Korea Development Bank, a state policy bank under fire for mismanagement of bailed-out companies, said Thursday it would exit from its ownership of 46 companies this year, raising the count by 10 from its earlier plan. “From 2016 to 2018, we’ll be exiting from our investments in 132 nonfinancial companies,” the Seoul-based bank said in a statement.  Korea Development Bank headquarters (Yonhap)After the planned 46 sales this year, the auction process will begin for 44 companies in 2017 and for an

June 23, 2016

South Korea’s financial authorities are increasing their monitoring of the financial market in light of the vote opening on Thursday on whether Britain should leave the European Union. Global analysts have been cautioning that an exit vote would be devastating for the global economy, including Korea where British capital invested in local stocks accounts for over 8 percent of the total as of May this year. British Prime Minister David Cameron meets citizens in London on May 30, 2016. (Yonhap)“Th

June 23, 2016

[THE INVESTOR] South Korea’s Finance Minister Yoo Il-ho said Wednesday the government will devise a new set of economic policies to counter growing uncertainties and difficulties stemming from debt restructuring and decreasing number of jobs in the latter half of this year.In an economic-related ministerial meeting on Wednesday, Minister Yoo said the government needs to prepare for the worst through policy measures as the economy is expected to further deteriorate later this year.“The economy ha

June 22, 2016

South Korea’s Finance Minister Yoo Il-ho said Wednesday the government will devise a new set of economic policies to counter growing uncertainties and difficulties stemming from debt restructuring and decreasing number of jobs in the latter half of this year.In an economic-related ministerial meeting on Wednesday, Minister Yoo said the government needs to prepare for the worst through policy measures as the economy is expected to further deteriorate later this year.“The economy has recently show

June 22, 2016

[THE INVESTOR] Funds deposited in investment accounts reached a record 26.2 trillion won ($22.7 billion) as of last Friday on the back of low interest rates, according to the Korea Financial Investment Association on Tuesday.With the central bank slashing its key base rate to a historic low of 1.25 percent, investors have been either reallocating their money from bank deposits to investment accounts or parking their funds in securities accounts to invest in equities.Previous record deposit holdi

June 21, 2016

Funds deposited in investment accounts reached a record 26.2 trillion won ($22.7 billion) as of last Friday on the back of low interest rates, according to the Korea Financial Investment Association on Tuesday.With the central bank slashing its key base rate to a historic low of 1.25 percent, investors have been either reallocating their money from bank deposits to investment accounts or parking their funds in securities accounts to invest in equities.Previous record deposit holdings in investme

June 21, 2016

[THE INVESTOR] WeMade Entertainment, once a dominant game developer and publisher, is facing a slowdown as it struggles to release a game that can be a hit at home and abroad. The KOSDAQ-listed gamer, which brought fans blockbuster games such as “Candy Pang” and “Wind Runner,” performed below expectations in the first half of this year, with its highly anticipated role-playing action game “Soul & Stone” flopping early this year.Wemade‘s “Wind Runner” (WeMade)The company spent about 6 billion won

June 20, 2016

WeMade Entertainment, once a dominant game developer and publisher, is facing a slowdown as it struggles to release a game that can be a hit at home and abroad. The KOSDAQ-listed gamer, which brought fans blockbuster games such as “Candy Pang” and “Wind Runner,” performed below expectations in the first half of this year, with its highly anticipated role-playing action game “Soul & Stone” flopping early this year.                                                      Wemade‘s “Wind Runner” (WeMad

June 20, 2016

[THE INVESTOR] There is a saying, “Money does not grow on trees.” One has to work really hard to earn it.But making an honest buck in this age of low interest rates and low growth has become harder than ever.It is not as if Koreans do not work hard. In fact, Koreans work the longest hours after Mexicans among member countries of the Organization for Economic Cooperation and Development. Koreans worked 2,124 hours in 2014, according to the latest data. Working long hours does not necessarily mean

June 18, 2016

[THE INVESTOR] With the central bank slashing its benchmark interest rate to a historic low of 1.25 percent, putting money in bank accounts will not increase people’s income, as bank deposit rates will drop in line with the key base rate.Experts recommend reallocating funds in bank deposits to other assets that offer higher yields. Real estate may be an option, but not a lot of people can afford to invest in an apartment unless they borrow money from banks with low interest rates. Investing fund

June 17, 2016

With the central bank slashing its benchmark interest rate to a historic low of 1.25 percent, putting money in bank accounts will not increase people’s income, as bank deposit rates will drop in line with the key base rate.Experts recommend reallocating people’s funds in bank deposits to other assets that offer higher yields. Real estates may be an option, but not a lot of people can afford to invest in an apartment unless they borrow money from banks with low interest rates. Funds investing in

June 17, 2016

There is a saying, “Money does not grow on trees.” One has to work really hard to earn it.But making an honest buck in this age of low interest rates and low growth has become harder than ever.It is not as if Koreans do not work hard. In fact, Koreans work the longest hours after Mexicans in the Organization for Economic Cooperation and Development. Koreans worked 2,124 hours in 2014, according to the latest data.Working long hours does not necessarily mean that they work hard. But still, averag

June 17, 2016

[THE INVESTOR] Weak employment and low inflation led the U.S. Federal Open Market Committee to freeze its federal fund rate at 0.25 to 0.50 percent, extending the possibility and uncertainty over a rate rise, analysts say.The U.S. FOMC said that it will maintain its benchmark interest rate, but remains “accommodative,” indicating that it will adjust its monetary policy in accordance with conditions in the labor market and consumer prices.“In determining the timing and size of future adjustments

June 16, 2016

Weak employment and low inflation led the U.S. Federal Open Market Committee to freeze its federal fund rate at 0.25 to 0.50 percent, extending the possibility and uncertainty over a rate rise, analysts say.The U.S. FOMC said that it will maintain its benchmark interest rate, but remains “accommodative,” indicating that it will adjust its monetary policy in accordance with conditions in the labor market and consumer prices. Korean stocks fell to nearly a one-month low on Thursday as the U.S. Fed

June 16, 2016

Park Hyeon-joo is recognized as the brains behind the launch of Mirae Asset, one of Korea’s first asset managers to launch mutual and real estate trust funds in the country. As the founder and chairman of the firm, Park -- a graduate of Korea University in business administration -- worked his way up the corporate ladder at brokerages, and gained a keen trading sensibility. But like any great entrepreneur who has changed the world, Park was not alone in his quest to found Mirae Asset. The firm i

June 15, 2016

Attention is now being drawn to who chairman Park Hyeon-joo, although just 58 and in the prime of his life, will groom as his successor at Mirae Asset Financial Group. The founder, openly critical of the father-to-son transfers of control common in Korea’s large family-owned conglomerates, has said on multiple occasions that he will not pass down control of the group to his children. Local media paid keen attention, however, when Park Ha-min, Park’s eldest daughter, joined Mirae Asset Global Inv

June 15, 2016

Global investment banking giants lament that their glory days are over. But for many Koreans, investment banking is still finance’s final frontier, all the more fascinating because it seems far beyond their reach. Park Hyeon-joo, arguably the most successful financier born in Korea, eyes Korea’s presence in the world of investment bankers, from which existing players have been retreating. He aims to grow his Mirae Asset Financial Group into Asia’s leading investment bank. “I have been dying to d

June 15, 2016

South Korea is not likely to get its stock market included in the Morgan Stanley Capital International’s Developed Markets in the long run, as the financial authority remains unchanged over its currency exchange regulations, financial regulators and analysts said.The MSCI announced Tuesday in New York that the global index provider will not include Korea on its “review list” for potential reclassification of its stock market to advanced status at least until after 2017.“The recent changes announ

June 15, 2016

[THE INVESTOR] South Korea is not likely to get its stock market included in the Morgan Stanley Capital International’s Developed Markets in the long run, as the financial authority remains unchanged over its currency exchange regulations, financial regulators and analysts said.The MSCI announced Tuesday in New York that the global index provider will not include Korea on its “review list” for potential reclassification of its stock market to advanced status at least until after 2017.“The recent

June 15, 2016

[THE INVESTOR] As the vote over whether Britain should leave or remain in the European Union is drawing near, analysts are issuing a series of warnings that Britain’s EU exit, or “Brexit,” would have a severe impact on the global economy.A Brexit would also deal a blow to Korea, whose biggest free trade partners include the EU, as investors are expected to pull their funds out of Asian markets exposed to risks stemming from Britain’s EU referendum.(Yonhap)Confidence has already begun to be negat

June 14, 2016