Mirae Asset Global Investments, a local asset manager, said Monday that it has earned about 160 billion won ($135 million) in profit through the sale of a premium office building in Germany.The asset management unit of Mirae Asset Financial Group has signed a deal to sell Taunusanlage 8, a prime office building located in Frankfurt, for 400 million euros ($449 million), the company said in a press release. Having acquired the building in 2017 for 280 million euros through a private equity f

Industry June 17, 2019

Responding to mounting speculations that South Korea’s central bank may soon lower the policy rate amid uncertainties, Treasury bond interest rates hit a record-low this year, market observers noted Sunday.Gold price, in contrast, has remained strong and hit a new high, reflecting investors’ increasing appetite for low-risk assets.The yield on three-year Treasury bonds closed at 1.470 percent on Friday, marking the first case that the figure fell under 1.5 percent since November 2016

Economy June 16, 2019

INCHEON -- The world’s top five intellectual property offices have agreed on cooperation to improve the global patent system in step with technological changes brought by the “fourth industrial revolution,” the Korean Intellectual Property Office said Thursday.The annual gathering of IP5, which kicked off Tuesday in Songdo, Incheon, under KIPO’s chairmanship, came to an end Thursday after three days of deputy- and head-level conferences, business roundtables and individua

Industry June 13, 2019

INCHEON -- The world’s top five intellectual property offices have gathered this week in Songdo, Incheon, under South Korea’s chairmanship to discuss cooperation in light of the “fourth industrial revolution” amid the rising importance of intangible knowledge-based assets, according to the Korean Intellectual Property Office.The annual roundtable of IP5 kicked off on Tuesday to run through Thursday, marking the third such event to be held in Korea, since the first in 2008

Industry June 12, 2019

South Korea’s top fiscal policymaker and the chief of the International Monetary Fund have agreed that Asia’s fourth-largest economy needs to continue its current pump-priming policies in order to respond to external risks and to boost growth, the Ministry of Economy and Finance said Monday.The finance minister also pledged his dedicated efforts to effectuate the government’s supplementary budget bill worth 6.7 trillion ($5.7 billion), which has been pending here since late Apr

Economy June 10, 2019

The Korea Herald is publishing a series of articles and videos about some of the most expensive and fascinating landmark office buildings in Seoul. -- Ed.The real estate market for office buildings, which involves multibillion-won units even for average transactions, tends to be defined by lump-sum landmark deals. Investor attention is usually fixed on the most expensive item on the market, the tallest building in the city or country, or the most commercially active complex.But when the seller o

Industry June 9, 2019

The Financial Supervisory Service has decided to take disciplinary action against major securities firms for lax control on their overseas stock trading systems, officials said Friday.　The financial market watchdog earlier conducted an investigation on 17 local brokerages, of which more than 10 turned out to have loopholes in their foreign stock trading systems, according to officials.The list included major players such as Korea Investment & Securities, Samsung Securities, NH Investment &am

Market June 7, 2019

Big Hit Entertainment, the agency that represents the globally popular K-pop band BTS, has surpassed $1 billion in corporate value, a local think tank said Thursday.According to a report released by the Hyundai Research Institute, the value of the agency is estimated at between 1.28 trillion won ($1.08 billion) and 2.28 trillion won. With the valuation, the company was classified as a unicorn, meaning a nonlisted venture valued at over $1 billion.Last year, the company scored 214.2 billion won i

Industry June 6, 2019

The price of gold on South Korea’s bourse reached the highest level in three years this week, reflecting the market’s preference for risk-free assets amid persistent volatility, data showed Thursday.According to the Korea Exchange Gold Market, the price of gold closed at 50,430 won ($42.80) per gram Wednesday, down 30 won from the previous day’s close but up 9.06 percent from the beginning of the year.Tuesday’s closing price of 50,460 won per gram marked the highest since

Economy June 6, 2019

The government is considering raising the purchase limit at departure duty-free shops from the current $3,600 and the tax exemption limit from the current $600, officials said Tuesday.“In consideration of increased national income and inflation, (the government) is reviewing the need and means to raise the limit of purchase and tax exemption at duty-free shops,” the Ministry of Economy and Finance said in a release.The decision will be confirmed later this month, when the ministry an

Industry June 4, 2019

South Korea’s consumer price growth remained below the 1 percent level for the fifth consecutive month in May, due to a decline in price of petroleum products and increased welfare costs, government data showed Tuesday.The latest figures, which fell far below the Bank of Korea’s consumer price target of 2 percent, are once again seen as a signal that the central bank may consider a policy rate cut within the year. The consumer price index stood at 105.05 in May, up 0.7 percent from a

Economy June 4, 2019

The chief of South Korea’s central bank on Monday urged the nation to build economic resilience to external shock factors, amid the prolonged US-China trade conflict and its negative impact. He also reiterated the need for structural reform to rev up the country’s growth potential and job creation capacity. “Global economic linkages have been slowing lately due to the impact of the trade dispute (between Washington and Beijing),” said Lee Ju-yeol, governor of the Bank of

Economy June 3, 2019

South Korea will host the annual roundtable of IP5 -- the world’s top five intellectual property offices -- in Incheon’s Songdo on June 11-13, the Korean Intellectual Property Office said Sunday.“This year’s event will be the third IP5 forum to be held here, since the first one in 2008 in Jeju Island and the second one in Busan in 2014,” KIPO said in a release.“It will be attended by over 100 key officials, including the chiefs of the IP5 offices, director gen

Industry June 2, 2019

The United States Treasury Department has kept South Korea on its monitoring list for currency manipulating countries, suggesting a possible removal in the next report, the Ministry of Economy and Finance said Wednesday.In a semiannual report submitted to Congress on Tuesday, the US Treasury also named eight other trading partners as those requiring attention regarding their currency practices. The list comprised China, Japan, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.Also, Korea

Economy May 29, 2019

Kim Beom-seok, also known as Kim Bom, CEO of South Korean e-commerce company Coupang, has been named one of the most creative business leaders by US business magazine Fast Company, officials said Monday.Kim ranked 23rd on the magazine’s 10th annual list of the 100 most creative people in business this year, in recognition of the company’s innovative delivery system and its impact on the e-commerce industry.The Korean company was especially recognized for its fast delivery system, whi

Industry May 27, 2019