Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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With Indonesia unable to pay full share, what’s next for KF-21 fighter project?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Speaker floats dual citizenship as solution to falling births
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[Grace Kao, Meera Choi] Has money displaced romance on dates?
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Police seek arrest warrant for med student who killed girlfriend
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Yuanta Korea offers access to US stock reports
Yuanta Securities Korea said Thursday it has partnered with multinational financial market data provider Refinitiv to mount a new stock search engine function on its trading system for investors in US stocks. The service, dubbed “Reuters tRadar,” will allow users to access Refinitiv’s stock reports related to US stocks and their forecasts on the company performance based on its Institutional Brokers’ Estimate System database, which comprise the combined estimates of som
May 14, 2020
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Seoul stocks end lower on grim economic outlook
South Korean stocks closed lower Thursday as investor sentiment was dented by a grim forecast for global economic recovery amid the novel coronavirus pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 15.46 points, or 0.80 percent, to close at 1,924.96 Trading volume was high at 744 million shares worth 9.3 trillion won ($7.5 billion), with losers outnumbering gainers 638 to 229. The index never moved above the flatline through
May 14, 2020
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Foreign investors expected to return to stock market from H2
Foreign investors will return to the Korean stock market starting from the second half of the year if the US job market hits rock bottom in June, according to a local brokerage Thursday. “If figures on the US labor market hit a low point in June, offshore investors are highly likely to inject their capital into the local stock market from July,” said Lee Eun-taek, an analyst at KB Securities. “They will eye large-cap stocks first.” The US’ monthly employment repo
May 14, 2020
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Seoul stocks open lower on Wall Street losses
Seoul stocks opened lower Thursday, tracking losses on Wall Street amid the new coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.37 points, or 1.26 percent, to 1,916.05 in the first 15 minutes of trading. US stocks plunged Wednesday (local time) after Federal Reserve Chair Jerome Powell expected a slow economic recovery from the novel coronavirus fallout. Investor sentiment was also hit by growing concerns over tensions between the United States and Chin
May 14, 2020
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Credit card use posts smaller dip in April amid virus slowdown
Credit card spending by Koreans dipped at a slower rate in April than the previous month amid the COVID-19 infection slowdown, industry data showed Wednesday. Combined credit card spending last month decreased by 2.9 percent from a year earlier to reach some 54.5 trillion won ($44.5 billion), marking a smaller dip compared to 6.7 percent in March, said Rep. Park Kwang-on of the ruling Democratic Party of Korea, quoting data compiled by eight credit card issuers: Shinhan, Samsung, KB Koo
May 14, 2020
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[Herald Interview] ‘Private investor engagement key to climate-resilient world’
In the climate finance world, money goes not only to the countries most vulnerable to the impacts of climate change, but also to innovative, eco-friendly infrastructure projects that help the world reduce greenhouse gas emissions. Striking the balance between the two themes -- adaptation and mitigation -- is one of the primary missions of the Green Climate Fund, the world’s largest fund dedicated to helping developing countries take climate actions. The fund serving the Paris Agreement on
May 13, 2020
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Seoul office market to face pandemic impact in Q2: report
Seoul’s prime office building market will face flagging demand due to the coronavirus coupled with new supply in the second quarter, which will create more empty space within the properties and reduce their cash flow, Savills Korea said in a report Wednesday. According to the real estate services firm, real estate investors in South Korea are expected to take a cautious stance as uncertainties in the leasing market are likely to erupt in terms of the proposed buyers’ financing cond
May 13, 2020
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Banks' Q1 net profit dips 18% on loan-loss provisions
South Korean banks saw their first-quarter earnings decline 17.8 percent from a year earlier due to increased loan-loss provisions, data showed Wednesday. The combined net profit stood at 3.2 trillion won ($2.6 billion) for the January-March period, compared with a profit of 4 trillion won a year earlier, the Financial Supervisory Service said in a statement. Preliminary interest income for the first quarter stood at 10.1 trillion won, down 0.2 percent from a year earlier.
May 13, 2020
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Seoul stocks rebound on bargain hunting
South Korean stocks closed higher Wednesday as investors scooped up bargains amid renewed concerns over the trade row between the United States and China. The Korean won gained against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) moved up 18.25 points, or 0.95 percent, to finish at 1,940.42. Trading volume was moderate at 608 million shares worth 8.79 trillion won ($7.18 billion), with gainers outpacing losers 426 to 403. The local stock market got off toward a weak
May 13, 2020
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Douzone Bizon, Celltrion Pharm join MSCI index, but Hanjin KAL omitted
Morgan Stanley Capital International has added two large and mid-cap South Korean stocks -- Douzone Bizon and Celltrion Pharm -- to its global and regional equity index, as part of rebalancing in May, according to industry sources Wednesday. The US company added information and communications technology solutions and services provider Douzone Bizon and Celltrion Pharm, a pharmaceutical firm under Celltrion, to the MSCI Korea Index. In the meantime, some firms such as biopharma firm Meditox, O
May 13, 2020
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Shinhan’s investment in HK’s K-pop fund faces redemption delay
Shinhan Investment has received a request to delay K-pop-related private equity fund redemption from a Hong Kong-based asset management firm due to underperforming entertainment business, according to industry sources Wednesday. The brokerage unit of the Shinhan Financial Group invested 20 million euros ($21.7 million) in Royal China International Asset Management’s K-pop Showbiz Asia II Fund in April last year. It was structured to earn profits from ticket sales by IME International,
May 13, 2020
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Kakao joins S. Korea's top-10 market cap heavyweights
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, has entered the top ten stocks by market capitalization on a stellar quarterly performance, data showed Wednesday. The homegrown tech giant's market cap rose to 18.63 trillion won ($15.19 billion) as of 10:31 a.m., making it the 10th largest on the main bourse. The company is close behind South Korea’s top automaker Hyundai Motor Co., which is 9th with a market cap of 19.7 trillion won. Samsung C&T
May 13, 2020
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Seoul stocks open lower on escalating US-China tension
South Korean stocks opened lower Wednesday tracking overnight losses on Wall Street after US President Donald Trump continued to excoriate Beijing amid their prolonged trade row. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.74 points, or 0.82 percent, to 1,906.43 in the first 15 minutes of trading. The Dow Jones Industrial Average lost 1.89 percent overnight, and the tech-heavy Nasdaq Composite slid 2.06 percent on renewed concerns over the Sino-American trade tension. Tru
May 13, 2020
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Relief fund donation errors a headache for card issuers
On the first day South Korea started to receive applications for COVID-19 relief cash, local card issuers assigned to handle payment processes were met with a flood of unexpected inquiries -- to cancel subsidies donated by beneficiaries mistakenly. According to credit card companies, calls from recipients surged demanding to withdraw their donation to the state, saying they mistakenly clicked the button. Fund applicants can donate part or all of their subsidies to the state when filling out t
May 13, 2020
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SillaJen CEO detained over alleged insider trading, stoking fears of delisting
The head of local biotechnology firm SillaJen was detained Tuesday for alleged involvement in insider trading, raising market fears over SillaJen’s fate as a Kosdaq-listed company. The Seoul Southern District Court issued an arrest warrant for SillaJen CEO Moon Eun-sang, citing a flight risk and the possibility that he could destroy evidence. Last week prosecutors requested a warrant for Moon’s arrest on suspicion of violating the local capital market act and dereliction of duty
May 12, 2020
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KB Kookmin Bank to finance gas pipeline project in Canada
KB Kookmin Bank said Tuesday that it has signed a commitment of 240 million Canadian dollars ($171 million) to finance a Coastal GasLink natural gas pipeline project in Canada through a senior loan. This is part of the C$6.6 billion project financing from a syndicate of lenders, composed of KB Kookmin Bank and 26 other banks including JPMorgan Chase, Bank of Montreal and Royal Bank of Canada, it added. KB Kookmin Bank was the sole Korean participant. The loans will go to TC Energy, formerly kn
May 12, 2020
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Seoul stocks down for 2nd day over renewed woes over US-China trade row
South Korean stocks closed lower Tuesday for a second straight day on renewed concerns over the trade row between the United States and China. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 13.23 points, or 0.68 percent, to finish at 1,922.17. Trading volume was moderate at 783 million shares worth 9.5 trillion won ($7.75 billion), with losers far outpacing gainers 671 to 183. US President Donald Trump insisted that he was "not int
May 12, 2020
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Korea Western Power, NH-Amundi invest in Swedish wind farm project
Korea Western Power and NH-Amundi Asset Management signed a memorandum of understanding to cooperate in their co-investment in a 240-megawatt wind farm project in Sweden, according to NH-Amundi on Tuesday. The infrastructure project to build 56 wind turbines in Ange Municipality in northern Sweden is poised to be completed by the end of 2020. The facility has signed a 29-year sales contract with an undisclosed regional electricity market, promising a long-term source of stable income, NH-Amund
May 12, 2020
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Brokerages downgrade CJ CGV over capital increase plan
South Korea’s securities firms on Tuesday cut their target price for CJ CGV, raising concerns that the company’s decision to issue new shares worth 250 billion won ($203.66 million) could dilute the stock value. Hit by the pandemic, the cinema chain recorded a net loss of 118.6 billion won in the January-March period, compared with a net loss of 8.6 billion won a year earlier. It may have been inevitable for the firm to go ahead with the massive capital increase, said Meritz Securi
May 12, 2020
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Deloitte Korea to join APAC regional entity
Deloitte Korea said Monday it will be joining Deloitte Asia Pacific, a central business entity that combines regional operations. “Based on a partner-level vote conducted in April, we will officially join as member of Deloitte AP, starting June 1,” the local subsidiary of the New York-based accounting firm said in a release. Seeking to improve the level of services and to attract talent, Deloitte Korea will invest $22 million into the regional entity over the next four years, part
May 12, 2020