Sanction likely to be delayed as NH CEO gets COVID-19

A sanction committee under the Financial Supervisory Service over the Optimus scandal will likely have to delay its upcoming meeting as one executive facing punitive measures has tested positive for the coronavirus, according to officials Tuesday. NH Investment & Securities’ chief executive Jeong Young-chae tested positive for the virus and is being placed under quarantine, according to the company. Jeong was to attend the third round of the sanction committee’s meeting on Mar

March 16, 2021

Coupang founder divests $42m stake after NYSE debut

Coupang founder Kim Bom-suk has divested his stake in the South Korean e-commerce giant worth $42 million, a filing showed Tuesday. According to the disclosure, Kim converted his Class B stocks into 1.2 million Class A common shares and then on Monday sold all the shares of the same class for the offering price of $35 apiece, which was fixed last week. Coupang‘s Class B shares give Kim 29 times more voting rights than Class A shares. A prospectus filed to the US Securities and Exchange C

March 16, 2021

[News Focus] Homeowners angry over tax hikes stemming from rising house prices

For a 36-year-old Seoulite surnamed Kang, who owns her own home in the capital, following the trends in apartment transaction prices is far from a happy experience. Over the past year, the value of Kang’s apartment rose by more than twice her annual salary. She has no plans to cash out the property anytime soon. But she may have to pay more taxes than she did last year because her house is worth over 900 million won ($796,073), according to the government’s appraisal. “Som

March 16, 2021

Korea toughens rules on cryptocurrency amid market frenzy

The government is scurrying to implement new rules on users and operators of digital coins to effectively oversee the industry, which has been growing at a fast pace on the back of increasing appetite for risky assets. Starting from March 25, new penalty standards for cryptocurrency exchanges that infringe anti-money laundering rules will be implemented, according to the Financial Services Commission on Tuesday. Fines will be imposed on virtual asset service providers that fail to report s

March 16, 2021

Seoul stocks up on hopes for economic rebound

South Korean stocks finished higher Tuesday on optimism for a quick economic recovery in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.46 points, or 0.7 percent, to close at 3,067.17 points. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.3 billion), with gainers outnumbering losers 558 to 279. Foreigners sold a net 28 billion won while institutions purchased a net 250 billi

March 16, 2021

Kosdaq lobby group chief calls for incentives to lure blue-chip firms

The new chief of an association representing listed firms on South Korea’s tech-heavy bourse said Tuesday that the second-tier Kosdaq needs various incentives to attract more blue-chip companies and investors and prevent the exit of unicorn companies to bigger markets. “The Kosdaq market has been regulated stricter than the Kospi market. Regulations such as issuing an ‘investment alert’ to protect investors unintentionally cause the market to be undervalued,” said

March 16, 2021

Residents' foreign currency deposits rise in February

Foreign currency deposits at banks in South Korea rose in February, mainly due to a gain in corporate holdings of US dollar deposits, central bank data showed Tuesday. Outstanding foreign currency-denominated deposits held by residents amounted to $90.03 billion as of end-February, up $650 million from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data exclude

March 16, 2021

Number of stock investors soars 49% in 2020 amid market rally

The number of stock investors jumped nearly 49 percent in 2020 from a year earlier amid a bullish market run, industry data showed Tuesday. A total of 9.19 million investors held shares in 2,352 companies listed on the country's main and secondary bourses, up 48.5 percent from a year earlier, according to the data from the Korea Securities Depository. Those investors owned a combined 99.1 billion shares, with per-capita holdings standing at 10,779 shares. Retail investors in those firms closi

March 16, 2021

Seoul stocks open higher as US Treasury yields fall

South Korean stocks opened higher Tuesday, tracking overnight advances on Wall Street amid falling Treasury yields. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.72 points, or 0.42 percent, to 3,058.43 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite added 1.05 percent, as the yield on the US 10-year Treasury note fell, easing investor concerns over earlier-than-expected post-pandemic inflation. In Seoul, top cap Samsung Electronics gaine

March 16, 2021

Market value of cryptocurrencies in S. Korea spikes tenfold over 3 years

The market value of cryptocurrencies in South Korea has shot up nearly 10 times over the past three years amid keen investor interest, industry sources said Tuesday. According to local cryptocurrency exchange Upbit, its market index stood at 9,742.62 points as of 5:45 p.m. Monday, almost 10 times the level of 1,000 points on Oct. 1, 2017, when the index was first calculated The Upbit Market Index covers all cryptocurrencies traded in the exchange's won-denominated market and shows changes in t

March 16, 2021

Creditor slams SsangYong's passive stance on HAAH deal

The Korea Development Bank, a major creditor of debt-saddled SsangYong Motor, said Monday that the commercial vehicle maker and its labor union had been “uncooperative” when dealing with the proposed acquirer led by US car retailer HAAH Automotive, which clouds prospects for the deal. Their passivity -- failing to present a reorganization plan swiftly and hinging on state financial support -- stands in contrast with the endeavors of the company’s India-based major shareholder,

March 15, 2021

AIG names new CEO of Korean office

Global insurance firm American International Group said Monday that it has appointed Ramzi Toubassy, the former chief of the company’s Malaysian branch, as the head of the Korean office. Toubassy, who succeeds outgoing CEO Douglas Min, will report to Steven Barnett, CEO of AIG’s Asia-Pacific General Insurance. He will start working at the Seoul office from April 1. He has more than 24 years of experience in the industry, working at the company’s global offices in the US, Le

March 15, 2021

Seoul stocks down after choppy trading on yield worries

South Korean stocks retreated Monday after choppy trading as rising bond yields continued to stoke concerns of earlier-than-expected post-pandemic inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.68 points, or 0.28 percent, to close at 3,045.71 points. Trading volume was moderate at about 1.1 billion shares worth some 12.4 trillion won ($10.9 billion), with gainers outnumbering losers 564 to 293. Foreigners sold a net 210 bil

March 15, 2021

Toss Securities officially launches MTS

Viva Republica, South Korea’s leading fintech startup, officially launched a mobile stock trading system Monday. Toss opened the service preliminarily a month ago for 640,000 preregistered users, about 70 percent of whom are in their 20s and 30s. The stock trading service, which aims to attract young and new investors with easy-to-use interfaces, is incorporated into Viva Republica’s payment app Toss. “We aim to provide a satisfying investment experience for new investors as

March 15, 2021

Woori to compensate victims of Lime misselling

South Korea’s Woori Bank on Monday has decided to heed to the financial watchdog’s recommendation to compensate to end-investors who dealt with heavy losses due to the lender’s selling of funds tied to 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. The nation’s fourth-largest commercial lender by total assets will provide 78 percent of total investments made by an 82-year old man -- whose investment had been fr

March 15, 2021

Schroders Korea raises W100b for global sustainable growth fund

Schroders Korea said Monday it had pooled over 100 billion won ($88 million) from South Korean end-investors earlier this month through its fund product that is designed to hold a portfolio of its flagship global sustainable equity fund. This is the first to reach the milestone among Korean funds dedicated to foreign equities while taking environmental, social and governance factors into account, according to Schroders Korea. Schroders Korea has raised Koreans’ capital for th

March 15, 2021

Brokerages' 2020 profit jumps 20.8% on stock rally

South Korean brokerage firms saw their combined net profit jump 20.8 percent last year, thanks to a stock rally that helped them earn higher commission fees, data showed Monday. The combined net profit of 57 brokerages stood at 5.91 trillion won ($5.2 billion) in 2020, compared with a profit of 4.89 trillion won in 2019, according to the data from the Financial Supervisory Service. The combined brokerage fees stood at 13.6 trillion won in 2020, up 43.8 percent from a year ago. The brokerages

March 15, 2021

S. Korea to focus on stabilizing markets amid rising US bond yields

South Korea said Monday it will pump up efforts to smooth out volatility of the foreign exchange market and flows of foreign capital as rising US bond yields could increase market fluctuations. The country also saw the limited possibility of an acute outflow of foreign capital as its government bonds still offer higher returns than those of US Treasurys, according to the Ministry of Economy and Finance. The finance ministry said the country's FX market and foreign currency liquidity conditions

March 15, 2021

Seoul stocks open tad lower on inflation worries

South Korean stocks opened slightly lower Monday as rising bond yields continued to stoke concerns of earlier-than-expected post-pandemic inflation. The benchmark Korea Composite Stock Price Index fell 4.24 points, or 0.14 percent, to 3,050.15 points in the first 15 minutes of trading. Auto and financial stocks got off to a strong start, while techs slumped. Top cap Samsung Electronics lost 0.48 percent, but No. 2 chipmaker SK hynix gained 0.71 percent. Giant internet portal operator Naver t

March 15, 2021

Bitcoin breaks W70m mark

Continuing its formidable rally, Bitcoin, the world’s largest cryptocurrency, surpassed the 70 million won ($61,593) mark for the first time on Sunday. The value of a single bitcoin reached an all-time high of 71.45 million won on the day, according to local cryptocurrency exchange Upbit. The crypto coin has also reached a record high on other crypto trading platforms here and abroad. It topped 71.2 million won on Bithumb and 71.02 million on Coinone while surpassing $60,000 on US crypt

March 14, 2021