Citibank Korea officially names first female CEO

   Yoo Myung-soon, incumbent interim chief executive officer of Citibank Korea, was officially tapped to lead the bank as the first female chief to lead the US lender’s local unit, officials said Tuesday. The South Korean subsidiary of the New York-based bank held a general meeting of stockholders and the board of directors early in the morning to approve and confirm Yoo’s appointment. Yoo, who previously served as the bank’s senior executive vice president, was

Oct. 27, 2020

Hanwha Asset gains PFM license for mainland China

Hanwha Asset Management said Tuesday its wholly owned Chinese unit has been granted a private fund management license for mainland China. A PFM license, approved by the Asset Management Association of China, allows foreign asset managers to create and sell funds investing in onshore stocks and bonds in China to local institutional and wealthy investors. This comes four years after South Korea’s third-largest asset management company with over 93 trillion won ($82 billion) in assets unde

Oct. 27, 2020

Seoul shares open lower on Wall Street losses

South Korean stocks opened lower Tuesday, tracking an overnight tumble on Wall Street amid concerns of a global resurgence in COVID-19 cases. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7 points, or 0.3 percent, to 2,336.91 in the first 15 minutes of trading. The Dow Jones Industrial Average plunged 650.19 points, or 2.29 percent, to close at 27,685.38 on Monday (US time). The sharp drop came after countries saw a sharp rise in COVID-19 cases over the past few days, with Fran

Oct. 27, 2020

Woori Financial posts better-than-expected Q3 net profit

Woori Financial Group said Monday that its third-quarter net profit dropped 1.13 percent on-year to 479.8 billion won ($425 million), but was above market expectations amid coronavirus woes. Local brokerages had projected an average 468.7 billion won for Woori’s third-quarter net profit. 　 The figure was calculated based on the respective sizes of the stakes Woori holds in its units. Under the premise that Woori holds 100 percent stake in all of its units, the figure would amount to 521

Oct. 26, 2020

Samsung stocks rally on expectations of succession, possible governance revamp

Stocks of Samsung Group’s key affiliates rallied Monday on expectations of a possible corporate governance revamp at South Korea’s largest conglomerate after the passing of Chairman Lee Kun-hee. Anticipation that the companies might increase dividend payouts to help the owner family secure funds to pay inheritance taxes also boosted the stock prices, according to market watchers. Construction firm Samsung C&T and Samsung Life Insurance, two of the companies that allow the Lee

Oct. 26, 2020

Market in close watch over Samsung inheritance tax

With heirs to the Samsung empire facing a colossal amount of inheritance tax on stocks owned by their late father Lee Kun-hee, the market is closely watching how they will raise the necessary funds to pay it. Any moves they make are likely to affect the market. Samsung Group Chairman Lee, who died Sunday, left Samsung affiliate stocks valued at 18.2 trillion won ($16.1 billion) as of Friday closing. Questions have been raised on how Lee’s heirs -- particularly his only son, Samsung Ele

Oct. 26, 2020

Seoul stocks sink on renewed virus concern, Korean won at 19-month high

South Korean stocks closed lower Monday as investors remained skeptical of a much-coveted global economic recovery amid a resurgence in the new coronavirus. The Korean won rose to an over 19-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.90 points, or 0.72 percent, to close at 2,343.91. Trading volume was moderate at 803 million shares worth 11.29 trillion won ($10 billion), with losers outnumbering gainers 759 to 119. Foreigners offloaded a

Oct. 26, 2020

NH NongHyup sets up Myanmar branch

NH NongHyup Bank said Monday it has launched its branch office in Yangon, the largest city of Myanmar to expand its presence in the Southeast Asian country.  The establishment of Yangon-based branch came after the lender had obtained final approval from the country’s central bank in late June. It is the second regional office branch, followed after NongHyup Finance Myanmar, a microfinancing institution that has been in operation since 2016. The Yangon office will set a foothold for

Oct. 26, 2020

Big Hit shares slide to new low after stock market debut

Shares in Big Hit Entertainment, the management agency behind K-pop phenomenon BTS, sunk nearly 10 percent Monday, hitting a new low since the company's market debut earlier this month, as investors question its proper valuation. Big Hit shares slumped 9.57 percent from the previous session's close to 156,000 won ($138), the lowest since its market debut, far underperforming the broader Korea Composite Stock Price Index's (KOSPI) 0.72-percent loss. Big Hit's plunge follows its roller coaster m

Oct. 26, 2020

Seoul stocks open higher on US stimulus hopes

South Korean stocks opened slightly higher Monday on hopes of fresh US stimulus to insulate the fallout from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.17 points, or 0.26 percent, to 2,366.98 in the first 15 minutes of trading. On Sunday (Washington time), US House Speaker Nancy Pelosi said she would push for an agreement for the new stimulus scheme amid a resurgence of the virus. The United States reported 83,757 new COVID-19 cases Friday (US time), an all-t

Oct. 26, 2020

Finance minister turns to YouTube to defend fiscal soundness

October has been a brutal month for South Korean Finance Minister Hong Nam-ki. Amid heated public criticism against the government’s key fiscal decisions, Hong turned to YouTube on Saturday to defend the government’s fiscal soundness plan announced earlier this month, in a rare move as the top public official of the country. The minister, wearing casual clothes, appeared in five videos explaining the “Korean fiscal soundness rules” to give a full picture of how the gov

Oct. 25, 2020

Retail traders go on selling spree in Oct.

Retail traders, which have so far buttressed the pandemic-hit stock market, appear to have begun to unload shares, becoming net sellers in the market, data showed Sunday. According to the nation’s sole securities exchange operator Korea Exchange, they sold 1.27 trillion won ($1.13 billion) worth of stocks on Oct. 1-23. For the 14 trading days from Oct. 5-23, they sold 1.06 trillion won of shares in market kingpin Samsung Electronics, the most among large-cap companies. They sold off 269.

Oct. 25, 2020

Under late tycoon’s 27-year leadership, Samsung market cap grew 350 times

The market capitalization of Samsung Group under the late Chairman Lee Kun-hee’s leadership of 27 years grew nearly 350 times, as the corporate empire he built turned into a global information technology powerhouse from a mere home appliance maker. The combined market value of the conglomerate’s affiliates -- including crown jewel Samsung Electronics and construction firm Samsung C&T -- reached 318.7 trillion won ($282.4 billion) in 2014, when the late chairman had a heart atta

Oct. 25, 2020

Finance Ministry to unveil new counterstep to rising jeonse prices this week

The government is slated to unveil a set of additional real estate policies as early as this week, according to the Ministry of Economy and Finance and related agencies on Sunday. The goal is to ease a supply shortage of “jeonse” apartments sparked by recently introduced tenant protection laws.  Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The planned measure, the 24th of its kind, will

Oct. 25, 2020

Tax agency mulls taxation for Google's 30% commission

South Korea's tax agency said Saturday it will consider imposing taxes on Google Inc.'s planned enforcement of a 30 percent commission on in-app purchases of digital content from its Play Store next year. In a written answer submitted to Rep. Kim Soo-hong of the ruling Democratic Party, the National Tax Service said it will consider various measures to impose taxes on Google's income from the fees and will closely monitor the size of Google's sales in the domestic application market. The NTS sa

Oct. 24, 2020

Woori Financial to acquire Aju Capital for W572.4b

Woori Financial Group said Friday its board of directors agreed to buy a controlling stake in nonbanking lender Aju Capital from private equity firm Well to Sea Investment for 572.4 billion won ($507.2 million). The move heralds the move of South Korea’s fourth-largest banking group to enhance its nonbanking business and diversify its business portfolio. According to the filing Friday, Woori’s board agreed to acquire 42.6 million common shares, or a 74.04 percent stake, in the co

Oct. 23, 2020

S. Korea’s remdesivir-themed stocks surge amid US FDA approval

Remdesivir-related South Korea’s bio firms’ stocks skyrocketed Friday, after the US Food and Drug Administration approved Gilead Sciences’ antiviral drug as a treatment for the coronavirus overnight. Shares of Pharmicell on the nation’s main bourse Kospi closed at 18,700 won ($16.50), up 2,600 won, or 16.15 percent, from the previous session’s close. The stock price once peaked at 20,150 won during early afternoon trading hours. The bio firm produces nucleoside, w

Oct. 23, 2020

Seoul stocks rebound on Q3 earnings hopes

South Korean stocks rebounded after a choppy session Friday, buoyed by optimism for improved corporate earnings in the third quarter amid the pandemic. The Korean won closed unchanged to the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.76 points, or 0.24 percent, to close at 2,360.81. Trading volume was moderate at 874 million shares worth 10.5 trillion won ($9.3 billion), with gainers outnumbering losers 436 to 408. Foreigners bought a net 37 billion won, while r

Oct. 23, 2020

Retail investors incur big losses from foreign derivative investments in H1

South Korean retail investors' losses from investments in overseas financial derivatives nearly doubled in the first half of the year from a year earlier, data showed Friday. Local individual investors suffered a combined loss of 880 billion won ($775 million) from their exposure to exchange-traded futures, options and other derivatives in the January-June period, according to the data from the Financial Supervisory Service. The amount is almost double their 2019 loss of some 416 billion won.

Oct. 23, 2020

Seoul stocks open tad higher on earnings improvement hopes

South Korean stocks opened slightly higher Friday, buoyed by optimism for improved corporate earnings in the third quarter amid the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.31 points, or 0.06 percent, to 2,356.36 in the first 20 minutes of trading. Stocks started slightly higher despite lingering uncertainties over the ongoing talks for the new US virus relief package. In Seoul, most large caps traded lower. Market bellwether Samsung Electronics traded fla

Oct. 23, 2020