Fintech Center Korea inks partnership with Malaysia

The state-owned Fintech Center of Korea signed a memorandum of understanding Thursday with its Malaysian counterpart, the Fintech Association of Malaysia.Malaysia is the eighth country to partner with Korea to seek bilateral cooperation in financial technology, following the United Kingdom, Australia, France, Singapore, the United States, China and Switzerland. The size of deal has yet to be disclosed, but Korean firms’ entry into “one of the world’s leading payment markets” would be significant

Dec. 7, 2017

Seoul stocks slump on foreign sell-offs

South Korea's main stock index fell on Thursday as foreign investors remained net sellers of stocks amid geopolitical worries in the Middle East. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index declined 12.39 points, or 0.5 percent, to close at 2,461.98. Trading was moderate at 396 million shares worth 6.03 trillion won ($5.52 billion) changing hands. Worries linger over US President Donald Trump's announcement to recognize Jerusalem as Israel's capital.

Dec. 7, 2017

Korea to persuade EU to exclude it from tax haven blacklist

South Korea's foreign ministry said Thursday it plans to persuade the European Union to exclude Asia's fourth-largest economy from the EU's new blacklist of tax havens.On Tuesday, the EU unveiled a list of 17 noncooperative tax jurisdictions including South Korea, Macau and the Marshall Islands, saying that it is a substantive step to deter worldwide tax avoidance. It said South Korea has "harmful preferential tax regimes" and did not commit to amending or abolishing them by December 2018. Noh K

Dec. 7, 2017

[Herald Interview] Hacker-turned-CEO brings digital currency offline

The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the first installment. -- Ed. While cryptocurrency exchanges among those in their 40s and 50s deal with larger volumes, the older generation more often than not face inconveniences in trading their digital currencies.“Some traders often found themselves in trouble,” Kevin Cha, founder and chief executive of digital currency exchange Coinone, told The Korea Herald in an interview. The inte

Sept. 19, 2017

Daewoo Shipbuilding wins orders to build VLCCs for local shipping firm

Daewoo Shipbuilding and Marine Engineering has won orders from local shipping firm Hyundai Merchant Marine to build very large crude carriers that would give the troubled shipbuilder contracts worth some 900 billion won ($792.25 million), Daewoo officials said Sunday.The two companies signed a letter of intent on Friday in Seoul for Daewoo Shipbuilding to deliver five VLCCs with an option to build five more, the officials said. The main contract will be signed by the end of July. Jung Sung-leep

April 9, 2017

Foreign IBs raise Korea's growth outlook on robust exports

Foreign investment banks have raised their outlook on South Korea's economic growth for this year, citing a sound recovery in exports, a report showed Sunday. The average growth estimate by 10 IBs including Barclays, Morgan Stanley and Nomura stood at an annual 2.5 percent at the end of March, up from 2.4 percent tallied the previous month, according to a report by the Korea Center for International Finance.(Yonhap)Asia's fourth-largest economy posted 2.7-percent growth in 2016. Barclays raised

April 9, 2017

Woori Bank CEO to seek overseas investors

The head of Woori Bank, South Korea’s recently privatized lender, will soon embark on a trip to find investors to take over the government’s remaining stake, the bank said Friday. Woori Bank CEO Lee Kwang-goo (Yonhap)Woori Bank CEO Lee Kwang-goo will meet potential overseas investors in the first half of the year in an attempt to seek buyers of stake held by the state deposit insurer. Korea Deposit Insurance Corp. holds 21 percent of Korea’s second-largest lender by assets. Lee, whose term was e

April 7, 2017

Seoul stocks edge down on risk-off sentiment

South Korean stocks finished slightly lower Friday, as investors took to the sidelines amid a series of events, such as the US-China summit, analysts said. The Korean won fell against the US dollar.(Yonhap)The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.02 points, or 0.05 percent, to close at 2,151.73. Trade volume was slim at 389 million shares worth 3.84 trillion won ($3.38 billion), with gainers outnumbering losers 452 to 326.The local stock market opened a tad lower and contin

April 7, 2017

Korean financial firms’ overseas net profits up 33 percent in 2016

South Korean financial companies saw their combined net profits earned from overseas branches rise 33 percent in 2016 from a year earlier, mainly driven by growth in Asia, data showed Friday.According to the data by the Financial Supervisory Service, local financial firms’ combined net profits reached $657 million at their 407 branches in 44 countries in 2016, increasing from $493 million a year earlier.  (123rf)By region, their net profits in Asia took up 84 percent of the total overseas net pr

April 7, 2017

Korean shares down in late morning trade

South Korean stocks traded lower late Friday morning as investors attempted to lock in gains.The benchmark Korea Composite Stock Price Index lost 9.34 points, or 0.43 percent, to 2,143.41 as of 11:15 a.m.Most large-cap stocks were mixed across the board.Top market cap Samsung Electronics shed 1.53 percent as investors tried to cash in recent gains. Earlier in the day, the tech behemoth estimated its first-quarter operating profit at 9.9 trillion won ($8.76 billion), up 48.2 percent on-year, appa

April 7, 2017

Stocks open higher on automakers

South Korean stocks opened slightly higher Friday, led by gains in automakers and steelmakers.The benchmark Korea Composite Stock Price Index rose 1.78 point, or 0.08 percent, to 2,154.53 in the first 15 minutes of trading.Large caps traded mixed, with market kingpin Samsung Electronics shedding 1.1 percent.The tech behemoth estimated its first-quarter operating profit at 9.9 trillion won ($8.76 billion), up 48.2 percent on-year, apparently helped by the robust performance of its chip business.

April 7, 2017

Seoul stocks down 0.37% on foreign selling

South Korean stocks ended slightly lower Thursday as foreign investors and institutions sold off local stocks. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 8.10 points, or 0.37 percent, to 2,152.75.Institutions remained net sellers of local stocks, selling more than 119 billion won ($105 million), and foreigners sold a net 95 billion won worth of stocks.Bae Sung-young, a market analyst at KB Securities Co., said foreigners offloaded South Korean

April 6, 2017

IBK seeks to acquire an Indonesian bank: CEO

The Industrial Bank of Korea is seeking an M&A opportunity to acquire an Indonesian bank, as part of its long-term strategy to become a bigger financial player in Asia, the head of IBK said Thursday.“Indonesia is the only country where IBK does not have a branch among countries that more than 1,000 South Korean companies have made inroads. Since it is impossible to establish a local subsidiary in Indonesia, an M&A with a local bank is the only way to enter the market,” Kim Do-jin, CEO of the IBK

April 6, 2017

Demand for bank loans expected to grow in Q2

Demand for fresh loans from major local lenders in South Korea is likely to rise in the second quarter, central bank data showed Thursday.The overall index measuring demand for bank loans came to 8 for the April-June quarter, compared with 12 a quarter earlier, the Bank of Korea said in a statement.(Yonhap)A reading above zero means bank lending will continue to increase, while a reading below the benchmark means demand will likely shrink.The quarterly reading is based on a survey of 15 banks an

April 6, 2017

Korea to improve market accessibility for foreign investors

South Korea is committed to improving accessibility for foreign investors, by encouraging its financial markets to meet global standards, the head of the nation's financial regulator said Thursday. Yim Jong-yong, chairman of the Financial Services Commission, made the remarks during a meeting to review the goal of establishing Korea as a regional financial hub.(Yonhap)So far, the government has put its priority on attracting branch offices of global financial firms to South Korea. But, Yim said

April 6, 2017

Korean shares down 0.58% in late morning trade

South Korean stocks extended losses late Thursday morning as foreign investors and institutions offloaded local stocks.The benchmark Korea Composite Stock Price Index lost 12.57 points, or 0.58 percent, to 2,148.28 as of 11:15 a.m.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.20 percent, with the tech-heavy Nasdaq composite index declining 0.58 percent.Most large-cap stocks were mixed across the board.SK Telecom, the No. 1 mobile carrier in the cou

April 6, 2017

Banks agree on multi-level refund guarantee for Daewoo Shipbuilding

Banks have agreed on a refund guarantee for future orders received by the troubled Daewoo Shipbuilding & Marine Engineering Co. that puts a policy lender up front and has commercial banks provide the secondary safety net, sources said Thursday.RG had become a new thorn among creditors of Daewoo Shipbuilding in their efforts to resuscitate the company tittering on insolvency with a 6.7 trillion-won ($5.94 billion) rescue deal. RG is a form of security for the ship purchaser, which usually makes a

April 6, 2017

Korean shares open lower on Wall Street losses

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street.The benchmark Korea Composite Stock Price Index lost 10.67 points, or 0.49 percent, to 2,150.18 in the first 15 minutes of trading.The decline followed overnight losses on Wall Street. The Dow Jones industrial average lost 0.20 percent, with the tech-heavy Nasdaq composite index declining 0.58 percent.Most large-cap stocks were mixed across the board.SK Telecom, the No. 1 mobile carrier in the country, gained 0.7

April 6, 2017

Seoul stocks down 0.01% on foreign selling

South Korean stocks ended slightly lower Wednesday as foreign investors and institutions offloaded local stocks. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 0.25 points, or 0.01 percent, to 2,160.85.The broad index bucked overnight gains on Wall Street. The Dow Jones industrial average rose 0.19 percent, with the tech-heavy Nasdaq composite index climbing 0.07 percent.Institutions remained net sellers of local stocks, selling more than 167 billi

April 5, 2017

[Monitor] Nearly half of corporations tax delinquents

Nearly half of South Korea’s corporations and workers were tax delinquents as of 2015, data by the National Tax Statistics showed Wednesday.Some 280,000 corporations failed to pay due corporate taxes, taking up 47.1 percent of the total.While the ratio wasa slight decline from the previous year, the number has continued to rise. NTS said tax delinquents had generally been firms that made losses.Out of some 8.1 million workers, 46.8 percent of them had not paid the tax they owed.

April 5, 2017