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[Newsmaker] Jackpot or bubble? KakaoBank IPO sizzles
MarketsAug 5, 2021
If Friday’s IPO reaches daily upper limit, market cap of mobile-only bank might rise on par with Hyundai Motor
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Seoul stocks snap 3-day winning streak on bio, tech lossesMarketsAug 5, 2021South Korean stocks snapped a three-day winning streak Thursday on investors attempted to lock in profits from the recent gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slipped 4.25 points, or 0.13 percent, to close at 3,276.13 points. Trading volume was moderate at about 671 million shares worth some 11.7 trillion won ($10.2 billion), with gainers outnumbering losers 518 to 308. Foreigners bought a net 70 billion won, while retail in -
Insurance companies roll out products targeting young KoreansMoneyAug 5, 2021Insurance companies, typically some of the most conservative firms in finance, are rolling out subscription services and setting reasonable payment terms to meet the needs of young Koreans in a bid to secure future customers. Hanwha Life Insurance said Thursday it has launched three subscription insurance products. Unlike other insurance products that dole out money only when customers are deceased, injured or hospitalized, the company offers benefits related to daily consumption. “The
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Amid prolonged pandemic, small businesses teeter over piling debtEconomyAug 5, 2021Virus-battered self-employers lay off workers, rely on credit loans, data shows -
SK REIT gears up Kospi market debut in SeptemberMarketsAug 5, 2021SK REIT, the first real estate investment trust from South Korea’s third-largest conglomerate SK Group, said Thursday that it has begun the process for an initial public offering on the country’s benchmark Kospi in September. The REIT obtained approval on its registration statement from the Financial Service Commission. The REIT aims to raise 232.6 billion won ($203.7 million) from the IPO by floating around 46.5 million new shares at 5,000 won apiece. Book building for instituti -
Veteran financial bureaucrat tapped as top financial regulatorEconomyAug 5, 2021Koh Seung-beom, who was nominated to lead the Financial Service Commission (FSC), is an expert with extensive experience in dealing with economic and financial policies. Born in 1962, Koh, currently a member of the Bank of Korea (BOK)'s rate-setting board, passed the civil service exam in 1984, spending most of his career as a public servant at the finance ministry and the financial regulator. The nominee was in charge of major financial policies over household debt, the capital market and cor -
S. Korea to increase stockpile of rare metals amid soaring demandEconomyAug 5, 2021South Korea said Thursday it will increase its stockpile of so-called rare metals, in line with growing demand from emerging industries, such as electric cars and rechargeable batteries. Under the plan, the country will seek to maintain at least 100 days' worth of rare metals to cope with potential uncertainties in their supply, significantly up from the current 56.8 days, according to the Ministry of Trade, Industry and Energy. South Korea has been designating 35 different kinds of resources -
New trade minister tasked with post-pandemic trade recoveryEconomyAug 5, 2021Yeo Han-koo, who has been tapped as South Korea's new trade minister, is tasked with a mission to maintain a recovery in exports amid the virus pandemic and expand its trade portfolio with emerging economies. The 51-year-old bureaucrat has served various positions at the trade ministry, before taking the current position as the presidential secretary for New Southern and New Northern policies. "We anticipate that Yeo will successfully carry out pending issues, including coping with the ne -
Debt rollover for pandemic-hit merchants to be discussed soon: finance ministerEconomyAug 5, 2021Finance Minister Hong Nam-ki said Thursday the government will discuss with local banks whether to further roll over the debt and interest payments of small merchants hit hard by the pandemic. Since April last year, the government has encouraged local banks to extend loan maturity and hold off interest payments for micro business owners to help them cope with the fallout of the pandemic. The measures, which have been extended by six months twice, are set to expire at end-September. "The g -
Online lender Kakao set to debut on stock marketMarketsAug 5, 2021South Korean internet-only bank is slated to debut on the country's main stock market this week in one of this year's mega initial public offerings. Kakao Bank will make its debut on the KOSPI market Friday, with its public offering price set at 39,000 won ($34.1). Kakao Bank, the larger of South Korea's two online lenders, hopes to raise 2.55 trillion won via its listing on the main bourse. Its IPO has drawn a rather tepid response from retail investors with the subscription rate standing at -
Seoul stocks open higher on bio gainsMarketsAug 5, 2021South Korean stocks opened higher Thursday, backed by strong advances in major bio stocks. The benchmark Korea Composite Stock Price Index (Kospi) added 6.83 points, or 0.21 percent, to trade at 3,287.21 in the first 15 minutes of trading. Bio stocks jumped as the country's daily new coronavirus cases sharply increased to the 1,700s on Wednesday despite the strongest virus restrictions. Giant pharmaceutical firm Samsung Biologics jumped 3.1 percent, with Celltrion advancing 1.67 percent. SK B -
S&P leaves S. Korea’s growth rate, credit rating unchangedEconomyAug 4, 2021Despite the fourth wave of the COVID-19 pandemic striking a blow to the South Korean economy, global credit appraiser S&P Global Ratings said it would keep the country’s economic growth rate outlook for 2021 and credit rating unchanged, citing robust exports. The agency projected Asia’s fourth-largest economy to grow 4 percent and kept the credit rating at AA, same as estimates from last month and in April. “Overall economic forecasts for South Korea are still looking f -
Financial firms need ESG-oriented business strategy: reportMoneyAug 4, 2021Seoul-based consulting firm KPMG Samjong on Wednesday urged local financial firms to accelerate their sustainable corporate management through business strategies focused on environmental, social and governance factors, or ESG. “To enhance corporate values, local financial institutions should integrate ESG values into their business processes, ranging from strategy making to risk management,” KPMG Samjong said in its report. “For instance, while improving gover -
Seoul stocks spike over 1% on tech gainsMarketsAug 4, 2021South Korean stocks rallied by more than 1 percent Wednesday, mostly led by strong tech gains. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 43.24 points, or 1.34 percent, to close at 3,280.38 points. The figure marks the largest daily gain since May 10. Trading volume was moderate at about 621 million shares worth some 12.2 trillion won (US$10.7 billion), with gainers outnumbering losers 713 to 149. Foreigners bought a net 908 billion -
Hyundai Motor chief logs huge gains from bargain share buys in pandemicMarketsAug 4, 2021Among South Korean CEOs taking advantage of low share prices in the initial phase of the pandemic, Hyundai Motor Group Chairman Chung Euisun was the most active purchaser, and also generated the largest gains, data showed Wednesday. Of 852 former and incumbent CEOs of the country’s top 500 listed companies in terms of market capitalization, 144 purchased shares in their companies between January last year and July 30 this year, according to local corporate tracker CEO Score. The CEOs bo
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01Korea confirms first two cases of delta plus
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03New cases over 1,700 for 2nd day, toughest virus curbs likely to be extended again
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[Tokyo Olympics] S. Korea shocks Turkey to reach semifinals in women's volleyball04
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05Moon urges caution in planning South Korea-US military drills
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Thousands of pubs, karaokes disappear amid social distancing06
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07In wake of vulgar remarks, Japan’s No. 2 diplomat in Korea returns home
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[Newsmaker] Lee Jun-seok says 'salute the rank, not the man'08
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09[Tokyo Olympics] Volleyball players thrive under hard-working, adaptable coach
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New cases spike to over 1,700; almost 40% of population gets 1st jabs10