Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Security concerns arise over soaring digital currencies
As the prices of Bitcoin and other cryptocurrencies approach record highs, digital currency exchanges are reaping the benefits of increased traffic, but are simultaneously burdened with security concerns. Domestic crypto exchanges said Tuesday that they are ramping up alert levels amid an uptick in interest and the establishment of new laws. Earlier this month, the top two local digital currency exchanges, Upbit and Bithumb, suffered server shutdowns amid increased transactions. Bithumb&rsquo
Feb. 16, 2021
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Viva Republica teams up with Samsung Life to expand mobile insurance platform
Fintech company Viva Republica said Tuesday that it will work with South Korean life insurance firm Samsung Life Insurance to advance its platform for insurance planners. Viva Republica, the operator of money transfer app Toss, launched insurance affiliate Toss Insurance in 2018, rolling out non-face-to-face insurance services. The company is also running Toss Insurance Partner, a platform to support insurance planners to handle customer services and manage insurance contracts. The support pla
Feb. 16, 2021
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Market watchdog to tighten grip over illegal short selling
South Korea’s market watchdog Financial Supervisory Service on Tuesday vowed to toughen its supervision of illegal short selling this year to promote fair market competition. “We will ramp up inspections on illegal practices of short selling by strengthening the work capacity of our special investigative team in charge of detecting securities fraud,” the FSS said in its 2021 policy plan. The FSS has a team of in-house investigators focused on probing financial crime cases un
Feb. 16, 2021
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Seoul stocks open higher on tech, auto gains
South Korean stocks opened higher Tuesday on strong advances by tech and auto stocks. The benchmark Korea Composite Stock Price Index rose 16.27 points, or 0.52 percent, to 3,163.27 points in the first 15 minutes of trading. Top cap Samsung Electronics gained 1.07 percent, and No. 2 chipmaker SK hynix advanced 0.38 percent. Leading chemical firm LG Chem moved down 0.51 percent, and rechargeable battery maker Samsung SDI slipped 0.12 percent. Giant internet portal operator Naver jumped 4.02 p
Feb. 16, 2021
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Hyperconnect deal hints another record year for Korean VCs
Korea’s venture capital firms are expected to see another strong year, following a record performance in 2020, amid a rise in the valuations of domestic startups and increased options for an investment exit. Hyperconnect, the operator of the video chatting app Azar, last week signed a deal to sell to Match Group, a US tech company that owns a slew of dating apps including Tinder and OkCupid. The deal valued at $1.7 billion will bestow handsome returns to domestic venture capital firms li
Feb. 15, 2021
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Local stock brokers’ profits rise thanks to 2020 bull run
Local brokerage firms benefited from recent stock market rallies after a March plunge in 2020 as the companies’ profits jumped sharply, data showed Monday. The combined operating profit of South Korea’s 20 local stock brokers, including Mirae Asset Daewoo and Korea Investment & Securities came in at 7.85 trillion won ($7.1 billion) last year, up 36.7 percent from 5.74 trillion won posted in the previous year, according to data compiled by state regulator Financial Supervisory S
Feb. 15, 2021
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Seoul stocks jump 1.5% on tech gains
South Korean stocks jumped 1.5 percent Monday on strong advances by tech stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.42 points to close at 3,147.0 points. Trading volume was moderate at about 1.6 billion shares worth some 16.6 trillion won ($15.1 billion), with gainers outnumbering losers 569 to 278. Foreigners bought a net 728 billion won, while retail investors sold a net 347 billion won. Institutions offloaded a net 421
Feb. 15, 2021
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KB Asset bets on hydrogen supply chain in new equity fund
South Korea‘s fund manager KB Asset Management said Monday it has launched an equity fund to target companies at home and abroad dedicated to hydrogen supply chain. The instrument will become the first fund product publicly sold to investors in Korea’s fund management industry to bet on the growth of the global hydrogen mobility ecosystem. The equity fund will invest in companies devoted to production, storage, transportation and distribution of hydrogen, as well as hydrogen-power
Feb. 15, 2021
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Coupang’s NYSE listing plan boosts related stocks
South Korean listed companies that have business ties with Coupang have seen their shares spike, backed by expectations of benefits from the local e-commerce giant’s mega US initial public offering. Dongbang, a logistics firm that handles Coupang’s delivery services, saw its shares jump by a daily permissible limit of 29.99 percent to reach 9,970 won ($9.03) at the closing bell on Monday. After the shares gained for the fourth straight session on the nation’s benchmark Kospi
Feb. 15, 2021
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MMAA names former NSC deputy director as new CEO
The Military Mutual Aid Association has named Kim You-geun, former deputy director of South Korea‘s National Security Council, as its new chief executive officer of the institutional investor, officials said Monday. Kim, retired Korean Army Lt. Gen., became the 15th president of the institution dedicated to providing financial welfare to the Korean military community. He replaced the predecessor Kim Do-ho after receiving final approval from Defense Minister Suh Wook. Kim called for tra
Feb. 15, 2021
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Seoul stocks open higher on tech gains
South Korean stocks opened higher Monday on strong advances by tech stocks. The benchmark Korea Composite Stock Price Index rose 35.91 points, or 1.16 percent, to 3,136.49 points in the first 15 minutes of trading. The KOSPI came to a strong start on foreign and institutional buying. Improved exports and eased social distancing measures against the new coronavirus also boosted hopes for a quick economic rebound. Top cap Samsung Electronics gained 2.45 percent, and No. 2 chipmaker SK hynix ad
Feb. 15, 2021
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Coupang chooses NYSE for IPO to take advantage of dual-class share
South Korean e-commerce giant Coupang appears to have chosen to go public in the US, not in its home base, to keep its chief’s control over the company under a dual-class share system that is not allowed here. The initial public offering application filed at the US Securities and Exchange Commission showed that shares that will be issued by the Seoul-headquartered firm will consist of two classes of common stocks - Class A with one voting right and Class B with 29 voting rights. Only th
Feb. 14, 2021
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Woori Bank’s Indonesian unit wins higher capital grade
Woori Bank’s Indonesian unit has received a higher grade in capital requirement imposed by the Southeast Asian country’s market watchdog, bringing it one step forward in expanding its business portfolio in the region, officials said Sunday. As of December last year, Bank Woori Saudara raised a combined capital of 5.2 trillion rupiah, or approximately 413 billion won, which falls under a BUKU3 rating, the third-highest in Otoritas Jasa Keuangan’s four-tier bank capital class
Feb. 14, 2021
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Brokerage houses chalk up sharp earnings increase amid bull run
Earnings of brokerage houses in South Korea soared to a record-high last year amid a stock rush, chasing closely after those of first-tier banks, data showed Sunday. The combined operating profit of the top 20 brokerages by capital base stood at 7.85 trillion won ($7.09 billion) in 2020, soaring 36.7 percent from the previous year, according to the Financial Supervisory Service's regulatory filing. The brokerages' yearly net profit jumped 25.1 percent on-year to 5.96 trillion won. Their total
Feb. 14, 2021
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New Seollal tradition: Cash transfers, gift cards
The social distancing rule that prohibits a gathering of more than five people during the Lunar New Year holiday has led Koreans to seek practical alternatives to the tradition of gifting cash to children -- now via mobiles, not in-person. Kakao Bank, South Korea’s internet-only lender, is capitalizing on the special circumstances created by the coronavirus that restrict in-person family visits. The firm has launched a giveaway event for those who send or receive New Year‘s mone
Feb. 13, 2021
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Activist funds to watch in Korea proxy season
Activist fund managers at home and abroad are expected to play a bigger role in the forthcoming proxy season this year in South Korea that starts in March. Seoul-based proxy advisory services firm Korea Corporate Governance Service said in a report Tuesday the shareholders of the companies subject to proxy battle needs closer monitoring, as their results are “unpredictable.” Homegrown private equity firms including Korea Corporate Governance Improvement and HYK Partners are expecte
Feb. 13, 2021
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S. Korea's major banks likely to keep creditworthiness: S&P
South Korea's four major commercial banks appear likely to maintain their creditworthiness this year due to adequate capitalization and resilient asset quality, according to a recent report from S&P Global Ratings. Kookmin Bank, Shinhan Bank, KEB Hana Bank and Woori Bank have emerged from a pandemic-scarred 2020 with asset quality intact. Earnings for the whole of 2020, announced last week, show a decline in net interest margins and slightly higher credit costs f
Feb. 13, 2021
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[Herald Interview] Korean retail investors seek ties with WallStreetBets against short sellers
A group of local retail stock traders is working on a global anti-short selling campaign that may involve forging a partnership with WallStreetBets -- a regiment of amateur investors on the US social-networking website Reddit that drew attention for taking action against sophisticated hedge funds last month. Jung Eui-jung -- head of the Korea Stockholders Alliance, which represents some 22,000 stock investors -- told The Korea Herald that he had gone to the online forum and proposed a cros
Feb. 12, 2021
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Seoulites in 20s and 30s prefer property investments north of the Han
‘Ma-yong-seong,’ a portmanteau of three Seoul districts -- Mapo, Yongsan, and Seongdong -- is where Koreans in their 20s and 30s most want to invest, while Gangnam is the place favored by those in their 40s, according to poll results recently released by property data provider Zigbang. A survey of 1,796 Zigbang subscribers showed that 15.5 percent of participants said they think real estate properties in the three districts are the best investment choices, while 15.3 percent said
Feb. 12, 2021
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February set to be blockbuster month for IPOs
February is set to be another busy month for the South Korean stock market as a large number of companies are seeking to launch initial public offerings on retail investors’ strong appetite for direct investments, according to investment banking sources. This month alone, 12 firms are scheduled to float their shares on the stock market or hold retail subscriptions. The IPO subscriptions of five newcomers such as semiconductor equipment manufacturer Auros Technology and medical artificia
Feb. 11, 2021