Most Popular
-
1
Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
-
2
Medical reform committee kicks off despite boycott from doctors
-
3
10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
-
4
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
5
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
6
DP leader says he will meet Yoon without conditions
-
7
Over 9,000 hotline calls made by stalking victims in 2023
-
8
Monthly users on local streaming platforms outpace Netflix, Disney+
-
9
[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
-
10
Seoul to promote luxurious side of the city
-
Stock-related funds lure investors despite virus spread
Despite the ongoing coronavirus outbreak, the amount of funds floating around South Korea’s stock market hit an all-time high, market data showed Thursday. The amount of capital available for stock-related funds marked nearly 124.91 trillion won ($105.3 billion) as of end-February, up 8.77 trillion won from a month earlier, according to latest market data. The funds refer to equities looking for investment opportunities such as investor deposits at brokerage firms, repurchase agreement
March 5, 2020
-
Property transactions between parents-children grow
An increasing number of multiple homeowners in South Korea are choosing to give real estate to their children instead of selling it, data showed Wednesday. The number of apartments transferred from parents to children stood at 1,632 in January -- an increase of 305 from December and the third-highest jump since the compilation of relevant data began in 2006, the Korea Appraisal Board said. Meanwhile, separate data released by the Seoul City government showed that apartment transactions in
March 5, 2020
-
Woori, Hana face W36.5b fine, 6-month suspension for DLF fiasco
South Korea’s top financial regulator on Wednesday slapped a combined 36.5 billion won in ($30.8 million) fines on Woori Bank and Hana Bank, along with a six-month ban on attracting investors‘ money into privately pooled funds. The Financial Services Commission’s final decision indicates that the authorities held the banks responsible for their lack of internal control, as they failed to protect retail investors from potential risks implied in the structured products known as
March 4, 2020
-
Stock market turns bullish on stimulus package, Fed rate cut
Seoul stocks extended their gains Wednesday, as investors welcomed a new stimulus package of the government to stem the economic fallout from the new coronavirus outbreak and the US Fed’s latest rate cut. The benchmark Kospi headed north throughout the day and closed at 2,059.33 -- up 45.18 points, or 2.24 percent from the previous session -- as foreign investors purchased local stocks. Offshore investors net purchased 152.7 billion won stocks. Individual and institutional investors, ho
March 4, 2020
-
Seoul FX reserves slightly drop in Feb.
South Korea's foreign exchange (FX) reserves dropped slightly from a month earlier in February, central bank data showed Wednesday, largely on the strengthening of the US dollar that reduced the dollar value of the country's reserves held in other currencies. The country's FX reserves came to $409.17 billion as of end-February, down $480 million from the record high of $409.65 billion tallied a month before, according to the data from the Bank of Korea (BOK). The BOK attributed the drop to the
March 4, 2020
-
Cape Industries faces proxy war over directors, dividends
South Korea’s ship engine parts maker Cape Industries is facing a proxy fight as its activist shareholders are opposing the firm’s excessive compensation to executives despite piling losses. The investor group, led by KH Investment, has proposed a cut on Cape’s four executives pay to half -- 1.5 billion won ($1.3 million) maximum if combined -- and recommended candidates for outside directors and auditors. The alliance is also demanding the first dividend payout of the group
March 3, 2020
-
Demand for personal credit loan grows, home loans falls
The amount of personal credit loans grew while mortgage loans fell last month, data showed Tuesday, apparently due to the South Korean government’s tighter mortgage restrictions since last year. Outstanding credit loans stood at 110.9 trillion won, up 1.2 trillion won ($1 billion) last month from 109.7 trillion won in January. The nation saw the figure drop 225 billion won on-month in the first month this year. Meanwhile, mortgages owed by Korean households increased 956.3 billion wo
March 3, 2020
-
Kospi recovers 2,000-mark over Fed rate cut remark
Korea’s benchmark Kospi on Monday rose less than 1 percent, barely recovering past the 2,000-point mark after crashing in the previous session over expectations on an interest rate cut in the US. The local currency closed at 1,193.70 won against the US dollar, strengthening 20 won from the previous session’s close. The benchmark bourse Kospi opened slightly high at 1,997.03 -- rising 10.02 points, or 0.5 percent, from the previous session. It dipped below 1,980 points
March 2, 2020
-
KCGI woos Delta Air Lines for Hanjin control
A coalition led by South Korea’s activist private equity fund Korea Corporate Governance Improvement called Delta Air Lines a “partner” in its pursuit for a control over Hanjin Group and its crown jewel Korean Air in a note Monday. This reflects KCGI’s drastic turn from the previous week when the activist investor questioned Delta’s increase in Hanjin KAL stake -- to 11 percent in February -- as the family-controlled Hanjin Group had entered into a proxy battle tha
March 2, 2020
-
Stocks of firms selling coronavirus testing kits soar
Shares of South Korean companies dedicated to novel coronavirus testing kits soared on Monday, amid rising demand. Local diagnostic kit makers are launching devices that detect coronavirus infections, which allow authorities to test over 10,000 people a day as of current -- from around 1,000 two weeks prior. One of them is Seegene, a maker of the real-time polymerase chain reaction analysis assays. The Seoul-based company closed at 40,400 won ($33.8) per share, up 10.7 percent Monday, on the
March 2, 2020
-
Seoul stocks open up on technical rebound, Fed comment
Seoul stocks opened higher on Monday on a technical rebound and comments by the Federal Reserve chairman on a possible rate cut to reassure the markets hit by the spreading coronavirus outbreak. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.60 points, or 0.13 percent, to 1,989.61 in the first 15 minutes of trading. Investor sentiment appears to be somewhat buoyed after Fed Chairman Jerome Powell signaled on Friday (US time) that the central bank was open to
March 2, 2020
-
Credit card transactions dip amid coronavirus crisis
Credit card transactions nearly halved last month as the fast-spreading COVID-19 fears dampened consumer sentiment, according to latest data Sunday. The overall credit card payments from Feb. 1-23 stood at 28.2 trillion won ($23.5 billion), down 45 percent from 51.3 trillion won in January, as per eight credit card issuers, including Shinhan Card, Samsung Card, Hyundai Card and BC Card. The transactions declined 32 percent, when deducting a week’s average amount -- approximately 10 tri
March 1, 2020
-
Cashier-less tech on the rise
Just grab and go. This is what customers visiting a convenience store at BC Card’s head office in Seoul have to do. They don’t need a wallet, credit cards or cash. They don’t even have to encounter any cashier for payment. It is run autonomously, replacing human labor with the latest technology that features state-of-the-art sensors to track customers’ movements, and the weight of products on shelves. The convenience store, jointly operated by BC Card, its affiliat
March 1, 2020
-
KDB picks 2 external partners to back W120b for supply chain autonomy
State-run Korea Development Bank said Friday it had chosen two external partners to operate funds with a combined 120 billion won ($99.2 million) of public money to support South Korea’s drive for supply chain autonomy. The two partners are BNW Investment-Industrial Bank of Korea consortium and SKS Private Equity-Korea Investment Private Equity group. These were among nine applicants to manage the funds. Each group is mandated to attract at least 40 billion won investment from the priva
Feb. 28, 2020
-
Seoul stocks crumble on coronavirus-fueled selling spree
Stocks on South Korea’s main bourse Kospi plunged more than 3 percent Friday with investors dumping assets amid the rapid increase of COVID-19 virus cases. Market watchers are closely watching how long the selling pressure will continue despite aggressive steps being taken by the government to contain the virus spread. The benchmark Kospi opened sharply lower at 2,020.17 -- sinking 34.72 points, or 1.69 percent, from the previous session. The weak start continued through the day to clos
Feb. 28, 2020
-
Hanwha Asset to raise W510b capital in cross-border push
Hanwha Asset Management said Friday it planned to raise 510 billion won ($421.7 million) capital from its parent Hanwha Life Insurance, which would bring its total capital to over 700 billion won -- the second-largest for an asset management company in South Korea. The fresh capital will be used to enhance overseas alternative investment capacity through acquisitions of foreign asset management firms, expand its overseas units, create a digital infrastructure and nurture more investment opportu
Feb. 28, 2020
-
Korean IPOs in February defy coronavirus fears
The initial public offerings of South Korean firms in February were largely successful, despite the impact of the new coronavirus on the domestic stock market. This month through Friday, five companies -- Sunam, Lemon, Kencoa Aerospace, JNTC, Seoul Viosys -- wrapped up IPOs, raising a combined 192.1 billion won ($158.1 million). Four out of five, except for Kencoa Aerospace, were more than successful. The offered prices of the four companies were set at, or beyond, the upper cap of the price
Feb. 28, 2020
-
MMAA selects 8 external partners to back W130b
The Military Mutual Aid Association said Friday it has selected eight South Korean external partners dedicated to investment in private equities and venture capital to back a combined 130 billion won ($107.1 million) this year. The Korean institutional investor will invest a total of 100 billion won to blind pool funds managed by private equity houses KStone Partners, Aju IB Investment, SkyLake Investment, KTB Private Equtiy and Dominus Investment. In the meantime, a combined 30 billion won w
Feb. 28, 2020
-
Yeouido on guard after COVID-19 case confirmed at Eximbank
Yeouido, packed with financial companies and home to the National Assembly, was on its guard against the new coronavirus on Friday following news of confirmed cases in the area. The state-run Export-Import Bank of Korea said early in the morning that one of its employees was confirmed with COVID-19 around 7:30 p.m. the previous day. The bank immediately initiated emergency measures, shutting down its headquarters in west Yeouido and carrying out extensive quarantine. Some 800 employees w
Feb. 28, 2020
-
NPS harvests record yield in 2019
The National Pension Service, South Korea’s largest public pension fund, reaped record investment return in 2019 largely thanks to a bull run in overseas stock markets, its preliminary data showed Thursday. Its annual rate of return came to 11.31 percent last year, the highest since the launch of NPS Investment Management in 1999, followed by 10.39 percent in 2009 and 10.37 percent in 2010. Over the past year, it earned 73.4 trillion won ($60.4 billion) return, which is 1.5 times large
Feb. 27, 2020