Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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Allegations surrounding BTS resurface, enraged fans demand apology
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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With Indonesia unable to pay full share, what’s next for KF-21 fighter project?
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[Herald Interview] From organizing portfolios to educating heirs: Total wealth management for the superrich
Private banking and wealth management functions have long been deemed exclusive services for a limited range of customers, such as the owners of big corporations. But responding to the increasing population of high-net-worth asset holders -- such as entertainers, startup founders and people who inherit substantial sums -- local banks and brokerages have diversified their premium asset management functions. Samsung Securities, the brokerage arm of the Samsung conglomerate, was one of the leadi
Sept. 6, 2020
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[Newsmaker] Big Hit CEO Bang Si-hyuk likely to hit jack pot with IPO
The scheduled initial offering of Big Hit Entertainment, the label behind K-pop boy band BTS, is likely to make its CEO Bang Si-hyuk one of the wealthiest people in South Korea The Big Hit CEO is currently holding 12,377,337 shares, or 43.44 percent, of the company, according to the recent regulatory filing for the IPO. The entertainment agency plans to offer 7.13 million shares at a price between 105,000 won ($88) and 135,000 won. Should the offering price be set at 135,000 won, Bang&rsq
Sept. 6, 2020
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Some 40,000 retail traders come out empty-handed in Kakao Games IPO preorder
Although mobile game publisher Kakao Games’ initial public offering subscription last week was the talk of the town in South Korea, some retail investors who took part in the preorder session did not even receive a single share due to heated competition, according to news reports on Sunday. The gaming firm attracted a total of some 58.5 trillion won ($49.3 billion) from 417,000 people during its IPO subscription for retail investors, which took place Tuesday and Wednesday. The subscrip
Sept. 6, 2020
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Hypermarkets sell, shut stores amid COVID-19 fallout
South Korea‘s hypermarket chain operators are working quickly to sell their discount stores to improve their balance sheet, as fallout from the coronavirus deepens and the domestic retail industry’s makes a shift to online. As of Friday, Homeplus has agreed to sell three discount stores to undisclosed real estate developers since July, with the proceeds of the sales also under wraps. One is located in Ansan, Gyeonggi Province and the other two are in Daejeon. At least one more dis
Sept. 4, 2020
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Seoul stocks dip more than 1% on Wall Street plunge
The South Korean stock market dipped by more than 1 percent to snap a three-day winning streak on Friday as market heavyweights came under heavy selling pressure in line with a plunge on Wall Street. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 27.65 points, or 1.15 percent, to close at 2,368.25, after falling by 2.6 percent at one point. Trading volume was high at about 1.33 billion shares worth some 19.4 trillion won ($16.3 billion
Sept. 4, 2020
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Sign of an exit? Hahn & Co. moves to reduce Ssangyong Cement capital
Ssangyong Cement Industry has proposed reducing its equity capital to pursue higher dividend and enhance shareholder value. Market watchers say the move makes the case for a possible exit of South Korea‘s second-largest private equity house Hahn & Co. from the nation’s No. 1 cement maker by market share. Ssangyong Cement on Tuesday proposed to reduce equity capital to one-tenth to 50.4 billion won ($42.4 million) by November. As a result, the remainder, 455 billion won, will t
Sept. 4, 2020
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Seoul stocks open sharply lower on Wall Street plunge
South Korean shares opened sharply lower Friday, taking a cue from an overnight plunge on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) fell 39.52 points, or 1.65 percent, to 2,356.38 in the first 15 minutes of trading. On Thursday (New York time), Wall Street was roiled by panic selling as investors dumped tech stocks. The tech-laden Nasdaq 500 plummeted 598.34 points, or 4.96 percent, to 11,458.1, marking the steepest fall since June. The Dow Jones Industrial Ave
Sept. 4, 2020
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How to become a shareholder in BTS label Big Hit
The recent news that the music label behind K-pop sensation BTS was going public thrilled not only market watchers and investors but also the boy band’s fans around the globe, collectively known as “Army.” While Big Hit Entertainment is anticipated to be listed on South Korea’s main bourse, Kospi, in October, there are two ways that potential retail investors can acquire the entertainment management agency’s stocks -- putting in preorder deposits for a public subs
Sept. 3, 2020
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[Herald Interview] QuantaMatrix seeks October IPO for overseas entry
Amid growing investor interest in the bio and health care industries, a local microbial diagnostic test developer is planning an initial public offering next month. QuantaMatrix, a spin-off of Seoul National University’s biophotonics and nanoengineering lab, is anticipated to list on the nation’s tech-heavy Kosdaq market. Its market debut is meant to take the lead in global clinical microbiology diagnostics, said Kwon Sung-hoon, chief executive officer of QuantaMatrix, in an interv
Sept. 3, 2020
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BTS impact spills over into Korean stock market
With Big Hit Entertainment, the label behind K-pop sensation BTS, pursuing an initial public offering next month, investors appear to be increasingly drawn to South Korea’s entertainment stocks. Some market analysts also painted a rosy picture of the scheduled IPO, forecasting that Big Hit will continue the momentum created in the market thanks to offerings of pharmaceutical firm SK Biopharmaceuticals and game publisher Kakao Games. The news of Big Hit filing an application for its mar
Sept. 3, 2020
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Kyobo chief to chair 2024 Youth Olympic committee
Shin Chang-jae, chairman of Kyobo Life Insurance, has been named the organizing chief for the Youth Olympic Games, a quadrennial global sports event that is to be held here in 2024, the company said Thursday in a release. In a joint inaugural meeting held at the Seoul Press Center, the Ministry of Culture, Sports and Tourism and Gangwon Province agreed to appoint Shin as president of the organizing committee for the 2024 Gangwon Winter Youth Olympic Games. “Based on the Olympic spiri
Sept. 3, 2020
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Seoul stocks extend winning streak to 3rd day on chip rally, vaccine hopes
South Korean shares extended gains to a third session Thursday, as major chipmakers rallied amid hopes for a recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.53 points, or 1.33 percent, to close at 2,395.9. Trading volume was high at about 966 million shares worth some 17.2 trillion won ($14.5 billion), with gainers outnumbering losers 456 to 367. Foreigners bought a net 194 billion won, ending a five-day selling streak. Reta
Sept. 3, 2020
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COVID-19 to boost warehouse investment in Korea: CBRE
The novel coronavirus has accelerated demand for investment in South Korea’s grade-A logistics assets, beyond demand for prime offices and other safe assets, top officials from CBRE Korea said Thursday. Logistics centers, including fulfillment centers and cold storage warehouses, have been more resilient in Korea than any other commercial real estate in the wake of the COVID-19 pandemic in the first half of 2020, Claire Choi, head of research at CBRE Korea, said in a teleconference with
Sept. 3, 2020
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Citibank Korea serves local community to counter the COVID-19 outbreak
Citibank Korea said Thursday it has conducted diverse social contribution programs to help the community cushion the impact of the prolonged coronavirus outbreak. The bank held a series of job mentoring sessions dubbed “Over the Lan Job Talk” last month, whereby its employees gave lectures on job positions at the company as well as required skills through a video conferencing platform. The programs are designed to encourage young job seekers hit hard by sluggish job market, the ba
Sept. 3, 2020
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Seoul stocks open higher on US rally, vaccine hopes
South Korean shares opened sharply higher Thursday, on the back of tech gains spurred by an overnight Wall Street rally. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.1 points, or 0.93 percent, to 2,386.47 in the first 15 minutes of trading. The strong start has the KOSPI poised to extend its winning streak for a third session. Investor sentiment was boosted by advances of tech and health care heavyweights in the US stock markets. The Dow Jones Industrial Average jumped
Sept. 3, 2020
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Asian shares mixed after US rally, positive data
TOKYO (AP) -- Asian shares were mixed Wednesday after another US rally spurred by positive economic data, even while the coronavirus pandemic has regions around the world battling recessions. Japan's benchmark Nikkei 225 edged up 0.5 percent to finish at 23,247.15. Australia's S&P/ASX 200 rose 1.8 percent to 6,063.20, although the nation reported its worst drop in GDP ever, with a 7 percent contraction in the April-June quarter. South Korea's Kospi rose 0.5 percent to
Sept. 2, 2020
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BTS label Big Hit applies for IPO
Big Hit Entertainment, the company behind K-pop sensation BTS, on Wednesday filed an application for initial public offering, according to its regulatory filing. The company said in the filing that it would offer 7.13 million shares at a price between 105,000 won ($88.50) and 135,000 won. It will carry out the book building procedure to gauge demand on Sept. 14-25 for global investors and Sept. 24-25 for the domestic market. NH Investment & Securities, Korea Investment & Securities,
Sept. 2, 2020
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KB Kookmin launches mobile app for tithing
South Korean commercial bank KB Kookmin Bank said Wednesday that it has launched a mobile app to help churchgoers manage the donations they give to their local churches. Amid the emergence of a new strain of the novel coronavirus, the service has been launched to help Protestants donate without physically visiting a church. The digital offering envelope resembles actual envelopes used at local churches. Christians can also send prayers with their donations. Starting with an app for Protes
Sept. 2, 2020
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Toss Lab’s collaboration tool raises new investment for global expansion
Toss Lab, an operator of Slack-like team collaboration platform JANDI, said Wednesday that it has newly raised 14 billion won ($11.8 million) from a group of investors. The investors include Softbank Ventures, SV Investment, Atinum Investment, Must Investment and Spark Labs. Along with the new investment, the company also named big-name figures in the startup and investment sectors as outside directors, including Shin Hyun-sung, founder of ecommerce firm TMON, Lee Joon-pyo, chief of inves
Sept. 2, 2020
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S. Korean fintech firm partners with Singaporean lender
Tenspace, a Seoul-based credit scoring services firm, said Wednesday that it has recently joined forces with Singaporean lender Money World to run a joint venture named Aster World, which offers microloans in Southeast Asia. Although demand for credit loans has increased in the region, the infrastructure for credit scoring is not mature enough. The new joint venture will offer lending services based on alternative credit rating measures to make up for the outdated credit rating system in th
Sept. 2, 2020