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
-
S. Korean shares open lower amid recession worries
Seoul shares opened lower Monday as investors remain concerned over the risk of recession amid the banking crisis triggered by the collapse of the US-based Silicon Valley Bank. The benchmark Korea Composite Stock Price Index fell 3.57 points, or 0.2 percent, to 2,411.39 in the first 15 minutes of trading. In Seoul, most large-cap stocks declined. Market bellwether Samsung Electronics Co. fell 1.3 percent, No. 2 chipmaker SK hynix Inc. declined 1.3 percent, top carmaker Hyundai Motor Co. dropped
March 27, 2023
-
Kakao’s SM acquisition nears completion
Kakao's plan to acquire leading K-pop agency SM Entertainment is nearing its final stage, with the music label's annual general meeting set to take place Friday. According to industry sources, the South Korean internet and portal giant's tender offer to buy a 35 percent stake of SM has won enough support from SM investors. Earlier this month, Kakao offered to buy off shares at 150,000 won ($115) each in a bid to become the largest shareholder of the K-pop powerhouse. The official
March 26, 2023
-
Former bank officials convicted for recruitment scandal
Four former Hana Bank officials have been found guilty by the Supreme Court for manipulating recruitment results in favor of graduates from certain schools and those recommended by high-ranking bank officials or financial authorities. They were also accused of discriminating female applicants from 2013 to 2016, local media reported Friday. Song, a former head of the bank’s human resources department, was sentenced to one year in prison, suspended for two years, and a 2 million won ($1,550)
March 24, 2023
-
Seoul shares open lower amid rate concerns
South Korean stocks opened lower Friday, despite Wall Street gains overnight in hopes that the US Federal Reserve is nearing the end of its rate hike cycle. The benchmark Korea Composite Stock Price Index dropped 4.88 points, or 0.2 percent, to 2,419.6 in the first 15 minutes of trading. Overnight, US shares finished higher after traders placed their bets on the Fed possibly winding down its aggressive monetary tightening soon amid recession woes, after its nine consecutive rate hikes in the spa
March 24, 2023
-
Seoul shares up for third day after Fed rate hike; won at over 1-month high
South Korean stocks rose for a third day Thursday on big-cap tech gains after the US Federal Reserve raised the interest rates by a widely expected margin amid lingering concerns over a global banking turmoil, analysts said. The local currency rose sharply against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index rose 7.52 points, or 0.31 percent, to close at 2,424.48. Trading volume was moderate at 558.79 million shares worth 10.18 trillion won ($7.95 billion)
March 23, 2023
-
New Shinhan chairman wins shareholder approval
Shareholders of Shinhan Financial Group on Thursday approved the appointment of Jin Ok-dong, its flagship banking unit’s former CEO, as the group’s new chairman. “I feel a great sense of responsibility to meet the expectations of customers and shareholders and lead the growth of Shinhan,” Jin said in his address at the general shareholders’ meeting held at the group’s headquarters in Seoul. Having worked in Japan for almost 20 years, the new Shinhan chief is c
March 23, 2023
-
[Graphic News] Internet banking customers up 8.5% in 2022
The umber of customers who use internet banking in South Korea continued to grow in 2022, thanks to increased availability of online services and people’s preference to make transactions on the go, Bank of Korea data showed. Registered customers for mobile banking totaled some 207.04 million at the end of last year, up 8.5 percent from a year earlier, according to the data from the BOK. The figure includes customers who hold multiple accounts. The daily average transactions made through in
March 23, 2023
-
China, Singapore approve Hanwha's plan to take over Daewoo Shipbuilding
Hanwha Group has obtained approval from China and Singapore for its plan to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Wednesday, leaving only South Korea and the European Union pending decisions on the acquisition. The latest approvals came after Vietnam gave its approval a day earlier. Hanwha announced the deal to buy the embattled South Korean shipbuilder in September last year. Turkey was the first to approve the plan, followed by Britain and
March 22, 2023
-
Dongwon's takeover bid for vaccine maker falls through
South Korean seafood company Dongwon Industries Co.'s bid to acquire a local vaccine maker fell through due to unspecified reasons, according to company officials said Thursday. Boryung Biopharma Co. has withdrawn the exclusive right to due diligence it had given to Dongwon Industries, and the memorandum of understanding they signed last month has been nullified, according to company officials and a Dongwon filing. Dongwon said in the filing "the preferred due diligence rights have
March 22, 2023
-
Seoul shares open higher on eased banking crisis woes
South Korean stocks opened higher Wednesday, tracking US gains overnight, as concerns about a global banking sector crisis have eased, with eyes on the Federal Reserve's upcoming monetary policy path. The benchmark Korea Composite Stock Price Index added 16.33 points, or 0.68 percent, to 2,404.68 in the first 15 minutes of trading. Overnight, US shares rose, as investors welcomed the rescue of Credit Suisse by Swiss banking giant UBS in a move to stem the contagion of turmoil in the global
March 22, 2023
-
Seoul shares up on eased global banking system woes
South Korean stocks ended higher Tuesday, as fears over a global banking turmoil have somewhat eased and investors expect the Federal Reserve to have a milder tone regarding monetary tightening ahead of its rate-setting meeting, analysts said. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 9.15 points, or 0.38 percent, to close at 2,388.35. Trading volume was a bit slim at 345.82 million shares worth 7.14 trillion won ($5.45 billion), with de
March 21, 2023
-
Seoul shares open higher amid global banking sector instability
South Korean stocks opened higher Tuesday, tracking US gains, as the takeover of troubled Credit Suisse by UBS raised hope for eased concerns about the global banking sector. The benchmark Korea Composite Stock Price Index added 14.85 points, or 0.62 percent, to 2,394.05 in the first 15 minutes of trading. Overnight, US shares rose after Swiss banking giant UBS on Sunday announced the takeover of Credit Suisse, a deal engineered by the Swiss authorities in an effort to avoid further turmoil in t
March 21, 2023
-
Seoul shares fall amid global banking system instability
South Korean stocks ended lower Monday, led by big-cap tech losses, on mounting concerns over a global banking crisis despite the takeover of the troubled Credit Suisse. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 16.49 points, or 0.69 percent, to close at 2,379.2. Trading volume was slim at 339.75 million shares worth 5.97 trillion won ($4.55 billion), with gainers outpacing decliners 446 to 426. Foreigners shed a net 204.89 billion won wo
March 20, 2023
-
Seoul shares open tad higher amid eased woes over global banking sector
South Korean stocks opened a tad higher Monday amid eased woes over the global banking sector. The benchmark Korea Composite Stock Price Index added 3.34 points, or 0.14 percent, to 2,399.03 in the first 15 minutes of trading. On Friday, US shares ended lower due to the decrease in banking stocks in the wake of the failure of the Silicon Valley Bank. The Dow Jones Industrial Average lost 1.19 percent, and the tech-heavy Nasdaq Composite fell 0.74 percent. According to media reports on Sunday, Sw
March 20, 2023
-
Eximbank to boost trade finance for Latin American market
The Export-Import Bank of Korea is making strides to expand its network with financial institutions based in Latin America to clear the path for South Korean companies to enter emerging markets in the region. Eximbank Chairman Yoon Hee-sung attended the 2023 Annual Meeting held by the Inter-American Development Bank in Panama from March 16 to 19. At the event, he signed a Confirming Bank Agreement with James Scriven, CEO of IDB Invest -- the private sector arm of IDB Group -- to solidify Eximban
March 19, 2023
-
Seoul stocks end up on eased banking jitters
Seoul stocks finished higher Friday as investors' jitters eased on news that a group of banks would throw a lifeline to a troubled US bank. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index gained 17.78 points, or 0.75 percent, to 2,395.69. Trading volume was moderate at about 355 million shares worth some 8.38 trillion won ($6.4 billion), with gainers outnumbering losers 672 to 224. Institutions and foreign investors bought a net 155 billion won wor
March 17, 2023
-
NPS to vote against Shinhan Financial chairman nominee
South Korea’s public pension fund the National Pension Service said Thursday it would vote against the appointment of former Shinhan Bank President Jin Ok-dong as the new chairman of the Shinhan Financial Group, the nation’s second largest financial giant in terms of total assets. The NPS, the world’s third-largest pension fund, holds a 7.96 percent stake in Shinhan Financial Group as of December. The decision comes as the NPS’ special committee reviewed the direction o
March 17, 2023
-
Seoul stocks open higher as banking jitters ease
Seoul stocks opened higher Friday on news that a group of banks would throw a lifeline to a troubled US bank. The benchmark Korea Composite Stock Price Index added 15.84 points, or 0.67 percent, to 2,393.75 in the first 15 minutes of trading. Overnight, Wall Street finished up after 11 American banks vowed to inject $30 billion into the ailing San Francisco-based First Republic Bank, reassuring investors of the financial soundness of the US banking system. The Dow Jones Industrial Average gained
March 17, 2023
-
Seoul stocks slip over Credit Suisse rout
Seoul stocks closed slightly lower Thursday amid concerns that global investment bank Credit Suisse's fiasco may worsen and possibly harm the global financial sector. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 1.81 points, or 0.08 percent, to close at 2,377.91 points. Trading volume was moderate at about 314 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 670 to 220. Institutions sold a net 3
March 16, 2023
-
KB, KCCI join hands to offer special loans to SMEs
KB Financial Group has signed a memorandum of understanding with the Korea Chamber of Commerce and Industry jointly to provide special loans for small and medium-sized enterprises making environmental, social and corporate governance efforts. KB Financial Group Vice Chairman Yang Jong-hee and Woo Tae-hee, executive vice chairman of the KCCI, gathered at the KCCI headquarters in Seoul on Thursday to sign the memorandum. "Based on this MOU, KB Financial Group plans to provide various and ex
March 16, 2023