Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over 9,000 hotline calls made by stalking victims in 2023
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DP leader says he will meet Yoon without conditions
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Banks' daily FX turnover up 11.9% in Q1
The daily foreign exchange turnover by local and foreign banks in South Korea rose 11.9 percent in the first quarter from the previous quarter, the central bank said Wednesday.The daily FX turnover averaged $49.98 billion in the January to March period, compared to the previous quarter's $44.66 billion, according to the Bank of Korea. The daily trading volume of foreign exchange spots reached $19.41 billion in the first quarter, up 11.8 percent from the previous quarter.By currency type, the dai
May 17, 2017
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Seoul shares down 0.14% in late-morning trade
South Korean stocks traded 0.14 percent lower late Wednesday morning, led by losses in brokerage and utility firms, analysts said. The benchmark Korea Composite Stock Price Index slipped 3.25 points to 2,292.08 as of 11:20 a.m. NH Investment & Securities, a leading brokerage house here, dropped 1.8 percent, with state-run utility firm Korea Electric Power Corp. falling 1.7 percent.But large-cap tech and auto companies edged up. Top-cap Samsung Electronics added about 0.08 percent and leading
May 17, 2017
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Credit card spending soars 13.7% in March
South Korea's credit card spending jumped nearly 14 percent in March from a year ago on higher oil prices and a rise in the number of outbound travelers, data showed Wednesday.Credit card purchases totaled 66.4 trillion won ($59.5 billion) in March, up 13.7 percent from the same month a year earlier, according to the data from the Credit Finance Association. The surge was attributed largely to increased consumer prices, including oil costs, and higher demand for South Koreans' overseas trips.&qu
May 17, 2017
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Foreign investors remain net buyers of local stocks for 5th month
Foreign investors remained net buyers of South Korean stocks for the fifth consecutive month in April, government data showed Wednesday. Offshore investors bought a net 1.26 trillion won ($1.12 billion) worth of South Korean stocks last month, according to the data by the Financial Supervisory Service. Boosted by foreign buying and healthier corporate earnings, South Korea's main stock index has rallied in recent sessions. In comparison, foreign investors bought a net 3.29 trillion w
May 17, 2017
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Seoul shares open lower on steelmaker, insurer losses
South Korean stocks opened lower Wednesday, driven by a fall in major steelmakers and insurance companies, analysts said. The benchmark Korea Composite Stock Price Index was down 6.01 points, or 0.26 percent, to trade at 2,289.32 in the first 15 minutes of trading. Top steelmaker Posco slipped 1.3 percent and No. 1 insurer Samsung Life Insurance lost 1.7 percent. But shares of tech blue-chips moved upward. Market bellwether Samsung Electronics added 0.17 percent, with smaller rival LG Elect
May 17, 2017
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Moody’s maintains negative outlook on Korean banks
Credit ratings agency Moody’s maintained a negative outlook on the South Korean banking industry, citing worsening business environment amid weak domestic consumer sentiment and banks’ asset quality.Sophia Lee, vice president and senior credit officer at Moody’s, said in a report that the change in administration under President Moon Jae-in brings uncertainty around policy direction on household debt and corporate restructuring, which weighs on the banks’ operating enviro
May 16, 2017
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Optimism abounds for Kospi rally
Expectations of strong policy drives by President Moon Jae-in are leading to forecasts of a further Kospi rally and a stronger local currency, offsetting rising worries about geopolitical risks.The benchmark Korea Composite Stock Price Index extended rallies for two days, even after North Korea fired a ballistic missile Sunday. The Kospi closed at 2,295.33, up 0.2 percent Tuesday, despite the loss of earlier gains in morning trade that pushed the index above 2,300.The local currency also strengt
May 16, 2017
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FSS disciplines stock brokers for illegal short-selling
The Financial Supervisory Service issued last Thursday a disciplinary warning on stock brokers for short selling using insider information, the regulator said Monday.The FSS said a team of stock traders from SK Securities had failed to avoid conflicts of interest and used unpublished information obtained on duty, both considered breaches of law. It issued cautionary discipline and ordered the securities firm to take autonomous action on the traders.The traders allegedly short sold stocks after a
May 16, 2017
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[Photo News] Sejong expects to see a real estate boon
May 16, 2017
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BNP Paribas, Deutsche fined for FX collusion
South Korea’s anti-trust watchdog said it has fined France’s BNP Paribas and Germany’s Deutsche Bank a combined 176 million won ($157,000) for colluding on foreign exchange forward bids.The Fair Trade Commission said officials at the two bank’s Seoul branches colluded on prices of foreign exchange forwards, prior to 44 rounds of bidding worth $224 million for two local companies from April to July in 2011. The FTC did not reveal the names of the two local firms. The two E
May 16, 2017
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MBK Partners reduces stake in Coway
Korea’s major private equity firm MBK Partners has sold 5 percent stake in Coway, the nation’s largest water purifier maker and rental firm by market share, in the form of a block deal, news reports said Tuesday.A block deal refers to a trade of massive shares at an arranged price between the seller and buyers, often institutional investors, outside the open market to reduce the impact on the price of the targeted shares. The buyout fund sold the shares to major institutional investo
May 16, 2017
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Korea's money supply up 6.2% in March: BOK
The money supply in South Korea jumped 6.2 percent in March from a year earlier, the central bank said Tuesday. The nation's "M2" totaled 2,436.9 trillion won ($2.1 trillion) in March, compared with 2,294.5 trillion won a year earlier, the Bank of Korea said in a statement.Month-on-month, the money supply gained 0.8 percent, the statement said.M2 is a measure of the money supply counting the currency in circulation, including bank debentures and deposits with a maturity of less than tw
May 16, 2017
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Banks' foreign currency deposits fall in April
Foreign currency deposits held by banks operating in South Korea fell in April as exporters reduced their deposits of dollar-denominated earnings, central bank data showed Tuesday.Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $67.39 billion in April, down from 70.54 billion a month earlier, the Bank of Korea said in a statement. Broken down, foreign currency deposits held by domestic lenders came to $57.98 billion in April, down from $60.33 billio
May 16, 2017
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Seoul shares tad down on bearish retailers, pharmaceuticals
South Korean stocks inched down after a strong start late Tuesday morning, as shares of key retailers and pharmaceutical companies widened losses, analysts said.The benchmark Korea Composite Stock Price Index retreated 0.9 points, or 0.04 percent, to 2,289.75 as of 11:20 a.m. Lotte Shopping, which runs the department store and hypermarket chain units of Lotte Group, the country's fifth-largest conglomerate, fell 1.3 percent. Another leading retailer Shinsegae also slid 1.8 percent. Pharmaceutica
May 16, 2017
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Korean bourse emerges as top performer worldwide
The South Korean stock market has emerged as the best performer in the world over the past month on the back of strong foreign buying, data showed Tuesday.The benchmark Korea Composite Stock Price Index closed at 2,286.02 Friday, up 7.4 percent from a month earlier and the highest rise among bourses in major advanced and emerging markets, according to the data by the Korea Exchange and the Korea Center for International Finance. Japan's Nikkei 225 came next with a 7.2 percent increase over the c
May 16, 2017
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Seoul shares open higher on tech blue chips
South Korean stocks got off to a strong start Tuesday, buoyed by bullish tech large caps, analysts said. The benchmark Korea Composite Stock Price Index climbed 13.38 points, or 0.58 percent, to trade at 2,304.03 in the first 15 minutes of trading. Market behemoth Samsung Electronics gained more than 1 percent, with chipmaker SK hynix advancing nearly 2 percent. Brokerage firms also gathered ground, led by an around 2 percent gain by Mirae Asset Daewoo Securities. On the other hand, domesti
May 16, 2017
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Card firms' Q1 net soars 60% on one-off gains
The first-quarter earnings of credit card companies in South Korea jumped 59.9 percent from a year earlier due mainly to one-off factors, the country's financial regulator said Monday. The combined net profit of eight credit card firms, including Shinhan Card Co. and Lotte Card Co., came to 803.7 billion won ($718.5 million) in the January-March period, compared to 502.5 billion won the previous year, according to the Financial Supervisory Service.The stronger bottom line came as a few of t
May 15, 2017
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Seoul stocks end higher despite foreign selling
South Korean stocks closed higher on Monday as individual and institutional buyers scooped up big cap stocks offseting a selling spree by foreigners amid uncertainties at both home and abroad, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index advanced 4.63 points, or 0.20 percent, to close at 2,290.65. Trade volume was moderate at 248 million shares worth 4.58 trillion won ($4.07 billion), with losers outnumbering gainers 406 to 393.Foreign
May 15, 2017
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Rising debt highlights Moon's relief pledge
The ongoing increase of household debt brings focus on whether President Moon Jae-in will manage to fulfill his pledge of curbing swelling household debt, which has long been a drag on South Korea’s economy.Household borrowing from lenders in Asia’s fourth-largest economy rose 7.3 trillion won ($6.5 billion) in April, according to preliminary data from the Financial Services Commission on Monday. The monthly increase was sharper compared to the previous month. The volume of debt rose
May 15, 2017
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Finance Ministry preparing for looming tax hikes
With President Moon Jae-in promising to create 810,000 jobs and enhance welfare for ordinary people, the new government needs a big boost in fiscal income to execute jobs and welfare programs.The Finance Ministry is preparing for a possible change in its tax code plan, which is expected to be completed by the end of July, according to ministry officials. After announcing the tax code plan, the ministry has to submit the plan along with the 2018 budget proposal to the National Assembly by Sept. 1
May 15, 2017