Woori Bank said on Tuesday it has completed a project led by the Vietnamese central bank to jointly set up an electronic network for financial transactions aimed at promoting cashless payments in the Southeast Asian nation. Woori Bank Vietnam was the only foreign lender among nine commercial banks selected to build the Automated Clearing House, a computer-based electronic network for processing transactions designed by the State Bank of Vietnam. The network is a part of the Vietnamese governm

South Korean stocks rose for the second straight session Tuesday on hopes for better earnings amid a global economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.49 points, or 1.07 percent, to close at 3,169.08. Trading volume was moderate at about 1.7 billion shares worth some 16.1 trillion won ($14.3 billion), with gainers outnumbering losers 477 to 358. Foreigners bought a net 445 billion won, while retail investors p

S. Korean crypto exchanges in their heyday on hike in transaction fees

Global investment bank raises upper-end target band for Kospi to 3,250 points

South Korean households spent a monthly average of 7.2 percent more on lottery tickets last year, compared with the previous year, data from the Korean Statistical Information Service showed Tuesday. Korean households each spent a monthly average of 590 won ($0.52) on lottery tickets last year, according to Kosis. The data also took households that didn’t purchase lottery tickets into account, in calculating the average figure. The increase in lottery ticket spending came amid a recor

Consumer financing firms in South Korea saw their combined net profit jump 24.7 percent on-year in 2020, supported by a modest gain in interest income, data showed Tuesday. The combined net profit of 112 credit-specialized financial firms stood at 2.56 trillion won ($2.27 billion) last year compared with a profit of 2.05 trillion won a year earlier, according to the data by the Financial Supervisory Service (FSS). Their interest income rose 2.9 percent on-year to 5.8 trillion won last year,

South Korea's money supply continued to grow in February, as loans to households and firms increased amid the COVID-19 pandemic, central bank data showed Tuesday. The country's M2 stood at 3,274.4 trillion won ($2.9 trillion) as of end-February, up 1.3 percent from a month earlier, according to preliminary data from the Bank of Korea (BOK). From a year earlier, M2 jumped 10.7 percent, the BOK said. A key economic indicator closely monitored by authorities, M2 is a measure of the money supply

South Korea's exports of automobiles shot up nearly 17 percent in the January-March period from a year earlier, data showed Tuesday, on the back of rising demand for premium automobiles, including SUVs and eco-friendly cars. Outbound shipments of automobiles reached 555,430 units in the first quarter, compared with 475,165 units posted a year earlier, according to the Ministry of Trade, Industry and Energy. In terms of value, exports also jumped 31.5 percent to US$11.9 billion. Exports in Mar

The issuance of asset-backed securities (ABS) in South Korea plunged 39.7 percent in the first quarter due to a sharp decline in sales of government-led mortgage funds, data showed Tuesday. The value of ABS issues stood at 13.7 trillion won ($12.1 billion) in the quarter, down 9 trillion won from a year ago, according to the data from the Financial Supervisory Service (FSS). ABS are structured with mortgages, auto loans, credit-card receivables and student loans as underlying assets. The plun

South Korean stocks opened higher Tuesday as investors pin their hopes on a fast global economic rebound ahead of the earnings season. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.6 point, or 0.56 percent, to 3,153.19 points in the first 15 minutes of trading. Stocks got off to a strong start despite increased valuation pressure as brokerages projected strong quarterly performances by local big-name companies. Investors are also relieved by the US Federal Reserve chairman'

South Korea’s tech-heavy Kosdaq ended at a two-decade high on Monday, surpassing a 1,000-point threshold on rallies of secondary battery and bio shares. The secondary index ended trading at 1,000.65 points, up 11.26 points or 1.14 percent, from the previous session’s close. Both foreign and institutional investors purchased a net 36.2 billion won ($32.17 million) and 100 million won, respectively, while retail investors dumped 19.5 billion-won worth of shares. Among the top 10 l

Jipyong managing partner calls ESG a blue ocean market for legal professionals