Most Popular
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[H.eco Forum] H.eco Forum calls for transition to clean, carbon-free energy
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[Exclusive] LACMA admits it needs further research on donated Korean paintings
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AI Seoul Summit adopts declaration on safe, innovative, inclusive AI
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Russia likely offering N. Korea technology aid to expand threats to US, others: Pentagon official
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[Bridge to Africa] Africa-Korea partnership: Why it matters for future
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[Herald Interview] Korean adoptees embark on journeys to find roots
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[Graphic News] Medical tourists visiting Korea reach record high
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Revote on Marine probe bill to be held next week
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Embryo activist: Baby's lawsuit takes on S. Korea climate inaction
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Illit’s agency sues Ador CEO Min Hee-jin for defamation
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Gold, silver funds shine as investors seek low-risk assets
Gold and silver funds in South Korea are shining on rising demand for safe investments amid lingering uncertainties in markets over the pandemic and renewed Sino-US conflict, data showed Thursday. The annual average return rate of 12 local gold funds with assets of 1 billion won ($808,000) or more came to 43.41 percent as of Wednesday. The figure outpaced the median return rate of 1.07 percent for domestic stock funds in the cited period, according to data compiled by FN Guide. As investors s
May 28, 2020
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Thursday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.77 points, or 0.68 percent, to 2,044.97 in the first 15 minutes of trading. The gains were led by the US tech stock rally overnight, triggered by global chipmaker Micron Technology Inc.'s estimate-beating earnings guidance, analysts said. The Dow Jones Industrial Average jumped 553.16 points, or 2.21 percent, to close at 25,548.27 on Th
May 28, 2020
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KIC’s investment in marijuana producers not questionable, says experts
With South Korea’s sovereign wealth fund sparking a media debate over its investment in marijuana producers, some experts here said Wednesday that the case can hardly be seen as breaching its commitment to socially and environmentally responsible investing. Marijuana production itself cannot be the target of criticism, although it carries a heavy social stigma in Korea where the recreational use of marijuana is banned. Even if the investment was made by sovereign wealth fund Korea Investm
May 28, 2020
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[Market Close-up] S. Korean stock market recovers faster than its global peers
Buttressed by the buying spree of retail investors and expansion of liquidity, South Korea’s stock market recovered to the psychologically important 2,000-point mark, rebounding faster than other major stock markets around the world. According to the Korea Exchange, the Kospi reached 2,029.78 points at Tuesday’s close, 12 weeks after last posting above the 2,000-mark on March 6, when it closed at 2,040.22. The index plunged to a yearly low of 1,457.64 on March 19, but rose sharply
May 27, 2020
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Mirae Asset fined for illegal internal trading, but avoids prosecutorial probe
South Korean financial giant Mirae Asset Group is likely to resume its drive to launch a mega-sized investment bank as authorities on Wednesday decided not to request a prosecutorial probe for conducting illegal intra-unit trading and instead chose to slap a light penalty. The nation’s antitrust watchdog Fair Trade Commission said it has imposed a fine of 4.39 billion won ($3.6 million) on financial conglomerate Mirae Asset Financial Group and its affiliates for violating rules that ban
May 27, 2020
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Seoul stocks extend gains to third session on hopes of recovery
South Korean stocks finished a tad higher Wednesday despite escalating tension between the United States and China, as investors sought to scoop up bargains amid growing hopes of an economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.42 points, or 0.07 percent, to close at 2,031.20, extending its winning streak to a third consecutive session. Trading volume was high at about 1.16 billion shares worth some 12.5 trillion w
May 27, 2020
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One Equity Partners to unload Celltrion Healthcare stake at discount
One Equity Partners, a spinoff of JPMorgan dedicated to middle market investment, is reportedly looking to unload part of its stake in South Korea’s drug distributor Celltrion Healthcare through a block trade for roughly 350 billion won ($283.6 million). The price of some 4 million Celltrion Healthcare shares, a 2.6 percent stake, was set at between 85,000 won and 87,000 won per share after the market closed Tuesday, according to news reports. The price was lower than the Tuesd
May 27, 2020
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Banks' lending rates further drop in April on aid package
Lending rates on fresh loans extended by banks in South Korea dropped sharply from a month earlier in April, central bank data showed Wednesday, apparently due to stimulus measures that supplied massive funds to businesses hit by the new coronavirus outbreak. The average interest rate on fresh bank loans came to 2.8 percent in the month, down 11 basis points from 2.91 percent the previous month, according to preliminary data from the Bank of Korea (BOK). The BOK slashed the base interest rate
May 27, 2020
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Seoul stocks open slightly lower on escalating US-China tensions
South Korean stocks opened lower Wednesday on souring Sino-American relations, bucking overnight gains on Wall Street amid hopes of economic reopening. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.49 points, or 0.32 percent, to 2,023.29 in the first 15 minutes of trading. The weak start came after a news report suggested the US Treasury Department could freeze assets of Chinese officials and businesses in retaliation for China's new national security law. The US and China a
May 27, 2020
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Shinhan, KB Kookmin Card handle nearly half of relief funds
Nearly half of the South Korean government’s emergency disaster relief funds were distributed by two major credit card issuers, Shinhan Card and KB Kookmin Card, according to news reports on Tuesday. The government started receiving applications for the relief program from May 11, doling out the funds from May 13, in the form of cash, prepaid cards or money-like points that can be used with credit or debit cards. The total relief funds provided to coronavirus-hit households exceeded 12
May 26, 2020
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Nearly 12 years’ salary needed to buy house in Seoul: data
A middle-income household can buy a house in the Seoul area by saving the entire income without spending a dime for nearly 12 years, data showed Tuesday. The house price to income ratio, or PIR, reach ed 11.7 in the capital city during the first quarter of this year, marking the highest since records began in 2008, according to KB Kookmin Bank Liiv On, a real estate data tracker. PIR is a widely used measurement of house affordability in a given city or country. The ratio is calcu
May 26, 2020
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Despite US-China conflict fears, Kospi rises back past 2,000-mark
Amid fears of an escalation in conflict between the US and China, South Korean shares extended gains for two consecutive sessions, with the main bourse Kospi reaching 2,029.78 points at Tuesday’s close, the highest in 12 weeks. With expectations rising for an economic recovery, the Kospi index got off to a solid start at 2,001 -- up 6.40 points, or 0.32 percent -- from the previous session’s close. The main bourse continued to move upward and reached 2,022.95 in late morning tradi
May 26, 2020
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Overseas card spending dips by most in over decade in Q1 amid pandemic
Overseas card spending by South Koreans dropped at the fastest rate in over a decade in the first three months of this year on a sharp decline in the number of outbound travelers caused by the COVID-19 pandemic, central bank data showed Tuesday. The overall amount of money spent overseas by South Koreans using cards came to about $3.6 billion in the January-March period, down 23 percent from $4.68 billion in the same period last year, according to the data from the Bank of Korea (BOK). It mar
May 26, 2020
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Toss joins hands with Crosscert to expand e-sign biz
Viva Republica, a leading financial technology startup in South Korea that operates the money transfer app Toss, said Tuesday that it had joined hands with the Korea Electronic Certification Authority (Crosscert) to accelerate the expansion of its electronic signature business. The partnership will make it possible to use Toss e-signatures for civil affairs, bidding procedures, contracts and online tax payments, with Crosscert serving as the certificating authority, Viva Republica said. The n
May 26, 2020
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Seoul stocks open higher on economic recovery hopes
South Korean shares opened higher Tuesday on expectations for an economic recovery amid eased worries over the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.7 points, or 0.54 percent, to 2,005.30 in the first 15 minutes of trading. The KOSPI extended gains from the previous day largely on investors' optimism for an economic recovery fueled by South Korean President Moon Jae-in's push for a third and possibly largest-ever supplementary budget. US stock marke
May 26, 2020
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KB named best financial company in 2019: survey
KB Kookmin Bank was named the best financial company last year in the overall corporate assessment, a survey showed Monday. According to local corporate tracker CEO Score, the South Korea lender topped the list of the country’s top 108 financial companies with assets over 2 trillion won in six categories -- financial group, commercial bank, insurer, brokerage house, credit card company and savings bank. The survey measured each company’s commitment to corporate growth, job c
May 25, 2020
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Middle-aged consumers emerge as major digital content subscribers
Subscription-based streaming services and e-books are no longer the preserve of the tech-savvy younger generation. People in their 50s and 60s are fast becoming a major consumer base in the digital content market, at least among the better off, a survey showed Monday. From 2016 to 2019, the amount that people in this age group spent on digital content increased 160 percent while the number of online payments soared ninefold. The survey, conducted by local card issuer Hyundai Card and financ
May 25, 2020
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Acleda Bank lists on KRX-invested Cambodian stock exchange
Acleda Bank, the biggest commercial bank in Cambodia, said Monday it was listed on the Cambodia Securities Exchange in which the Korea Exchange (KRX) has invested. The Cambodian bank had assets of $6.18 billion as of the end of last year. Its market capitalization marked $1.75 billion -- nearly three times that of five listed firms in the country. Since the large-cap stock went public, the lackluster Cambodian stock market is expected to be revitalized by attracting new local and foreign inve
May 25, 2020
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IBK fined $86m in US over mishandling anti-money laundering program
State-run lender Industrial Bank of Korea and its New York branch have been fined $86 million by the Attorney General’s Office for allegedly failing to manage their anti-money laundering program, documents and local reports showed Monday. The bank’s apparent decision to delay the upgrade of the program for nearly a decade, eventually led to its failure to detect transactions that violated US sanctions against Iran, settlement documents between IBK and the Attorney General’s O
May 25, 2020
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Seoul stocks close higher on hopes of economic stimulus
South Korean shares closed sharply higher Monday on hopes of massive economic stimulus steps sought by the local government. The Korean won fell against the US dollar amid the growing tension between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) gained 24.47 points, or 1.24 percent, to close at 1,994.60. Trading volume was moderate at about 630 million shares worth some 7.84 trillion won ($6.3 billion), with winners outnumbering losers 517 to 303. The in
May 25, 2020