Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Financial firms run contactless Chuseok promotions amid coronavirus pandemic
With the Chuseok holiday just around the corner, financial firms and rising fintech firms are making efforts to offer new services to attract customers amid the ongoing coronavirus pandemic. Kakao Pay, a payment solutions firm under mobile messenger giant Kakao, has launched a marketing campaign for its money transfer service. During the promotional event from Sept. 16 to Oct. 5, the company will pick eight users who send Chuseok gifts via the payment platform, and will reward them with the sam
Sept. 29, 2020
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Seoul stocks extend winning streak to 3rd session on US stimulus hopes
South Korean shares extended their winning streak to a third session Tuesday, as progress in negotiations for a new US fiscal stimulus plan boosted investor appetite for risky assets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 19.81 points, or 0.86 percent, to close at 2,327.89. Trading volume was moderate at about 626 million shares worth some 8.9 trillion won ($7.6 billion), with gainers outnumbering losers 667 to 192. Foreigners
Sept. 29, 2020
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KG Group to acquire Hollys Coffee for W145b
Chemical-to-financial conglomerate KG Group said Tuesday that it would take over a 93.8 percent stake in Hollys F&B from investment firm IMM Private Equity. Hollys F&B owns Hollys Coffee, one of the largest coffee franchises in South Korea. With the acquisition deal, KG Group will own slightly more than 1.65 million shares, worth 145 billion won ($124 million), of the coffee chain operator. Founded in 1998, Hollys Coffee currently runs 560 stores across the nation with its sales last
Sept. 29, 2020
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Yanolja preps to go public in 2022
Yanolja, the largest accommodation and leisure activity booking platform operator in South Korea, is taking steps toward an initial public offering, according to news reports Tuesday. The accommodation booking services firm is a local startup unicorn with a market value exceeding 1 trillion won ($855 million). The Seoul-based firm is widely expected to go public, along with game producer and unicorn Krafton, among many others. In light of the momentum created in the local market by recent IPOs,
Sept. 29, 2020
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KDB chief stresses SsangYong Motor’s sustainability as terms of financial aid
Policy lender Korea Development Bank Chairman Lee Dong-gull said Monday that he is closely reviewing SsangYong Motor‘s fate as a sustainable automaker while refraining from mentioning its plan to provide financial assistance to the cash-strapped company. The focal point of SsangYong Motor must be “sustainability of business operations,” along with the shareholder‘s responsible actions and burden-sharing of all parties concerned, such as shareholders, the company and the
Sept. 28, 2020
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Seoul stocks gain over 1% on Wall Street rally, bargain hunting
South Korean stocks advanced more than 1 percent Monday, buoyed by stock rallies in the United States and a bargain hunting rush here. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.29 points, or 1.29 percent, to close at 2,308.08. Trading volume was moderate at about 598 million shares worth some 8.8 trillion won ($7.5 billion), with gainers outnumbering losers 750 to 123. Foreigners sold a net 64 billion won, with retail investors
Sept. 28, 2020
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Big Hit’s IPO price set at 135,000 won
The offering price of shares of Big Hit Entertainement, the local agency behind K-pop sensation BTS, was fixed at 135,000 won ($115) per share, the top end of its indicative price range, the company said in a regulatory filing Monday. At the two-day book building that wrapped up on Friday, a total of 1,420 domestic and foreign institutional investors participated in the tranche and bidding for some 4.27 million shares, 60 percent of the total. Competition among institutional investors for stoc
Sept. 28, 2020
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Kakao Pay eyes IPO next year
After the successful market debut of its online games unit earlier this month, Korean mobile messenger giant Kakao is gearing up for another initial public offering next year, this time with its payment services unit, industry sources said Monday. Kakao Pay is set for an IPO during the first half of next year, the company said, adding that it had recently chosen local brokerage firm KB Securities as its leading underwriter. The company plans to apply for approval from the Financial Supervisory
Sept. 28, 2020
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Celltrion trio gains on merger scheme
Stocks of biotechnology firm Celltrion and its subsidiaries -- Celltrion Healthcare and Celltrion Pharm -- often called the “Celltrion trio,” were mixed Monday over a merger plan announced late last week. Celltrion Pharm, which runs sales operations for chemical and biosimilar drugs produced by Celltrion, saw its stock soar 19.55 percent to 123,500 won ($105.20) in the morning trading session, while Celltrion Healthcare’s stock jumped 8.32 percent to 95,000 won in intraday t
Sept. 28, 2020
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SC Bank Korea partners Toss to launch short-term personal loan
Standard Chartered Bank Korea said Monday it has partnered with Toss -- a financial services app operated by Viva Republica -- to launch a short-term lending program on Wednesday. Under the partnership, SC Bank Korea outsources credit evaluation process to Toss. SC Bank Korea is the first lender operating here to outsource credit evaluation of customers to a fintech company. SC Bank Korea receives application for the program via Toss’ mobile app and requests the fintech company t
Sept. 28, 2020
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Temporary ban sees short selling shrink over 95%
A ban on short selling shares on Korean bourses for most investors curtailed the practice by nearly 97 percent, data showed Monday. Institutional investors in South Korean stock market short sold 20.4 billion won ($17.4 million) worth of stocks a day on average from March 16 to end-August, according to data obtained by Democratic Party Rep. Park Kwang-on from the watchdog Financial Supervisory Service. That was down from 654.2 billion won a day from January to March 13. Certain authorized i
Sept. 28, 2020
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Seoul stocks open sharply higher on Wall Street gains
South Korean stocks opened sharply higher Monday, taking a cue from US stock rallies during the weekend. The benchmark Korea Composite Stock Price Index (KOSPI) gained 19.48 points, or 0.85 percent, to 2,298.27 in the first 15 minutes of trading. Local stocks got off to a strong start, tracking strong advances by US tech giants such as Apple, Microsoft and Tesla. The tech-heavy Nasdaq Composite jumped 2.26 percent to 10,913.56 the previous session. The Dow Jones Industrial Average gained 1
Sept. 28, 2020
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Korea Investment sells First Sentier’s infra fund
Korea Investment & Securities, a Seoul-based brokerage house, said Sunday that it has started selling a new product to indirectly invest in equities of global companies dedicated to infrastructure projects in developed countries. The new product is a feeder fund of the Global Listed Infrastructure Fund by Sydney-based First Sentier Investors. Local investment firm Kiwoom Asset Management is an underlying manager of the structured investment product. The product for South Korean end-inves
Sept. 27, 2020
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KB Financial to halt financing of coal-fired power plants
KB Financial Group said Sunday it has decided to halt financing construction of coal-fired power plants and to expand investment in infrastructure projects aimed at improving and conserving environment. As part of its corporate roadmap to combat global climate change, the South Korean financial giant will no longer participate in financing of new thermal power plant construction in and out of the country, and instead, increase investment in new eco-related investment opportunities, such as gree
Sept. 27, 2020
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KRX to offer English translation service for Kospi firms’ disclosures
South Korea’s sole bourse operator is slated to translate daily disclosures of 54 companies listed on the Kospi market in English starting Monday, according to officials Sunday. As of end-August, foreign investors held 35.3 percent stock ownership of Kospi-listed companies. The number of disclosures translated in English, however, was just 697 -- 5.9 percent of those published in Korean. To provide more information on Korean companies to foreign investors, the Korea Exchange’s Ko
Sept. 27, 2020
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Eximbank, IFC team up to finance developing countries post-COVID-19
The Export and Import Bank of Korea and International Finance Corp. have agreed to expand their collaboration in developing countries and to link Korean firms with more opportunities overseas, the financial institutions said Sunday. The two signed a new memorandum of understanding on Friday to focus on creating new jobs, promoting smart cities and boosting health care, among other measures to identify and finance projects in countries largely in Southeast and Central Asia. The collaboration wi
Sept. 27, 2020
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Seoul stocks close higher on hopes for new US economic stimulus
South Korean shares closed higher Friday, as investor sentiment was improved by hopes for a new stimulus package for the US economy. The Korean won rose against the US dollar. After trading in a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 6.09 points, or 0.27 percent, to close at 2,278.79. Trading volume was moderate at about 687 million shares worth some 9.9 trillion won ($8.4 billion), with gainers outnumbering losers 530 to 318. Foreigners sold a net 90 bil
Sept. 25, 2020
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Copyright, design right violators to face up to threefold damage compensation: KIPO
South Korea will impose punitive statutory damages of up to three times upon breaches of trademark righs and design rights, starting in April 2021, in continued efforts to enhance knowledge-based intangible assets, the country’s intellectual property office said Friday. The revision bills of the Trademark Act, Design Protection Act and the Unfair Competition Prevention and Trade Secret Protection Act have been approved by the National Assembly, the Korean Intellectual Property Office s
Sept. 25, 2020
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Lotte Insurance denies rumors of self-delisting plan
Lotte Insurance said Friday that it would not consider delisting itself from the country’s main bourse Kospi, refuting rumors by some local media reports. Followed by the nation’s sole bourse operator’s call for explanation on the delisting rumors, the insurance firm made its official announcement via DART -- the Financial Supervisory Service’s electronic disclosure board. “This is to confirm that we are not considering to be delisted from the local market,&rdquo
Sept. 25, 2020
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Seoul stocks open higher on US tech rebound
South Korean shares opened higher Friday, tracking overnight gains on Wall Street helped by a US tech rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.68 points, or 0.56 percent, to 2,285.38 in the first 15 minutes of trading. The index got off to a strong start after a 2.59 percent plunge the previous session. Stocks lifted despite uncertainties from the US presidential election in November, thanks to a rebound in tech heavyweights, such as Apple and Microsoft
Sept. 25, 2020