Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Apple Pay available at Starbucks stores
Starbucks Korea, Korea’s top specialty coffee chain, now accepts Apple Pay, Apple’s mobile payment service, as of Tuesday. Starbucks Korea is the second retailer under Korean retail giant Shinsegae Group to implement the near-field communication system for Apple Pay following E-mart24, Shinsegae’s local convenience store. Apple Pay landed in Korea on March 21 with local partner Hyundai Card. “Ninety-six percent of Starbucks cafes, except for the 40 located inside departme
May 10, 2023
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Seoul shares end lower amid US inflation data, default woes
South Korean stocks finished a tad lower Wednesday due to rising uncertainties over the upcoming US. inflation data and worries about the US debt ceiling. The benchmark Korea Composite Stock Price Index went down 13.55 points, or 0.54 percent, to 2,496.51. Trading volume was moderate at 623.6 million shares worth 8.76 trillion won ($6.61 billion), with decliners outnumbering gainers 475 to 388. Foreign investors bought 120.7 billion won worth of local stocks, while institutions dumped 123.2 bill
May 10, 2023
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Seoul shares open lower ahead of US inflation data
South Korean stocks opened slightly lower Wednesday as investors took a cautious approach ahead of US inflation data. The benchmark Korea Composite Stock Price Index declined 3.34 points, or 0.13 percent, to 2,506.72 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed down 0.2 percent, and the Nasdaq Composite lost 0.6 percent. In Seoul, big-cap shares made a mixed start as tech giant Samsung Electronics lost 0.61 percent and leading chipmaker SK hynix stayed f
May 10, 2023
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Seoul shares end lower ahead of key inflation data
Seoul shares ended a tad lower on Tuesday as investors await key US inflation data and earnings results by major US firms. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 3.15 points, or 0.13 percent, to close at 2,510.06. Trading volume was moderate at 739.67 million shares worth 9.17 trillion won ($6.9 billion), with decliners outnumbering gainers 503 to 358. Individuals sold a net 175 billion won worth of stocks, offsetting institutions and fore
May 9, 2023
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More Apple financial services unlikely to be available in Korea soon: BOK
Despite the recent launch of Apple Pay in Korea, it is unlikely that other financial services offered by the US tech giant will be available in Korea soon due to legal issues, the Bank of Korea projected. Apple kicked off its mobile payment service, Apple Pay, in Korea with partner Hyundai Card in March. Yet, its other financial services such as Apple Card, Apple Cash and Apple Pay Later are currently available only in the US. The firm’s plan to launch financial services other than Apple P
May 9, 2023
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FSS chief promotes K-finance in Southeast Asia
Lee Bok-hyun, chief of the Financial Supervisory Service, is heading to Southeast Asia this week to promote the globalization of South Korea’s financial markets and attract global investors, the financial watchdog said Tuesday. The FSS chief, accompanied by representatives from Korean financial companies, was scheduled to visit Thailand, Singapore and Indonesia and hold investor relations events there. Lee’s visit began with a trip to Thailand on Monday, where he met with Sethaput
May 9, 2023
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Seoul shares open lower ahead of US inflation data
South Korean stocks opened a tad lower Tuesday as Wall Street ended mixed ahead of key US inflation data. The benchmark Korea Composite Stock Price Index slipped 5.59 points, or 0.22 percent, to 2,507.62 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average closed down 0.17 percent and the Nasdaq Composite added 0.18 percent as investors awaited consumer price data slated for Wednesday, which is expected to affect the Federal Reserve's next steps. In Seoul, ma
May 9, 2023
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Seoul shares end higher amid rate hike woes
Seoul shares ended higher Monday, following US stocks' rally last week, with investors staying cautious about the Federal Reserve's further rate hikes to tame inflation. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index went up 12.27 points, or 0.49 percent, to 2,513.21. Trading volume was moderate at 645.61 million shares worth 9.06 trillion won ($6.8 billion), with gainers outnumbering decliners 571 to 301. Institutions and foreigners bought a
May 8, 2023
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10 special industrial zones to be designated to spur innovation
South Korea announced a plan Monday to create a total of 10 special industrial zones by 2027, as regional vanguards to spur job creation and investment. The zones will run under the government’s deregulation scheme. The government hopes businesses operating there will focus on launching new products and making inroads in to overseas markets. Measures that match global standards, from regulation, certification to insurance, will be applied, the government said. Korea will first upgrade two
May 8, 2023
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Jeonbuk Bank expands money transfer services in Cambodia
JB Financial Group’s Jeonbuk Bank said Monday it will add 17 more banks to the list of financial institutions in Cambodia that accept real-time money transfers made through the Korean bank. This newest addition brings the total number of such institutions to 49, providing expanded opportunities for customers to make transfers to various banks. “We hope that our unique overseas real-time transfer service will be helpful to our customers who want to make transfers to Cambodia,” J
May 8, 2023
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Seoul shares open higher on US gains amid rate hike worries
Seoul shares opened higher Monday, tracking gains on Wall Street last week, with investors staying concerned over the US Federal Reserve's further rate hikes to tame inflation. The benchmark Korea Composite Stock Price Index rose 20.83 points, or 0.83 percent, to 2,521.77 in the first 15 minutes of trading. The main index stayed nearly unchanged last week, closing 0.02 lower at 2,500.94 on Thursday. The stock market was closed Friday to celebrate Children's Day. On Wednesday, Fed Chair
May 8, 2023
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Seoul shares almost flat amid Fed uncertainties; Korean won sharply up
South Korean stocks closed almost flat Thursday, after the US Federal Reserve spurned the possibility of an imminent end to the rate hike cycle and ruled out that a rate cut is unlikely to happen anytime soon. The local currency gained sharply against the US dollar. The benchmark Korea Composite Stock Price Index fell 0.46 points, or 0.02 percent, to 2,500.94. Trading volume was moderate at 797.8 million shares worth 9.85 trillion won ($7.43 billion), with decliners slightly outnumbering gainers
May 4, 2023
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Seoul shares open lower on Fed uncertainties
South Korean stocks opened marginally lower Thursday after the US Federal Reserve threw cold water on market expectations that the rate hike cycle is soon nearing an end, ruling out the possibility of a rate cut this year. The benchmark Korea Composite Stock Price Index slipped 3.42 points, or 0.14 percent, to 2,497.98 in the first 15 minutes of trading. Fed Chair Jerome Powell said after its policy meeting that it's too soon to say the rate hike cycle is over as the Fed believes the inflat
May 4, 2023
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Seoul shares snap 3-day rise on renewed bank woes
South Korean stocks snapped a three-day winning streak on Wednesday as uncertainties surrounding the US banking crisis reignited recession fears ahead of the Federal Reserve's policy meeting this week. The local currency edged up against the US dollar. The benchmark Korea Composite Stock Price Index retreated 22.99 points, or 0.91 percent, to close at 2,501.40. Trading volume was moderate at 877.4 million shares worth 9.72 trillion won ($7.26 billion) with decliners outnumbering gainers 524
May 3, 2023
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Seoul shares open lower on renewed banking woes
South Korean stocks opened lower Wednesday on renewed fears over the US banking crisis following the auction of a US regional bank ahead of the Federal Reserve's policy meeting this week. The benchmark Korea Composite Stock Price Index slid 13.66 points, or 0.54 percent, to 2,510.73 in the first 15 minutes of trading. Wall Street ended the session down overnight as uncertainties arose over the financial system following the sale of the First Republic Bank to JPMorgan Chase & Co., led by
May 3, 2023
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Prioritizing customer-centric digital finance innovation
Morphing into a customer-centered financial platform company through open digital innovation, fostering digital talent and strengthening technological capabilities is one of the key strategies Hana Financial Group pushes forward. Based on big data, the banking group is developing products and services tailored to customer groups while converting offline branches into financial platforms where customers can satisfy their needs through human touch. The digital channel plays the role of an all-in-o
May 2, 2023
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Seoul shares up for 3rd day ahead of Fed meeting
South Korean stocks closed higher Tuesday to extend their winning streak to a third day ahead of the US Federal Reserve's policy meeting later this week. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 22.86 points, or 0.91 percent, to finish at 2,524.39. Trading volume was moderate at 691.3 million shares worth 9.79 trillion won ($7.3 billion), with gainers outnumbering decliners 638 to 248. Foreigners bought a net 341.8 billion won of
May 2, 2023
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Hana Financial eyes M&As in bid to become global finance giant
Hana Financial Group plans to step up its globalization efforts to become a globally leading finance firm with customized strategies suited to each market with its business spanning from banking to securities brokerage services. As of the end of 2022, Hana Financial Group had expanded across 25 countries, with more than 4,500 employees overseas. According to the group, its global profit has been increasing every year by an average of 15 percent over the past four years. In 2022, the group&rs
May 2, 2023
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Seoul shares open higher ahead of Fed meeting
South Korean stocks opened higher Tuesday, as investors await to see a widely expected interest rate hike by the US Federal Reserve in the policy meeting later this week. The benchmark Korea Composite Stock Price Index rose 17.57 points, or 0.7 percent, to trade at 2,519.10 in the first 15 minutes of trading. The Fed is expected to raise the interest rate by another 0.25 percentage point at the end of the Federal Open Market Committee on Wednesday in what will be the latest move in its aggressiv
May 2, 2023
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Probe in full swing into W8tr stock market wipeout
The authorities are scrambling to respond to what could be one of the largest stock price manipulation cases in recent years. The authorities, including the Financial Supervisory Services, are investigating deals involving the stocks of eight companies, the combined market capitalization of which fell around 8 trillion won this week. The shares of the companies -- Samchully, Daesung Holdings, Seoul Gas, Sebang, Sun Kwang and Daou Data – began dropping abruptly earlier this week without a
April 28, 2023