Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[Music in drama] Rekindle a love that slipped through your fingers
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul stocks end tad lower on profit-taking, stimulus uncertainties
South Korean shares closed a tad lower Monday as investors locked in part of gains built on hopes for economic relief packages in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.99 points, or 0.14 percent, to close at 2,198.20. Trading volume was high at about 675 million shares worth some 11.8 trillion won ($9.8 billion), with losers outnumbering gainers 476 to 369. The index climbed 2.4 percent last week on the back
July 20, 2020
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Seoul stocks open flat on profit-taking
South Korean shares opened flat Monday, as investors went for profit-taking after the market surged by more than 2 percent last week on the back of hopes for stimulus measures in major economies amid the new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.08 point, or near zero percent, to 2,201.11 in the first 15 minutes of trading. Investors took to the sidelines to keep a watchful eye on additional stimulus measures under review. European leaders cam
July 20, 2020
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[Market Close-up] Snowballing fiasco shows Korea's failure to create healthy hedge fund environment
This is the first in a two-part series exploring South Korea’s troubled hedge funds market. -- Ed. Yoo Hye-kyung, 76, discharged herself from a hospital a day early to participate in a rally on Wednesday in Seoul to demand full compensation for her 500 million won ($450,000) investment in Optimus Asset Management. Claiming that she hadn’t even heard of the hedge fund manager when she signed a contract with NH Investment & Securities, a leading brokerage here, Yoo was furious th
July 19, 2020
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FSC, financial giants to mull loan maturity extension to cushion pandemic impact
Financial Services Commission Eun Sung-soo will attend a closed-door meeting of the heads of South Korea’s five biggest banking groups Friday to discuss whether to further ease loan repayment schedules for coronavirus-battered companies, industry sources said Sunday. It is unusual for the FSC chief to attend the meeting convened by the five chiefs, according to insiders. Through the meeting, the authorities are slated to seek a consensus on the details of a further extension of loan re
July 19, 2020
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Seoul stocks tipped to face correction this week
South Korean stocks are expected to come under selling pressure and hover below the 2,200-point level this week on mixed economic signals and a surge in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,201.19 points on Friday, up 2.4 percent from a week ago. The index on Wednesday surpassed the psychologically important 2,200-point threshold for the first time since Feb. 19 on hopes of COVID-19 vaccine development and additional economic stimulus
July 19, 2020
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Macquarie Korea hosts virtual seminar on industrial safety awareness
The South Korean unit of Macquarie Infrastructure and Real Assets hosted a virtual seminar on industrial safety awareness Thursday for companies receiving investments from its funds, it said Friday. The seminar was part of Safety Day, which the company holds annually in an effort to prevent industrial disasters and help companies understand related risks. It was carried out virtually this year due to the coronavirus pandemic, with the participation of officials from Macquarie Group and project
July 17, 2020
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KB Financial relocates startup accelerator to WeWork Korea
KB Financial Group said Friday that it has relocated its startup accelerator program to a WeWork branch here and plans to recruit its first tenants. The venue for the KB Starters program, dubbed the KB Innovation Hub, was relocated earlier this month to an approximately 1,000-square-meter space within WeWork Korea’s Sinnonhyeon branch in southern Seoul. Its previous venue was a 600-square-meter coworking space nearby. Cooperation with WeWork Korea will also allow program participants
July 17, 2020
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Seoul stocks close higher on stimulus hopes
South Korean stocks closed higher Friday on growing expectations for large-scale stimulus measures in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 17.43 points, or 0.80 percent, to close at 2,201.19. Trading volume was moderate at about 561 million shares worth some 10.1 trillion won ($8.4 billion), with gainers outnumbering losers 483 to 362. The stock index advanced on hopes for stimulus efforts in Europe and the
July 17, 2020
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Seoul stocks open higher on improved US retail sales
South Korean stocks opened higher Friday, as estimate-beating US retail sales data boosted economic rebound hopes in the world's largest economy. The benchmark Korea Composite Stock Price Index rose 11.32 points, or 0.52 percent, to 2,195.08 in the first 15 minutes of trading. The gains came after US retail sales in June jumped 7.5 percent from a month ago, after an 18.2 percent hike in May. The data fueled expectations of a recovery in the United States, one of South Korea's largest trade p
July 17, 2020
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Seoul stocks close lower on profit-taking, mixed economic signals
South Korean stocks closed lower Thursday on investors' profit-taking amid mixed economic signals. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 18.12 points, or 0.82 percent, to close at 2,183.76. Trading volume was high at about 775 million shares worth some 1.5 trillion won ($1.2 billion), with losers outnumbering gainers 435 to 403. Foreigners sold a net 13 billion won, ending a three-day buying streak, with institutions offloadin
July 16, 2020
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[Weekender] ‘Revenge shopping’ on rise as alternative to summer vacay
For Kim Su-yeon, a 40-year-old office worker, standing in line for a Louis Vuitton bag has become a way to beat the heat -- instead of traveling overseas for some relaxation and summer fun. “All my travel plans came to naught due to the coronavirus spread, so I decided to pour my savings into Louis Vuitton bags,” said Kim, who joined the lines stretched along the street leading to the main branch of Shinsegae Department Store in Sogong-dong, central Seoul, Tuesday. Her ques
July 16, 2020
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KOFIA vows to restore trust amid snowballing hedge fund fiasco
The chief of an association representing 440 brokerages and asset management firms in South Korea apologized Thursday for a series of hedge fund fiascos and vowed to strengthen voluntary monitoring of the market. “We will concentrate on our capability to rebuild trust and carry out sustainable innovative tasks,” said Korea Financial Investment Association Chairman Na Jae-chul. “We think now is the time for the market players to open their eyes. To help them make a new leap f
July 16, 2020
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FSC convenes working group to nurture AI-based finance
South Korea’s financial regulator on Thursday held a joint working group meeting to discuss measures to nurture financial services based on artificial intelligence technologies, in preparation for new waves of digital transformation in the sector. Hosted by the Financial Services Commission, the meeting was attended by traditional local lenders, fintech firms and leading AI programming companies. Its main agenda was to seek ways to improve the current regulations that hampe
July 16, 2020
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Kakao Pay vows to expand e-bills service
Electronic payment service provider Kakao Pay said Thursday it aims to expand its service to enable bills to be created, delivered and paid online to spearhead Korea’s aim to transform into a paperless society. Capitalizing on the group’s popular mobile messenger platform KakaoTalk, Kakao Pay is likely to dominate the e-bills market by inviting more e-bill distributors to its platform, Lee Seung-hyo, chief product officer of Kakao Pay, said in a seminar held in Seoul. “At th
July 16, 2020
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Seoul stocks open flat on recovery hopes, Sino-American risks
South Korean stocks opened nearly flat Thursday amid rising Sino-American tensions and recovery hopes of the pandemic-hit global economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.13 points, or 0.1 percent, to 2,199.75 in the first 15 minutes of trading. Investors walked a tight rope between signs of a global economic recovery and the rising political friction between the world's two largest economies. US industrial production in June jumped 5.4 percent from a month a
July 16, 2020
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Seoul stocks exceed 2,200-level for first time in five months on COVID-19 vaccine hopes
The South Korean benchmark stock index finished above the 2,200-level for the first time in nearly five months on Wednesday, largely on hopes for a coronavirus vaccine and economic recovery. The Korean won rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 18.27 points, or 0.84 percent, to close at 2,201.88. The index surpassed 2,200 for the first time since 2,210.34 on Feb. 19. Trading volume was high at about 811 million shares worth some 13.4 trillion won ($11.
July 15, 2020
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Eximbank signs $100m sublease contract with African bank to boost bilateral trade, investment
Responding to growing trade and investment volume between South Korea and Africa, the state-run Export-Import Bank of Korea has signed a sublease contract worth $100 million with the Eastern and Southern African Trade and Development Bank via a videoconference, officials said Wednesday. Launched in 1985, the TDB, a multilateral, treaty-based development financial institution, is aimed at financing local businesses as well as trade activities in the African regions. It has 22 member coun
July 15, 2020
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IBK to launch new online ‘untact’ mortgage product
The state-run Industrial Bank of Korea said Wednesday it plans to launch a new mobile untact -- non face-to-face contact -- mortgage product for customers. The product, designed to support self-employed or small business owners, will be extended through IBK’s mobile banking app I-One Bank. Users will be required to submit only basic personal information, instead of actual paper documents. The time tied to the process of receiving the mortgage will be shortened, as borrowers will b
July 15, 2020
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Mastern to invite W110b for French office acquisition through REIT IPO
Seoul-based property investment house Mastern Investment Management said Wednesday it plans to invite 110 billion won ($91.6 million) in South Korean retail money through its new real estate investment trust to take over part of equities in an office building in the suburb of Paris. Mastern plans to list the REIT’s 22 million shares, each priced at 5,000 won, on Korea’s main bourse Kospi in August. The listing schedule will be determined after an initial public offering that is set
July 15, 2020
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S. Korea ranks 30th in global real estate transparency: JLL
The South Korean real estate market ranked 30th in terms of transparency, a survey showed Wednesday. According to Jones Lang LaSalle Korea, the country climbed one notch in its Global Real Estate Transparency Index, a benchmark of real estate market transparency that covers 99 countries. The index studies 210 indicators, including the level of sustainable management, resilience to economic crisis and technological advances of respective countries. Officials of the global real estate se
July 15, 2020