With US President Donald Trump casting doubt on the way the World Trade Organization categorizes global economies, South Korea’s finance minister said Friday that the government would take a cautious approach toward its developing-country status and the trade benefits that come along with it. “The other developing economies that are members of the WTO have been raising issues with the benefits that our nation receives through the developing country status, which is why now is the tim

Economy Sept. 20, 2019

Nearly 20 South Korean firms have posted stable operating profits consecutively on a quarterly basis since 2000, data compiled by a local corporate tracker showed Wednesday, reflecting their ability to manage financial health effectively for nearly two decades. According to the data released by CEO Score, 19 firms here have successfully kept their operating profit margin in positive terrain for 78 consecutive quarters, as of the second quarter this year. The data took 277 nonfinancial listed fir

Market Sept. 18, 2019

Shares of South Korean oil-related businesses posted mixed performances Tuesday, in the wake of Saudi Arabia’s decision to shut down nearly half of its oil production after a series of drone strikes on key installations. Shares of petroleum product distributor Joongang Enervis closed nearly 21 percent higher from the previous session, at 10,250 won ($8.61).  Hunggu Oil, which is engaged in the wholesale and retail sale of petroleum products, extended gains for the second day, and clos

Market Sept. 17, 2019

Robo-advisers, or digital algorithm-based wealth management services provided by investment firms, outpaced major indexes here last month, reflecting their ability to build a strong portfolio amid a bear market, data provided by a state-backed IT firm showed Tuesday.According to the data compiled by Koscom, return rates for risk-seeking, risk-neutral and risk-averse investments made via robo advisors in August came in at 0.1 percent, minus 0.51 percent and minus 1.18 percent, respectively. The d

Market Sept. 17, 2019

Samsung Fire & Marine Insurance said Monday it was granted a six-month exclusive license to offer long-term disability insurance in South Korea, making the firm the first to provide such a policy with a coverage period of more than three years. Long-term disability insurance allows workers to receive a portion of their salary if they are unable to work for a period deemed to be long by the insurance company, compared to short-term disability policies that usually require a waiting or elimina

Market Sept. 16, 2019

YG Entertainment -- recently shaken by a police investigation into its former CEO Yang Hyun-suk -- is expected to return an investment worth 67 billion won ($56.5 million) related to redeemable convertible preferred shares to French luxury giant LVMH next month, local reports said Monday. According to reports citing financial industry sources, the repayment date set for LVMH’s holdings of 1,359,688 redeemable convertible preferred shares of the entertainment agency is slated for Oct. 16. L

Market Sept. 16, 2019

South Korea’s tax burden per capita will stand at an estimated 7.5 million won ($6,300) next year, slightly up from this year, and is poised to grow through 2023, according to data released by the government Sunday. The data comes amid growing concerns about a heavy tax burden in relation to the government’s expansionist fiscal operations, including efforts to change the tax system. The tax burden per capita, which stood at an estimated 7.4 million won this year, will increase by nea

Economy Sept. 15, 2019

The Korea Herald is publishing a series of articles to look into the weakening of the global economic framework in light of fading liberalism and the rise of trade protectionism and nationalism. This is the second installment. -- Ed.The World Trade Organization was birthed in 1995 as an advocate of free trade, persuading global economies to lower trade barriers through yearslong rounds of negotiations. Though it has slowly been losing its clout in recent years, the WTO continued to shine as a be

Economy Sept. 11, 2019

The combined net profit of South Korea’s major brokerages for the first half of the year inched up 5.7 percent on-year, data released by the Financial Supervisory Service showed Tuesday, marking a new record high. According to the financial watchdog, the combined net profit of 56 brokerages for the January-June period came to 2.8 trillion won ($2.35 billion), slightly up from the corresponding figure of 2.7 trillion won from the same period last year, which was also then a record high. The

Market Sept. 10, 2019

In the hours following the South Korean Supreme Court’s decision to reject an appeal by the Financial Service Commission on imposing disciplinary actions on Samsung BioLogics, the biopharma firm’s stocks rallied on Tuesday.The biopharma arm of Samsung Group closed 1.25 percent higher from the previous trading session at 283,500 won ($237.58). 　 The Securities & Futures Commission, a legal watchdog under the FSC, filed an appeal at the Supreme Court in May, after the lower co

Market Sept. 10, 2019

Hyundai Motor and its affiliate Kia Motors said Monday that they will invest in Ionity, a joint venture by the world’s leading automobile giants to build a pan-European high-power charging network for electric vehicles.Hyundai Motor Group, parent firm of the nation’s top two automakers, has acquired a 20 percent stake in the joint venture in an effort to demonstrate its commitment to clean mobility, the firms said. Details such as the value of the deal were not provided.  Ionity

Mobility Sept. 9, 2019

In line with President Moon Jae-in’s tour of Southeast Asia this week, South Korean business leaders and ranking officials visited Myanmar, the reclusive country bordering China -- that is opening up now. Several of them chose to visit Myanmar exclusively –- from Tuesday to Thursday -- skipping Moon’s other destinations such as Thailand and Laos. Eyeing its economic potential and geographical attractiveness, they clinched new deals and partnerships with the country called

Economy Sept. 5, 2019

South Korean financial institutions KB Securities and JB Asset Management said Wednesday that an Australian borrower of their private equity real estate fund breached contracts by not carrying out investments as promised.According to them, Australian investor LBA Capital used the money from JB Australia NDIS Fund for some real estate transactions different from the original agreement. The fund was initially intended for investments in businesses related to the Australian government’s housi

Market Sept. 4, 2019

South Korean financial consumers chose Mirae Asset Daewoo as the nation’s top brokerage this year, a survey by the Korea Finance Consumer Federation showed Wednesday, as it outperformed competitors on criteria related to stability.The survey, conducted biannually by a major civic group for financial consumers here, involved more than 5,000 consumers and 56 local brokerages.  The civic group also took the firms’ financial soundness and business decisions into consideration.&

Market Sept. 4, 2019

South Korea’s lackluster initial public offering market is set to gain momentum in October, according to a local brokerage firm Wednesday, with some big names gearing up to get listed. “Companies that went public on the tech-heavy secondary Kosdaq bourse in August generated an average return rate of minus 18 percent, overall below the average return on the Kosdaq market, which shed 3 percent throughout the month,” analysts at SK Securities said. “Big firms such as Lo

Market Sept. 4, 2019