Most Popular
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Korea’s banking sector eyes digital innovation, overseas expansion in 2019
South Korea’s finance industry is bracing itself for a year of stunted growth, as it foresees growing global economic uncertainties and concerns over profitability in the new year. With a fresh sense of alarm, the chiefs of the country’s biggest banks plan to tackle the oncoming challenges by further embracing digital innovation and overseas business expansion.Korea Federation of Banks Chairman Kim Tae-young said in his New Year’s message that “it will be difficult for th
Jan. 2, 2019
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[News Focus] Stock short-selling surges while ‘abolishment’ petitions grow
SEJONG - South Korea’s small individuals have continued to express their discontent with a systematic practice on the local stock market in which foreign and domestic institutions take huge gains via the short-selling skill.Short selling is a legitimate trading skill. Generally, institutions can reap gains by dumping borrowed stocks and repurchasing them at far lower prices later, which is dubbed short covering. After making these gains, the institutions hand back the shares to the origina
Jan. 2, 2019
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Lotte Card kicks off consumer financing business in Vietnam
Lotte Card said Tuesday that it has become the first South Korean credit card operator to offer consumer financing services in Vietnam as part of its mid- and long-term plans to expand its business operations in the Southeast Asian region.South Korea’s fifth-largest credit card company in terms of net assets held a ceremony in Hanoi on Dec. 18 to celebrate the launch of Lotte Finance Vietnam, according to company representatives. Since establishing its local office in 2009, Lotte Card has
Jan. 1, 2019
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New executive roster adds to cracks in financial industry’s glass ceiling
The thick glass ceiling in the finance industry of South Korea got a few more cracks in the last month, with the latest reshuffles in the country’s leading banking and securities brokerage companies having nominated women leaders to the top posts.The nomination of Park Jeong-rim as the co-CEO of KB Securities on Dec. 19 marked another leap forward, as she is set to become the first female CEO of a brokerage firm in Korea. Her nomination awaits approval in the upcoming general shareholders&
Jan. 1, 2019
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Financial watchdog chief urges risk management in new year
The head of the financial watchdog said Monday that he will prioritize the management of potential risks in the financial sector in the new year to better support economic growth.Financial Supervisory Service Gov. Yoon Suk-heun made the pledge in his New Year's message, saying that a financial crisis "could break out at any time." "We have to guard against the possible spread of shocks in the financial system to the real economy," Yun stressed, vowing to establish "fair
Dec. 31, 2018
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Korea vows to make efforts to bolster corporate investments: finance minister
South Korea's finance minister vowed Monday that every effort will be made to help companies make investments in the new year as Seoul seeks to revitalize its economy.The comments by Hong Nam-ki came as Asia's fourth-largest economy is struggling to create jobs and boost the economy. The government has said it will speed up administrative procedures to ensure quick implementation of major corporate investments worth 6 trillion won ($5.3 billion), including a 3.7 trillion-won project by Hyundai M
Dec. 31, 2018
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Central bank to continue accommodative monetary policy in 2019: BOK chief
South Korea's central bank chief said Monday that an accommodative monetary policy will be maintained in the new year in the face of low inflationary pressure and slowing economic growth."It is necessary to maintain the accommodative monetary policy as the economy will likely pull off upper 2 percent growth and the inflationary pressure will remain low," Bank of Korea Gov. Lee Ju-yeol said in his New Year's message. "The BOK will carefully watch the pace of economic growth, inflat
Dec. 31, 2018
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Share prices of most listed companies declined in 2018: KRX
Share prices of most listed companies backtracked in 2018 compared with the end of last year, data by South Korea's bourse operator showed Sunday.According to the Korea Exchange, of the 879 companies traded on the main KOSPI exchange, only 252 posted gains throughout the year, while 626, or 71.2 percent, reported a drop in stock prices. There was one company whose share prices remained unchanged from late 2017.The KRX excluded newly listed companies and those that were removed from the stock mar
Dec. 30, 2018
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S. Korea ranks 17th among G-20 countries in stock market performance in 2018
South Korea's stock market fared ill this year compared with major countries amid global economic uncertainties, data showed Saturday.Of the 20 major countries in the world, South Korea came in 17th in terms of the growth rate of its key stock index by tumbling 17.79 percent this year, according to the data from the Korea Exchange.Brazil topped the list as its key index spiked 11.86 percent this year, followed by Saudi Arabia with a 7.24 percent increase and India rising 5.14 percent in 2018.Exc
Dec. 29, 2018
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Seoul shares expected to move in tight range next week
South Korean stocks are expected to move in a relatively tight range as 2019 trading kicks off next week in the face of various uncertainties, analysts here said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,041.04 points on Friday, down from 2,061.49 the previous week.The KOSPI was subject to some rocky trading early in the week as investors took a wait-and-see stance in the face of volatile political developments in the United States.The bourse dipped 1.31 percent
Dec. 29, 2018
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S. Korean stock market falls by sharpest margin in decade: data
South Korea‘s major stock indices recorded the sharpest fall in a decade this year, data showed Friday, amid global uncertainties and slowing domestic demand. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,041.04 in the final trading session of the year on Friday, down 17.28 percent, or 426.45 points, from the end of last year, according to the bourse operator, Korea Exchange. This is the biggest drop since 2008 when the index nosedived 40.7 percent due to the global
Dec. 28, 2018
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Korean stocks to take biggest yearly slump since 2008 financial crisis
South Korea’s stock market indexes in 2018 are set to mark the largest yearly slump in a decade since the global financial crisis hit Asia’s fourth-largest economy in 2008.As of the Wednesday session’s close, the main bourse index Kospi fell 17.8 percent since Jan. 2 this year, while the second-tier market benchmark Kosdaq slid 16.6 percent, according to data from the Korea Exchange on Thursday. Both figures indicate the largest gap since 2008, when the Kospi plunged 40.7 perce
Dec. 27, 2018
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Small firms face tougher punishment over accounting irregularities
Small and medium-sized firms will be subject to tougher punishment if they are found to have engaged in accounting irregularities under revised regulations, the financial watchdog said Thursday. If accounting irregularities worth 5 billion won ($4.4million) or more are found at a small firm, financial authorities could punish the company regardless of the company's size, the Financial Supervisory Service said. Currently, punishments for accounting irregularities can be reduced if a company
Dec. 27, 2018
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Seoul stocks open tad lower despite Wall Street rally
South Korean stocks started slightly lower Thursday as institutions offloaded large-cap shares despite overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index lost 2.12 points, or 0.1 percent, to 2,025.89 in the first 15 minutes of trading. US stocks soared Wednesday to snap a four-day losing streak, with the Dow Jones industrial average advancing 4.98 percent and the Nasdaq Composite jumping 5.84 percent. In Seoul, blue chips were mixed across the board.Market kingpin Sam
Dec. 27, 2018
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Korean stocks drift lower on Trump fears
South Korea’s stock market indexes drifted lower Wednesday on prevailing risk-averse investor sentiment due to uncertainties in the United States. The main bourse benchmark Kospi closed at 2,028.01, down 1.3 percent, while the second-tier benchmark Kosdaq slid 0.6 percent to close at 665.74. Both markets suffered strong net sales from retail investors. They net sold stocks worth 468.1 billion won ($415.8 million) on the main bourse and shares worth 348.7 billion won on the second-tie
Dec. 26, 2018
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CEO replacement brawl hints at leadership strife within Shinhan Group
Shinhan Bank CEO Wi Sung-ho, who recently failed to clinch his reappointment, publicly let out disappointment and shock over his replacement decision, indicating at possible leadership strife within the financial holding group.“I feel baffled by the unexpected notice,” Wi told reporters Wednesday.While claiming to have had “no idea” over the sudden personnel decision, Wi said he shall for now refrain from further comments for the sake of organizational stability. Last wee
Dec. 26, 2018
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BOK to maintain accommodative monetary policy stance in 2019
South Korea's central bank said Wednesday that it will keep an accommodative monetary policy next year to prop up the economic recovery, with the annual inflation target set at 2 percent."The Bank will maintain its accommodative monetary policy stance, considering macro-economic conditions such as the domestic economic and inflation trends," said the Bank of Korea in a report on its annual monetary. "The Bank will pay close attention to the possibility of a buildup in financial im
Dec. 26, 2018
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Dividends of Kospi-listed firms expected to rise for 6th straight year
The size of annual dividends of Kospi-listed firms is likely to jump for the sixth consecutive year this year, partly spurred by the companies’ efforts to enhance responsible shareholder engagement since 2017, data showed Tuesday. The volume of dividends from ordinary shares and preferred shares trading on the Kospi throughout 2018 will unprecedentedly top a combined 30 trillion won ($26.6 billion), unless the year-end dividend shrinks by over 4 percent to 20.9 trillion won compared to the
Dec. 25, 2018
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Small merchants to get loans with lower interest rates next year
Self-employed shop owners and small merchants will get 1.8 trillion won ($1.6 billion) worth of loans with lower interest rates next year as the government seeks to support their businesses, officials said Tuesday.Small merchants have been grappling with rising hiring costs and higher rental fees at a time when the nation's economic growth is slowing in the face of sluggish private consumption. The Financial Services Commission unveiled a package of measures to help support small merchants
Dec. 25, 2018
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Korea to add two more internet-only banks
South Korea’s financial authorities announced Sunday plans to introduce at most two internet-only banks within the next two years, in an apparent move to ramp up competition in a market in the course of deregulation.Business entities with plans to operate new banks without brick-and-mortar branches will be granted preliminary regulatory approval by the Financial Services Commission by May 2019, according to the FSC’s plans. The application will be accepted by March. Considering times
Dec. 23, 2018