Most Popular
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Yoon calls for dialogue, trust from medical community
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NK leader guides firing drills involving super-large multiple rocket launchers
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Dyson founder visits Seoul for global debut of new hair dryer
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Leaders call for action against threats to democracy posed by AI
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Asiana Airlines wins data transfer certification in China
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Dispute heats up over dispatch of scandal-ridden envoy to Australia
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Dodgers beat S. Korea in final exhibition before MLB opener in Seoul
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Disgraced ex-K-pop star released after serving time for sex crimes
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Trump unlikely to unravel IRA: experts
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Koreans more open to foreigners in society than LGBTQ+: data
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Seoul home prices now exceed 12 years’ average salary
A Seoul citizen has to save their entire income without spending a dime for more than 12 years in order to buy a house in the city due to the country’s soaring apartment prices, data showed Monday. The capital city’s house price to income ratio, or PIR -- a widely used measurement of house affordability in a given region -- reached 12.13 in 2019, said Rep. Yang Kyung-sook of the ruling Democratic Party of Korea, quoting data from the National Assembly Research Service. The
Aug. 3, 2020
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Viva Republica launches credit card processing subsidiary
Viva Republica, operator of mobile fintech platform Toss, said Monday that it has launched a payment gateway subsidiary called Toss Payments. The establishment of the new subsidiary comes after the fintech company reached an agreement with mobile network giant LG Uplus in December, taking over full ownership of the latter’s payment gateway unit. A payment gateway is a service that authorizes credit card payments. With the new subsidiary, Viva Republica aims to take e-commerce payment
Aug. 3, 2020
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Seoul stocks end tad higher on EV battery makers' rally, tech gains
South Korean shares closed slightly higher Monday due to an advance in EV battery makers and tech shares, bucking concerns over the global resurgence of the COVID-19 infections. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 1.67 points, or 0.07 percent, to close at 2,251.04. Trading volume was high at about 636 million shares worth some 13.4 trillion won ($11.2 billion), with losers outnumbering gainers 515 to 325.
Aug. 3, 2020
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Seoul stocks open lower on chip, auto losses
South Korean shares opened lower Monday, led by a decline in chip and auto shares. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.75 points, or 0.34 percent, to 2,241.62 in the first 15 minutes of trading. The fall is largely attributed to the losses in top caps. The political feud between the United States and China, South Korea's two largest trade partners, also sapped investor sentiment. Large caps traded mixed. Market bellwether Samsung Electronics lost 0.69 percent,
Aug. 3, 2020
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Banking groups strive for digitalization amid lingering virus risks
The performance of South Korean financial groups was all over the map in the April-June period, and the coronavirus pandemic is prompting many to draw up digitalization plans for the second half of the year. The nation’s list of top groups by earnings got a reshuffle in recent weeks, with Shinhan Financial Group -- which had maintained the top spot for some time -- handing over the crown to KB Financial Group. Shinhan Financial said Friday it posted net profit of 873.1 billion won ($725
Aug. 2, 2020
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Amid bio rally, unlocked SK Biopharma shares in spotlight
Shares of SK Biopharmaceuticals held by institutional investors will be up for sale Monday after a lockup period, drawing attention to its impact on bio equities that are zooming. According to South Korea’s sole stock securities operator Korea Exchange on Sunday, the lockup banning investors from trading shares after the initial public offering of the company will be lifted. Some 13.2 million shares were allotted to institutional investors right after the drug company was listed on
Aug. 2, 2020
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Doosan sells golf club for 1st bailout payback
Financially stressed Doosan Heavy Industries & Construction said Sunday it has closed a deal to sell its golf course for 185 billion won ($155.33 million), enabling it to make debt repayment for the first time since a bailout package earlier this year. Part of the sales proceeds -- roughly 120 billion won -- went to creditors, which have so far injected 3.6 trillion won in the cash-strapped Doosan Group. A consortium composed of construction firm Moamiraedo and Hana Financial Group is th
Aug. 2, 2020
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Bridge institution to assume liabilities of scandal-ridden Lime funds
South Korea is looking to launch a bridge institution to take over all the assets, as well as the liabilities, of the scandal-ridden hedge fund Lime Asset Management and ensure that its end-investors can retrieve their investments as planned. A group of 20 financial institutions -- involved in selling hedge funds of Lime -- named Kang Min-ho, former chief risk officer of Hanwha Investment & Securities for a two-year term -- as head of the new bridge institution with 5 billion won ($4.2 mill
Aug. 2, 2020
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Seoul stocks to be in tight range next week; data, stimulus packages in focus
South Korean stocks are expected to move in a tight range next week, as investors remain watchful over the US stimulus package under way, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,249.37 points on Friday, up 2.22 percent from 2,200.44 points a week ago. The index increased in the first four sessions of the week, due to massive foreign buying of market heavyweights and better-than-expected earnings by Samsung Electron
Aug. 1, 2020
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Global X lists telemedicine, digital health ETF on Nasdaq
The New York-based provider of exchange-traded funds Global X has listed its ETF -- which invests in global telemedicine and digital health companies -- on the Nasdaq, parent company Mirae Asset Global Investments said Friday. The product -- the Global X Telemedicine & Digital Health ETF -- tracks the Solactive Telemedicine & Digital Health Index, which included 40 firms as of July 21. US firms account for 82.48 percent of the total, while firms from countries such as Japan, China and
July 31, 2020
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Seoul stocks snap four-day winning streak amid COVID-19 uncertainties
South Korean shares closed lower Friday, snapping a four-day winning streak, as economic uncertainties loom large amid the new coronavirus pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 17.64 points, or 0.78 percent, to close at 2,249.37. Trading volume was high at about 679 million shares worth some 12.7 trillion won ($10.7 billion), with losers outnumbering gainers 572 to 276. Foreigners sold a net 86 billion won, ending a f
July 31, 2020
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Seoul stocks open tad lower on economic slump woes
South Korean shares opened slightly lower Friday, tracking overnight losses on Wall Street sparked by concerns over an economic slump in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.03 points, or 0.18 percent, to 2,262.98 in the first 15 minutes of trading. The US economy shrank by 32.9 percent in the second quarter this year, marking the worst contraction in 73 years. The Dow Jones Industrial Average lost 0.85 percent to close at 26,313.65 on Thursday (
July 31, 2020
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D.Camp opens largest startup boot camp in S.Korea
D.Camp, a Korean startup accelerator backed by local lenders, on Thursday launched Front 1, a startup incubator that will run a range of support programs for fledgling startups in Seoul. Located in Mapo, the newly launched startup center is the largest in size as an incubator, and is set to house some 100 startups, it said. The startup center is expected to form a startup cluster together with other incubation organizations located in the district, including Seoul Startup Hub and IBK Changg
July 30, 2020
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Mirae Asset Daewoo to buy back stocks worth W113.4b
South Korean brokerage firm Mirae Asset Daewoo said Thursday it plans to repurchase 15 million treasury stocks worth 113.4 billion won ($94.84 million) in an effort to boost shareholder value and stabilize its shares. “Despite the well-balanced profit model and financial stability, the firm’s stock prices are undervalued,” said Jun Kyong-nam, head of business innovation division at Mirae Asset Daewoo. “With the company’s ample liquidity, we’ve made such a
July 30, 2020
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Kospi briefly touches record high for 2020 on foreign buying spree
South Korea’s main bourse Kospi reached a level not seen in some six months on Thursday, with foreign investors continuing their buying spree for a fifth consecutive session amid the US Federal Reserve’s steady rates and high interest in major tech firms and automakers. The Kospi opened higher at 2,275.33 -- up 12.17 points, or 0.54 percent, from the previous session. The strong start continued throughout the day to close at 2,267.01, just short of its yearly high closing of 2,267.
July 30, 2020
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Seoul stocks hit 6-month high on tech firms, automakers
South Korean shares closed at the highest point in six months Thursday on the back of foreign buying that centered on major tech firms and automakers. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.85 points, or 0.17 percent, to close at 2,267.01, extending a winning streak to a fourth session after touching this year's high of 2,281.33 points. The closing marks the highest level since 2,267.25 on Jan. 22. Trading volume was high at
July 30, 2020
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VCs mull exit plans as market recovers from pandemic impact
South Korea’s venture capital houses are actively seeking exit plans from their startup investments as promising firms are gearing up for initial public offerings following the stock market recovery, according to market watchers Thursday. One of the VCs that already did so was Company K Partners, which cashed out part of its investment in Wipam, the nation’s only power amplifier module manufacturer for smartphones, through a July IPO before making its market debut Friday. The value
July 30, 2020
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Mastern cheers health care workers
Mastern Investment Management said Thursday it has sent a message of support from its staff to health care professionals, health authorities and citizens in the battle against the novel coronavirus. Employees of the South Korean real estate investment house, including CEO Kim Dae-hyeong, took part in a campaign at its headquarters to express gratitude to those at the forefront of the strenuous battle. “I was delighted to participate in such a meaningful campaign and contribute to overco
July 30, 2020
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FSC to tighten regulation on ELS issuance
In an effort to lower consumer risks caused by the overheated equity-linked securities market, South Korea’s financial regulator said Thursday it will impose tighter regulations on leverage ratio of brokerages, which would lead to a decline in overall issuance here. ELS refers to hybrid debt instruments structured to track the performance of underlying equities, including the Kospi 200 Index. Total ELS issuances here surpassed 100 trillion won ($83.7 billion) as of this year, attracting
July 30, 2020
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Seoul stocks open higher on tech gains, weak dollar
South Korean shares opened higher Thursday, led by the estimate-beating earnings of top-cap Samsung Electronics and the weak US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.05 points, or 0.62 percent, to 2,277.21 in the first 15 minutes of trading. Samsung Electronics' better-than-expected quarterly earnings led the KOSPI's gain. The world's largest memory chipmaker's operating profit in April-June grew 23.5 percent on-year, beating the market consen
July 30, 2020