Most Popular
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$200m a year, 700,000 tons of rice, space tech: The deal for North Korea in joining Russia’s war
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Korean battery makers brace for impact of US election
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Who is writer of Hybe's controversial internal report?
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[AtoZ of Korean mind] Ever noticed some Koreans talk to themselves?
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Will South Korea go back to banning phones in classrooms?
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Scandal-hit ex-lawmaker denies corruption claims as pressure on Yoon mounts
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After opposition U-turn, Korea to repeal plan for financial capital gains tax
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Gangnam Station ramming suspect to face detention
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[From the Scene] Gumi, home to Nongshim’s largest factory, rebrands itself as ‘city of ramyeon'
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Stray Kids' US album sales surpass 1M
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[Election 2017] How will presidential candidates raise taxes?
The following is the third in a series of articles breaking down the presidential candidates’ major economic pledges in a simulated question-and-answer format by gathering their answers from official websites, media interviews, public speeches, books and more. The third installment delves into their proposals on increasing taxes and enhancing welfare. -- Ed.South Korea’s tax code is likely to reach a turning point upon the May 9 presidential election, as the majority of the president
April 26, 2017
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Standard Chartered Bank Korea to hold fintech forum
Standard Chartered Bank Korea announced Wednesday it plans to hold a forum dedicated to financial technology at its main branch in Korea on May 17.Michael Gorriz, group chief information officer at the London-based Standard Chartered Bank and Lim Jung-wook, managing director of Startup Alliance in Korea, will deliver keynote speeches at the forum.Under the theme of “Digital Technology Reshaping the Banking Industry,” the forum will involve sessions on the innovation of financial serv
April 26, 2017
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BOK chief calls for efforts to better reflect economic reality in GDP
The head of South Korea's central bank called Wednesday for efforts to better reflect the rapidly changing economic reality in the gross domestic product.GDP -- the broadest measure of an economy's performance -- is the total value of goods and services produced within the economy in a given period. It has been used as one of the major indicators in economic policy-making. Still, some critics say GDP does not properly reflect new activities such as digital or economic sharing. They also say GDP
April 26, 2017
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Rates for household loans inch up in March
Bank lending rates on new household loans inched up in March and interest rates paid by banks on new deposits remained unchanged, central bank data showed Wednesday.The average interest rates on fresh household loans extended by local banks came to 3.43 percent in March, up 0.05 percentage point from the previous month, according to the Bank of Korea. The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's outstanding household credit -- which is composed of h
April 26, 2017
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Korean stocks trade at 6-yr high in late morning
South Korean stocks traded at a six-year high early Wednesday morning, led by gains in tech companies, chemicals firms and automakers.The benchmark Korea Composite Stock Price Index rose 10.01 points, or 0.46 percent, to 2,206.86 as of 11:15 a.m.Market kingpin Samsung Electronics was 0.09 percent down and SK hynix, a major chipmaker, surged 2.19 percent.Hyundai Motor, the No. 1 automaker, moved up 0.69 percent, and AmorePacific, the country's top cosmetics maker, remained unchanged.SK Innovation
April 26, 2017
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More listed firms seek to use shadow voting this year
A total of 642 listed firms in South Korea have sought the practice of shadow voting this year to meet quorum requirements for approval at their annual meetings of shareholders, sharply up 40 percent from a year ago, data showed Wednesday. Shadow voting, or mirror voting, is a practice under which companies can ask stocks registered with the Korea Securities Depository to vote in the same proportion as voters who participate in an annual shareholder meeting.Introduced in 1991, the practice is se
April 26, 2017
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Kospi tops 2,200 for first time in 6 years
South Korea’s benchmark Korea Composite Stock Price Index topped 2,200 points, for the first time in six years when it opened Wednesday.The main bourse soared 5.52 points, or 0.25 percent, to reach 2,202.37 at 9 a.m. After 36 minutes of trading, it reached 2,206.22, up 9.37 points, or 0.43 percent. The Kospi closed at 2,196.85 Tuesday. This is the first time in six years that Kospi has surpassed the 2,200 mark. On May 4, 2011, the market closed at 2,201.69. The first-tier stock market has
April 26, 2017
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Mortgage-backed deals rise in Q1, but pace of growth slows
South Korea's residential mortgage-backed securitizations slightly rose in the first quarter of this year, but the pace of quarterly growth slowed because of the government's efforts to curb mounting household debt, official data showed Wednesday. State-run Korea Housing Finance Corp. issued 9 trillion won ($8 billion) in mortgage-backed securities during the January-March period, up 300 billion won from the same period a year ago, the Financial Supervisory Service said in a statement.The s
April 26, 2017
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Stocks open higher on gains in tech, autos
South Korean stocks opened higher Wednesday led by gains in tech companies, chemicals firms and automakers.The benchmark Korea Composite Stock Price Index rose 7.91 points, or 0.36 percent, to 2,204.76 in the first 15 minutes of trading.On Tuesday, the KOSPI closed at a six-year high, driven by continued foreign buying.Market kingpin Samsung Electronics was 0.09 percent down and SK hynix, a major chipmaker, surged 2.48 percent.Hyundai Motor, the No. 1 automaker, moved up 0.36 percent, and AmoreP
April 26, 2017
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Korea's 3rd bourse to ease listing rules
South Korea's stock market for venture firms and start-ups plans to ease its listing rules, allowing more small firms to raise funds via the market, the nation's financial regulator said Tuesday. The Korea New Exchange (KONEX) market opened in 2013 for fledgling businesses to raise funds easier via stock sales rather than having to borrow from banks. The Financial Supervisory Service (FSS) decided to ease listing rules for the KONEX market as the average daily transaction value for the market ha
April 25, 2017
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Kospi hits a 6-year high on foreign buying
South Korean stocks on Tuesday hit a six-year high, on strong buying from foreign investors with the global stock market rally, brokerage data showed.The nation’s benchmark Kospi closed at 2,196.85, rising by 1.06 percent from the previous session. The figure is the highest since the index closed at 2,200.73 on May 3, 2011, according to the Korea Exchange. The tech-heavy Kosdaq also went up 0.95 percent to close at 632.57.Foreign investors net bought 651.4 billion won worth stocks, pulling
April 25, 2017
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Hyundai Samho lands W300b IMM Private Equity investment
Hyundai Samho Heavy Industries, a shipbuilding affiliate of Hyundai Heavy Industries, has landed a 300 billion won ($265.7 million) pre-initial public offering investment with IMM Private Equity. Under the agreement with IMM PE, HSHI said it will issue 5.36 million new convertible preferred shares, with the private equity firm paying out 300 billion won in total to acquire the stocks at 56,000 won per share.The new deal will bring Hyundai Samho’s total market value to 2.5 trillion won.&nbs
April 25, 2017
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Daewoo E&C back in black following record Q1 performance
Daewoo Engineering & Construction has recorded its largest quarterly operating profit in the company’s history, posting operating profits of roughly 22.1 billion won ($19.5 million) and a net income of 191.9 billion won, according to the company Tuesday. Despite recording operating and net losses in the fourth quarter of last year, Daewoo E&C said the profits achieved in its housing and construction sectors rose by 171 percent compared to the same period last year, thrusting t
April 25, 2017
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Mirae's 4 ETFs excel in HK
Mirae Asset Global Investments, an asset management unit under Mirae Asset Global Investments Group, said its four exchange-traded funds have shown their competitive edge against other ETF products on the Hong Kong Exchange.Mirae Asset’s four leverage and inverse ETFs, or L&I ETFs, that traces Hang Seng index comprised of H-shares on the Hong Kong Exchange, ranked second in terms of the market share in L&I ETFs’ accumulated turnover as of April 19 since their listing on the H
April 25, 2017
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Credit card companies’ challenges and responses in the fourth industrial revolution
Since the fourth industrial revolution was discussed in the World Economic Forum in January, 2016, the academic circle and the media have expressed interests in key drivers of the fourth industrial revolution including biometrics, big data and artificial intelligence. In addition, Google DeepMind’s artificial intelligence program AlphaGo came under the spotlight with its unexpected moves in Go games against Lee Se-dol in March, 2016.This helped many agree that the fourth industrial revolut
April 25, 2017
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Korean shares up in late morning trade
South Korean stocks traded higher late Tuesday morning, led by gains in tech and autos.The benchmark Korea Composite Stock Price Index advanced 9.11 points, or 0.42 percent, to 2,182.85 as of 11:15 a.m.Most large-cap stocks were mixed across the board. Top market cap Samsung Electronics rose 1.84 percent, while SK hynix, a major chipmaker, shed 1.15 percent.Hyundai Motor, the No. 1 automaker, gained 2.12 percent and its smaller affiliate, Kia Motors, fell 0.2 percent.SK Innovation, the No. 1 ref
April 25, 2017
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Foreign buying boosts Korean benchmark index
Foreign investors bought South Korean stocks for a third straight session, fueling expectations that the country's benchmark index could break this year's record high, brokerage data showed Tuesday.Foreign buying between Thursday and Monday came to nearly 700 billion won ($617 million), according to data from Korea Exchange, the local bourse operator. Foreigners' buying spree of local stocks came despite heightened tensions on the Korean Peninsula over North Korea's missile and nuclear weapons p
April 25, 2017
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Life insurers to face pressure on adoption of new global accounting standard
The reported capitalization of South Korean life insurers is expected to face pressure if they adopt a new international accounting standard, credit appraiser Moody's Investors Services said Tuesday.South Korean life insurers have been preparing to report financial results under International Financial Reporting Standards 17, which will go into effect in South Korea from 2021. Stella Ng, a vice president of Moody's, said the new global accounting standard will require life insurers to meas
April 25, 2017
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Korea's finance minister talks with head of Citigroup
South Korea's finance minister held talks with the head of global investment bank Citigroup Inc. on Monday (local time) to share his views on global recovery trends and its impact on Asia's fourth-largest economy.At the meeting with Citigroup CEO Michael Corbat in New York, Finance Minister Yoo Il-ho said the South Korean economy has managed to pull off modest growth led by brisk exports which posted the fifth straight month of gains since November on the back of increased global demand.The uptu
April 25, 2017
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Sales of 4 credit rating firms edge down in 2016
The combined sales of South Korea's four credit rating companies fell 0.2 percent on year in 2016, due to a decline in sales of corporate bonds, data showed Tuesday. Total sales for four credit rating firms -- NICE Investors Service, Korea Investors Service, Korea Ratings and Seoul Credit Rating & Information -- stood at 82.76 billion won ($73.2 million) last year, compared to 82.95 billion won a year earlier, according to the data by the Financial Supervisory Service. Last year, sales
April 25, 2017