Most Popular
-
1
Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
-
2
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
3
S. Korean children, teens grow taller, mature faster than before: study
-
4
[Graphic News] Number of coffee franchises in S. Korea rises 13%
-
5
Army takes group action against Hybe for neglecting BTS
-
6
Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
-
7
Some junior doctors are returning: Health Ministry
-
8
[Robert J. Fouser] AI changes rationale for learning languages
-
9
Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
-
10
Woman dangling from power lines rescued by residents holding blanket
-
Riiid enters 100 most innovative AI Startups by CB Insights
Riiid, a South Korean artificial intelligence-based education tech startup, was added to a lits of the most innovative AI startups by a global market intelligence platform, the company said on Friday. Riiid, which develops AI technology that analyzes student data and content to help them learn, was included in the CB Insights’ AI 100 list, which is in its fifth year. CB Insights has chosen 100 out of 6,000 companies based on several factors including patent activity, investor quality,
April 9, 2021
-
Woori chief faces another penalty for misselling
South Korea’s financial watchdog on Friday imposed a penalty on Woori Financial Group Chairman Sohn Tae-seung, holding him responsible for its commercial banking unit’s misselling of funds tied to the 1.7 trillion-won ($1.52 billion) Lime Asset Management scandal. The penalty puts further pressure on Sohn, who is already in a legal fight against the Financial Supervisory Service over its sanction slapped on him for another misselling issue. Sohn was reprimanded with the third-str
April 9, 2021
-
Kakao to suspend trading due to 5-for-1 stock split next week
Trading in shares of Kakao, South Korea’s top mobile messenger operator, is set to be suspended for three days from Monday, following its decision to carry out its first-ever stock split. By lowering the face value of its stocks by 80 percent, the split makes it easier for small investors to purchase shares. It will increase the number of issued shares to 443,523,100 from 88,704,620 shares -- each shareholder will get five new shares for each one they currently hold. The newly split shar
April 9, 2021
-
Seoul stocks snap weeklong gains on valuation concerns
South Korean stocks snapped their weeklong winning streak Friday as foreigners and institutions took a breather amid increased valuation pressure. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.38 points, or 0.36 percent, to close at 3,131.88 points. Trading volume was moderate at about 1.8 billion shares worth some 14.6 trillion won ($13 billion), with gainers outnumbering losers 537 to 305. Foreigners sold a net 325 billion won, whi
April 9, 2021
-
State deposit insurer KDIC sells 2% stake in Woori Financial
The state-run Korea Depository Insurance Corp. (KDIC) said Friday it sold a 2 percent stake in Woori Financial Holdings Co. as part of efforts to recoup taxpayer money injected into the company. The stake, or 14.5 million shares, was offloaded through a block sale in pre-market trading for 149.3 billion won ($134 million), the KDIC said. The stake sale comes in line with a government road map to dispose of its interest in the major financial holding company, whose flagship is Woori Bank. It a
April 9, 2021
-
Seoul stocks open tad higher on hopes for global economic recovery
South Korean stocks opened higher Friday, tracking overnight Wall Street gains amid growing hopes for a global economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.25 points, or 0.1 percent, to 3,146.51 points in the first 15 minutes of trading. Overnight, the S&P 500 gained 0.42 percent to a new record closing, with the tech-heavy Nasdaq Composite adding 1.03 percent. In Seoul, market kingpin Samsung Electronics retreated 0.35 percent, and No. 2 chipmaker SK
April 9, 2021
-
Bitcoin on rollercoaster ride amid government warnings
Bitcoin prices remained unstable Thursday after falling more than 10 percent late Wednesday in a roller-coaster movement that coincided with the government’s warning and a widening price gap with overseas exchanges. The price for a bitcoin stood at about 71 million won ($63,600) as of 3 p.m. on Thursday, falling from 79 million won a day ago. The price of the largest cryptocurrency climbed sharply in recent days especially in domestic markets, showing a widening “Kimchi premium,&rd
April 8, 2021
-
Seoul stocks up for 6th day on global recovery hope
South Korean stocks gained for a sixth consecutive session Thursday amid global economic recovery hope. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 5.85 points, or 0.19 percent, to close at 3,143.26. Trading volume was moderate at about 1.3 billion shares worth some 16.8 trillion won ($15 billion), with gainers outnumbering losers 487 to 352. Foreigners bought a net 107 billion won, while institutions sold 479 b
April 8, 2021
-
New Seoul Mayor's deregulation pledge excites market, draws concerns
Expectations for Seoul’s grand-scale redevelopment grew Thursday after the opposition candidate won the Seoul mayoral race, partly on a pledge to lift regulations affecting high-rise apartments along the Han River and in other parts of the city. Oh Se-hoon’s election pledges, however, are expected to face headwinds as they contradict central government policies that favor community-based urban restoration projects and strictly limit large-scale redevelopment. Among the projects tha
April 8, 2021
-
Oh’s election win likely to boost construction shares
Construction businesses in the South Korean stock market are likely to benefit from an election win by Seoul Mayor Oh Se-hoon over his pledges focusing on housing redevelopment plans. “Based on plans such as expanding floor area ratio, supplying 360,000 housing units in five years and abolishing the restriction on building apartments with more than 35 floors near the Han River, reconstruction and redevelopment businesses are expected to be revived,” said Kim Dae-jun, an analyst at K
April 8, 2021
-
‘Korea’s private equity market hindered by chaebols’
Foreign investors have a hard time navigating South Korea’s “unique” private equity investment landscape, having to face obstacles such as family-run conglomerates’ dominance in the domestic industry, a private equity professional said in a virtual seminar on Thursday. “South Korea is very unique market,” Chue En Yaw, managing director and head of private equity funds at Temasek-owned Azalea Asset Management, told audience of the virtual seminar hosted by ca
April 8, 2021
-
Samsung Asset, Manulife IM ink strategic alliance
Seoul-based Samsung Asset Management and Canadian counterpart Manulife Investment Management have signed a memorandum of understanding for the bilateral strategic alliance, Samsung Asset said Thursday. The largest asset management firm in South Korea, overseeing some 280 trillion won ($250 billion) assets in March, will team up with Manulife IM to explore opportunities in overseas alternative investing, private assets and specialized public market strategies. The partnership will also allow the
April 8, 2021
-
Seoul stocks open lower on profit-taking
South Korean stocks opened lower Thursday as investors attempted to cash in recent gains amid a lack of events. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.63 points, or 0.31 percent, to 3,127.78 points in the first 18 minutes of trading. The KOSPI got off to a lackluster start as the Federal Reserve reiterated its stance that it would continue the existing support despite positive economic signals. In Seoul, top cap Samsung Electronics lost 0.82 percent, and No. 2 chipma
April 8, 2021
-
Apartment prices in Seoul show no signs of coming down
The prices of apartments in Seoul measuring 60 square meters or less continued an upward trend last month, according to data on Wednesday. A report on monthly housing price trends released by commercial bank KB Kookmin Bank showed that the average selling price of a small apartment in Seoul stood at 768 million won ($687,793), up 22.7 percent on-year. For newlyweds and small families, 60 square meters is a popular size. Nowon-gu, Dobong-gu, Gangbuk-gu and Geumcheon-gu were among the distric
April 7, 2021
-
K bank sees hike in savings on cryptocurrency frenzy
K bank, one of South Korea’s largest online banks, saw a significant hike in savings in recent months in line with its operations linked to cryptocurrency trading. Deposits at the nation’s first online bank exceeded 10 trillion won ($8.96 billion) earlier this month, compared with just 1.85 trillion won in June last year, officials said. The bank held 8.72 trillion won in deposits as of the end of March. The figure was almost double that of Jeju Bank, whose deposits came to 5.4
April 7, 2021
-
KOFIA chief, Vietnamese ambassador discuss cooperation
The chief of the Korea Financial Investment Association and the Vietnamese ambassador to South Korea on Wednesday discussed ways to expand investment and bolster financial cooperation between the two nations. Six local brokerages and 10 asset management companies currently have subsidiaries or offices in Vietnam. KOFIA Chairman Na Jae-chul said the organization hopes to strengthen cooperation by signing a memorandum of understanding with the State Securities Commission of Vietnam. “We&rs
April 7, 2021
-
Seoul stocks up for 5th session on recovery hope
South Korean stocks rose for the fifth straight session Wednesday as foreign investors continued to scoop up local stocks amid growing hopes for global economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.33 points, or 0.33 percent, to close at 3,137.41 points. Trading volume was moderate at about 1.96 billion shares worth some 14.3 trillion won ($12.77 billion), with gainers outnumbering losers 544 to 292. Foreigners pi
April 7, 2021
-
[Top Bankers] Citigroup’s rumored plans put Korea’s first female bank chief to the test
This is part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the third installment. -- Ed. Citibank Korea CEO Yoo Myung-soon and her rise to the top made fresh headlines late last year, when she became the first female chief of a South Korean commercial bank. The news brought hopes for greater gender diversity in a finance market long dominated by men. Her vision of making the bank stand out a
April 7, 2021
-
NH NongHyup receives preliminary approval for Beijing branch
South Korea’s NH NongHyup Bank said Wednesday it has earned preliminary approval from China’s financial authorities to open a branch in Beijing. The nation’s sixth-largest lender by assets won the approval from the China Banking and Insurance Regulatory Commission on Friday, after lodging the application in August last year. It plans to receive the final approval by the end of the year, officials said. The opening of the branch would mark NH NongHyup’s first move to lau
April 7, 2021
-
Foreign investors swoop up S. Korean stocks in April
Foreign investors have been on a buying spree of South Korean stocks so far this month, picking up a net 2.2 trillion won ($1.97 billion) worth of local shares, reversing their selling trend earlier this year. Offshore investors have been net buyers of local shares for five straight sessions -- the first time this year -- from April 1 to 7, while retail investors have sold a net 1.2 trillion won over the cited period and institutions have offloaded a net 1 trillion won, according to financial i
April 7, 2021