Toss vows to fully compensate for losses from any fraud cases
MarketsJul 6, 2020
Amid growing concerns over the security of online payment services, Viva Republica, operator of online bank Toss, said Monday that it would fully compensate its customers who fall victim to any type of financial fraud. The move came after unauthorized payments worth 9.4 million won ($7,860) were made on the financial technology platform in early June, raising questions over the safety of the mobile payment system. “Transactions via Toss should be considered safer than face-to-face bank
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Finance minister sees worse Q2 contraction, but vows positive growth in Q3EconomyJul 6, 2020SEJONG -- Finance Minister Hong Nam-ki said Monday he expects South Korea's second-quarter economic contraction to be worse than the first quarter due to the coronavirus pandemic, but the government aims to achieve economic growth in the third quarter. The nation's economy shrank 1.3 percent in the first quarter as the pandemic hit exports and consumption. The Bank of Korea predicted that the economy would contract 0.2 percent this year. "I think that the second-quarter growth rate will -
Seoul stocks rally on recovery hope, coming earnings report seasonMarketsJul 6, 2020South Korean shares rallied Monday on hopes of economic recovery led by the government's extra budget and possible robust earnings from tech companies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 35.52 points, or 1.65 percent, to close at 2,187.93. Trading volume was high at about 659 million shares worth some 12 trillion won ($9.6 billion), with gainers outnumbering losers 573 to 267. Foreigners sold a net 258 billion won and indivi
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Open banking service subscriptions surpass 20 millionMoneyJul 6, 2020Authorities vow to expand open banking system to second-tier financial institutions in December -
Local fashion house targets W60b IPO despite COVID impactMarketsJul 6, 2020The Nature Holdings, a lifestyle outdoor firm known for its National Geographic licensed fashion brand, said Monday it is looking to raise as much as 60 billion won ($50.2 million) from its initial public offering on the tech-heavy Kosdaq this month. The firm is offering around 1.2 million shares in the price band of 45,000-50,000 won, CEO Park Young-jun said in a press briefing. The exact share price will be determined Thursday through the book building process before investors can apply on J -
NH NongHyup receives final approval to launch Myanmar branchMoneyJul 6, 2020South Korea’s NH NongHyup Bank said Monday it has received final approval from Myanmar’s financial authorities to launch and operate a subsidiary in the Southeast Asian country. The announcement comes 10 months after the lender submitted an application to the Central Bank of Myanmar, which handles financial supervisory of state-owned, private and foreign banks in the country. NH NongHyup has been operating a microfinancing institution in Myanmar since 2016 and has worked as a st -
Samil PwC names new co-chiefMarketsJul 6, 2020Samil PricewaterhouseCoopers, South Korea’s top accounting firm, said Monday it has appointed a new co-representative to take charge of marketing. Partner and deals leader Bae Hwa-joo will serve as chief executive officer for marketing, while Yoon Hoon-soo will head the organization’s overall management. Assurance leader Yoon was named as CEO in April, as competitor Bae offered his resignation in the eleventh hour amid a neck-and-neck rivalry over the top post. The company may app -
Korea's economy to rebound by 3% in 2021: IMF economistEconomyJul 6, 2020South Korea's economy will likely rebound to grow 3 percent in 2021 after contracting 2.1 percent this year in the face of the coronavirus pandemic, an IMF economist said Monday. Asian countries are expected to post 1.6 percent negative growth for the first time in history as the COVID-19 pandemic continues to weigh on demand and exports, but they will rebound to growth of 6.6 percent next year, Angana Banerji, senior economist at the International Monetary Fund, said in a webinar hosted by t -
Seoul stocks open tad higher on parliamentary approval of 3rd extra budgetMarketsJul 6, 2020South Korean shares opened slightly higher Monday, following parliamentary approval of the third extra budget meant to support the pandemic-hit economy. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.84 points, or 0.41 percent, to 2,161.25 in the first 15 minutes of trading. The gains came after the National Assembly passed a 35.1 trillion-won ($29.3 billion) extra budget Friday. The supplementary plan is designed to mitigate the economic fallout of the COVID-19 pandemic. -
Minimum investment amount for private equity funds forecast to riseMarketsJul 5, 2020South Korea will likely increase the minimum amount of investment for private equity funds from the current 100 million won ($83,373) to 300 million won as early as next month in its efforts to protect individual investors on the heels of a series of alleged fraud cases linked to funds in South Korea, according to news reports on Sunday. The Ministry of Government Legislation has been reviewing the measure, which will be included in the planned revisions of the nation’s Financial Investm -
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[Herald Interview] Investment guru sees opportunities in post-COVID eraMoneyJul 5, 2020Head of Assetplus bets on luxury goods, platform economy, urges fund managers to remain consistent in style -
HK-based hedge fund’s liquidity crisis spooks Korean investorsMoneyJul 5, 2020Gen2 Partners, a Hong Kong-based hedge fund, has notified South Korean financial institutions of a fund freeze regardless of the deadlines for fund redemption, according to news reports Sunday. This comes as its flagship fund using a leveraged scheme suffered losses due to the coronavirus outbreak, facing a liquidity crunch. The Korean entities dedicated to pooling investor money for Gen2 Partners’ multistrategy funds include brokerage houses Shinhan Investment, Kiwoom Securities and S -
S. Korea to execute largest-ever extra budget to battle pandemicEconomyJul 5, 2020South Korea will execute its third supplementary budget of 35.1 trillion won ($29.3 billion) on Monday as part of a move to minimize the economic impact of the ongoing coronavirus pandemic, the Ministry of Economy and Finance said Sunday. The latest COVID-19 response budget, the single biggest spending in the country’s history, was approved by the National Assembly late Friday, surpassing the extra budget of 28.4 trillion won passed amid the 2009 global financial crisis. Earlier i -
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[News Focus] Will Kospi be alright when short sellers return in September?MarketsJul 5, 2020SEJONG -- An eye-catching issue in the nation’s economy is whether the growth of gross domestic product will bounce back in the second half of the year after touching a bottom in the first half. While GDP growth was minus 1.3 percent in the first quarter, compared to the previous quarter, there is a possibility that the coming figure for the second quarter (April-June) will also post negative growth or dip further. Exports fell by 11.2 percent in the first half, on an on-year basis. For -
S. Korea's gold bourse turnover hits new record high amid virus pandemicEconomyJul 5, 2020South Korea's gold turnover reached an all-time high in the first half of 2020 as investors flocked to safer assets amid the coronavirus pandemic around the globe, data showed Sunday. The combined turnover on the gold bourse stood at 710 billion won ($591 million) over the January-June period, exceeding the 591.9 billion won posted for all of 2019, according to the data compiled by the Korea Exchange (KRX). The gold bourse was launched on March 24, 2014, as the country tried to bring more tra
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