Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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Hybe refutes Ador CEO Min's denial of breach of trust
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Seoul stocks open higher on stimulus hopes
South Korean shares opened higher on Monday on hopes for stimulus measures in major economies, bucking concerns over escalating tensions between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.37 points, or 0.70 percent, to 2,215.81 in the first 15 minutes of trading. Investor sentiment improved in Seoul, following reports that US Republicans were set to roll out a $1 trillion COVID-19 aid package early this week, with support from the White House.
July 27, 2020
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S. Korea’s housing prices soar ahead of real economy
South Korea’s housing prices were 2.64 times that of the gross domestic product in 2019, as the property market spiked, central bank data showed Sunday. Last year, the aggregate market price of houses here came to 5.67 quadrillion won ($4.62 trillion), up 7.4 percent from a year earlier, according to the Bank of Korea. The corresponding figure exceeded the 1 quadrillion won mark for the first time in 2000 and doubled up during the next six years to surpass 2 quadrillion won in 2006. Du
July 26, 2020
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[Future of Plastic Cards] With digital payments rising, will plastic cards become things of past?
This is the first installment in a series of articles and interviews assessing the future of credit cards as a major payment platform and challenges ahead. -- Ed. The rapid growth of mobile payment services is offering wider options for customers, but for the South Korean credit card industry it is both an opportunity and threat. Some naysayers even predict the demise of plastic credit cards that replaced cash payments for years. Fears linger over the possible emergence of a Korean-version of
July 26, 2020
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Shinhan Financial hands over leading bank title to rival KB in Q2
Taking a hit from the private equity debacle, Shinhan Financial Group failed to prolong its solid earnings streak in the second quarter and handed over the industry’s top position to rival KB Financial Group, data showed. For the three months that ended June 30, Shinhan posted a net profit of 873.1 billion won ($725.9 million), down 6.4 percent from a quarter earlier and 12.3 percent from a year earlier, the company said in a statement Friday. The latest result came in line with outlo
July 26, 2020
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REIT IPOs elicit lukewarm response from retail investors
The initial public offerings of South Korean real estate investment trusts are drawing lackluster response from retail investors before their listing on the local stock market, estimates showed Sunday. The latest was the undersubscription of the stock offering to individual investors, when JR Asset Management’s REIT was going public on the main bourse Kospi to invest in Finance Tower Complex in Brussels, Belgium. REITs are companies designed to generate returns for investors in the for
July 26, 2020
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Samsung Asset delays merger with hedge fund arm
Samsung Asset Management disclosed Sunday it has put a merger plan with its wholly owned hedge fund subsidiary on hold. The Seoul-based asset manager that oversees 26.9 trillion won ($22.3 billion) assets -- largest in South Korea -- added it would make an announcement once the date of merger is rescheduled. The deal was initially set to be closed by Aug. 1, following regulatory approval. The news comes amid intensifying scrutiny by authorities of Korean privately pooled funds -- private equ
July 26, 2020
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Seoul stocks set for mild gain next week: analysts
South Korean stocks are expected to log mild gains next week on hopes for a US stimulus package in the pipeline, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,200.44 points on Friday, nearly unchanged from 2201.19 points a week ago. The index managed to stay above the psychologically important 2,200-point mark despite disappointing economic indices and Sino-American tensions. Local analysts said the KOSPI is likely to post a gradual hike next week, large
July 25, 2020
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Cigna’s Korean subsidiary denies sell-off rumors
Lina Life Insurance, an affiliate of Cigna, on Friday denied market rumors that it is up for sale. According to recent market rumors, the US-based health service company plans to sell its stake in the wholly owned South Korean insurance firm. The company has reportedly selected Goldman Sachs as a lead manager for the sale. As per reports, Cigna could have fetched over 3 trillion won ($2.5 billion) from the sale. Founded in 1987, Lina Life, the 13th largest insurer here, has made most of its
July 24, 2020
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Seoul stocks dip for 3rd day on virus fears, economic woes
South Korean stocks closed lower for a third consecutive session on Friday, as investor sentiment worsened over the economic fallout from the new coronavirus pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 15.75 points, or 0.71 percent, to close at 2,200.44. Trading volume was high at about 979 million shares worth some 16.1 trillion won ($14 billion), with losers outnumbering gainers 583 to 279. Foreigners bought a net 87 bill
July 24, 2020
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JB’s asset management arm buys Milan office building
An asset management arm of South Korea’s JB Financial Group said Friday it has purchased the headquarters of Italian energy firm ENI for 200 million euros ($232 million) as part of its efforts to expand global investments. JB Asset Management has been expanding its infrastructure investment fund overseas since last year, making 300 billion won ($250 million) investment in gas–fired combined cycle power plants in New England and Ohio in the US. Earlier this month, JB forged a partn
July 24, 2020
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Seoul stocks open lower on virus woes
South Korean shares opened lower Friday on concerns over the virus pandemic's impact on the export-driven economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.73 points, or 0.44 percent, to 2,206.46 in the first 15 minutes of trading. The index got off to a weak start, with signals that the economic recovery from the COVID-19 pandemic may be slower than the authorities earlier expected. South Korean vice finance minister warned that the country's export slump is likely t
July 24, 2020
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IGIS drops Gangnam apartment renovation plan amid backlash
IGIS Asset Management said Thursday it has canceled a plan to renovate an apartment building in Gangnam, an affluent southern district of Seoul, it acquired in April. The nation’s largest commercial property investor added it would liquidate the privately pooled fund that was created to invest in the redevelopment project, immediately after it sells the residential building. The asset management company purchased Samsung World Tower from an individual for 42 billion won ($35 mil
July 23, 2020
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Seoul stocks down for 2nd day on weak data, US-China tensions
South Korean shares closed lower for the second straight day Thursday due to weaker-than-expected growth data and the rising US-China frictions. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.47 points, or 0.56 percent, to close at 2,216.19. Trading volume was high at about 920 million shares worth some 16.1 trillion won ($13.4 billion), with losers outnumbering gainers 597 to 271. Foreigners sold a net 210 billion won, and instituti
July 23, 2020
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Watchdog accuses Optimus hedge fund of alleged fraud, embezzlement
The nation’s financial watchdog said Thursday its probe revealed that scandal-ridden hedge fund Optimus Asset Management faked the fund portfolio to its investors, misappropriated their money and obstructed the authorities’ investigation. “Optimus misguided fund investors to pool their money, which led to fraudulent transactions,” Financial Supervisory Service Deputy Governor Kim Dong-hoe, who is in charge of financial investment services supervision, said in a briefing
July 23, 2020
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Local PEF zeroes in on Mr. Pizza acquisition
TR Investment has been given exclusive rights to negotiate with shareholders of MP Group, the operator of pizza restaurant chain Mr. Pizza, to buy a 41.39 percent stake for 35 billion won ($29.19 million), a disclosure showed Thursday. Under the binding memorandum of understanding, the South Korean private equity firm has agreed to buy 10 million existing shares of MP Group -- which operates pizza restaurants and coffeehouse chain -- from its current major shareholders including founder and e
July 23, 2020
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Seoul stocks open lower on disappointing Q2 GDP growth
South Korean shares opened lower Thursday as investor sentiment worsened over the country's biggest economic contraction in the second quarter in over two decades. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.99 points, or 0.40 percent, to 2,219.67 in the first 15 minutes of trading. In the April-June period, South Korea's real gross domestic product (GDP) shrank 2.9 percent from the same period last year, marking the slowest growth since a 3.8 percent on-year contraction in
July 23, 2020
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FSC OKs BC Card’s acquisition of controlling stake in K bank
South Korea’s financial regulator said Wednesday it has permitted BC Card to acquire a 34 percent controlling stake in internet-only K bank. With the Financial Services Commission’s approval, the credit card processing subsidiary of telecom giant KT will become the largest shareholder of the country’s first online-only lender. Earlier in May, the company had requested the FSC to review its eligibility to become K bank’s largest shareholder. Initially, KT had so
July 22, 2020
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'Korean investors’ growing interest in US tech stocks risky'
Persisting economic uncertainties due to the coronavirus outbreak appear to have only made blue chip tech stocks in the United States more expensive, while growing retail investors’ appetite for US stocks on global monetary expansion have left them prone to risks, said a strategist at global asset management firm AllianceBernstein. “On the issue of COVID-19 risk, we would just very simply say why bet on things that we don’t know?” David Wong, a senior investment strateg
July 22, 2020
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Hospitality industry’s Q1 output contracts to 10-year low: BOK
South Korea’s lodging and dining industry’s revenue plummeted to a 10-year low in the first quarter with a surge in loan requests, the central bank said Wednesday. According to data from the Bank of Korea, the industrial production index for the hospitality sector stood at 85.6, down 15.5 percent from the same quarter last year, marking the steepest fall since 2010. The IPA -- which measures current economic conditions -- is calculated based on sales figures in each busine
July 22, 2020
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Seoul shares end almost flat on profit-taking
South Korean stocks closed flat Wednesday as investors cashed in profits as virus fears marred economic recovery hopes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 0.17 point, or 0.01 percent, to finish at 2,228.66. Trading volume was heavy at 839 million shares worth 15.3 trillion won ($12.8 billion), with gainers outpacing losers 423 to 412. The KOSPI closed up 1.4 percent Tuesday, buoyed by a European Union economic stimulus
July 22, 2020