Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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South Korean unicorns take big leap with greater global presence
Going global has been a long shot for many South Korean startups despite their advanced services and products. But planned stock listings and mergers and acquisitions of Korean unicorns, including those for Coupang, Woowa Brothers and Hyperconnect, are raising expectations for local companies to grow their international reach. “The series of recent megadeals made in the startup sector here have moved the value of the entire Korean ecosystem up a notch,” said Lim Jung-wook, chief o
Feb. 21, 2021
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Brokerages rake in record-high credit loan interest of W1tr in 2020
South Korean securities firms generated nearly 1 trillion won ($904 million) worth of profit from interest paid by individuals who borrowed money to invest in stocks last year, according to data provided by the Korea Financial Investment Association Sunday. The combined interest on credit-based loans that 57 local brokerage houses collected from retail traders came to 997 billion won in 2020, having soared 33.4 percent on-year. It was also a fresh new high since the association began collecting
Feb. 21, 2021
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Bitcoin is now worth more than its weight in gold
The price of Bitcoin surged to another record high over the weekend, becoming more expensive than 1 kilogram of gold. The digital coin was being traded for more than 65 million won ($58,800) as of Sunday morning, data from crypto exchange Upbit showed. Bitcoin’s rally came as domestic gold prices recently declined to hit a new 10-month low. Gold, which has long been a safe haven asset both in Korea and worldwide, stood at 62,967 won per 1 gram as of Friday. The largest cryptocurrency&
Feb. 21, 2021
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Retail investors pare down net stock buying in Feb.
South Korean retail investors pared down their net buying of local stocks in February as the country's key stock index traded in a tight range following a bull run, data showed Sunday. Retail investors snapped up a net 5.8 trillion won ($5.24 billion) worth of stocks on the main and secondary markets during 13 trading sessions ending on Feb. 19, compared with a net purchase of 25.8 trillion won in January, according to the bourse operator Korea Exchange. Compared with a month earlier, their ne
Feb. 21, 2021
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BlackRock emerges as Kakao’s 5th-largest shareholder
US-based international investment manager BlackRock became a blockholder of South Korea’s internet giant Kakao, in an apparent bet on the corporation behind Korea’s most popular messenger app, a filing showed Friday. The US investor’s subsidiary BlackRock Fund Advisors and its 13 affiliates have spent 986.4 billion won ($891.9 million) to obtain 5.18 percent of common shares in Kakao as of Monday, according to the filing. As a result, BlackRock is expected to become the fif
Feb. 19, 2021
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BNP Paribas South Korea ramps up efforts for gender equality
As part of a move to promote gender equality at work, BNP Paribas South Korea has hosted an online event named Gender and Power Talks in partnership with law firm Shin & Kim LCC and the Korean-German Chamber of Commerce and Industry. Ahead of International Women’s Day slated for March 8, leaders from the three organizations discussed measures to foster female leadership across industries in the virtual event, which was held on Wednesday. “(BNP Paribas South Korea)
Feb. 19, 2021
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FSC chief reiterates call to salvage cash-strapped SsangYong Motor
South Korea’s top financial regulator Eun Sung-soo said Friday that its earlier call on its creditors to extend additional support to financially pinched commercial vehicle maker SsangYong Motor remains “valid.” Eun, chairman of the Financial Services Commission, said that he found common ground “in a broader sense” with SsangYong’s main creditor Korea Development Bank, which has refused to extend an additional funding to the lossmaking Korean arm of India-ba
Feb. 19, 2021
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Gold prices drop to 10-month low while bitcoin rally continues
Gold prices have skidded to a 10-month low while bitcoin, which is considered by some as a digital replacement for gold, has been on a bull run. The price for a gram of gold declined for five trading days in a row on Thursday as it closed at 63,900 won ($57.67), down 0.48 percent from a day earlier, according to the Korea Exchange. The closing price is the lowest since April 6 when the gold price came in at 63,780 won. Compared to the record high of 80,100 won on July 28, the price has tum
Feb. 19, 2021
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Seoul stocks rebound amid virus woes, US Treasury yields climb
South Korean stocks rebounded Friday after swerving in and out of negative terrain amid woes over a virus resurgence and rising US Treasury yields. The Korean won rose against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 20.96 points, or 0.68 percent, to close at 3,107.63 points. Trading volume was high at about 3.4 billion shares worth around 19.4 trillion won ($17.5 billion), with losers outnumbering gainers 555 to 306. Foreigners sold
Feb. 19, 2021
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NPS commits $150m to global timberland in push for diversification
The National Pension Service said Friday it has committed $150 million to global timberland investment for the first time, in its push for portfolio diversification. The investment by the world’s third-largest pension fund, overseeing 807.3 trillion won ($729 billion) in assets as of November, will go to Stafford International Timberland IX, a ninth flagship timberland fund managed by London-based Stafford Capital Partners. Through the partnership, the NPS will be able to get exposure t
Feb. 19, 2021
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Seoul stocks open nearly flat on foreign, institutional selling
South Korean stocks opened nearly flat Friday as foreign and institutional investors continued to sell over the yield hike concerns on Wall Street. The benchmark Korea Composite Stock Price Index fell 0.57 point, or 0.02 percent, to 3,086.09 points in the first 15 minutes of trading. Top cap Samsung Electronics slipped 0.12 percent, but No. 2 chipmaker SK hynix gained 2.78 percent. Leading chemical firm LG Chem climbed 0.32 percent, while rechargeable battery maker Samsung SDI retreated 1.6
Feb. 19, 2021
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Samsung’s market cap down by W42tr after heir’s imprisonment
The market capitalization of Samsung Group, South Korea’s largest conglomerate, shrunk by around 42 trillion won ($38.01 billion) after its de facto head Lee Jae-yong was sent back to jail last month, the Korea Exchange’s market data showed Thursday. The combined market value of 16 listed firms within the nation’s telecom-to-chemicals conglomerate came to 695.87 trillion won at Thursday’s closing bell, losing 41.93 trillion won or 5.68 percent from the closing Jan. 15, t
Feb. 18, 2021
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REIT investment grows amid tough regulations on housing market
Real estate investment trusts, which allow individuals to make indirect investment in properties, have gained traction recently from investors facing heavier regulations on home buying. The entire value of assets owned by REITs stood at 61.4 trillion won ($55 billion) in January, up 26.3 percent on-year from 48.6 trillion won, according to the Ministry of Land, Infrastructure and Transport on Thursday. The government has strengthened rules on mortgage loans, real estate tax, and redevelopme
Feb. 18, 2021
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FSS warns investors of IPO launched by loss-making tech firms
The Financial Supervisory Service on Thursday warned retail investors to be cautious of initial public offerings launched by promising but still loss-making companies, stressing that short-term gains may not be achievable. “As the rules allow (loss-making) companies (but with growth potential) to launch an IPO, profits may not occur within a short period of time after listing,” the FSS said in a statement. As part of efforts to encourage budding companies to draw investment, t
Feb. 18, 2021
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Woowa Brothers' founder joins super wealthy donation campaign
Kim Bong-jin, the founder and chairman of a local delivery app operator Woowa Brothers, on Thursday joined the bandwagon of rich, self-made South Koreans donating substantial amounts of their assets to society. Kim said he and his wife have joined The Giving Pledge, a global campaign of the world’s wealthiest people contributing a majority of their assets to philanthropic projects, and that they would donate a half of their wealth in their lifetimes, according to the company. The 45-ye
Feb. 18, 2021
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Residents' foreign currency deposits fall in January
Foreign currency deposits at banks in South Korea fell in January on a decline in corporate holdings of the US dollar deposits, central bank data showed Thursday. Outstanding foreign currency-denominated deposits held by residents amounted to $89.3 billion as of end-January, down $4.8 billion from the previous month, according to the data from the Bank of Korea (BOK). The decline came as companies repaid their US dollar-denominated debts last month, the BOK said. Residents include local citiz
Feb. 18, 2021
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Seoul stocks open lower on US inflation concerns
South Korean stocks opened lower Thursday, tracking overnight tech losses on Wall Street that stemmed from inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.8 points, or 0.15 percent, to 3,128.93 points in the first 15 minutes of trading. Foreign and institutional appetite for risk assets remained low after the KOSPI's 0.93 percent decline in the previous session. Overnight, the Nasdaq lost 0.58 percent as tech stocks, sensitive to high inflation, retreated
Feb. 18, 2021
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Korean investors shudder as EHang plunges on short seller report
South Korean investors holding $550.3 million worth of shares in Chinese drone maker EHang Holdings appear to be left in disarray as the Nasdaq-listed firm’s stock price plummeted on a short seller report on Tuesday. EHang Holdings was the ninth-largest stock listed on the United States bourse to be in custody of the Korea Securities Depository until last week, according to the latest data by the KSD. It was also the seventh-most active US-listed stock this year, as Korean individuals a
Feb. 17, 2021
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S. Korean sovereign wealth fund still has coal exposure, despite cut
South Korea’s sovereign wealth fund, managing $183.1 billion in assets, has cut its coal stock exposure in the United States, but its investment in coal-related US listed shares still stands larger compared with other sovereign wealth funds in the world. The findings indicated that Korea Investment Corp. has room for more aggressive action to fight greenhouse gas threats posed by coal, and to perform its fiduciary duty to take environmental risks into account. According to its regulat
Feb. 17, 2021
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Seoul stocks snap 3-day winning streak on foreign and institutional selling
The South Korean stock market ended its three-day winning streak Wednesday amid strong foreign and institutional selling that stemmed from concerns over a US yield hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.52 points, or 0.93 percent, to close at 3,133.73 points. Trading volume was moderate at about 1.8 billion shares worth some 16.6 trillion won ($15 billion), with gainers outnumbering losers 422 to 417. Foreigners sold a
Feb. 17, 2021