Most Popular
-
1
Tensions heighten ahead of first president-opposition chief meeting
-
2
Seoul to provide housing subsidy to married couples with newborns
-
3
[KH Explains] No more 'Michael' at Kakao Games
-
4
Rapper jailed after public street fight with another rapper
-
5
Woman gets suspended term for injuring boyfriend with knife
-
6
Samsung chief bolsters ties with Germany’s Zeiss
-
7
NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
-
8
Med schools expect 1,500+ new admission slots next year
-
9
Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
-
10
KT launches new mobile plans for foreign residents
-
Banking groups to hold shareholders meetings despite coronavirus scare
Even though the novel coronavirus outbreak is increasing “social distancing,” local banking groups are set to hold shareholders meetings as scheduled, but are also considering complementary measures to prevent infection. KB, Hana, Woori and Shinhan have all asked participating shareholders to bring face masks and warned that they will prohibit attendees from entering the venues if thermal scanners detect high temperature. KB’s shareholders meeting is scheduled to take place
March 11, 2020
-
System errors blamed for investment losses
A series of system errors on online transaction platforms run by local brokerages and an internet bank were reported this week, disrupting services. SK Securities suffered a technical glitch at its home trading system and mobile trading system for nearly three hours from about 10 a.m. to 1 p.m., a source told The Korea Herald, saying it caused investment losses. “I wasn’t able to connect to the MTS, so I tried trading through the HTS. I was able to trade my securities in real time,
March 11, 2020
-
No. of stock-trading accounts surpasses 30m
Despite the novel coronavirus outbreak continuing to roil financial markets, the number of active security accounts in South Korea has exceeded 30 million for the first time, according to data from the Korea Financial Investment Association and Statistics Korea on Wednesday. As of Friday, the number of active equity accounts marked some 30 million -- up 26,245 from a day earlier and 661,612 from the beginning of this year, the self-regulatory financial organization and nation’s statisti
March 11, 2020
-
Heung-A Shipping to undergo KDB-led debt restructuring
South Korea’s No. 5 shipping firm Heung-A Shipping is planning a corporate workout program as its maritime cargo operations have faltered, with snowballing debt, a regulatory filing showed Wednesday. The company’s board has approved a debt restructuring scheme by the policy lender Korea Development Bank, one of its key creditors, to “improve its finances and normalize business operations.” Under the KDB-led financial rescue package, creditors will take control of the t
March 11, 2020
-
Fitch sees limited impact of coronavirus on memory chip market
Global rating agency Fitch Ratings Inc. said Tuesday the global memory chip market will suffer a limited risk of supply disruptions in the short term from the spreading coronavirus outbreak. The memory semiconductor market is likely to continue to recover as weakening demand for memory chips used in smartphones and PCs will be offset by stronger demand for those used in servers, Fitch said in a statement. "This is because the industry's manufacturing facilities are highly automated
March 10, 2020
-
NPS to be no barrier for Hyosung chairman to extend term
Despite the National Pension Service’s efforts to actively interfere in the management decisions of scores of domestic companies as a major shareholder, it is likely to leave Hyosung Group untouched. The NPS has yet to change the shareholding purpose of Hyosung Corp., holding firm of the family-controlled conglomerate, to “general investing” from “nonengagement investing,” which would otherwise have allowed it to have a say in issues related to executive salaries
March 10, 2020
-
Shinhan Card to buy Hyundai Capital’s W500b assets for rental car biz
Shinhan Card said Tuesday it is poised to buy parts of Hyundai Capital’s assets related to its long-term car rental services for around 500 billion won ($417.3 million). The assets will be composed of vehicles under the South Korean carmaker -- Hyundai, Kia and Genesis -- which Hyundai Capital rents to consumers, as well as rental consumers. The final acquisition price will differ depending on shareholder approval. The two companies signed the deal Monday for the transaction scheduled
March 10, 2020
-
S. Korea to tighten rules on stock short selling amid market rout
South Korea's financial authorities said Tuesday they will tighten regulations on stock short selling as part of market stabilization measures amid increased fluctuations sparked by the outbreak of the new coronavirus and a slide in global oil prices. Finance Minister Hong Nam-ki said the government will temporarily ease its requirements for the designation of certain shares subject to a possible ban on short selling. The decision came in a meeting of economy-related ministers and offi
March 10, 2020
-
Woori Financial chief files for court injunction against reprimand
The head of South Korea's Woori Financial Group has sought a court injunction against the financial watchdog's recent reprimand over improper selling of derivatives-linked products, people familiar with the issue said Monday. Woori Financial Group Chairman Sohn Tae-sung filed for the injunction with the Seoul Administrative Court. He also filed a separate lawsuit calling for the nullification of the disciplinary action by the Financial Supervisory Service, they said. Woori Financial Group said
March 9, 2020
-
Renewed coronavirus fear wobbles Korea’s financial markets, volatility increases
Hit by renewed coronavirus fears and investors’ fatigue, South Korea’s financial market took a big hit Monday, with stock and bond prices plunging, and the local currency also getting weaker as foreign investors exited in droves. The main bourse Kospi dipped 4.2 percent from the previous session’s close, the largest drop in 17 months. The index drifted to the lowest since August 2019, when the volatility-prone market was rattled by a trade war between the US and China. Loser
March 9, 2020
-
Kolon Industries, SKC finalize stake sale of PI film company
Korean chemical materials manufacturers Kolon Industries and SKC have sold their stakes in SKC Kolon PI, a polyimide film maker, for some 300 billion won ($250 million) in a bid to acquire seed funding to nurture new businesses, according to the two companies on Monday. Kosdaq-listed SKC Kolon PI is a joint venture established by Kolon Industries and SKC in 2008. It is the world’s largest polyimide film company, with 30 percent market share in the sector. PI film is utilized in variou
March 9, 2020
-
Daelim Industrial completes acquisition of US-based Cariflex
South Korean construction company Daelim Industrial has completed the takeover of Carliflex, a chemical business unit of Kraton, a US firm that produces specialty polymers and chemical products derived from pine wood pulping byproducts. Through the acquisition, worth $530 million, Daelim has gained Carliflex’s operations and workforce overseas, in the US, Germany, Belgium, Japan and Singapore. “The production technology for high-performance butadiene-based rubber that the compa
March 9, 2020
-
Corporate bond sales soar amid low rates in Feb.
Corporate bond sales in South Korea surged in February as firms rushed to secure funds amid low rates and greater uncertainty, data showed Monday. South Korean companies floated 12.3 trillion won ($10.2 billion) worth of bonds last month, up 5.5 trillion won from the previous month, according to the data from the Korea Financial Investment Association. The amount was far larger than a forecast of 6.5 trillion won for the month's estimated demand for corporate debt sales. The association said
March 9, 2020
-
Retail investors upset with uncontrolled short selling
With the nation’s stock market plummeting and investors offloading shares en masse, tens of thousands have flocked to sign online petitions calling for a ban on short selling. As of Sunday afternoon, over 49,000 Koreans have signed 10 online petitions from end-January, demanding that the short selling of local securities be abolished or at least temporarily banned when stock indexes drop over 10 percent. Short selling is a strategy of borrowing, selling and repurchasing stocks to return
March 8, 2020
-
Coronavirus puts Korean venture firms on edge
The coronavirus fear is increasing financial burdens on listed South Korean venture firms as they are facing more calls for cash redemption from investors. Investors in firms listed on Korea’s development bourse Kosdaq have cashed out their combined 361.3 billion won ($303.4 million) investment in mezzanine bonds -- convertible bonds and bond warrants -- from January until Friday, prior to their due maturity date, according to regulatory filings. This marked a 48.4 percent increase on-y
March 8, 2020
-
Gold trading dazzles as stock market loses sheen
In contrast with the slump in major global stock markets amid the continuing spread of the new coronavirus, gold trading in South Korea has posted stellar returns this year, local experts said Sunday. According to data compiled by Daishin Securities, gold has recorded the highest investment earnings rate so far this year. The price of a gold bar at the Korea Gold Exchange -- a private gold exchange here -- stood at 64,010 won ($53.80) per gram as of Friday, surging 13.21 percent from the end
March 8, 2020
-
Businesses piggyback on coronavirus crisis with corona-related trademarks
Applications to register trademarks reminiscent of the deadly novel coronavirus, or COVID-19, are on a rapid rise in Korea, according to data from the Korean Intellectual Property Office. Since the government reported the first confirmed case of the acute respiratory disease on Jan. 20, a total of eight trademarks christened “corona” have been applied for at the patent office -- from both individuals and companies. The growth in applications of such trademarks coincided wi
March 8, 2020
-
NPS likely to intervene in Hanjin KAL’s governance issues
South Korea’s state pension fund said Friday that it would exercise its voting rights at Hanjin KAL, the holding firm of logistics conglomerate Hanjin Group, an apparent move to intervene in an ongoing leadership feud among the founding family members. “The National Pension Service has decided to exercise its voting rights at Hanjin KAL and GIIR on its own after retrieving them from its proxy agents,” said the state-run pension fund operator after a meeting among its commit
March 6, 2020
-
Coronavirus outbreak boosts gold transactions
As the deadly coronavirus outbreak (COVID-19) is sparking fears of a global pandemic, investors in South Korea are flocking to safe haven assets, gold in particular, according to data Friday. The accumulative transactions of gold in the first two months of this year at the Korea Gold Exchange, a private gold exchange here, stood at 27,243, up 192 percent from the same period last year. The exchange said investors’ increasing preference toward safe haven assets is behind the drastic gro
March 6, 2020
-
Citibank, KDB reject watchdog’s compensation plan over KIKO
Citibank Korea and Korea Development Bank will not accomodate financial authorities’ earlier arbitrary recommendation concerning compensation for disputed currency-linked derivatives sold several years ago, officials of the respective banks said Thursday. “After extensive internal discussions and consultations with the board of directors, Citibank does not propose to proceed as recommended (by the FSS),” the Korean subsidiary of the New York-based bank said in a release. &
March 5, 2020