Most Popular
-
1
Korea enters full election mode
-
2
Immigrant woman stabbed to death by Korean husband
-
3
Seoul bus drivers go on general strike, cause morning rush hour delays
-
4
Lee Jong-sup resigns as envoy to Australia
-
5
Yellow dust engulfs S. Korea, advisory alert issued
-
6
Official campaigning kicks off for April 10 elections
-
7
S. Korea to boost support for single-parent families
-
8
Court upholds jail term for man who attempted to murder ex-girlfriend
-
9
Kia EV9 wins world car of year
-
10
Korea misses out on global bond index boost
-
Korean banks expand financial services for foreigners
South Korean banks are notorious among foreign residents here seeking loans and other financial products for their stricter screening and frequent rejections compared to Korean customers. But they have recently started to acknowledge that foreigners here could diversify their revenue sources. At the vanguard of the change is JB Financial Group, a more regional business compared to the four major commercial banking groups here -- KB, Shinhan, Hana and Woori -- but nonetheless has a strong net
March 21, 2022
-
Foreign currency deposits grow in Feb. on increased corporate savings
Foreign currency deposits at banks in South Korea grew for the first time in three months in February thanks to increased corporate savings, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $98.14 billion as of end-February, up $4.97 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data exclud
March 21, 2022
-
Seoul stocks open nearly flat amid Ukraine uncertainties
South Korean stocks opened nearly flat Monday as investors keep a close eye on ongoing diplomatic efforts over the Ukraine-Russia tensions. The benchmark Korea Composite Stock Price Index had inched down 0.4 points, or 0.01 percent, to trade at 2,706.62 points as of 9:15 a.m. Stocks traded bearish as investors took a wait-and-see mode after a three-day gain that stemmed from hopes of progress in the Ukraine-Russia peace talks. Large caps traded mixed. Market bellwether Samsung Electronics lost 0
March 21, 2022
-
[Newsmaker] Hana Financial Group joins $2.6b bid to buy Chelsea FC
South Korea’s Hana Financial Group has recently submitted a bid of $2.6 billion to buy Premier football club Chelsea, in a consortium led by UK property magnate Nick Candy. Local reports on Saturday said that the consortium of Candy, Hana Financial Group and Korean sports management firm C&P Sports -- dubbed “The Blue Football Consortium” -- have become one of several bidders who expressed their interest in buying Chelsea from its current Russian owner Roman Abramovich by
March 20, 2022
-
Average pay at Korea's top 4 banks exceeds W100m for first time
The average annual salary at South Korea’s top four banks exceeded 100 million won ($82,500) for the first time last year, backed by a surge in interest and fee revenue, data showed Sunday. Bankers under the four commercial banks here -- KB Kookmin, Shinhan, Hana and Woori -- received an average 105.5 million won last year, 7.6 percent up from the previous year, according to their annual reports. The figure includes the employees’ base salary, performance pay and bonuses. The aver
March 20, 2022
-
Seoul stocks likely to advance next week on eased Fed, Ukraine woes
South Korean stock markets are expected to gain ground next week, as investors are likely to snap up oversold stocks amid eased uncertainty about the U.S. monetary policy and optimism for the Russia-Ukraine peace talks, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,707.02 points Friday, down 1.72 percent from a week ago. The key stock index started weak this week as investors turned cautious ahead of the U.S. Federal Reserve's policy meeting. But
March 19, 2022
-
Seoul stocks up for 3rd day amid hope for Ukraine peace talks
South Korean stocks extended their winning streak to a third session Friday after choppy trading, as investors eye the ongoing Ukraine-Russia peace talks after eased Fed uncertainties. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.51 points, or 0.46 percent, to close at 2,707.02 points. Trading volume was moderate at about 634 million shares worth some 11.3 trillion won ($9.3 billion), with gainers outnumbering losers 547 to 303. Reta
March 18, 2022
-
SC Bank Korea's 2021 net dips 50% on one-off costs
Standard Chartered Bank Korea said Friday its net profit tumbled more than 50 percent in 2021 from a year earlier on large one-off costs. Combined net income stood at 127.9 billion won ($106 million) last year, down 50.3 percent from a year earlier, said the local unit of British banking giant Standard Chartered Bank. The lender said the bottom-line plunge is blamed on one-off costs worth 252.7 billion won resulting from a special early retirement program in the fourth quarter of last year. Its
March 18, 2022
-
Seoul stocks open higher as investors eye Ukraine peace talks
South Korean stocks opened slightly higher Friday, as investors placed hopes on the ongoing fourth round of Ukraine-Russia peace talks after eased Fed uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.9 points, or 0.14 percent, to trade at 2698.41 points as of 9:15 a.m. Large caps traded mixed in Seoul. Market bellwether Samsung Electronics lost 0.7 percent, and No. 2 chipmaker SK hynix retreated 0.81 percent. Internet portal operator Naver advanced 0.44 percent, and
March 18, 2022
-
Seoul stocks rise more than 1%, Korean won surges on Fed's hike, eased Ukraine woes
South Korean stocks rallied by more than 1 percent as the US Federal Reserve's monetary meeting results largely fell within investors' expectations and optimism for Russia-Ukraine peace talks. The Korean won soared by the largest margin in two years against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 35.28 points, or 1.33 percent, to close at 2,694.51 points. Trading volume was moderate at about 535 million shares worth some 11.6 trillion won ($9.6 billion), w
March 17, 2022
-
Seoul stocks open steeply higher on eased woes over Fed's rate hike
South Korean stocks opened sharply higher Thursday, as the US Federal Reserve's monetary meeting results largely fell within expectations. The benchmark Korea Composite Stock Price Index (KOSPI) rose 44.5 points, or 1.67 percent, to trade at 2,703.73 points as of 9:15 a.m. Stocks lifted, taking a cue from the overnight stock rallies. The tech-heavy Nasdaq composite surged 3.77 percent, and the Dow Jones Industrial Average advanced 2.55 percent. The Fed raised its key interest rates by a quarter
March 17, 2022
-
[Photo News] Ring the bell
(From left) Lee Jane, president of the Korea Women Startup Forum, Kim Sang-kyung, chairperson of the Korea Network of Women in Finance, EU Ambassador to Korea Maria Castillo-Fernandez, Sohn Byung-doo, chairman and CEO of the Korea Exchange, Kwon Choon-taek, secretary-general of the UN Global Compact Network Korea, Lee Bok-sil, president of the Women Corporate Directors Korea, and British Ambassador to Korea Colin Crooks, participate in “Ring the Bell” event designed to raise business
March 16, 2022
-
Seoul stocks snap 3-day losing streak on eased concerns over oil prices, rate hikes
South Korean stocks rebounded Wednesday on the back of a steep fall in oil prices, ending a three-day losing streak. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index closed up 37.70 points, or 1.44 percent, at 2,659.23 points. Trading volume was moderate at about 727 million shares worth some 9.2 trillion won ($7.4 billion), with gainers outnumbering losers 734 to 128. Institutions bought a net 365 billion won, while foreigners sold 133 billion won and r
March 16, 2022
-
Toss Bank to pay daily deposit interest
Toss Bank, South Korea’s internet only bank, said Wednesday it will pay daily deposit interest to its customers for the first time in the banking industry. Toss Bank account owners can simply click on the “receive now” button to be paid with daily deposit interest, instead of receiving it monthly. With the service, users can withdraw their money including the deposit interest at any time they want. For instance, if customers deposit 1 million won ($805) into the account, the
March 16, 2022
-
Seoul stocks open higher on Wall Street rallies
South Korean stocks opened higher Wednesday, tracking overnight rallies on Wall Street that stemmed from a plunge in oil prices. The benchmark Korea Composite Stock Price Index (Kospi) rose 18.55 points, or 0.71 percent, to trade at 2,640.08 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite surged 2.92 percent and the Dow Jones Industrial Average advanced 1.8 percent, largely as oil prices dipped below $100 a barrel amid talks between Russia and Ukraine. Inves
March 16, 2022
-
Young Koreans eye Yoon‘s W100m savings account scheme
Young South Koreans are anticipating the incoming Yoon Suk-yeol administration’s version of its state-backed savings account, with a goal of helping investors accrue 100 million won ($80,500). The state-backed savings account would allow South Korean residents aged between 19 and 34 to subscribe and submit a monthly payment of a maximum 700,000 won for a 10-year term, with an annual yield of 3.5 percent, a booklet of Yoon’s presidential pledges published by the People Power Party sh
March 15, 2022
-
Housing biz sentiment dips for 3rd month in March
South Korea's housing market sentiment shrank for the third straight month in March amid waning hopes of business improvements, a poll showed Tuesday. The Korea Housing Institute said its housing business sentiment index (HBSI), based on a survey of about 500 construction firms, stood at 66.2 for this month, down 1.7 points from the previous month. Yet March's on-month decrease was smaller than the previous month's decline of 9.7 points. A reading below 100 means the number of companies forecast
March 15, 2022
-
Seoul stocks open lower ahead of Fed meeting
South Korean stocks opened lower Tuesday, taking a cue from overnight Wall Street losses ahead of the US Federal Open Market Committee (FOMC) meeting. The benchmark Korea Composite Stock Price Index (KOSPI) had decreased 13.62 points, or 0.51 percent, to 2,632.03 points as of 9:15 a.m. The tech-heavy Nasdaq composite lost 2.04 percent, and the Dow Jones Industrial Average closed flat. The US Federal Reserve is widely expected to start hiking the interest rates from near zero this week, as the Uk
March 15, 2022
-
Court finds Hana chairman nominee responsible for derivatives misselling
A Seoul court on Monday found Hana Financial Group Chairman-nominee Ham Young-joo responsible for Hana Bank’s improper sales of derivatives-linked products that caused a fiasco in 2019 after investors saw huge losses. Defying market expectations, the Seoul Administrative Court found the chairman-nominee and then-Hana Bank CEO guilty of failing to appropriately supervise the bank’s misselling of troubled products to its consumers. The court nodded to the financial authorities&rsquo
March 14, 2022
-
NongHyup gets preliminary approval to operate in Noida, India
South Korea’s NongHyup Bank has received preliminary approval from India’s financial authorities to establish a branch in the South Asian nation’s planned industrial city of Noida. If the branch is established, it will mark NongHyup’s second business entity in India, after its New Delhi office opened in 2016. The move to open a branch in Noida is part of NongHyup’s plan to have more than 14 business entities in 12 nations across the world by 2025. It opened a bran
March 14, 2022