Most Popular
-
1
10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
-
2
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
3
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
4
DP leader says he will meet Yoon without conditions
-
5
First-ever meeting of president, opposition chief set to finally happen
-
6
NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
-
7
Experts raise concerns about Japan putting pressure on Naver over Line
-
8
Samsung mobile chief, Google device head meet in Seoul
-
9
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
10
Ship linked to NK arms shipments to Russia is moored in China: State Dept.
-
Shinhan’s fintech innovation hub to ramp up startup support with FOF firm
Shinhan Futures Lab, a South Korean innovation hub owned by Shinhan Financial Group, said on April 11 it is poised to ramp up support for startups by teaming up with Korean fund of funds management firm Korea Growth Investment Corp. Shinhan Financial has signed a memorandum of understanding with the state-led FOF manager, also known as K-Growth, to foster investments in startups dedicated to fintech, according to the banking group.Under the agreement, the two will share information about fintech
April 11, 2019
-
Korea issues gov’t bonds worth record-high W48tr in Q1
The volume of fixed-income securities issued by the South Korean government reached an all-time high of 48.5 trillion won ($42.5 billion) in the first quarter, according to the Korean Financial Investment Association on Wednesday. The figure was a 42.3 percent increase from the same quarter last year. It also surpassed the record set for the previous quarterly high -- 46.4 trillion for the second quarter of 2014. Net debt issuance also posted a quarterly high with 34.07 trillion won. Net debt is
April 10, 2019
-
FSC tries to soothe credit card sector reeling from transaction fee cuts
The chief of South Korea’s top financial regulator met with the CEOs of local credit card companies Tuesday to finalize measures aimed to diversify income sources and prevent further losses suffered by the card industry following a cut in card transaction fees. The measures included putting a cap on lofty marketing expenses and allowing credit card firms to operate services analyzing and managing credit information in order to help improve profitability. While the card industry acknowledge
April 9, 2019
-
Goldman Sachs affiliate again faces fine for naked short selling
South Korea’s financial authority has fined a Goldman Sachs affiliate 72 million won ($63,000) for naked short selling, marking the third case of the US-based investment bank facing sanctions here.The Securities and Futures Commission of the Financial Services Commission judged earlier this year that Singapore-based Goldman Sachs India Investments conducted short selling without securing underlying assets, officials said Monday.Naked short selling refers to the sale of borrowed shares in o
April 9, 2019
-
BOK head to attend G20, IMF meetings this week
South Korea's central bank chief will attend international meetings this week to discuss pending economic and financial issues with this counterparts from the world's major economies, the Bank of Korea said Tuesday.BOK Gov. Lee Ju-yeol will head for Washington DC on Wednesday to participate in the G20 Finance Ministers and Central Bank Governors meetings slated for the following day, according to the central bank.Lee also plans to attend annual meetings of the International Monetary Fund and the
April 9, 2019
-
Hanjin chairman’s death exposes cruel effects of owner risk on stocks
Stock prices of South Korea’s flagship carrier Korean Air and Hanjin KAL soared Monday, buoyed with grave irony by the news of Chairman Cho Yang-ho’s death earlier in the day. Analysts are seeing the price soar as the “cruel effect” of an “owner risk” -- a risk that stems from investors’ distrust in the owner of a company -- which is more defined in Korea due to massive family-owned enterprises called chaebol.As of 10:10 a.m., Korean Air shares increased
April 8, 2019
-
Woori Financial inks 1st M&A as holding company
Woori Financial Group said Monday it has closed a deal to acquire Tongyang Asset Management and ABL Global Asset Management, marking its first acquisition deal since the group’s adoption of a holding company structure earlier this year. Woori Financial signed a stock purchase agreement with China’s Anbang Insurance Group to acquire its two asset management subsidiaries, closing a deal that is expected to help the group expand its nonbanking business segment. The deal comes around thr
April 8, 2019
-
Entertainment stocks send rebound signals amid return of star singers
Despite lingering concerns over the latest sex scandal surrounding a former K-pop boy band member, shares of major entertainment management agencies here are showing signs of rebounding, analysts said Sunday.Steering the possible rally could be a series of recent album releases by popular artists, such as Blackpink, EXO and Twice, and the upcoming discharge of megastar G-Dragon from military service.“There have been plunges in share prices across the entertainment sector amid dampening inv
April 7, 2019
-
S. Korean shares end higher on trade deal hopes
South Korean shares ended higher Friday, with investors expecting a US-China trade deal. The won fell against the dollar. The benchmark KOSPI rose 3.08 points, or 0.14 percent, to close at 2,209.61. Trading volume was moderately heavy at 511.71 million shares worth 4.13 trillion won ($3.6 billion), with gainers outnumbering losers 452 to 372. Foreigners and institutions bought a combined 161.311 billion won worth of stocks, offsetting individuals’ stock selling worth 154.63 billion won.
April 5, 2019
-
Korea’s financial supervisor stresses ‘inclusive finance’ and ‘responsible innovation’ in age of fintech
The chief of South Korea’s financial supervisory body on Friday stressed “inclusive finance” and “responsible innovation” as the key drivers of its regulatory oversight this year as the country prepares for explosive growth in the fintech sector.Financial Supervisory Service Gov. Yoon Suk-heun called on foreign financial firms here to “bring in a new wave of financial inclusion and responsible innovation to the Korean financial industry.”Yoon was speakin
April 5, 2019
-
KVIC sees record profit amid venture boom
As South Korea’s venture investment hit a record high last year, Korea Venture Investment, South Korea’s fund of funds management institute, saw a jump in revenue growth, data from the Financial Supervisory Service showed on April 4. KVIC logged operating sales of 22.9 billion won ($20.1 million) and operating profit of 6.4 billion won, growing 38.59 percent and 385.76 percent, respectively. Its revenue soared 456.01 percent to 5.3 billion won during the same period, the company&rs
April 5, 2019
-
[News Focus] Inside the ‘excessive dividends’ controversy plaguing foreign banks in Korea
Global banks operating in South Korea have once again come under close scrutiny for the size of dividends they have paid their parent companies, following their recent announcement of annual earnings and dividend policies for the year. Come every year, major global banks -- namely Standard Chartered Bank Korea and Citibank Korea -- get flak for paying their parent firms generous dividends that exceed their annual net profit. And this year is no exception.While within legal bounds, their dividend
April 4, 2019
-
Toss Card launched in Korea for online, offline purchases
Viva Republica, operator of South Korea’s leading mobile payment and finance platform Toss, on Thursday announced the launch of Toss Card for both offline and online use. The Toss Card connects to users’ Toss account and is linked to their commercial bank accounts, thus functioning like a debit card. It can be used across all BC Card retailers, the firm said. The card comes in two colors -- black and silver -- and is able to support a maximum of 2 million won ($1,760) per paymen
April 4, 2019
-
S. Korea nears top among APEC states in use of digital finance
South Korea was No. 1 among states in the Asia-Pacific region in the utilization of digital finance such as online shopping and internet banking, data showed Tuesday.But it also showed a sharp digital divide, with relatively large differences according to age and income. According to the Asian Digital Transformation Index report published by the Economic Intelligence Unit and MasterCard, Seoul’s portion of customers with no experience online shopping stood at 24 percent. The figure was sec
April 2, 2019
-
Korean branches of foreign banks see 27% hike in 2018 net profit
The South Korean branches of foreign banks here saw their net profit last year grow 27.4 percent from the previous year, on the back of robust interest income, according to tracking data from the Financial Supervisory Service released Tuesday.The 38 global banks operating here, such as HSBC Bank, raised 867.3 billion won ($764 million) in 2018, marking a 27.4 percent increase from 186.6 billion won recorded the previous year, the data showed. During this time frame, their interest-led incom
April 2, 2019
-
BOK picks 2 local AMCs to manage FX holdings
The Bank of Korea has selected two domestic asset management companies to manage its foreign exchange holdings and make stock market investments in advanced economies, officials said Monday.The local AMCs will join two foreign firms which have being managing BOK’s FX holdings so far. The central bank however did not name the two firms that have been selected, in accordance with industry practices. “We will sign a consignment contract by April and put $150 million in a trust for each
April 1, 2019
-
Korea kick-starts financial regulatory sandbox experiment
South Korea’s financial regulatory sandbox policy went into effect Monday, with the Financial Services Commission selecting 19 innovative fintech services for “priority review.”The Financial Services Commission’s innovative finance review panel held its first meeting to decide on the first batch of fintech services to covered by the regulatory sandbox policy.The envisioned services span diverse categories including loans (five), insurance (two), capital market (three), ea
April 1, 2019
-
KB Financial chairman calls for China business expansion
KB Financial Group chief Yoon Jong-kyoo called for greater business expansion in the Chinese market, during talks at the Boao Forum, market watchers said Sunday. The chairman outlined his goals at the CEO conference of the gathering on Friday, in Hainan Island. Both South Korean and Chinese government officials and business representatives attended the conference. Choi Jong-ku, head of the Financial Services Commission, and Korea Investment Corp, CEO Choi Hee-am were present along with some 25
March 31, 2019
-
Non-interest earnings make up 12% of profits generated by Korean banks
Non-interest related earnings made up just 12 percent of profits generated by local banks in 2018, much below the global average, a local think tank said Sunday. The latest findings clearly showed the high degree of dependence on interest and the need to diversify the business portfolios of lenders, the report by Korea Institute of Finance said. It said that out of the 45.8 trillion won (US$40.3 billion) in total profits reported by banks, non-interest earnings stood at 5.5 trillion won. By le
March 31, 2019
-
Kumho Asiana creditors demand asset selloff, solid loan repayment plan
Despite the voluntary departure of the Kumho Asiana chairman last week, the main creditors of the conglomerate, which owns South Korea’s second-largest air carrier Asiana Airlines, have demanded that it sell off its high-value assets and draw up a solid loan repayment plan to improve liquidity. The demands were pushed by Asiana Airlines’ main creditors, including the state-run Korea Development Bank, as a condition for their continued support in normalizing the airline’s financ
March 31, 2019