Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Samsung stocks back to pre-COVID prices as foreigners return
Samsung Electronics shares bounced back to 60,000 won ($50.30) in nearly five months on Wednesday, with mounting interest of foreign investors for the fourth consecutive session. The stock price of market bellwether closed at 59,000 won -- up 400 won, or 0.68 percent, from the previous session’s close. The price hit an intraday high of 60,400 won in early morning trading. It was the first time that shares of South Korea’s leading tech giant exceeded 60,000 won during a trading s
July 29, 2020
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Seoul stocks open nearly flat on Wall Street losses
South Korean stocks opened nearly flat Wednesday, tracking overnight Wall Street losses. The benchmark Korea Composite Stock Price Index rose 1.55 points, or 0.07 percent, to 2,258.54 in the first 15 minutes of trading. Investor sentiment turned risk-averse, largely on the COVID-19's impact on the global behemoths' earnings, such as 3M and McDonald's. The Dow Jones Industrial Average dropped 0.77 percent to 26,379.28, with the Nasdaq Composite falling 1.27 percent. S&P 500 lost 0.65 per
July 29, 2020
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Virus, fund misselling shake up list of Korea’s top banking groups
The coronavirus pandemic and the recent fund misspelling fiasco have reversed South Korea’s list of top financial groups, propelling those who dodged bullets to the top with better-than-expected second-quarter earnings, data showed Tuesday. Of the major institutions that have disclosed their second-quarter earnings, Woori Financial Group and Shinhan Financial Group -- which their flagship lender and brokerage units were accused of misselling either derivatives-linked funds or now-frozen
July 28, 2020
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S. Korean stocks rally on stimulus hopes, foreign buying at 7-year high
South Korean stocks rallied by almost 2 percent Tuesday on the back of massive foreign buying with techs and market heavyweights leading the market gain. The Korean won slightly fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 39.13 points, or 1.76 percent, to close at 2,256.99. Trading volume was high at about 851 million shares worth some 17.2 trillion won ($14.4 billion), with losers outnumbering gainers 495 to 344. The market continued a bullish r
July 28, 2020
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K bank eyes IPO in 3 years with new funding
South Korea’s first internet-only bank K bank plans to go public in three years, according to industry sources Tuesday. The company recently raised new funds worth some 400 billion won ($334.5 million) by issuing new stocks and convertible preferred stocks with its capital increasing to 900 billion won. “Although the firm’s capital has grown with the new fundraising, it would need additional funds to bring operations back on track,” said a company official. “
July 28, 2020
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[Herald Interview] ‘Crypto-based fintech firms will emerge amid COVID-19 pandemic’
Despite the economic impact of the new coronavirus outbreak in South Korea, the fintech industry is bustling as it has been relatively unaffected. The nation’s gross domestic product in the second quarter fell 3.3 percent from the previous quarter, the biggest drop since the Asian financial crisis in late 1990s. Riding the wave, the fintech industry combined with blockchain and cryptocurrency technologies will also gain momentum, according to a seasoned crypto consultant. “Som
July 28, 2020
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Local crypto firm combines health care with digital coin
A diet store may not appear to have anything in common with cryptocurrencies on the surface. For Cryptocurrency Rebalancing CEO Baek Chun-soo, however, it means the expansion of his coin investment business. The Gaindiet Shop is a new business that CEO Baek has just launched,which he plans to link with the digital coin technology. He plans to make coin-based payments available at the shop, which he aims to set up across the Korean market. The shop is designed to offer diet programs based on h
July 28, 2020
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Stock transactions driven by retail investors jump in H1
Stock trading transactions on mobile platform Stockplus more than doubled in the first half of the year, mainly due to retail investors, platform operator Dunamu said Tuesday. The transaction volume between in the January-June period rose 117.5 percent on-year, with the accumulated transactions exceeding 100 trillion won ($83.9 billion). The transaction volume reached 24.4 trillion won in the six months, surging from 11.2 trillion won in the same period last year. The figure is even higher t
July 28, 2020
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Gold prices soar to all-time high
Gold prices surged to a record high on Tuesday, as investors sought to park their money in safer destinations amid the continued spread of coronavirus and renewed US-China tensions. According to the Korea Exchange Gold Market, the price stood at 80,100 won ($66.70) per gram at the closing, jumping 2,640 won, or 3.41 percent, from the previous session. Gold prices rose for a fifth consecutive session. The price hit an intraday high of 82,970 won in early morning trading, the highest figure si
July 28, 2020
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S. Korea's daily FX turnover sinks in Q2 on eased market rout
The daily foreign exchange (FX) turnover by banks in South Korea dropped sharply from three months earlier in the second quarter, central bank data showed Tuesday, amid an eased market rout stemming from the new coronavirus pandemic. The daily FX turnover came to an average $52.02 billion in the April-June period, down 12.4 percent from a daily average of $59.37 billion in the first quarter, according to the data from the Bank of Korea (BOK). Such a drop is "largely attributed to a cut i
July 28, 2020
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Seoul stocks open sharply higher on hopes for economic rebound
South Korean shares opened sharply higher Tuesday on hopes for an economic rebound, as well as slowing new coronavirus infections in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 28.17 points, or 1.27 percent, to 2,246.03 in the first 15 minutes of trading. Investor sentiment ran high on large-scale stimulus plans in the US and Europe. The Dow Jones Industrial Average rose 0.43 percent on Monday (New York time), with the tech-heavy NASDAQ Composite up 1.67
July 28, 2020
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Woori, IBK suffer earnings slump in Q2 on coronavirus, fund misselling
Woori Bank and Industrial Bank of Korea reported on Monday that their second-quarter net profit plummeted by 45 percent and 25 percent, respectively, weighed down by risks stemming from the coronavirus and hedge fund misselling. Woori Bank’s net profit for the April-June period slipped 45.28 percent on-year to 682.1 billion won ($570.2 million), while its operating profit fell 35.04 percent to 1.3 trillion won. But revenue increased 21.34 percent to 13.8 trillion won. The commercial ban
July 27, 2020
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[Herald Interview] Digital forensics to play bigger role in Korean companies’ foreign litigation
The dominance of digital devices in the work environment has led to significant changes in global litigation involving corporate disputes. The massive amounts of intangible data have increasingly emerged as key evidence of business misconduct that is becoming more and more sophisticated. A high-profile case in the US this year was a true testament to the trend. Electronic discovery conducted by the US International Trade Commission led to a preliminary ruling -- by default -- in favor of plai
July 27, 2020
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S. Korea’s ample liquidity mostly remains in bank savings
South Korea’s lenders saw savings by customers climb rapidly during the first six months of the year, along with household and corporate loans, central bank data showed Monday. Such a visible rise was seen as a signal that the ample liquidity triggered by expansionary fiscal and monetary policies did not spill out into the market, despite policy intentions. According to data from the Bank of Korea, the credit balance of domestic banks came to 1.86 quadrillion won ($1.55 trillion) as
July 27, 2020
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Seoul stocks snap 3-day losing streak on stimulus hopes
South Korean shares closed higher Monday, snapping a three-day losing streak, as stimulus steps in major economies boosted investors' appetite for risk. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.42 points, or 0.79 percent, to close at 2,217.86. Trading volume was high at about 918 million shares worth some 9.3 trillion won ($11.7 billion), with gainers outnumbering losers 561 to 284. Foreigners bought a net 156 billion won, with
July 27, 2020
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Koramco’s REIT to invest in 187 gas stations
South Korean firm Koramco REITs Management & Trust said Monday it plans to raise 106.6 billion won ($89.04 million) from retail investors for its market debut on the nation’s main bourse Kospi next month. Koramco Energy Plus REIT is designed to directly invest in the 187 gas station sites, including the land, buildings, tanks and pipelines. Spanning an area 316,621 square meters, the land and buildings were valued at nearly 1.13 trillion won as of May 31 this year, Koramco REITs Man
July 27, 2020
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K bank to launch ‘untact’ loan transfer service
South Korea’s online-only lender K bank said Monday it plans to launch a new untact -- non face-to-face -- loan balance transfer service in the second half of this year, the first of its kind in the industry. Customers will have digital signatures registered to its own electronic system, so it can lend money instead of having to go through paper work needed to verify the authenticity of one’s seal certificate. A loan balance transfer is a service that allows borrowers to
July 27, 2020
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Seoul stocks open higher on stimulus hopes
South Korean shares opened higher on Monday on hopes for stimulus measures in major economies, bucking concerns over escalating tensions between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.37 points, or 0.70 percent, to 2,215.81 in the first 15 minutes of trading. Investor sentiment improved in Seoul, following reports that US Republicans were set to roll out a $1 trillion COVID-19 aid package early this week, with support from the White House.
July 27, 2020
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S. Korea’s housing prices soar ahead of real economy
South Korea’s housing prices were 2.64 times that of the gross domestic product in 2019, as the property market spiked, central bank data showed Sunday. Last year, the aggregate market price of houses here came to 5.67 quadrillion won ($4.62 trillion), up 7.4 percent from a year earlier, according to the Bank of Korea. The corresponding figure exceeded the 1 quadrillion won mark for the first time in 2000 and doubled up during the next six years to surpass 2 quadrillion won in 2006. Du
July 26, 2020
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[Future of Plastic Cards] With digital payments rising, will plastic cards become things of past?
This is the first installment in a series of articles and interviews assessing the future of credit cards as a major payment platform and challenges ahead. -- Ed. The rapid growth of mobile payment services is offering wider options for customers, but for the South Korean credit card industry it is both an opportunity and threat. Some naysayers even predict the demise of plastic credit cards that replaced cash payments for years. Fears linger over the possible emergence of a Korean-version of
July 26, 2020