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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Medical feud leaves hospitals in financial crisis
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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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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Chip up cycle won’t stay long: SK chief
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S. Korean private equity market needs higher transparency: Preqin
Despite managing $61 billion in assets, South Korea‘s private equity industry is considered a relatively immature market, compared to global financial hubs like London, New York and Hong Kong. The segment, however, has growth potential if it is able to improve transparency by addressing issues, including a lack of standardized reporting practices and inconsistency in the portfolio valuation methodology by private equity fund managers, according to Preqin, a London-based financial data prov
Aug. 21, 2020
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Seoul stocks open sharply higher on Wall Street gains
South Korean shares opened sharply higher Friday on overnight tech gains on Wall Street, bucking concerns over the recent hike in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.36 points, or 1.42 percent, to 2,306.58 in the first 15 minutes of trading. The index got off to a strong start after a 3.66 percent plunge in the previous session. The Nasdaq Composite soared 1.06 percent to 11,264.95 points on Thursday (New York time), led by gains in top
Aug. 21, 2020
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BOK names new senior deputy governor
The Bank of Korea promoted Deputy Gov. Lee Seung-heon to replace Senior Deputy Gov. Yoon Myun-shik, whose three-year term in office just ended, officials said Thursday. Lee will henceforth be the No. 2 decision-maker in South Korea’s central bank, next to Gov. Lee Ju-yeol. “During recent years, Lee has successfully displayed capacities in key management agendas such as the establishment of the BOK’s financial network and the construction of the bank’s annex,” the
Aug. 20, 2020
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Shinhan inks W73b deal to buy Doosan‘s investment arm
Shinhan Financial Group signed a deal to acquire a controlling stake in Neoplux, Doosan’s investment arm, for 73 billion won ($61.4 million), a filing showed Thursday. The transaction between Shinhan and the conglomerate‘s holding firm Doosan Co. is set to close by Sept. 29. As a result, Shinhan will control a 96.77 percent stake in Neoplux. The news comes a month after Shinhan was picked as the preferred bidder for the takeover in late July. Neoplux was founded in 2000, and ha
Aug. 20, 2020
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WeWork pledges to stay committed to Korean biz
WeWork said Thursday it would continue to push forward with its Korean business, as the local branch showed signs of resilience in its local operation despite the coronavirus fallout. According to WeWork Korea, which operates 20 shared working space locations in Seoul and Busan, its space-as-a-service platforms here logged their highest figures in monthly membership renewals and sales in July. The company also said that it saw a 7 percent increase in membership from February to July, though i
Aug. 20, 2020
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Samsung Biologics’ market cap ranking leaps to No. 2 on Kospi
South Korean biopharma company Samsung Biologics on Thursday saw its market capitalization ranking climb to No. 2 on the nation’s main bourse Kospi, beating the world’s No. 2 memory chipmaker SK hynix. The market fluctuation came amid the prolonged COVID-19 pandemic, which weighed upon several of the conventional manufacturing champions and empowered other sectors such as pharmaceuticals and digital technology. Shares of Samsung Biologics closed at 794,000 won ($669.33) -- down 15
Aug. 20, 2020
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S. Korean startups shine amid coronavirus recession
While nearly all industries have been affected by the lingering coronavirus pandemic, South Korea’s startup scene is showing resilience with local startups successfully attracting funds. Superbin, a startup that develops solutions for recycling plastic debris, announced this week that it raised 20 billion won ($16.8 million) in Series B funding recently. Investors participating in the funding round included portal giant Naver-backed investment firm TBT and set-top box maker Humax, bo
Aug. 20, 2020
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Seoul stocks dip over 3% on rising COVID-19 fears, recovery concerns
South Korean stocks tumbled more than 3 percent Thursday amid growing concerns over the fast-spreading new coronavirus infections in the country and uncertainties over the recovery of the US economy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 86.32 points, or 3.66 percent, to close at 2,274.22. Trading volume was high at about 891 million shares worth some 16.9 trillion won ($14.2 billion), with losers outnumbering gainers 823 to 73.
Aug. 20, 2020
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State-backed W8.6tr fund adds to Korea‘s post-COVID growth capital
South Korea’s signature “Growth Support Fund,” a state-backed financing program for venture firms, raised a combined 8.6 trillion won ($7.2 billion) in commitments as of July, one of the fund backers, Korea Development Bank, said Thursday. Given the higher-than-anticipated matchmaking activities for subfunds by external partners, the Growth Support Fund’s total commitments for growth equities is expected to reach the mark of 9 trillion won by this year, KDB added. This
Aug. 20, 2020
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Seoul stocks open lower on Wall Street losses
South Korean stocks opened lower Thursday, taking a cue from overnight losses on Wall Street over the new coronavirus uncertainties. The benchmark Korea Composite Stock Price Index fell 13.26 points, or 0.56 percent, to 2,347.28 in the first 15 minutes of trading. Key US stock indices closed lower Wednesday (New York time), after the US Federal Reserve said the COVID-19 crisis would "weigh heavily" on the world's largest economy. The Dow Jones Industrial Average retreated 0.31 pe
Aug. 20, 2020
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POBA to select 2 global partners for $350m overseas debt portfolios
The Public Officials Benefit Association said Wednesday it plans to select two global asset management houses as external partners to manage its overseas fixed income portfolios. Under the plan, the state-run institutional investor, which manages funds to support public officials’ welfare, will commit a total of $350 million to the appointed two investment houses. To qualify for consideration, POBA said each prospective manager must oversee over $5 billion worth of debt instruments
Aug. 19, 2020
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[67th Anniversary Special] KRX launches SRI bond information platform
In step with the global trend of sustainable investments, South Korea’s sole stock market operator has launched a platform that provides transparent information on socially responsible investment bonds. The new Korea Exchange system is noted for its comprehensive function, providing all necessary investment information and statistics at a glance. Previously, investors needed to visit individual bond issuance websites. Gaining popularity are SRI -- or socially responsible investment -- b
Aug. 19, 2020
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Seoul stocks swing to gains despite COVID-19 resurgence
South Korean shares closed higher Wednesday, ending a two-session losing streak despite fears of the resurgence of the novel coronavirus in Seoul and its surrounding areas. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.30 points, or 0.52 percent, to close at 2,360.54. Trading volume was moderate at about 613 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 664 to 184. The KOSPI erased a
Aug. 19, 2020
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Shinhan Alpha REIT to buy Twincity Namsan offices for W238.6b
Shinhan Alpha REIT rolled out plans to buy 37,600 square meters of office space in Twincity Namsan in central Seoul for 238.6 billion won ($201.6 million) from KB Asset Management, a filing showed Wednesday. The property occupies 20 floors of the 30-story commercial building. Built in 2015 and located in Yongsan-gu, in the vicinity of Seoul Station, Twincity Namsan is composed of two buildings -- commercial and residential. The office segment is composed of 18 floors above ground and two base
Aug. 19, 2020
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Seoul stocks open sharply higher on Wall Street gains
South Korean shares opened sharply higher Wednesday, tracking an overnight rally on Wall Street led by positive economic indices that fueled optimism for a global economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.92 points, or 1.06 percent, to 2,373.16 in the first 15 minutes of trading. Bucking a 2.46 percent plunge in the previous session, the KOSPI started out bullish despite lingering concerns over a resurgence of new coronavirus infections. The index took
Aug. 19, 2020
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IPOs boost DSC Investment’s H1 performance
DSC Investment, South Korea’s venture capital house trading on the Kosdaq stock market, said Tuesday its first-half performance was buoyed by the successful stock market debut of its portfolio companies. The company last Friday announced it logged 8.6 billion won ($7.3 million) in revenue during the January-June period, up 36.4 percent from a year earlier. Its net profit came in at 4.1 billion won, up 60 percent, during the cited period. The company said the improved earnings were attrib
Aug. 18, 2020
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Seoul stocks drop sharply amid COVID-19 resurgence
South Korean shares tanked Tuesday, following resurging coronavirus cases in Seoul and surrounding areas. The benchmark Kospi closed down 59.25 points, or 2.46 percent, to 2,348.24 points while the tech-heavy Kosdaq declined 34.81 points, or 4.17 percent, to close at 800.22 points. The Kospi, which remained above the 2400-level in recent days, dropped below the threshold as fears of a resurgence of COVID-19 spooked investors. Korea added 246 new coronavirus cases on Tuesday, after reporting 1
Aug. 18, 2020
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Seoul stocks dip to 2-month low amid COVID-19 resurgence fears
South Korean shares plunged by more than 2 percent Tuesday as investor sentiment turned sour amid the resurgence of new coronavirus infections in the country. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 59.25 points, or 2.46 percent, to close at 2,348.24, marking the steepest fall after June 15. Trading volume was high at about 898 million shares worth some 17.3 trillion won ($14.6 billion), with losers outnumbering
Aug. 18, 2020
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Banks may extend loan maturity amid COVID-19 resurgence
South Korea’s major banks are expected to extend due dates on interest payments and loan installments worth more than 39 trillion won ($32.8 billion won) combined, in line with the government’s efforts to reduce the financial burden affecting coronavirus-battered citizens and businesses. According to data compiled by the country’s five key lenders -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- the combined amount of deferred interest and installments from early Febru
Aug. 18, 2020
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Seoul stocks open lower amid fears of COVID-19 resurgence
South Korean shares opened lower Tuesday, following a sharp increase in new coronavirus infections in Seoul and surrounding areas over the holiday weekend. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.31 points, or 0.18 percent, to 2,403.18 in the first 15 minutes of trading. Fears of a resurgence of COVID-19 spooked investors. South Korea reported 197 new cases Monday, a temporarily designated holiday, and 279 on Sunday. The daily new cases surpassed the 200 mark for th
Aug. 18, 2020