Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Commercial real estate investment to reach W17tr
The entire volume of commercial real estate investments in the South Korean market is forecast to reach 17 trillion won ($15.3 billion), similar to last year’s level, analysts predicted. “Foreign investors are paying keen attention to the local market due to the country’s relatively successful containment of the pandemic, and Seoul was named in the top three most attractive markets, according to CBRE’s 2021 Asia Pacific Investor Intentions Survey,” said Don Lim,
Feb. 24, 2021
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Watchdog orders banks to compensate investors for damages from Lime misselling
South Korea’s financial watchdog on Wednesday ordered two Korean commercial banks -- Woori Bank and the Industrial Bank of Korea -- to compensate end-investors for at least half of the damages they incurred in a 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. The authorities held the banks accountable for “poor efforts in the exercise of their duties to protect investors” when they sold nearly 300 billion won worth of
Feb. 24, 2021
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Seoul stocks open lower on inflation worries
South Korean stocks opened lower Wednesday, tracking overnight tech losses on Wall Street that stemmed from US inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.46 points, or 0.37 percent, to 3,058.63 points in the first 15 minutes of trading. Samsung Electronics retreated 0.49 percent, and No. 2 chipmaker SK hynix shed 0.36 percent. Top automaker Hyundai Motor moved down 0.2 percent, with internet portal operator Naver declining 1.02 percent. Leading chemica
Feb. 24, 2021
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Once-hot P2P lending industry faces tough road ahead
Peer-to-peer lending platforms that were once the talk of the town are facing a myriad of challenges amid ongoing litigation and tougher regulations, highlighted by a lawsuit against Tera Funding, experts said on Tuesday. Tera Funding is facing another class action from investors who are unhappy with delayed payments and loss of investments. This is the second time the company has had to deal with a lawsuit since August 2020 when a group of 500 investors took the company to the court, alleging
Feb. 23, 2021
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FSC chief urges local insurers to join ESG trend
Financial Services Commission Chairman Eun Sung-soo said Tuesday that the emerging environmental, social and governance trend could provide local insurance firms with new business opportunities. “The insurance segment, which often handles long-term services and investment, is closely related to ESG management, which is aimed at achieving long-term sustainability,” Eun said at an event for the CEOs of local insurance companies in Seoul. “ESG-driven management could become a
Feb. 23, 2021
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Seoul stocks slump for 2nd day on US inflation concerns
South Korean stocks slumped Tuesday for a second day amid lingering inflation concerns, with major tech and bio stocks coming under heavy selling pressure. The Korean won fell against the US dollar. After veering in and out negative terrain, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.66 points, or 0.31 percent, to close at 3,070.09 points. Trading volume was moderate at about 2.2 billion shares worth some 17.3 trillion won ($15.6 billion), with losers outnumbering gainers
Feb. 23, 2021
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Eximbank to create W200b global ESG fund
The Export-Import Bank of Korea said Monday it plans to set up a global environmental, social and governance-related fund worth at least $200 billion won ($180 million) to support local firms seeking to expand businesses overseas. The size of the fund could be expanded and the state-run bank will invest a combined 50 billion won in the fund. Once the manager of the fund is determined, it would focus on supporting the global forays of businesses under seven areas tied to the Green New Deal an
Feb. 23, 2021
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SK Bioscience seeks up to W1.5tr in blockbuster IPO
SK Bioscience, the vaccines unit of South Korea’s No. 3 conglomerate SK Group, said Tuesday it looks to raise up to some 1.49 trillion won ($1.34 billion) in fresh funds via an initial public offering on the nation’s benchmark Kospi bourse. While its market debut is scheduled for next month, the vaccine producer seeks to issue 22.95 million shares in a price band of 49,000-65,000 won. The exact share price will be determined after the book building process before retail investors ca
Feb. 23, 2021
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Seoul stocks open lower on US inflation concerns
South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street that stemmed from inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 20.28 points, or 0.66 percent, to 3,059.47 points in the first 15 minutes of trading. Overnight, the Nasdaq dipped 2.46 percent as tech stocks, sensitive to high inflation, retreated. In Seoul, top cap Samsung Electronics retreated 0.61 percent, and No. 2 chipmaker SK hynix shed 1.47 percent. Top automaker Hyun
Feb. 23, 2021
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Bitcoin falls most in a month on worries prices are excessive
Bitcoin gave up all its gains from weekend trading as analysts questioned whether the cryptocurrency is overheated. Prices dropped as much as 8.2 percent during the European session, falling back to around $53,000. The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Tesla and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar. In February alone, Bitcoin is up more than 60 percent, prompting comme
Feb. 22, 2021
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Revision to contain Korean banks’ crisis, keep funding cost low: Moody’s
A proposed revision of a South Korean law is expected to maintain Korean commercial banks’ solvency and keep its funding cost low, Moody’s Investors Service said Monday. Announced by the Financial Services Commission on Thursday, the revision is designed to introduce measures to improve the recovery and resolution planning of significantly important financial institutions, namely banking groups here. Effective starting July, the new rule is expected to urge banks to specify action
Feb. 22, 2021
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[News Focus] Foreign banks losing foothold in South Korea
Recent reports of Citigroup’s possible divestiture plans for its South Korean subsidiary, as well as its other Asia-Pacific consumer units, shed light on how foreign banks are losing their footing in the local market. Over the past decade, many foreign banks have already pulled out of the Korean market or scaled down their business. British investment bank Barclays pulled out after 39 years in 2017, following fellow UK-based lender HSBC’s move to halt its retail banking services he
Feb. 22, 2021
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Seoul to tax crypto gains, bring in more regulations
South Korean investors who make more than 2.5 million won ($2,260) from cryptocurrency trading will face a 20 percent tax starting next year, according to the Ministry of Economy and Finance on Monday. The first 2.5 million won is tax-free. For instance, if an investor makes a 10 million won profit from trading Bitcoin, 7.5 million won of that amount will be subject to the 20 percent tax. Inheritances and gifts of cryptocurrency will also be taxed. In such cases, the price of the asset wil
Feb. 22, 2021
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'Partnership with Naver might work on raising Mirae Asset's stock price'
Local brokerage Mirae Asset Daewoo could see a boost in stock price in a partnership with Naver which runs fintech and artificial intelligence businesses, a report said on Monday. Mirae Asset Daewoo has been maintaining a partnership with the online platform company since it created a fund with the internet firm in December 2016. In line with the partnership, the two companies made an investment of 500 billion won ($451.4 million), respectively, to buy each other’s shares and run joint
Feb. 22, 2021
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Seoul stocks retreat despite sound economic data
South Korean stocks retreated below the 3,100-point mark Monday, erasing morning gains despite strong export data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 27.87 points, or 0.9 percent, to close at 3,079.75 points. Trading volume was moderate at about 1.8 billion shares worth some 18 trillion won ($16.2 billion), with losers outnumbering gainers 510 to 339. Foreigners sold a net 316 billion won, and institutions offloaded a net
Feb. 22, 2021
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US-based NeoImmuneTech eyes W96b IPO in Korea
NeoImmuneTech, a US immunotherapy drug development company, said Monday that it was looking to raise as much as 96 billion won ($86.9 million) in fresh funds via an initial public offering on the South Korean bourse next month. Under the plan to be listed on Korea’s tech-heavy Kosdaq, NeoImmuneTech seeks to issue 15 million depository receipts in a price band between 5,400 won and 6,400 won. The exact share price will be determined through a book-building process for institutional investo
Feb. 22, 2021
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NPS beefs up US equities exposure to $43.9b
South Korea‘s public pension fund, the National Pension Service, has boosted its United States stock exposure to $43.9 billion in the fourth quarter of 2020, a US filing showed Monday. The world’s third-largest pension fund, which was managing 807.3 trillion won ($729 billion) of assets as of November, saw its US stock exposure rise by $5.8 billion over the October-December period of 2020, according to its filing to the US Securities and Exchange Commission. The filing also showe
Feb. 22, 2021
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Seoul stocks open tad higher on chip gains
South Korean stocks opened slightly higher Monday on advances by chip heavyweights, backed by strong exports data. The benchmark Korea Composite Stock Price Index rose 5.41 points, or 0.17 percent, to 3,113.03 points in the first 15 minutes amid foreign and institutional buying. South Korea's exports rose 16.7 percent on-year in the first 20 days of February on strong shipments of chips and autos, according to the data from the Korea Customs Service. Samsung Electronics added 0.97 percent,
Feb. 22, 2021
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Foreign investors net-sell S. Korean stocks this year
Foreign investors have remained net sellers of South Korean stocks due to their massive selling of top-cap Samsung Electronics Co., data showed Monday. As of Friday, offshore investors had sold a net 5.51 trillion won ($4.99 billion) worth of local stocks during the 33 sessions this year, according to the data from industry sources. Foreigners have been in net-selling mode for the past year, with their net selling amounting to 29.78 trillion won. Their net-selling position this year resulted
Feb. 22, 2021
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[News Focus] Power struggle? FSC, BOK bicker over revision of payment settlement law
Tensions between the nation’s financial regulator and its central bank are escalating. The two institutions are at odds over which one should hold supervisory authority in the area of online payment settlements, which are emerging as key financial transactions in this era of the digital economy. Payment settlement is the process through which a merchant receives the money that customers have paid for a particular product or service. Responding to increased demand for online payment sett
Feb. 21, 2021