Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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[Exclusive] Meritz Securities bond sale raises W1.2tr on path to become ‘mega IB’
Asset management firm Meritz Securities recently sold more than a trillion won of property bonds in a bid to meet government rules that require securities firms to lower debt guarantees, according to sources Tuesday. The Seoul-based firm last week sold bonds worth 1.2 trillion won ($983 million) to institutional investors and insurance firms, sources said. Some of the buyers are said to include KDB Life Insurance, IBK Pension Insurance, and Tongyang Life Insurance. The l
March 31, 2020
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Mirae Asset chairman donates W25b in decade
South Korea’s Mirae Asset Financial Group said Tuesday that Chairman Park Hyeon-joo has donated his dividends for 10 years in a row -- amounting to 25 billion won ($20.5 million). In 2019, as a shareholder of Mirae Asset Global Investments and Mirae Asset Capital, Park earned a combined 1.7 billion won. The donations went to Mirae Asset Park Hyeon-joo Foundation, dedicated to scholarships for exchange programs for Korean college students. According to the firm, over 5,800 students have
March 31, 2020
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Foreigners extend stock selling streak to 19th straight session
Foreign investors on Tuesday continued to sell local stocks for the 19th consecutive session amid the coronavirus scare, data showed, with offshore investors offloading a net 72.8 billion won ($59.7 million) worth of local stocks. Since March 5, foreigners have net sold a total of 11.6 trillion won in stocks. They sold a net 1.31 trillion won on March 9, marking the biggest sell-off on record. Despite foreigners' continued selling binge, South Korea's benchmark Korea Composite Stock Price Ind
March 31, 2020
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Seoul stocks spike over 2% on stimulus hopes
South Korean stocks closed sharply higher Tuesday, extending earlier gains on hope for massive economic stimulus measures in major economies, such as China and the United States, to minimize the fallout from the new coronavirus outbreak. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) surged 37.52 points, or 2.19 percent, to close at 1,754.64. Trading volume was high at slightly over 1 billion shares worth 13.6 trillion won ($11.2 billion),
March 31, 2020
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Seoul stock extend gains late Tuesday morning
South Korean stocks extended earlier gains Tuesday on massive stimulus measures around the globe to minimize the economic fallout from the new coronavirus outbreak. The benchmark Korea Composite Stock Price Index (KOSPI) spiked 31 points, or 1.81 percent, to reach 1,748.12 as of 11:20 a.m. The index opened higher, adding 1.35 percent in the first 15 minutes of trading. Such a strong start followed overnight gains on Wall Street. "The New York stock market closed higher on the news that t
March 31, 2020
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Chaotic market puts fate of Korean M&As to test
Over the past few months since the outbreak of the novel coronavirus, some employees of Hyundai Development Company, a local real estate developer under the pan-Hyundai empire, have been walking on thin ice. The market is facing a pandemic test, they said, pointing out the company’s landmark deal to acquire Asiana Airlines, the nation’s second-largest air carrier. The market hit by once-in-a-generation crisis could undermine the financial soundness of the company, not to mention
March 30, 2020
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S. Korea to place investment cap on peer-to-peer lending
In an effort to tighten its grip on high-risk financial products in a volatile market, South Korea’s financial authorities will be placing a cap on peer-to-peer investments. The regulatory Financial Services Commission and watchdog Financial Supervisory Service on Monday unveiled the enforcement regulations for a forthcoming act on P2P lending, which will take effect starting Aug. 27. Under new rules, individual investors may invest up to 30 million won ($24,500) in P2P products and up
March 30, 2020
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Seoul stocks almost flat, won sharply down
South Korean stocks finished almost unchanged Monday paring earlier losses on new stimulus measures aimed at minimizing the fallout from the spread of the new coronavirus. The local currency dropped sharply against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 0.61 point, or 0.04 percent, to close at 1,717.12. Trading volume was high at 753 million shares worth 8.97 trillion won ($7.32 billion), with gainers outnumbering losers 615 to 256. The in
March 30, 2020
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Financial regulator backs KDB ownership of insurer
South Korea’s financial regulator Monday cleared uncertainties, allowing the Korea Development Bank to take control of a local insurer unit for the time being and buy the time to sell it off. A private equity firm jointly created by KDB and Consus Asset Management -- which controls a combined 92.73 percent of KDB Life Insurance -- reached the end of a 10-year grace period before being regulated as an insurance holding company in February. Under the Capital Markets Act, the private equity
March 30, 2020
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Card firms' 2019 net down 5.3% on increased costs
South Korean credit card firms saw their combined net profit fall 5.3 percent in 2019 from a year earlier due mainly to increased loan-loss reserves and marketing spending, data showed Monday. The combined net profit of eight card issuers, including Shinhan Card Co., Samsung Card Co. and KB Kookmin Card Co., came to 1.64 trillion won ($1.3 billion) in 2019, compared with 1.73 trillion won in 2018, according to the data released by the Financial Supervisory Service (FSS). The value of credit ca
March 30, 2020
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Korean stocks sharply down late Monday morning
South Korean shares remained down late Monday morning after opening sharply lower on fears of the new coronavirus outbreak further slowing economic activities throughout the globe, limiting demand at home and abroad. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 40.74 points, or 2.37 percent, to 1,676.99 as of 11:20 a.m. On Monday, South Korea reported 78 new cases of COVID-19, bringing the nation's total infections to 9,661. The United States became the new global epicente
March 30, 2020
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Mirae Asset takes lead in local pension fund industry
Mirae Asset Global Investments, a Korean asset management firm, has been cementing its leadership in the local personal pension fund market with assets under its management continuing to grow this year. Personal pension and retirement pension funds operated by Mirae Asset have reached a combined 7.59 trillion won ($6.3 billion), or 3.63 trillion won and 3.96 trillion won, respectively. As of this year, the pension funds had increased by 500 billion won, the highest increase in the local mark
March 29, 2020
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Korea’s short-term funding market reels from coronavirus
South Korea’s short-term funding market is showing no signs of stabilizing, despite the central bank’s relief package to help ease the credit crunch amid the global coronavirus pandemic. The interest rate of commercial papers with 85-91 days of maturity -- a frequent short-term debt instrument by nonfinancial companies -- soared to 2.09 percent Friday, up 5 basis points from the previous day’s close, according to data from the Korea Financial Investment Association. The figur
March 28, 2020
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S. Korea calls for allocation of Special Drawing Rights
South Korea's finance minister has called on the International Monetary Fund to consider allocating the Special Drawing Rights, an international reserve asset, to provide global liquidity amid the rapidly spreading coronavirus pandemic. Hong Nam-ki made his case in a video conference of the International Monetary and Financial Committee, the governing body of the IMF, which was held Friday to discuss the unprecedented challenge posed by COVID-19. The SDR is an international reserve asset that
March 28, 2020
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S. Korea approves W1tr financial relief package for Doosan Heavy
South Korea’s government and key state-run banks on Friday sealed a plan to provide a credit line of 1 trillion won ($826 million) to Doosan Heavy Industries & Construction, in an effort to prevent a possible liquidity crunch amid the novel coronavirus spread. As the key creditor, the Korea Development Bank said it will provide financial support to the struggling power equipment maker jointly with the Export-Import Bank of Korea. “Together, we shall provide some 1 trillion w
March 28, 2020
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Hanjin KAL’s proxy war to intensify despite activist fund's defeat
South Korea’s activist private equity fund Korea Corporate Governance Improvement on Friday vowed to restore Hanjin Group “back on track,” signaling its push for activism despite the Friday defeat. “We could feel the shareholders' desire to change Hanjin KAL’s management by the owner family,” the coalition led by KCGI wrote in a letter to shareholders. “The most crucial is for Hanjin Group to make a breakthrough, and we believe that the only solut
March 27, 2020
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Korean firm buys stake in Russian liver cancer therapy developer for $20m
Seoul-based Thelma Therapeutics said Friday it has closed a deal to buy 27 percent stake in Russian liver cancer therapy developer for 24.3 billion won ($20 million), to tap the overseas health care market. The stake was of NBT, a parent company that wholly owns radioembolization therapy device developer Bebig, both located in the Dubna Special Economic Zone on the northern outskirts of Moscow. Bebig is known for selling the therapy device called Microsphere, used to cure liver cancer -- a the
March 27, 2020
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Mirae Asset Daewoo loses $5m in email scam
Korean brokerage firm Mirae Asset Daewoo said Friday that its Hong Kong branch has suffered a loss of $5 million in a recent email fraud scam. The firm’s Hong Kong branch concluded an underwriting agreement to take over airplanes from an aircraft leasing company last year and made another contract to sublease the aircrafts to a carrier in Asia. But it was targeted in a “spear-phishing” attack while paying the balance, the brokerage said. Spear-phishing is an email scam targe
March 27, 2020
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Seoul stocks open sharply higher tracking Wall Street gains
South Korean stocks opened sharply higher Friday, tracking overnight gains on Wall Street boosted by historic stimulus measures amid the novel coronavirus pandemic. The benchmark Korea Composite Stock Price Index rose 62.47 points, or 3.7 percent, to 1,748.71 in the first 15 minutes of trading. US stocks rallied for a third straight day Thursday (local time) after the Senate passed a $2 trillion relief package to tackle the economic fallout from the COVID-19 crisis. The Dow Jones Industria
March 27, 2020
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Moody's reviews ratings of Hyundai Motor, Kia Motors for downgrade
Moody's Investors Service said Thursday that it has placed the ratings of Hyundai Motor and its affiliate Kia Motors on review for downgrade due to the coronavirus outbreak. The global credit rater said the two South Korean carmakers remain vulnerable to the spread of the COVID-19 pandemic and predicted demand for new vehicles will reduce meaningfully over the coming months, especially in the Europe, the Middle East and Africa (EMEA) and North American markets. "
March 26, 2020