JB Financial Group on May 4 reported that its first-quarter net income grew 36 percent on-year to 64.2 billion won (US$59.60 million). Its banking unit Jeonbuk Bank led the group’s earnings performance, with quarterly net income soaring 172.5 percent to 24.9 billion won. Other key units Kwangju Bank and JB Woori Ca...
Investments supported by so-called robo advisors, or computer programs that make financial decisions, outperformed the overall market in South Korea last month, when the local stock market remained bearish, data showed on Sept. 17. According to the data from Koscom, the system manager of the Korean bourse operator Korea Exchange, robo advisors designed for stable investment posted an average return rate of minus 0.1 percent last month. The average return rates for robo advisors structured
South Korea is expected to experience a drop in its trade surplus if the United States and Japan successfully clinch a free trade agreement, a think tank said Sept. 16. Washington and Tokyo started their FTA negotiations in April, with the two anticipated to come up with significant progress soon. If the two countries reach a deal, Korea is expected to experience a decrease of up to $27.5 billion in its annual trade surplus, according to the Korea Economic Research Institute. Major victims would
South Korea’s tax burden per capita will stand at an estimated 7.5 million won ($6,277.94) 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, despite 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 n
South Korea is set to exclude Japan from its export control whitelist this week in response to Tokyo’s earlier decision to remove Seoul as a preferred trading partner and impose tighter controls on exports of high-tech materials that Korean tech firms need, officials said Sept. 15. Since the Aug. 12 announcement by Industry Minister Sung Yun-mo that Korea would drop Japan as a preferred trading partner, the ministry has completed the necessary administrative steps, such as soliciting opini
South Korea’s leading businesses are increasing their presence on Dow Jones indices, indicating improvement in the sustainability of companies from Asia’s fourth-largest economy, according to the firms on Sept. 15. SK Telecom, the country’s biggest mobile carrier, said it has been included on the Dow Jones Sustainability World Index for the 12th consecutive year. The telecom giant’s record marks the longest period on the index among Korean businesses and the first a
KleanNara, Seoul-based personal hygiene goods maker, denied on Sept. 11 rumors that its owner family, including the largest stakeholder Choi Jung-kyu are looking to sell their stake in the company.“We have inquired with our largest shareholder about the stake sale rumor and would like to announce that it is not true,” Kleannara said in a disclosure. This came as KleanNara, trading on Korea’s main bourse Kospi, was ordered by the Korea Exchange to clarify the rumor by 12 p.
SK Holdings, the holding company of the country’s energy-to-telecom-focused SK Group, said on Sept. 10 it plans to launch a $1 billion investment fund with the Korean Teachers’ Credit Union next month to explore overseas investment opportunities. In an initial agreement, the two will make 50:50 investments in new businesses and overseas companies that have innovative technologies, a company spokeswoman said. SK Holdings and the credit union plan to form the fund by the end of
South Korea’s Industry Ministry said Sept. 10 it plans to install some 1,200 hydrogen charging stations across the country by 2040 in line with its vision to utilize hydrogen as the main source of energy. In a bid to promote the awareness of such a hydrogen charging station, the ministry held a ceremony to open a new hydrogen charging station at the National Assembly building in western Seoul. The charging station is capable of supplying hydrogen to more than 70 automobiles every day. Curr