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

Korea to sell W6.3tr in state bonds in Sept.

South Korea plans to sell a combined 6.3 trillion won (US$5.58 billion) in state bonds next month, the finance ministry said Thursday.The government will issue 1.25 trillion won in bonds with a maturity of three years and 1.55 trillion won in five-year bonds in September.It also plans to sell 1.4 trillion won in 10-year Treasurys and a combined 2.1 trillion won of bonds with a maturity of between 20 and 30 years. (Yonhap)

Aug. 24, 2017

Kakao Bank secures 2.9m users in 1 month, security woes persist

Kakao Bank solidified its position as South Korea’s leading direct bank in its first month of operation, data showed Thursday, although concerns persist over customer service scams and loopholes in authentication. As of Wednesday, Kakao Bank, the second online-only bank to open in Korea following K bank, attracted some 2.9 million bank accounts, through which customers made deposits and savings worth a combined 1.8 trillion won ($1.6 billion) and took out loans worth 1.3 trillion won. Thes

Aug. 24, 2017

Seoul stocks end higher on institutional buying

South Korean stocks ended higher Thursday as institutions turned to net buyers. The won closed higher against the dollar. The benchmark Korea Composite Price Index rose 9.44 points, or 0.40 percent, to close at 2,375.84. Trade volume was moderate at 290.54 million shares worth 4.59 trillion won ($4.07 billion), with gainers outnumbering losers 428 to 372.Institutional investors bought a net 120 billion won. Foreigners bought stocks worth 14 billion won, extending their buying to a third straight

Aug. 24, 2017

Seoul shares extend gains in late morning trading

South Korean stocks extended gains late Thursday morning as foreigners and institutions scooped up market heavyweights. The won rose against the dollar. The benchmark Korea Composite Stock Price Index was up 13.36 points, or 0.56 percent, to 2,379.76 as of 11:20 a.m.Institutions and foreigners bought a combined 140 billion won ($124 million), offsetting net selling worth 156 billion won by individuals.  A tight range is widely expected this week ahead of the US Federal Reserve's annual econ

Aug. 24, 2017

LG Chem trades at 52-week high on earnings, battery biz

LG Chem Ltd., South Korea's top chemical firm, soared to a 52-week high on Thursday on solid earnings and hopes for its burgeoning battery business, industry sources said.LG Chem traded at 377,500 won ($345) on the Seoul bourse as of 10:05 a.m., up 3.14 percent from the previous session's close and becoming the seventh most valued firm on the local stock market, and bypassing Internet portal operator Naver and Samsung C&T, the de facto holding firm of Samsung Group.Over the past two months,

Aug. 24, 2017

Korean stocks open higher on foreign buying

South Korean stocks opened higher Thursday helped by foreign buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 5.52 points, or 0.23 percent, to 2,371.92 in the first 15 minutes of trading.Analysts expected the Seoul stock market to move in a tight range this week ahead of the US Federal Reserve's annual economic policy symposium in Jackson Hole, Wyoming. Large-cap stocks traded mixed across the board, with leading steelmaker POSCO rising

Aug. 24, 2017

Gold funds shine on flight to safety

Gold-related funds in South Korea have posted stellar returns over the past month, data showed Thursday, as geopolitical risks chilled the stock market and stoked investors' flight to safety.Those funds posted an average return of 3.49 percent in the month to Wednesday, the top performer among local investment funds worth 1 billion won ($880,000) or more, according to the data from financial information provider FnGuide.Comparable yields were 2.31 percent for exchange traded funds focused on ove

Aug. 24, 2017

Korea to tighten grip on short-selling

South Korea’s top financial regulators and sole market operator on Wednesday unveiled plans to tighten their control on short-selling in stock markets, a practice widely vilified here.Starting September, Korea will be able to put a brake on short-selling of a certain stock for a day, if short-selling of stocks that have fallen more than 5 percent take up 18 percent -- tighter by 2 percentage points -- of the daily trade volume, while the volume of short-selling on that stock rose sixfold c

Aug. 23, 2017

Seoul stocks end higher on foreign buying

South Korean stocks ended higher Wednesday as foreigners increased their stock purchases that offset sell-offs by institutions. The won traded higher against the dollar. The benchmark Korea Composite Stock Price Index rose 1.07 points, or 0.05 percent, to close at 2,366.40. Trade volume was moderate at 225.09 million shares worth 3.918 trillion won ($3.3 billion), with losers outnumbering winners 479 to 306.Foreigners and individuals bought a combined 183 billion won ($162 million) worth of stoc

Aug. 23, 2017