Most Popular
-
1
Korean labor force to shrink by 10 million by 2044: report
-
2
[AtoZ Korean Mind] Does your job define who you are? Should it?
-
3
Allegations surrounding BTS resurface, enraged fans demand apology
-
4
Students with history of violence will be barred from becoming teachers
-
5
Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
-
6
'Super Rich in Korea' will leave viewers appreciating Korea more: producers
-
7
Medical feud leaves hospitals in financial crisis
-
8
'Queen of Tears' riding high on Netflix chart
-
9
Samsung mocks Apple over iPhone alarm glitch
-
10
Probe of first lady on Dior bag allegations set to begin
-
Proposed insurance rules may force Samsung Life to unload Samsung Electronics shares
The push by some lawmakers to revise the Insurance Business Act is weighing down on the nation’s largest life insurance firm, Samsung Life Insurance, as the insurer would have to offload a large part of its Samsung Electronics stake, now worth nearly 30 trillion won ($25.3 billion). The move recently caused Samsung Life stock prices to fluctuate heavily, partly on speculative buying in anticipation that Samsung Life’s valuation will grow higher in the long run as a result of the sel
Aug. 17, 2020
-
Pangyo offices under limelight in deregulation hopes: report
Pangyo, a South Korean version of Silicon Valley, is garnering attention as an emerging destination for office investment as key regulations affecting the area are set to expire, a report showed Monday. The stabilizing occupancy in Pangyo 1st Techno Valley and Pangyo Alpha Dome City and the 10-year restrictions being gradually lifted from Pangyo 1st Techno Valley starting this year will generate new investment opportunities despite COVID-19, according to a report by real estate services firm Co
Aug. 17, 2020
-
KB Group joins gaming firm NCSoft to set up AI-powered investment firm
Financial behemoth KB Financial Group and gaming firm NCSoft are planning to set up a joint investment firm specialized in offering investment consulting services based on artificial intelligence technology, news reports said Monday. The two companies have recently started discussing the establishment of the joint venture, and the planned joint company will likely be operated under KB subsidiary KB Securities. The partnership is seen as an unusual move as few gaming companies here participa
Aug. 17, 2020
-
Ruling party prepares to extend temporary ban on shorting
To reduce volatility in the stock market exacerbated by the novel coronavirus pandemic, lawmakers from the ruling Democratic Party are pushing to extend the six-month ban on short selling, news reports said Monday. Short selling, or shorting, is a strategy of borrowing, selling and repurchasing a stock to return it to the lender. In effect, short sellers are betting on a drop in stock prices. The practice, often conducted by institutional investors and offshore investors, has received flak f
Aug. 17, 2020
-
Demand for personal credit loans surges amid stricter mortgage rules
Korean banks’ personal credit loans extended to individuals have continued to soar in August, as the government tightened mortgage loan regulations to stabilize the overheated housing market, data showed Monday. Outstanding balance of personal credit loans at five major lenders here -- KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Bank -- came to nearly 121 trillion won ($102 billion won) as of Thursday, up 1.28 trillion won from the previous month. Following the largest-
Aug. 17, 2020
-
Kakao founder becomes second-richest S. Korean stockholder, bumping Samsung heir
Kakao founder Kim Beom-su snagged the No. 2 spot on the list of South Korea’s wealthiest businesspeople, with his stock assets rising by some 5 trillion won ($4.2 billion), industry data showed Monday. This puts him ahead of Samsung Electronics Vice Chairman Lee Jae-yong, and second only to Samsung Group Chairman Lee Kun-hee. Kim, who currently holds a 14.51 percent stake in Kakao, saw the value of his stock assets surpass 9 trillion won as of Friday, up 136.16 percent from 3.84 trillio
Aug. 17, 2020
-
[67th Anniversary Special] Amid contactless boom, Korea steps into cashless society
Cashless stores, digital payment and contactless banking all existed before the pandemic swept South Korea’s retail markets. What’s different now is that walletless services have gained dominance as a payment method, accelerating the nation’s shift to a cashless society. Concerned about the new coronavirus, people are increasingly using mobile services to order food and other necessities online instead of dining out or buying their clothes at brick-and-mortar stores. During t
Aug. 15, 2020
-
Citibank, Standard Chartered Bank post mixed Q2 earnings in Korea
Citibank and Standard Chartered Bank’s Korean subsidiaries posted mixed earnings in the second quarter, as per their disclosures Friday. The New York-based lender’s subsidiary bit the dust amid the coronavirus pandemic, with its net profit plummeting 72.4 percent on-year to 30.3 billion won ($25.5 million). This was mostly due to provisions set aside for coronavirus risks coupled with dissipated effects from the sell-off of its landmark headquarters tower last year. Its net profi
Aug. 14, 2020
-
Banks to adjust loan payments, ATM fees for temporary holiday
For the temporary national holiday slated for Monday, South Korean lenders and financial authorities said Friday that loan payments, ATM fees and other services would be adjusted for the time being. According to the Financial Services Commission, loan payments due Monday will be automatically delayed to Tuesday. Late fees will be waived, but some loans -- including those that could require early payoff fees, charged when customers pay off their principal balance early -- may require consulting
Aug. 14, 2020
-
Seoul stocks snap winning streak on profit-taking
South Korean shares ended their nine-session winning streak Friday, as investors attempted to cash in part of recent gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 30.04 points, or 1.23 percent, to close at 2,407.49. Trading volume was high at about 956 million shares worth some 16.4 trillion won ($13.8 billion), with losers outnumbering gainers 531 to 337. Foreigners sold a net 462 billion won, while retail investors purchased a
Aug. 14, 2020
-
Hannam The Hill holds the fort as top-priced apartment in S. Korea
Hannam The Hill, a premium residence located in central Seoul’s Hannam-dong, continued to stand as the most expensive apartment in South Korea, extending its record for five consecutive years, data showed Friday. According to data compiled by the Ministry of Land, Infrastructure and Transport, one unit of the apartment with an exclusive use area of 240.305 square meters was valued at 7.3 billion won ($6.16 million) in April this year. The latest amount was up 200 million won from the
Aug. 14, 2020
-
Seoul stocks open tad lower on profit-taking
South Korean shares opened a tad lower Friday as investors attempted to cash in part of recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.71 points, or 0.19 percent, to 1,995.73 in the first 15 minutes of trading. The pullback was largely attributed to foreign investors' profit-taking of market heavyweights. The nine-session winning streak that ended Thursday raised valuation pressure, analysts said. Most large caps traded lower. Market bellwether Samsung Elec
Aug. 14, 2020
-
Kospi’s record run could continue to year-end
Despite dark clouds over the performance of South Korea’s stock market this year, the main bourse Kospi is bucking the regional trend and appears to be recovering quickly. It is now largely driven by the subdued virus impact here, quantitative easing policies around the world and hopes for COVID-19 vaccines. Local stock brokers even predicted that the recent market rally would continue until the end of 2020. Hyundai Motor Investment Securities is one of the brokerage firms that have
Aug. 13, 2020
-
MSCI index adds 3 Korean biotech stocks
Morgan Stanley Capital International announced Wednesday it has added three South Korean biotechnology stocks to its MSCI Korea Index. This comes as the technology prowess of the companies has come under the limelight during the novel coronavirus outbreak and subsequently drove up their stock price. Alteogen, Seegene and Shin Poong Pharma have been added to the index, replacing Daewoo Engineering & Construction, Helixmith and Hyundai Department Store. Seegene is Korea’s leading ex
Aug. 13, 2020
-
Korean banks’ H1 net profit dips
The combined net profit of South Korean banks for the first half of this year dipped 17.5 percent on-year due to increased loan-loss provisions amid the coronavirus pandemic, data released by the Financial Supervisory Service showed Thursday. According to the financial watchdog, the combined net profit of local banks for the January-June period preliminarily came to 6.9 trillion won ($ 5.82 billion), down 1.5 trillion won from the same period last year. The decline in net income came a
Aug. 13, 2020
-
LG Chem, Samsung Biologics close in on SK hynix market cap
The market capitalizations of biopharmaceutical company Samsung Biologics and chemical-to-battery firm LG Chem have soared over the past six months, reflecting market interest in IT and bio sectors amid the coronavirus pandemic. Samsung Biologics’ market cap came to 55.7 trillion won ($47 billion) as of Wednesday, the third-largest in Korea‘s main stock bourse Kospi, data by the Korea Exchange showed Wednesday. This was followed by the fourth-largest LG Chem, whose market cap stood
Aug. 12, 2020
-
Korea to strengthen inspection of illegal property transactions
The South Korean government said Wednesday that it will soon announce the results of its inspections into illegal transactions involving expensive real estate in Seoul and the surrounding areas. “Having tracked transactions of expensive houses reported earlier this year, state agencies found some irregularities, and the government will announce the final results in August,” said Deputy Prime Minister and Finance Minister Hong Nam-ki at a meeting with related ministers. “The
Aug. 12, 2020
-
Seoul stocks up for 8th consecutive session on hopes for vaccine, economic rebound
South Korean stocks extended their gaining streak to an eighth session on Wednesday on hopes for COVID-19 vaccines and optimism for a quick economic rebound from the impacts of the new coronavirus pandemic. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 13.68 points, or 0.57 percent, to close at 2,432.35. Trading volume was high at about 753 million shares worth some 16.4 trillion won ($13.8 billion), with losers
Aug. 12, 2020
-
Seoul stocks open tad higher on pharmaceutical, financial gains
South Korean stocks opened a tad higher Wednesday, led by an advance by pharmaceutical and financial heavyweights. The benchmark Korea Composite Stock Price Index rose 4.85 points, or 0.20 percent, to 2,423.52 in the first 15 minutes of trading. Pharmaceutical giants led the gain, with leading pharmaceutical firm Samsung Biologics jumping 3.73 percent on expectations of rising overseas orders. SK Biopharmaceuticals gained 1.83 percent. Among financial large caps, Hana Financial Group added
Aug. 12, 2020
-
Gen2 Partners fund freeze headache for Korean brokerages, banks
South Korean financial institutions associated with Hong Kong-based hedge fund manager Gen2 Partners are in a predicament as they struggle to ensure the investment -- sold by them -- could be redeemed later on. Brokerage firms here that sold Gen2 Partners’ funds, invested in the funds or issued derivative-linked securities based on the funds have moved to seek redress by lodging a complaint with the Hong Kong’s Securities and Futures Commission against Gen2 Partners over its alleged
Aug. 11, 2020