Articles by Son Ji-hyoung
Son Ji-hyoung
consnow@heraldcorp.com-
K-water hosts seminar on water resource management for Southeast Asian delegates
The state-led Korea Water Resources Corp., also known as K-water, has invited 18 public servants from Southeast Asian nations to a seminar designed to help enhance the capability to manage water resources. Officials of Southeast Asian countries and K-water pose during a seminar on ways to improve water supply systems and water quality, in Daejeon. (K-water)The seminar dubbed “Water Resources Development and Management” kicked off Monday and runs through Sept. 6. Held in Daejeon, a city 140 kilo
Industry Aug. 23, 2018
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NongHyup Bank acquires Cambodian microfinance institution
Seoul-based NongHyup Bank said Wednesday it gained regulatory approval Friday for operation of the Cambodian microfinance institution Samic that Nonghyup acquired in July.The Phnom Penh-based institution has been renamed NongHyup Finance Cambodia, following approval of the acquisition by the Cambodian Ministry of Commerce and National Bank of Cambodia. In July, the NBC greenlighted NongHyup Bank’s takeover of 100 percent of shares of Samic.It will begin operation in late August, according
Market Aug. 22, 2018
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Shinhan gears up for ING Life takeover
Shinhan Financial Group is gearing up to raise 400 billion won ($357.5 million) through debt funding in its move to take over ING Life Insurance Korea. If Shinhan manages to raise the capital through hybrid tier-1 contingent convertible (CoCo) bonds as pledged on Friday, this year it will see its capital increase some 1.1 trillion won.In March, Shinhan Financial Group issued 150 billion won worth of won-denominated hybrid CoCo bonds to local institutional investors. Also in August, $500 million
Market Aug. 22, 2018
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[Herald Interview] Screening matters in crowdfunding: Crowdy
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 21st installment. -- Ed.In June, the South Korean mobile game software developer iPeoples reneged on a promise to give 10 percent returns to those investing through an equity crowdfunding platform.The developer of the mobile game “Blue Marble M” was estimated to have crowdsourced 700 million won ($626,300) from some 770 investors by issuing bonds. It promised
Market Aug. 21, 2018
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Alipay launches mobile tax refund service for tourists to Korea
Chinese mobile payment platform Alipay announced Monday it had launched a mobile tax refund service so users could claim refunds without visiting offline duty-free shops in airports or cities. To launch Alipay’s first tax refund service via mobile phone, the Korean unit Alipay Korea partnered with Global Tax Free, a Kosdaq-listed tax refund service provider for foreign tourists.Those buying products at shops supporting services by Global Tax Free -- in seven airports and three harbors
Market Aug. 20, 2018
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Weaker dollar eases S. Korea market woes
Downward pressure on South Korea’s markets appears to be on the wane, as the US dollar is taking a breather against currencies in emerging markets including Korea. After opening higher on Monday morning, both the Kospi and the Kosdaq lost their earlier gains in the afternoon. The top-tier Kospi remained nearly flat, edging up 0.04 percent at closing, while the Kosdaq was down 0.3 percent. Markets here rebounded Friday from the price floor they had hit earlier last week, while signs o
Market Aug. 20, 2018
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[Kosdaq Star] Strong Q2 backs DoubleU Games’ plan to move to Kospi
This is the 60th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.Listed game software developers in South Korea suffered lackluster performance in the second quarter this year due to sparse new releases coupled with external uncertainties.Moreover, analysts have considered the second quarter a typically low season for the gaming industry.This downtrend makes social casino game developer DoubleU Games’ earnings surprise in the quarter stand ou
Market Aug. 19, 2018
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Indonesians in South Korea can send money home faster with new service
Seoul-headquartered KB Kookmin Bank said Friday that it had launched a more efficient money-transfer service Thursday for its Indonesian customers, who can now convert South Korean won directly to Indonesian rupiah with no need to convert funds to US dollars first. The commercial bank teamed up with Bank Negara Indonesia to lower the cost of converting currencies and make it possible to send money faster, KB Kookmin Bank said. Normally, to remit funds to Indonesia, a double-conversion proc
Market Aug. 17, 2018
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Samsung Electronics pulls along H1 growth in Kospi earnings
South Korea’s listed companies experienced lackluster earnings in the second quarter despite on-year growth in the first half of the year largely driven by Samsung Electronics, data showed Thursday. The combined first-half operating profit of 641 companies trading on the Kospi, including Samsung Electronics, jumped 18.6 percent on-year, while combined net profit surged 7.6 percent. However, if the data excludes Samsung Electronics, the figures significantly slid. The combined operating pro
Market Aug. 16, 2018
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Korean white hat hackers win CTF competition in US
South Korean white hat hackers took the first place in the Defcon 26 Hacking Conference Capture the Flag Competition held in Las Vegas from Thursday through Sunday, according to Raonsecure Tuesday. White hat hackers refer to security experts who identify security flaws and defend against hacking attacks on a website, while Capture The Flag means an information security competition. (Raonsecure)This marked the second time that the team representing Korea, defkor00t, became the winner in the US co
Industry Aug. 14, 2018
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Emerging market woes send Kospi to 15-month low
South Korea’s stock markets sank Monday on emerging market instability triggered by the sliding Turkish lira coupled with negative investor sentiment toward listed Korean biotech companies. The top-tier Kospi dipped 1.5 percent to close at 2,248.45, the lowest since May 4, 2017, following a foreign sell-off of 172.5 billion won ($152.2 million). The second-tier Kosdaq shed 3.7 percent to close at 755.65. Foreign and institutional investors net sold shares worth 158.1 billion won on Kosdaq.
Market Aug. 13, 2018
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BOK calls for Korea’s 'fundamental' shift in exports to China
South Korea’s exports to China maintained on-year growth, overcoming the downtrend until 2016, while new research by the central bank hinted at the need for Korea to shift away from its focus on exporting manufactured goods to China to continue the uptrend.From Aug. 1-10, the volume of Korean exports to China jumped 28.8 percent compared to the previous year, according to data compiled by the Korea Customs Service on Monday. This came alongside the on-year growth streak in 2018 until July.
Market Aug. 13, 2018
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Weaker Q2 earnings weigh on market
Preliminary earnings of South Korean listed companies are vindicating analysts’ downward revisions of their Q2 projections, due to a lingering US-China trade war impact, data showed Sunday. Of 145 companies listed on the top-tier Kospi, covering nearly three-quarters of the market cap or a combined 1,099.3 trillion won ($973.3 billion), 72 reported earnings within 10 percent of the market consensus, according to data compiled by KB Securities as of Thursday. Of the remainder, the majority
Market Aug. 12, 2018
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[Eye Plus] Theme park in abandoned gold mine
Light of various colors from gold to different shades of blue fills a 7.8-kilometer man-made cave located some 12 kilometers southwest of Seoul.The dazzling beams from light-emitting diodes, coupled with an indoor temperature of around 12 degrees Celsius throughout the year, make Gwangmyeong Cave an ideal shelter from the notorious heat this summer.Opened to the public since 2011, the suburban theme park features the nation’s largest 41-meter dragon sculpture, a 194-meter wine cave with a tastin
Culture Aug. 9, 2018
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Moin resumes cross-border wire transfer with China
South Korean financial technology startup Moin resumed its cross-border money transfer service without currency conversion fees double-charged to residents in China, starting Aug. 1, according to Moin on Wednesday. This came after Moin’s remittance service with China was suspended since May 2017. Taking advantage of Moin’s prefunding scheme, those who receive money transferred from Korea will not be charged won-to-dollar and dollar-to-yuan conversion fees, unlike interbank meth
Market Aug. 8, 2018
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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