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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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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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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Foreign investors remain net sellers of local stocks in January
Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a second consecutive month, data showed Monday. Foreigners sold a net 2.65 trillion won ($2.35 billion) worth of local stocks in January, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 3.43 trillion won of stocks last month, while Singapore's investors net purchased 1.6 trillion won worth of stocks, according to the FSS. As of end-Janua
Feb. 8, 2021
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[Herald Interview] ‘Stock investment: A lifelong game’
In his early 30s, Kim Dong-joo felt no need to make more money a few years after selling his own social commerce startup to the nation’s top mobile messenger operator Kakao. The 2011 sale carried out in exchange for a huge stock option turned him into a man of fortune when Kakao made a backdoor listing after merging with then Kosdaq-listed internet portal Daum Communications in 2014. But something was missing, he said. “I lost my motivation to work because my monthly salary was i
Feb. 7, 2021
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Private investors’ appetite for high-risk assets continues
South Korean retail investors have continuously injected more funds into high-risk financial products like cryptocurrency and stocks this year on the back of strong market rallies last year and the ongoing ultralow-rate environment, data showed Sunday. Major local lenders saw their demand deposits decline by nearly 10 trillion won ($8.95 billion) from a month earlier in January. The combined amount at Shinhan, KB Kookmin, Woori, KEB Hana and NH banks came to 637.86 trillion won as of end-Januar
Feb. 7, 2021
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Banking groups slash dividends despite record-high 2020 profits
Banking groups have posted record-high net profits for fiscal year 2020, but their dividend payouts have been reduced by roughly 6 percentage points upon advice from the country’s regulator, industry data released as of Sunday showed. Four out of five major banking groups here have so far posted or are expected to release record-high annual net-profits last year, buoyed by an increase in loans and the heated stock market. As of Sunday, KB Financial Group, Shinhan Financial Group and Ha
Feb. 7, 2021
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Korean property investors set up US shops to step up game in post-COVID
South Korea‘s outbound real asset investors are looking to set up operations in the United States to get around restrictions in foreign due diligence, deal sourcing and property management, as the coronavirus pandemic has added to uncertainties in the market dynamics. Aside from the need for a breakthrough in cross-border alternative investment, Korean capital moving to property -- one of the fastest-growing sectors in the US -- is seen as preemptively laying the groundwork for a local pr
Feb. 7, 2021
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Seoul stocks likely to move in tight range next week
South Korean stocks are likely to move in a tight range next week on eased market volatility as individuals and foreigners -- the driving forces behind the key stock index's stellar gains last month -- are expected to pull the key stock index in the opposite directions, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,126.63 points Friday, up 4.85 percent from a week ago. The KOSPI has undergone a major adjustment since last week due to rapid valuatio
Feb. 6, 2021
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FSC chief vows monitoring system to detect illegal short selling
Financial Services Commission Chairman Eun Sung-soo on Friday pledged all-out efforts to establish a monitoring system to detect illegal short selling before the financial regulator allows the practice to resume in May. Short selling is a trading tactic whereby investors immediately sell borrowed stocks on a bet that share prices will fall, allowing them to later repurchase the stocks and return them to the lender. Some investors sell stocks without borrowing, known as “naked&rdqu
Feb. 5, 2021
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Seoul stocks rebound amid global stock rally
South Korean stocks rebounded Friday in line with rallies in global stock markets, as signs of recovery from the pandemic boosted foreign buying of local stocks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.08 points, or 1.07 percent, to close at 3,120.63 points. Trading volume was moderate at about 1.2 billion shares worth some 19.4 trillion won ($17.3 billion), with gainers outnumbering losers 504 to 339. Foreigners bought a net
Feb. 5, 2021
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BC Card names new chief executive
Credit card issuer BC Card said Friday that it has named Choi Won-seok, a former head of local financial firm FnPricing, as its new chief executive. The CEO hiring process will be complete after a shareholders meeting and board meeting slated for next month. Choi is an expert in the financial and IT segments, having developed systems that evaluate financial products at FnPricing. He has served as an outside board director for the card company for the past six years. The CEO appointee has
Feb. 5, 2021
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Line Bank gets license for Taiwan
Line, a Tokyo-headquartered mobile messenger subsidiary of South Korean tech firm Naver, said Friday that it had won a license from Taiwan’s Financial Supervisory Commission to launch an online bank in Taiwan. Since Line received a permit to set up an online banking business in the nation in 2019, Taiwanese financial authorities had been carrying out due diligence procedures on the internet-only bank. The mobile messenger firm said it would cooperate with the Taiwanese authorities to e
Feb. 5, 2021
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Seoul stocks open higher on Wall Street rallies
South Korean stocks opened higher Friday, taking a cue from overnight record gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.3 points, or 0.75 percent, to 3,110.85 points in the first 15 minutes of trading. Market kingpin Samsung Electronics added 0.85 percent, and No. 2 chipmaker SK hynix hiked 1.6 percent. Internet portal giant Naver moved up 2.51 percent, with its rival Kakao up 0.22 percent. Leading chemical maker LG Chem jumped 3.1 percent, and rech
Feb. 5, 2021
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Seoul stocks snap 3-day winning streak on profit-taking
South Korean stocks snapped their three-day winning streak Thursday, as foreign and institutional investors sought profits following a recent hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 42.13 points, or 1.35 percent, to close at 3,087.55 points. Trading volume was high at about 1.3 billion shares worth around 20.4 trillion won ($18.2 billion), with losers outnumbering gainers 539 to 305. Foreigners sold a net 640 billion won, e
Feb. 4, 2021
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FSS slaps heavy sanctions on Woori chief, Shinhan CEO over Lime fiasco
South Korea’s market watchdog has informed top executives at Woori Financial Group and Shinhan Bank they may be punished over a financial fraud scandal involving Lime Asset Management, Financial Supervisory Service officials and industry sources said Thursday. Sohn Tae-seung, the incumbent Woori Financial Group Chairman and former chief executive of Woori Bank, was informed that he may be suspended from his duties, which is the second-heaviest reproach in the regulator’s five
Feb. 4, 2021
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Extension of shorting ban receives mixed reviews
South Korea’s top financial regulator’s recent decision to extend a temporary ban on stock short selling has garnered mixed reviews from market analysts and retail investors. Financial Services Commission Chairman Eun Sung-soo said on Wednesday that the temporary short selling ban will be lifted from May 3 on 200 stocks listed on the main bourse Kospi and 150 stocks on the tech heavy Koadaq. The government has banned the shorting scheme since March 16 last year over growing concer
Feb. 4, 2021
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Mirae Asset launches equity fund to bet on clean tech
South Korea‘s investment house Mirae Asset Global Investments said on Thursday it has launched a new equity fund to invest in domestic companies with clean technology prowess. With the launch, Mirae Asset aims to ride on the green wave among financiers that is triggering a seismic shift across the industries. Its portfolio will mainly comprise of Korean firms dedicated to solar, wind and hydroelectric power resources, waste management, electric vehicles, hydrogen cars, as well as smart
Feb. 4, 2021
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K bank sees record inflow of deposits, new customers in Jan.
South Korea’s first internet-only lender, K bank, saw a hike in term deposits in January backed by new customers looking to invest in bitcoins through the online bank. Under the partnership between K bank and crypto exchange Upbit forged in June, retail investors can open a bitcoin trade account via the online lender. A bitcoin frenzy in January appears to have pushed the number of customers subscribing and depositing cash at K bank, according to market watchers. K bank’s sav
Feb. 4, 2021
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KB Kookmin Bank adopts global ESG-related risk management framework
South Korea’s KB Kookmin Bank on Thursday said it has adopted a global environmental, social and governance-related risk-management framework, known as the Equator Principles, to better uphold its environmental responsibilities. By complying with the international convention adopted by financial institutions around the world, KB Kookmin hopes to bolster its ESG standards in its decision-making process. Project financing over $10 million and corporate loans of over $50 million are subje
Feb. 4, 2021
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Seoul stocks open lower on tech, pharmaceutical losses
South Korean stocks opened lower Thursday largely on tech and pharmaceutical losses. The benchmark Korea Composite Stock Price Index fell 18.48 points, or 0.59 percent, to 3,111.2 in the first 15 minutes of trading. Stocks quickly fell to the negative terrain due to strong foreign and institutional selling, after the key index rallied 5.2 percent in the past three sessions. Top cap Samsung Electronics lost 1.42 percent, and No. 2 chipmaker SK hynix shed 1.92 percent. Pharmaceutical giant Sam
Feb. 4, 2021
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Under pressure, FSC extends short selling ban by May
South Korea’s top financial regulator said Wednesday that it has decided to extend a temporary ban on short selling until May 2, amid growing pressure from retail investors voicing concerns over possible damages in battles with sophisticated hedge funds. The ban was previously set to end March 15. The Financial Services Commission will then implement a partial reactivation of short selling from May 3, while establishing a stock loan system in the meantime, which enables ret
Feb. 3, 2021
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Hanwha Investment to buy 6.15% stake in Dunamu
Hanwha Investment and Securities, the brokerage arm of Hanwha Group, said Wednesday it has agreed to buy a 6.15 percent stake in Dunamu, an operator of global cryptocurrency exchange Upbit, for nearly 58.3 billion won ($52.24 million). The announcement came via DART -- the Financial Supervisory Service’s electronic disclosure board -- that the acquisition of some 2.06 million shares is set to take effect on Feb. 22. The deal is a mid- to long-term investment for the brokerage house to c
Feb. 3, 2021