Most Popular
-
1
Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
-
2
Doctors' group picks new leader amid tense standoff over increased enrollment quota
-
3
Seoul bus drivers go on general strike, cause morning rush hour delays
-
4
Official campaigning kicks off for April 10 elections
-
5
Dialogue hopes fade as doctors pick hard-liner as new head
-
6
Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
-
7
[Election Battlefield] Political novice to face off star politician in ‘swing district’
-
8
[Kim Seong-kon] The April 2024 election will decide our future
-
9
Seoul’s bus union prepares for strike
-
10
[Hello India] Corporate Korea sees new growth drivers in India
-
Watchdog urges full compensation for damages from ponzi-involved Lime fund
South Korea’s financial watchdog Financial Supervisory Service on Wednesday urged 10 financial institutions to fully compensate for investors’ losses, holding them accountable for their inadvertent decision to draw investments in the disgraced Lime Asset Management’s trade finance fund. In an unprecedented move, financial institutions -- including seven banks and three brokerage houses -- will be forced to reimburse a total of 161.1 billion won ($133.8 million) in principal of
July 1, 2020
-
Korean PEF inches closer to KDB Life acquisition
Korean private equity firm JC Partners has become a preferred bidder to buy a controlling stake in KDB Life Insurance, in policy lender Korea Development Bank’s move to exit from a troubled financial institution that has strived to turn around amid restructuring. JC Partners was the sole participant in the open bidding process to sell KDB Life Insurance, whose 92.73 percent stake is jointly controlled by KDB and investment house Consus Private Equity, according to KDB on Wednesday. The bi
July 1, 2020
-
[Exclusive] S. Korea’s drive to develop pan-Asia stock index ends in failure
South Korea’s drive to launch the first pan-Asian benchmark comprising major blue chip stocks in the region appears to have fallen apart, thanks to political differences and a lack of interest from larger markets. The project, led by the nation’s bourse operator Korea Exchange (KRX), was designed to attract more foreign capital in the stock market, and was hoped to be a precursor of becoming a new financial hub in Asia. Tentatively named the Asia Index, it was modeled after the Eu
July 1, 2020
-
Seoul stocks open higher on Wall Street
South Korean shares opened higher Wednesday, taking a cue from overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.21 points, or 0.86 percent, to 2,126.54 in the first 15 minutes of trading. The strong start came after major US stock indices closed higher on growing hopes of an economic recovery. The Dow Jones Industrial Average added 0.85 percent to end at 25,812.88 on Tuesday (New York time), with the tech-laden NASDAQ soaring 1.87 percent. In
July 1, 2020
-
Secured bonds safe haven during pandemic: Barings
Amid the lingering business uncertainties from continued COVID-19 crisis, bond investors would be able to avert risks of companies’ default in case they have invested in secured high-yield bonds, a top Barings Asset Management official said on Tuesday. “(Secured bonds) are on top of the capital structure and tend to recover better,” said David Mihalick, head of US public fixed income at Barings, in a teleconference. “Secured bonds are attractive because of the extent th
June 30, 2020
-
NPS to invest W800b through private equity firms
South Korea’s National Pension Service said Tuesday it has selected five private equity firms as external partners to invest a combined 800 billion won ($665.28 million) in private equities. According to the world’s third-largest public pension fund, it will commit 160 billion won each to Glenwood Private Equity, Macquarie Asset Management Korea, SkyLake Investment, IMM Investment and JKL Partners. The firms will be responsible for managing funds with a 10-year maturity. Investmen
June 30, 2020
-
Seoul stocks close higher on economic rebound hopes
South Korean shares closed higher Tuesday on hopes of an economic recovery that offset renewed concerns over political tensions between the world's two largest economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.85 points, or 0.71 percent, to close at 2,108.33. Trading volume was moderate at about 700 million shares worth some 11.6 trillion won ($9.7 billion), with gainers outnumbering losers 594 to 252. Foreigners sold a net 7
June 30, 2020
-
FSS finds no proof on alleged hacking attempts of Toss: sources
South Korea’s financial authorities have tentatively concluded that unauthorized payments made on fintech platform Toss were not caused by any security breach, according to sources Tuesday. The Financial Supervisory Services found no proof on alleged hacking attempts, they were quoted by Yonhap News Agency. Adding that illegally obtained personal information may have been used to access Toss and make payments without permission of the account holders. According to the fintech firm, a to
June 30, 2020
-
FSC urges lenders to build capital buffer for prolonged pandemic
South Korea’s top financial regulator Tuesday called on local lenders to build up their capital conservation buffer to absorb losses in preparation for the prolonged COVID-19 crisis. “(The FSC) urges banks to strengthen their loss-absorbing capacity through measures such as increasing allowances for bad debts, while continuing to help lending in the real economy amid the pandemic,” Financial Services Commission Vice Chairman Sohn Byung-doo told a meeting of senior financial p
June 30, 2020
-
[Best Brand] Mirae Asset expands global market entry, backed by strong ETFs
ASSET MANAGEMENT MIRAE ASSET GLOBAL INVESTMENTS Under its goal of becoming a global financial company, Mirae Asset Global Investments has been expanding its presence overseas by operating over 1,700 financial products in 36 countries around the world. The asset management unit of Mirae Asset Financial Group is in its 17th year of global operation since it launched its first overseas unit in Hong Kong in 2003 and has ceaselessly made inroads across the globe including financial markets in the
June 30, 2020
-
[Best Brand] Shinhan Card launches credit card tailored for contactless services
CREDIT CARD SHINHAN CARD From food ordering apps to streaming platforms, non-face-to-face services have become a new norm in the coronavirus era. Joining the contactless trend, Shinhan Card, a leading card issuer in South Korea, recently rolled out a credit card that offers services and benefits for consumers who prefer mobile services over face-to-face experiences at physical stores or restaurants amid the coronavirus pandemic. The new credit card, YaY, can be issued via the card company&rs
June 30, 2020
-
Seoul stocks open higher on Wall Street gains
South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street led by estimate-beating housing data. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.64 points, or 1.18 percent, to 2,118.12 in the first 15 minutes of trading. The Dow Jones Industrial Average spiked 2.32 percent to end at 25,595.80 on Monday (New York time), with a 1.2 percent gain on the tech-laden Nasdaq. The gain was largely attributed to a record gain in the US pending home sales. A 14
June 30, 2020
-
NH Bank hires ex-Samsung exec as new chief digital officer
NH NongHyup Bank said Monday that it will hire Lee Sang-rae, a former executive of Samsung SDS as its chief digital officer, a position that has been vacant for nearly six months. Lee, 56, is the first outsider to the bank to take a senior post. The lender launched a digital finance department in 2018. Having in 1991 joined Samsung SDS, the information and communication technology service arm of Samsung Electronics, Lee climbed the corporate ladder by serving senior posts at various de
June 29, 2020
-
Banking, ICT giants need to open data access: FSC
South Korea’s financial regulator Monday urged financial institutions and tech companies to widen access to client information to foster personal credit information management services here, dubbed MyData. “To maximize customers interest, financial and ICT companies as well as fintech startups need to open up their data assets as much as possible,” said Financial Services Commission Vice Chairman Sohn Byung-doo. MyData refers to a business model that offers integrated
June 29, 2020
-
Seoul stocks shed nearly 2% amid renewed virus fears
South Korean stocks dipped about 2 percent Monday, amid renewed fears over the coronavirus outbreak promoted by a resurgence in new confirmed cases over the weekend. The Korean won continued to rise against the US dollar. The nation’s main bourse Kospi opened sharply lower at 2,105.54 -- down 29.11 points, or 1.36 percent, from the previous session’s close. The index continued to move downward to 2,087.84 in late trading hours. It was the first time that the index has dropped below
June 29, 2020
-
NPS joins hands with Allianz to eye $2.3b overseas properties
South Korea’s largest institutional investor National Pension Service said Monday it has inked a partnership with Germany-based Allianz to co-invest in core real estate assets worth $2.3 billion across the Asia-Pacific region as part of its alternative investment strategy. The 50:50 fund will target properties in countries such as China, Japan, Australia and Singapore, betting on core opportunities in landmark office buildings, logistics facilities and residential complexes -- or assets c
June 29, 2020
-
Seoul stocks open sharply lower on renewed virus fears
South Korean shares opened sharply lower Monday amid renewed fears over the new coronavirus prompted by a spike in the number of new cases over the weekend. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 31.70 points, or 1.49 percent, to 2,102.95 in the first 15 minutes of trading. The drop is largely attributed to the resurgence in new COVID-19 cases. South Korea added 62 new cases on Sunday, including 40 local infections, raising the total caseload to 12,715. The tally m
June 29, 2020
-
NPS offloads 1.1m shares of Hotel Shilla in Q2
South Korea’s National Pension Service sold 1.09 million shares in the nation’s leading hospitality and duty-free operator Hotel Shilla in the second quarter, a filing showed Sunday. As of Wednesday, NPS was holding 9.73 percent voting rights in the hotel and resort unit of Samsung, down 2.74 percentage points from March 31, with 12.47 percent. From April 1 to June 24, the pension fund sold Hotel Shilla’s shares 50 times out of 78 times of its stock trading. Despite the sta
June 28, 2020
-
[News Focus] Chaebol ownership of corporate venture capital sparks debate
Deregulatory moves by financial authorities to allow South Korean conglomerates to own corporate venture capital firms have raised concerns over the manifold consequences of such a scheme. The Finance Ministry is set to unveil plans next month to revise the law so that Korean equivalents of Alphabet-backed GV -- formerly known as Google Ventures -- can be launched. The revision of the Fair Trade Act is expected to make significant changes in the history of corporate environment that has banned
June 28, 2020
-
Appetite of US investors in Korea’s stock market grows
The impact of US shareholders has grown on South Korea’s stock market, as they expand investments in large-cap stocks, according to the latest data Sunday. In a survey of shareholders from the US and China with more than 5 percent ownership in the local stock market, investors from the US marked nearly 27.71 trillion won ($23.02 billion) as of June 22, up 52.7 percent, or 18.15 trillion won from March 2016. While 45 retail and institutional investors owned over 5 percent stake in 111
June 28, 2020