Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Seoul stocks open lower on tech losses
South Korean stocks opened lower Wednesday, despite overnight gains on Wall Street, as large-cap tech shares lost ground on profit-taking. The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.88 points, or 0.33 percent, to reach 2,710.01 in the first 15 minutes of trading. Overnight, US stocks rose ahead of the corporate earnings season. The Dow Jones Industrial Average climbed 1.45 percent and the tech-heavy Nasdaq Composite Index soared 2.15 percent. In Seoul, big-cap tech and bio sh
April 20, 2022
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LX International buys biomass power plant operator in renewable energy push
LX International Corp., the trading arm of South Korea's LX Group, said Tuesday it has bought a major stake in a local biomass power plant operator as it pushes to expand its renewable energy business. LX International will take over a 63.3 percent stake in Poseung Green Power Co., in Pyeongtaek, south of Seoul, from DL Energy Co. for 95 billion won ($76.7 million), a deal that was approved by its board earlier in the day, the company said in a release. A biomass power plant produces st
April 19, 2022
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Seoul stocks open higher despite Wall Street losses
South Korean stocks opened higher Tuesday despite overnight losses on Wall Street as foreigners and individuals picked up large-cap shares. The benchmark Korea Composite Stock Price Index (KOSPI) added 25.21 points, or 0.94 percent, to reach 2,718.42 in the first 15 minutes of trading. On Monday (local time), US stocks fell in volatile trading amid the possibility of monetary policy tightening by the US Federal Reserve. The Dow Jones Industrial Average fell 0.11 percent, the S&P 500 lost 0.0
April 19, 2022
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Seoul stocks open lower on concerns over Fed's aggressive tightening
South Korean shares opened lower Monday amid concerns that the Fed may raise rates at a faster and stronger-than-expected pace. The benchmark Korea Composite Stock Price Index (Kospi) went down 3.87 points, or 0.14 percent, to 2,692.19 as of 9:15 a.m. Expectations are high that the Fed may raise interest rates aggressively in the coming months. The US markets were closed on Friday. On the Seoul bourse, shares traded mostly lower. Market bellwether Samsung Electronics inched down 0.15 percent and
April 18, 2022
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Seoul stocks open lower on concerns over Fed's aggressive tightening
South Korean shares opened lower Friday, tracking overnight Wall Street losses amid concerns that the Fed may raise rates at a faster and stronger than expected pace. The benchmark Korea Composite Stock Price Index (Kospi) shed 25.4 points, or 0.93 percent, to 2,691.31 as of 9:15 a.m. Overnight, the US stock markets ended down as investors faced renewed risks of the Fed's monetary tightening to curb the highest inflation in four decades. The 10-year Treasury yields rose to 2.8 percent, the highe
April 15, 2022
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Seoul stocks almost flat amid eased monetary tightening woes
South Korean stocks closed largely unchanged Thursday as high-flying inflation is balanced against eased concerns over faster-than-expected rate hikes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.22 point, or 0.01 percent, to close at 2,716.71. Trading volume was moderate at around 650.95 million shares worth some 11.25 trillion won ($9.18 billion), with gainers outnumbering losers 540 to 307. Foreigners offloaded a combined net total
April 14, 2022
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Wealthy young Koreans hold average asset of W6.6b: report
Wealthy Koreans in their 20s, 30s and 40s held an average asset of 6.6 billion won ($5.3 million) with a median annual income of 400 million won as of end-2021, a report showed Wednesday. The report dubbed 2022 Korean Wealth Report compiled by a think tank under Hana Bank was based on a survey of 1,952 Koreans above the age of 19 conducted in December last year. It categorized 708 respondents with personal assets over 1 billion won as “wealthy,” and of the group, 131 people aged bet
April 13, 2022
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Seoul shares down for 2nd day on rate hike, China's slowdown concerns
South Korean stocks ended lower Tuesday, as investors kept a wary eye on the US central bank's hawkish monetary tightening stance and China's economic slowdown amid its COVID-19 lockdown. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 26.34 points, or 0.98 percent, to close at 2,666.76 points. Trading volume was moderate at around 854.23 million shares worth some 9.54 trillion won ($7.72 billion), with losers outnumbering gainers 643 to
April 12, 2022
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Seoul stocks open lower amid rate hike, China's economic slowdown woes
South Korean shares opened lower Tuesday as investors remain wary over the US central bank's hawkish monetary tightening stance and China's economic slowdown amid its COVID-19 lockdown. The benchmark Korea Composite Stock Price Index (KOSPI) lost 9.6 points, or 0.36 percent, to reach 2,683.5 as of 9:15 a.m. Investors fret over potential rapid rate hikes as the US Federal Reserve repeatedly signaled at an aggressive tightening policy to counter inflation. China's continued lockdown in Shanghai ov
April 12, 2022
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Seoul shares end lower on rate hike, China woes
South Korean stocks ended lower Monday, as investors were worried about the US central bank's aggressive monetary tightening and China's growth momentum amid high inflation and the protracted COVID-19 pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 7.29 points, or 0.27 percent, to close at 2,693.10 points. Trading volume was moderate at around 730.81 million shares worth some 8.71 trillion won ($7.06 billion), with losers outnumbe
April 11, 2022
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Samsung Biologics secures W3.2tr via new shares issued
Contract manufacturing giant Samsung Biologics has raised 3.2 trillion won ($2.6 billion) through issuing new shares, allowing the company to secure capital needed for the buyout of Samsung Bioepis’ stake and construction of its fourth plant, officials said Monday. According to the firm’s regulatory filing, some 2 trillion won out of the 3.2 trillion won will be used for buying out Biogen’s stake in Samsung Bioepis and cover expenses of building its fourth manufacturing plant
April 11, 2022
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Ssangbangwool submits letter of intent to buy debt-ridden SsangYong Motor
Ssangbangwool Group, a South Korean underwear company, said Friday it has submitted a letter of intent (LOI) to buy the debt-ridden automaker SsangYong Motor. Ssangbangwool‘s bid came as a deal to buy SsangYong Motor by local electric bus and truck maker Edison Motors Co. collapsed late last month after its failure to meet the deadline to make the full payment for the proposed takeover. Ssangbangwool said it has submitted the LOI for the SsangYong takeover and selected accounting f
April 8, 2022
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Financial watchdog steps up scrutiny over SsangYong Motor deal
South Korea’s financial watchdog warned potential bidders for the debt-ridden SsangYong Motor on Thursday that authorities would pay close attention to possible signs of stock manipulation along the way. The warning follows after Mirae Corp. -- a local semiconductor equipment manufacturer and affiliate of the nation’s leading underwear maker Ssangbangwool -- sold over 6.47 million of its shares in entertainment company IOK, a SBW subsidiary, for 1.24 billion won ($10.1 million) on M
April 8, 2022
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Seoul stocks open higher as investors digest Fed's tightening plan
South Korean shares opened higher Friday, as investors digested the US central bank's hawkish comments on monetary tightening. The benchmark Korea Composite Stock Price Index (Kospi) rose 12.84 points, or 0.48 percent, to reach 2,708.70 as of 9:15 a.m. Overnight, the US stock market mostly rebounded as investors assessed the Federal Reserve's minutes of its March meeting, which hinted at more aggressive monetary tightening than had been originally expected. Overnight, the Dow Jones Industrial Av
April 8, 2022
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Seoul stocks open lower as Fed's minutes signal bolder rate hikes
South Korean shares opened lower Thursday, tracking overnight falls on Wall Street, as the US central bank hinted at faster rate hikes to curb inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 18.66 points, or 0.68 percent, to reach 2,716.37 as of 9:15 a.m. Overnight, the US stock market tumbled, after the Federal Reserve's minutes of its March meeting showed that the officials are considering raising rates by a half-percentage point, rather than the usual quarter-point, an
April 7, 2022
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Seoul shares down on rate hike, Ukraine woes
South Korean stocks ended lower Wednesday, as the US central bank's more hawkish stance on rate hikes sparked worries about a global economic slowdown amid uncertainties surrounding Ukraine and China's growth. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24.17 points, or 0.88 percent, to close at 2,735.03 points. Trading volume was moderate at around 1.29 billion shares worth some 10.85 trillion won (US$8.90 billion), with losers outnumbering ga
April 6, 2022
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Hyundai Motor invests in Netmarble’s virtual human projects
Metaverse Entertainment, a subsidiary of Netmarble F&C, has attracted 2 billion won ($1.6 million) in investment from Hyundai Motor Group’s tech fund Zer01ne, according to Netmarble on Wednesday. Netmarble F&C is a development arm of the nation’s top mobile game developer. Netmarble said the latest funding was based on the auto giant’s tech fund’s valuation of the metaverse company at 100 billion won. With the investment, Netmarble said virtual humans being
April 6, 2022
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S. Korean banks eye trust fund market amid aging society
South Korean banks are eager to branch out into the trust fund market here, as the country’s demographic shift to an aging society has accelerated demand for it. While it is common in the US and other countries to establish a trust fund for inheritance and keep assets within the family with minimal legal issues, a majority of Korean families still prefer passing on assets through wills. But today, more Koreans are seeking to manage their assets through trust funds, which gives grantors mo
April 6, 2022
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Seoul stocks open lower on Fed's hawkish stance, supply disruption woes
South Korean shares opened lower Wednesday, tracking overnight falls on Wall Street, as a key US Fed member hinted at more aggressive monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) had lost 16.52 points, or 0.60 percent, to reach 2,742.68 as of 9:15 a.m. Overnight, the US stock market tumbled, after Federal Reserve Gov. Lael Brainard said the Fed would begin rapidly reducing its balance sheet in May and is preparing for "stronger" actions to bring down inf
April 6, 2022
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Kakao unveils ‘stock as gift’ service
Kakaopay Securities, the stock brokerage arm of Korea‘s mobile payment platform KakaoPay, said Tuesday it will launch a new service in June through which one can buy stocks as gifts with its payment platform that has over 37 million subscribers. “Users can give both domestic and foreign stocks to friends and family with a gift card featuring Kakao Friends characters,” said Kakaopay Securities co-CEO Lee Seung-hyo during an online press conference. Users receive the stock gift
April 5, 2022