As South Korean companies have recently withdrawn their earlier plans to go public, concerns have been mounting that the lackluster initial public offering market remains exposed to lingering external uncertainties in the fourth quarter.Since October, two companies -- Dreamtech and Plakor -- said in financial statements they would withdraw from IPO plans, citing “the current stock market situation that makes it hard for investors to discover the price of a company.” Dreamtech, an ele

Market Nov. 4, 2018

It has been a decade since South Korea started issuing short-term visas for foreigners seeking medical treatment here as part of measures to boost medical tourism.Since then, the medical tourism market has expanded rapidly, with the number of annual foreign visitors for medical treatment here rising 52.2 percent in the four years through 2017 to some 321,600, according to data compiled by the Korea Health Industry Development Institute.However, the number dropped by 11.7 percent on-year in 2017

Technology Nov. 1, 2018

SK Holdings has been recognized for the best practices in environmental responsibility, social responsibility and governance and for its shareholder-friendly approach and sustainability in entrepreneurship, the company said Thursday. SK Holdings CEO Jang Dong-hyun (SK Holdings)The firm earned the “A+” ESG rating from the Korea Corporate Governance Service for a second consecutive year in 2018. This year, KCGS evaluated ESG scores of some 930 listed companies and financial companies in Korea. A h

Industry Nov. 1, 2018

South Korea’s National Pension Service, the third-largest pension fund in the world, has taken over 5 percent in losses from domestic stocks from January to August, hit by the ongoing bearish trend in the local stock market this year.  The public pension fund, overseeing 650.9 billion won ($571.8 million) in assets as of end-August, yielded 2.3 percent return from its investments, according to its disclosure Tuesday. The NPS invests in various asset classes including equities and fixe

Market Oct. 31, 2018

A new set of regulations for local banks is set to take effect Wednesday, with the aim of further slowing down the pace of South Korea’s household credit growth. The full-fledged enforcement comes after a grace period that began in March, during which commercial banks had to cap the volume of the high-risk retail loans they extended. Starting Wednesday, commercial banks are required to keep “highly risky loans” to individuals to no more than 10 percent of the volume of all hous

Market Oct. 30, 2018

Stock markets in South Korea continued to slide for a fourth consecutive trading day, setting a new low for 2018 yet again, amid persisting downward pressure on markets at home and abroad. Analysts noted the unhindered pace of monetary tightening in the United States, Korea’s sluggish economic growth prospect and an escalating trade war between the US and China bode ill for a momentum for a swift rebound in stock index performance and a turnaround from foreign investor outflow.  The t

Market Oct. 26, 2018

South Korean internet services provider Kakao confirmed Thursday its employees have created an in-house labor union that aims to challenge the company’s current wage system.Kakao marked the fourth information technology company in Korea to see an organization to represent workers’ rights, following Naver, Nexon and Smilegate. Prior to the launch, the union was affiliated with the Korean Chemistry & Textile Federation of Unions. (Kakao)“We respect the launch of the labor union and their activitie

Industry Oct. 25, 2018

This is the 62nd in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.There is growing anticipation for a turnaround in at Gamevil, a developer and publisher of mobile games, after the global market reacted positively to its recent releases and news of releases slated for the fourth quarter.On Friday, Gamevil’s stock price jumped sharply, closing 14.9 percent up from Thursday. Its market cap came to 361.4 billion won ($319.2 million), ranking 121s

Market Oct. 21, 2018

Stricter compliance regulations are to be adopted for financial institutions within the watchdog’s jurisdiction to enforce stricter internal control and prevent errors and fraud, according to the market watchdog Financial Supervisory Service.According to a preliminary set of measures unveiled Wednesday, at least 1 percent of the entire staff and executives in a financial institution should be assigned to compliance operations, while compliance officers must be executives of the company wit

Market Oct. 17, 2018

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 23rd installment. -- Ed.For about a decade before Chung Woo-young founded mobile biometrics developer startup Winningi in 2015, he was a forensic technician who worked for the National Police Agency in South Korea. He was engaged in the nation’s project to collect and manage some 56 million fingerprint records of residents in the nation with a population of 51.2 mil

Market Oct. 16, 2018

Facing a wave of mobile-first digital transformation, traditional media contents like recorded video, comic books and studio albums give way to live-streaming video services, webtoons and digital songs. Southeast Asian countries are no exceptions from such digital transformations, both posing challenges and heralding new opportunities to Korean business entities, Lee Sung-min, research associate at the state-led Korea Culture and Tourism Institute, told audience at a business forum hosted by The

Industry Oct. 16, 2018

South Korea’s stock markets were routed Thursday following a plunge in stocks at Wall Street amid surfacing doubts about current tech stock valuations in the United States and fears on lingering US-China trade war threats.Analysts said the market correction in the US triggered a ripple effect on Korean stock markets along with other Asian stocks, drawing concerns about what they call “the biggest external market risk.”Both the top-tier Kospi and the second-tier Kosdaq suffered

Market Oct. 11, 2018

President of Estonia Kersti Kaljulaid said Wednesday its e-Residency program has the potential to expedite Korean business entry into the European Union by encouraging applications for the nation’s program that offers foreigners a digitally encrypted and protected identification system.E-Residency refers to a digital identification system that involves blockchain technology without the use of cryptocurrency, so people in and out of Estonia can apply for it regardless of citizenship or location.

Technology Oct. 10, 2018

The South Korean startup 8Percent, dedicated to peer-to-peer financing to individuals and small-sized business owners, announced Wednesday it had drawn a combined 6 billion won ($5.3 million) in investments from three venture capital firms. The investments will be used to develop new credit analysis models, advance banking system and improve the profitability of lenders -- or investors into notes of borrowers -- the company said. One of the venture capital firms involved was DSC Investment, whil

Market Oct. 10, 2018

Ever since the decision two years ago to delay the closing time of the nation’s securities market by 30 minutes, market authorities and labor activists have been in a heated debate, with unions saying the extended trading hours place an undue burden on employees without conferring significant benefits in terms of transaction volume. The issue is to take center stage at this week’s National Assembly audit, with Korea Exchange Chairman Jung Ji-won having been called as witness to

Market Oct. 9, 2018