Most Popular
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Korea enters full election mode
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Immigrant woman stabbed to death by Korean husband
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Insurance firms’ performance in alternative investment under par
Although the insurance industry fared well overall last year in terms of profit amid the coronavirus pandemic, its performance in the foreign alternative investment segment was disappointing, according to data announced Wednesday. Mirae Asset Life Insurance saw its operating profit drop 17.7 percent on-year to 115.8 billion won ($104.56 million) in 2020, although it secured a market share of more than 50 percent in the variable insurance segment. Its profit fell as the value of its alternati
Feb. 17, 2021
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Zero Pay mulls partnership with China’s UnionPay
Zero Pay, a mobile payment app developed by Seoul City, is considering a partnership with China’s financial platform UnionPay International, the company’s official said Wednesday. “We’re negotiating with UnionPay and other payment apps abroad but it is very early stage,” an official from Korea Easy Payment Foundation, which operates Zero Pay, said. “But it is our firm goal to expand our network beyond Korea so that users can pay with our app overseas,&rdqu
Feb. 17, 2021
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Mr. Pizza operator’s stock trading suspended again
Shares of MP Group, the South Korean company that controls pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, have been suspended from trading, nearly two months after resuming transactions on the nation’s secondary bourse. The Korea Exchange’s Kosdaq Market Committee decided Wednesday to halt trading of MP Group shares as the firm has been suffering operating losses for six consecutive years. The decision came to “protect investors from a possible delisting,&rdqu
Feb. 17, 2021
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Seoul stocks open steeply lower on tech, auto losses
South Korean stocks opened steeply lower Wednesday amid strong institutional and foreign selling, led by tech and auto losses. The benchmark Korea Composite Stock Price Index fell 27.65 points, or 0.87 percent, to 3,135.6 points in the first 15 minutes of trading. Stocks came off to a lackluster start as the KOSPI's three-day gain increased valuation pressure, in addition to the yield hike concerns on Wall Street. Top cap Samsung Electronics lost 1.41 percent, and No. 2 chipmaker SK hynix she
Feb. 17, 2021
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Major asset managers log 44% jump in 2020 earnings
Major asset management companies in South Korea saw their earnings soar more than 40 percent in 2020 amid a bullish stock market, data showed Wednesday. The combined net income of the country's 10 leading asset managers came to 381.6 billion won ($346 million) last year, up 44 percent from a year earlier, according to their annual earnings reports. Their total operating income stood at 422.5 billion won, up 10.7 percent from the previous year. The figure doesn't include earnings of Kiwoom Ass
Feb. 17, 2021
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Banking group heads ‘agree’ to extend loan deferment for small biz
Heads of five major banking groups here on Tuesday agreed to extend their joint loan deferment program for local businesses hit by the COVID-19 pandemic for another six months at an exclusive meeting with Financial Services Commission Chairman Eun Sung-soo. “The chiefs of the banking groups agreed to extend the program for another six months,” Eun told the press following a roundtable meeting held with the group executives at the Korea Federation of Banks headquarters in central Se
Feb. 16, 2021
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Hana Financial chief, a year before retirement, seeks 4th term
The incumbent chairman of Hana Financial Group is seeking a fourth term, which would make him, if elected, the longest-serving chief of a financial institution in South Korean history. Hana Financial Group on Monday evening confirmed the nomination of four candidates for the group’s top post, including Chairman Kim Jung-tai, who has been at the helm of the group since 2012. Kim publicly said last year that he wouldn’t be reluctant to give up the chairmanship. But Kim being sho
Feb. 16, 2021
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KDB, Environment Ministry to develop framework to foil greenwashing
The state-run lender Korea Development Bank said Tuesday it was working with the Ministry of Environment to foster a standardized framework for its green bond issuance in a bid to cut greenhouse gas emissions. KDB officials said the move will ensure that issuers, including KDB, will use the green bond proceeds for environmental purposes and prevent issuers from “greenwashing,” in which companies make green gestures without meaningfully improving their environmental impact. KD
Feb. 16, 2021
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Seoul stocks up for 3rd day on extended foreign buying
South Korean stocks gained for a third consecutive session Tuesday, backed by signs of global economic rebound that increased foreigners' appetite for risky assets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.25 points, or 0.52 percent, to close at 3,163.25 points. Trading volume was moderate at about 1.9 billion shares worth some 16.9 trillion won ($15.3 billion), with gainers outnumbering losers 474 to 367. Foreigners bought a n
Feb. 16, 2021
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Security concerns arise over soaring digital currencies
As the prices of Bitcoin and other cryptocurrencies approach record highs, digital currency exchanges are reaping the benefits of increased traffic, but are simultaneously burdened with security concerns. Domestic crypto exchanges said Tuesday that they are ramping up alert levels amid an uptick in interest and the establishment of new laws. Earlier this month, the top two local digital currency exchanges, Upbit and Bithumb, suffered server shutdowns amid increased transactions. Bithumb&rsquo
Feb. 16, 2021
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Viva Republica teams up with Samsung Life to expand mobile insurance platform
Fintech company Viva Republica said Tuesday that it will work with South Korean life insurance firm Samsung Life Insurance to advance its platform for insurance planners. Viva Republica, the operator of money transfer app Toss, launched insurance affiliate Toss Insurance in 2018, rolling out non-face-to-face insurance services. The company is also running Toss Insurance Partner, a platform to support insurance planners to handle customer services and manage insurance contracts. The support pla
Feb. 16, 2021
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Market watchdog to tighten grip over illegal short selling
South Korea’s market watchdog Financial Supervisory Service on Tuesday vowed to toughen its supervision of illegal short selling this year to promote fair market competition. “We will ramp up inspections on illegal practices of short selling by strengthening the work capacity of our special investigative team in charge of detecting securities fraud,” the FSS said in its 2021 policy plan. The FSS has a team of in-house investigators focused on probing financial crime cases un
Feb. 16, 2021
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Seoul stocks open higher on tech, auto gains
South Korean stocks opened higher Tuesday on strong advances by tech and auto stocks. The benchmark Korea Composite Stock Price Index rose 16.27 points, or 0.52 percent, to 3,163.27 points in the first 15 minutes of trading. Top cap Samsung Electronics gained 1.07 percent, and No. 2 chipmaker SK hynix advanced 0.38 percent. Leading chemical firm LG Chem moved down 0.51 percent, and rechargeable battery maker Samsung SDI slipped 0.12 percent. Giant internet portal operator Naver jumped 4.02 p
Feb. 16, 2021
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Hyperconnect deal hints another record year for Korean VCs
Korea’s venture capital firms are expected to see another strong year, following a record performance in 2020, amid a rise in the valuations of domestic startups and increased options for an investment exit. Hyperconnect, the operator of the video chatting app Azar, last week signed a deal to sell to Match Group, a US tech company that owns a slew of dating apps including Tinder and OkCupid. The deal valued at $1.7 billion will bestow handsome returns to domestic venture capital firms li
Feb. 15, 2021
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Local stock brokers’ profits rise thanks to 2020 bull run
Local brokerage firms benefited from recent stock market rallies after a March plunge in 2020 as the companies’ profits jumped sharply, data showed Monday. The combined operating profit of South Korea’s 20 local stock brokers, including Mirae Asset Daewoo and Korea Investment & Securities came in at 7.85 trillion won ($7.1 billion) last year, up 36.7 percent from 5.74 trillion won posted in the previous year, according to data compiled by state regulator Financial Supervisory S
Feb. 15, 2021
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Seoul stocks jump 1.5% on tech gains
South Korean stocks jumped 1.5 percent Monday on strong advances by tech stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.42 points to close at 3,147.0 points. Trading volume was moderate at about 1.6 billion shares worth some 16.6 trillion won ($15.1 billion), with gainers outnumbering losers 569 to 278. Foreigners bought a net 728 billion won, while retail investors sold a net 347 billion won. Institutions offloaded a net 421
Feb. 15, 2021
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KB Asset bets on hydrogen supply chain in new equity fund
South Korea‘s fund manager KB Asset Management said Monday it has launched an equity fund to target companies at home and abroad dedicated to hydrogen supply chain. The instrument will become the first fund product publicly sold to investors in Korea’s fund management industry to bet on the growth of the global hydrogen mobility ecosystem. The equity fund will invest in companies devoted to production, storage, transportation and distribution of hydrogen, as well as hydrogen-power
Feb. 15, 2021
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Coupang’s NYSE listing plan boosts related stocks
South Korean listed companies that have business ties with Coupang have seen their shares spike, backed by expectations of benefits from the local e-commerce giant’s mega US initial public offering. Dongbang, a logistics firm that handles Coupang’s delivery services, saw its shares jump by a daily permissible limit of 29.99 percent to reach 9,970 won ($9.03) at the closing bell on Monday. After the shares gained for the fourth straight session on the nation’s benchmark Kospi
Feb. 15, 2021
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MMAA names former NSC deputy director as new CEO
The Military Mutual Aid Association has named Kim You-geun, former deputy director of South Korea‘s National Security Council, as its new chief executive officer of the institutional investor, officials said Monday. Kim, retired Korean Army Lt. Gen., became the 15th president of the institution dedicated to providing financial welfare to the Korean military community. He replaced the predecessor Kim Do-ho after receiving final approval from Defense Minister Suh Wook. Kim called for tra
Feb. 15, 2021
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Seoul stocks open higher on tech gains
South Korean stocks opened higher Monday on strong advances by tech stocks. The benchmark Korea Composite Stock Price Index rose 35.91 points, or 1.16 percent, to 3,136.49 points in the first 15 minutes of trading. The KOSPI came to a strong start on foreign and institutional buying. Improved exports and eased social distancing measures against the new coronavirus also boosted hopes for a quick economic rebound. Top cap Samsung Electronics gained 2.45 percent, and No. 2 chipmaker SK hynix ad
Feb. 15, 2021