) in May, up a sharp 12.4 trillion won from a year earlier, due to carried-over corporate tax earnings, data showed Tuesday.But if corporate taxes had been collected on schedule, the country would have collected an estimated 21.4 trillion won in dues in May, up 2.9 trillion won over the cited period, the data compiled by the finance ministry showed.Income tax revenue amounted to 11.5 trillion won in May, up 1.6 trillion won f

July 10, 2018

Woori Bank invests W5b in 1st impact investment fund in Korea

Woori Bank has become South Korea’s first commercial bank dedicated to impact investing to create a quantifiable social and environmental impact along with financial gains. Woori Bank will invest 5 billion won ($4.5 million) into the private investment fund co-managed by Crevisse Partners and Lime Asset Management for 10 years, according to an announcement Monday. The 20 billion won impact equity fund will become Korea’s first impact investment fund, if launched in July as planned. O

July 9, 2018

[Kosdaq Star] ‘YooHoo & Friends’ developer Aurora to climb on expanded global platform

This is the 58th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. Aurora World Corporation, the South Korean plush toy manufacturer and supplier most-known for its global toy line “YooHoo & Friends,” is anticipating a leap forward in the second half of this year.A three-dimensional version of YooHoo & Friends computer-animated television adaption targeting 4 to 8-year-olds is set to be streamed through Netflix in the second half

July 8, 2018

Kofia moves to prop up investment in India

Representatives from South Korean financial investment companies have discussed ways to boost ties with Indian capital market officials and to explore Korean investment opportunities in India during their four-day trip to the country.The team of representatives, composed of chief executives of three securities firms -- Daishin, IBK and Hanwha -- four asset management firms -- Samsung, Shinhan BNP Paribas, Kiwoom and Mirae Asset -- as well as Kwon Yong-won, head of the Korea Financial Investment

July 7, 2018

US operator lifts sanctions against Hana Financial

The Chicago Mercantile Exchange lifted its suspension of trading through Hana Financial Investment Co. ahead of schedule as of Friday, the South Korean financial entity said.In May, the CME group, the US derivatives exchange operator, barred the brokerage firm's access to its system for trading overseas futures and options for 60 days up until July 20. The US entity cited Hana's offering of incomplete and inaccurate information on account ownership and transaction rights to customers as a reason

July 6, 2018

US import curbs to deal heavy blow on S. Korean economy: report

The looming US import curbs including tariffs and quotas on South Korean goods are expected to take a toll on Korea’s economic indicators, a report showed Thursday.In the wake of regulatory measures starting this year on steel, washing machines and solar cells, Seoul is likely to see some $2.5 billion cut in exports and 16,000 potential job losses here and abroad.  According to a report released by the National Assembly Budget Office, a Korean steel import quota to the US -- equivalen

July 5, 2018

Forex reserves in Korea top $400b

South Korea’s foreign currency reserves hit an all-time high for four consecutive months as of June this year, central bank data showed Wednesday. Rising reserves, coupled with the moderate level of foreign currency debt and expense in foreign trade, translate into Korea’s robust external stability, according to the government.The accumulated volume of foreign currency reserves including gold came to $400.3 billion in Korea, up $1.3 billion, or 0.3 percent, compared to the previous m

July 4, 2018

Stocks find bottom, uncertainties to persist

South Korea’s financial market on Tuesday rebounded from Monday’s dip that had brought the top-tier Kospi and second-tier Kosdaq to the lowest in 2018.But analysts noted the market will remain exposed to external uncertainties including persisting trade war threats between China and the US, rate hikes from the US Federal Reserve in sight and widening currency volatility.  Stock markets in Korea found bottoms in Tuesday closing. The Kospi edged up 0.1 percent to close at 2,272.76

July 3, 2018

S. Korea to release FX intervention records in March

South Korea said Sunday that its records on currency market intervention in the second half of this year will be posted on the website of the Bank of Korea in March of 2019.The move is part of South Korea's efforts to boost transparency and clear itself of suspicion of exercising undue influence on exchange rates. The information subject to disclosure is the net amount of US dollars used for selling and buying by South Korea's currency authorities. The quarterly releases will begin in the third

July 1, 2018

Retail investors buy net W9.5t worth of local shares in H1: data

South Korea's retail investors bought up a net 9.5 trillion won ($8.52 billion) worth of local shares in the first half of 2018, as institutional investors and foreigners sold off their holdings, market data showed Sunday. Data by Korea Exchange and Koscom Corp. -- the systems manager of South Korean bourse operator -- revealed that the buying spree was the largest tallied for the six month period since 2000.The purchase data show small-time investors effectively buying up the net 4.4 trillion w

July 1, 2018

Financial regulator to apply new risk gauging system to business groups

The Financial Services Commission on Sunday presented a comprehensive risk management road map for business groups owning financial units, raising the baseline for capital adequacy. Starting Monday, the financial regulator is to activate a special supervision system seeking to detect the financial risk exposure level of subject groups and to prevent risk transfer among affiliates, it said in a release.During the six-month trial period, seven business groups -- Samsung, Hanwha, Kyobo, Mirae Asset

July 1, 2018

Startup True Short launches service tracking institutional short selling

South Korea‘s financial technology startup True Short unveiled Thursday a service that tracks information related to institutional short sellers’ activities.The service, run on paid subscriptions on True Short online platform, aims to enable retail investors to gain access to information exclusive to institutional investors and take pre-emptive actions against a possible fall in stock price due to institutional short-selling practice.The service offers a listed share‘s outstand

June 28, 2018