Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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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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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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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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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Seoul stocks open lower on Wall Street losses
South Korean stocks opened lower Tuesday, following overnight losses on Wall Street amid the growing toll of the coronavirus pandemic around the world. The benchmark Korea Composite Stock Price Index fell 7.85 points, or 0.36 percent, to 2,178.21 in the first 15 minutes of trading. Major US stock indices ended weaker on Monday (New York time), with the confirmed COVID-19 toll topping 13 million globally. The Nasdaq Composite dropped 2.13 percent to 10,390.84, snapping a three-session winni
July 14, 2020
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K bank resumes consumer loan service
South Korea’s oldest online-only lender K bank said Monday it has resumed its consumer loan business through its mobile apps. The new loan products will be offered either in the form of personal loans for consumers with mid- to high-credit scores or overdrafts. The annual interest rate for borrowers will be 2.08 percent at its lowest. Borrowers’ credit-worthiness will be assessed under K bank’s own credit scoring system that applies machine-learning techniques and big data
July 13, 2020
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IMM pauses acquisition of Kolmar CMO units
IMM Private Equity’s plan to acquire Kolmar Korea’s contract-based pharmaceutical business assets for 512.52 billion won ($427.24 million) has been postponed indefinitely, filings showed Monday. In a renewed disclosure, the prearranged deadline for IMM’s all-cash deal to buy the assets owned by Kolmar Korea Holdings’ stake by July 31 was scrapped on Friday, without setting a fresh due date. This comes two months after Korea’s third-largest private equity fund ink
July 13, 2020
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Naver, other 'untact' stocks' market value tops W100tr
A combined market value of Naver Corp., South Korea's top internet portal operator, and other so-called 'untact' stocks, such as Kakao Corp., have seen their combined market cap surpass the 100-trillion won ($83.27 billion) mark for the first time amid the novel coronavirus outbreak. The market capitalization of the three companies, including Kakao, the operator of the country's top mobile messenger KakaoTalk, and leading game developer NCSOFT Corp., came to 100.7 trillion won as of Mo
July 13, 2020
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Seoul stocks up on further stimulus hopes
South Korean shares closed higher Monday despite a hike in global virus outbreaks, buoyed by growing expectations for an additional stimulus package. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 35.81 points, or 1.67 percent, to close at 2,186.06. Trading volume was high at about 642 million shares worth some 10.3 trillion won ($8.6 billion), with losers outnumbering gainers 613 to 230. Foreigners bought a net 100 billion won, whil
July 13, 2020
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Shinhan, Carlyle to create $600m infra fund
Shinhan Alternative Investment Management and US-based private equity fund Carlyle Group have agreed to create a fund to jointly invest in prime infrastructure loans, according to industry sources Monday. The fund, tentatively named “Shinhan Carlyle Infra Credit Fund I” will be launched after both firms finalize the agreement. The $600 million worth fund will be invested in overseas prime infrastructure loans in the US and Europe, they said. “Shinhan and Carlyle have discus
July 13, 2020
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FSS warns Shinhan, Hana, IBK of lax management in project financing
The financial watchdog said Monday it has issued a disciplinary warning to three lenders -- Shinhan, Hana and Industrial Bank of Korea -- for their slack management in project financing. Project financing refers to a long-term loans issued by savings banks and other lending institutions as well as a number of equity investors, which is aimed at supporting infrastructure projects. The Financial Supervisory Service slapped disciplinary measures against the lenders as they reportedly subt
July 13, 2020
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Foreigners extend stock sell-off to 5th straight month in June
Foreign investors extended their selling spree of South Korean stocks to a fifth straight month in June, data showed Monday. Foreigners sold a net 420 billion won ($348.6 million) worth of local stocks last month, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 2.5 trillion won worth of stocks last month, while British investors net purchased 1.7 trillion won worth of stocks, according to the FSS. As of end-June, local stocks held by foreign
July 13, 2020
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Seoul stocks open higher on stimulus hopes
South Korean shares opened higher Monday on hopes for economic rebound despite rising virus outbreaks around the globe. The benchmark Korea Composite Stock Price Index (KOSPI) added 13.51 points, or 0.63 percent, to 2,163.76 in the first 15 minutes of trading. The gains were led by optimism for a quick economic recovery. South Korea's exports fell 1.7 percent on-year in the first 10 days of July, but a slower rate of decline signaled recovery in outbound shipments. This week, South Kore
July 13, 2020
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[Herald Interview] Former WeWork Korea general manager dives into proptech scene with platform Dongnae
Looking for a home, whether to rent or own, is an extremely time-consuming and painstaking job in South Korea. House hunters have to jump from one real estate agency to another to find the right one to fit their budget. Many factors contribute to this decision, including proximity to educational resources, commute times, and the neighborhood itself. And the mission of finding a perfect house for Matthew Shampine, former general manager of coworking space giant WeWork Korea, was also difficul
July 12, 2020
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Kospi likely to rebound to 2,200-level amid key economic policies
Facing a series of key economic events slated for this week, South Korean stocks are set to rebound slightly with investors weighing hopes against the coronavirus woes, according to market watchers Sunday. At the core is the “New Deal” package scheduled to be unveiled Tuesday -- seeking to create jobs and foster economic growth amid the COVID-19 fallout, President Moon Jae-in’s administration put forward a program to invest more than 100 trillion won ($83.29 billion) into &ld
July 12, 2020
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COVID-19 shocks on wane in Seoul’s office leasing market
The prime office market in Seoul has recently showed signs of normalization, as uncertainties due to the economic impact of the coronavirus outbreak have been on the wane in key business districts, data showed Sunday. Demand from the information technology industry remained healthy, allowing major prime buildings to sign leases with large tenants, according to an estimate from real estate service firm Colliers International. In Gangnam, one of the larger business districts of the city, financ
July 12, 2020
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Bourse operator to review normalization plan of SillaJen at risk of delisting
South Korean bourse operator Korea Exchange said Friday that it will review a business normalization plan by bio tech firm SillaJen to decide whether to delist it. The KRX has been reviewing the company's listing, after the company's chief executive and key management were indicted over charges of embezzlement and breach of trust. SillaJen submitted its business normalization scheme to the bourse operator, and the KRX will have to decide whether to accept it by Aug. 4. In the case of granti
July 10, 2020
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Doosan’s plan to meet bailout requirements gathers momentum
Debt-saddled Doosan’s efforts to secure cash in response to the policy lenders’ bailout appears to be coming to fruition, as the construction-to-equipment giant is finding new investors to help the conglomerate improve its balance sheet. In line with ongoing moves, Doosan is looking to embark on talks with Daewoo Development Engineering & Construction, the Korean subsidiary of Chinese real estate developer JL Global, to sell Doosan Engineering & Construction. The final de
July 10, 2020
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Seoul stocks slump on virus concerns
South Korean shares closed lower Friday, as investors turned risk-averse amid rising new coronavirus infections around the world. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 17.65 points, or 0.81 percent, to close at 2,150.25. Trading volume was high at about 876 million shares worth some 11.9 trillion won ($9.9 billion), with losers outnumbering gainers 675 to 190. The index's fall came after daily COVID-19 cases in the United State
July 10, 2020
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Credit loan balance rises in June amid tougher mortgage rules
The amount of credit loans taken out by individuals sharply increased in June due to the government’s tough regulations on mortgage loans and the recent stock market rallies. According to data released by the Financial Services Commission and the Financial Supervisory Service on Friday, the entire outstanding balance of credit loans at commercial banks and savings banks totaled 3.5 trillion won ($2.9 billion) last month. The amount of loans extended at commercial banks last month, stan
July 10, 2020
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Seoul stocks open lower on virus fear
South Korean shares opened lower Friday amid concerns over a resurgence of the new coronavirus infections around the world. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.78 points, or 0.41 percent, to 2,159.12 in the first 15 minutes of trading. Investor sentiment weakened globally as concerns of the spreading COVID-19 toll outweighed the economic rebound hopes. The daily COVID-19 cases in the United States topped 60,000 for the first time Thursday (US time), with record d
July 10, 2020
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Seoul stocks close higher on advance of 'untact' businesses
South Korean stocks closed higher Thursday on strong gains by 'untact' businesses prompted by fears over a prolonged pandemic, analysts said. The Korean won stayed flat. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.02 points, or 0.42 percent, to close at 2,167.90. Trading volume was moderate at about 609 million shares worth some 12.8 trillion won ($10.7 billion), with losers outnumbering gainers 421 to 417. Foreigners sold a net 33 billion won, while retail investors purcha
July 9, 2020
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PM vows stern measures against illegal private finance
The South Korean government vowed to speed up measures to stem the rampant practices of illegal private lending Thursday. Prime Minister Chung Sye-kyun visited a counseling center within the market watchdog Financial Supervisory Service that addresses consumer damages caused by illicit private lending, which normally target low-income families with high interest rates and related frauds. He was accompanied by FSS Gov. Yoon Suk-heun, Financial Services Commission Vice Chairman Sohn Byun
July 9, 2020
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Amid prolonged COVID-19, S. Korea’s ‘untact’ stocks on bullish run
Amid the ongoing coronavirus pandemic, stocks related to untact -- non-face-to-face contact -- businesses continued their bullish run in South Korea on Thursday, as investors attempt to profit from the beneficiary sectors. Shares of Kakao, the operator of the local top mobile messenger, began trading at 328,000 won ($274.80), then soared by 24,500 won, up 7.47 percent in early trading hours. The stock price continuously moved up to close at 355,500 won, reaching its 52-week high. Due to the
July 9, 2020