SK IE Technology set to debut on stock market this week

SK IE Technology Co. (SKIET), a battery materials subsidiary of refinery and battery firm SK Innovation Co., is slated to debut on South Korea's main stock market Tuesday, with its post-debut price movement a focal point. Mirroring huge investor interest, SKIET drew a record 80.9 trillion won ($72.2 billion) in deposits from retail investors during the two-day subscription period that ended on April 29. The amount surpassed the previous record set by SK Bioscience Co., which drew 63.6 trillion

May 10, 2021

Turnover of KOSDAQ market tumbles on resumed short selling

South Korea's minor bourse saw its turnover recently plunge below the 10 trillion-won ($8.98 billion) mark following a partial resumption of short selling, data showed Monday. The daily turnover of the tech-heavy KOSDAQ market averaged about 8.8 trillion won over the last five sessions, far lower than the April figure of the 12 trillion-won range, according to the data from the Korea Exchange. The daily turnover began to dwindle on April 30, one day before the country's financial regulator all

May 10, 2021

Korean companies’ exposure to digital assets grow

A growing number of South Korean companies are exposing themselves to cryptocurrencies, financial reports filed last year showed, as experts expect the trend to continue and gain traction. At least 23 companies reported they were holding various types of cryptocurrencies as intangible assets as of the end of last year, according to financial reports filed with the Financial Supervisory Service, the country’s financial regulator. Those with the most cryptocurrency was Dunamu, the operator

May 9, 2021

Citibank Korea seeking potential buyer for its retail biz

Citibank Korea, the South Korean unit of Citigroup, has started to look for buyers for the lender’s consumer banking operations, industry sources said Sunday. The Korean subsidiary recently conveyed its willingness to receive letters of investment intent to a number of potential buyers interested in the lender’s retail banking unit, through its merger and acquisition division as well as Citigroup Global Markets Korea Securities -- the US banking giant’s local subsidiary in cha

May 9, 2021

[Contribution] Supporting Korean companies in their ESG journey

ESG, the environmental, social and governance aspects of a company, has rapidly emerged as one of the hottest topics in the corporate and financial sectors in Korea. With the urgent need to combat climate change and social inequality, companies are gearing up to make positive changes. Among the reasons for the emergence of this trend is the realization that companies have a key role to play in ensuring a sustainable future for all, beyond their financial obligations to their shareholders.&nbs

May 9, 2021

Stock shorting bearish in 1st week of resumption

The proportion of stock short selling in South Korea accounted for 3.4 percent of total transactions in the first week of the practice's conditional resumption last week, down from 5.5 percent when the trading technique was banned last year, the bourse operator said Sunday. The combined amount of short selling transactions stood at 3.3 trillion won ($2.9 billion), an average of 841.3 billion won per day during the four-session week and 3.4 percent of the total daily transactions, according to t

May 9, 2021

S. Korea to clamp down on online cryptocurrency phishing activity

South Korea said Sunday it will strengthen its monitoring system against cryptocurrency-related phishing websites by working with the National Police Agency amid recent surges in prices of virtual money. The ICT ministry said there have recently been increasing reports of phishing attempts via text messages that lead cryptocurrency users to enter their exchange IDs and passwords on fake websites to steal them and access their accounts. The ministry said it found and blocked 32 such phishing we

May 9, 2021

Samsung Securities Q1 net profit up 1,776.4% to W289b

Samsung Securities Co. on Friday reported its first-quarter net income of 289 billion won ($257.8 million), up 1776.4 percent from a year earlier. The company said in a regulatory filing that it posted 399.3 billion won in operating profit for the quarter, compared with 22 billion won a year ago. Revenue fell 43.5 percent to 3.29 trillion won. The operating profit was in line with the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. Th

May 7, 2021

Crypto transaction volume surpasses W45tr, three times bigger than Kospi’s

South Korean’s frenzy for digital coins, especially alternative coins, has pushed the transaction volume for cryptocurrencies past 45 trillion won ($43.11 billion) in the 24 hours until Friday morning. Cryptocurrency market tracker CoinMarketCap data showed that the four largest exchanges in South Korea traded a total of 44.97 trillion won including Upbit’s 39.38 trillion won. The figure exceeds the combined trading volume of the country’s two stock markets Kospi and Kosda

May 7, 2021

KFCC clinches license for permanent establishment in Uganda

The Korean Federation of Community Credit Cooperatives said Friday that one of its subsidiaries had been granted a license to establish its business permanently in Uganda. The financial cooperative received the permission from the Uganda government after entering the market in October 2018. The microfinancing-centered business, which started out with only two employees at the time, now has more than 150 employees working in 15 subsidiaries, providing services to over 5,000 members in the Afric

May 7, 2021

BlackRock's intervention in Asian firms' ESG issues heats up

BlackRock, one of the world’s largest investment management firms, has been increasingly exercising its shareholder rights in Korean firms while shifting its focus towards issues involving environmental, social and governance practices, data showed Friday. The Federation of Korean Industries analyzed shareholder activities of three global institutions -- BlackRock, Vanguard and State Street Global Advisors (SSGA) -- in different regions around the world between July 2018 and June 2020.

May 7, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Friday, tracking the Wall Street rally that stemmed from improved US unemployment data. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6 points, or 0.19 percent, to reach 3,184.74 points in the first 15 minutes of trading. The Dow Industrial Average gained 0.93 percent to close at a record high for the second session in a row, with the US unemployment data dropping to a pandemic-era low. In Seoul, market bellwether Samsung Electronics retreate

May 7, 2021

Ex-PM suggests anti-takeover measures for VCs, startups

Former Prime Minister Chung Sye-kyun on Thursday suggested implementing measures to protect management rights at local venture capital firms and startups, before expanding it to bigger companies. “Korea still lacks institutionalization of anti-takeover measures. I believe the country’s relatively short corporate history is the key reason behind the absence of a poison pill system and dual-class share system,” Chung said at a meeting with chief executive officers of listed fir

May 6, 2021

[Herald Interview] How banking giants can survive the disruption of digitalization

Technology disruption is already playing out among the commercial banking sector in South Korea, triggering a massive transformation of their services to fend off fast-rising online-only banks launched by internet companies with no banking experience. The legacy players are tasked with increasing online presence in the market, in part by moving to establish their own respective online-only lending arms for retail customers. But such investments should be made not just to keep their market leade

May 6, 2021

Dunamu steps up efforts to protect crypto investors

Dunamu, an operator of cryptocurrency exchange Upbit, said Thursday that it will spend 10 billion won ($8.9 million) to set up a unit to protect crypto coin investors. The planned launch of the in-house unit, tentatively named Upbit protection center for digital asset investors, is part of the company’s efforts to join the environment, social and governance trend, which has been gaining traction worldwide recently. In addition to the establishment of the investor protection center this ye

May 6, 2021

Seoul stocks advance on hopes for global economic recovery

South Korean stocks advanced Thursday as hopes for a global economic rebound offset inflation worries. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 31.37 points, or 1 percent, to close at 3,178.74 points. Trading volume was moderate at about 1.2 billion shares worth some 16.4 trillion won ($14.6 billion), with gainers outnumbering losers 733 to 157. Foreigners sold a net 99 billion won, extending their selling streak to a seventh sess

May 6, 2021

Citibank Korea vows to stay committed to local market

   Citibank Korea, the South Korean unit of Citigroup, has pledged to continue its role in supporting the country’s financial system, regardless of its parent company’s plan to withdraw retail banking operations in the nation, the lender said Thursday. Last month, the US banking giant announced that it would exit its consumer banking units in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand, as part of its

May 6, 2021

Seoul stocks open tad lower on inflation worries

South Korean stocks opened slightly lower Thursday, led by tech drops that stemmed from concerns about earlier-than-expected inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.83 points, or 0.06 percent, to 3,145.54 points in the first 15 minutes of trading. The KOSPI got off to a weak start, tracking the overnight US tech decline. Tech shares retreated in Seoul amid foreign selling, while bank and infrastructure shares advanced. Top cap Samsung Electronics lost 0.9

May 6, 2021

Government channels W50b into cryptocurrency-related funds

Despite its cautious tone on digital currencies, the Korean government has indirectly invested 50 billion won ($44.4 million) into cryptocurrency-related funds in the past four years, according to data provided by an opposition lawmaker. According to Rep. Yun Chang-hyun of the People Power Party on Wednesday, five public organizations put a total of 50.21 billion won into funds that invested in cryptocurrency exchanges like Upbit and Bithumb from 2017 to March 2021, with the Ministry of SMEs

May 5, 2021

Financial regulators seek banks' help to grasp full picture of crypto industry

Financial authorities have asked banks to declare their cryptocurrency businesses to figure out the exact numbers of cryptocurrency exchanges operating in the country, as it tightens its grip over illegal activities in the industry, according to local media reports Wednesday. The financial regulators asked major banks to provide the current status of their businesses with cryptocurrency exchanges including corporate accounts and banks’ monitoring methods.  “Currently, crypt

May 5, 2021