Citibank Korea, the local branch of New York-based Citigroup, on Friday recommended current CEO Park Jin-hei as the sole candidate for the next term, officials said. Park is to assume his second term in office once his candidacy is confirmed at meetings of the board of directors and stockholders, both slated for next Wednesday. The top official joined Citibank Korea in 1984, after graduating fr...

Kospi, Kosdaq fall slightly, Samsung, SK hynix shares remain unfazed over tension

Samsung Pay is the most favored mobile payment system in South Korea, a survey showed Friday. The mobile payment service run by Samsung Electronics Co. received the highest 3.78 points on the 1 to 5 scale, according to the survey of 1,200 people by the Korea Consumer Agency. Naver Pay of South Korea's top Internet portal operator and Kakao Pay of South Korea's dominant messaging app KakaoTalk c...

The central bank said Thursday that the US Federal Reserve’s belt-tightening gesture should have a limited impact on Korea’s economy. “I do not think that the Fed’s decision will have a big impact on domestic financial markets,” Bank of Korea Gov. Lee Ju-yeol told reporters on the way to his office. The US central bank on Wednesday announced it will shrink its portfolio of bonds by $10 billion ...

Seeking to expand the investment opportunities of South Korean companies in the profitable Southeast Asian infrastructure market, the Export-Import Bank of Korea has hosted a forum to encourage business in Indonesia, according to officials Thursday. The Indonesia Infrastructure Investment Forum was held Wednesday at Millennium Seoul Hilton jointly by Eximbank and Indonesia’s Ministry of National...

South Korean stocks closed lower Thursday, down for the third consecutive day, as auto and steel stocks retreated. The Korean won declined against the US dollar. The benchmark Korea Composite Stock Price Index shed 5.7 points, or 0.24 percent, to close at 2,406.5. Trade volume was moderate at 270 million shares worth 5.5 trillion won ($4.85 billion), with losers overwhelming gainers 620 to 198. ...

South Korea's financial regulator said Thursday it will seek to lower interest rates for margin trading and enable more people to pay their insurance fees with credit cards. The plan is a part of the government's aim to enhance the protection of consumers for financial products as the Financial Supervisory Service launched an advisory body on the rights of financial consumers. Interest rates fo...

KB Kookmin Card Co. said Thursday it is pushing to tap into Myanmar's credit card market after getting the nod to set up an office in the Southeast Asian country. KB Kookmin Card, a unit of South Korea's banking giant KB Financial Group Inc., said it won approval from Myanmar's central bank the previous day to establish a representative office there. The card issuer said it plans to take a step...

South Korean shares traded lower late Thursday morning driven by losses in auto and steel shares. The benchmark Korea Composite Stock Price Index shed 5.58 points, or 0.23 percent, to 2,406.62 as of 11:20 a.m. Automakers traded bearish with industry leader Hyundai Motor losing 1.41 percent and its sister affiliate Kia Motors declining 1.28 percent. No. 1 steelmaker POSCO surrendered 2.62 perce...

The head of the Financial Supervisory Service said Thursday the regulator seeks to build an innovation-friendly financial environment to help the growth of the financial technology industry. Choe Heung-sik, governor of the FSS, made the remarks during a conference in Seoul to debate how best the financial industry can cope with challenges in uncertain times. "Fundamental change is under way in ...

South Korean pharmaceuticals and biotech stocks have gone on a tear this year on the back of a biotech rally on the US NASDAQ market, data showed Thursday. The main stock market's subindex for the pharmaceutical sector had spiked 44 percent as of Wednesday from the start of this year, according to the data from the Korea Exchange and market tracker FnGuide. The figure is more than double the 19...

South Korean stocks opened slightly lower Thursday, as the US Federal Reserve hinted at the chance of a December interest rate hike. The benchmark Korea Composite Stock Price Index shed 1.87 points, or 0.08 percent, to 2,140.33 in the first 15 minutes of trading. After holding a two-day policy meeting, the Fed left interest rates unchanged and said it would begin reducing its bond portfolio sta...

South Korean stocks ended lower Wednesday as investors took a wait-and-see stance before the results of the US Federal Reserve's policy meeting, analysts said. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 3.85 points, or 0.16 percent, to close at 2,412.2. Trade volume was moderate at 262 million shares worth 5.2 trillion won ($4.6 billion), with...

South Korean stocks traded slightly lower late Wednesday morning as investors took to the sidelines awaiting the results of the US Federal Reserve meeting. The benchmark Korea Composite Stock Price Index shed 1.24 points, or 0.05 percent, to 2,414.81 as of 11:20 a.m. The two-day Federal Open Market Committee meeting is slated to finish Wednesday (local time) probably providing clues on US monet...

South Korean stocks opened slightly higher Wednesday, following overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 1.9 points, or 0.08 percent, to 2,417.95 in the first 15 minutes of trading. On Tuesday (local time), US stocks closed at fresh record highs, with the S&P 500 inching up 0.11 percent and the Dow gaining 0.18 percent. Most large caps on the Seoul ...