South Korean companies no longer see knowledge of Chinese characters and Korean history as necessary skills to include in resumes, a poll showed Monday.Obtaining respective qualifications concerning knowledge of Chinese characters and Korean history had been considered by local job seekers as quintessential specifications for employment for decades.The research, conducted by job researcher Saramin, involved 385 local firms. (Yonhap)Of the surveyed firms, 73.2 percent acknowledged there were qual

Industry April 22, 2019

JYP Entertainment founder and Chief Communications Officer Park Jin-young topped the list of stock-rich entertainment agency owners in Korea, data showed Sunday, amid the industry’s struggle to recover from an ongoing sex scandal involving multiple K-pop stars. The value of JYP stocks held by Park had increased 1 percent, or 1.9 billion won ($1.7 million), from the end of 2018, to 192.2 billion won as of Thursday, according to conglomerate research firm Chaebul.com. Park is the largest sha

Market April 21, 2019

Following the death of Hanjin Group Chairman Cho Yang-ho last week, the inheritance tax his bereaved family will have to pay is in the spotlight, with estimates suggesting as much as 200 billion won ($175 million).According to analysts, the lofty taxes could shrink the owner family’s stake. However, they also note that it is unlikely, reminding that the high inheritance tax rate is actually what drives the obsessive culture of family-monopolized management among conglomerates here. South K

Economy April 18, 2019

South Koreans holding office jobs spend over 1.4 million won ($1,235) annually on cash gifts for special occasions, a poll showed Monday. The research, conducted by job research portal Saramin, involved 435 local office workers. Cash gifts cost about 73,000 won on average per event, the survey revealed, and respondents attended an average of 1.6 events per month, so their monthly expenses on such gifts totaled about 117,000 won. Of the respondents, 74.3 percent cited “maintaining conn

Economy April 15, 2019

Local brokerages are projecting a rosy outlook with their high-risk investment products, amid an ongoing oil price rally coupled with signs of a weakened Korean currency, analysts said Sunday. “The record-high oil prices represent (a shift in investors’) preference for high-risk assets,” Oh Tae-wan, an analyst at Korea Investment & Securities, said.Last week, US oil prices rose to the highest level in more than a year with Brent crude futures, -- the international benchmark

Market April 14, 2019

South Korea’s Finance Minister Hong Nam-ki said Wednesday that he expects to draw up a supplementary budget worth less than 7 trillion won ($6.1 billion) to resolve domestic issues. The size of the budget “would not exceed 7 trillion won,” he explained, though the exact figure has yet to be confirmed. The government is expected to submit an extra budget bill to the National Assembly this month.On top of the stagnant global economy, the domestic issues include coping with fine d

Economy April 11, 2019

South Korea’s Mirae Asset Global Investments has been making notable strides in its global investments, which the firm attributed to more direct engagement in deals with overseas investment banks and pursuing a balanced portfolio. The Seoul-based asset management company has been clinching deals with foreign IBs through its global network and alternative investment portfolio. Its acquisition of US golf equipment brand Titleist in 2011, luxury hotel chain Four Seasons in Sydney and Fairmont

Market April 11, 2019

KUALA LUMPUR, Malaysia -- South Korean firms have been eyeing the expanding halal market for some years now, but technical difficulties in receiving certifications and a lack of expertise in attracting buyers continue to remain major hurdles.More than 20 local firms flew to Kuala Lumpur last week to participate in this year’s Malaysia International Halal Showcase -- considered the biggest annual halal trade fair in the world with participants from 700 firms in 44 countries. Malaysia is seen as a

Industry April 11, 2019

The volume of fixed-income securities issued by the South Korean government reached an all-time high of 48.5 trillion won ($42.5 billion) in the first quarter, according to the Korean Financial Investment Association on Wednesday. The figure was a 42.3 percent increase from the same quarter last year. It also surpassed the record set for the previous quarterly high -- 46.4 trillion for the second quarter of 2014. Net debt issuance also posted a quarterly high with 34.07 trillion won. Net debt is

Market April 10, 2019

Stock prices of South Korea’s flagship carrier Korean Air and Hanjin KAL soared Monday, buoyed with grave irony by the news of Chairman Cho Yang-ho’s death earlier in the day. Analysts are seeing the price soar as the “cruel effect” of an “owner risk” -- a risk that stems from investors’ distrust in the owner of a company -- which is more defined in Korea due to massive family-owned enterprises called chaebol.As of 10:10 a.m., Korean Air shares increased

Market April 8, 2019

Despite lingering concerns over the latest sex scandal surrounding a former K-pop boy band member, shares of major entertainment management agencies here are showing signs of rebounding, analysts said Sunday.Steering the possible rally could be a series of recent album releases by popular artists, such as Blackpink, EXO and Twice, and the upcoming discharge of megastar G-Dragon from military service.“There have been plunges in share prices across the entertainment sector amid dampening inv

Market April 7, 2019

KUALA LUMPUR -- With the launch of its halal trade fair this year, Malaysian officials pointed to South Korea as a viable halal market for growth, citing a growing number of Muslim tourists interested in visiting the Northeast Asian country.The 16th Malaysia International Halal Showcase kicked-off on April 3 in Kuala Lumpur with more than 800 exhibitors from about 44 countries participating in the event, to promote their interest in both the local and global halal market. Among them were South K

Industry April 4, 2019

Every spring, investors flock to annual shareholders meetings eager to gain a better insight into their companies and their plans for the year. 　But many South Korean firms have been receiving flak for the opaque nature of such meetings. Critics say the absent CEOs, run-of-the-mill presentations and even snubbing of shareholders at many meetings shows a lack of willingness to communicate. 　On March 20, over 1,000 investors rushed to attend Samsung Electronics’ 50th shareholders meeting at its he

Industry April 1, 2019

The number of South Korean firms that have delayed the filing of their annual reports this year nearly doubled compared to last year, data released by the nation’s main bourse operator showed Friday, in a phenomenon sparked by the reinforced external audit act. According to the Korea Exchange, seven Kospi- and Kosdaq-listed firms recently requested to extend the deadline for the filing of annual reports by one week to April 8, citing their failure to receive auditors’ opinions on the

Market March 29, 2019

South Korea’s financial firms are set to compete this week to be picked as outsourced chief investment offices in charge of the government’s unemployment and industrial accident insurance funds worth a total of 28 trillion won ($24.6 billion), sources said Wednesday. The Ministry of Employment and Labor will choose one brokerage and one asset management firm from a pool of bidders, to respectively manage a state-owned 10 trillion won unemployment insurance fund and an 18 trillion won

Market March 27, 2019