Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street amid optimism surrounding the possible availability of COVID-19 vaccines. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.16 points, or 0.92 percent, to 2,658.41 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.63 percent higher, while the tech-heavy Nasdaq composite rose 1.28 percent, boosted by vaccine hopes. Pfizer with BioNTech and Moderna applied fo
Dec. 2, 2020
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S. Korea's stock price gain in Nov. ranks 10th among G-20
South Korea's stock prices rose at the 10th-fastest pace among the Group of 20 (G-20) nations with major economies posting double-digit surges, data showed Wednesday. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.30 percent in November from the prior month, outpacing the previous record monthly increase of 13.52 percent recorded in April 2009. It was the 10th highest hike among the G-20 economies and outperformed their average 14.1 percent expansion. All G-20 members saw
Dec. 2, 2020
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Mirae Asset wins lawsuit over $5.8b US hotel deal
Mirae Asset Global Investments, one of South Korea’s largest asset management firms, said Tuesday that it won a US court case against Chinese insurer Anbang Insurance Group over legal disputes involving a $5.8 billion deal to acquire luxury hotels. The Delaware Court of Chancery rejected Anbang’s demand of Mirae Asset to pay off the rest of the deal, and ordered the Chinese insurer to return $580 million it received from the South Korean company as a deposit of the deal, with inte
Dec. 1, 2020
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Seoul stocks soar to new record high on economic recovery hopes
South Korean stocks rebounded from a sharp decline the previous session to hit a new all-time high Tuesday on the back of upbeat economic data, lifting hopes for a faster-than-expected recovery amid the pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 42.91 points, or 1.66 percent, to close at 2,634.25. Trading volume was high at about 1.1 billion shares worth some 15.7 trillion won ($14.2 billion), with gainers outnumbering los
Dec. 1, 2020
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Ex-FSC vice chief likely to lead stock market operator
Sohn Byung-doo, former vice chairman of the Financial Services Commission, was named as the single candidate for the new chair post of the Korea Exchange, South Korea’s sole bourse operator, according to industry sources Tuesday. After conducting final interviews of three candidates a day earlier, the KRX’s chairman recommendation committee chose Sohn, insiders said without giving the names of the two others. The securities exchange operator is slated to hold a shareholders’ g
Dec. 1, 2020
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Seoul stocks open higher on economic recovery hopes
South Korean stocks opened higher Tuesday on the back of upbeat economic data that raised hopes for a faster-than-expected recovery amid the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 36.05 points, or 1.39 percent, to 2,627.39 in the first 15 minutes of trading. South Korea's economy grew 2.1 percent in the July-September period from the previous quarter, faster than its earlier estimate of 1.9 percent expansion. The country's exports also rebounded, rising 4 perce
Dec. 1, 2020
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Seoul stocks sink over 1.5% on profit-taking
South Korean shares dropped more than 1.5 percent Monday after hitting an all-time high the previous session as investors attempted to cash in gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 42.11 points, or 1.6 percent, to close at 2,591.34. Trading volume was high at about 1.28 billion shares worth some 20.4 trillion won ($18.4 billion), with losers outnumbering gainers 511 to 331. Foreigners sold a net 2.4 trillion won, while
Nov. 30, 2020
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Korean Air to sell Incheon yacht marina
Korean Air Lines is inching closer to selling its yacht marina operation in Incheon to a new Korean buyer for roughly 130 billion won ($117 million). The investor group of Consus Asset Management and Mirae Asset Daewoo said Monday it has signed a memorandum of understanding as a preferred bidder to buy 100 percent stake in Wangsan Leisure Development, operator of Wangsan Marina, which is wholly controlled by the nation’s No. 1 flag carrier. Wangsan Marina was built in 2016. Part of the
Nov. 30, 2020
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Percentage of 50,000 won notes returned to central bank falls to all-time low
South Korea’s central bank said Monday that the percentage of 50,000 won ($45.26) notes returned to the bank plummeted to a record low due to sentiment surrounding the COVID-19 pandemic. The return rate fell to 25.4 percent for the first 10 months of this year, the lowest level since the notes began circulating in June 2009 and 39.4 percentage points lower than for the same period last year, the Bank of Korea said in a report. The BOK issued 21.9 trillion won worth of 50,000 won notes
Nov. 30, 2020
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Warren Buffett’s favorite market indicator suggests Korean stocks may be overvalued
While South Korea’s benchmark index hit an all-time record of 2,633.45 on Friday, a global market gauge also reached a new high, suggesting the country’s stock market may be overvalued. The Buffett indicator -- US investor Warren Buffett’s preferred market indicator -- marked 112.7 percent as of Friday, according to data from the Bank of Korea and Korea Exchange on Monday. The indicator is calculated by dividing combined listed stocks’ market capitalization by the coun
Nov. 30, 2020
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Correction to the report titled ‘Gen2 Partners fund freeze headache for Korean brokerages, banks’
In the report titled “Gen2 Partners fund freeze headache for Korean brokerages, banks” dated Aug. 11, 2020, we stated that South Korean financial institutions associated with Hong Kong-based hedge fund manager Gen2 Partners are in a predicament as they struggle to ensure the investment -- sold by them -- could be redeemed later, and investors who bought a normal fund, which is KS Korea Credit Fund or CM Credit Fund, are not able to withdraw money on the deadline because of leveraged
Nov. 30, 2020
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Seoul stocks open nearly flat amid virus surge
South Korean stocks opened almost flat Monday after the benchmark index set a fresh record high the previous session amid a resurgence of COVID-19 cases. The Korea Composite Stock Price Index (KOSPI) rose 1.05 points, or 0.04 percent, to 2,634.5 in the first 15 minutes of trading. Stocks got off to a muted start as a recent surge in infections dampened investor hopes for a faster-than-expected economic recovery amid global development of new COVID-19 vaccines. Investors are also tempted to lo
Nov. 30, 2020
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[Global Finance Awards] Hana Bank leads digital finance ties among global industries
Hana Bank, a major South Korean lender, has been fostering cross-border connections with overseas firms and gearing up to take its online payment platform global. The firm’s holding group Hana Financial Group hosted a consortium of its Global Loyalty Network platform on Nov. 24, attended by 100 officials from 30 global banking groups, distributors and other financial institutions from 10 nations including China, Japan, Thailand, Russia, the US and the UK. The aim of the GLN is to bec
Nov. 29, 2020
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[Global Finance Awards] Woori Bank integrates ESG values with finance
Woori Bank has been upholding environmental, social and governance values through issuance of ESG bonds and supporting green projects here. The lender won the Prime Minister Awards at the 2020 Global Green Management Excellence Awards co-hosted by Ministry of Environment and the Ministry of Trade, Industry and Energy. The award was created in 2006 to shed light on those that contribute to state-planned green projects. Woori’s issuance of sustainable bonds and financial support for rene
Nov. 29, 2020
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[Global Finance Awards] Mirae Asset Global shines with high returns from local, overseas investments
Mirae Asset Global Investments, South Korea’s leading asset management firm, has a long track record both in and out the country. Especially during the volatile market amid the spread of COVID-19 around the globe this year, the firm’s performance has shone, as it newly launched or operated funds with high returns. By using a balanced portfolio strategy, its funds listed on Korea’s benchmark Kospi, and on the Nasdaq market in the US, outperformed by mainly investing in sectors
Nov. 29, 2020
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[Global Finance Awards] NH NongHyup takes key role in supporting virus-hit communities
As South Korea’s largest agricultural bank, NH NongHyup has played a key role in supporting local communities that have been hit hard by the prolonged coronavirus crisis with a series of vibrant social contribution activities throughout the year. So far, the key affiliate of NH NongHyup Financial Group spent more than 1 trillion won ($903 million) on its social contribution activities and programs, the largest amount among major lenders here. The lender has put more money than any othe
Nov. 29, 2020
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[Global Finance Awards] Financial industry should lead inclusive growth
Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding its fourth Global Finance Awards. The annual awards recognize individuals and companies that have blazed new trails in the global market by providing innovative, convenient financial services in spite of tight regulations and other challenging environments. These successful business models and achievements should be encouraged a
Nov. 29, 2020
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[Global Finance Awards] Hyundai Card aims to become data-driven company
Hyundai Card, one of South Korea’s leading credit card companies, has been beefing up its abilities to analyze consumer data, such as where consumers use credit cards and what items they buy, to better understand customer habits. These efforts are aimed at offering tailored services and products to meet differing customers’ needs. “Hyundai Card has established a curation system that defines data and cleanses unnecessary data, so that data of diversified nature may be systemat
Nov. 29, 2020
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[Global Finance Awards] Korea Investment and Securities supports young dream
Under the slogan, “Sharing Happiness, Sharing Love,” Korea Investment & Securities has been taking a part in social contribution activities. The brokerage firm has been running a series of projects to support young members of underprivileged households to help them pursue their dreams. As part of its project, the KIS visited Seoul Metropolitan Police Agency on Wednesday and donated 100 million won ($90,000) to support children from families who fell victim to crime. The donati
Nov. 29, 2020
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[Global Finance Awards] Kakao Bank accelerates transition of online retail banking services
Kakao Bank, South Korea’s biggest online bank, has been reshaping the banking industry here with its mobile banking services that attracted younger customers. The ongoing coronavirus crisis has also been accelerating the offline-to-online transition, giving the online-only bank a timely chance to expand its user base in other age groups, including senior citizens. “Kakao Bank has secured the half of the nation’s population as customers with its mobile services, offering new
Nov. 29, 2020