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From fine dust app to unmanned barista, KT envisions everyday 5G use
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Today Finance

[News Focus] US’ decision on Bitcoin ETF to set mood for Korea‘s cryptocurrency market

The bearish global cryptocurrency market has prompted investors to turn their attention to “safer” bitcoin exchange-traded funds. But South Korean institutions have kept a tight leash on the whole cryptocurrency industry, instead observing the US’ steps for the time being.“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of bitcoin ETFs within the market -- which is why we are observing the progress and respo

Woori Financial kick-starts nonbanking M&A push with bid for Hi Asset Management

Woori Financial Group has set out to acquire Hi Asset Management, marking the first step in its stated moves to expand its nonbanking business through strategic mergers and acquisitions and strengthen its holding company structure.Woori Financial was among those that joined the preliminary bidding process for Hi Asset Management on Monday, alongside Kiwoom Securities and a number of private equity funds from Korea and abroad, according to an industry report. (Yonhap)Hi Asset Management, a subsid

Today
Finance
Hana Financial partners with SKT, Kiwoom Securities seek to form internet bank

Hana Financial Group, South Korea’s third-largest banking group, said Tuesday that it has partnered with SK Telecom and Kiwoom Securities to take aim at forming a new internet-only bank here.The three companies have formed a consortium with Kiwoom Securities holding the biggest stake. Together, they are embarking on preparations to apply for a government-issued license to operate an online-only bank here, according to Hana Financial. The move comes as the firms seek to further embrace the digita

Today
Finance
Woori Financial seeks to buy asset management company

Woori Financial Group Inc. expressed its intent to buy an asset management company on Monday, industry sources said, as the financial group seeks to diversify its revenue sources.Woori submitted a letter of intent to buy HI Asset Management to Deloitte Anjin, a sales manager, according to the sources. (Yonhap)HI Asset Management is an affiliate of HI Investment & Securities Co. which came under DGB Financial Group's wing last September.Woori Financial Group has vowed to proactively seek mergers

Feb 18, 2019
Finance
5G services to impact telecom stocks

South Korea’s telecom stocks have been underperforming this year, and analysts point out that the commercialization of 5G network services, likely to start in March, will impact their price.According to the Korea Exchange, the nation’s top mobile operator SK Telecom’s share price plunged 5.2 percent since the beginning of the year, as of Friday’s closing. KT and LG Uplus shares dropped 4.2 percent and 15 percent, respectively, in the same period. (KT)Foreign investors, despite being the driving

Feb 19, 2019
Finance
Foreign investors net purchase W3.73tr in Korea-listed stocks

Foreign investors in South Korea continued to purchase more locally listed stocks while offloading bonds last month, the latest data on foreign investors’ stock and bond ownership by the Financial Supervisory Service showed Monday.Foreign investors net purchased some 3.73 trillion won ($3.32 billion) in locally listed stocks during January, continuing the transition to net buying observed in December last year, according to the FSS.By region, Europe net purchased 1.7 trillion won in stocks, whil

Feb 19, 2019
Finance
Korea in need of independent securities research body: KIF

South Korea should encourage the establishment of an independent research body that produces unbiased securities reports to guide investors, suggests a latest report by the Korea Institute of Finance.According to a KIF report Sunday, the proportion of “sell” opinions for Korean companies that were adopted by local securities companies between September 2017 to September 2018 stood at a mere 0.1 percent.During the same period, the proportion of “sell” opinions adopted by foreign securities firms

Feb 18, 2019
Finance
Seoul shares expected to remain sluggish next week

South Korean stocks are unlikely to to gain ground next week amid gloomy corporate estimates and looming signs of economic slowdown, analysts said Saturday.The Korea Composite Stock Price Index (KOSPI) rose 19.04 points, or 0.87 percent, to 2,196.09 on Friday, from 2,177.05 points a week ago. The index rallied for the first four days of the week on rising expectations that a trade deal could be forged between Washington and Beijing.It jumped nearly 25 points to hit a four-month high on Thursday

Feb 16, 2019
Finance
[Photo News] Tech trend talk with Ted

TECH TREND TALK WITH TED -- Chung Tae-young or Ted, vice chairman of Hyundai Capital and Hyundai Card, sits with IBM Chairperson and CEO Ginni Rometti at the IBM Think 2019 event in San Francisco on Tuesday. The Chairman’s Address, during which the IBM chief shares insights with a selected business pioneer, is the most popular segment of the annual tech event. (Hyundai Capital Services)

Feb 15, 2019
Finance
[News Focus] Korean banking giants accelerate steps for M&As in nonbanking sectors

South Korea’s major banking groups are actively seeking mergers and acquisitions to expand their nonbanking business, in an effort to diversify incomes in light of volatilities in the main banking sector.Faced with the government’s efforts to lower lending rates, banks here have been turning their attention to diversifying their portfolio, focusing on acquiring nonbanking finance firms, such as loan service providers and credit card firms.The latest move was made by KB Financial Group, which has

Feb 15, 2019
Finance
Nonghyup Financial logs record-high profit in 2018

Nonghyup Financial Group Inc. said Thursday its net profit reached an all-time high last year, surpassing the 1 trillion won ($888.9 million) mark for the first time.Net profit of the financial group reached 1.22 trillion won in 2018, up 41.8 percent from a year earlier, the group said in a statement.The best-ever performance since the group's establishment in 2012 is attributable to the growth in interest income and commission fees and lower loan-loss provisions. (Yonhap)Its interest income ros

Feb 14, 2019
Finance
Foreign investors turn attention to Kosdaq

South Korea’s tech-heavy secondary bourse Kosdaq has been buoyed in recent weeks by foreign investors’ increased interest in the nation’s biotech and pharmaceutical sectors. According to the nation’s sole stock exchange operator Korea Exchange on Wednesday, overseas investors’ net buying of local shares on the Kosdaq, from Jan. 23 to Monday, amounted to 490.5 billion won ($437.6 million), a stark contrast to their decision to net sell stocks worth 606.1 billion won last year. (Yonhap)Industry w

Feb 14, 2019
Finance
Visa to open innovation center in Korea as part of global fintech push

Global credit card giant Visa is planning to open a new innovation center in South Korea as it seeks to expand partnerships with local financial technology startups to develop the next generation of payment solutions.“Korea is considered an epicenter of fintech innovation. To pursue a more meaningful fintech-big tech collaborative business model, we are planning to establish an innovation center here,” said Patrick Yoon, country manager for Visa International Asia Pacific Korea, during a press c

Feb 14, 2019
Finance
Korea's 4 major banking groups log record net profit in 2018

Shinhan Financial regains No. 1 banking group title, overtaking KB Financial

Feb 13, 2019
Finance
NPS pressure to expand dividends draws mixed reactions

With the National Pension Service apparently determined to pressure companies with “stingy” dividend policies to change their ways, investors are viewing it as an opportunity to seek out new targets with the potential for high payouts, while businesses are concerned on excessive management intervention. Signs of change were spotted as the NPS began exerting its shareholder rights through the stewardship code over Hanjin KAL on Feb. 1, followed by its demand for Namyang Dairy to increase its divi

Feb 13, 2019
Finance

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