Consortiums led by information technology service giants Kakao Corp. and KT Corp. won a preliminary license to launch South Korea's first Internet-only bank Sunday, the financial regulator said, opening the new business market in the long-slumping banking industry.The Financial Services Commission said it gave approval to Kakao Bank and K-Bank after a two-month review of their qualifications, including their financial stability, shareholdings structure and customer service plan. It had accepted

Nov. 29, 2015

South Korean shares are expected to extend their gains next week getting a boost from a widely expected stimulus step by the European Central Bank, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,028.99 points on Friday, up 2 percent from a week ago.Earlier this week, Seoul shares started higher as investors' concerns over the U.S. Fed's rate policy eased following the release of its Federal Open Market Committee's minutes.But the gains were limited later after

Nov. 28, 2015

By Kim Yon-seRuling party lawmakers and the government reached a consensus on relieving a large portion of households of their loan interest burden during discussions to revamp the financial services sector Friday.The Financial Services Commission said that the 10 core reform plans for financial consumers were confirmed during its chairman Yim Jong-ryong’s meeting with lawmakers from the Saenuri Party at the National Assembly in Seoul.They have agreed to promote the launch of lending products th

Nov. 27, 2015

South Korean stocks traded nearly flat late Friday morning as investors took a wait-and-see approach after the U.S. stock markets closed overnight for Thanksgiving.  The benchmark Korea Composite Stock Price Index added 1.83 points, or 0.09 percent, to 2,032.51 as of 11:20 a.m.   Tech shares continued to trade bullish, with Samsung Electronics rising 0.37 percent and LG Display climbing 2.58 percent.  Steelmakers traded mixed, with No. 1 POSCO remaining unchanged, while Korea Zinc moved up 0.55

Nov. 27, 2015

The bad loan ratio of South Korean banks inched down in the third quarter of this year from three months earlier on a fall in new soured loans, the financial watchdog said Friday.  The ratio of bad loans extended by 17 banks came to 1.41 percent at the end of September, down 0.09 percentage point from the previous quarter, according to the Financial Supervisory Service. The bad loan ratio refers to the proportion of a bank's non-performing loans to their total lending. A debt that has been in ar

Nov. 27, 2015

South Korea's stock market has shown a decent performance this year compared with global peers, rebounding from the previous year's slide, data showed Friday.The KOSPI, the country's benchmark index, had risen 4.9 percent this year as of Wednesday, standing at seventh out of the world's 20 major markets in terms of return, according to the data compiled by market researcher FnGuide.Last year, Asia's fourth-largest economy was ranked 19th out of 20 by logging a 4.8 percent fall."South Korean stoc

Nov. 27, 2015

Foreign investors remain reluctant to put more money into tech behemoth Samsung Electronics Co. and other big-cap South Korean firms despite the companies' concerted efforts to promote shareholder value and streamline governance structure, market watchers say.Foreigners' lukewarm attitude runs counter to analysts' rosy expectations that major firms' recent announcements of stock buyback plans and other reform measures would help ease the so-called Korea discount, or offshore investors' undervalu

Nov. 27, 2015

South Korean stocks opened higher Friday on the back of gains in technology companies and shipbuilders.The benchmark Korea Composite Stock Price Indexinched up 5.62 points, or 0.28 percent, to 2,036.30 in the first 15 minutes of trading.Market behemoth Samsung Electronics advanced 0.75 percent, and LG Display moved up 2.78 percent. Global chipmaker SK hynix moved up 1.22 percent.Shipbuilders also started higher, with Hyundai Heavy Industries moving up 0.75 percent and Samsung Heavy Industries in

Nov. 27, 2015

South Korea's central bank may not immediately raise its policy rate following an imminent U.S. rate hike, a member of the monetary policy board of the Bank of Korea said Thursday, calling the U.S. rate hike only one of many elements that need to be considered before such a decision.  "While the monetary policy board makes a decision on the key rate, policy rates of other major countries certainly are an element that need to be considered, but the most important element still is local economic c

Nov. 26, 2015

South Korean stocks surged 1.06 percent on Thursday as investors hunted for bargains amid a brighter outlook of their earnings. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 21.26 points to 2,030.68. Trading volume was moderate at 445.9 million shares worth 4.35 trillion won ($3.81 billion), with gainers outpacing losers 518 to 298.  Analysts said Seoul shares gained ground as investors loaded up on undervalued blue chips amid eased uncerta

Nov. 26, 2015

Woori Bank celebrated the opening of 200th overseas branch on Thursday, widening the scope of Korean financial industries on the foreign soil. 　“The opening of 200th global branch is the fruit of Woori’s successful adaptation to financial environments of different countries,” Woori Bank president Lee Kwang-goo said at a launching ceremony in Seoul for the new branch in Myanmar.　The ceremony was attended by Financial Services Commission chairman Yim Jong-yong, Korea Deposit Insurance Corp. presid

Nov. 26, 2015

South Korean stocks traded 0.91 percent higher late Thursday morning as investors went bargain hunting after the previous session's fall.  The benchmark Korea Composite Stock Price Index added 18.34 points to 2,027.76 as of 11:20 a.m.  Market behemoth Samsung Electronics added 2.16 percent, and SK hynix moved up 5.02 percent. LG Display climbed 0.8 percent.  Mobile carriers were mixed, with SK Telecom advancing 0.43 percent to 232,500 won while KT fell 0.34 percent. LG Uplus climbed 0.47 percent

Nov. 26, 2015

The sales of stocks and bonds by South Korean companies went down 6.9 percent in October from a month earlier as they scaled back on bond issuance, the financial watchdog said Thursday.  Local firms raised a combined 10.18 trillion won ($8.9 billion) last month by selling stocks and bonds, compared with 10.94 trillion won logged in the previous month, according to the Financial Supervisory Service.   Corporate debt issuance skidded 8.8 percent on-month to 9.58 trillion won last month, as local f

Nov. 26, 2015

South Korean stocks opened higher Thursday on the back of firm gains from technology and auto shares.  The benchmark Korea Composite Stock Price Index edged up 10.12 points, or 0.5 percent, to 2,019.54 in the first 15 minutes of trading.  Tech shares traded higher, with Samsung Electronics advancing 0.15 percent and chipmaker SK hynix moving up 3.61 percent. LG Display rose 2.01 percent.  Leading carmaker Hyundai Motor advanced 0.99 percent, while its auto parts arm Hyundai Mobis increased 1.62

Nov. 26, 2015

South Korean stocks edged down 0.34 percent Wednesday to take a breather after a four-day gaining run, with investors wary amid geopolitical risks in Turkey. The local currency added against the greenback.  The benchmark Korea Composite Stock Price Index shed 6.87 points to 2,009.42. Trading volume was moderate at 384.3 million shares worth 4.18 trillion won ($3.64 billion), with losers outpacing gainers 467 to 332.  Analysts said Seoul shares closed lower following concerns that the latest atta

Nov. 25, 2015

South Korean stocks traded 0.22 percent lower late Wednesday morning following losses in carmakers and construction shares.  The benchmark Korea Composite Stock Price Index shed 4.47 points to 2,011.82 as of 11:20 a.m.  Carmakers traded bearish, with Hyundai Motor losing 0.97 percent and Kia Motors moving down 2.53 percent. Top auto parts maker Hyundai Mobis, however, moved up 0.4 percent.  Hyundai Engineering & Construction lost 1.31 percent, and Hyundai Development Company decreased 2.6 percen

Nov. 25, 2015

South Korea's central bank and the International Monetary Fund will jointly host an international conference on global financial crises, the bank said Wednesday.  The conference, titled "Leverage in Asia: Lessons from the Past, What's New Now, and Where to Watch Out For," will be held in Seoul on Dec. 11, according to the Bank of Korea.  "The conference takes stock of where Asia stands in the present credit cycle, explores new risks emerging from this leverage cycle, and considers potential poli

Nov. 25, 2015