Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Seoul stocks end lower on US slump, foreign selling
South Korean stocks closed lower Wednesday as foreigners offloaded stocks on profit-taking in the face of overnight losses on Wall Street. The won rose against the dollar. The benchmark Korea Composite Stock Price Index rose 10.06 points, or 0.47 percent, to close at 2,138.40. Trade volume was moderate at 337.71 million shares worth 4.71 trillion won ($4.1 billion), with decliners outnumbering advancers 412 to 376.Foreign investors sold 238.11 billion won worth of shares, offsetting net purchase
April 19, 2017
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Tightened acquisition rules eyed for savings banks
South Korea's financial watchdog on Wednesday unveiled a set of new regulations on the acquisition of a savings bank by a consumer credit service company in a bid to improve transparency.Under the new rules, a consumer credit service firm is required to present a plan to shut down its retail lending business if it applies to acquire a savings bank in South Korea, according to the Financial Supervisory Service.The new rules also ban a major shareholder from owning a majority stake in more than th
April 19, 2017
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Samsung to build $480m PEF for infrastructure
South Korean investment firm Samsung Asset Management announced Wednesday that it would build a $480 million worth private equity designed to fund infrastructure, by teaming up with the Australian investment company IFM Investors. The fund is slated to be earmarked by four Korean institutional investors, but a target for injection has yet to be chosen, according to the deal sealed in Seoul on Wednesday. The Seoul-based investment arm under the nation’s largest conglomerate will m
April 19, 2017
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Woori Bank's Q1 net up 44% on decreased provisions
Woori Bank, a major South Korean commercial lender, said Wednesday its first-quarter net profit shot up 43.8 percent from a year earlier due mainly to decreased loan-loss provisions.Net profit jumped to 637.5 billion won ($559 million) in the January-March period on a consolidated basis, compared with 443.3 billion won a year earlier, the lender said in a statement.The bank attributed the rise in net profit to decreased loan-loss provisions, increased noninterest income, and a cut in costs throu
April 19, 2017
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Korean shares widen losses in late morning trade
South Korean stocks widened losses in late Wednesday trading as foreigners and institutions offloaded stocks. The won rose against the US dollar. The benchmark Korea Composite Stock Price Index dropped 10.58 points, or 0.49 percent, to 2,137.88 as of 11:20 a.m.Foreign and institutional investors offloaded a combined 60 billion won ($52.7 million) worth of stocks on profit-taking.Individuals bought stocks valued at 62 billion won, keeping the KOSPI from falling further. The KOSPI ende
April 19, 2017
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Top accounting firms dominating corporate clientele
Accounting firms are in sharp contrast in the scale and number of their corporate clients, with the top four in the field sweeping up half of the listed companies, a state portal said Wednesday.According to securities information portal SEIBro, operated by the Korea Securities Depository, 108 accounting companies are handling 1,898 companies, averaging 17.6 corporate clients per firm. The industry's top four, however, were dominant with 50.1 percent of the clients. Samil PricewaterhouseCoopers w
April 19, 2017
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Chief of financial holding firm arrested over stock price manipulation
The head of a bank holding firm based in the country's second largest city of Busan has been arrested over allegations of stock price manipulation, court officials said Wednesday.The Busan District Court issued a warrant on Tuesday night to detain Sung Se-whan, chairman of BNK Financial Group, citing the possibility of him destroying evidence. The investigation began after the Financial Supervisory Service (FSS) asked the prosecution to look into allegations the financial group rigged its stock
April 19, 2017
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Korean shares open lower on foreign selling
South Korean stocks opened lower Wednesday on foreign selling and losses on Wall Street. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index gained 4.42 points, or 0.21 percent, to 2,144.04 in the first 15 minutes of trading.Two major factors weighed on the main index. Foreign investors offloaded local stocks and the Dow Jones industrial average lost 0.55 percent. Tech and automobile stocks led losses, with market behemoth Samsung Electronics falling 0.58 pe
April 19, 2017
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Seoul stocks end higher on institutional buying
South Korean stocks closed higher Tuesday as institutions and foreigners became net buyers amid eased uncertainties following the United States' decision not to designate South Korea as a currency manipulator. The won fell against the dollar. The benchmark Korea Composite Stock Price Index rose 2.70 points, or 0.13 percent, to close at 2,148.46. Trade volume was moderate at 285.83 million shares worth 3.83 trillion won ($3.2 billion), with advancers outnumbering decliners 478 to 298.Earlier in t
April 18, 2017
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K bank wins 200,000 customers, W230b deposits in 15 days
K bank, South Korea’s first internet-only bank and seventh commercial bank, had drawn more than 200,000 new customers and 230 billion won ($203 million) in deposits as of Tuesday morning, data from the bank showed.Nearly half of the deposits of K bank, which officially opened for business on April 3, had come from low-cost current and savings accounts, the bank said. K bank’s current and savings account ratio marked nearly 50 percent, 1.6 times higher than the average figure of 12 co
April 18, 2017
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[News Focus] Timely or premature? Citibank’s bold move draws mixed reaction
Amid Citibank Korea’s recent decision to close down 80 percent of its physical branches nationwide, industry insiders are waiting to see how this bold push for non-face-to-face banking will stir the domestic banking industry. Citibank said slashing 101 branches is part of the company’s next generation of consumer banking strategy that emphasizes enhanced digital channels. In lieu of physical bank branches, the local unit of the US corporation will be introducing its new Cli
April 18, 2017
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Korean shares lose steam in late morning trade
South Korean stocks lost steam in late Tuesday trading as institutions turned net sellers after scooping up shares amid eased uncertainties. The won rose against the US dollar. The benchmark Korea Composite Stock Price Index dropped 5.63 points, or 0.26 percent, to 2,140.13 as of 11:20 a.m.Institutional investors offloaded 25.01 billion won worth of stocks on profit-taking. Foreigners continued to sell stocks valued at 30.75 billion won. Investor sentiment has improved after the Unite
April 18, 2017
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Foreigners snap up S. Korean bonds despite NK jitters
Foreign investors have boosted their won-denominated bond holdings so far this year, industry data showed Tuesday, despite growing tensions on the Korean Peninsula over North Korea's nuclear and missile programs. Foreign inflows to the South Korean bond market also came in spite of the US Federal Reserve's decision to raise interest rates this year. Offshore investors have purchased a net 16.5 trillion won ($14.5 billion) worth of won-denominated bonds as of last Friday, raising their hold
April 18, 2017
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Korean shares open higher on US gains
South Korean stocks opened higher Tuesday, tracking gains on Wall Street, amid eased market uncertainties. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index gained 5.12 points, or 0.24 percent, to 2,150.88 in the first 15 minutes of trading.Analysts expected the main index to get a boost from the United States' decision not to designate South Korea as a currency manipulator in Tuesday's session. The Dow Jones industrial average gained 0.90 percent, a
April 18, 2017
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PyeongChang 2018 signs KEB Hana Bank as main banking partner
Organizers of the 2018 PyeongChang Winter Games on Tuesday signed KEB Hana Bank as their main banking partner.The two sides recently wrapped up their negotiations that began in February and announced their deal in a ceremony at KEB Hana Bank's headquarters in central Seoul.The bank will reportedly offer 11 billion won ($9.7 million) in sponsorships, though PyeongChang had earlier said it sought 15 billion won from its top banking partner.KEB Hana Bank was picked as the preferred negotiating part
April 18, 2017
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Corporate debt sales dip 25.4% in March over uncertainty
Debt sales by South Korean companies dipped 25.4 percent on-month in March, as economic uncertainties limited corporate borrowing, data showed Tuesday.Although South Korea's exports have been showing signs of a moderate recovery, the nation's economy is confronting the prospects of protectionism by the Donald Trump administration and China's apparent economic retaliation over the deployment of an advanced US missile system in South Korea.South Korean firms issued bonds worth 10.3 trillion won ($
April 18, 2017
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Seoul stocks rise 0.51% on institutional buying
South Korean stocks closed higher Monday as institutional buying offset foreign selling amid eased uncertainties following the United States' decision not to designate South Korea as a currency manipulator. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 10.88 points, or 0.51 percent, to close at 2,145.76. Trade volume was moderate at 255.70 million shares worth 3.63 trillion won ($3.2 billion), with advancers outnumbering decliners 627 to 169.Anal
April 17, 2017
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Korean shares extend gains in late morning trade
South Korean stocks extended gains late Monday morning as institutions increased their stock purchases on eased market uncertainties. The won rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 8.44 points, or 0.40 percent, to 2,143.32 as of 11:20 a.m."Investor sentiment has improved after the United States has not designated South Korea as a currency manipulator. It seems to be factored in the main index," Daishin Securities analyst Lee Kyoung-min sa
April 17, 2017
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Korean shares open higher on defensive stocks
South Korean stocks opened higher Monday as defensive stocks gained ground. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index gained 6.51 points, or 0.30 percent, to 2,141.39 in the first 15 minutes of trading.Defensive stocks, that are less prone to external changes and provide constant earnings, mostly gained, with South Korea's No. 1 cosmetics company AmorePacific rising 3.0 percent and KB Financial Group jumping 5.08 percent. Keeping the main index in
April 17, 2017
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Main creditor expects ‘good result’ in DSME shipyard talks
The main creditor bank of Daewoo Shipbuilding & Marine Engineering on Sunday expected a “good result” in talks with a major bondholder that will help the shipyard stay afloat.The state-run Korea Development Bank and the National Pension Service have engaged in talks since late March to find common ground on debt rescheduling measures for the troubled shipbuilder. “We have reached a consensus on many disputed points and expect a good outcome (from the talks) at the ear
April 16, 2017