Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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Fiscal chief downplays capital outflow concern despite Fed’s rate hikes
SEJONG -- The nation’s top economic policymaker on Thursday downplayed the possibility of an active capital flight among foreign investors, saying that the US Federal Reserve’s latest rate hike, which now stands higher than South Korea’s, was carried out within the market expectation. “The US Fed’s decision generally accords with market expectations,” said Deputy Prime Minister and Finance Minister Choo Kyung-ho, adding the international financial markets abs
July 28, 2022
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Eximbank runs economic emergency taskforce
The Export-Import Bank of Korea said Thursday its executives, including its new CEO and heads of relevant departments, discussed credit support plans to help businesses tide over inflation, high interest rates and the weakening Korean won. Based on judgment that the unstable global supply of raw materials led to high prices, the “economic emergency task force” of Eximbank decided to increase the credit support for tackling the global supply chain crisis from the current 15 trillion
July 28, 2022
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Seoul shares open higher on eased uncertainty over Fed's rate hikes
South Korean stocks opened higher Thursday as the US Federal Reserve raised its key interest rate by a widely expected 0.75 percentage point. The benchmark Korea Composite Stock Price Index added 16.88 points, or 0.7 percent, to trade at 2,432.1 points in the first 15 minutes of trading. Wrapping up a two-day meeting, the US central bank on Wednesday (US time) announced a three-quarters of a point rate increase to put its policy rate in a range of 2.25 to 2.5 percent, the highest level since 201
July 28, 2022
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Corporate direct financing dips 6.7% in H1 on reduced debt sales
Corporate direct financing in South Korea decreased 6.7 percent on-year in the first half as bond sales plunged amid a sharp increase in market rates, data showed Thursday. Local companies raised a total of 114.5 trillion won ($87.1 billion) by selling stocks and bonds in the January-June period, down 8.24 trillion won tallied a year earlier, according to the data from the Financial Supervisory Service (FSS). Direct financing refers to raising funds directly from the stock and bond markets witho
July 28, 2022
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Seoul shares up for 3rd day ahead of Fed's rate decision
South Korean stocks advanced for a third straight session on Wednesday ahead of the US Federal Reserve's rate-decision meeting slated for later this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.57 points, or 0.11 percent, to close at 2,415.53 points. Trading volume was moderate at about 324 million shares worth some 6.9 trillion won (US$5.3 billion), with gainers outnumbering losers 492 to 336. Institutions sold a net 55
July 27, 2022
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Coins ‘luna, terraUSD had obvious design flaws’: crypto pioneer
When algorithmic stablecoin terraUSD and its sister luna was introduced in 2018, it was widely touted as “revolutionary.” Now, the algorithmic disaster that has sent shockwaves across the cryptocurrency market was one that was “waiting to happen,” according ethereum founding member and crypto entrepreneur Joel Dietz. “It’s a project that had obvious design flaws,” Dietz told The Korea Herald in an interview conducted by video. “When I saw them
July 27, 2022
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Seoul shares open nearly flat ahead of Fed's rate decision
South Korean stocks opened nearly flat Wednesday as investors took to the sidelines ahead of the US Federal Reserve's rate-decision meeting. The benchmark Korea Composite Stock Price Index slipped 0.81 point, or 0.03 percent, to trade at 2,412.15 points in the first 15 minutes of trading. The US Fed is set to announce the results of its two-day monetary meeting results Thursday (Korean time). Overnight, the US stock market closed lower. The Dow Jones Industrial Average fell 0.71 percent, an
July 27, 2022
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Assets of 8 key financial groups nearly double over decade
Major financial groups in South Korea have seen their assets almost double over the past decade on the back of their push for business expansion, data showed Wednesday. The country's eight financial groups had 3,221.7 trillion won ($2.46 trillion) as of the end of 2021, up 95 percent from 2012, according to the data from corporate tracker CEO Score. The eight financial groups are KB, Shinhan, Hana, Woori, NH Nonghyup, Mirae Asset, Meritz and Korea Investment Holdings. In particular, their o
July 27, 2022
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Seoul shares end higher ahead of US rate decision
Seoul shares ended higher Tuesday helped by tech and auto gains, with investors awaiting the Federal Reserve's rate decision and major firms' earnings results this week. The Korean won rose against the US dollar. The Korea Composite Stock Price Index rose 9.27 points, or 0.39 percent, to close at 2,412.96. Trading volume was moderate at 409.32 million shares worth 6.15 trillion won ($4.7 billion), with gainers outstripping losers 442 to 358. Institutions and foreigners bought a combine
July 26, 2022
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Seoul jeonse prices fall for the first time in 39 months
The average jeonse price of apartments in Seoul this month fell for the first time in three years and three months as demand dropped due to increased lease renewals and rising interest rates while supply rose. Jeonse is a home rental system in Korea where a tenant pays a lump-sum deposit, instead of monthly rent, to a landlord. The deposit typically ranges between 60 to 80 percent of the unit‘s sale price, and is fully refunded at the end of the contract period. According to KB Kookmin
July 26, 2022
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Seoul shares open lower ahead of US rate decision
Seoul shares opened lower Tuesday as investors remain wary over a widely expected rate hike by the Federal Reserve this week to combat soaring inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.04 points, or 0.33 percent, to trade at 2,395.65 in the first 15 minutes of trading. The Fed is expected to raise borrowing costs by 0.75 percentage point, which would put the US benchmark rate in a range of 2.25-2.5 percent. Also, some major companies, including Samsung Electronics
July 26, 2022
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Seoul shares end higher on institutional buying
South Korean stocks closed higher Monday, as institutions and foreigners went on a buying mode, with automakers and car parts suppliers leading the gains. The Korean won declined against the US dollar. The Korea Composite Stock Price Index (KOSPI) gained 10.55 points, or 0.44 percent, to close at 2,403.69. Trading volume was moderate at 316.23 million shares worth 5.77 trillion won ($4.39 billion), with gainers outstripping losers 427 to 400. Institutions and foreign investors bought a net 193.2
July 25, 2022
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LG Energy Solution's lock-up period set to end
With LG Energy Solution’s stock lock-up period ending this week, market eyes are on institutional investors‘ movement, as massive sales of shares may impact a market that remains sluggish with low trading volume. According to the Financial Supervisory Service’s electronic disclosure system, the lock-up period for LG Energy Solutions shares owned by institutional investors -- 9,960,365 shares (4.26 percent of all shares) since the battery company was listed on January 27 -- wi
July 25, 2022
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Will FTX actually acquire Bithumb?
South Korean blockchain experts on Monday were divided over whether FTX, the crypto trading platform co-founded by billionaire Sam Bankman-Fried, is actually seeking to buy local exchange Bithumb. Skeptics claimed that the Bahamian crypto exchange has no reason to purchase Bithumb at the moment with the financial authorities seeking to tighten regulations here and with the “stable condition” of the Korean exchange operator. “For the moment, there is no reason for FTX to ent
July 25, 2022
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Seoul shares open higher amid lingering recession woes
South Korean shares opened higher Monday amid lingering concerns that the global economy is teetering on the brink of a recession. The benchmark Korea Composite Stock Price Index added 9.94 points, or 0.42 percent, to trade at 2,403.08 in the first 15 minutes of trading. Foreigners and institutions went on a buying mode, while retail investors sold shares. Last Friday, U.S. stocks ended lower on tech losses. The Dow Jones Industrial Average fell 0.43 percent, the tech-heavy Nasdaq Composite decr
July 25, 2022
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Hana, SKT ink partnership in ESG, digital financing
South Korea’s Hana Financial Group and SK Telecom signed a share-swap deal worth some 400 billion won ($305.3 million) to set up a new environmental, social and governance model, officials said Sunday. “We have signed a strategic partnership with SK Telecom on Friday to build a new cooperative agreement based on ICT innovation,” Hana said in a statement. Under the deal between the nation’s banking and telecommunications giants, SK Telecom will acquire a 3.1 percent sta
July 24, 2022
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Seoul shares open slightly higher on US gains
South Korean shares opened slightly higher Friday, following overnight Wall Street gains, amid lingering concerns over a global economic recession. The benchmark Korea Composite Stock Price Index added 2.09 points, or 0.09 percent, to trade at 2,411.25 points in the first 15 minutes of trading. Foreigners and retail investors went on a buying mode, while institutions sold shares. Overnight, US stocks rose on the back of tech gains. The Dow Jones Industrial Average rose 0.51 percent, and the tech
July 22, 2022
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SK Inc. to provide interim dividend for 5th consecutive year
SK Inc., the investment arm of SK Group, on Thursday, said it has decided to give interim dividends for the fifth year in a row, showing its continued commitment to its shareholders. According to SK Inc., the board of directors agreed to pay interim dividends of 1,500 won ($1) per share, the same amount as the last year. The total amount of the interim dividends payout is estimated at 85 billion won. The company said it has steadily increased the annual dividend payment amount from 208.7 bil
July 21, 2022
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Seoul shares up for 2nd day on US rallies, tech gains
South Korean stocks ended higher Thursday, as US rallies and eased concerns over high global energy prices boosted investor sentiment. The Korean won gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 22.31 points, or 0.93 percent, to close at 2,409.16, extending the winning streak to the second consecutive session. It is the highest figure since June 28, when the KOSPI closed at 2,422.09. Trading volume was small at 290.45 million shares worth 6.19 trillion
July 21, 2022
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KB Financial Group releases sustainability report highlighting green financing
South Korea’s KB Financial Group on Thursday released its annual sustainability report for 2021 sharing its achievements in and insights on environmental, social and corporate governance. The report includes KB’s experience in dealing with key ESG issues such as climate change, green financing and diversity alongside the firm’s stance on corporate governance, ESG management and social responsibility. In October 2021, KB was officially endorsed by the Science Based Targets
July 21, 2022