South Korean asset management firms saw their combined operating profit fall 14.8 percent in the first quarter on decreased commission fee income, data showed Wednesday. The combined operating profits of 175 local fund management firms came to 142.8 billion won ($127.2 million) by the end of March, down 24.9 billion won from the last quarter of 2016, according to data compiled by the Financial Supervisory Service.The number of management firms suffering deficits also rose to 73, from 67 in the p

Market June 7, 2017

Jonggak Station on Seoul’s Subway Line No. 1 got a second name Friday -- Standard Chartered Bank Korea Station -- the bank said Wednesday.Seoul Metro, an operator of eight subway lines in the Seoul metropolitan area, signed a three-year contract with the Seoul-based unit of the international banking giant on May 29, after the bank won a bid on May 19, according to the bank.  Platform signs and subway maps will state both names for the station. Train announcements of the stat

Market June 7, 2017

Woori Bank is the oldest firm listed on South Korea’s stock market, data showed Tuesday.Woori Bank, the fourth-largest commercial bank in South Korea in terms of market cap, is 118 years old, according to data from the Financial Supervisory Service and the Korea Securities Depository.The bank was founded in 1899 through financing by a Joseon-era emperor. It was called Daehan Cheon-il Bank then, but later renamed itself Commercial Bank of Korea. It was one of the five major banks here until

Market June 6, 2017

More major stocks on South Korea’s top bourse jumped into the 52-week high parade Monday, following the historic rally that led nearly one-fourth of its stocks to hit a peak in May.LG Electronics hit 88,900 won ($79.5), while panel maker LG Display reached 34,300 won and automatic teller machine maker Hyosung tapped 172,000 won at the highest during the Monday trade. The previous yearly high was 86,900 won, 33,500 won and 170,500 won, respectively.They were not the only powerhouses listed

Market June 5, 2017

South Korea’s main stock market chalked up a fresh historic high Friday, a week after it hit 2,355.3 the previous Friday, on strong foreign buying riding on world rallies.The benchmark Korea Composite Stock Price Index closed at 2,371.72 Friday, up 1.16 percent from previous trading day.Opening strong at 2,353.77, up 0.39 percent from Thursday’s closing at 2,344.61, the Kospi topped 2,370 for the first time at around 2:20 p.m. The index hit intraday high at 2,372.65 at around 3 p.m.

Market June 2, 2017

The Financial Supervisory Service said Friday it would seek pre-emptive measures to protect savings banks against side effects from the government’s anticipated move to lower the limit on their maximum interest rates.The FSS said in a press release that a lower ceiling for lending rates may dent savings banks’ financial health. The regulator said the stricter lending rate ceiling would pull down the profitability of the banks, which had shown sound financial health in the first quart

Market June 2, 2017

The capital adequacy ratio of banks and financial groups in South Korea improved in the first quarter of 2017 on the back of eased risk-weighted assets, data showed Wednesday.On average, based on the Bank for International Settlements, the capital requirement ratio of South Korea‘s 17 banks came to 15.14 percent, according to the Financial Supervisory Service. It inched up 0.33 percentage point compared to the end of 2016. The regulatory capital ratio is the percentage of a bank‘s ca

Market June 1, 2017

South Korea’s tech-heavy stock market hit this year’s record high for two consecutive days, topping the 650 mark for the first time in more than seven months on Wednesday. The benchmark Korean Securities Dealers Automated Quotations closed at 652.04, up 0.46 percent from the previous trading day Tuesday, when it closed at 649.06.The index for the second-tier market had not surpassed 650 mark since Oct. 21, 2016, when it came to 651.77. After reaching 643.68 on Jan. 6, the figure has

Market May 31, 2017

Deloitte Anjin has named its new CEO Lee Jung-hee, who has been managing partner in Deloitte Tax group since 2010, the accounting firm said Wednesday.Lee will take the helm starting Thursday. The career accountant, known for his expertise as a corporate tax adviser for multinational companies, is expected to serve a 3-year term.Lee was nominated as a sole candidate for the chief executive in a committee Friday. The committee put it to a vote in favor Monday.Born in 1960, Lee became a certif

Market May 31, 2017

Samsung Asset Management and Capital Group teamed up to launch Tuesday a set of retirement income funds, which they said are expected to “meet Korean retirement needs.” The RIFs mark the first pension funds in South Korea that allow retirees to withdraw money from the funds. The four types of pension schemes by the asset management arm under Korea’s largest conglomerate were based on the US financial services firm’s diversified investment portfolio.  Income fund subs

Market May 30, 2017

Samsung C&T, the de facto holding company of Samsung Group, is expected to tighten its grip on Samsung Electronics after the handset maker finishes canceling treasury shares, raising the stock price forecast of the parent company.Oh Jin-won, an analyst at Hana Financial Investment, raised Tuesday the stock price projection of Samsung C&T from 150,000 ($133.40) won to 170,000 won, reflecting “the (anticipated) increase in (Samsung Electronics’) share value and the following Samsung C&T’s intensif

Industry May 30, 2017

The Korea Federation of Banks on Monday called on the incoming policymakers to steer clear of a set of regulations that it said have deterred local banks from dealing with the environment shift in financial circles.The banking federation suggested the new Moon Jae-in administration publicize fingerprints and ease regulation on servers for cloud computing and blockchain technology, based on which the federation said the banks would be able to pursue innovation. “Privacy is important,&r

Market May 29, 2017

Citibank Korea said Monday it has introduced automated teller machines enabling bank account holders with local currency to withdraw money in US dollars.The ATMs for foreign exchange transaction were installed in two branches in southern Seoul -- Banpo and Cheongdam -- on Thursday.The Korean unit of the New York-based banking giant added it plans to set up the machines in three more branches in Seoul and the metropolitan area.  Using the ATMs, the won account holders can enjoy higher benefi

Market May 29, 2017

The main stock market’s consensus net profit estimate for this year has been raised in the wake of a strong earnings forecast for the second quarter and buoyancy of IT firms at home and abroad.The estimated net profit of all 536 listed firms on the first-tier Korea Composite Stock Price Index came to 143.6 trillion won ($128.3 billion), according to data by market tracker FnGuide as of Friday. Compared to a January projection, when it stood at 126.9 trillion won, the annual net profit fore

Market May 28, 2017

Kakao submitted Thursday a set of documents for listing eligibility review on South Korea‘s main bourse, according to the Korea Exchange.Kakao, the second-largest firm listed on the second-tier Kosdaq, will go through an abridged listing procedure. All formerly Kosdaq-listed firms undergo screening designed to verify the business stability for 20 days at maximum, whereas it normally takes 45 days for a market operator to review the eligibility.  (Kakao)The operator of mobile messenger KakaoTalk

Technology May 25, 2017