Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Medical feud leaves hospitals in financial crisis
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Probe of first lady on Dior bag allegations set to begin
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'Queen of Tears' riding high on Netflix chart
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Samsung mocks Apple over iPhone alarm glitch
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Gold prices drop to 10-month low while bitcoin rally continues
Gold prices have skidded to a 10-month low while bitcoin, which is considered by some as a digital replacement for gold, has been on a bull run. The price for a gram of gold declined for five trading days in a row on Thursday as it closed at 63,900 won ($57.67), down 0.48 percent from a day earlier, according to the Korea Exchange. The closing price is the lowest since April 6 when the gold price came in at 63,780 won. Compared to the record high of 80,100 won on July 28, the price has tum
Feb. 19, 2021
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Seoul stocks rebound amid virus woes, US Treasury yields climb
South Korean stocks rebounded Friday after swerving in and out of negative terrain amid woes over a virus resurgence and rising US Treasury yields. The Korean won rose against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 20.96 points, or 0.68 percent, to close at 3,107.63 points. Trading volume was high at about 3.4 billion shares worth around 19.4 trillion won ($17.5 billion), with losers outnumbering gainers 555 to 306. Foreigners sold
Feb. 19, 2021
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NPS commits $150m to global timberland in push for diversification
The National Pension Service said Friday it has committed $150 million to global timberland investment for the first time, in its push for portfolio diversification. The investment by the world’s third-largest pension fund, overseeing 807.3 trillion won ($729 billion) in assets as of November, will go to Stafford International Timberland IX, a ninth flagship timberland fund managed by London-based Stafford Capital Partners. Through the partnership, the NPS will be able to get exposure t
Feb. 19, 2021
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Seoul stocks open nearly flat on foreign, institutional selling
South Korean stocks opened nearly flat Friday as foreign and institutional investors continued to sell over the yield hike concerns on Wall Street. The benchmark Korea Composite Stock Price Index fell 0.57 point, or 0.02 percent, to 3,086.09 points in the first 15 minutes of trading. Top cap Samsung Electronics slipped 0.12 percent, but No. 2 chipmaker SK hynix gained 2.78 percent. Leading chemical firm LG Chem climbed 0.32 percent, while rechargeable battery maker Samsung SDI retreated 1.6
Feb. 19, 2021
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Samsung’s market cap down by W42tr after heir’s imprisonment
The market capitalization of Samsung Group, South Korea’s largest conglomerate, shrunk by around 42 trillion won ($38.01 billion) after its de facto head Lee Jae-yong was sent back to jail last month, the Korea Exchange’s market data showed Thursday. The combined market value of 16 listed firms within the nation’s telecom-to-chemicals conglomerate came to 695.87 trillion won at Thursday’s closing bell, losing 41.93 trillion won or 5.68 percent from the closing Jan. 15, t
Feb. 18, 2021
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REIT investment grows amid tough regulations on housing market
Real estate investment trusts, which allow individuals to make indirect investment in properties, have gained traction recently from investors facing heavier regulations on home buying. The entire value of assets owned by REITs stood at 61.4 trillion won ($55 billion) in January, up 26.3 percent on-year from 48.6 trillion won, according to the Ministry of Land, Infrastructure and Transport on Thursday. The government has strengthened rules on mortgage loans, real estate tax, and redevelopme
Feb. 18, 2021
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FSS warns investors of IPO launched by loss-making tech firms
The Financial Supervisory Service on Thursday warned retail investors to be cautious of initial public offerings launched by promising but still loss-making companies, stressing that short-term gains may not be achievable. “As the rules allow (loss-making) companies (but with growth potential) to launch an IPO, profits may not occur within a short period of time after listing,” the FSS said in a statement. As part of efforts to encourage budding companies to draw investment, t
Feb. 18, 2021
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Woowa Brothers' founder joins super wealthy donation campaign
Kim Bong-jin, the founder and chairman of a local delivery app operator Woowa Brothers, on Thursday joined the bandwagon of rich, self-made South Koreans donating substantial amounts of their assets to society. Kim said he and his wife have joined The Giving Pledge, a global campaign of the world’s wealthiest people contributing a majority of their assets to philanthropic projects, and that they would donate a half of their wealth in their lifetimes, according to the company. The 45-ye
Feb. 18, 2021
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Residents' foreign currency deposits fall in January
Foreign currency deposits at banks in South Korea fell in January on a decline in corporate holdings of the US dollar deposits, central bank data showed Thursday. Outstanding foreign currency-denominated deposits held by residents amounted to $89.3 billion as of end-January, down $4.8 billion from the previous month, according to the data from the Bank of Korea (BOK). The decline came as companies repaid their US dollar-denominated debts last month, the BOK said. Residents include local citiz
Feb. 18, 2021
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Seoul stocks open lower on US inflation concerns
South Korean stocks opened lower Thursday, tracking overnight tech losses on Wall Street that stemmed from inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.8 points, or 0.15 percent, to 3,128.93 points in the first 15 minutes of trading. Foreign and institutional appetite for risk assets remained low after the KOSPI's 0.93 percent decline in the previous session. Overnight, the Nasdaq lost 0.58 percent as tech stocks, sensitive to high inflation, retreated
Feb. 18, 2021
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Korean investors shudder as EHang plunges on short seller report
South Korean investors holding $550.3 million worth of shares in Chinese drone maker EHang Holdings appear to be left in disarray as the Nasdaq-listed firm’s stock price plummeted on a short seller report on Tuesday. EHang Holdings was the ninth-largest stock listed on the United States bourse to be in custody of the Korea Securities Depository until last week, according to the latest data by the KSD. It was also the seventh-most active US-listed stock this year, as Korean individuals a
Feb. 17, 2021
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S. Korean sovereign wealth fund still has coal exposure, despite cut
South Korea’s sovereign wealth fund, managing $183.1 billion in assets, has cut its coal stock exposure in the United States, but its investment in coal-related US listed shares still stands larger compared with other sovereign wealth funds in the world. The findings indicated that Korea Investment Corp. has room for more aggressive action to fight greenhouse gas threats posed by coal, and to perform its fiduciary duty to take environmental risks into account. According to its regulat
Feb. 17, 2021
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Seoul stocks snap 3-day winning streak on foreign and institutional selling
The South Korean stock market ended its three-day winning streak Wednesday amid strong foreign and institutional selling that stemmed from concerns over a US yield hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 29.52 points, or 0.93 percent, to close at 3,133.73 points. Trading volume was moderate at about 1.8 billion shares worth some 16.6 trillion won ($15 billion), with gainers outnumbering losers 422 to 417. Foreigners sold a
Feb. 17, 2021
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Insurance firms’ performance in alternative investment under par
Although the insurance industry fared well overall last year in terms of profit amid the coronavirus pandemic, its performance in the foreign alternative investment segment was disappointing, according to data announced Wednesday. Mirae Asset Life Insurance saw its operating profit drop 17.7 percent on-year to 115.8 billion won ($104.56 million) in 2020, although it secured a market share of more than 50 percent in the variable insurance segment. Its profit fell as the value of its alternati
Feb. 17, 2021
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Zero Pay mulls partnership with China’s UnionPay
Zero Pay, a mobile payment app developed by Seoul City, is considering a partnership with China’s financial platform UnionPay International, the company’s official said Wednesday. “We’re negotiating with UnionPay and other payment apps abroad but it is very early stage,” an official from Korea Easy Payment Foundation, which operates Zero Pay, said. “But it is our firm goal to expand our network beyond Korea so that users can pay with our app overseas,&rdqu
Feb. 17, 2021
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Mr. Pizza operator’s stock trading suspended again
Shares of MP Group, the South Korean company that controls pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, have been suspended from trading, nearly two months after resuming transactions on the nation’s secondary bourse. The Korea Exchange’s Kosdaq Market Committee decided Wednesday to halt trading of MP Group shares as the firm has been suffering operating losses for six consecutive years. The decision came to “protect investors from a possible delisting,&rdqu
Feb. 17, 2021
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Seoul stocks open steeply lower on tech, auto losses
South Korean stocks opened steeply lower Wednesday amid strong institutional and foreign selling, led by tech and auto losses. The benchmark Korea Composite Stock Price Index fell 27.65 points, or 0.87 percent, to 3,135.6 points in the first 15 minutes of trading. Stocks came off to a lackluster start as the KOSPI's three-day gain increased valuation pressure, in addition to the yield hike concerns on Wall Street. Top cap Samsung Electronics lost 1.41 percent, and No. 2 chipmaker SK hynix she
Feb. 17, 2021
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Major asset managers log 44% jump in 2020 earnings
Major asset management companies in South Korea saw their earnings soar more than 40 percent in 2020 amid a bullish stock market, data showed Wednesday. The combined net income of the country's 10 leading asset managers came to 381.6 billion won ($346 million) last year, up 44 percent from a year earlier, according to their annual earnings reports. Their total operating income stood at 422.5 billion won, up 10.7 percent from the previous year. The figure doesn't include earnings of Kiwoom Ass
Feb. 17, 2021
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Banking group heads ‘agree’ to extend loan deferment for small biz
Heads of five major banking groups here on Tuesday agreed to extend their joint loan deferment program for local businesses hit by the COVID-19 pandemic for another six months at an exclusive meeting with Financial Services Commission Chairman Eun Sung-soo. “The chiefs of the banking groups agreed to extend the program for another six months,” Eun told the press following a roundtable meeting held with the group executives at the Korea Federation of Banks headquarters in central Se
Feb. 16, 2021
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Hana Financial chief, a year before retirement, seeks 4th term
The incumbent chairman of Hana Financial Group is seeking a fourth term, which would make him, if elected, the longest-serving chief of a financial institution in South Korean history. Hana Financial Group on Monday evening confirmed the nomination of four candidates for the group’s top post, including Chairman Kim Jung-tai, who has been at the helm of the group since 2012. Kim publicly said last year that he wouldn’t be reluctant to give up the chairmanship. But Kim being sho
Feb. 16, 2021