Former Prime Minister Chung Sye-kyun on Thursday suggested implementing measures to protect management rights at local venture capital firms and startups, before expanding it to bigger companies. “Korea still lacks institutionalization of anti-takeover measures. I believe the country’s relatively short corporate history is the key reason behind the absence of a poison pill system and dual-class share system,” Chung said at a meeting with chief executive officers of listed fir

Dunamu, an operator of cryptocurrency exchange Upbit, said Thursday that it will spend 10 billion won ($8.9 million) to set up a unit to protect crypto coin investors. The planned launch of the in-house unit, tentatively named Upbit protection center for digital asset investors, is part of the company’s efforts to join the environment, social and governance trend, which has been gaining traction worldwide recently. In addition to the establishment of the investor protection center this ye

South Korean stocks advanced Thursday as hopes for a global economic rebound offset inflation worries. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.37 points, or 1 percent, to close at 3,178.74 points. Trading volume was moderate at about 1.2 billion shares worth some 16.4 trillion won ($14.6 billion), with gainers outnumbering losers 733 to 157. Foreigners sold a net 99 billion won, extending their selling streak to a seventh sess

   Citibank Korea, the South Korean unit of Citigroup, has pledged to continue its role in supporting the country’s financial system, regardless of its parent company’s plan to withdraw retail banking operations in the nation, the lender said Thursday. Last month, the US banking giant announced that it would exit its consumer banking units in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand, as part of its

South Korean stocks opened slightly lower Thursday, led by tech drops that stemmed from concerns about earlier-than-expected inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.83 points, or 0.06 percent, to 3,145.54 points in the first 15 minutes of trading. The KOSPI got off to a weak start, tracking the overnight US tech decline. Tech shares retreated in Seoul amid foreign selling, while bank and infrastructure shares advanced. Top cap Samsung Electronics lost 0.9

Despite its cautious tone on digital currencies, the Korean government has indirectly invested 50 billion won ($44.4 million) into cryptocurrency-related funds in the past four years, according to data provided by an opposition lawmaker. According to Rep. Yun Chang-hyun of the People Power Party on Wednesday, five public organizations put a total of 50.21 billion won into funds that invested in cryptocurrency exchanges like Upbit and Bithumb from 2017 to March 2021, with the Ministry of SMEs

Financial authorities have asked banks to declare their cryptocurrency businesses to figure out the exact numbers of cryptocurrency exchanges operating in the country, as it tightens its grip over illegal activities in the industry, according to local media reports Wednesday. The financial regulators asked major banks to provide the current status of their businesses with cryptocurrency exchanges including corporate accounts and banks’ monitoring methods.  “Currently, crypt

South Korean retail investors’ deposits for stock investments reached a record 77.9 trillion ($69.28 billion) as of Monday, according to the Korea Financial Investment Association Wednesday. The outstanding deposits for stock investments marked some 77.9 trillion won, adding a whopping 19.49 trillion won from Friday. It also surpassed the previous record of 74.46 trillion won seen on Jan. 12. Deposits in cash management accounts here also surged by 22.97 trillion won to 68.39 trillion

The number of Samsung Electronics shareholders who are under 20 years old has jumped nearly 90-fold over the past five years, according to data released Wednesday. Data compiled by securities information portal SEIBro, operated by Korea Securities Depository, showed that the number of Samsung Electronics’ shareholders aged 0-19 increased from 1,290 at the end of 2016 to around 115,000 as of the end of December 2020. Those under 20 accounted for 5.34 percent of the tech giant‘s sto

Cryptocurrencies have been rallying again with some digital coins, like Dogecoin and Ethereum, hitting record highs recently. The prices of coins tumbled last month as governments around the world hinted that they would strengthen regulations on cryptocurrencies, which have no intrinsic value. Ethereum, the world’s second-largest cryptocurrency, spiked to an all-time high of 4,527,000 won ($4,038) on Tuesday, up 7.12 percent, according to local crypto exchange Upbit The European Inv

South Korea’s main bourse Kospi could reach 4,035 points if the local market is bumped up into the MSCI World Index, which represents large and mid-cap equity performance across 24 developed nations, a local think tank said Tuesday. The Korea Economic Research Institute predicted that the inclusion, one step up from its current listing as an emerging market, would help the stock market see an inflow of foreign investments, amounting to up to 61.1 trillion won ($54.5 billion). The inclu

South Korean stocks rebounded on Tuesday, the second day of resumed short selling, after a five-session losing streak as institutions scooped up local stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.17 points, or 0.64 percent, to close at 3,147.37 points. Trading volume was moderate at about 1.3 billion shares worth some 15.6 trillion won ($13.9 billion), with losers outnumbering gainers 433 to 422. Foreigners sold a net 74 bi

Faster than anyone could have imagined, South Korea’s IT platforms, which have had no banking experience at all, have quickly become a dominant force in the nation’s retail banking scene.  The COVID-19 pandemic has been defining moment for digital transformation, according to industry watchers, with the rising number of consumers preferring non-face-to-face banking services.  According to the Bank of Korea, the volume of money transfers and loan applications carried out

South Korea’s regulator Financial Services Commission on Tuesday started to discuss Mirae Asset Securities’ entry to short-term financing market, a decision that would grant the brokerage official status as a mega investment bank. Four trillion won ($3.57 billion) in equity capital is a prerequisite for a mega investment bank to issue a promissory note with a maximum limit of 200 percent of its equity capital with a maturity of one year or less. As of the end of December, Mirae Asse

South Korean stocks opened lower Tuesday on inflation concerns and the partial resumption of short selling. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.66 points, or 0.34 percent, to 3,116.54 points in the first 15 minutes of trading. The KOSPI got off to a weak start after a five-session losing streak. Bio and tech shares dropped amid rising inflation, which could help raise market rates, while bank shares performed strong. South Korea's consumer price index rose 2.3 perc