Most Popular
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Koreans, Americans differ on prestigious jobs: lawmakers vs. firefighters
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Only half of S. Koreans willing to marry: data
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Disgraced ex-minister rises as major threat to ruling party
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Yoon calls for dialogue, trust from medical community
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Summit for Democracy opens in Seoul in mega-election year
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Jungkook of BTS updates life in Army
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Med professors to resign starting March 25
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Dyson founder visits Seoul for global debut of new hair dryer
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Leaders call for action against threats to democracy posed by AI
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Ryu Joon-yeol, Han So-hee confirm dating since early 2024
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Korea to create W237.5b global fund for startups with Singapore
South Korea and Singapore will set up a fund worth at least 237.5 billion won ($213.2 million) to invest in Korean startups that seek to enter the Singaporean market and vice versa. The state-backed fund of funds management firm Korea Venture Investment Corp. will partner with Singapore-based investment company Temasek Holdings to create the fund within six months, according to the Korean fund manager Monday.The size of the global fund could be expanded, depending on the volume of the Sing
Aug. 27, 2018
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Brokerages’ income rises, stability declines
South Korea’s securities brokerage houses reported a combined 2.7 trillion won ($2.4 billion) in net profit in the first half of this year, up 40.7 percent on-year, preliminary data showed Monday. This marked the highest half-year volume since the first half of 2007, according to data compiled by the Financial Supervisory Service. The FSS is an oversight body of 55 securities trading companies in Korea. Meanwhile, the companies saw leverage ratio rise and financial stability decline throug
Aug. 27, 2018
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Commercial banks’ overseas profit likely to hit record this year
The Korea Federation of Banks on Sunday expressed hopes for local commercial banks’ annual offshore net income from financial branch network operations and investments to mark a record this year.In the first half of 2018, four Korean commercial banks -- Shinhan, Woori, KEB Hana and KB Kookmin -- logged 527.2 billion won ($471.4 million) in net profits from offshore branches and investments overseas through investment banking and assets management. The figure soared 5 percent from the first
Aug. 26, 2018
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Costco to end contract with Samsung Card, partner with Hyundai Card
Costco Wholesale Korea, the South Korean unit of the US wholesaler, has chosen Hyundai Card as its partner starting next year, according to the Korean card firm Friday. Following Costco’s single-network credit card policy, the new 10-year contract will put an end to the wholesaler’s partnership with Samsung Card, which has been in place since 2000, once it takes effect May 24, 2019. Hyundai card said an in-house team devoted to private-label credit cards and data analysis had he
Aug. 26, 2018
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Over 100,000 vendors use Cashnote to manage card income
The number of vendors that use the card income management system Cashnote topped 100,000 as of Friday, according to the service provider, financial technology startup Korea Credit Data, Sunday. Cashnote is an add-on function for the mobile messenger service KakaoTalk. It helps merchants collect and manage card income records from different card companies and process charges efficiently. As of Friday, Cashnote had managed a cumulative total of 22 trillion won ($19.7 billion) in card income f
Aug. 26, 2018
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KOSPI to move in tight range next week amid lack of momentum
South Korean shares are expected to move in a tight range next week amid a lack of clear cut momentum and investors' cautious stance on the ongoing trade dispute between the United States and China, analysts here said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,293.21 on Friday, losing 10.61 points, or 0.46 percent. The main index ended in the positive territory this week, posting a 2.05 percent gain from a week earlier. Foreigners bought 567.76 billion won ($507
Aug. 25, 2018
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Goldman sells new London HQ to Korean pension fund
Goldman Sachs has sold his new European headquarters, opening next year in London, to South Korea's National Pension Service for $1.5 billion, the US investment bank has said.Goldman added in a statement that it would lease back the building, worth $1.165 billion ($1.502 billion, 1.297 billion euros), in a deal lasting up to 25 years."The Goldman Sachs Group Inc. today announced it has entered into a binding agreement for the sale and leaseback of Plumtree Court with Korea's National Pensio
Aug. 23, 2018
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AEBS students pick KB as operator of exemplary cultural space
Students from the Asia Elite Business Scholars group recently visited a bank branch renovated into a cultural space in Seoul run by South Korea’s KB Kookmin Bank.Located in Hongdae in western Seoul, the four-story building known as KB Rock Star Youth Lounge had been selected as AEBS’ exemplary case for transforming a space of business into one with cultural and artistic functions.AEBS comprises students from seven prestigious universities across Asia: Peking University, Fudan Univers
Aug. 23, 2018
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NongHyup Bank acquires Cambodian microfinance institution
Seoul-based NongHyup Bank said Wednesday it gained regulatory approval Friday for operation of the Cambodian microfinance institution Samic that Nonghyup acquired in July.The Phnom Penh-based institution has been renamed NongHyup Finance Cambodia, following approval of the acquisition by the Cambodian Ministry of Commerce and National Bank of Cambodia. In July, the NBC greenlighted NongHyup Bank’s takeover of 100 percent of shares of Samic.It will begin operation in late August, according
Aug. 22, 2018
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[Advertorial] Citibank Korea boosts global bank’s presence in Asia
Citibank has been picked as the “best in corporate trust” for three consecutive years by a Hong Kong financial magazine, with its boosted performances in South Korea and other major countries in the region having contributed to the win. The annual awards given by The Asset is called the 2018 Triple A Asset Servicing, Institutional Investor and Insurance Awards, assessing and recognizing both sell-side service providers and buy-side institutions in Asia’s highly dynamic ass
Aug. 22, 2018
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Shinhan gears up for ING Life takeover
Shinhan Financial Group is gearing up to raise 400 billion won ($357.5 million) through debt funding in its move to take over ING Life Insurance Korea. If Shinhan manages to raise the capital through hybrid tier-1 contingent convertible (CoCo) bonds as pledged on Friday, this year it will see its capital increase some 1.1 trillion won.In March, Shinhan Financial Group issued 150 billion won worth of won-denominated hybrid CoCo bonds to local institutional investors. Also in August, $500 million
Aug. 22, 2018
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ICT firms to be allowed to own internet-only banks
South Korea’s financial regulator has submitted a bill to the National Assembly to allow tech firms -- such as game developer Nexon and Netmarble Games -- to become major shareholders of internet-only banks, officials said Wednesday.The Financial Services Commission recently submitted the revision bill of the upcoming law on internet-only banks, seeking to ease the separation of banking and commerce, according to industry sources.While attending a related parliamentary committee Wednesday,
Aug. 22, 2018
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[Advertorial] Hyundai Card targets young premium customers with ‘the Green’ card
Hyundai Card has launched a new premium credit card for the first time in 10 years, targeting young customers, the company said Wednesday.The credit card operator earlier this month released the Green, an online application-only credit card, which offers 1 percent mileage savings for all card usage that attains 500,000 won ($447) in monthly spending, double credit benefits depending on the monthly card amount, and additional 5 percent mileage for overseas shopping. Under the slogan “M
Aug. 22, 2018
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[Herald Interview] Screening matters in crowdfunding: Crowdy
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 21st installment. -- Ed.In June, the South Korean mobile game software developer iPeoples reneged on a promise to give 10 percent returns to those investing through an equity crowdfunding platform.The developer of the mobile game “Blue Marble M” was estimated to have crowdsourced 700 million won ($626,300) from some 770 investors by issuing bonds. It promised
Aug. 21, 2018
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Alipay launches mobile tax refund service for tourists to Korea
Chinese mobile payment platform Alipay announced Monday it had launched a mobile tax refund service so users could claim refunds without visiting offline duty-free shops in airports or cities. To launch Alipay’s first tax refund service via mobile phone, the Korean unit Alipay Korea partnered with Global Tax Free, a Kosdaq-listed tax refund service provider for foreign tourists.Those buying products at shops supporting services by Global Tax Free -- in seven airports and three harbors
Aug. 20, 2018
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Weaker dollar eases S. Korea market woes
Downward pressure on South Korea’s markets appears to be on the wane, as the US dollar is taking a breather against currencies in emerging markets including Korea. After opening higher on Monday morning, both the Kospi and the Kosdaq lost their earlier gains in the afternoon. The top-tier Kospi remained nearly flat, edging up 0.04 percent at closing, while the Kosdaq was down 0.3 percent. Markets here rebounded Friday from the price floor they had hit earlier last week, while signs o
Aug. 20, 2018
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[Kosdaq Star] Strong Q2 backs DoubleU Games’ plan to move to Kospi
This is the 60th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.Listed game software developers in South Korea suffered lackluster performance in the second quarter this year due to sparse new releases coupled with external uncertainties.Moreover, analysts have considered the second quarter a typically low season for the gaming industry.This downtrend makes social casino game developer DoubleU Games’ earnings surprise in the quarter stand ou
Aug. 19, 2018
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Seoul shares likely to drift in cautious mode amid uncertainties
South Korean stocks may move in a tight range as investors are likely take a cautious approach due to lingering risks over various global issues, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,247.05 on Friday, losing 1.57 percent, or 35.74 points, from a week ago. In the beginning of the week, a collapse of the Turkish lira sent a shockwave throughout the world. The Turkish currency had been on a sharp decline since the beginning of this year, but the pace ac
Aug. 18, 2018
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S. Korea says Elliott's claim over Samsung merger groundless
South Korea has denied a claim by US activist fund Elliott Associates that it gave discreet backing for a 2015 merger of two Samsung units and caused the firm to suffer losses from what it calls an unfair deal, a document from Seoul's justice ministry showed Friday. The Ministry of Justice released its official government response to the notice of arbitration lodged by Elliott in April. The two sides failed to settle the matter and they face an investor-state dispute through an international tri
Aug. 17, 2018
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Indonesians in South Korea can send money home faster with new service
Seoul-headquartered KB Kookmin Bank said Friday that it had launched a more efficient money-transfer service Thursday for its Indonesian customers, who can now convert South Korean won directly to Indonesian rupiah with no need to convert funds to US dollars first. The commercial bank teamed up with Bank Negara Indonesia to lower the cost of converting currencies and make it possible to send money faster, KB Kookmin Bank said. Normally, to remit funds to Indonesia, a double-conversion proc
Aug. 17, 2018