Most Popular
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Yoon calls for dialogue, trust from medical community
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NK leader guides firing drills involving super-large multiple rocket launchers
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Dyson founder visits Seoul for global debut of new hair dryer
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Leaders call for action against threats to democracy posed by AI
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Asiana Airlines wins data transfer certification in China
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Dispute heats up over dispatch of scandal-ridden envoy to Australia
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Dodgers beat S. Korea in final exhibition before MLB opener in Seoul
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Disgraced ex-K-pop star released after serving time for sex crimes
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Trump unlikely to unravel IRA: experts
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Koreans more open to foreigners in society than LGBTQ+: data
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Hyundai Motor invests in Netmarble’s virtual human projects
Metaverse Entertainment, a subsidiary of Netmarble F&C, has attracted 2 billion won ($1.6 million) in investment from Hyundai Motor Group’s tech fund Zer01ne, according to Netmarble on Wednesday. Netmarble F&C is a development arm of the nation’s top mobile game developer. Netmarble said the latest funding was based on the auto giant’s tech fund’s valuation of the metaverse company at 100 billion won. With the investment, Netmarble said virtual humans being
April 6, 2022
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S. Korean banks eye trust fund market amid aging society
South Korean banks are eager to branch out into the trust fund market here, as the country’s demographic shift to an aging society has accelerated demand for it. While it is common in the US and other countries to establish a trust fund for inheritance and keep assets within the family with minimal legal issues, a majority of Korean families still prefer passing on assets through wills. But today, more Koreans are seeking to manage their assets through trust funds, which gives grantors mo
April 6, 2022
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Seoul stocks open lower on Fed's hawkish stance, supply disruption woes
South Korean shares opened lower Wednesday, tracking overnight falls on Wall Street, as a key US Fed member hinted at more aggressive monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) had lost 16.52 points, or 0.60 percent, to reach 2,742.68 as of 9:15 a.m. Overnight, the US stock market tumbled, after Federal Reserve Gov. Lael Brainard said the Fed would begin rapidly reducing its balance sheet in May and is preparing for "stronger" actions to bring down inf
April 6, 2022
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Kakao unveils ‘stock as gift’ service
Kakaopay Securities, the stock brokerage arm of Korea‘s mobile payment platform KakaoPay, said Tuesday it will launch a new service in June through which one can buy stocks as gifts with its payment platform that has over 37 million subscribers. “Users can give both domestic and foreign stocks to friends and family with a gift card featuring Kakao Friends characters,” said Kakaopay Securities co-CEO Lee Seung-hyo during an online press conference. Users receive the stock gift
April 5, 2022
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Foreign reserves down in March on fall in dollar-converted asset value, dollar selling to ease volatility
South Korea's foreign reserves shrank in March due to a decline in the dollar-converted value of its assets and unloading of dollars aimed at curbing the local currency's steep descent, central bank data showed Tuesday. The country's foreign reserves stood at $457.81 billion as of end-March, down $3.96 billion from the previous month, according to the data provided by the Bank of Korea (BOK). The BOK attributed the decline to a fall in the dollar-converted value of its asset holdings and "m
April 5, 2022
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Seoul stocks open nearly flat despite overnight US gains
South Korean shares opened nearly flat Tuesday despite overnight rallies on Wall Street as investors remain wary of lingering concerns over the US central bank's monetary tightening and the Ukraine crisis. The benchmark Korea Composite Stock Price Index (KOSPI) had added 0.47 point, or 0.02 percent, to reach 2,758.37 as of 9:15 a.m. Overnight, the US stock market finished higher on strong gains of tech shares. The Dow Jones Industrial Average rose 0.3 percent, and the Nasdaq composite advanced 1
April 5, 2022
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Quantit wins Asian Private Banker Technology Award
South Korean fintech company Quantit said Monday it has received the best disruptive solution award at Technology Award 2021 hosted by Asian Private Banker. The firm was recognized for its robo-adviser service, dubbed RABIT, which uses artificial intelligence to offer investment strategies that reduce volatility in the high-risk cryptocurrency market. The service allows for a relatively safe investment in digital assets because it doesn’t require any transfer of assets to the robo-advis
April 4, 2022
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Mirae Asset’s Canadian subsidiary’s asset under management exceeds W20tr
Mirae Asset Global Investment’s Canadian subsidiary Horizons ETFs’ assets under management have exceeded 20 trillion won ($16.4 billion), showing more than a sixfold increase in the last decade. On Monday, the Korean asset manager said Horizons ETFs’ assets under management had reached $18.1 billion, or 22.2 trillion won. The figure has increased more than sixfold since Mirae Asset acquired Horizons ETFs in 2011, when it was managing assets of 3.6 trillion won. Horizons ETFs
April 4, 2022
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Seoul stocks open lower amid uncertainty over Ukraine crisis
South Korean stocks opened lower Monday as investors unloaded large-cap shares, including tech issues, amid lingering uncertainties over the Ukraine crisis and inflation. The benchmark Korea Composite Stock Price Index lost 11.51 points, or 0.42 percent, to trade at 2,728.34 points as of 9:15 a.m. Investors took to the sidelines as the ongoing crisis surrounding Ukraine has deepened concerns over soaring energy prices and inflation. Moscow said Sunday that it attacked and destroyed key energy fa
April 4, 2022
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Equity, bond funds remain sluggish over fears of rate hikes
South Korean equity and bond funds have disappointed investors in the first three months of the year, with many seeing noticeable losses in profitability, data showed Sunday. Equity funds with over 1 billion won ($819,000) in assets saw an average 7.89 percent loss in profitability since the beginning of the year as of Sunday, data provided by local financial market FnGuide showed. Korean index funds, which closely tracks local stock market indexes saw an 8.59 percent profitability loss in the
April 3, 2022
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Kyobo Life Insurance hits snag over options contract row
Kyobo Life Insurance, Korea’s third-largest insurance company by assets, said Friday that a private equity firm-led consortium is threatening to derail its efforts to go public. The consortium is compelling the insurance company to honor an options contract that Kyobo says could undermine its CEO, the largest shareholder. The consortium -- led by equity firm Affinity Equity Partners -- signed a put option agreement with Kyobo Life Insurance CEO Shin Chang-jae in 2012.
April 1, 2022
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Underwear maker shares jump on bid to acquire SsangYong Motor
Shares of underwear maker Ssangbangwool rose about 29 percent Friday, as the company announced its bid to acquire SsangYong Motor, a debt-ridden carmaker whose recent takeover by a local electric carmaker fell apart. The company’s shares closed at 1,010 won ($0.83), up 29 percent from Thursday’s closing on the benchmark Kospi board. Ssangbangwool’s key subsidiary Kanglim, which trades on the junior Kosdaq, saw its shares rise by 30 percent. Kanglim manufactures special vehicle
April 1, 2022
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Seoul stocks open lower on Ukraine, inflation risks
South Korean stocks opened lower Friday amid still ongoing tensions surrounding Ukraine and rising inflation risks. The benchmark Korea Composite Stock Price Index fell 21.6 points, or 0.78 percent, to trade at 2,736.05 points as of 9:15 a.m. Stocks dropped as Russia's attack on the Ukrainian city of Mariupol fueled pessimism about the two country's peace talks. Most large caps traded lower in Seoul. Market bellwether Samsung Electronics lost 0.72 percent, and No. 2 chipmaker SK hynix declined 0
April 1, 2022
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Seoul stocks up for 3rd day amid Ukraine crisis
South Korean shares extended their winning streak to a third session Thursday amid the geopolitical uncertainties in Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 10.91 points, or 0.4 percent, to close at 2,757.65 points. Trading volume was moderate at about 1 billion shares worth some 9.6 trillion won ($7.9 billion), with gainers outnumbering losers 607 to 240. Institutions bought a net 191 billion won, while foreigners sold 17
March 31, 2022
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[MARKET EYE] S. Korea’s crypto market on path to gain more legitimacy
South Korea’s cryptocurrency market is on a solid path to becoming further legitimized with banks calling for authorization to enter the business and the incoming president pledging to ease regulations. Asia’s fourth-largest economy’s crypto market is booming, with Koreans having invested a total 52.8 trillion won ($43.6 billion) in the digital asset class last year in terms of the combined size of the accounts held by five major crypto exchanges, watchdog Financial Superviso
March 31, 2022
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Seoul stocks open higher on financial, tech gains
South Korean shares opened higher Thursday, buoyed by financial and tech advances, despite overnight falls on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) had increased 9.89 points, or 0.36 percent, to trade at 2,756.63 points of 9:15 a.m. Most large caps traded higher in Seoul. KOSPI's top cap Samsung Electronics traded flat, and battery giant LG Energy Solution grew 0.45 percent. Financial heavyweight KB Financial Group increased 1.17 percent, and mobile messenger opera
March 31, 2022
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Citibank Korea spent W1.2tr won on voluntary retirement last year
Citibank Korea Inc., the Korean unit of US banking giant Citigroup, said Wednesday it spent a total of 1.2 trillion won ($991 billion) on its voluntary retirement programs last year. Early-retiring employees were paid in advance the salaries that they would have earned until the legal retirement day, with an upper limit of 700 million won, the bank said. According to its regulatory filing, the bank registered a net loss of 796 billion won in 2021, compared with a net profit of 187.8 billion
March 30, 2022
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Seoul stocks up for 2nd day on hope for Ukraine-Russia peace talks
South Korean shares closed a tad higher Wednesday, as investors focused on the recent round of Ukraine-Russia peace talks that ended earlier in the day. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index advanced 5.67 points, or 0.21 percent, to close at 2,746.74 points. Trading volume was moderate at about 825 million shares worth some 10.9 trillion won ($9 billion), with losers outnumbering gainers 432 to 416. Institutions bought a net 160 billio
March 30, 2022
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Seoul stocks open higher on US gains
South Korean shares opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index had increased 13.99 points, or 0.51 percent, to reach 2,755.06 as of 9:17 a.m. Overnight, the tech-heavy Nasdaq climbed 1.84 percent and the Dow Jones Industrial Average advanced 0.97 percent, as investors pulled hopes of easing geopolitical tensions amid the Ukraine-Russia peace talks. In Seoul, market bellwether Samsung Electronics went up 0.28 percent, and No.
March 30, 2022
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KRX delays lifting trading halt on Osstem Implant
The Korea Exchange said Tuesday that it had decided to postpone its decision on whether to allow Osstem Implant to resume trading, after hours of deliberation that failed to reach consensus on the fate of the company, which had reported insider theft amounting to 221 billion won ($181 million). The largest dental implant maker in the Asia-Pacific region, which used to trade on the tech-heavy Kosdaq board, reported the theft on Jan. 3 and the KRX suspended trading that day. A month l
March 29, 2022