Seoul to accept applications for low-rent office space in Yeouido
MarketsSept 18, 2020
The Seoul Metropolitan Government said Friday that it is scheduled to accept new applicants for a program that offers office space for foreign financial firms at affordable prices in Yeouido, a financial hub in the city. The municipal government plans to run the Seoul International Financial Office on the 16th floor of the One IFC building. Eligible applicants include foreign or South Korean financial institutions, and finance-related international organizations or nonprofit corporations enter
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LG Chem stocks rebound as split-off jitters easeMarketsSept 18, 2020The stock price of petrochemical-to-battery company LG Chem rebounded Friday after a sharp loss immediately after its announcement during trading hours Thursday that it would split off its battery operation. LG Chem shares climbed 3.3 percent in the Friday trading session. LG Chem is the fifth-largest stock on the main bourse, Kospi, with 47.1 trillion won ($40.6 billion) market cap. The slight recovery came after the Seoul-based company unveiled plans to carve out its battery unit under a ne -
Seoul stocks snap two-day losing streak on massive foreign buyingMarketsSept 18, 2020South Korean stocks snapped a two-session losing streak on Friday, helped by strong foreign buying that offset individuals' profit-taking rush. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.23 points, or 0.26 percent, to close at 2,412.40. Trading volume was moderate at about 744 million shares worth some 13.7 trillion won ($11.8 billion), with losers outnumbering gainers 433 to 416. After a 1.22 percent drop in the previous session
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Military Mutual Aid Association shows outstanding return-on-asset performanceMarketsSept 18, 2020The Military Mutual Aid Association, which provides pension services for military personnel, has been the most profitable mutual aid association in South Korea for the past three years, business data tracker CEO Score Daily said Friday. Currently, the nation has seven large mutual aid associations, including the Public Officials Benefit Association, the Korea Local Finance Association, the Police Mutual Aid Association and the Korean Teachers’ Credit Union. The MMAA’s return on -
S. Korea to expand emergency loans for virus-hit small bizEconomySept 18, 2020The South Korean government has rolled up its sleeves once again to help virus-battered small businesses. Next Wednesday it plans to expand its ongoing emergency loan program for merchants and entrepreneurs, and a Finance Ministry representative said it will also try to minimize the impact of the lockdown measures on the economy. “The government has raised the credit limit on the second round of its emergency lending program, from the previous 10 million won ($8,620) to 20 million won -
Shinhan BNP Paribas vows climate action through asset managementMoneySept 18, 2020South Korean asset manager Shinhan BNP Paribas Asset Management said Friday that it would beef up efforts to take climate change into account in its asset management business, as part of its green finance and impact investing. Under its climate action declaration released Friday, the joint venture of Shinhan Financial Group and BNP Paribas Asset Management will consider the impact its investment decisions and financial products could have on climate change. It is the first such declaration in -
Coronavirus pandemic accelerates digital transformation: finance ministerEconomySept 18, 2020SEJONG -- The coronavirus pandemic is accelerating digital transformation and the world needs to prepare for this structural change in a post-pandemic era, South Korea's finance minister has said. Finance Minister Hong Nam-ki made the remarks at an online meeting of the Group of 20 Finance and Health Ministers on Thursday, the ministry said in a statement. Hong said the pandemic has accelerated digital transformation and contactless solutions in businesses and society, while increasing the -
Seoul stocks open higher on battery, bio reboundMarketsSept 18, 2020South Korean stocks opened higher Friday, led by a rebound in battery and bio heavyweights. The benchmark Korea Composite Stock Price Index rose 6.03 points, or 0.25 percent, to 2,412.2 in the first 15 minutes of trading. The KOSPI rebounded after the index lost 1.22 percent in the previous session. Battery and biopharmaceutical large caps fared strong, while auto-related shares dipped.Leading chemical company LG Chem jumped 2.33 percent, a day after it announced its decisi -
IOC welcomes Kyobo chairman as head of Youth Olympic committeeMarketsSept 17, 2020The International Olympic Committee has sent a congratulatory letter to life insurance firm Kyobo Life Chairman Shin Chang-jae, who has been appointed as the organizing chief for the Gangwon 2024 Winter Youth Olympic Games. While congratulating Shin’s appointment, Thomas Bach, the IOC president, expressed expectations for the quadrennial global sports event, which is scheduled to be held in Gangwon Province. “Considering the chairman’s contributions to youth sports and cult -
Individual investors pour W100tr into stocks during pandemicMarketsSept 17, 2020The amount of money local retail investors have poured in the local and overseas stock markets has reached more than 100 trillion won ($85.2 billion), according to data released by the nation’s sole securities operator Korean Exchange on Thursday. Individual traders bought a total of 55.9 trillion won in the local market this year as of Wednesday. Of the total, 43.5 trillion won went to the main bourse Kospi, and the rest, or 12.4 trillion won, to the tech-heavy Kosdaq. Investor deposit -
Fiscal chief urges for extra budget approval by next TuesdayEconomySept 17, 2020Hong reiterates need for expansionary fiscal move amid COVID-19 -
KB Financial chief vows to boost shares via strong portfolioMoneySept 17, 2020KB Financial Group Chairman Yoon Jong-kyoo, who is likely to keep his role for another three-year term, pledged Thursday to boost the firm’s shares with a strong and versatile portfolio. “As you can see, KB’s shares have remained at a disastrous level for some time, which reflects concerns surrounding South Korea’s economy and finance coupled with doubts about traditional institutions’ competitiveness in the contactless era,” Yoon told reporters on his way to -
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[News Focus] Korea’s national debt to top 800 trillion wonEconomySept 17, 2020Debt per capita climbs to W15.4m in 2020, from W11.5m in 2015 -
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[Market Close-up] Pandemic polarizes risk appetite in real estate investmentMoneySept 17, 2020S. Korean real estate investors say they seek distressed assets, publicly-traded assets for downside protection -
Seoul stocks dip over 1% on profit-takingMarketsSept 17, 2020South Korean stocks decreased more than 1 percent Thursday, as more investors turned to profit-taking that stemmed from tech valuation concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 29.75 points, or 1.22 percent, to close at 2,406.17. Trading volume was moderate at about 834 million shares worth some 13.9 trillion won ($11.8 billion), with losers outnumbering gainers 655 to 200. Foreigners sold a net 126 billion won, whil
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