Most Popular
-
1
Over 80,000 millionaires, 20 billionaires in Seoul: report
-
2
Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
-
3
Korean battery makers heave sigh of relief over 2-year IRA reprieve
-
4
Young Korean doctors seek plan B: cosmetic dermatology or overseas
-
5
South Korea open to Indonesian proposal to cut KF-21 payments
-
6
Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
-
7
Coupang earnings hit hard by losses from ailing Farfetch
-
8
Korea forecast to overtake Taiwan in chip production by 2032: report
-
9
[K-pop’s dilemma] Time, profit pressures work against originality
-
10
Why femicide and dating violence are growing issues in S. Korea
-
Woori Financial signs MOU with SAP for digitalization of financial services
Woori Financial Group said Friday it has signed a memorandum of understanding with Germany-based business-software giant SAP to boost the digital transformation of its corporate financial services. The deal was signed by Woori Financial Group Chairman Sohn Tae-seung and SAP CEO Jennifer Morgan at the SAP Executive Briefing Center in New York on Thursday, local time. The value of the deal was not released. Though the newly formed partnership, both sides will cooperate in establishing an int
Oct. 18, 2019
-
Seoul stocks open higher on Brexit breakthrough
South Korean shares opened higher Friday as investors cheered a breakthrough in negotiations on Britain's exit from the European Union. The benchmark Korea Composite Stock Price Index rose 7.88 points, or 0.38 percent, to 2,085.82 in the first 15 minutes of trading. Investors welcomed a severance deal between Britain and the EU that could wrap up more than three years of uncertainty after Britain decided to leave the EU. In Seoul, large caps were mixed.Market kingpin Samsung Electronics added 0.
Oct. 18, 2019
-
Daily money transfers via mobile payment apps exceed W200b in H1
The value of daily money transfers via mobile payment apps in South Korea surpassed 200 billion won ($168.6 million) in the first half of the year, central bank data showed Thursday, as more people used smartphones for financial services. The value of daily money transfers via smartphone apps, such as Toss, Naver Pay and KakaoPay, stood at 200.5 billion won in the January-June period, up 60.7 percent from six months ago, according to the data by the Bank of Korea. Toss, Naver Pay and KakaoPay ac
Oct. 17, 2019
-
Kakao Bank to raise W500b in capital by issuing new shares
South Korea’s internet-only lender Kakao Bank has decided to raise 500 billion won ($422.4 million) in capital by issuing new shares, the firm said Wednesday. The decision was approved by its board, as the firm seeks to improve its fiscal soundness. According to Kakao Bank, it will issue 100 million new common stocks priced at 5,000 won per share. The record date for the shares is scheduled Nov. 5 and the stocks will be listed on Nov. 22. Once the capital increase process is complete
Oct. 16, 2019
-
Three consortia apply for internet-only bank: regulator
South Korea‘s financial regulator said Tuesday it received applications from three consortia, including one led by a fintech firm, for a license to set up a new internet-only bank. Fintech firm Viva Republica led one consortium, which included KEB Hana Bank, Hanwha Investment & Securities and the Korean unit of Standard Chartered bank. The second consortium is led by an industry organization of owners of small businesses in Seoul, the Financial Services Commission (FSC) said in a stat
Oct. 15, 2019
-
Viva Republica-led consortium reapplies for internet-only bank
Viva Republica, operator of mobile money transfer service Toss, said Tuesday that its consortium has applied for a business license to establish a new internet-only bank, making its second attempt this year.Its shot at winning is seen as more plausible this time, especially as the previous main rival -- a consortium led by brokerage Kiwoom Securities -- renounced its own bid. “We pioneered Korea’s fintech industry through Toss. Now, through Toss Bank, we plan to build a new internet-
Oct. 15, 2019
-
Kakao Bank to discuss capital raise at board meeting
South Korea’s internet-only lender Kakao Bank will discuss an upcoming capital increase at its board meeting, the firm’s spokesperson said Tuesday, as it seeks to improve its fiscal soundness, while resolving issues surrounding its shareholder structure. “We will discuss an upcoming capital increase at the board meeting scheduled Wednesday,” Kakao Bank spokesperson Hwang Eun-jae told The Korea Herald. “We believe the issue of raising capital is important now conside
Oct. 15, 2019
-
LVMH set to lose W8b from drop in YG’s stock value
Despite YG Entertainment’s scheduled return of a 67 billion won ($56.6 million) investment to LVMH this week, the French luxury giant is still projected to lose around 8 billion won due to the decline in the K-pop agency’s stock value, local reports said Monday. According to reports citing financial industry sources, LVMH also purchased 503,588 common shares of YG worth 20.3 billion won when it bought 1,359,688 redeemable convertible preferred shares in the entertainment agency via i
Oct. 14, 2019
-
Upbit operator Dunamu to launch comprehensive OTC platform
Dunamu, an operator of global cryptocurrency exchange Upbit, announced Monday that it plans to launch a comprehensive over-the-counter trading platform that deals with all types of unlisted stocks. According to the Upbit operator, it will jointly launch the platform, which will be available in the form of an app, with local brokerage Samsung Securities and big data analytics company Deep Search by the end of the month. The goal of this collaborative effort is to address the problem of &ldq
Oct. 14, 2019
-
Half of S. Korea’s savings deposits belong to top 1% of income earners
Of the combined savings deposits held by major banks in South Korea, nearly half belonged to the nation’s top 1 percent of income earners, a report from the Financial Supervisory Service showed Sunday. According to the report released via a minor opposition Bareunmirae Party lawmaker, 18 commercial banks operating in Korea held a combined 283.3 trillion won ($238.9 billion) on behalf of its clients in the top 1 percent income bracket, which accounted for 45.5 percent of the total deposits,
Oct. 13, 2019
-
Seoul stocks to advance further this week on US-China trade deal
South Korean stocks are expected to build further gains as the United States and China reached a partial deal to end their trade war and as the Bank of Korea's rate decision comes under focus.On Friday (Washington time), US president Donald Trump unveiled the first phase of a deal with China to end their yearlong trade row that has roiled the global financial market and suspended a planned tariff hike.The benchmark Korea Composite Stock Price Index closed at 2,044.61 Friday, up 1.2 percent from
Oct. 13, 2019
-
Rebidding for third internet-only bank kicks off amid lack of interest
Financial authorities on Thursday began to accept applications for a second round of bids for a preliminary license to operate the nation’s third internet-only bank, according to the Financial Services Commission.Unlike the first round earlier in the year, however, concerns are mounting that market expectations may have soured, as only one consortium confirmed its bid on the first day.“The business license for a new internet-only bank is the FSC’s top priority task for the seco
Oct. 10, 2019
-
Korea rises two notches in global competitiveness on high macroeconomic stability, IT
South Korea ranked 13th in terms of global competitiveness this year, backed by its leadership in information technology and strength to counter external shocks, a report showed Wednesday.The country saw its competitiveness rising two notches from last year and by four from 2017, the Finance Ministry said, quoting the report from the World Economic Forum. Among 141 countries studied by the WEF, Korea ranked tops in macroeconomic stability and dissemination of information and communications techn
Oct. 9, 2019
-
Hyundai Card prepares for possible IPO
Hyundai Card, the credit card unit of Hyundai Motor Group, is seeking underwriters and advisers for a proposed initial public offering, its spokesperson said Tuesday. “We have approached domestic and foreign financial institutions as part of the listing process,” the firm’s spokesperson Ha Young-jin told The Korea Herald. “But right now it’s difficult to say whether we will proceed with the plan. An IPO would be an opportunity to expand our capital and bolster
Oct. 8, 2019
-
Foreigners remain net buyers of S. Korean bonds, stocks
Foreign investors continued to scoop up local shares and bonds in the first seven months of the year, the central bank said Tuesday, possibly reflecting their confidence in the country's strong economic fundamentals despite a steady decline in exports and sluggish growth.In the January-July period, foreigners purchased a net US$8.71 billion worth of local stocks while also purchasing a net $16.43 billion worth of local bonds, the Bank of Korea said in a report submitted to the parliamentary fina
Oct. 8, 2019
-
[Graphic News] S. Korea ranks 20th in average wealth per capita
South Korea ranked 20th out of 53 countries surveyed by German insurer Allianz Group in terms of per capita financial assets last year, according to a report from the group. According to the recently released “Allianz Global Wealth Report,” Koreans’ financial assets stood at an average of 39 million won ($33,000) per person in 2018, slightly up from a year earlier. Last year, the United States topped the list with per capita financial assets of 240 million won, followed by Swi
Oct. 7, 2019
-
Financial watchdog to audit Shinhan for irregularities
South Korea’s financial watchdog said Monday it will start a comprehensive audit of Shinhan Financial Group and its commercial banking unit this month. According to a Shinhan Bank spokesperson, the Financial Supervisory Service sent a request last month for documents, ahead of a change in management next year. “We have received a request for a comprehensive inspection from the FSS slated around the end of the month,” the spokesperson told The Korea Herald, without elabora
Oct. 7, 2019
-
Retail investors’ short selling is lackluster despite govt. efforts
Retail investors’ short selling transactions in the third quarter accounted for merely 1 percent of the total transaction volume, according to Korea Exchange data Monday.Short selling is a high-risk trading strategy when investors borrow shares to sell them on the market, in order to buy them back later at a lower price. The investors hope to profit by returning them to the lender at a later date. According to the nation’s main bourse operator, short selling by retail investors
Oct. 7, 2019
-
[Contribution] How investors can position amidst China’s slowdown
The Korea Herald is publishing a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed.China’s economic growth has clearly slowed amid escalating US-China trade tensions. The weakness in industry and business investment appears to be spilling over to consumption, as seen in the recent deceleration in retail sales. The sluggish macro data highlights three areas of concern. First, producer prices entered deflation territory
Oct. 6, 2019
-
NPS raises stakes in Hyundai, Samsung and SK
South Korea’s state pension fund, which holds stakes in more than 250 local listed firms, announced changes to its investment portfolio on Friday that are having a considerable impact on the local markets.Among the major conglomerate subsidiaries in which it has invested, the National Pension Service increased its stake in the nation’s No. 1 auto manufacturer, Hyundai Motor, by 1 percent to 10.05 percent by acquiring additional shares Sept. 9. The NPS’ stake in Hyundai Motor st
Oct. 4, 2019