Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Chicken franchises entered 2020 on a high on strong demand for delivery
Fried chicken franchises marked the largest on-year sales increase last year on growing demand for takeout and delivery, data showed Thursday. According to Statistics Korea, fried chicken franchises saw their sales jumping 21.7 percent in 2019, with each branch selling about 200 million won of products and services on average. “Increased chicken prices, along with the inclusion of delivery fees in chicken prices, have boosted the overall revenue in the segment,” said Lee Jin-seok
Dec. 27, 2020
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Kospi crosses 2,800 mark on chip rally
South Korea‘s stock market hit a new all-time high Thursday as the Korea Exchange’s main board Kospi crossed the 2,800 mark on massive institutional buying of chip shares. The Kospi rose 1.7 percent to 2,806.86 on Thursday, pushing its total market cap to reach 1,936.5 trillion won ($1.8 trillion). Kospi crossing the 2,800 mark came three weeks after it passed the previous threshold of 2,700 on Dec. 4, which was then a fresh high. Institutions net purchased 628.2 billion won worth
Dec. 24, 2020
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S. Korean stocks break 2,800 ceiling to fresh high on vaccine deals
South Korean stocks broke the 2,800 mark for the first time Thursday to close at an all-time high, as the country's additional deals to purchase COVID-19 vaccines boosted hopes for a faster-than-expected economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.04 points, or 1.7 percent, to close at 2,806.86. Trading volume was moderate at about 1 billion shares worth some 20 trillion won ($18.1 billion), with gainers outnumbe
Dec. 24, 2020
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Shinhan Life OKs merger with ex-ING's Korean arm
Shinhan Financial Group has approved a merger of its two wholly-owned life insurer subsidiaries -- Shinhan Life Insurance and Orange Life Insurance -- into a single entity next year, filings showed Thursday. As a result of the move, Orange Life, formerly the Korean arm of Amsterdam-based ING Group, will be merged into Shinhan Life. The two firms’ combined valuation exceeded 4 trillion won ($3.6 billion), according to the filings. Orange Life‘s 82 million shares will be converted i
Dec. 24, 2020
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S. Korean stocks open higher on deals on COVID-19 vaccines
South Korean stocks opened higher Thursday as South Korea's deals to buy COVID-19 vaccines boosted investor sentiment. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.49 points, or 0.81 percent, to 2,782.31 in the first 15 minutes of trading. Prime Minister Chung Sye-kyun said the country has signed deals to purchase COVID-19 vaccines from US pharmaceutical giant Pfizer and Johnson & Johnson's Janssen. The government plans to offer shots of Janssen's vaccine in the second
Dec. 24, 2020
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Seoul stocks rebound nearly 1% on tech gains
South Korean stocks rebounded by almost 1 percent Wednesday after the previous session's plunge, backed by strong advances by tech giants. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.14 points, or 0.96 percent, to 2,759.82. Trading volume was high at about 1.1 billion shares worth some 19.9 trillion won ($18 billion), with losers outnumbering gainers 491 to 360. Foreigners bought a net 83 billion won, snapping a four-session
Dec. 23, 2020
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IBK partners with Naver’s cloud platform for fintech innovation
The Industrial Bank of Korea joined hands with a platform operated by Naver’s cloud affiliate for digital innovation and development of fintech services, the state-run bank said Wednesday. The new partnership will enable them to bolster their cloud and artificial intelligence capabilities, IBK said. To keep pace with each other, both plan to establish a solid communication channel to review Naver’s technologies capable of upgrading banking business. Discovering and recommending
Dec. 23, 2020
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Korea to launch 1st tranche of New Deal policy fund by March
The South Korean government is poised to launch the first batch of its 20 trillion-won ($18 billion) government policy fund aimed at supporting Korean New Deal projects by March, the Finance Minister said Wednesday. With the first batch to start in March, the government is looking to raise 4 trillion-won commitments in the first year of the five-year scheme, Finance Minister Hong Nam-ki, who doubles as deputy prime minister, said in a pangovernmental meeting held at Seoul Government Complex.
Dec. 23, 2020
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'Changes in spending trend to affect commercial property market next year' report
The growing number of small businesses, including restaurants and mom-and-pop stores closing down their operations amid the lingering coronavirus crisis, has seriously affected commercial real estate markets as well, a report said Wednesday. The report published by KB Financial Group suggested that commercial property markets will continue to suffer next year, along with hotel, commercial space rental, and retail businesses, among others, facing serious challenges. The number of vacant commer
Dec. 23, 2020
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Korean millennials say buying a house is difficult using only income
Amid soaring house prices, seven out of 10 South Koreans born in 1980s and 1990s believe having their own house is necessary but were pessimistic about purchasing residential property only with their income, a survey showed Wednesday. According to the survey, conducted by Mirae Asset Investment and Pension Center and Hankook Research in May, 70.6 percent of respondents said buying a house is necessary, while 73 percent said they think it is difficult for the young generation to do so with their
Dec. 23, 2020
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Seoul stocks open higher on tech advances
South Korean stocks opened higher Wednesday, backed by strong advances by giant tech shares. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.59 points, or 0.53 percent, to 2,748.27 in the first 15 minutes of trading. The index rebounded after a 1.6 percent plunge the previous session, as optimism for a better corporate environment next year pushed up tech stocks. On Wall Street, the tech-heavy Nasdaq composite advanced 0.51 percent, while the Dow Jones Industrial Average close
Dec. 23, 2020
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Samsung scions to be liable for record-high inheritance tax
Samsung shares came under the market spotlight as the amount of inheritance tax was set at a record 11.03 trillion won ($9.96 billion) based on closing prices of the stocks on Tuesday. Among shares held by late Samsung chairman Lee Kun-hee are those of tech giant Samsung Electronics, IT solutions developer Samsung SDS, construction firm Samsung C&T, and insurer Samsung Life Insurance. According to the nation’s sole securities exchange operator Korea Exchange, the value of Lee&rsquo
Dec. 22, 2020
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Seoul stocks dip over 1.5% on virus concerns
South Korean stocks dipped more than 1.5 percent Tuesday after the benchmark index closed at an all-time high in the previous session, largely on concerns of the spreading COVID-19 cases at home and abroad. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 44.97 points, or 1.62 percent, to close at 2,733.68. Trading volume was high at about 1.2 billion shares worth some 19.6 trillion won ($17.7 billion), with losers outnumbering gainers 783
Dec. 22, 2020
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KB Kookmin limits personal loan amount to W20m
KB Kookmin Bank, one of five major commercial banks here, has decided to cap the size of personal loans per household to 20 million won ($18,000), sources said Tuesday, marking a drastic move as local lenders have been tightening their grip on lending rules. KB Kookmin plans to maintain the new limit at least until the end of the year, industry sources said. The rule applies to any household that would apply for a new personal loan or seek to increase their loan balance from Tuesday to Dec. 31
Dec. 22, 2020
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[News Analysis] SsangYong Motor halts trading as bankruptcy court grants breather
Stocks of SsangYong Motor halted trading starting Tuesday as the cash-strapped automaker is now under bankruptcy court supervision and has effectively been given a three-month grace period before it enters court receivership. Eyes are on whether SsangYong Motor to avoid the court-led rehabilitation proceedings by soliciting a new investor in that time. On Monday, SsangYong Motor said it had applied for an autonomous restructuring support program, when filing for bankruptcy to Seoul Bankruptcy
Dec. 22, 2020
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NH Financial nominates banking unit CEO as new chairman
NongHyup Financial Group has nominated Son Byung-hwan, CEO of its banking unit as the sole candidate for group chairman, officials said Tuesday. If the nomination is approved at a shareholders’ meeting slated for the end of month, Son is set to take the top post, which has been left vacant since late last month. Former Chairman Kim Kwang-soo resigned to serve as the new chief of the Korea Federation of Banks. Son was nominated for his expertise in digital finance as well as his leadershi
Dec. 22, 2020
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Seoul stocks open lower on virus concerns
South Korean stocks opened lower Tuesday as investors are wary of COVID-19 that is spreading at home and abroad. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.24 points, or 0.3 percent, to 2,770.41 in the first 15 minutes of trading. Stocks got off to a weak start after the benchmark index closed at an all-time high the previous session. Global recovery hopes weakened over the new strain of the coronavirus in Britain, reportedly up to 70 percent more transmissible than the or
Dec. 22, 2020
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Bitcoin Vault eyes Asian crypto market with high-security system
Bitcoin Vault, a cryptocurrency also known as BTCV, is seeking to make a foray into the Asian market with its new security system designed to help users protect their crypto assets from erroneous transactions and theft, the company said Monday. The system, named the 3-Key Security Solution, was introduced on Nov. 17 after a year of research and development. It was developed to strengthen security against hacks and fraud, it added. Bitcoin Vault Founder Eyal Avramovich said the new solution
Dec. 21, 2020
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Seoul stocks hit record high on pharmaceutical gains
South Korean stocks closed at a record high Monday as pharmaceutical heavyweights posted strong gains amid the surging new coronavirus cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.47 points, or 0.23 percent, to close at 2,778.65. Trading volume was high at about 1.1 billion shares worth some 18.7 trillion won ($17 billion), with gainers outnumbering losers 428 to 415. Foreigners sold a net 8 billion won, while institutions pu
Dec. 21, 2020
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JB Financial pushes automated robotics services
JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- are strengthening their capacity to integrate robotic process automation technologies within banking services, the group said Monday. RPA uses artificial intelligence and machine learning software to automate repetitive business processes. Jeonbuk Bank has recently extended the use of RPA, from the bank’s headquarters to local branches, in a step to reduce employees working hours and provide better se
Dec. 21, 2020