Mirae Asset Daewoo said Monday that its Hong Kong branch has become the first South Korean brokerage to become an initial public offering underwriter on the US’ Nasdaq exchange for German biotechnology firm BioNTech. BioNTech raised $150 million in its IPO last month and started trading on Oct. 10. The firm’s shares were trading at $16.52 on Monday and its market value currently stands at around $3.7 billion.  Established in 2008, it specializes in so-called messenger RNA or mRN

Market Nov. 4, 2019

Despite their disappointing earnings results so far, major South Korean listed firms are likely to see a robust performance next year in line with the recovery in the global chip industry, data compiled by a local market tracker showed Monday.According to FnGuide, the combined operating profit of 279 publically traded companies is projected to climb 26 percent next year on a consolidated basis to 165.8 trillion won ($142 billion) from 131.6 trillion won this year.Their net profit and sales are p

Market Nov. 4, 2019

Woori Financial Group said Friday that it has helped finance small and midsized companies and startups with 6.6 trillion won ($5.6 billion) in loans as of September. The announcement came a day after Woori held a meeting of its innovation finance committee to discuss both existing and future plans to support SMEs and startups. The committee, led by Woori Financial Group Chairman Sohn Tae-seung, was launched in May in an effort to improve access to financing for SMEs and startups.  The lates

Market Nov. 1, 2019

IT giant Kakao and the nation’s third-largest conglomerate SK Group saw the biggest increase in their number of affiliates in the past three months among the country’s largest business groups, data showed Friday, reflecting their aggressive expansion plans. According to data released by the antitrust watchdog Fair Trade Commission, Kakao took 17 affiliates under its wing from August to the end of October, the highest number among other large businesses in the three-month period. SK G

Industry Nov. 1, 2019

Regarding the US Federal Reserve’s latest decision to cut interest rates, South Korea’s central bank on Thursday said the move will have a positive impact on the local economy, though other factors will be considered for its own rate cut decision.“On the principle that a US rate cut leads to a rise in stock prices and interest rate cuts, the latest decision is expected to contribute to growth in the global economy,” Yoon Myun-shik, senior deputy governor of the Bank of Ko

Market Oct. 31, 2019

The head of South Korea’s self-regulatory organization of the financial investment services industry refused to step down on Wednesday despite a public outcry over recent allegations of verbal abuse of his staff -- behavior dubbed “gapjil” in Korean.“I have decided to continue as Korea Financial Investment Association chairman until the end of my term,” Kwon Yong-won said in a press conference held at the organization’s headquarters in Yeouido. “I w

Market Oct. 30, 2019

Kyobo Life Insurance said Wednesday it had developed the world’s first artificial intelligence-based underwriting system that automatically analyzes and approves contracts with clients. The system -- named “BARO” in abbreviation of best analysis and rapid outcome -- employs machine learning technology, along with the ability to process large amounts of natural language data, according to the insurer. Like a human underwriter, BARO has the ability to insure or reject client

Market Oct. 30, 2019

CORPORATE PR AWARDS/ GRAND PRIZESK TELECOMBy Yong Chul-yoonExecutive vice president of Communication CenterEarlier this year, SK Telecom’s innovative roaming service Baro won the best mobile technology breakthrough award in Asia at the 2019 Asian Mobile Awards. The event, held as part of this year’s Mobile World Congress in Shanghai, is Asia’s most prestigious award for the mobile and telecommunication industry. It is hosted by the GSM Association, which runs the annual MWC.&nb

Industry Oct. 29, 2019

CREATIVE AWARDS/ GOLD PRIZESHINHAN CARDBy Kim Il-bongGeneral manager of Brand CommunicationWe would first like to thank our customers who have always had faith in us. Shinhan Card is honored that The Korea Herald has recognized its “My DIY series: Deep Making Deep Taking Card” advertisement. With the beginning of a new digital era, Shinhan has deeply considered ways to provide customized services through technologies such as big data and artificial intelligence. The “Deep

Market Oct. 29, 2019

Hanwha Systems, the defense technology unit of Hanwha Group, announced Monday that it is expected to raise as much as 460.1 billion won ($393.7 million) for its initial public offering and join the benchmark Kospi by the end of next month. The firm is offering around 32.9 million shares at 12,250 won to 14,000 won apiece, the firm said in a press conference. The exact share price will be determined Wednesday through book building before receiving investor orders Nov. 4-5.  NH Investment &am

Market Oct. 28, 2019

South Korean brokerages posted worse-than-expected third-quarter net profit, data from the Financial Supervisory Service showed Sunday, with the lackluster performance attributed to a sluggish stock market coupled with local investors’ soured sentiment toward derivative products. According to the FSS’ electronic disclosure board, five major brokerages that have disclosed their third-quarter earnings report all saw substantial drops in net profit on-quarter and fell short of market ex

Market Oct. 27, 2019

The nation’s sole stock bourse operator said Thursday that is has launched an online platform to support merger and acquisition deals of South Korean firms overseas. According to the Korea Exchange, the platform aims to connect local firms with materials and parts firms in ASEAN and other economies. The new system will provide smoother transactions in the M&A deal-making process. It will provide a list of overseas candidates reviewed by global M&A advisors, including New York-based

Market Oct. 24, 2019

KB Financial Group said Thursday that the current CEO of its commercial banking unit, Hur Yin, has been tapped as a contender for the lender’s chief executive position for a second term, strongly hinting that the incumbent chief will remain in his role. Hur’s current and first term is set to expire later this year. But he is widely expected to remain KB Kookmin Bank CEO for another year, having drawn praise for his leadership after the financial group separated the roles of group cha

Market Oct. 24, 2019

South Korea’s two major carriers Korean Air and Asiana Airlines have received a combined 2.1 billion won ($1.79 million) from selling airline miles to commercial lenders in the past four years, Financial Supervisory Service data showed Wednesday. The data comes amid criticisms of local airlines bagging profits from mileage deals with financial institutions, despite some clients’ complaints of strict conditions and terms surrounding the use of the miles. Calls for transparency in the

Market Oct. 23, 2019

As South Korea’s rapidly aging population seeks simple solutions for retirement investments, the nation’s target-date fund market has been growing at a rapid pace in recent years, data compiled by The Korea Herald showed Tuesday. Target-date funds are usually long-term investments and classes of mutual funds that rebalance the ratio of different assets in the investor’s portfolio over time. High-risk assets such as stocks account for the larger portion of the investment when th

Market Oct. 22, 2019