Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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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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Seoul alerts overseas missions to NK terror threats
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‘Inside Out 2’ adds four new emotions, explores teenage life
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Public backlash against division of Gyeonggi Province under 'corny' name
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BlackRock to hive off retail fund business in Korea
US investment firm BlackRock said Wednesday that it aims to sell its onshore retail fund business in South Korea to a local peer, DGB Asset Management, as part of its business restructuring in the country. The transaction is subject to regulatory approval in Korea and the terms of the sale were not disclosed, BlackRock added. After the restructuring, BlackRock’s Korean arm will focus on serving Korean institutional investors with offshore investment solutions. The Korean arm, BlackRock
March 31, 2021
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Education startup Ringle raises W10b
Ringle English Education Service, a South Korean education technology startup that provides 1:1 English tutoring services, said Tuesday that it had raised 10 billion won ($8.8 million) from investors as part of its Series A funding. The latest investment, which was led by returning investor Must Asset Management, puts Ringle at a valuation of 100 billion won. The edtech startup is running Series A funding until the end of April. Founded in 2015, the company has maintained a 300 percent grow
March 31, 2021
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Kakao Bank CEO’s term extended for another 2 years
Kakao Bank, the banking arm of mobile giant Kakao, on Wednesday said that its board decided to extend CEO Yoon Ho-young’s term for another two years. Yoon has led the country’s second internet-only bank since 2016. On Tuesday, the board also appointed three new members -- Jin Woong-sub, former head of the Financial Services Commission, Oh Pyeong-seob, former vice president of KB Kookmin Bank, and Choi Soo-yeol, a partner at Samdo Accounting Firm. By Park Ga-young (gypark@h
March 31, 2021
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Seoul stocks fall on valuation pressure, dollar appreciation
South Korean stocks retreated Wednesday on the increase in the value of US currency and the valuation pressure of local stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.58 points, or 0.28 percent, to close at 3,061.42 points. Trading volume was moderate at about 1.1 billion shares worth some 14.2 trillion won ($12.5 billion), with gainers outnumbering losers 476 to 378. Foreigners sold a net 297 billion won, while retail investo
March 31, 2021
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Wall Street's crypto endorsement pushes Bitcoin
The booming adoption of digital coins by institutional players pushed the price of a bitcoin to new heights Wednesday. Bitcoin soared to a record high of 71.6 million won ($63,200) in the morning Wednesday, according to Upbit, a South Korean cryptocurrency exchange that trades 184 coins. Wednesday’s rally came after a series of institutional endorsements from big players in various industries that began earlier this year. On Tuesday, PayPal, which has 375 million users, launched a
March 31, 2021
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Dual-class share system needed for unicorns’ local IPOs: KRX chief
The head of South Korea’s sole stock bourse operator on Wednesday said that allowing a dual-class share system in the country would help more unicorns -- privately held startups valued at 1 trillion won ($884 million) or higher -- to consider listing in the local market. “Both the country’s ruling and the main opposition parties have discussed matters related to adopting dual-class voting rights. If the government allows the system, we believe that it will likely attract (pro
March 31, 2021
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Bourse operator to look into measures to improve short-selling scheme before May enforcement
The South Korean bourse operator said Wednesday that it will check on its regulations on stock short selling, a trading technique that has been temporarily banned here since March last year, before its resumption in May. The Financial Services Commission (FSC) banned short selling of stocks from March 16 for a six-month period, in a move to ease a market rout caused by the COVID-19 pandemic. The temporary ban was extended twice until May 2, and short selling is set to resume on May 3. "W
March 31, 2021
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Korean multistrategy hedge fund is APAC's top performer of 2020: Preqin
A multistrategy hedge fund by a South Korean manager logged the highest annual net return for 2020 in the Asia-Pacific region, data showed Wednesday. The hedge fund, Gudo TAO Fund 1, net returned 124.99 percent, topping the list of Asia-Pacific-based multistrategy hedge funds through 2020, according to data from international market data tracker Preqin. The fund outperformed peers managed by Singapore’s Caygan Capital as well as Hong Kong‘s Factorial Management and BRIC Neutron A
March 31, 2021
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KB Asset fetches W3tr for ESG-themed funds
The combined value of KB Asset Management’s environmental, social and corporate governance funds exceeded 3 trillion won ($2.7 billion), the South Korean company said Wednesday. Its ESG-themed funds pooled investments worth some 600 billion won during the first quarter alone, added the Seoul-based asset management firm. In terms of the assets under its management, funds targeting alternative assets came to 2.1 trillion won, while those dedicated to equities and exchange-traded funds at
March 31, 2021
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Seoul stocks open tad higher on recovery hopes
South Korean stocks opened slightly higher Wednesday on market optimism for a quick global economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index rose 3.36 points, or 0.11 percent, to 3,073.36 points in the first 15 minutes of trading. Top cap Samsung Electronics traded flat, while No. 2 chipmaker SK hynix shed 0.37 percent. Giant internet portal operator Naver increased 0.93 percent, with its rival Kakao moving up 0.41 percent. Pharmaceutical giant Samsung Biol
March 31, 2021
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Korean investors consider buying more real estate in 2021
South Korean investors are willing to acquire more real estate assets this year than last year, as the market shows signs of recovery from the coronavirus pandemic with the expansion of vaccination programs, according to a report released by global commercial real estate services firm CBRE on Tuesday. A survey of 492 investors in the Asia-Pacific region, including 40 from Korea, showed that 53 percent of Korean investors said they would purchase more real estate this year than in 2020. The figu
March 30, 2021
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Samsung Card issues asset-backed securities for ESG
South Korean credit card company Samsung Card said Tuesday that it had issued foreign currency asset-backed securities linked to environment, social and governance projects. The new securities with an average of five-year maturity total $300 million in value. French banking firm BNP Paribas is one of the main investors. Capital raised through the latest securities issuance will be utilized to beef up ESG-based business operations, the card issuer said. The card business arm of Samsung Group h
March 30, 2021
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Bill Hwang: Pioneer of Wall Street's Asia investing and culprit behind Archegos blowup
Bill Hwang, the Korean American trader behind US market unrest involving lossmaking trades of New York-based Archegos Capital Management, was said to be one of the first Wall Street trailblazers in equity investing in East Asia including South Korea, until his fall from grace. The South Korean-born hedge fund trader is said to have played a role in bringing his mentor and investment guru Julian Robertson’s attention to the crisis-battered East Asian market in the late 1990s, including his
March 30, 2021
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Bitcoin price resurges despite coin delisting risks
Bitcoin is reaching 70 million-won mark again Tuesday amid a global credit company’s digital coin endorsement. According to local crypto exchange Upbit, Bitcoin price rose above 69 million won ($60,860) as of 1:50 p.m., after falling as low as 62 million won on March 25. Tuesday’s Bitcoin rally came after Visa Card announced Monday that it would accept cryptocurrencies for credit card bills. In its pilot program, Visa Card will allow settlement of transactions in USD Coin, a st
March 30, 2021
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Seoul stocks advance on hopes of global economic rebound
South Korean stocks advanced more than 1 percent Tuesday on strong foreign and institutional buying, aided by expectations of a quick global economic recovery from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.96 points, or 1.12 percent, to close at 3,070.0 points. Trading volume was moderate at about 1 billion shares worth some 13.9 trillion won ($12.3 billion), with gainers outnumbering losers 531 to 307. Foreigners
March 30, 2021
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Seoul stocks open higher on hopes of global economic rebound
South Korean stocks opened higher Tuesday, tracking the Dow's overnight gains that stemmed from expectations of a quick global economic recovery from the pandemic. The benchmark Korea Composite Stock Price Index rose 14.74 points, or 0.49 percent, to 3,050.78 points in the first 15 minutes of trading. Investor sentiment was boosted after the Dow Jones Industrial Average set another record overnight over the progress in the US vaccine rollout. Advances by auto and financial shares led the KOSP
March 30, 2021
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IMM PE to exit from Taihan Electric Wire for W251.8b
IMM Private Equity has agreed to sell a 40 percent stake in Taihan Electric Wire to Hoban E&C for 251.8 billion won ($222.2 million) to exit from the industrial wire maker, a filing showed Monday. This will mark the first exit announced this year by South Korea’s third-largest private equity firm that has $5.4 billion-worth of assets under management. The deal involving Taihan’s 342.6 million common shares is scheduled to close on May 31. Hoban E&C will become Taihan&rsquo
March 29, 2021
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NH Investment offers simulated stock shopping
Brokerage firm NH Investment & Securities said Monday it is looking to build closer ties with young customers by opening a pop-up store at Seoul’s newest department store, the Hyundai Seoul. Named NH Super Stock Market, the pop-up store is part of the brokerage house’s brand awareness project aimed at presenting its corporate vision and targeting the so-called MZ generation. The term, a combination of millennials and Generation Z, refers to those born between 1980 and the early
March 29, 2021
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Toss to launch public administration services
Viva Republica, operator of the fintech app Toss, said on Monday that it will be launching public administration services in collaboration with the government to provide information on COVID-19 vaccination and fines for violating traffic rules. Starting from Thursday, users can check their turns for getting the shots from the service named “the Public Secretary,” Toss said. It also plans to offer vaccine-related information such as where to get vaccinated and updates on the vaccine
March 29, 2021
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Kyobo Life Insurance establishes new leadership with 3 CEOs
South Korean insurer Kyobo Life Insurance said Monday that the company would be led by three CEOs by adding a new chief to lead digital transformation. Pyun Jung-beom, the newly appointed co-CEO, is a sales and strategy development expert who climbed the corporate ladder in Kyobo since 1988. The new chief will be in charge of leading projects to accelerate digitalization at the company and to enhance the company’s capability for marketing and sales, officials said. Co-CEO and Chairman
March 29, 2021