Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Seoul shares dip over 1% on inflation woes
Seoul shares dropped by over 1 percent to snap their two-day winning streak, as investors' appetite for risky assets fell amid fears about high-flying inflation pressure that sparked a massive sell-off on Wall Street. The Korean won steeply fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) retreated 33.64 points, or 1.28 percent, to close at 2,592.34 points. Trading volume was moderate at about 663 million shares worth some 9.7 trillion won ($7.6 billion), with loser
May 19, 2022
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Korea has nearly 100,000 investors holding crypto worth over W100m
Some 100,000 retail investors in South Korea each held over 100 million won ($78,000) in deposits at cryptocurrency exchanges here as of end-2021, government data showed Thursday, fueling concerns as the recent crash of Korean-made terraUSD and luna cryptocurrencies has decimated the value of digital assets. As of end-December last year, a total of 5.58 million investors were registered with local crypto exchanges, including those provide won-denominated and coin trading, according Financial S
May 19, 2022
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Seoul shares open steeply lower after US stock plunge
Seoul shares opened steeply lower Thursday, tracking an overnight plunge on Wall Street that stemmed from fears about high-flying inflation pressure. The Korea Composite Stock Price Index (KOSPI) fell 47.02 points, or 1.79 percent, to 2,578.96 points in the first 15 minutes of trading. The S&P 500 sank 4.04 percent Thursday, the sharpest drop since June 2020, as high inflation and lackluster earnings by giant retailers stoked concerns about a possible recession. The Dow Jones Industrial Average
May 19, 2022
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Justice minister revives financial fraud team
The Seoul Southern District Prosecutors Office said Wednesday that it has reinstated the joint team on financial and securities fraud that was disbanded by the previous Moon government, a day after the new justice minister called for it at his inauguration. The joint team, which was set up in 2013 but dissolved in 2020 amid criticisms that prosecutors abused their authority, epitomized the power and influence wielded by the prosecution. The team, dubbed the market’s “angel of death,
May 18, 2022
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Seoul shares open higher on US tech rally
South Korean shares opened higher Wednesday, tracking overnight rallies on Wall Street amid lingering uncertainty over higher inflation and combative monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) rose 23.55 points, or 0.90 percent, to 2,643.99 in the first 15 minutes of trading. Overnight, US stocks closed higher, boosted by a rally in tech stocks, in the face of Federal Reserve Chair Jerome Powell's hawkish comments. Powell said the Fed was ready to act a
May 18, 2022
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Seoul shares up nearly 1% as investors buy beaten-down issues
South Korean shares rose nearly 1 percent Tuesday as investors picked up recently downbeat issues, including Samsung Electronics, amid worries over inflation and aggressive monetary tightening in major economies. The Korean won gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 23.86 points, or 0.92 percent, to close at 2,620.44 points. Trading volume was moderate at about 859 million shares worth some 9.3 trillion won ($7.3 billion), with gainers
May 17, 2022
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Seoul shares open higher amid persistent rate hike woes
South Korean shares opened higher Tuesday on institutional buying despite persistent worries over inflation and aggressive monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) rose 16.51 points, or 0.64 percent, to 2,613.09 in the first 15 minutes of trading. Overnight, US stocks ended mixed over the latest disappointing economic data from the US and China. Adding to investor anxiety is the Federal Reserve's monetary tightening to tackle inflation and the war in
May 17, 2022
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[Newsmaker] Creator of Korean-made cryptos under siege after $37b wiped out
South Korean entrepreneur Do Kwon was a rising star of the global digital asset market when his company Terraform Labs launched the cryptocurrencies UST and luna with the goal of achieving a decentralized economy three years ago. His stardom reached its peak as the price of luna skyrocketed to over $119 early last month, becoming the first Korean-developed cryptocurrency to crack the top 10 list of cryptocurrencies with the highest market capitalization in the world. Some investors and i
May 16, 2022
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Women empowerment, net-zero: Hana Financial bolsters ESG efforts
South Korea‘s Hana Financial Group announced Monday its support for the Women’s Empowerment Principles (WEPs) and said that it has joined the Net-Zero Banking Alliance, as part of its efforts to bolster ESG value in its management. The WEPs is a joint initiative by UN Women and UN Global Compact to promote women’s empowerment in the workplace and community. Hana said it will expand gender equality in its workplace by providing additional promotion and education opportunities f
May 16, 2022
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[Herald Interview] ‘BTS’ military service will have limited impact on KPOP ETF’
When Psy’s supercharged “Gangnam Style” rose to No. 2 on the Billboard Hot 100 in 2012, nobody expected it to spark K-pop’s long-running, global popularity. Exactly a decade later, an Oklahoma-based exchange-traded fund issuer has decided to bring the idea of investing in K-pop-related businesses to the US. “The K-pop movement is still growing here in the US, and we think it is well known enough now that US investors will find this intriguing,” J. Garrett
May 16, 2022
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Stock market's trading volume dips amid growing uncertainty
South Korea's main stock market saw its trading volume shrink more than 16 percent this month from a year earlier, data showed Monday, as investors remained on the sidelines amid inflation worries and other negatives. The daily trading volume of the country's main bourse averaged 940 million shares during 10 sessions between May 2 and Friday, down 16.4 percent from a year ago, according to the data from the Korea Exchange. In particular, the average daily trading volume of the top 10 caps, exclu
May 16, 2022
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Seoul shares open higher amid woes over sharp rate hikes
Seoul shares opened higher Monday amid woes over high inflation, rake hikes and an economic slowdown. The Korea Composite Stock Price Index (KOSPI) rose 13.52 points, or 0.52 percent, to 2,617.76 in the first 15 minutes of trading. On Friday, Seoul shares bounced back to snap an eight-session losing streak, as investors scooped up large-cap stocks on bargain hunting. US stocks also closed higher after Federal Reserve Chair Jerome Powell reiterated the Fed was not "actively considering"
May 16, 2022
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KG Group picked as preferred bidder for SsangYong Motor
A Seoul court said Friday that it picked chemical conglomerate KG Group as the preferred bidder to acquire SsangYong Motor, a debt-ridden carmaker whose recent takeover by a local electric automaker fell apart. “We’ve looked at whether the bidder could really deliver the cash promised, given the fiasco months ago when the deal fell apart because of that,” SsangYong Motor said. The KG Group-led consortium, which includes Pavilion Private Equity, has enough cash to make the pur
May 13, 2022
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Seoul shares sharply rebound on bargain hunting; inflation woes remain
Seoul shares bounced back to end higher on Friday, snapping an eight-session losing streak, as investors scooped up large-cap stocks on bargain hunting amid inflation concerns. The South Korean won rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 54.16 points, or 2.12 percent, to 2,604.24. The main index shed 5.4 percent over the past eight sessions through Thursday. The KOSPI had continued to fall as investors expect the Federal Reserve to deliver a series of big-s
May 13, 2022
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Ukraine war, supply snarls feared to dent investment, exports: govt.
The war between Russia and Ukraine, and extended global supply disruptions are feared to sap South Korea's corporate investment and exports, and add upward pressure on inflation, the finance ministry said Friday. The South Korean economy faces heightened external uncertainty, as global economic downside risks have heightened amid major central banks' monetary tightening and China's COVID-19 lockdowns of major cities, the ministry said in its monthly economic assessment report, called the Green
May 13, 2022
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Seoul shares open higher after 8-day losing streak
Seoul shares opened higher Friday as technology stocks rebounded amid concerns over the Federal Reserve's further monetary tightening to tackle high inflation. The Korea Composite Stock Price Index (KOSPI) rose 21.67 points, or 0.85 percent, to 2,571.75 in the first 15 minutes of trading. The KOSPI rebounded following an eight-day losing streak as the Fed is likely to raise interest rates by a half-percentage point at each of its next two meetings. Most large-cap stocks advanced across the board
May 13, 2022
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KRX prepares to launch carbon credit futures
The Korea Exchange is preparing to launch a carbon credit futures contract to help bring price signals to what it says would be the new derivatives market, officials said Thursday. “The spot trading in carbon dioxide quotas has surged, but a lack of liquidity is a cause for price volatility,” an official at the bourse operator said. The new market could also help solidify the government’s commitment to achieving carbon neutrality by 2050, the official added. The bourse operat
May 12, 2022
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Korean-made cryptocurrencies’ collapse shakes up global market
The global cryptocurrency market has been shaken up by the freefalling prices of Korean-made cryptocurrency terraUSD, also known as UST, and its sister token luna, raising concerns that it may lead to the crypto market’s version of the Lehman Brothers collapse. According to crypto market analysis website CoinMarketCap, the prices of terraUSD and luna recorded 857 won ($0.66) and 443 won as of 2 p.m. on Thursday, down 14 percent and 96 percent from 24 hours ago, respectively. Terraform
May 12, 2022
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Another employee theft puts Woori’s reputation at stake
An employee at Woori Bank embezzled 490 million won ($380,000) earlier this year, reports said Thursday, dampening the lender’s struggle to rebuild its reputation after a separate 60 billion won employee theft was uncovered last month. The employee, whose identity was withheld, stole the money by withdrawing from automatic teller machines from mid-January to early February. Woori recently found out about the theft through internal auditing. The bank detected irregular activities in relat
May 12, 2022
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Citibank Korea unveils strategic shift toward corporate banking
Citigroup’s Korean unit Citibank Korea unveiled its strategy to focus on corporate banking at a town hall meeting held last week in Seoul, the bank said Thursday. According to the bank, the new strategy aims to enhance corporate banking capabilities, increase synergy among its core businesses, and protect customers during the wind-down process of its retail banking divisions. The bank said last October that it will shut down its consumer banking units and focus more on its corporate custo
May 12, 2022