Kyobo Life Insurance pushes to set up holding unit

Kyobo Life Insurance, one of Korea's leading life insurers, said Wednesday that it will convert itself into a financial holding company before the end of next year in a bid to expand its business portfolio into other financial sectors. The company seeks to seize new business opportunities as the country’s low birth rates and aging population hamper the growth of the life insurance business. “The idea of establishing a holding company began with the recognition that a new corpo

Feb. 8, 2023

Shinhan Bank taps incumbent vice chief as next CEO

Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief. Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank. “Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate ban

Feb. 8, 2023

Seoul shares open higher after Powell's comments

Seoul shares opened higher Wednesday, tracking gains on Wall Street, as Federal Reserve Chair Jerome Powell expected that this year may see a significant drop in inflation. The benchmark Korea Composite Stock Price Index rose 21.12 points, or 0.86 percent, to 2,472.83 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.8 percent to 34,156.69 and the tech-heavy Nasdaq Composite climbed 1.9 percent to 12,113.79. Powell said disinflation has begun, though further

Feb. 8, 2023

Seoul shares rebound on blue-chip tech gains

South Korean stocks rose Tuesday as investors picked up big-cap tech bargains following a sharp fall the previous session. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 13.52 points, or 0.55 percent, to 2,451.71. Trading volume was moderate at 443.14 million shares worth 7.48 trillion won ($5.96 billion), with decliners outpacing gainers 496 to 374. Despite overnight losses on Wall Street, the Kospi opened slightly higher and moved within a

Feb. 7, 2023

Seoul shares open higher on tech gains

South Korean stocks opened higher Tuesday as investors picked up tech blue chips following deep losses in the previous session. The benchmark Korea Composite Stock Price Index rose 9.22 points, or 0.38 percent, to 2,447.41 in the first 15 minutes of trading. The gain bucked overnight losses on Wall Street amid rising bond yields and ahead of Federal Reserve Chairman Jerome Powell's remarks on the economy at the Economic Club of Washington. The Dow Jones Industrial Average inched down 0.1 pe

Feb. 7, 2023

Fint provides investors safety net through AI risk management

At times of high financial volatility, Korean fintech firm Fint’s artificial intelligence-powered investment service designed for minimizing risk can play its part, said an executive from the startup behind the service. Launched by startup December & Co. in 2019, Fint is a digital version of a fund manager that implements an investment strategy and manages the portfolio through trading activities in global exchange-traded funds based on its AI engine named ISAAC. "The service hi

Feb. 6, 2023

Seoul stocks end lower amid Fed rate hike woes

Seoul shares ended lower Monday, as strong US jobs data fueled fears of further rate hikes to tame inflation. The Korean won fell sharply to a monthly low against the US dollar. The benchmark Korea Composite Stock Price Index fell 42.21 points, or 1.7 percent, to close at 2,438.19 points. Trading volume was moderate at 554 million shares worth some 7.54 trillion won ($6 billion), with decliners outnumbering gainers 464 to 416. On Friday, the Dow Jones Industrial Average dropped 0.4 percent, and

Feb. 6, 2023

Seoul shares open lower on US losses amid rate hike worries

Seoul shares opened lower Monday, tracking losses on Wall Street, as the US Federal Reserve said last week it will continue to raise rates for a while to tame inflation. The benchmark Korea Composite Stock Price Index fell 30.8 points, or 1.24 percent, to 2,449.60 points in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average dropped 0.4 percent to 33,926.01 points, while the tech-heavy Nasdaq Composite declined 1.6 percent to 12,006.95 points. The Fed raised the benchmar

Feb. 6, 2023

Citibank Korea to arrange syndicated loan for Posco's lithium salt lake project

Citibank Korea announced Friday that it signed a syndicated loan agreement with Posco Argentina to support the development of a salt lake with lithium reserves for Posco Holdings. As a joint mandated lead arranger, Citibank arranged a $412 million (505.4 billion won) syndicated loan for Posco Argentina with support from Korea Trade Insurance Corp. The agreement was reached on Jan. 25. “This deal is meaningful as it provides financing support for enhancing Korean companies’ competitiv

Feb. 3, 2023

Seoul stocks open tad lower as investors digest Fed event

Seoul shares opened slightly lower Friday as investors digest the US Federal Reserve's latest rate decision earlier this week. The benchmark Korea Composite Stock Price Index slipped 2.98 points, or 0.12 percent, to 2,465.9 points as of 9:23 a.m. Overnight, the tech-heavy Nasdaq Composite jumped 3.25 percent, while the Dow Jones Industrial Average slipped 0.11 percent. The Fed raised the benchmark lending rate by 25 basis points on Wednesday (US time) as expected. Investors are weighing eas

Feb. 3, 2023

Seoul stocks end higher after Fed decision

Seoul shares closed higher Thursday, tracking gains on Wall Street, after the Federal Reserve delivered a small rate hike while acknowledging progress in its battle against inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 19.08 points, or 0.78 percent, to close at 2,468.88 points. Trading volume was moderate at 682.5 million shares worth some 9 trillion won, with gainers outnumbering losers 604 to 264. The Dow Jones Industrial Average clo

Feb. 2, 2023

Seoul stocks open higher after Fed decision

Seoul shares opened higher Thursday, tracking overnight gains on Wall Street, after the Federal Reserve delivered a small rate hike while acknowledging progress in its fight against inflation. The benchmark Korea Composite Stock Price Index rose 23.98 points, or 0.98 percent, to 2,473.78 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.02 percent higher at 34,092.96 points, and the tech-heavy Nasdaq Composite advanced 2 percent to 11,816.32. The Fed raised

Feb. 2, 2023

KRX battles 'Korea discount' with earlier opening, eased regulations

The Korea Exchange unveiled a series of plans on Tuesday to transform the country's trading system in line with global standards, aiming to overcome the undervaluation of the domestic stock market. The bourse operator said it will push to open the derivatives market 15 minutes earlier at 8:45 a.m. Currently, the local derivatives market opens at 9 a.m. at the same time as the securities market. “By opening the derivatives market a little bit earlier, global events can be reflect

Jan. 31, 2023

Seoul stocks end lower ahead of Fed's rate decision

Seoul shares ended lower Tuesday, tracking falls on Wall Street, as investors stay cautious ahead of the Federal Reserve's rate decision this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 25.39 points, or 1.04 percent, to close at 2,425.08 points. The Kospi ended in negative territory for a second straight session after reporting gains in the previous five sessions. Trading volume was moderate at about 606 million shares worth 10.15 tr

Jan. 31, 2023

Seoul stocks snap 5-day winning streak on tech, auto losses; Korean won at 9-month high

Seoul stocks snapped their five-day winning streak Monday, weighed by losses in major tech shares ahead of the US central bank's rate-decision meeting and exports data from Asia's fourth-largest economy. The Korean won rose to the highest in nine months against the US dollar. The benchmark Korea Composite Stock Price Index retreated 33.55 points, or 1.35 percent, to close at 2,450.47 points. Trading volume was moderate at about 460 million shares worth some 8.7 trillion won ($7.1 billi

Jan. 30, 2023

Tax revenue up 15% in 2022

South Korea's tax revenue rose 51.9 trillion won ($42 billion) in 2022 from a year earlier on the back of an increased collection of corporate income taxes, coupled with revitalized consumption, the finance ministry said Monday. The government collected 395.9 trillion won in taxes last year, up 15.1 percent from the 344.1 trillion won tallied in 2021, according to the Ministry of Economy and Finance. In 2020, the tax revenue fell by 7.9 trillion won due to the fallout of the COVID-19 pandem

Jan. 30, 2023

Seoul stocks open lower ahead of Fed meeting

Seoul stocks opened lower Monday, as investors took to the sidelines ahead of the Federal Reserve's meeting this week. The benchmark Korea Composite Stock Price Index retreated 10.32 points, or 0.42 percent, to 2,473.7 points in the first 15 minutes of trading. Stocks got off to a weak start. The tech-heavy Nasdaq closed up 0.95 percent Friday, with the Dow Jones Industrial Average and the S&P 500 finishing up 0.08 percent and 0.25 percent, respectively. Signs of slowing US inflation hi

Jan. 30, 2023

Seoul stocks up for 5th day on tech rally

Seoul stocks extended their winning streak to a fifth day Friday, as foreign and institutional investors scooped up major tech shares. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index added 15.37 points, or 0.62 percent, to 2,484.02. Trading volume was moderate at 495.4 million shares worth 8.89 trillion won ($7.21 billion), with gainers outpacing losers 571 to 209. The Kospi opened higher following a tech rally on Wall Street. Foreign and institutional

Jan. 27, 2023

Seoul stocks open higher on US advances

Seoul stocks opened slightly higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index rose 0.75 points, or 0.03 percent, to 2,469.4 in the first 15 minutes of trading. The local stock market followed overnight advances on Wall Street, where stocks rose to the highest level in nearly eight weeks, as investors bet the US economy is performing better than expected. The S&P 500 added 1.1 percent, the Dow Jones Industrial Average was up 0.61 percent,

Jan. 27, 2023

[Graphic News] Air traffic rises 16% last year but still below pre-pandemic levels

South Korea’s air traffic rose 16 percent in 2022 from a year earlier on unleashed pent-up demand for travel amid eased COVID-19 virus curbs, the Transport Ministry said. Airlines, domestic and foreign, made a total of 539,788 flights over South Korea last year, up from 465,469 flights a year ago, the Ministry of Land, Infrastructure and Transport said in a statement. The ministry said the 2022 number of flights still stood at 65 percent of the pre-pandemic levels. Air traffic in the count

Jan. 27, 2023