Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Seoul stocks open higher on hopes of global economic recovery
South Korean stocks opened higher Wednesday on investor optimism for a faster-than-expected global economic recovery, backed by the latest forecast from the International Monetary Fund (IMF). The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.75 points, or 0.28 percent, to 3,135.83 points in the first 15 minutes of trading. The firm start comes after the IMF raised its global economic growth forecast for this year to 6 percent from its earlier estimate of 5.5 percent. Market kingp
April 7, 2021
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Seoul stocks up for 4th day on global economic recovery hopes
South Korean stocks rose for the fourth straight session Tuesday as investors pinned their hopes on a faster-than-expected global economic recovery, backed by strong US economic data. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 6.25 points, or 0.2 percent, to close at 3,127.08 points. Trading volume was moderate at about 1.26 billion shares worth some 13.5 trillion won ($12.06 billion), with losers outnumbering g
April 6, 2021
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Tougher penalties come into force for naked short selling
Investors engaged in naked short selling will be fined up to 100 percent of their order amount, the nation’s top financial regulator said Tuesday. According to the policymaking Financial Services Commission, the revised Capital Markets Act, which imposes tougher penalties for naked short selling, has taken effect on the same day. Short selling is a trading tactic where investors immediately sell borrowed stocks on a bet that share prices will fall, allowing them to later re
April 6, 2021
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Banking groups signal hope of launching internet-only banks
South Korean banking groups have approached the financial authorities in hopes of launching their own internet-only lenders, industry insiders said Tuesday, amid the growing popularity of platforms such as Kakao Bank. The Korea Federation of Banks, a body that represents commercial lenders here, recently received a joint message from the banking groups, including the five major ones -- KB, Shinhan, Hana, Woori and NH -- conveying their plans to foray into the internet-only banking business, if
April 6, 2021
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KCGS downgrades ESG scores of Samsung, SKT, and LGD
The Korea Corporate Governance Service, a nonprofit organization that offers environmental, social and governance evaluations for companies, said Tuesday that it had downgraded the ESG ratings of nine companies, including Samsung Electronics, SK Telecom and LG Display. Samsung was given an overall rating of B+, down from the previous score of A. The company scored a B in the governance category after Samsung Vice Chairman Lee Jae-yong received a 30-month jail sentence in January for bribery a
April 6, 2021
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Stable US Treasury yields, market rallies support scenario of Kospi rebound in Q2
South Korea’s benchmark Kospi could log a fresh record high in the second quarter, a local analyst suggested Tuesday, citing stable US Treasury yields and market rallies on Wall Street as fundamentals. KB Securities analyst Lee Eun-taek wrote in a report that the rise in value of the Korean won against the US dollar is also another positive factor to foreigners’ net purchases in the local stock market. “Kospi is expected to continue its upward movement in the middle of the se
April 6, 2021
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NH Investment ‘fully responsible’ for W300b Optimus misselling: FSS
South Korea’s financial watchdog said Tuesday that it holds NH Investment & Securities, the nation’s second-largest brokerage firm by net assets, entirely accountable for the misselling practices associated with the Optimus Asset Management alleged hedge fund fraud. The Financial Supervisory Service ordered NH Investment to compensate end-investors for losses of some 300 billion won ($267 million) incurred in 326 cases they brought to the Financial Dispute Conciliation Committe
April 6, 2021
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Seoul’s hotel transactions, occupancy shrink by half
Hotel transaction volume in South Korea’s capital city of Seoul fell sharply in 2020 as travel restrictions stemming from the coronavirus pandemic sent shock waves through the accommodation industry, data showed Tuesday. The 22 hotel transactions that closed in Seoul last year amounted to 701.8 billion won ($624.8 million), down 53 percent from a year prior, according to data from real estate services firm GenstarMate. In the meantime Seoul’s hotel occupancy rate, a key indicator
April 6, 2021
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S. Korean stocks open higher on Wall Street gains
South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street on the back of strong US jobs data. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.36 points, or 0.40 percent, to reach 3,133.19 points in the first 15 minutes of trading. The strong start followed overnight gains on Wall Street, which got a boost from better-than-expected US jobs data released Friday. The Dow Jones Industrial Average rose 1.13 percent, and the tech-heavy Nasdaq Composite adde
April 6, 2021
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Brokerages’ shares rise on investments in emerging firms
Shares in local brokerages have risen over the past few days as their investments in rising fintech companies have gained attention from investors. Shares in Hanwha Investment and Securities rose 61 percent from Wednesday, following local media reports that Dunamu, the operator of the country’s largest cryptocurrency exchange Upbit, is mulling a New York Stock Exchange listing. The IPO rumor boosted the investment arm of Hanwha, which owns 6.15 percent or 2.07 million shares in Dunamu,
April 5, 2021
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Hanjin KAL stocks plunge as hostile takeover bid comes to standstill
Shares of Hanjin KAL plunged Monday as a hostile takeover bid of an activist investor group came to a standstill the week prior. Hanjin KAL, the holding company of the Hanjin conglomerate that controls flag carrier Korean Air Lines, dipped 7.8 percent on the Korean bourse at Monday’s close, as nearly 300 billion won ($266 million) in market cap evaporated within a single day. Hanjin KAL‘s share price hit a 52-week low Monday morning, trading as low as 51,400 won apiece. This com
April 5, 2021
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FSC chief says HAAH still considering in SsangYong Motor
Financial Services Commission Chairman Eun Sung-soo said Monday that SsangYong Motor’s likely investor, US automotive distributor HAAH Automotive, asked the government to give more time before it makes a decision on whether to submit a binding offer to invest in the cash-strapped commercial vehicle maker. “We have not yet received an investment proposal from HAAH Automotive, but it doesn‘t mean the company officially declined to salvage SsangYong. The company said it needs m
April 5, 2021
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Concerns rise as South Korea’s household debt nears GDP
Household debt in South Korea surged to nearly 100 percent of the nation’s gross domestic product, raising concerns that the central bank’s rate hikes may be placing a heavy burden on the household sector, a report showed Monday. The proportion of Korea’s household debt to its GDP -- the market value of all final goods and services produced in an economy during a certain period -- came to 98.6 percent at the end of June last year, according to the report from the Korea Inst
April 5, 2021
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Seoul stocks up for 3rd day on US infrastructure plan
South Korean stocks advanced for the third straight session on Monday as investors weigh the $2.25 trillion infrastructure proposal in the United States. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 8.03 points, or 0.26 percent, to close at 3,120.83 points. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.3 billion), with gainers outnumbering losers 511 to 343. Foreigners
April 5, 2021
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Hyundai Card rolls out credit card with plentiful benefits
South Korean credit card issuer Hyundai Card has launched new credit cards which offer what the company says "ultimate rewards," for customers. The new credit cards under the Hyundai Card Z brand is the latest edition of the company’s credit card series named with alphabet letters. The new cards named after the last letter of the English alphabet comes with a range of cream-of-the-crop benefits, such as discounts at online streaming services, like Netflix, and retail ma
April 5, 2021
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Big tech may outsmart banks in data-driven credit scoring: report
With abundant data and digital analytics tools, big tech firms could conduct a more accurate assessment of a company‘s creditworthiness than conventional banks, giving them the upper hand in providing lending services in terms of allocative efficiency, a think tank said Monday. Amid accelerating digitization in the financial industry, big tech firms are capitalizing on their platforms and growing user databases to expand their financial services from basic payment system to financial in
April 5, 2021
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Daily transactions of internet banking up 21% last year amid pandemic
Daily transactions of internet banking services in South Korea rose 20.6 percent last year as customers preferred using financial services in a non-contact manner amid the pandemic, central bank data showed Monday. The value of daily transactions via online banking, including mobile banking, reached 58.7 trillion won ($52 billion) last year, compared with 48.6 trillion won the previous year, according to the data from the Bank of Korea (BOK). The daily use of online banking services reached 13
April 5, 2021
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Seoul stocks open lower on doubts over US infrastructure project
South Korean stocks opened lower Monday as investors speculate on a US congressional pushback over the massive size of the $2.25 trillion infrastructure proposal in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.71 points, or 0.15 percent, to 3,108.09 points in the first 18 minutes of trading. In Seoul, top cap Samsung Electronics edged up 0.24 percent, and No. 2 chipmaker SK hynix advanced 0.71 percent. Top automaker Hyundai Motor lost 0.21 percent, and i
April 5, 2021
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Export-Import bank to offer Hyundai Motor W3tr for future mobility development
The Export-Import Bank of Korea has signed an agreement with Hyundai Motor to provide financial support to the automaker vying with global rivals to take the lead in future vehicle markets. Under the memorandum of understanding inked on Thursday, the state-run policy lender will offer the automaker some 3 trillion won ($2.65 billion) until 2023 for its projects involving its plan to make the transition to become a smart mobility solution provider that manufactures zero-emission and driverless
April 4, 2021
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Nearly one-third of S. Korean investors are overseas stock traders
As the number of South Koreans investing in the local stock market nears 10 million, about one-third of those investors are also overseas stock traders, according to local securities firms Sunday. The recent data, compiled by 10 major brokerages here including Mirae Asset Securities and Kiwoom Securities, showed that the number of active equity accounts for overseas stock trading was 3.21 million as of March. The number of trading accounts at local investment firms came to 435,000 at the end
April 4, 2021