Korean stocks fall more than 1% on N. Korea's missile launch

South Korean stocks traded sharply lower Tuesday morning as market sentiment was spooked by North Korea's latest missile launch that could further escalate tensions on the Korean Peninsula.The benchmark Korea Composite Stock Price Index shed 34.32 points, or 1.45 percent, to 2,335.98 as of 11:15 a.m.North Korea lobbed a ballistic missile over Japan earlier in the day in a move that could pose serious security challenges for Northeast Asia. Reflecting the concern, market kingpin Samsung Electroni

Aug. 29, 2017

Mortgage applications jump ahead of tougher rules

South Korea's major banks saw mortgage applications surge early last week ahead of the implementation of tougher screening rules, market sources said Tuesday.The five leading lenders -- KB Kookmin, Shinhan, Woori, KEB Hana and Nonghyup -- notched up mortgage applications of more than 3,200 last Monday and Tuesday, respectively. The average number stayed in the 2,000 range in the first 20 days of this month.The amount of applied mortgages came to 419 billion won ($373 million) and 366 billion won

Aug. 29, 2017

Stocks open lower on N. Korea's missile provocation

South Korean stocks opened lower on Tuesday, as investors remained worried over North Korea's latest missile provocation that could further escalate tensions on the Korean Peninsula.The benchmark Korea Composite Stock Price Index shed 11.94 points, or 0.5 percent, to 2,358.36 in the first 15 minutes of trading. North Korea lobbed a ballistic missile over Japan earlier in the day in a move that can sharply escalate tensions in Northeast Asia.Market kingpin Samsung Electronics was 1.08 percent dow

Aug. 29, 2017

BOK chief criticizes presidential aide for comments over key rate

The head of South Korea's central bank on Monday lashed out at recent comments by a presidential aide that the low key rate is problematic. Officials "should be careful in making comments that could affect the financial markets," Bank of Korea Gov. Lee Ju-yeol said in a parliamentary session. It marked the second time this month that Lee has made a thinly veiled criticism against the presidential economic aide, who said in a recent interview with a newspaper that the low key rate is to

Aug. 28, 2017

[Advertorial] Hyundai Card launches advanced chatbot service

Hyundai Card, the credit card issuer affiliated with Hyundai Motor Group, has launched an artificial intelligence-based chatbot service to respond to customer inquiries, as part of its vision to evolve beyond finance into a digital company, according to officials.Buddy, the virtual agent available through Hyundai Card’s mobile application or website, offers users a real-time conversation with two personas -- Fiona and Henry. The service kicked off earlier this month as a beta version and i

Aug. 28, 2017

Global M&A market to remain active in H2

After years of overcoming a series of economic challenges, global investors led by private equity funds are now ready to step back into the merger and acquisition market, especially in new technology sectors, data showed.According to a survey conducted by Ernst & Young Han Young, the Korean office of the London-based accounting firm, the number of global M&A deals signed in January-June this year stood at 18,363, up 4 percent from the same period last year.Topping the market in amount wa

Aug. 28, 2017

Seoul stocks snap 4-day rise on won's gain, Samsung affiliates

South Korean stocks finished lower on Monday, as foreign investors cashed in recent gains due to the local currency's strength against the US dollar and a decline in Samsung affiliates, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 8.21 points, or 0.35 percent, to close at 2,370.30.Trade volume was light at 224 million shares worth 3.94 trillion won ($3.53 billion), with gainers outnumbering losers 438 to 361.The local stock market

Aug. 28, 2017

Korean stocks down in late morning

South Korean stocks traded lower Monday morning, with market heavyweights coming under foreign selling. The benchmark Korea Composite Stock Price Index shed 7.98 points, or 0.34 percent, to 2,370.53 as of 11:15 a.m.Market kingpin Samsung Electronics fell 1.49 percent. SK hynix, a major chipmaker, declined 1.02 percent, and POSCO, the No. 1 steelmaker, was down 0.6 percent.Naver, the country's top Internet portal operator, gained 0.5 percent.Hyundai Motor, the No. 1 automaker, remained flat.The l

Aug. 28, 2017

Stocks open flat on lack of market momentum

South Korean stocks opened almost flat on Monday, as investors attempted to cash in recent gains amid lack of market momentum.The benchmark Korea Composite Stock Price Index rose 0.70 point, or 0.03 percent, to 2,379.21 in the first 15 minutes of trading.Market kingpin Samsung Electronics was 0.21 percent up, while SK hynix, a major chipmaker, sank 1.61 percent. Hyundai Motor, the No. 1 automaker, moved down 0.35 percent, while AmorePacific, the country's top cosmetics maker, shed 0.34 percent.N

Aug. 28, 2017

Conglomerate-run charity foundations own sizable shares in related companies

Many charity foundations operated by conglomerates own sizable shares in related companies, data from a corporate tracker showed Monday, an arrangement that the antitrust agency vowed to scrutinize for possible abuse by owner families.According to Chaebul.com, 40 various foundations run by the country's top 20 business groups own 6.7 trillion won ($5.94 billion) worth of shares of affiliates under the same parent conglomerate.At Samsung Group, South Korea's largest family-run business empire, th

Aug. 28, 2017

Nonbank lenders' corporate loans soar 17% in H1

Corporate lending extended by South Korea's nonbank financial institutions surged nearly 17 percent in the first half of the year amid tougher rules for household loans, central bank data showed Monday. Outstanding corporate loans by local secondary financial institutions, including credit cooperatives and savings banks, came to 113.4 trillion won ($101 billion) as of the end of June, up 16.9 percent, or 16.4 trillion won, from end-2016, according to the data by the Bank of Korea.The first-half

Aug. 28, 2017

Foreign ownership of top 10 group shares sinks 4.6% over past month

Foreign ownership of listed firms belonging to South Korea's top 10 conglomerates tumbled nearly 4.6 percent over the past month amid a market correction, data showed Monday.Offshore investors held a combined 349.2 trillion won ($310 billion) worth of shares in 95 listed firms of the leading business groups as of Thursday, down 16.7 trillion won, or 4.56 percent, from a month earlier, according to the data from market tracker FnGuide.The South Korean stock market has been going through a correct

Aug. 28, 2017

[Advertorial] Citibank offers zero-commission, real-time global transfers

　Citibank Korea has been expanding its overseas remittance market by offering its customers zero transfer fees and immediate global currency transfer services, in an effort to meet increasing demand for the country’s rising number of foreign students and residents abroad, according to officials.　Transfers can be made in 17 currencies to 18 countries utilizing the global network of Citibank. While international remittances through most banks typically require one to three days to deliver, C

Aug. 27, 2017

Korea’s economic recovery remains vulnerable to N. Korea, THAAD

Despite the global economy seeing positive growth this year, Korea’s economic bounce back appears to be marred by continuous political disruptions with the North Korean regime’s nuclear threats, as well as China’s war against the deployment of THAAD, data showed. 　According to data recently released by the Bank of Korea, escalating economic hurdles caused by North Korea’s missile threats and China’s blackballing of Korean goods and products amid continued disputes r

Aug. 27, 2017

Foreigners may intervene in Samsung management after court ruling

Foreign stakeholders may expand their intervention in management decisions at Samsung Electronics Co. after a Seoul court found its vice chairman de facto leader guilty of bribery, market watchers warned Sunday.Foreign investors who collectively hold more than 50 percent stake in the world's largest smartphone manufacturer may demand the company's board of directors be replaced as Vice Chairman Lee Jae-yong on Friday was sentenced to five years in prison for bribery, embezzlement and other charg

Aug. 27, 2017

[Kosdaq Star] Amotech rides high on electric auto part biz

This is the 40th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdAmotech’s unhindered rally over the past two weeks seemed to mark a successful consequence of the partmaker’s decadelong efforts to expand into the electric car part business. The company’s stocks listed on the second-tier Kosdaq market closed at 33,750 won ($29.96) on Friday, up 26.9 percent from two weeks prior and up 53.8 percent from the end of last year. The Frid

Aug. 27, 2017

All eyes on Jackson Hole outcome, export data next week: analysts

South Korean shares may fall to around the 2,360 level next week as the customs office is widely expected to release weakening export data, with all eyes on the outcome of the Jackson Hole meeting, market watchers said Saturday.On Friday, the benchmark Korea Composite Stock Price Index edged up 2.67 points, or 0.11 percent, at 2,378.51. It was up 0.9 percent from a week earlier.This week, the KOSPI index traded in a tight range as investors remained cautious awaiting cues from the US Federal Res

Aug. 27, 2017

Samsung Electronics stumbles on Lee’s verdict

With Samsung Electronics Vice Chairman Lee Jae-yong sentenced to five years behind bars Friday for bribery, embezzlement and flight of capital, Samsung Electronics shares dropped over 1 percent.Samsung Electronics closed at 2,351,000 won ($2,080), down 1.05 percent compared to Thursday’s close. Samsung C&T, the de facto holding company of the group and one of the focal points of the corruption scandal, shed 1.48 percent.Meanwhile, other listed Samsung affiliates saw gains. Samsung Engi

Aug. 25, 2017

Finance ministry eyes 3% economic growth

The finance ministry said Friday that it will put policy priority on restructuring state coffers and strengthening innovative momentum to pull off 3 percent economic growth going forward.Finance Minister Kim Dong-yeon held a policy briefing before President Moon Jae-in in Sejong, an administrative city some 130 kilometers south of Seoul, along with heads of the Fair Trade Commission and the Financial Services Commission."The ministry will expand the South Korean economy's capacity to grow 3

Aug. 25, 2017

Crowdfunding in Korea soars 29% this year

The amount of crowdfunding in South Korea shot up nearly 29 percent this year, data showed Friday, showing the platform growing as an effective financing option for startups.According to the data by the Korea Securities Depository, 106 companies raised a combined 14.2 billion won ($12.6 million) from 5,826 investors between February and August, up 29.1 percent from the same period a year earlier.The number of the firms involved represented a whopping 51.4 percent increase from the 70 a year earl

Aug. 25, 2017