KDB's W100b investment in Toss Bank meant to stop unicorn exodus: chief

Korea Development Bank’s plan to invest 100 billion won ($89.4 million) in the nation’s latest internet-only bank backed by Viva Republica, the operator of fintech app Toss, is meant to keep local unicorns in the local market, the head of the state-run bank said. The announcement follows the nation’s financial regulator’s decision last week to grant final approval to a consortium led by Viva Republica to launch and operate the nation’s third internet-only bank. To

June 15, 2021

Portal giants’ valuations surge on pandemic-led industry shift

Fueled by the contactless boom across the country amid the ongoing pandemic, the market capitalization of South Korean internet giants Naver and Kakao soared over 44 trillion won ($39.35 billion) to surpass the 120 trillion-won-mark when combined this year. According to Korea Exchange on Tuesday, shares of Naver rose 3.89 percent to close at 387,000 won, while Kakao advanced 5.17 percent to 142,500 won at the closing bell a day earlier. Following the stock price jumps, the market valuations

June 15, 2021

Seoul stocks close at all-time high ahead of Fed meeting

South Korean renewed its all-time record for the second straight day Tuesday, backed by investors' optimism for the US Federal Reserve meeting this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.5 points, or 0.2 percent, to close at 3,258.63 points. Trading volume was moderate at about 1.7 billion shares worth some 14.5 trillion won ($13 billion), with losers outnumbering gainers 443 to 399. Foreigners sold a net 154 billion won

June 15, 2021

BTS agency's market value tops W10tr on band's global popularity

Hybe Co., the K-pop powerhouse behind BTS, has seen its market capitalization exceed the 10 trillion-won ($8.95 billion) mark amid the boy band's global popularity, data showed Tuesday. Shares in Hybe closed at 282,000 won on Monday, up 2.36 percent from the prior session and marking a three-day winning streak. Monday's tally was well above the 258,000 won ($252) closing price recorded on Oct. 15 last year, or the day of its debut on South Korea's main stock market. The current price is nearl

June 15, 2021

Seoul stocks open higher as investors await Fed meeting

South Korean stocks opened higher Tuesday ahead of the upcoming US Federal Reserve meeting this week. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.82 points, or 0.27 percent, to trade at 3,260.95 points in the first 15 minutes of trading. The KOSPI started off with mild gains as investors are awaiting clues about when the world's largest economy will start tapering its asset-buying policy. The Federal Open Market Committee rate decision comes on Wednesday (US time). Overnig

June 15, 2021

KDB chief says SsangYong Motor's ‘cost-saving’ scheme not enough

South Korea’s financially ailing carmaker SsangYong Motor’s decision last week to send its employees on rotating unpaid leave for up to two years may not be sufficient enough to catch the eyes of new buyers, the chief of the Korea Development Bank said Monday. “I would like to thank SsangYong Motor’s leadership and its union on their agreement on the company’s latest self-rescue action focused on sending its employees on rotating unpaid leave –- it’s a

June 14, 2021

KB Asset Management launches first metaverse fund

KB Asset Management announced Monday that it has launched the industry’s first metaverse fund. KB Asset Management said it will invest in 30 to 50 stocks after considering 200 to 300 stocks in South Korea, the US, China and Japan that meet the investment conditions. The US stocks will account for 70 percent, the highest proportion of any country, while hardware and platforms will make up 30 percent each. The fund will be investing in Facebook, Apple, Microsoft, Autodesk, NVDIA, Unity So

June 14, 2021

Seoul stocks hit all-time high amid expectation of dovish stance from US Fed

South Korean stocks closed at an all-time high Monday as investors expect the US Federal Reserve to reiterate its support for accommodative policies in this week's monetary policy meeting. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kopsi) rose 2.81 points, or 0.09 percent, to close at 3,252.13 points, marking the highest closing ever. Trading volume was moderate at about 1.6 billion shares worth some 15 trillion won ($13.4 billion), with losers

June 14, 2021

Hana Financial to launch asset manager in Singapore

Hana Financial Group said Monday that it has obtained a preliminary license from Singapore’s financial authorities to open an asset management company in the Southeast Asian country. The Monetary Authority of Singapore granted the partial approval Friday, though it hasn’t notified the banking giant when a final business license will be issued, officials said. Hana Financial’s attempt to make inroads into Singapore’s promising asset management market is part of the group

June 14, 2021

AsianInvestor to hold virtual forum on trends among Korean investors

AsianInvestor, a Hong Kong-based publication dedicated to the investment activities of Asian asset owners, said Monday that it planned to offer a glimpse of the latest trends among Korean investors at a virtual event June 21-25. Institutional Investment Week Korea, the 14th event of its kind for Seoul investors, will focus on how Korean investors can rebalance their portfolios and build resilience into their investment strategies amid the COVID-19 pandemic. The annual event was canceled last y

June 14, 2021

Seoul stocks open nearly flat as investors eye Fed meeting

South Korean stocks opened nearly flat Monday as investors await the upcoming US Federal Reserve meeting. The benchmark Korea Composite Stock Price Index (Kospi) edged down 1.53 points, or 0.05 percent, to reach 3,247.79 points in the first 15 minutes of trading. The Kospi got off to a muted start as investors are holding onto their cash, seeking more hints about when the world's largest economy will start tapering its asset-buying policy. In Seoul, market bellwether Samsung Electronics retr

June 14, 2021

Upbit warning on digital coins sends prices diving

Digital coins that were flagged for delisting and given warnings by South Korea’s largest digital asset exchange Upbit plunged over the weekend as financial regulators tightened its grip on the cryptocurrency market. The double-digit plunge in prices came after Upbit on Friday announced that it planned to halt the trading of five digital tokens while issuing “investment warning” on 25 cryptocurrencies. Maro, Paycoin, Observer, Solve.Care and Quiztok will be delisted from th

June 13, 2021

‘Ban on multiple IPO subscriptions to have limited market impact’

A new rule banning investors from placing multiple subscriptions for popular initial public offerings is unlikely to cool off the heated market with a slew of conglomerate-affiliated firms and tech companies planning their market debut in the second half of this year, market watchers said. “A total of 37 companies submitted preliminary applications for IPOs in between April and May. Since they are highly likely to try making market debuts within this year, the latter half is expecte

June 13, 2021

[Contribution] Innovative financing mechanisms to drive a circular economy

PET, or polyethylene terephthalate, is the inexpensive, versatile plastic used to make bottles, food containers and other modern conveniences. Even though PET is a highly valuable and readily recyclable material, there is not enough waste collection and recycling capacity in many countries in South and Southeast Asia. PET and other plastics stay in the environment for hundreds of years, and when exposed to sunlight and seawater, they fragment into microplastics that are consumed by marine life a

June 13, 2021

Hana Financial, LINE launches internet-only bank in Indonesia

Hana Financial Group said Friday it had launched an internet-only bank in Indonesia through a partnership with Line, Naver-affiliated Japanese messaging app provider. Hana Financial became the first banking group to operate internet-only banking services in Southeast Asia. Branded Line Bank, it offers contactless banking, including savings account opening, subscription to deposit savings products, utility bill payment and cash withdrawals.  The newly launched digital lender will expand

June 11, 2021

Investing in office buildings: How Korean celebs make their fortunes grow

After tasting fame and money, actors and singers in South Korea often take a similar path when it comes to asset management. Investing in office buildings in Seoul is a typical strategy for them in this ultralow interest environment, according to market watchers. Many celebrities have beefed up their real estate portfolios -- acquiring expensive residential properties to rent out, but also increasingly turning to commercial properties -- to boost their already substantial income and secure lo

June 11, 2021

Seoul stocks up for 2nd day as investors disregard US inflation

South Korean stocks advanced for the second straight session Friday despite the steep hike in the US price gauge, as investors believed the price pressure is still short of triggering talks of tapering by the Federal Reserve. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 24.68 points, or 0.77 percent, to close at 3,249.32 points. Trading volume was moderate at about 1.6 billion shares worth some 17.6 trillion won ($15.8 billion), w

June 11, 2021

BOK chief hints at rate hike this year

Bank of Korea Gov. Lee Ju-yeol said Friday that a key interest rate hike is plausible by the end of this year in step with economic recovery. “If our economy is expected to stage a modest recovery, (the BOK) will normalize the current easing of monetary policy in an orderly way at an appropriate time,” Lee said in a statement to mark the 71st anniversary of the BOK’s foundation. Earlier in April, the BOK froze its key interest rate at a record low of 0.5 percent amid concer

June 11, 2021

US-based First Eagle cashes in W35b from Namyang Dairy

US-based investment house First Eagle Investment Management and its mutual fund have cashed in a combined 35 billion won ($31.5 million) during a weeklong trade since late May from its investment in event-driven Namyang Dairy stock in South Korea, filings showed Friday. Shares of Namyang Dairy Products, hit a price ceiling immediately after an announcement on May 27 that local private equity firm Hahn & Co. will buy a controlling 52.6 percent stake in the firm from the owner family, includ

June 11, 2021

S. Korean retail investors swoop on 'meme-stock' AMC this month

South Korea retail investors have traded more than $1.7 billion worth of shares in AMC Entertainment Holdings Inc., one of the social media-driven meme stocks, this month, data showed Friday. Local individual investors' transactions of shares in the top US movie theater chain came to $1.76 billion in the first eight trading sessions of this month, according to the data from the Korea Securities Depository. AMC Entertainment became the most-bought overseas stock by South Korean retail investors

June 11, 2021