Global credit appraiser Fitch Ratings on Monday raised NH NongHyup Bank’s long-term credit rating from A- to A, in recognition of its leading position in the local banking industry, while keeping the firm’s outlook at stable.  “As of last year, about 12 percent and 14 percent of the total credit loan applications and savings programs operated by local commercial banks were made through NH NongHyup Bank, respectively. The latest upgrade reflects the bank’s possibi

Viva Republica, South Korea’s leading financial technology company, announced Monday that it would eliminate transaction fees for Toss users, as it gears up for growing competition with internet-only banks and other fintech firms. The app Toss, which handles up to 2 million won ($1,730) at any given time, previously charged 500 won for each money transfer after providing the first 10 transfers free. But starting from Monday, Toss users can transfer money at no cost. The move comes as

South Korean stocks rebounded Monday, helped by strong economic data that fueled optimism for a quick economic rebound from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.72 points, or 0.65 percent, to close at 3,223.04 points. Trading volume was moderate at about 554 million shares worth some 10.1 trillion won ($8.8 billion), with losers outnumbering gainers 501 to 329. Foreigners sold a net 148 billion won, while inst

Lotte Rental, the South Korean car rental service unit under Lotte Group, said Monday that it is looking to take a leap forward to lead future mobility platforms through its market debut on the nation’s main board Kospi this month. “We have provided various rental services as the industry’s No. 1 company with the goal of creating better lives for our customers,” Kim Hyun-soo, CEO of Lotte Rental, told reporters during an online press briefing. “We’re looking

South Korean stocks opened higher Monday, helped by strong economic data that fueled optimism for a quick economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.44 points, or 0.45 percent, to 3,216.76 points in the first 15 minutes of trading. Stocks got off to a bullish start as South Korea's July exports jumped 29.6 percent on-year to a record high amid high demand for chips and autos. Top cap Samsung Electronics added 1.02 percent, and No. 2 chi

Mid-sized local cryptocurrency exchanges in Korea are shutting down as the country’s finance regulator has caught some of their illegal activities recently, and stricter regulations are to be implemented to allow their business operations, industry sources said Sunday. According to the sources, the 11 exchanges that have used fraudulent collective accounts will most likely close business as Financial Services Commission plans to stop their transaction and notify illegal activities to the

Battlefield of credit loans set to be extended to W750t home loan market

Hyundai Capital Services, the country’s leading auto financing company, said Sunday that it launched an online knowledge sharing platform for its global entities to share new strategies and up-to-date progress of product development. The “Online Knowledge Sharing Platform,” which to be developed into a global product hub, will help global entities to share product strategies, experiences and knowledge from the different regions in real time, the company said. The online pl

South Korea’s public pension fund, the National Pension Service, gained a cumulative 5.8 percent in the first five months of this year, a preliminary estimate showed Friday. This robust growth brought the value of the world’s third-largest pension fund to 892.3 trillion won ($775.9 billion) as of May, approaching the unprecedented 900 trillion won mark despite lingering COVID-19 uncertainties in the global capital market. The news came a day after the NPS extended Chief Investment

While South Korea’s main bourse Kospi has stayed confined in a range of around 3,200-3,300 points for a month, market watchers are paying close attention to which stocks will be added to the Morgan Stanley Capital International’s index in an upcoming announcement. The US-based finance firm is slated to announce August’s quarterly review result of the MSCI Korea Index on Aug. 12. Since foreign capital is expected to flow into listed companies that newly join the index, the for

South Korean stocks fell more than 1 percent Friday amid rising uncertainties related to China's clampdown on its tech firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 40.33 points, or 1.24 percent, to close at 3,202.32 points. The figure marks the index's largest daily drop since May 13. Trading volume was moderate at about 677 million shares worth some 12.6 trillion won ($11 billion), with losers outnumbering gainers 643 to 213

Nationwide apartment transactions plunged in June ahead of the launch on Wednesday of a subscription program for newly built homes, which put the brakes on a buying spree in the local real estate market, data showed Friday.  According to the data from the Ministry of Land, Infrastructure and Transport, a total of 88,922 apartment units changed hands across the nation last month, down 35.8 percent from 138,578 a year earlier.  In the Greater Seoul area, the transaction volume fell 44.

South Korean stocks opened lower Friday as investors attempted to cash in recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.74 points, or 0.36 percent, to 3,230.91 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid sell-offs on the auto, bio and tech large caps. Overnight, the Dow Jones Industrial Average gained 0.44 percent, with the tech-heavy Nasdaq composite and the S&P 500 advancing 0.11 percent and 0.42 percent, respec

Krafton has priced its initial public offering at 498,000 won ($434.5) a share, at the top end of its indicative price range of 400,000-498,000 won, the South Korean game maker said in a regulatory filing Thursday. The game developer behind shooting game PlayerUnknown’s Battlegrounds wrapped up its book-building process Tuesday. While institutional investors placed their bids to obtain new shares for the IPO, a total of 621 domestic and overseas institutions participated. Competition amo

South Korean stocks opened higher Thursday as investor sentiment improved over optimism for strong corporate earnings and the US Fed's assurance that tapering would require more recovery from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.04 points, or 0.34 percent, to 3,247.9 points in the first 15 minutes of trading. Stocks advanced after a two-day gain, backed by second-quarter surprise earnings by large caps, including market bellwether Samsung Electronics a